Karpus Investment Management - Ten-Year Performance Composites 12/31/06 - 12/31/16
 Composite Total Return (%)Benchmark Total Return (%)Number of PortfoliosInternal Dispersion (%)Composite 3-Yr St Dev (%)Benchmark 3-Yr St Dev (%)Total Assets ($ millions)Percentage of Firm AssetsPercentage of Non-Fee-Paying AccountsTotal Firm Assets ($ millions)Equity Composite -Specific Notes
Year
12) The Equity Composite includes all institutional and retail portfolios invested in pre-dominantly large cap U.S. equities, international equities, and alternative investments from a well-diversified strategy.
13) The annual management fee schedule is as follows: 1.50% on the first $1 million of market value, 1.30% on the next $1 million, 1.20% on the next $3 million, 1.10% on the next $5 million, 1.00% on the next $10 million, and 0.90% on the balance over $20 million.
14) This composite was created on January 1, 1993.
15) Benchmark returns are calculated with a blend of 65% of the Morningstar Average Domestic Stock Fund and 35% of the Morningstar Average International Stock Fund, with monthly-rebalanced returns. The process of linking monthly returns has the effect of removing the survivorship bias from MorningstarÕs monthly performance data.
16) Commencing January 1, 2011, sub-portfolios are used and each segment is accounted for as if it were a separate portfolio including its own separate cash balance.  Balanced and Equity portfolios must meet the minimum account size of $100,000 in order to have their equity sub-portfolio included in this composite.  The inclusions of these assets contribute to the increase in assets for this composite in 2011.
17) For one-year periods ending December 2007, 2008, 2009, and 2010 the carve-outs represents 55.03%, 49.90%, 46.18%, and 50.91% respectively of the balanced composite.                                                                                                                                                                                                                                                                                            
 
20169.088.891,2950.910.8110.93922.531.60.02,922
2015-2.71-2.551,2520.710.2910.41872.932.10.02,716
20146.173.661,2350.69.4210.14901.035.10.02,570
201324.4926.851,1921.012.0113.23848.034.40.02,463
201214.2716.621,1040.714.4616.00576.524.50.02,354
2011-3.49-6.119860.916.4919.26539.225.30.02,133
201016.4214.587851.419.0823.33465.023.10.02,015
200931.7033.387043.617.1121.49358.219.90.01,804
2008-27.97-40.436372.414.3417.66279.620.30.01,378
20076.629.446171.68.059.20322.421.10.01,526
  
 Composite Total Return (%)Benchmark Total Return (%)Number of PortfoliosInternal Dispersion (%)Composite 3-Yr St Dev (%)Benchmark 3-Yr St Dev (%)Total Assets ($ millions)Percentage of Firm AssetsPercentage of Non-Fee-Paying AccountsTotal Firm Assets ($ millions)Domestic Equity Composite -Specific Notes
Year
12) The Domestic Equity Composite includes all institutional and retail portfolios invested in U.S. equity markets from a well-diversified strategy.
13) The annual management fee schedule is as follows: 1.50% on the first $1 million of market value, 1.30% on the next $1 million, 1.20% on the next $3 million, 1.10% on the next $5 million, 1.00% on the next $10 million, and 0.90% on the balance over $20 million.
14) This composite was created on January 1, 1993.
15) Benchmark returns are calculated for the Morningstar Average Domestic Stock Fund by linking monthly returns. The performance figures given for the Morningstar benchmark have been adjusted by KIM in order to remove the survivor bias from the historical data.
16) Commencing January 1, 2011, sub-portfolios are used and each segment is accounted for as if it were a separate portfolio including its own separate cash balance. Balanced and Equity portfolios must meet the minimum account size of $100,000 in order to have their international equity sub-portfoio included in this composite. The inclusions of these assets contribute to the increase in assets for this composite in 2011.
17) For one-year periods ending December 2007, 2008, 2009, and 2010 the carve-out represents 33.63%, 29.78%, 23.90% and 30.12% respectively of the balanced composite.                                                                                                                                                                                                       
 
201610.8811.591,3011.110.8811.70601.020.60.02,922
2015-2.64-1.961,2600.610.3511.00601.922.20.02,716
201411.867.011,2450.69.1710.14616.624.00.02,570
201329.7233.121,1951.012.1313.09549.722.30.02,463
201215.2415.911,1771.015.0115.80393.416.70.02,354
20111.40-2.841,0371.017.8718.92332.215.60.02,133
201018.4816.337852.321.1722.49292.114.50.02,015
200932.3230.797044.519.0220.43185.410.30.01,804
2008-31.34-37.896633.815.3816.49175.312.70.01,378
20074.676.252523.27.958.9688.05.80.81,526
  
