Karpus Management, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	1,115,080	$188,616	10.5%	$169.15	—	COM	922908363
SPY	SPDR S&P 500 ETF TR	824,590	$152,294	8.5%	$161.44	—	COM	78462F103
—	ALLIANCEBERNSTEIN INCOME FUN	11,512,799	$82,086	4.6%	$7.35	—	COM	01881E101
VEA	VANGUARD TAX MANAGED INTL FD	1,261,625	$52,585	2.9%	$36.04	—	COM	921943858
VGK	VANGUARD INTL EQUITY INDEX F	827,530	$48,659	2.7%	$49.12	—	COM	922042874
VB	VANGUARD INDEX FDS	328,110	$36,076	2.0%	$94.63	—	COM	922908751
—	GENERAL AMERN INVS INC	971,928	$34,212	1.9%	$32.87	—	COM	368802104
—	BLACKROCK ENHANCED EQT DIV T	4,034,336	$32,033	1.8%	$7.84	—	COM	09251A104
—	ADAMS EXPRESS CO	2,419,615	$31,624	1.8%	$12.08	—	COM	006212104
—	ZWEIG TOTAL RETURN FD INC	2,239,503	$31,219	1.7%	$13.03	—	COM	989837208
VO	VANGUARD INDEX FDS	260,490	$28,659	1.6%	$95.70	—	COM	922908629
—	WESTERN ASSET INFL MGMT FD I	1,647,237	$27,888	1.6%	$16.55	—	COM	95766U107
VPL	VANGUARD INTL EQUITY INDEX F	454,128	$27,838	1.5%	$56.70	—	COM	922042866
—	TRI CONTL CORP	1,326,192	$26,497	1.5%	$18.21	—	COM	895436103
—	NUVEEN DIV ADV MUNI FD 3	2,101,405	$25,952	1.4%	$12.55	—	COM	67070X101
—	INVESCO MUN TR	2,222,632	$25,760	1.4%	$11.60	—	COM	46131J103
—	NUVEEN DIVID ADVANTAGE MUN I	2,028,289	$25,394	1.4%	$12.65	—	COM	67071L106
—	NUVEEN QUALITY INCOME MUN FD	2,002,544	$24,531	1.4%	$12.66	—	COM	670977107
VWO	VANGUARD INTL EQUITY INDEX F	591,896	$24,351	1.4%	$38.95	—	COM	922042858
EWC	ISHARES INC	776,297	$22,637	1.3%	$26.15	—	COM	464286509
—	LIBERTY ALL STAR EQUITY FD	3,533,463	$21,095	1.2%	$5.27	—	COM	530158104
EZU	ISHARES INC	483,204	$19,995	1.1%	$34.39	—	COM	464286608
VCSH	VANGUARD SCOTTSDALE FDS	239,105	$19,076	1.1%	$79.60	—	COM	92206C409
—	FEDERATED ENHANC TREAS INCM	1,487,499	$19,010	1.1%	$12.95	—	COM	314162108
—	ISHARES INC	878,680	$18,347	1.0%	$17.90	—	COM	464286699
—	SPECIAL OPPORTUNITIES FD INC	1,040,007	$18,153	1.0%	$16.93	—	COM	84741T104
—	BLACKROCK INTL GRWTH & INC T	2,168,974	$17,634	1.0%	$7.52	—	COM	092524107
—	WESTERN ASSET CLYM INFL OPP	1,537,641	$17,329	1.0%	$11.83	—	COM	95766R104
—	SWISS HELVETIA FD INC	1,236,914	$17,255	1.0%	$12.55	—	COM	870875101
—	ZWEIG FD	1,118,731	$16,624	0.9%	$12.99	—	COM	989834205
—	BLACKROCK INCOME TR INC	2,416,714	$15,660	0.9%	$6.55	—	COM	09247F100
—	INVESCO MUN OPPORTUNITY TR	1,309,446	$15,334	0.9%	$11.72	—	COM	46132C107
—	NUVEEN MUN MKT OPPORTUNITY F	1,253,287	$15,039	0.8%	$12.10	—	COM	67062W103
