Karpus Management, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS S&P 500 ETF	1,251,900	$214,513	11.1%	$169.39	—	COM	922908363
SPY	SPDR S&P 500 ETF TR TR UNIT	650,432	$121,637	6.3%	$161.44	—	COM	78462F103
—	ALLIANCEBERNSTEIN INCOME FUND	10,539,430	$77,359	4.0%	$7.35	—	COM	01881E101
VEA	VANGUARD TAX MANAGED INTL FD F	1,282,369	$52,923	2.7%	$36.13	—	COM	921943858
VGK	VANGUARD INTL EQUITY INDEX FD	851,497	$50,196	2.6%	$49.39	—	COM	922042874
—	BLACKROCK ENHANCED EQT DIV TR	4,999,922	$39,699	2.1%	$7.86	—	COM	09251A104
—	NUVEEN DIV ADV MUNI FD 3 COM S	3,000,321	$39,304	2.0%	$12.71	—	COM	67070X101
VB	VANGUARD INDEX FDS SMALL CP ET	343,768	$38,829	2.0%	$95.47	—	COM	922908751
—	GENERAL AMERN INVS INC COM	1,039,467	$36,620	1.9%	$33.02	—	COM	368802104
—	NUVEEN DIVID ADVANTAGE MUN INC	2,524,890	$33,657	1.7%	$12.79	—	COM	67071L106
—	ZWEIG TOTAL RETURN FD INC COM	2,372,802	$33,362	1.7%	$13.09	—	COM	989837208
—	ADAMS EXPRESS CO COM	2,501,545	$32,470	1.7%	$12.11	—	COM	006212104
—	TRI CONTL CORP COM	1,588,390	$31,895	1.7%	$18.52	—	COM	895436103
VPL	VANGUARD INTL EQUITY INDEX FD	507,621	$29,990	1.6%	$56.95	—	COM	922042866
VO	VANGUARD INDEX FDS MID CAP ETF	251,618	$28,579	1.5%	$95.70	—	COM	922908629
—	NUVEEN QUALITY INCOME MUN FD C	2,054,873	$27,309	1.4%	$12.68	—	COM	670977107
—	WESTERN ASSET CLYM INFL OPP IN	2,303,962	$26,795	1.4%	$11.76	—	COM	95766R104
—	INVESCO MUN TR COM	2,185,180	$26,441	1.4%	$11.60	—	COM	46131J103
—	FEDERATED ENHANC TREAS INCM FD	1,853,864	$25,268	1.3%	$13.08	—	COM	314162108
VWO	VANGUARD INTL EQUITY INDEX FD	587,034	$23,822	1.2%	$38.95	—	COM	922042858
EWC	ISHARES MSCI CDA ETF	738,957	$21,836	1.1%	$26.15	—	COM	464286509
—	BLACKROCK INCOME TR INC COM	3,249,289	$21,185	1.1%	$6.54	—	COM	09247F100
—	LIBERTY ALL STAR EQUITY FD SH	3,436,629	$20,207	1.0%	$5.27	—	COM	530158104
—	EATON VANCE TAX ADVT DIV INCM	1,018,140	$20,017	1.0%	$19.12	—	COM	27828G107
—	BLACKROCK INTL GRWTH & INC TR	2,427,810	$19,568	1.0%	$7.58	—	COM	092524107
EZU	ISHARES EMU ETF	446,493	$18,873	1.0%	$34.39	—	COM	464286608
—	ZWEIG FD COM NEW	1,238,546	$18,814	1.0%	$13.20	—	COM	989834205
—	CUTWATER SELECT INCOME FD COM	966,591	$18,771	1.0%	$18.71	—	COM	232229104
—	COHEN & STEERS INFRASTRUCTURE	843,175	$18,617	1.0%	$20.78	—	COM	19248A109
—	NUVEEN MUN MKT OPPORTUNITY FD	1,432,264	$18,276	0.9%	$12.19	—	COM	67062W103
—	WESTERN ASSET INFL MGMT FD INC	1,011,655	$18,068	0.9%	$16.55	—	COM	95766U107
—	NUVEEN MUN ADVANTAGE FD INC CO	1,351,228	$17,539	0.9%	$12.60	—	COM	67062H106
—	INVESCO MUN OPPORTUNITY TR COM	1,424,658	$17,381	0.9%	$11.76	—	COM	46132C107
—	ISHARES MSCI UK ETF	821,147	$16,907	0.9%	$17.90	—	COM	464286699
