13F-HR/A 1 form13f033107.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2007 Check here if Amendment [x]; Amendment Number: 6 This Amendment (Check only one.): [ ] is a restatement. [x] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Karpus Investment Management Address: 183 Sully's Trail Pittsford, New York 14534 Form 13F File Number: 28-11445 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: George W. Karpus Title: President / CEO Phone: 585-586-4680 Signature, Place, and Date of Signing: George Karpus Pittsford, NewYork 14534 May 14, 2007 [Signature] [City, State] [Date] Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-________________ _________________________________________ [Repeat as necessary.] FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: N/A Form 13F Information Table Entry Total: 151 Form 13F Information Table Value Total: 789,902 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name NONE [Repeat as necessary.] Form 13F Information Table Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Name of Issuer Title of Class Cusip Value (x$1000) Shares or Prn Amt Investment Discretion Other Managers Voting Authority ACM MANAGED INCOME FUND Common Stock 000919100 14,563 3,822,428 Sole N/a Sole ADAMS EXPRESS COMPANY Common Stock 006212104 12,070 860,945 Sole N/a Sole ALLIANCEBERNSTEIN INCOME FUND Common Stock 01881E101 2,729 328,458 Sole N/a Sole AMERICAN INCOME FUND, INC. Common Stock 02672T109 3,904 467,571 Sole N/a Sole AMERICAN STRATEGIC INCOME PORTFOLIO INC. Common Stock 030098107 601 51,405 Sole N/a Sole BANCROFT CONVERTIBLE FUND, INC. Common Stock 059695106 857 42,834 Sole N/a Sole BLACKROCK CAPITAL AND INC STRAT FD INC. Common Stock 09256A109 2,605 128,750 Sole N/a Sole BLACKROCK FLORIDA INSURED MUNI 2008 TERM Common Stock 09247H106 8,340 575,160 Sole N/a Sole BLACKROCK INCOME OPPORTUNITY TRUST Common Stock 092475102 1,092 102,950 Sole N/a Sole BLACKROCK INSURED MUNI TERM TRUST Common Stock 092474105 13,916 1,414,200 Sole N/a Sole BLACKROCK MUNIENHANCED FUND Common Stock 09253Y100 1,506 138,700 Sole N/a Sole BLACKROCK MUNIHOLDINGS FLORIDA Common Stock 09254P108 1,981 143,100 Sole N/a Sole BLACKROCK MUNIHOLDINGS INSURED FUND Common Stock 09254A101 3,716 280,649 Sole N/a Sole BLACKROCK MUNIHOLDINGS INSURED FUND II Common Stock 09254C107 5,088 388,689 Sole N/a Sole BLACKROCK MUNIHOLDINGS NY INSURED FUND Common Stock 09255C106 300 21,200 Sole N/a Sole BLACKROCK MUNIYIELD CALIFORNIA INSD FD Common Stock 09254N103 550 38,600 Sole N/a Sole BLACKROCK MUNIYIELD FLORIDA FUND Common Stock 09254R104 1,506 108,006 Sole N/a Sole BLACKROCK MUNIYIELD FLORIDA INSD FUND Common Stock 09254T100 211 15,280 Sole N/a Sole BLACKROCK MUNIYIELD INSURED FUND INC. Common Stock 