—	SPDR SERIES TRUST	602,155	$14,626	0.8%	$23.93	—	COM	78464A425
—	NUVEEN AMT-FREE MUN INCOME F	1,197,710	$14,420	0.8%	$12.37	—	COM	670657105
—	PUTNAM MUN OPPORTUNITIES TR	1,294,914	$13,907	0.8%	$11.39	—	COM	746922103
—	NUVEEN MUN ADVANTAGE FD INC	1,081,302	$13,149	0.7%	$12.50	—	COM	67062H106
—	BLACKROCK INCOME OPP TRUST I	1,331,041	$12,911	0.7%	$9.84	—	COM	092475102
—	BOULDER TOTAL RETURN FD INC	552,892	$12,722	0.7%	$21.43	—	COM	101541100
—	BLACKROCK ENERGY & RES TR	502,396	$12,208	0.7%	$25.05	—	COM	09250U101
—	EATON VANCE MUN BD FD	1,077,322	$12,174	0.7%	$11.30	—	COM	27827X101
—	NUVEEN DIVER CURRENCY OPPOR	1,202,857	$12,125	0.7%	$10.71	—	COM	67090N109
—	FIRST TR INTER DUR PFD & IN	551,734	$11,724	0.7%	$21.25	—	COM	33718W103
—	BLACKROCK ENH CAP & INC FD I	841,810	$11,508	0.6%	$12.73	—	COM	09256A109
—	ISHARES INC	917,910	$11,143	0.6%	$11.24	—	COM	464286848
EPP	ISHARES INC	232,903	$10,884	0.6%	$43.18	—	COM	464286665
—	EATON VANCE TAX ADVT DIV INC	561,884	$10,687	0.6%	$18.68	—	COM	27828G107
—	NUVEEN PREM INCOME MUN FD 2	849,759	$10,664	0.6%	$12.85	—	COM	67063W102
—	NEW GERMANY FD INC	532,362	$10,610	0.6%	$17.60	—	COM	644465106
—	COHEN & STEERS INFRASTRUCTUR	509,065	$10,487	0.6%	$19.93	—	COM	19248A109
—	NUVEEN SELECT QUALITY MUN FD	831,823	$10,315	0.6%	$12.86	—	COM	670973106
IGSB	ISHARES TR	96,975	$10,227	0.6%	$105.08	—	COM	464288646
—	CUTWATER SELECT INCOME FD	550,543	$10,080	0.6%	$18.18	—	COM	232229104
—	ABERDEEN ASIA PACIFIC INCOM	1,735,208	$9,995	0.6%	$6.12	—	COM	003009107
MBB	ISHARES TR	92,565	$9,680	0.5%	$105.27	—	COM	464288588
—	INVESCO BD FD	506,365	$8,958	0.5%	$17.70	—	COM	46132L107
EWQ	ISHARES INC	311,068	$8,850	0.5%	$23.44	—	COM	464286707
—	MFS INTER INCOME TR	1,682,367	$8,715	0.5%	$5.22	—	COM	55273C107
—	INVESCO QUALITY MUNI INC TRS	771,768	$8,582	0.5%	$11.17	—	COM	46133G107
—	NUVEEN QUALITY MUN FD INC	704,103	$8,506	0.5%	$12.11	—	COM	67062N103
—	WESTERN ASSET CLYM INFL SEC	739,016	$8,440	0.5%	$11.69	—	COM	95766Q106
—	ROYCE VALUE TR INC	508,208	$8,136	0.5%	$15.16	—	COM	780910105
LII	LENNOX INTL INC	93,842	$7,982	0.4%	$54.01	+27.0%	COM	526107107
—	NUVEEN INT DUR QUAL MUN TRM	664,375	$7,640	0.4%	$11.61	—	COM	670677103
—	BLACKROCK CORE BD TR	575,895	$7,418	0.4%	$12.96	—	COM	09249E101
—	COHEN & STEERS DIV MJRS FDIN	507,972	$7,406	0.4%	$14.31	—	COM	19248G106
—	INVESCO TR INVT GRADE MUNS	599,482	$7,302	0.4%	$12.18	—	COM	46131M106