 Composite Total Return (%)Benchmark Total Return (%)Number of PortfoliosInternal Dispersion (%)Composite 3-Yr St Dev (%)Benchmark 3-Yr St Dev (%)Total Assets ($ millions)Percentage of Firm AssetsPercentage of Non-Fee-Paying AccountsTotal Firm Assets ($ millions)International Equity Composite -Specific Notes
Year                                                                                                                                                                                                                                                                                    12) The International Equity Composite includes all institutional and retail portfolios invested in global equity markets including Europe, Asia, Canada, and Emerging Markets from a well-diversified strategy.
13) The annual management fee schedule is as follows: 1.50% on the first $1 million of market value, 1.30% on the next $1 million, 1.20% on the next $3 million, 1.10% on the next $5 million, 1.00% on the next $10 million, and 0.90% on the balance over $20 million.
14) This composite was created on January 1, 1993.
15) Benchmark returns are calculated for the Morningstar Average International Stock Fund by linking monthly returns. The process of linking monthly returns has the effect of removing the survivorship bias from MorningstarÕs monthly performance data.
16) Commencing January 1, 2011, sub-portfolios are used and each segment is accounted for as if it were a separate portfolio including its own separate cash balance. Balanced and Equity portfolios must meet the minimum account size of $100,000 in order to have their international equity sub-portfoio included in this composite.The inclusions of these assets contribute to the increase in assets for this composite in 2011.
17) For one-year periods ending December 2007, 2008, 2009, and 2010 the carve-out represents 8.94%, 6.20%, 11.89%, and 15.97% respectively of the balanced composite.
 
20164.963.821,3111.511.5710.80290.59.90.0 2,922
2015-2.64-3.761,2691.711.3910.44296.110.90.0 2,716
2014-3.63-2.381,2541.012.1811.15326.812.70.0 2,570
201315.6715.771,2041.915.2514.21326.013.20.0 2,463
201217.4117.861,1171.218.1017.10227.39.70.02,354
2011-12.17-11.969861.121.9120.81154.17.20.02,133
201012.9711.157852.525.7925.85145.97.20.02,015
200933.5338.007045.023.9124.3292.25.10.01,804
2008-36.77-45.086372.420.0420.6334.82.50.01,378
200715.4015.476174.811.7010.9952.43.40.01,526
  
 Composite Total Return (%)Benchmark Total Return (%)Number of PortfoliosInternal Dispersion (%)Composite 3-Yr St Dev (%)Benchmark 3-Yr St Dev (%)Total Assets ($ millions)Percentage of Firm AssetsPercentage of Non-Fee-Paying AccountsTotal Firm Assets ($ millions)Taxable Fixed Income Composite -Specific Notes
Year
12) The Taxable Fixed Income Composite includes all institutional and retail portfolios primarily invested in investment grade fixed income securities; including U.S. Treasuries, Agencies, corporate bonds, and preferred securities. The well-diversified strategy aims to deliver total return primarily through income but with some capital growth.
13) The annual management fee schedule is as follows: 1.25% on the first $1 million of market value, 1.05% on the next $1 million, 0.90% on the next $3 million, 0.80% on the next $5 million, 0.70% on the next $10 million, and 0.60% on the balance over $20 million.
14) This composite was created on January 1, 1993.
15) The benchmark returns are calculated for the Morningstar Average General Bond Fund by linking monthly returns. The process of linking monthly returns has the effect of removing the survivorship bias from MorningstarÕs monthly performance data.
16) Commencing January 1, 2011, sub-portfolios are used and each segment is accounted for as if it were a separate portfolio including its own separate cash balance. Balanced portfolios must meet the minimum account size of $100,000 in order to have their fixed income sub-portfolio included in this composite. The inclusions of these assets contribute to the increase in assets for this composite in 2011.
 