09254E103 4,883 339,799 Sole N/a Sole BLACKROCK MUNIYIELD MI INSURED Common Stock 09254V105 781 54,300 Sole N/a Sole BLACKROCK MUNIYIELD PA INSURED Common Stock 09255G107 1,091 72,500 Sole N/a Sole BLACKROCK MUNIYIELD QUALITY FUND II Common Stock 09254G108 1,906 151,300 Sole N/a Sole BLACKROCK MUNIYIELD QUALITY FUND, INC. Common Stock 09254F100 903 63,150 Sole N/a Sole BLACKROCK NEW YORK INSD 2008 Common Stock 09247L107 16,386 1,078,724 Sole N/a Sole BLACKROCK STRAT DVD ACHV TRS Common Stock 09249Y107 14,233 938,210 Sole N/a Sole BOULDER TOTAL RETURN FUND Common Stock 101541100 617 28,418 Sole N/a Sole BRANTLEY CAPITAL CORP Common Stock 105494108 221 83,687 Sole N/a Sole CASTLE CONVERTIBLE FUND - FIDELITY RES Common Stock 148443104 567 22,901 Sole N/a Sole CEF WESTERN ASSET CLYMOR Common Stock 95766Q106 861 74,010 Sole N/a Sole CENTRAL SECURITIES CORP Common Stock 155123102 877 32,671 Sole N/a Sole CITIGROUP GLOBAL MKTS HOLDINGS INC. Common Stock 173079658 191 19,400 Sole N/a Sole COHEN & STEERS REIT & PR Common Stock 19247X100 295 9,920 Sole N/a Sole COHEN & STEERS REIT & UTILITY INCOME FUND Common Stock 19247Y108 7,145 317,570 Sole N/a Sole COHEN & STEERS SEL UTILITY Common Stock 19248A109 16,763 640,069 Sole N/a Sole COLONIAL INSURED MUNICIPAL FUND Common Stock 195761101 7,495 541,150 Sole N/a Sole DEFINED STRATEGY FUND, INC. Common Stock 24476Y100 8,356 410,807 Sole N/a Sole DREYFUS MUNI FUND Common Stock 26201r102 201 20,775 Sole N/a Sole DTF TAX FREE INCOME, INC. Common Stock 23334J107 341 23,000 Sole N/a Sole DWS GLOBAL COMMODITIES STOCK FUND, INC. Common Stock 23338Y100 10,932 674,815 Sole N/a Sole DWS MUNICIPAL INCOME TRUST Common Stock 23338M106 7,868 695,625 Sole N/a Sole DWS RREEF REAL ESTATE FUND II, INC. Common Stock 23338X102 4,060 209,810 Sole N/a Sole DWS RREEF REAL ESTATE FUND INC. Common Stock 233384106 3,544 140,371 Sole N/a Sole EATON VANCE FLORIDA MUNICIPAL INCOME FUND Common Stock 27826B100 2,315 161,324 Sole N/a Sole EATON VANCE INSURED FLORIDA Common Stock 27828E102 1,537 107,556 Sole N/a Sole EATON VANCE T/A GL DVD INCM Common Stock 27828S101 276 10,595 Sole N/a Sole EMERGING MARKETS TELECOMUNICATIONS FUND Common Stock 290890102 1,275 67,374 Sole N/a Sole FIRST TRUST VALUE LINE 100 Common Stock 33735d104 2,054 125,950 Sole N/a Sole FIRST TRUST/FIDAC MORTG INCM Common Stock 33734E103 422 25,601 Sole N/a Sole FT DEARBORN INCOME SEC Common Stock 347200107 5,216 350,310 Sole N/a Sole GABELLI DIVIDEND & INCOME TRUST Common Stock 36242H104 8,215 381,898 Sole N/a Sole GABELLI GLOBAL MULTIMEDIA TRUST Common Stock 36239Q109 5,463 420,557 Sole N/a Sole HIGH YIELD PLUS FUND INC. Common Stock 429906100 58 16,000 Sole N/a Sole INSURED MUNI INCOME FUND(NAME CHANGE 8/95) Common