Five Year Performance Data

View ten-year performance

Karpus Investment Management Five-Year Performance (as of December 31, 2009)

Net of Fees

Asset Class	Informa Investment Solutions' PSN Database Ranking	Annualized Return
Equity Composite Disclosure	Top 2%	6.07%
International Equity Composite Disclosure	Top 8%	8.15%
Core Plus Taxable Fixed Income Composite Disclosure	Top 1%	6.87%
Tax-Sensitive Fixed Income Disclosure	Top 5%	4.99%

Past performance is not indicative of future results.

Data sources: Informa Investment Solutions' PSN Database.

Note: PSN rankings based on gross-of-fees performance. Annualized Karpus returns are net of fees.

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