20166.772.397811.53.812.07653.322.40.0 2,922
20154.24-0.197691.13.812.20521.519.20.0 2,716
20148.113.867571.33.382.17523.220.40.0 2,570
2013-2.63-0.817271.23.152.23484.819.70.0 2,463
20127.296.327301.82.481.90614.326.10.02,354
20119.255.066411.94.662.76544.325.50.02,133
20106.946.88811.38.024.47285.314.20.02,015
200923.0511.98971.97.934.35293.816.30.01,804
2008-1.66-5.10821.86.683.72221.016.00.01,378
20075.514.39780.72.691.96217.114.20.01,526
  
 Composite Total Return (%)Benchmark Total Return (%)Number of PortfoliosInternal Dispersion (%)Composite 3-Yr St Dev (%)Benchmark 3-Yr St Dev (%)Total Assets ($ millions)Percentage of Firm AssetsPercentage of Non-Fee-Paying AccountsTotal Firm Assets ($ millions)Tax-Sensitive Fixed Income Composite -Specific Notes
Year
12) The Tax Sensitive Fixed Income Composite includes all retail and institutional portfolios primarily invested in U.S. municipal bonds and other tax-advantaged securities. The well-diversified strategy aims to deliver total return primarily through tax-free income with some capital growth.
13) The annual management fee schedule is as follows: 1.25% on the first $1 million of market value, 1.05% on the next $1 million, 0.90% on the next $3 million, 0.80% on the next $5 million, 0.70% on the next $10 million, and 0.60% on the balance over $20 million.
14) This composite was created on January 1, 1993.
15) The benchmark returns are calculated for the Morningstar Average Municipal Bond Fund by linking monthly returns. The process of linking monthly returns has the effect of removing the survivorship bias from MorningstarÕs monthly performance data.
16) Commencing January 1, 2011, sub-portfolios are used and each segment is accounted for as if it were a separate portfolio including its own separate cash balance. Balanced and fixed income portfolios must meet the minimum account size of $100,000 in order to have their fixed income sub-portfolio included in this composite. The inclusions of these assets contribute to the increase in assets for this composite in 2011. 
 
20163.150.025351.14.523.01590.820.20.0 2,922
20156.252.375001.34.483.45458.816.90.0 2,716
201413.018.504821.93.663.89409.615.90.0 2,570
2013-2.00-3.514721.43.044.12333.613.50.0 2,463
20126.107.194192.02.873.72361.415.40.02,354
201110.379.173951.76.454.95346.916.30.02,133
20104.201.831021.09.946.68154.47.70.02,015
200928.8015.611182.59.886.36147.38.20.01,804
2008-11.26-7.741061.77.494.84121.78.80.01,378
20071.541.55890.73.142.18109.37.20.01,526
             
 Composite Total Return (%)Benchmark Total Return (%)Number of PortfoliosInternal Dispersion (%)Composite 3-Yr St Dev (%)Benchmark 3-Yr St Dev (%)Total Assets ($ millions)Percentage of Firm AssetsPercentage of Non-Fee-Paying AccountsTotal Firm Assets ($ millions)Growth Balanced Composite -Specific Notes
Year
12) The Growth Balanced Composite includes all institutional and retail portfolios invested in pre-dominantly large-cap core equities, investment grade bonds, and tax-exempt bonds.  The strategy aims to provide long-term capital growth and steady income from a well-diversified strategy.  Although the strategy allows for equity exposure ranging between 55-90%, the typical allocation is between 55-65%.
13) The annual management fee schedule is as follows: 1.50% on the first $1 million of market value, 1.30% on the next $1 million, 1.20% on the next $3 million, 1.10% on the next $5 million, 1.00% on the next $10 million, and 0.90% on the balance over $20 million.
14) This composite was created on January 1, 2004. The Balanced composite, which is primarily comprised of portfolios in the conservative balanced and growth balanced composites, was created on January 1, 1993.
15) The benchmark returns are calculated for the Morningstar Average Balanced Fund by linking monthly returns. The performance figures given for the Morningstar benchmark have been adjusted by KIM in order to remove the survivor bias from the historical data.
16) The minimum portfolio size for this composite is $100,000.  
 
