Five Year Performance Data

Karpus Investment Management Five-Year Performance (as of December 31, 2012)

Net of Fees

Asset Class	Morningstar Universe Rankings	Annualized Return
Core Plus Taxable Fixed Income Composite Disclosure	Top 2%	8.69%
Tax-Sensitive Fixed Income Disclosure	Top 1%	6.88%
Balanced Composite Disclosure	Top 1%	5.79%
Equity Composite Disclosure	Top 3%	4.02%
International Equity Composite Disclosure	Top 5%	-0.33%

Past performance is not indicative of future results.

Data sources: Zephyr Style Advisor Morningstar Universe Rankings

Note: All returns and comparisons are net of fees

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