Stock 45809F104 2,417 179,320 Sole N/a Sole ISHARES DJ SELECT DIVIDEND INDEX Common Stock 464287168 2,848 39,855 Sole N/a Sole ISHARES LEHMAN 20+ YEAR TREASURY BOND Common Stock 464287432 1,139 12,904 Sole N/a Sole ISHARES LEHMAN US TSY INFLA PROTECTED SEC Common Stock 464287176 687 6,800 Sole N/a Sole ISHARES MSCI AUSTRALIA Common Stock 464286103 3,444 132,720 Sole N/a Sole ISHARES MSCI CANADA Common Stock 464286509 5,884 224,999 Sole N/a Sole ISHARES MSCI EAFE INDEX FUND Common Stock 464287465 582 7,631 Sole N/a Sole ISHARES MSCI EMERGING MARKETS INDEX Common Stock 464287234 2,668 22,902 Sole N/a Sole ISHARES MSCI EMU INDEX FUND Common Stock 464286608 2,765 25,530 Sole N/a Sole ISHARES MSCI FRANCE Common Stock 464286707 3,341 94,960 Sole N/a Sole ISHARES MSCI HONG KONG Common Stock 464286871 1,493 92,965 Sole N/a Sole ISHARES MSCI JAPAN INDEX FUND Common Stock 464286848 9,161 628,733 Sole N/a Sole ISHARES MSCI PACIFIC EX-JAPAN INDEX FUND Common Stock 464286665 1,681 12,510 Sole N/a Sole ISHARES MSCI SOUTH KOREA IND Common Stock 464286772 230 4,555 Sole N/a Sole ISHARES MSCI SPAIN INDEX FD Common Stock 464286764 5,571 98,740 Sole N/a Sole ISHARES MSCI TAIWAN INDEX FD Common Stock 464286731 187 13,410 Sole N/a Sole ISHARES MSCI UNITED KINGDOM Common Stock 464286699 12,859 534,234 Sole N/a Sole ISHARES S&P EUROPE 350 INDEX FUND Common Stock 464287861 3,772 34,819 Sole N/a Sole ISHARES S&P MIDCAP 400/BARRA VALUE INDEX Common Stock 464287705 234 2,805 Sole N/a Sole ISHARES S&P SMALLCAP 600/BARRA VALUE INDEX Common Stock 464287879 247 3,220 Sole N/a Sole ISHARES TR 1-3 YR TRS BD Common Stock 464287457 1,117 13,878 Sole N/a Sole J F CHINA REGION FUND, INC. Common Stock 46614T107 538 26,900 Sole N/a Sole JOHN HANCOCK BANK & THRIFT FUN Common Stock 409735107 3,411 353,420 Sole N/a Sole JOHN HANCOCK FINANCIAL Common Stock 41014X105 252 13,659 Sole N/a Sole JOHN HANCOCK PATRIOT SELECT DIVIDEND TRUST Common Stock 41013U102 215 15,500 Sole N/a Sole JOHN HANCOCK T/A DVD INCOME Common Stock 41013V100 9,390 463,472 Sole N/a Sole LAZARD GLOBAL TOT RT & INC Common Stock 52106W103 3,527 158,865 Sole N/a Sole LIBERTY ALL-STAR GROWTH FD Common Stock 529900102 1,220 222,615 Sole N/a Sole LMP CAPITAL & INCOME FUND, INC. Common Stock 50208A102 4,982 258,950 Sole N/a Sole MBIA CAP/CLAYMORE MGD DUR INV GRADE MUNI Common Stock 55266X100 5,156 387,650 Sole N/a Sole MEXICO FUND Common Stock 592835102 813 20,449 Sole N/a Sole MFS CHARTER INCOME TRUST Common Stock 552727109 16,635 1,943,315 Sole N/a Sole MFS GOVERNMENT MARKETS INCOME TRUST Common Stock 552939100 28,695 4,300,817 Sole N/a Sole MFS INTERMEDIATE INCOME Common Stock 55273C107 29,355 4,704,400 Sole N/a Sole MFS MULTI MARKET INCOME FUND Common Stock 552737108 