13F-HR 1 form13f123109.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR FORM 13F-HR COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2009 Check here if Amendment [ ]; Amendment Number: ______ This Amendment (Check only one.): [ ] is a restatement. [ ] 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: February 5, 2010 George Karpus Pittsford, New York 14534 [Date] [Signature] [City, State] 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: 171 Form 13F Information Table Value Total: $964,439.92 (x$1,000) 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
Col 1 Col 2 Col 3 Col 4 Col 5 Col 6 Col 7 Col 8 Name of Issuer Title CUSIP Value Shares SH/ PUT/ Invest. Other Voting Authority of x($1,000) or PRN AMT PRN Call Disc'n Mgrs Sole Shared None Class ABBOTT LABORATORIES Common 002824100 $215.42 3,990 SH n/a sole n/a sole 0 0 ADAMS EXPRESS COMPANY Common 006212104 $9,621.03 952,577 SH n/a sole n/a sole 0 0 ADVENT CLAYMORE CONVERTIBLE Common 00764C109 $327.62 21,015 SH n/a sole n/a sole 0 0 ALLIANCE NEW YORK MUNI INC Common 018714105 $1,092.12 83,304 SH n/a sole n/a sole 0 0 AMERICAN STRATEGIC INC III Common 03009T101 $2,678.41 304,711 SH n/a sole n/a sole 0 0 BANCROFT FUND LTD Common 059695106 $270.30 17,982 SH n/a sole n/a sole 0 0 BANK OF AMERICA CORP Common 060505104 $163.55 10,860 SH n/a sole n/a sole 0 0 BANK OF NEW YORK MELLON COR Common 064058100 $383.19 13,700 SH n/a sole n/a sole 0 0 BLACKROCK CALIFORNIA INSURE Common 092484104 $1,181.82 92,042 SH n/a sole n/a sole 0 0 BLACKROCK CALIFORNIA INVEST Common 09247U107 $217.08 18,000 SH n/a sole n/a sole 0 0 BLACKROCK CALIFORNIA MUN II Common 09249S100 $2,075.09 159,011 SH n/a sole n/a sole 0 0 BLACKROCK CALIFORNIA MUNICI Common 09249J100 $251.67 18,437 SH n/a sole n/a sole 0 0 BLACKROCK FLORIDA MUNI BOND Common 09249K107 $143.11 10,736 SH n/a sole n/a sole 0 0 BLACKROCK MUNI INTERM DURAT Common 09253X102 $8,248.02 626,749 SH n/a sole n/a sole 0 0 BLACKROCK MUNI NY INT DUR F Common 09255F109 $525.53 42,900 SH n/a sole n/a sole 0 0 BLACKROCK MUNIHOLDINGS CA I Common 09254L107 $3,725.06 296,345 SH n/a sole n/a sole 0 0 BLACKROCK MUNIHOLDINGS FL I Common 09254P108 $10,763.41 829,870 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD CA INSU Common 09254N103 $4,083.03 324,823 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD FL FUND Common 09254R104 $6,008.63 473,867 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD FLORIDA Common 09254T100 $241.67 18,910 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD MI INS Common 09254W103 $512.47 43,137 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD MI INSU Common 09254V105 $5,331.68 410,761 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD NY INSU Common 09255E102 $5,681.25 481,462 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD PA INSU Common 09255G107 $1,335.24 100,244 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD QUAL II Common 09254G108 $499.04 42,435 SH n/a sole n/a sole 0 0 BLACKROCK STRAT DVD ACHV TR Common 09249Y107 $2,647.27 290,271 SH n/a sole n/a sole 0 0 CENTRAL