20167.665.246100.97.655.78733.025.10.0 2,922
2015-0.04-1.666660.87.255.98779.428.70.0 2,716
20147.154.736471.06.575.75808.631.50.0 2,570
201313.1713.495771.98.157.32669.427.20.0 2,463
201211.9211.294221.09.488.46451.019.20.02,354
20110.28-0.483911.211.4110.49401.618.80.02,133
201013.419.993351.514.3214.21353.717.60.02,015
200930.0221.812692.113.3013.54269.715.00.01,804
2008-20.75-27.692652.811.0711.49209.515.20.01,378
20075.575.792731.25.475.03283.518.60.71,526
             
 Composite Total Return (%)Benchmark Total Return (%)Number of PortfoliosInternal Dispersion (%)Composite 3-Yr St Dev (%)Benchmark 3-Yr St Dev (%)Total Assets ($ millions)Percentage of Firm AssetsPercentage of Non-Fee-Paying AccountsTotal Firm Assets ($ millions)Conservative Balanced Composite -Specific Notes
Year
12) The Conservative Balanced Composite includes all institutional and retail portfolios invested in pre-dominately large-cap core equities, investment grade bonds, and tax-exempt bonds.  The strategy aims to provide long-term capital growth and steady income from a well-diversified strategy.  Although the strategy allows for equity exposure ranging between 10-50%, the typical allocation is between 30-40%.
13) The annual management fee schedule is as follows: 1.50% on the first $1 million of market value, 1.30% on the next $1 million, 1.20% on the next $3 million, 1.10% on the next $5 million, 1.00% on the next $10 million, and 0.90% on the balance over $20 million.
14) This composite was created on January 1, 2004. The Balanced composite, which is primarily comprised of portfolios in the conservative balanced and growth balanced composites, was created on January 1, 1993.
15) The benchmark returns are calculated for the Morningstar Average Conservative Allocation Fund by linking monthly returns. The performance figures given for the Morningstar benchmark have been adjusted by KIM in order to remove the survivor bias from the historical data. 
16) The minimum portfolio size for this composite is $100,000. 
 
20166.636.595321.35.554.82794.627.20.0 2,922
20151.94-2.414711.25.264.83678.925.00.0 2,716
20148.843.694821.64.654.51692.226.90.0 2,570
20137.147.085082.65.255.63689.328.00.0 2,463
20129.499.236641.45.676.42795.833.80.02,354
20113.961.745681.97.638.26678.631.80.02,133
201010.4010.025162.011.1610.75615.530.50.02,015
200928.0120.384232.710.8210.10517.428.70.01,804
2008-16.40-18.903303.89.088.0634425.00.01,378
20074.434.622991.44.123.2332221.11.01,526
   
Karpus Investment Management claims compliance with the Global Investment Performance Standards (GIPS¨) and has prepared and presented this report in compliance with the GIPS standards. Karpus Investment Management has not been independently verified.

1) Karpus Investment Management is an independent investment management firm founded in 1986.  It is not affiliated with any parent organization.  It provides balanced, equity, fixed income and cash management for individuals and institutional clients.
2) Total Assets and Total Firm Assets are as of 12/31. Rate of return figures are for periods ending on 12/31.
3) Valuations and returns are computed and stated in U.S. dollars.
4) Rate of return figures reflect the reinvestment of all dividends, interest and other income.
5) Composite total return figures are annualized (geometrically linked) monthly time-weighted returns. 
6) Internal dispersion is calculated using the equal-weighted standard deviation of annual net returns of those portfolios that were included in the composite for the entire calendar year.
7) Performance results are net of management fees and transaction costs.  Figures are also net of custodial fees for accounts custodied at U.S. Bank.  Such accounts currently comprise approximately 73% of the assets under management for the firm. Clients directing the use of other (ÒoutsideÓ) custodians are responsible for custody fees and pay them either directly from the account or separately.  For these portfolios, the stated returns are gross of custodial fees.
8) Effective 1/31/2012, Karpus Investment Management decided to change the method of pricing auction rate preferred securities due to the historical price ranges at which substantially similar securities were traded and valued.  Karpus Investment Management now prices individual auction rate preferred securities based on the last known transaction price of all series of auction rate preferred securities of the specific fund in which Karpus acted as a party to the transaction.  At the end of each quarter, Karpus will review the pricing of ARPs which have not been traded for the preceding 6 months to ensure that the prices represent fair value.  If Karpus determines that the price does not reflect fair value, we will look for the most recent transaction price of the most comparable security.
9) Significant cash flows are defined as a client-directed external cash flow that temporarily prevents the firm from implementing the composite strategy; the firm has set this at 20% of the market value of an account and started January 1, 2010.
10) New portfolios must be fully invested for three full months prior to being eligible for inclusion in this composite.
11) Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

A complete list and description of all of the firmÕs composites is available upon request.