—	BLACKROCK INCOME OPP TRUST INC	1,621,750	$16,753	0.9%	$9.93	—	COM	092475102
—	FIRST TRUST INTERMEDIATE DUR	708,299	$15,682	0.8%	$21.45	—	COM	33718W103
—	PUTNAM MUN OPPORTUNITIES TR SH	1,268,153	$14,419	0.7%	$11.39	—	COM	746922103
—	NUVEEN PREM INCOME MUN FD 2 CO	1,059,740	$14,190	0.7%	$12.96	—	COM	67063W102
—	BOULDER TOTAL RETURN FD INC CO	573,882	$13,963	0.7%	$21.54	—	COM	101541100
—	EATON VANCE MUN BD FD COM	1,172,255	$13,926	0.7%	$11.35	—	COM	27827X101
—	INVESCO BD FD COM	739,922	$13,452	0.7%	$17.85	—	COM	46132L107
—	NUVEEN INT DUR QUAL MUN TRM FD	1,101,986	$13,367	0.7%	$11.82	—	COM	670677103
VGT	VANGUARD INFORMATION TECHNOLOG	145,270	$13,297	0.7%	$91.53	—	COM	92204A702
—	NUVEEN AMT-FREE MUN INCOME FD	1,007,425	$13,036	0.7%	$12.37	—	COM	670657105
—	SWISS HELVETIA FD INC COM	884,563	$12,720	0.7%	$12.55	—	COM	870875101
—	NUVEEN DIVER CURRENCY OPPOR FD	1,186,701	$12,448	0.6%	$10.71	—	COM	67090N109
—	NUVEEN QUALITY MUN FD INC COM	970,345	$12,382	0.6%	$12.29	—	COM	67062N103
—	INVESCO QUALITY MUNI INC TRST	1,035,365	$12,228	0.6%	$11.33	—	COM	46133G107
—	BLACKROCK CR ALLCTN INC TR COM	892,521	$12,067	0.6%	$13.40	—	COM	092508100
—	SPDR SERIES TRUST NUVN BR SHT	489,255	$11,869	0.6%	$23.93	—	COM	78464A425
—	NUVEEN SELECT QUALITY MUN FD C	854,147	$11,309	0.6%	$12.87	—	COM	670973106
BSV	VANGUARD SHORT-TERM BOND ETF	137,190	$10,988	0.6%	$80.09	—	COM	921937827
—	NEW GERMANY FD INC COM	561,858	$10,934	0.6%	$17.70	—	COM	644465106
—	WESTERN ASSET CLYM INFL SEC IN	936,663	$10,912	0.6%	$11.68	—	COM	95766Q106
—	ABERDEEN ASIA PACIFIC INCOM FD	1,686,083	$10,302	0.5%	$6.12	—	COM	003009107
—	FORT DEARBORN INCOME SECS INC	700,541	$10,095	0.5%	$14.23	—	COM	347200107
EPP	ISHARES MSCI PAC JP ETF	209,034	$10,052	0.5%	$43.18	—	COM	464286665
VCSH	VANGUARD SCOTTSDALE FDS SHRT T	124,730	$9,976	0.5%	$79.60	—	COM	92206C409
—	MORGAN STANLEY TRUSTS INCOME S	558,421	$9,795	0.5%	$17.06	—	COM	61745P874
—	MONTGOMERY STR INCOME SECS INC	582,931	$9,379	0.5%	$15.98	—	COM	614115103
VEU	VANGUARD FTSE ALL-WORLD EX-U	178,690	$8,990	0.5%	$50.31	—	COM	922042775
—	ISHARES MSCI JAPAN ETF	785,282	$8,897	0.5%	$11.24	—	COM	464286848
LII	LENNOX INTL INC COM	93,787	$8,526	0.4%	$54.01	+42.7%	COM	526107107
—	BLACKROCK ENERGY & RES TR COM	352,174	$8,505	0.4%	$25.05	—	COM	09250U101
—	BLACKROCK ENH CAP & INC FD INC	604,204	$8,447	0.4%	$12.73	—	COM	09256A109
—	MFS INTERMARKET INCOME TRUST I	1,013,451	$8,432	0.4%	$8.07	—	COM	59318R103
—	NUVEEN DIV ADVANTAGE MUN FD 2	612,080	$8,263	0.4%	$13.37	—	COM	67070F100
—	ING INFRASTRUCTURE INDUSTRIALS	461,637	$8,116	0.4%	$17.53	—	COM	45685U100
—	MFS INTER INCOME TR SH BEN INT	1,548,585	$8,022	0.4%	$5.22	—	COM	55273C107