EUROPE & RUSSIA FUN Common 153436100 $493.99 14,974 SH n/a sole n/a sole 0 0 CLAYMORE ALPHASHARES CHINA Common 18383Q853 $396.92 15,075 SH n/a sole n/a sole 0 0 COHEN & STEERS REIT UTI & I Common 19247Y108 $10,963.24 1,032,320 SH n/a sole n/a sole 0 0 CORNING INC COM Common 219350105 $482.75 25,000 SH n/a sole n/a sole 0 0 DELAWARE INV AZ MUNI INCM F Common 246100101 $174.56 15,100 SH n/a sole n/a sole 0 0 DIAMONDS TRUST SERIES I Common 252787106 $16,449.30 158,060 SH n/a sole n/a sole 0 0 DREYFUS MUNICIPAL INCOME IN Common 26201R102 $315.97 37,261 SH n/a sole n/a sole 0 0 DTF TAX-FREE INCOME INC Common 23334J107 $21,882.52 1,503,230 SH n/a sole n/a sole 0 0 DWS GLBL COMMOD STOCK FD IN Common 23338Y100 $1,561.76 187,938 SH n/a sole n/a sole 0 0 EATON VANCE SENIOR INCOME T Common 27826S103 $645.56 103,125 SH n/a sole n/a sole 0 0 EATON VANCE SHORT DUR DIV I Common 27828V104 $30,926.66 1,918,527 SH n/a sole n/a sole 0 0 ELLSWORTH FUND LTD Common 289074106 $111.35 17,000 SH n/a sole n/a sole 0 0 EMERGING MKTS TELECOMM FUND Common 290890102 $459.88 27,737 SH n/a sole n/a sole 0 0 EQUUS TOTAL RETURN INC Common 294766100 $475.20 148,500 SH n/a sole n/a sole 0 0 ETF POWERSHARES INSURED Common 73936T474 $22,969.86 968,375 SH n/a sole n/a sole 0 0 EVERGREEN MULTI SECTOR INC Common 30024Y104 $3,770.72 265,918 SH n/a sole n/a sole 0 0 EXXON MOBIL CORP Common 30231G102 $456.60 6,696 SH n/a sole n/a sole 0 0 FIRST ISRAEL FUND INC Common 32063L100 $345.09 22,793 SH n/a sole n/a sole 0 0 FIRST NIAGARA FINANCIAL GRP Common 33582V108 $167.20 12,020 SH n/a sole n/a sole 0 0 FIRST TRUST ENH EQUITY INC Common 337318109 $1,461.71 124,932 SH n/a sole n/a sole 0 0 FIRST TRUST/FOUR CRNS SR F Common 33733U108 $1,649.65 138,626 SH n/a sole n/a sole 0 0 FIRST TRUST/FOUR CRNS SR FL Common 33733Q107 $289.92 24,000 SH n/a sole n/a sole 0 0 FORT DEARBORN INCOME SEC Common 347200107 $4,406.99 304,350 SH n/a sole n/a sole 0 0 FRANKLIN STREET PROPERTIES Common 35471R106 $929.18 63,599 SH n/a sole n/a sole 0 0 GABELLI DIVIDEND & INCOME T Common 36242H104 $12,057.75 919,737 SH n/a sole n/a sole 0 0 GENERAL AMERICAN INVESTORS Common 368802104 $240.25 10,241 SH n/a sole n/a sole 0 0 GENERAL ELECTRIC CO Common 369604103 $193.09 12,762 SH n/a sole n/a sole 0 0 GSI GROUP, INC. Common 36229U102 $78.46 90,700 SH n/a sole n/a sole 0 0 H & Q HEALTHCARE INVESTORS Common 404052102 $545.99 46,075 SH n/a sole n/a sole 0 0 H & Q LIFE SCIENCES INVSTRS Common 404053100 $5,033.03 533,160 SH n/a sole n/a sole 0 0 ING PRIME RATE TRUST Common 44977W106 $10,022.26 1,919,973 SH n/a sole n/a sole 0 0 INVESTMENT GRADE MUNI INC F Common 461368102 $17,509.42 1,239,175 SH n/a sole n/a sole 0 0 IPATH DOW JONES-UBS COMMODI Common 06738C778 $20,286.96 480,051 SH n/a sole n/a sole 0 0 ISHARES FTSE/XINHUA CHINA 2 Common 464287184 $1,913.32 45,275 SH n/a sole n/a sole 0 0 ISHARES IBOXX INV GR CORP B Common 464287242 $17,815.59 171,057 SH n/a sole n/a sole 0 0 ISHARES LEHMAN 7-10YR TREAS Common 464287440 $1,776.16 20,047 SH n/a sole n/a sole 0 0 ISHARES LEHMAN TRES INF PR Common 464287176 $17,090.61 164,491 SH n/a sole n/a sole 0 0 ISHARES MSCI AUSTRALIA INDE Common 464286103 $3,386.21 148,258 SH n/a sole n/a sole 0 0 ISHARES MSCI BRAZIL INDEX F Common 464286400 $3,695.28 49,528 SH n/a sole n/a sole 0 0 ISHARES MSCI CANADA Common 464286509 $8,911.02 338,436 SH n/a sole n/a sole 0 0 ISHARES MSCI EMU Common 464286608 $2,110.12 56,315 SH n/a sole n/a sole 0 0 ISHARES MSCI FRANCE INDEX F Common 464286707 $5,367.83 207,653 SH n/a sole n/a sole 0 0 ISHARES MSCI HONG KONG INDE Common 464286871 $1,369.65 87,462 SH n/a sole n/a sole 0 0 ISHARES MSCI JAPAN INDEX FD Common 464286848 $3,501.21 359,467 SH n/a sole n/a sole 0 0 ISHARES MSCI PACIFIC EX JPN Common 464286665 $4,572.63 110,530 SH n/a sole n/a sole 0 0 ISHARES MSCI SPAIN INDEX FD Common 464286764 $543.14 11,306 SH n/a sole n/a sole 0 0 ISHARES MSCI UNITED KINGDOM Common 464286699 $7,427.60 458,494 SH n/a sole n/a sole 0 0 ISHARES S&P 500 INDEX FUND Common 464287200 $5,031.90 45,004 SH n/a sole n/a sole 0 0 ISHARES S&P EUROPE 350 Common 464287861 $989.97 25,410 SH n/a sole n/a sole 0 0 ISHARES S&P NATIONAL MUNICI Common 464288414 $5,259.88 51,191 SH n/a sole n/a sole 0 0 JAPAN EQUITY FUND Common 471057109 $3,516.23 671,036 SH n/a sole n/a sole 0 0 JAPAN SMALLER CAPITALIZATIO Common 47109U104 $1,338.85 182,903 SH n/a sole n/a sole 0 0 JENNISON 20/20 FOCUS FD-A Common 476295100 $223.17 15,079 SH n/a sole n/a sole 0 0 JF CHINA REGION FUND INC Common 46614T107 $254.06 18,437 SH n/a sole n/a sole 0 0 KIMBERLY-CLARK CORPORATION Common 494368103 $531.28 8,339 SH n/a sole n/a sole 0 0 KOREA EQUITY FUND Common 50063B104 $814.06 88,007 SH n/a sole n/a sole 0 0 LATIN AMERICA EQUITY FD INC Common 51827Q106 $277.09 7,030 SH n/a sole n/a sole 0 0 LAZARD GLOBAL TOT RT & INC Common 52106W103 $3,319.56 222,939 SH n/a sole n/a sole 0 0 LENNOX INTERNATIONAL INC. Common 526107107 $384.93 9,860 SH n/a sole n/a sole 0 0 LIBERTY ALL STAR EQUITY FUN Common 530158104 $20,750.07 4,792,165 SH n/a sole n/a sole 0 0 LIBERTY ALL-STAR GROWTH FD Common 529900102 $3,359.98 999,993 SH n/a sole n/a sole 0 0 LMP CAPITAL AND INCOME FUND Common 50208A102 $7,305.46 705,842 SH n/a sole n/a sole 0 0 LMP CORPORATE LOAN FUND INC Common 50208B100 $1,830.58 182,329 SH n/a sole n/a sole 0 0 MACQUARIE GLOBAL INFR TOT R Common 55608D101 $3,460.45 218,325 SH n/a sole n/a sole 0 0 MACQUARIE/FT GL INT/UT DV I Common 55607W100 $284.79 23,030 SH n/a sole n/a sole 0 0 MADISON STRATEGIC SECTR PRE Common 558268108 $4,049.60 331,120 SH n/a sole n/a sole 0 0 MADISON/CLAYMORE COVERED CA Common 556582104 $1,773.22 199,238 SH n/a sole n/a sole 0 0 MBIA CAP/CLAYMORE MGD DUR I Common 55266X100 $6,693.31 507,453 SH n/a sole n/a sole 0 0 MEXICO EQUITY AND INCOME FD Common 592834105 $277.53 36,279 SH n/a sole n/a sole 0 0 MEXICO FUND INC Common 592835102 $466.29 21,282 SH n/a sole n/a sole 0 0 MFS CHARTER INCOME TRUST Common 552727109 $21,338.94 2,324,377 SH n/a sole n/a sole 0 0 MFS INTERMARKET INC TRUST I Common 59318R103 $123.40 15,425 SH n/a sole n/a sole 0 0 MFS INTERMEDIATE INC TRUST Common 55273C107 $8,369.46 1,249,173 