13F-HR 1 form13f33111.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: March 31, 2011 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: May 13, 2011 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: 127 Form 13F Information Table Value Total: $1,129,812.7 (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 ABERDEEN ASIA-PAC INCOME FD Common 003009107 $92.23 13,309 SH n/a sole n/a sole 0 0 ABERDEEN EMERGING MARKETS T Common 00301T102 $2,241.71 119,367 SH n/a sole n/a sole 0 0 ABERDEEN ISRAEL FUND, INC Common 00301L109 $555.70 31,610 SH n/a sole n/a sole 0 0 ABERDEEN LATIN AMERICA EQUI Common 00306K106 $414.99 10,636 SH n/a sole n/a sole 0 0 ADAMS EXPRESS COMPANY Common 006212104 $25,974.19 2,284,449 SH n/a sole n/a sole 0 0 ALLIANCEBERNSTEIN INC FUND Common 01881E101 $17,765.88 2,310,257 SH n/a sole n/a sole 0 0 AMERICAN STRATEGIC INC III Common 03009T101 $232.64 30,450 SH n/a sole n/a sole 0 0 ASIA PACIFIC FUND INC Common 044901106 $4,193.44 354,475 SH n/a sole n/a sole 0 0 BANCROFT FUND LTD Common 059695106 $253.25 14,463 SH n/a sole n/a sole 0 0 BLACKROCK CORE BOND TRUST Common 09249E101 $165.28 13,682 SH n/a sole n/a sole 0 0 BLACKROCK INCOME OPPTY TRST Common 092475102 $496.89 53,314 SH n/a sole n/a sole 0 0 BLACKROCK INCOME TRUST Common 09247F100 $13,094.83 1,948,636 SH n/a sole n/a sole 0 0 BLACKROCK MUNI NY INT DUR F Common 09255F109 $262.60 20,710 SH n/a sole n/a sole 0 0 BLACKROCK MUNIYIELD CA INSU Common 09254N103 $2,888.08 233,098 SH n/a sole n/a sole 0 0 CENTRAL EUROPE & RUSSIA FUN Common 153436100 $628.00 13,863 SH n/a sole n/a sole 0 0 COHEN & STEERS INFRASTUCTUR Common 19248A109 $10,009.03 567,084 SH n/a sole n/a sole 0 0 CORNING INC COM Common 219350105 $495.12 24,000 SH n/a sole n/a sole 0 0 CORP PROP ASSOC 16 GLOBAL Common 98MSC0EK7 $92.00 10,000 SH n/a sole n/a sole 0 0 DELAWARE INV AZ MUNI INCM F Common 246100101 $6,300.79 488,055 SH n/a sole n/a sole 0 0 DELAWARE INV FL INSD MUNI I Common 24610T108 $436.45 35,774 SH n/a sole n/a sole 0 0 DTF TAX-FREE INCOME INC Common 23334J107 $20,639.60 1,430,326 SH n/a sole n/a sole 0 0 EATON VANCE MI MUNICIPAL IN Common 27826D106 $1,202.30 105,280 SH n/a sole n/a sole 0 0 EATON VANCE TAX-MANAGED GLO Common 27829F108 $4,023.73 380,315 SH n/a sole n/a sole 0 0 E-DEBIT GLOBAL CORP Common 26841A204 $4.38 175,000 SH n/a sole n/a sole 0 0 ETF POWERSHARES INSURED Common 73936T474 $22,981.84 1,033,821 SH n/a sole n/a sole 0 0 EXXON MOBIL CORPORATION Common 30231G102 $518.58 6,164 SH n/a sole n/a sole 0 0 FEDERATED ENHANCED TREASURY Common 314162108 $4,123.87 269,534 SH n/a sole n/a sole 0 0 FORT DEARBORN INCOME SEC Common 347200107 $5,422.11 371,126 SH n/a sole n/a sole 0 0 FRANKLIN STREET PROPERTIES Common 35471R106 $894.84 63,599 SH n/a sole n/a sole 0 0 GABELLI