Ten Year Performance Data

Karpus Investment Management Ten-Year Performance (as of December 31, 2009)
Net of Fees

Asset Class	Informa Investment Solutions' PSN Database Ranking	Annualized Return
Equity Composite Disclosure	Top 1%	6.19%
International Equity Composite Disclosure	Top 2%	10.70%
Core Plus Taxable Fixed Income Composite Disclosure	Top 1%	7.66%
Tax-Sensitive Fixed Income Disclosure	Top 4%	6.20%

Past performance is not indicative of future results.

Data sources: Informa Investment Solutions' PSN Database.

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

Disclosure files in this section may be viewed with Adobe Reader.