8,962 1,464,310 Sole N/a Sole MONTGOMERY STREET INCOME SECURITIES Common Stock 614115103 3,103 177,595 Sole N/a Sole MORGAN STANLEY ASIA-PACIFIC FUND Common Stock 61744U106 12,066 633,742 Sole N/a Sole MORGAN STANLEY DEAN WITTER GOVT INCOME TR Common Stock 61745P106 8,494 875,630 Sole N/a Sole MORGAN STANLEY DEAN WITTER INSD MUN INC TR Common Stock 61745P791 779 53,525 Sole N/a Sole MORGAN STANLEY DEAN WITTR NY QUAL MUN SECS Common Stock 61745P528 147 10,460 Sole N/a Sole MORGAN STANLEY HIGH YIELD FD Common Stock 61744M104 217 36,410 Sole N/a Sole MORGAN STANLEY INCOME SEC INC Common Stock 61745P874 1,750 108,112 Sole N/a Sole MORGAN STANLEY INSURED MUNICIPAL BOND TRST Common Stock 61745P817 660 46,360 Sole N/a Sole MUNICIPAL ADVANTAGE FUND INC.-FIDELITY Common Stock 626189104 10,632 774,897 Sole N/a Sole NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND Common Stock 64127J102 881 35,972 Sole N/a Sole NEUBERGER BERMAN REAL ESTATE Common Stock 64190A103 1,387 76,815 Sole N/a Sole NEUBERGER BERMAN REAL ESTATE INCOME FUND Common Stock 64126D106 1,493 55,495 Sole N/a Sole NEUBERGER BERMAN REALTY, INC. Common Stock 64126G109 4,729 197,602 Sole N/a Sole NEW GERMANY FUND Common Stock 644465106 19,029 1,154,642 Sole N/a Sole NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND Common Stock 67066V101 395 26,550 Sole N/a Sole NUVEEN FLORIDA INVESTMENT QUALITY MUNI FUN Common Stock 670970102 781 55,725 Sole N/a Sole NUVEEN FLORIDA QUALITY INCOME MUNI FUND Common Stock 670978105 1,528 108,445 Sole N/a Sole NUVEEN INSURED FLORIDA TAX-FREE ADV MUNI Common Stock 670655109 606 44,675 Sole N/a Sole NUVEEN INSURED PREMIUM INC-2 Common Stock 6706D8104 1,030 77,564 Sole N/a Sole NUVEEN NY INVESTMENT QUALITY MUNICIPAL FD Common Stock 67062X101 281 19,800 Sole N/a Sole NUVEEN NY QUALITY INCOME MUNICIPAL FUND Common Stock 670986108 482 33,550 Sole N/a Sole NUVEEN PENNSYLVANIA INV QUAL MUNI FUND Common Stock 670972108 1,925 136,995 Sole N/a Sole NUVEEN PREMIER MUNI INC FD Common Stock 670988104 4,033 285,610 Sole N/a Sole NUVEEN PREMIUM INC MUNI II Common Stock 67063W102 951 66,395 Sole N/a Sole NUVEEN PREMIUM INCOME MUNICIPAL FUND Common Stock 67062T100 1,216 84,235 Sole N/a Sole PETROLEUM & RESOURCES CORPORATION Common Stock 716549100 363 10,490 Sole N/a Sole PIONEER MUNI HI INCOME TRUST Common Stock 723763108 4,482 298,610 Sole N/a Sole PIONEER TAX ADV BALANCED FUND Common Stock 72388R101 8,624 591,520 Sole N/a Sole POWERSHARES ZACKS S/C PTFL Common Stock 73935X674 8,368 310,863 Sole N/a Sole PUTNAM CALIF INVT GRADE MUNI Common Stock 746446103 2,895 196,123 Sole N/a Sole PUTNAM HIGH YIELD MUNICIPAL TRUST Common Stock 746781103 2,964 393,100 Sole N/a Sole PUTNAM INVESTMENT GRADE MUNICIPAL TRUST