—	EATON VANCE ENHANCED EQ INC	559,211	$7,270	0.4%	$11.55	—	COM	278274105
—	MFS INTERMARKET INCOME TRUST	894,716	$7,256	0.4%	$8.04	—	COM	59318R103
—	MORGAN STANLEY ASIA PAC FD I	424,865	$7,036	0.4%	$15.69	—	COM	61744U106
—	EUROPEAN EQUITY FUND	734,573	$6,569	0.4%	$7.16	—	COM	298768102
—	NUVEEN DIV ADVANTAGE MUN FD	483,903	$6,141	0.3%	$13.34	—	COM	67070F100
VV	VANGUARD INDEX FDS	71,989	$6,105	0.3%	$73.41	—	COM	922908637
—	FORT DEARBORN INCOME SECS IN	440,075	$6,073	0.3%	$14.12	—	COM	347200107
—	MORGAN STANLEY TRUSTS	347,756	$5,846	0.3%	$16.76	—	COM	61745P874
—	FIRST TR ENHANCED EQTY INC F	430,652	$5,736	0.3%	$13.20	—	COM	337318109
—	ABERDEEN SINGAPORE FD INC	424,665	$5,423	0.3%	$12.77	—	COM	003244100
—	BLACKROCK GLOBAL OPP EQTY TR	359,999	$5,386	0.3%	$13.66	—	COM	092501105
—	INVESCO ADVANTAGE MUNICIPAL	506,141	$5,325	0.3%	$10.52	—	COM	46132E103
—	BLACKROCK MUN TARGET TERM TR	310,256	$5,312	0.3%	$17.12	—	COM	09257P105
—	ASIA PAC FD INC	470,046	$4,940	0.3%	$10.12	—	COM	044901106
—	EATON VANCE SH TM DR DIVR IN	322,940	$4,931	0.3%	$15.40	—	COM	27828V104
—	TEMPLETON DRAGON FD INC	190,181	$4,922	0.3%	$25.26	—	COM	88018T101
—	MONTGOMERY STR INCOME SECS I	308,513	$4,794	0.3%	$15.87	—	COM	614115103
—	NEW IRELAND FUND INC	368,714	$4,734	0.3%	$11.66	—	COM	645673104
—	LEGG MASON BW GLB INC OPP FD	275,213	$4,643	0.3%	$16.96	—	COM	52469B100
—	LAZARD GLB TTL RET&INCM FD I	253,435	$4,466	0.2%	$16.62	—	COM	52106W103
—	NUVEEN BUILD AMER BD OPPTNY	221,279	$4,299	0.2%	$19.45	—	COM	67074Q102
XEVMX	EATON VANCE CALIF MUN BD FD	417,883	$4,271	0.2%	$10.66	—	COM	27828A100
DXJ	WISDOMTREE TRUST	82,607	$4,200	0.2%	$47.98	—	COM	97717W851
—	JPMORGAN CHINA REGION FD INC	272,020	$4,122	0.2%	$15.15	—	COM	48126T104
—	INDIA FD INC	201,165	$4,023	0.2%	$19.31	—	COM	454089103
XXCHNXX	CHINA FD INC	192,893	$4,014	0.2%	$20.79	—	COM	169373107
—	DTF TAX-FREE INCOME INC	269,899	$3,784	0.2%	$14.02	—	COM	23334J107
—	NUVEEN NY AMT-FREE MUN INCOM	301,088	$3,697	0.2%	$12.26	—	COM	670656107
—	BOULDER GROWTH & INCOME FD I	443,955	$3,569	0.2%	$7.74	—	COM	101507101
—	MORGAN STANLEY EMER MKTS FD	229,130	$3,547	0.2%	$14.58	—	COM	61744G107
—	WESTERN ASSET INCOME FD	264,836	$3,491	0.2%	$12.99	—	COM	95766T100
—	NUVEEN INTER DURATION MN TMF	293,173	$3,374	0.2%	$11.48	—	COM	670671106
—	ING GLOBAL EQTY DIV & PREM O	366,450	$3,280	0.2%	$8.95	—	COM	45684E107
—	EATON VANCE TX MGD DIV EQ IN	293,721	$3,207	0.2%	$10.17	—	COM	27828N102
