Instuitional Investor - Karpus Management, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard Index Fds S&P 500 Etf Sh - S&P 500 ETF SHS		366,496	$251,712,973	7.24%
2.	Blackrock Muniholdings Fund Inc.	MHD	19,816,954	$235,821,756	6.78%
3.	Vanguard Bond Index Funds	BND	2,132,736	$147,009,520	4.23%
4.	Blackrock Municipal 2030 Target Term Trust	BTT	4,641,247	$105,588,375	3.04%
5.	Vanguard Index Fds Small Cp Etf - SMALL CP ETF		319,556	$96,863,767	2.79%