—	BLACKROCK CORE BD TR SHS BEN I	591,121	$7,945	0.4%	$12.97	—	COM	09249E101
DXJ	WISDOMTREE TR JAPN HEDGE EQT	164,413	$7,783	0.4%	$47.66	—	COM	97717W851
—	NEXPOINT CREDIT STRATEGIES	662,869	$7,338	0.4%	$10.49	—	COM	65340G106
—	VAN KAMP TR/INV GRD MUNIS	573,282	$7,338	0.4%	$12.18	—	COM	46131M106
—	COHEN & STEERS DIV MJRS FDINC	436,001	$6,732	0.3%	$14.31	—	COM	19248G106
—	ASIA PAC FD INC COM	641,919	$6,631	0.3%	$10.18	—	COM	044901106
—	NEW IRELAND FUND INC COM	456,583	$6,561	0.3%	$12.18	—	COM	645673104
—	EUROPEAN EQUITY FUND COM	710,205	$6,434	0.3%	$7.16	—	COM	298768102
—	EATON VANCE NATL MUN OPPORT TR	330,427	$6,407	0.3%	$19.02	—	COM	27829L105
—	ING GLOBAL EQUITY DIVIDEND PRE	684,049	$6,293	0.3%	$9.07	—	COM	45684E107
—	ALLIANZGI EQUITY & CONVERTIB	313,872	$6,105	0.3%	$19.45	—	COM	018829101
VTI	VANGUARD US TOTAL STOCK MKT	57,800	$5,634	0.3%	$97.47	—	COM	922908769
XXCHNXX	CHINA FD INC COM	272,057	$5,416	0.3%	$20.53	—	COM	169373107
—	ABERDEEN SINGAPORE FUND, INC	433,275	$5,407	0.3%	$12.76	—	COM	003244100
—	VAN KAMPEN ADV MUNI INCOM II	488,612	$5,370	0.3%	$10.52	—	COM	46132E103
—	MORGAN STANLEY ASIA PAC FD INC	309,575	$5,226	0.3%	$15.69	—	COM	61744U106
—	TEMPLETON DRAGON FD INC COM	212,956	$5,215	0.3%	$25.18	—	COM	88018T101
XEVMX	EATON VANCE CALIF MUN BD FD CO	442,783	$4,809	0.2%	$10.67	—	COM	27828A100
EWQ	ISHARES MSCI FRANCE ETF	163,289	$4,768	0.2%	$23.44	—	COM	464286707
—	LEGG MASON BW GLB INC OPP FD C	271,388	$4,766	0.2%	$16.96	—	COM	52469B100
—	LAZARD GLB TTL RET&INCM FD INC	271,497	$4,727	0.2%	$16.68	—	COM	52106W103
BND	VANGUARD TOTAL BOND	57,367	$4,658	0.2%	$81.20	—	COM	921937835
IGSB	ISHARES 1-3 YR CR BD ETF	43,275	$4,565	0.2%	$105.08	—	COM	464288646
—	SPECIAL OPPORTUNITIES FD INC C	280,373	$4,556	0.2%	$16.93	—	COM	84741T104
—	ROYCE VALUE TR INC COM	282,728	$4,447	0.2%	$15.16	—	COM	780910105
—	WESTERN ASSET INCOME FD COM	325,830	$4,324	0.2%	$13.04	—	COM	95766T100
—	NUVEEN BUILD AMER BD OPPTNY FD	209,856	$4,302	0.2%	$19.45	—	COM	67074Q102
—	EATON VANCE SH TM DR DIVR INCM	274,565	$4,171	0.2%	$15.40	—	COM	27828V104
—	DTF TAX-FREE INCOME INC COM	268,079	$3,965	0.2%	$14.02	—	COM	23334J107
—	FIRST TR ENHANCED EQTY INC FD	290,146	$3,871	0.2%	$13.20	—	COM	337318109
—	NUVEEN PA INVT QUALITY MUN FD	289,591	$3,860	0.2%	$13.28	—	COM	670972108
—	NUVEEN NY AMT-FREE MUN INCOME	290,988	$3,716	0.2%	$12.26	—	COM	670656107
—	MORGAN STANLEY EMER MKTS FD CO	234,470	$3,576	0.2%	$14.59	—	COM	61744G107
—	BOULDER GROWTH & INCOME FD INC	437,160	$3,554	0.2%	$7.74	—	COM	101507101
—	NUVEEN INTER DURATION MN TMFD	289,873	$3,467	0.2%	$11.48	—	COM	670671106
XENWX	EATON VANCE NEW YORK MUN BD FD	286,347	$3,433	0.2%	$11.58	—	COM	27827Y109