—	ABERDEEN LATIN AMER EQTY FD	103,292	$2,897	0.2%	$29.72	—	COM	00306K106
XMUSX	BLACKROCK MUNIHOLDNGS QLTY I	229,811	$2,726	0.2%	$11.86	—	COM	09254A101
—	BLACKROCK CR ALLCTN INC TR	204,668	$2,673	0.1%	$12.98	—	COM	092508100
—	EATON VANCE NATL MUN OPPORT	141,818	$2,618	0.1%	$18.52	—	COM	27829L105
—	BLACKROCK BUILD AMER BD TR	130,108	$2,492	0.1%	$20.20	—	COM	09248X100
XENWX	EATON VANCE NEW YORK MUN BD	216,296	$2,448	0.1%	$11.45	—	COM	27827Y109
—	NUVEEN GBL INCOME OPPORTUN F	209,516	$2,386	0.1%	$11.81	—	COM	67073C104
—	ING ASIA PAC HGH DIVID EQ IN	184,180	$2,346	0.1%	$13.11	—	COM	44983J107
—	NUVEEN REAL ASSET INC & GROW	131,176	$2,197	0.1%	$18.22	—	COM	67074Y105
—	NEXPOINT CR STRATEGIES FD	231,805	$2,184	0.1%	$9.42	—	COM	65340G106
—	NUVEEN BUILD AMER BD FD	117,036	$2,158	0.1%	$18.72	—	COM	67074C103
—	MFS GOVT MKTS INCOME TR	363,844	$2,085	0.1%	$5.72	—	COM	552939100
—	NUVEEN CORE EQUITY ALPHA FUN	121,890	$2,070	0.1%	$16.65	—	COM	67090X107
—	NUVEEN MUN OPPORTUNITY FD IN	147,595	$1,951	0.1%	$13.50	—	COM	670984103
—	JAPAN EQUITY FD INC	275,514	$1,926	0.1%	$6.46	—	COM	471057109
IEI	ISHARES TR	15,783	$1,894	0.1%	$120.76	—	COM	464288661
—	BLACKROCK MUNIYLD INVST QLTY	146,514	$1,792	0.1%	$12.23	—	COM	09254T100
—	NUVEEN MD PREM INCOME MUN FD	142,023	$1,693	0.1%	$12.60	—	COM	67061Q107
DIA	SPDR DOW JONES INDL AVRG ETF	10,107	$1,672	0.1%	$148.55	—	COM	78467X109
—	BANCROFT FUND LTD	89,647	$1,667	0.1%	$17.83	—	COM	059695106
—	STRATEGIC GLOBAL INCOME FD	175,685	$1,586	0.1%	$9.24	—	COM	862719101
—	PUTMAN HIGH INCOME SEC FUND	191,940	$1,585	0.1%	$7.88	—	COM	746779107
—	WESTERN ASSET VAR RT STRG FD	88,677	$1,554	0.1%	$17.00	—	COM	957667108
—	ALLIANCE NEW YORK MUN INC FD	130,933	$1,554	0.1%	$11.91	—	COM	018714105
—	TRANSAMERICA INCOME SHS INC	73,965	$1,544	0.1%	$20.66	—	COM	893506105
—	MEXICO EQUITY & INCOME FD	99,781	$1,485	0.1%	$15.15	—	COM	592834105
—	NUVEEN SELECT TAX FREE INCM	113,775	$1,467	0.1%	$12.91	—	COM	67062F100
EWH	ISHARES INC	67,165	$1,384	0.1%	$18.37	—	COM	464286871
—	TAIWAN FD INC	67,641	$1,307	0.1%	$16.38	—	COM	874036106
—	ABERDEEN EMERGING MKTS SMALL	94,677	$1,307	0.1%	$19.90	—	COM	00301T102
—	NUVEEN CONN PREM INCOME MUN	110,774	$1,285	0.1%	$11.90	—	COM	67060D107
—	NUVEEN SELECT TAX FREE INCM	97,383	$1,254	0.1%	$12.84	—	COM	67063X100
—	EATON VANCE MI MUNI INCOME T	108,220	$1,200	0.1%	$12.12	—	COM	27826D106
—	NUVEEN PA DIV ADVANTAGE MUN	93,572	$1,131	0.1%	$12.79	—	COM	67070E103