Common Stock 746805100 19,214 1,876,387 Sole N/a Sole PUTNAM MANAGED MUNICIPAL INCOME TRUST Common Stock 746823103 361 26,650 Sole N/a Sole PUTNAM MUNICIPAL BOND FUND, INC. Common Stock 74683V100 206 16,300 Sole N/a Sole PUTNAM MUNICIPAL OPPORTUNITIES TRUST Common Stock 746922103 7,519 611,794 Sole N/a Sole PUTNAM PREMIER INCOME TRUST Common Stock 746853100 28,509 4,326,170 Sole N/a Sole PUTNAM TAX-FREE HEALTH CARE FUND Common Stock 746920107 10,843 773,416 Sole N/a Sole RMR HOSPITALITY & REAL ESTATE FUND Common Stock 74963J108 261 11,800 Sole N/a Sole RYDEX S&P EQUAL WEIGHT ETF Common Stock 78355W106 27,633 569,185 Sole N/a Sole S & P MID-CAP 400 DEPOSITARY RECEIPTS Common Stock 595635103 1,212 7,838 Sole N/a Sole S&P QUAL RANK GL EQ MGD TRST Common Stock 09250D109 299 16,653 Sole N/a Sole SUNAMERICA FOCUSED ALPHA GR Common Stock 867037103 14,452 737,329 Sole N/a Sole SWISS HELVETIA FUND Common Stock 870875101 5,096 253,301 Sole N/a Sole TAIWAN GREATER CHINA FUND Common Stock 874037104 140 22,211 Sole N/a Sole TCW STRATEGIC INCOME FUND INC Common Stock 872340104 1,617 307,415 Sole N/a Sole TEMPLETON DRAGON FUND, INC. Common Stock 88018T101 227 10,000 Sole N/a Sole THE EUROPEAN EQUITY FUND, INC Common Stock 298768102 284 23,427 Sole N/a Sole TRI-CONTINENTAL CORPORATION Common Stock 895436103 56,647 2,495,479 Sole N/a Sole VAN KAMPEN AMCAP IN FL COM Common Stock 920932100 2,444 155,671 Sole N/a Sole VAN KAMPEN AMCAP OH QL COM Common Stock 920923109 604 38,600 Sole N/a Sole VAN KAMPEN AMCAP PA VL COM Common Stock 92112T108 1,536 105,114 Sole N/a Sole VAN KAMPEN AMER CAP ADV MUN II Common Stock 92112K107 567 41,389 Sole N/a Sole VAN KAMPEN AMER CAP INSD MUN Common Stock 920928108 193 13,000 Sole N/a Sole VAN KAMPEN BOND FUND Common Stock 920955101 9,500 544,125 Sole N/a Sole VAN KAMPEN INCOME TRUST Common Stock 920957107 3,346 554,885 Sole N/a Sole VAN KAMPEN SLECT SECTOR MUNICIPAL TRUST Common Stock 92112M103 1,308 96,108 Sole N/a Sole WESTERN ASSET 2008 WORLDWIDE DLR GOVT TR Common Stock 95766W103 17,065 1,629,915 Sole N/a Sole WESTERN ASSET CLAY US TREAS INFL PROT 2 Common Stock 95766R104 47,505 3,998,763 Sole N/a Sole WESTERN ASSET INFLATION MGMT FUND, INC. Common Stock 95766U107 14,184 880,968 Sole N/a Sole WESTERN ASSET INTERMEDIATE MUNI FUND INC. Common Stock 958435109 2,932 321,840 Sole N/a Sole WESTERN ASSET MANAGED MUNI FUND, INC. Common Stock 95766M105 1,664 147,215 Sole N/a Sole WESTERN ASSET MUNICIPAL PARTNERS FUND II Common Stock 95766V105 10,324 776,805 Sole N/a Sole WESTERN ASSET MUNICIPAL PARTNERS FUND INC. Common Stock 95766P108 1,475 107,043 Sole N/a Sole WESTERN ASSET VAR RATE STRATEGIC FUND INC. Common Stock 957667108 6,087 344,465 Sole N/a Sole Total Securities: 151 789,902