Highly diversified active fixed income strategy Invests primarily in high quality tax exempt fixed income investments

1. 183 Sully’s Trail Pittsford, NY 14534 (585) 586-4680 Karpus Investment Management Tax Sensitive Fixed Income : Q2 2011 Profile Overview • Highly diversified active fixed income strategy • Invests primarily in high quality tax exempt fixed income investments • 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 Philosophy • Provide top quartile returns with lower risk relative to the benchmark and other managers • Employ extensive diversification by asset class and security type Process • Develop top down “investment matrix” to identify portfolio themes and sector weights • Bottom up security selection based on analysts’ recommendations for undervalued securities • Risk is monitored in relation to interest rate sensitivity, credit quality, liquidity, diversification, event and sector risk SmartAdvice. SolidPerformance.

2. Karpus Investment Management Tax-Sensitive Fixed Income: 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 • 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.