SH n/a sole n/a sole 0 0 MFS MULTIMARKET INC TRUST Common 552737108 $11,580.37 1,781,595 SH n/a sole n/a sole 0 0 MONTGOMERY ST INCOME SEC IN Common 614115103 $2,934.61 199,905 SH n/a sole n/a sole 0 0 MORGAN STANLEY ASIA PACIFIC Common 61744U106 $5,331.31 363,912 SH n/a sole n/a sole 0 0 MORGAN STANLEY CA INSD MUNI Common 61745P502 $3,238.71 257,859 SH n/a sole n/a sole 0 0 MORGAN STANLEY CA QUAL MUNI Common 61745P635 $582.18 49,759 SH n/a sole n/a sole 0 0 MORGAN STANLEY INSD MUNI IN Common 61745P791 $263.20 18,800 SH n/a sole n/a sole 0 0 MORGAN STANLEY INSD MUNI TR Common 61745P866 $1,659.79 124,329 SH n/a sole n/a sole 0 0 MORGAN STANLEY NY QUAL MUNI Common 61745P528 $2,904.91 220,069 SH n/a sole n/a sole 0 0 MORGAN STANLEY QUAL MUNI IN Common 61745P668 $502.21 39,700 SH n/a sole n/a sole 0 0 MORGAN STANLEY QUAL MUNI SE Common 61745P585 $2,237.92 169,457 SH n/a sole n/a sole 0 0 NEUBERGER BERMAN INTMD MUNI Common 64124P101 $828.70 61,797 SH n/a sole n/a sole 0 0 NEUBERGER BERMAN NY INTMD M Common 64124K102 $1,040.82 79,270 SH n/a sole n/a sole 0 0 NEW GERMANY FUND Common 644465106 $8,418.27 702,108 SH n/a sole n/a sole 0 0 NEW IRELAND FUND INC Common 645673104 $180.60 25,436 SH n/a sole n/a sole 0 0 NUCOR CORPORATION Common 670346105 $203.77 4,368 SH n/a sole n/a sole 0 0 NUVEEN FLOATING RATE INCOME Common 67072T108 $969.12 93,635 SH n/a sole n/a sole 0 0 NUVEEN FLOATING RT INC OPP Common 6706EN100 $1,676.14 155,775 SH n/a sole n/a sole 0 0 NUVEEN INS NY T/F ADV MUNI Common 670656107 $258.51 19,050 SH n/a sole n/a sole 0 0 NUVEEN INS T/F ADV MUNICIPA Common 670657105 $351.19 25,258 SH n/a sole n/a sole 0 0 NUVEEN INSD DVD ADV MUNI 2. Common 67071L502 $829.67 81,500 SH n/a sole n/a sole 0 0 NUVEEN INSD MUNI OPPORTUNIT Common 670984103 $10,063.83 748,797 SH n/a sole n/a sole 0 0 NUVEEN INSD NEW YORK PREMIU Common 67101R107 $1,778.73 132,840 SH n/a sole n/a sole 0 0 NUVEEN INV QUALITY MUNI FD Common 67062E103 $732.96 55,027 SH n/a sole n/a sole 0 0 NUVEEN MICHIGAN DIVIDEND AD Common 67070W103 $150.91 12,400 SH n/a sole n/a sole 0 0 NUVEEN MICHIGAN PREMIUM INC Common 67101Q109 $744.79 60,700 SH n/a sole n/a sole 0 0 NUVEEN MICHIGAN QUALITY INC Common 670979103 $1,334.11 104,636 SH n/a sole n/a sole 0 0 NUVEEN MULTI-ST INC & GTH Common 67073B106 $2,562.34 342,101 SH n/a sole n/a sole 0 0 NUVEEN MULTI-ST INC & GTH 2 Common 67073D102 $8,327.19 1,082,789 SH n/a sole n/a sole 0 0 NUVEEN NEW YORK SELECT QUAL Common 670976109 $4,305.77 317,769 SH n/a sole n/a sole 0 0 NUVEEN NY DIV ADV MUNI 2.70 Common 67066X305 $552.75 55,000 SH n/a sole n/a sole 0 0 NUVEEN NY DIVIDEND ADV MUNI Common 67066X107 $241.15 18,636 SH n/a sole n/a sole 0 0 NUVEEN NY QUALITY INC MUNI Common 670986108 $4,887.75 367,500 SH n/a sole n/a sole 0 0 NUVEEN PA PREMIUM INC MUNI Common 67061F101 $1,704.15 136,660 SH n/a sole n/a sole 0 0 NUVEEN PENN INV QUAL MUNI F Common 670972108 $1,105.26 84,050 SH n/a sole n/a sole 0 0 NUVEEN PREMIER MUNI INC FD Common 670988104 $5,438.47 419,635 SH n/a sole n/a sole 0 0 NUVEEN PREMIUM INC MUNI FD Common 67063W102 $20,537.98 