DIVIDEND & INCOME T Common 36242H104 $20,896.74 1,256,569 SH n/a sole n/a sole 0 0 GENERAL AMERICAN INVESTORS Common 368802104 $14,493.81 511,426 SH n/a sole n/a sole 0 0 GREATER CHINA FUND Common 39167B102 $924.36 73,130 SH n/a sole n/a sole 0 0 GSI GROUP, INC. Common 36191C205 $171.67 16,667 SH n/a sole n/a sole 0 0 H & Q LIFE SCIENCES INVSTRS Common 404053100 $12,906.48 1,073,750 SH n/a sole n/a sole 0 0 IBERO-AMERICA FUND INC Common 45082X103 $322.38 46,054 SH n/a sole n/a sole 0 0 INTERNATIONAL BUSINESS MACH Common 459200101 $595.86 3,654 SH n/a sole n/a sole 0 0 INVESCO CA QUAL MUNI SEC Common 46130M107 $2,414.24 212,521 SH n/a sole n/a sole 0 0 INVESCO CALIFORNIA INSURED Common 46130L109 $3,945.12 317,132 SH n/a sole n/a sole 0 0 INVESCO NY QUAL MUNI SEC Common 46133F109 $3,808.36 288,076 SH n/a sole n/a sole 0 0 INVESCO QUAL MUNI SEC Common 46133J101 $201.71 15,600 SH n/a sole n/a sole 0 0 IPATH DOW JONES-UBS COMMODI Common 06738C778 $36,527.77 711,349 SH n/a sole n/a sole 0 0 ISHARES BARCLAYS 1-3 YEAR C Common 464288646 $1,902.90 18,220 SH n/a sole n/a sole 0 0 ISHARES FTSE/XINHUA CHINA 2 Common 464287184 $2,122.76 47,267 SH n/a sole n/a sole 0 0 ISHARES IBOXX INV GR CORP B Common 464287242 $6,319.64 58,407 SH n/a sole n/a sole 0 0 ISHARES LEHMAN 7-10YR TREAS Common 464287440 $1,909.40 20,529 SH n/a sole n/a sole 0 0 ISHARES LEHMAN TRES INF PR Common 464287176 $11,540.40 105,720 SH n/a sole n/a sole 0 0 ISHARES MSCI AUSTRALIA INDE Common 464286103 $5,095.41 191,413 SH n/a sole n/a sole 0 0 ISHARES MSCI BRAZIL INDEX F Common 464286400 $4,556.58 58,787 SH n/a sole n/a sole 0 0 ISHARES MSCI CANADA Common 464286509 $24,521.45 729,588 SH n/a sole n/a sole 0 0 ISHARES MSCI EMU Common 464286608 $6,048.71 156,136 SH n/a sole n/a sole 0 0 ISHARES MSCI FRANCE INDEX F Common 464286707 $8,456.13 314,004 SH n/a sole n/a sole 0 0 ISHARES MSCI HONG KONG INDE Common 464286871 $2,170.08 114,637 SH n/a sole n/a sole 0 0 ISHARES MSCI JAPAN INDEX FD Common 464286848 $6,069.77 588,441 SH n/a sole n/a sole 0 0 ISHARES MSCI PACIFIC EX JPN Common 464286665 $8,294.44 171,692 SH n/a sole n/a sole 0 0 ISHARES MSCI SINGAPORE Common 464286673 $860.46 62,945 SH n/a sole n/a sole 0 0 ISHARES MSCI SWEDEN INDEX F Common 464286756 $219.20 6,685 SH n/a sole n/a sole 0 0 ISHARES MSCI UNITED KINGDOM Common 464286699 $11,142.69 622,149 SH n/a sole n/a sole 0 0 ISHARES S&P 500 INDEX FUND Common 464287200 $21,020.37 158,036 SH n/a sole n/a sole 0 0 ISHARES S&P EUROPE 350 Common 464287861 $843.97 20,181 SH n/a sole n/a sole 0 0 ISHARES S&P NATIONAL MUNICI Common 464288414 $4,690.26 47,162 SH n/a sole n/a sole 0 0 JAPAN EQUITY FUND Common 471057109 $4,591.35 744,141 SH n/a sole n/a sole 0 0 JF CHINA REGION FUND INC Common 46614T107 $1,046.38 67,947 SH n/a sole