Highly diversified active equity strategy

1. 183 Sully’s Trail Pittsford, NY 14534 (585) 586-4680 Karpus Investment Management Equity : Q2 2011 Profile Overview • Highly diversified active equity strategy • Invests primarily in larger capitalization U.S. equity securities • Investment team uses proprietary research and trading technology to exploit market inefficiencies • Designed to deliver superior risk adjusted performance • Emphasizes diversification and downside risk control • Employs a variety of security types • Modest sector/industry deviations Philosophy • Provide top quartile returns with lower risk relative to the benchmark and other managers • Employ extensive diversification by asset class, style and security type Process • Develop top down “investment matrix” to identify portfolio themes, industry and sector weights • Bottom up security selection based on analysts’ recommendations for undervalued securities • Remain fully invested, through the use of index funds to maintain market exposure when more attractive opportunities do not exist SmartAdvice. SolidPerformance.

2. Karpus Investment Management Equity : Q2 2011 Profile Highlights • A leading manager of U.S. closed end funds • Proven generator of significant alpha • Competitive fees for superior returns • Independent employee owned firm • Founded and registered with SEC in 1986 • Over $2 billion assets under management • Independent custodians ensure accountability • Consistent top quartile returns over market cycles • Downside protection characteristics • Lower volatility than relevant benchmark • Significantly lower “event” or “blowup” risk than other managers • Portfolios are individually managed, customizable and transparent • Liquidity levels maintained to ensure availability of funds as needed Annual Returns (gross) Annualized Returns (gross) Ending 6/30/2011 Note: Returns are Net of Fees. Past performance is not indicative of future results.