—	COHEN & STEERS GLOBAL INC BL	97,859	$1,110	0.1%	$11.34	—	COM	19248M103
—	NUVEEN PREMIER MUN INCOME FD	89,563	$1,108	0.1%	$12.37	—	COM	670988104
—	BLACKROCK MUNIYLD MICH QLTY	94,748	$1,089	0.1%	$12.18	—	COM	09254W103
—	ING EMERGING MKTS HGH DIV EQ	88,985	$1,046	0.1%	$11.75	—	COM	45685X104
—	BLACKROCK NY MUNI INC QLTY T	83,366	$1,006	0.1%	$12.07	—	COM	09249U105
—	AMERICAN STRATEGIC INCOME II	149,361	$980	0.1%	$6.84	—	COM	03009T101
—	BLACKROCK MUNI INCOME INV QL	72,748	$936	0.1%	$12.93	—	COM	09250G102
—	ING INFRASTRUCTURE INDLS & M	54,065	$926	0.1%	$17.13	—	COM	45685U100
—	ADVENT CLAY CONV SEC INC FD	125,603	$914	0.1%	$7.20	—	COM	007639107
—	ABERDEEN GTR CHINA FD INC	87,775	$894	0.0%	$10.19	—	COM	003031101
—	NUVEEN MICH QUALITY INCOME M	70,902	$888	0.0%	$13.31	—	COM	670979103
—	NUVEEN PA DIVID ADVANTAGE MU	74,682	$888	0.0%	$12.20	—	COM	67071W102
—	KOREA EQUITY FD INC	97,051	$807	0.0%	$7.82	—	COM	50063B104
—	TURKISH INVT FD INC	51,541	$756	0.0%	$15.83	—	COM	900145103
—	NUVEEN QUALITY PFD INC FD 3	93,355	$733	0.0%	$7.85	—	COM	67072W101
PAYX	PAYCHEX INC	16,059	$731	0.0%	$25.02	+17.6%	COM	704326107
—	MFS INVT GRADE MUN TR	84,271	$726	0.0%	$8.88	—	COM	59318B108
—	DELAWARE INVT NAT MUNI INC F	61,051	$713	0.0%	$11.88	—	COM	24610T108
—	THAI FD INC	38,269	$695	0.0%	$20.59	—	COM	882904105
—	MFS CHARTER INCOME TR	76,270	$690	0.0%	$9.04	—	COM	552727109
—	EATON VANCE MUN INCOME TERM	46,700	$682	0.0%	$14.52	—	COM	27829U105
IBM	INTERNATIONAL BUSINESS MACHS	3,504	$657	0.0%	$118.94	-10.5%	COM	459200101
—	EATON VANCE MUN BD FD II	58,842	$647	0.0%	$11.00	—	COM	27827K109
—	NUVEEN PA PREM INCOME MUN FD	50,356	$599	0.0%	$11.90	—	COM	67061F101
—	NUVEEN OHIO QUALITY INCOME M	42,000	$585	0.0%	$13.93	—	COM	670980101
—	NUVEEN NJ DIV ADVANTAGE MUN	45,101	$563	0.0%	$12.79	—	COM	67069Y102
—	ALLIANCE CALIF MUN INCOME FD	43,507	$528	0.0%	$12.98	—	COM	018546101
—	BLACKROCK MUNIC BD INVST TR	38,860	$520	0.0%	$13.38	—	COM	09249K107
—	PUTNAM MANAGED MUN INCOM TR	77,800	$517	0.0%	$6.90	—	COM	746823103
XOM	EXXON MOBIL CORP	5,019	$508	0.0%	$53.69	+4.2%	COM	30231G102
KMB	KIMBERLY CLARK CORP	4,607	$481	0.0%	$63.06	+5.2%	COM	494368103
—	NUVEEN SELECT TAX FREE INCM	38,159	$472	0.0%	$12.43	—	COM	67063C106
—	INVESCO CALIF VALUE MUN INC	40,023	$456	0.0%	$11.39	—	COM	46132H106
—	MACQUARIE GLBL INFRA TOTL RE	20,362	$450	0.0%	$20.42	—	COM	55608D101
XMUIX	BLACKROCK MUNI INTER DR FD I	31,432	$437	0.0%	$13.90	—	COM	09253X102