n/a sole 0 0 KIMBERLY-CLARK CORPORATION Common 494368103 $412.44 6,319 SH n/a sole n/a sole 0 0 KOREA EQUITY FUND Common 50063B104 $1,849.75 135,911 SH n/a sole n/a sole 0 0 LAZARD GLOBAL TOT RT & INC Common 52106W103 $3,545.61 230,534 SH n/a sole n/a sole 0 0 LENNOX INTERNATIONAL INC. Common 526107107 $371.48 7,065 SH n/a sole n/a sole 0 0 LIBERTY ALL STAR EQUITY FUN Common 530158104 $30,322.59 5,764,750 SH n/a sole n/a sole 0 0 LIBERTY ALL-STAR GROWTH FD Common 529900102 $17,310.28 3,754,941 SH n/a sole n/a sole 0 0 LMP CAPITAL AND INCOME FUND Common 50208A102 $15,377.91 1,156,234 SH n/a sole n/a sole 0 0 LMP REAL ESTATE INCOME FUND Common 50208C108 $3,609.68 348,089 SH n/a sole n/a sole 0 0 MACQUARIE GLOBAL INFR TOT R Common 55608D101 $10,636.36 583,774 SH n/a sole n/a sole 0 0 MEXICO EQUITY AND INCOME FD Common 592834105 $518.15 44,746 SH n/a sole n/a sole 0 0 MEXICO FUND INC Common 592835102 $609.99 21,034 SH n/a sole n/a sole 0 0 MFS CHARTER INCOME TRUST Common 552727109 $133.05 14,557 SH n/a sole n/a sole 0 0 MONTGOMERY ST INCOME SEC IN Common 614115103 $642.91 41,133 SH n/a sole n/a sole 0 0 MORGAN STANLEY ASIA PACIFIC Common 61744U106 $8,986.69 527,388 SH n/a sole n/a sole 0 0 MORGAN STANLEY EMRG MARKETS Common 61744G107 $1,366.71 85,682 SH n/a sole n/a sole 0 0 MORGAN STANLEY INDIA INVEST Common 61745C105 $244.41 10,150 SH n/a sole n/a sole 0 0 NEW GERMANY FUND Common 644465106 $13,318.49 768,079 SH n/a sole n/a sole 0 0 NUCOR CORPORATION Common 670346105 $201.02 4,368 SH n/a sole n/a sole 0 0 NUVEEN ARIZONA DVD ADV MUN Common 67072E101 $230.30 18,800 SH n/a sole n/a sole 0 0 NUVEEN INSD NEW YORK PREMIU Common 67101R107 $704.47 50,791 SH n/a sole n/a sole 0 0 NUVEEN INSD PREM INC MUNI I Common 6706D8104 $410.37 34,955 SH n/a sole n/a sole 0 0 NUVEEN MICHIGAN DIVIDEND AD Common 67070W103 $267.25 21,700 SH n/a sole n/a sole 0 0 NUVEEN MICHIGAN PREMIUM INC Common 67101Q109 $2,622.88 206,526 SH n/a sole n/a sole 0 0 NUVEEN MICHIGAN QUALITY INC Common 670979103 $2,031.78 156,772 SH n/a sole n/a sole 0 0 NUVEEN MULTI-ST INC & GTH 2 Common 67073D102 $3,213.05 359,000 SH n/a sole n/a sole 0 0 NUVEEN NY DIVIDEND ADV MUNI Common 67066X107 $145.86 11,369 SH n/a sole n/a sole 0 0 NUVEEN NY INV QUAL MUNI FD Common 67062X101 $374.19 28,369 SH n/a sole n/a sole 0 0 NUVEEN PREMIER MUNI INC FD Common 670988104 $414.89 32,720 SH n/a sole n/a sole 0 0 PAETEC HOLDING CORPORATION Common 695459107 $101.87 30,500 SH n/a sole n/a sole 0 0 PAYCHEX CORPORATION Common 704326107 $242.86 7,738 SH n/a sole n/a sole 0 0 POWERSHARES BUILD AMERICA P Common 73937B407 $42,716.60 1,695,776 SH n/a sole n/a sole 0 0 POWERSHARES VRDO TAX-FREE W Common 73936T433 $1,456.92 58,300 SH n/a sole n/a sole 0 0 PUTNAM MUNI OPPORTUNITIES T Common 746922103 $70,266.34 