Ten Year Performance Data

Karpus Investment Management Ten-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 3%	6.85%
Tax-Sensitive Fixed Income Disclosure	Top 1%	5.39%
Balanced Composite Disclosure	Top 1%	8.33%
Equity Composite Disclosure	Top 1%	9.88%
International Equity Composite Disclosure	Top 1%	11.66%

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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