—	MARKET VECTORS ETF TR	19,828	$436	0.0%	$22.04	—	COM	57060U845
XBTAX	BLACKROCK LONG-TERM MUNI ADV	42,600	$435	0.0%	$10.21	—	COM	09250B103
—	WESTERN ASSET GLOBAL CP DEFI	23,960	$433	0.0%	$18.12	—	COM	95790C107
—	NUVEEN GBL VL OPPORTUNITIES	32,300	$425	0.0%	$13.16	—	COM	6706EH103
—	NUVEEN DIVID ADVANTAGE MUN F	33,100	$417	0.0%	$13.40	—	COM	67066V101
—	BLACKROCK MUNI N Y INTER DUR	30,730	$404	0.0%	$13.15	—	COM	09255F109
—	MORGAN STANLEY INDIA INVS FD	23,076	$403	0.0%	$15.41	—	COM	61745C105
—	WESTERN ASSET INVT GRADE DEF	18,912	$382	0.0%	$20.20	—	COM	95790A101
—	ABERDEEN ISRAEL FUND INC	21,290	$359	0.0%	$14.73	—	COM	00301L109
FSP	FRANKLIN STREET PPTYS CORP	28,599	$342	0.0%	$13.21	—	COM	35471R106
—	TEMPLETON RUS AND EAST EUR F	20,024	$308	0.0%	$13.69	—	COM	88022F105
—	BLACKROCK NY MUN INCOME TR I	23,000	$291	0.0%	$12.65	—	COM	09249R102
—	BLACKROCK MUNIHLDNGS QLTY II	24,000	$290	0.0%	$12.08	—	COM	09254C107
—	MFS CALIF MUN FD	28,640	$286	0.0%	$10.36	—	COM	59318C106
—	NUVEEN ARIZ PREM INCOME MUN	23,351	$283	0.0%	$12.40	—	COM	67061W104
—	NUVEEN NJ INVT QUALITY MUN F	20,500	$264	0.0%	$12.85	—	COM	670971100
—	DREYFUS MUN BD INFRSTRCTR FD	24,335	$252	0.0%	$10.36	—	COM	26203D101
—	NUVEEN PREM INCOME MUN FD	19,700	$243	0.0%	$13.10	—	COM	67062T100
—	NUVEEN PA MUN VALUE FD	17,747	$242	0.0%	$13.64	—	COM	67074K105
—	ABERDEEN INDONESIA FD INC	29,250	$242	0.0%	$11.62	—	COM	00305P106
—	BLACKROCK MUNIASSETS FD INC	20,331	$235	0.0%	$12.36	—	COM	09254J102
NUE	NUCOR CORP	4,368	$233	0.0%	$34.54	+10.9%	COM	670346105
MMM	3M CO	1,627	$228	0.0%	$72.67	0.0%	COM	88579Y101
—	EATON VANCE MICH MUN BD FD	18,974	$219	0.0%	$11.72	—	COM	27828M104
—	BLACKROCK MULTI-SECTOR INC T	12,712	$218	0.0%	$16.70	—	COM	09258A107
XMQTX	BLACKROCK MUNIY QUALITY FD I	18,268	$213	0.0%	$11.66	—	COM	09254G108
GLD	SPDR GOLD TRUST	1,790	$208	0.0%	$119.30	—	COM	78463V107
—	NUVEEN NY DIVID ADVNTG MUN F	15,793	$201	0.0%	$12.73	—	COM	67066X107
—	EATON VANCE PA MUNI INCOME T	17,642	$196	0.0%	$11.32	—	COM	27826T101
—	GSI GROUP INC CDA NEW	16,667	$187	0.0%	$8.04	—	COM	36191C205
—	NUVEEN PA INVT QUALITY MUN F	13,745	$170	0.0%	$12.37	—	COM	670972108
—	BLACKROCK MUNIYLD MICH QLTY	13,532	$169	0.0%	$13.79	—	COM	09254V105
—	NUVEEN NEW JERSEY DIVID	11,116	$137	0.0%	$12.50	—	COM	67071T109
—	ADVENT CLAYMORE ENH GRW & IN	12,300	$125	0.0%	$10.16	—	COM	00765E104
—	ABERDEEN GLOBAL INCOME FD IN	11,028	$115	0.0%	$10.84	—	COM	003013109