1,540,733 SH n/a sole n/a sole 0 0 PAYCHEX CORPORATION Common 704326107 $727.09 23,730 SH n/a sole n/a sole 0 0 PEPSICO INC Common 713448108 $255.24 4,198 SH n/a sole n/a sole 0 0 POWERSHARES VRDO TAX-FREE W Common 73936T433 $1,696.24 67,850 SH n/a sole n/a sole 0 0 PROCTER & GAMBLE CO Common 742718109 $312.55 5,155 SH n/a sole n/a sole 0 0 PUTNAM MANAGED MUNI INCM TR Common 746823103 $9,506.58 1,429,561 SH n/a sole n/a sole 0 0 PUTNAM MUNI OPPORTUNITIES T Common 746922103 $70,087.77 6,297,194 SH n/a sole n/a sole 0 0 ROYCE VALUE TRUST Common 780910105 $3,477.72 322,310 SH n/a sole n/a sole 0 0 RYDEX S&P EQUAL WEIGHT ETF Common 78355W106 $25,080.68 634,472 SH n/a sole n/a sole 0 0 SINGAPORE FUND INC Common 82929L109 $1,325.93 99,694 SH n/a sole n/a sole 0 0 SPAIN FUND INC Common 846330108 $695.96 90,679 SH n/a sole n/a sole 0 0 SPDR BARCLAYS CAPITAL MUNIC Common 78464A458 $3,624.26 159,800 SH n/a sole n/a sole 0 0 SPDR TRUST SERIES 1 Common 78462F103 $35,070.28 314,701 SH n/a sole n/a sole 0 0 SPECIAL OPPORTUNITIES FUND Common 84741T104 $39,377.63 2,794,722 SH n/a sole n/a sole 0 0 SUNAMERICA FOCUSED ALPHA GR Common 867037103 $18,153.52 1,324,108 SH n/a sole n/a sole 0 0 SUNAMERICA FOCUSED ALPHA L/ Common 867038101 $10,178.90 744,616 SH n/a sole n/a sole 0 0 SWISS HELVETIA FUND Common 870875101 $5,850.18 503,458 SH n/a sole n/a sole 0 0 TAIWAN GREATER CHINA FUND Common 874037104 $739.56 116,283 SH n/a sole n/a sole 0 0 TEXTRON INC Common 883203101 $223.31 11,872 SH n/a sole n/a sole 0 0 THAI FUND INC Common 882904105 $207.04 23,185 SH n/a sole n/a sole 0 0 THE EUROPEAN EQUITY FUND, I Common 298768102 $2,742.71 390,143 SH n/a sole n/a sole 0 0 TRI-CONTINENTAL CORPORATION Common 895436103 $1,144.17 99,320 SH n/a sole n/a sole 0 0 TS&W/CLAYMORE T/A BALANCED Common 87280R108 $875.50 91,772 SH n/a sole n/a sole 0 0 VAN KAMPEN SENIOR INCOME TR Common 920961109 $16,545.52 3,920,740 SH n/a sole n/a sole 0 0 VANGUARD EMERGING MARKET ET Common 922042858 $9,604.91 234,266 SH n/a sole n/a sole 0 0 VANGUARD EUROPE PACIFIC ETF Common 921943858 $14,454.90 422,658 SH n/a sole n/a sole 0 0 VANGUARD EUROPEAN ETF Common 922042874 $13,263.79 273,593 SH n/a sole n/a sole 0 0 VANGUARD LARGE-CAP ETF Common 922908637 $21,936.36 432,926 SH n/a sole n/a sole 0 0 VANGUARD MID-CAP ETF Common 922908629 $9,477.08 158,083 SH n/a sole n/a sole 0 0 VANGUARD PACIFIC ETF Common 922042866 $9,889.93 192,711 SH n/a sole n/a sole 0 0 VANGUARD SMALL-CAP ETF Common 922908751 $14,447.21 251,913 SH n/a sole n/a sole 0 0 WA/CLAY US INFL-LKD OPP&INC Common 95766R104 $11,528.76 957,538 SH n/a sole n/a sole 0 0 WESTERN ASSET GLOBAL HIGH I Common 95766B109 $4,236.66 382,370 SH n/a sole n/a sole 0 0 WESTERN ASSET INFLATION MAN Common 95766U107 $20,732.63 1,285,346 SH n/a sole n/a sole 0 0 WESTERN ASSET MUNICIPAL PAR Common 95766P108 $12,422.02 932,584 SH n/a sole n/a sole 0 0 WESTERN ASSET VARIABLE RATE Common 957667108 $16,300.66 1,152,805 SH n/a sole n/a sole 0 0 ZWEIG FUND INC Common 989834106 $10,305.62 3,113,481 SH n/a sole n/a sole 0 0 Total Securities: 171 $964,439.92