6,482,135 SH n/a sole n/a sole 0 0 ROYAL DUTCH SHELL PLC - ADR Common 780259206 $291.44 4,000 SH n/a sole n/a sole 0 0 ROYCE VALUE TRUST Common 780910105 $19,118.52 1,242,269 SH n/a sole n/a sole 0 0 RYDEX S&P EQUAL WEIGHT ETF Common 78355W106 $30,445.60 603,361 SH n/a sole n/a sole 0 0 SINGAPORE FUND INC Common 82929L109 $2,222.41 152,324 SH n/a sole n/a sole 0 0 SPDR BARCLAYS CAPITAL INTL Common 78464A516 $8,987.00 150,209 SH n/a sole n/a sole 0 0 SPDR BARCLAYS CAPITAL MUNIC Common 78464A458 $2,878.49 130,900 SH n/a sole n/a sole 0 0 SPDR DOW JONES INDUSTRIAL A Common 78467X109 $46,071.36 374,503 SH n/a sole n/a sole 0 0 SPDR LEHMAN SHORT TERM MUNI Common 78464A425 $25,642.72 1,076,069 SH n/a sole n/a sole 0 0 SPDR TRUST SERIES 1 Common 78462F103 $67,084.84 505,957 SH n/a sole n/a sole 0 0 SPECIAL OPPORTUNITIES FUND Common 84741T104 $5,995.93 391,635 SH n/a sole n/a sole 0 0 SUNAMERICA FOCUSED ALPHA GR Common 867037103 $37,432.53 1,870,691 SH n/a sole n/a sole 0 0 SUNAMERICA FOCUSED ALPHA L/ Common 867038101 $26,356.84 1,450,569 SH n/a sole n/a sole 0 0 SWISS HELVETIA FUND Common 870875101 $9,191.23 664,870 SH n/a sole n/a sole 0 0 TAIWAN FUND INC Common 874036106 $246.54 13,205 SH n/a sole n/a sole 0 0 TAIWAN GREATER CHINA FUND Common 874037104 $1,444.12 200,291 SH n/a sole n/a sole 0 0 TEMPLETON DRAGON FUND INC Common 88018T101 $223.20 7,200 SH n/a sole n/a sole 0 0 TEXTRON INC Common 883203101 $325.17 11,872 SH n/a sole n/a sole 0 0 THAI FUND INC Common 882904105 $282.70 21,240 SH n/a sole n/a sole 0 0 THE EUROPEAN EQUITY FUND, I Common 298768102 $6,502.89 802,826 SH n/a sole n/a sole 0 0 TRI-CONTINENTAL CORPORATION Common 895436103 $16,603.92 1,135,699 SH n/a sole n/a sole 0 0 TS&W/CLAYMORE T/A BALANCED Common 87280R108 $2,580.25 234,355 SH n/a sole n/a sole 0 0 VANGUARD EMERGING MARKET ET Common 922042858 $13,105.38 267,730 SH n/a sole n/a sole 0 0 VANGUARD EUROPE PACIFIC ETF Common 921943858 $27,883.63 747,350 SH n/a sole n/a sole 0 0 VANGUARD EUROPEAN ETF Common 922042874 $23,117.33 444,992 SH n/a sole n/a sole 0 0 VANGUARD LARGE-CAP ETF Common 922908637 $33,072.86 544,230 SH n/a sole n/a sole 0 0 VANGUARD MID-CAP ETF Common 922908629 $21,177.88 262,916 SH n/a sole n/a sole 0 0 VANGUARD PACIFIC ETF Common 922042866 $15,706.60 281,329 SH n/a sole n/a sole 0 0 VANGUARD SMALL-CAP ETF Common 922908751 $24,190.61 306,249 SH n/a sole n/a sole 0 0 WA/CLAY US INFL-LKD OPP&INC Common 95766R104 $10,247.60 830,438 SH n/a sole n/a sole 0 0 WESTERN ASSET INFLATION MAN Common 95766U107 $18,363.25 1,087,870 SH n/a sole n/a sole 0 0 WESTERN ASSET MUNICIPAL PAR Common 95766P108 $16,463.12 1,245,319 SH n/a sole n/a sole 0 0 WESTERN ASSET VARIABLE RATE Common 957667108 $4,864.39 287,834 SH n/a sole n/a sole 0 0 Total Securities: 127 $1,129,812.70