Performance

Ten-Year Performance Data

View Five-Year Performance Data

Karpus Investment Management Ten-Year Performance (as of June 30, 2008)
Net of Fees

Asset Class		Informa Investment Solutions' PSN Database Ranking		Annualized Return		Benchmark
Balanced Composite Disclosure		Top 6%		7.60%		4.30% Morningstar Balanced
Core Plus Taxable Fixed Income Composite Disclosure		Top 1%		6.46%		4.31% Morningstar General Bond Fund
Municipal Bonds Composite Disclosure		Top 1%		4.86%		3.65% Morningstar Municipal Bond
Equity Composite Disclosure		Top 1%		9.31%		5.39% Morningstar 65%/35% U.S./International Blend
International Equity Composite Disclosure		Top 1%		16.38%		7.53% Morningstar International Stock

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

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