Performance

Five-Year Performance Data

View Ten-Year Performance Data

Karpus Investment Management Five-Year Performance (as of December 31, 2007)
Net of Fees

Asset Class		Informa Investment Solutions' PSN Database Ranking		Annualized Return		Benchmark
Balanced Composite Disclosure		Top 26%		10.94%		9.50% Morningstar Balanced
Core Plus Taxable Fixed Income Composite Disclosure		Top 1%		5.04%		3.56% Morningstar General Bond Fund
Municipal Bonds Composite Disclosure		Top 1%		3.92%		3.24% Morningstar Municipal Bond
Equity Composite Disclosure		Top 2%		16.07%		16.98% Morningstar 65%/35% U.S./International Blend
International Equity Composite Disclosure		Top 9%		25.09%		22.84% Morningstar International Stock

Data sources: Karpus Investment Management and Informa Investment Solutions' PSN Database.

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