—	INDIA FD INC COM	143,469	$3,306	0.2%	$19.31	—	COM	454089103
XMUSX	BLACKROCK MUNIHOLDINGS INSUR	241,203	$3,049	0.2%	$11.90	—	COM	09254A101
—	JPMORGAN CHINA REGION FUND, IN	208,103	$2,963	0.2%	$15.15	—	COM	48126T104
—	ING ASIA PAC HGH DIVID EQ INCM	193,822	$2,467	0.1%	$13.10	—	COM	44983J107
—	NUVEEN GBL INCOME OPPORTUN FD	207,538	$2,401	0.1%	$11.81	—	COM	67073C104
—	NUVEEN GLOBAL VALUE OPP FUND	175,290	$2,296	0.1%	$13.11	—	COM	6706EH103
—	NUVEEN BUILD AMER BD FD COM	114,524	$2,247	0.1%	$18.72	—	COM	67074C103
—	ABERDEEN LATIN AMER EQTY FD CO	73,929	$2,054	0.1%	$29.72	—	COM	00306K106
—	JAPAN SMALLER CAPTLZTN FD INC	232,665	$2,038	0.1%	$8.76	—	COM	47109U104
—	BLACKROCK MUNIYLD MICH QLTY II	159,408	$1,985	0.1%	$12.29	—	COM	09254W103
—	MFS INVT GRADE MUN TR SH BEN I	221,220	$1,978	0.1%	$8.92	—	COM	59318B108
—	BLACKROCK GLOBAL OPP EQTY TR	134,363	$1,966	0.1%	$13.66	—	COM	092501105
—	ALLIANCE NEW YORK MUN INC FD C	150,770	$1,885	0.1%	$11.98	—	COM	018714105
—	BLACKROCK BUILD AMER BD TR SHS	92,533	$1,873	0.1%	$20.20	—	COM	09248X100
—	MFS GOVT MKTS INCOME TR SH BEN	322,019	$1,836	0.1%	$5.72	—	COM	552939100
—	NUVEEN DIVID ADVANTAGE MUN FD	136,800	$1,832	0.1%	$13.39	—	COM	67066V101
—	BLACKROCK MUNIYLD INVST QLTY C	137,814	$1,805	0.1%	$12.23	—	COM	09254T100
IEI	ISHARES 3-7 YR TR BD ETF	14,283	$1,724	0.1%	$120.76	—	COM	464288661
—	NUVEEN MD PREM INCOME MUN FD C	138,223	$1,713	0.1%	$12.60	—	COM	67061Q107
—	BANCROFT FUND LTD COM	82,397	$1,611	0.1%	$17.83	—	COM	059695106
—	TRANSAMERICA INCOME SHS INC CO	77,011	$1,602	0.1%	$20.67	—	COM	893506105
—	STRATEGIC GLOBAL INCOME FD COM	170,930	$1,574	0.1%	$9.24	—	COM	862719101
—	PUTNAM HIGH INCOME SEC FUND SH	183,359	$1,535	0.1%	$7.88	—	COM	746779107
—	NUVEEN CONN PREM INCOME MUN FD	123,810	$1,506	0.1%	$11.93	—	COM	67060D107
—	NUVEEN SELECT TAX FREE INCM PT	108,525	$1,463	0.1%	$12.91	—	COM	67062F100
—	EATON VANCE MI MUNI INCOME TR	120,354	$1,444	0.1%	$12.11	—	COM	27826D106
—	NUVEEN NJ DIV ADVANTAGE MUN FD	99,186	$1,313	0.1%	$13.03	—	COM	67069Y102
—	ING EMERGING MARKETS HIGH	108,213	$1,293	0.1%	$11.79	—	COM	45685X104
—	ING GLOBAL ADVANTAGE AND PREMI	105,096	$1,257	0.1%	$11.96	—	COM	44982N109
—	NUVEEN MICH QUALITY INCOME MUN	92,272	$1,251	0.1%	$13.37	—	COM	670979103
—	TAIWAN FD INC COM	65,079	$1,229	0.1%	$16.38	—	COM	874036106
—	LAZARD WORLD DIVID & INCOME FD	84,469	$1,177	0.1%	$13.93	—	COM	521076109
—	NUVEEN PREMIER MUN INCOME FD C	89,513	$1,176	0.1%	$12.37	—	COM	670988104
—	NUVEEN SELECT TAX FREE INCM 3	83,986	$1,148	0.1%	$12.84	—	COM	67063X100
—	NUVEEN MUN OPPORTUNITY FD INC	81,086	$1,116	0.1%	$13.50	—	COM	670984103
—	BLACKROCK NY INS MUN INC TR	83,467	$1,072	0.1%	$12.07	—	COM	09249U105
—	BLACKROCK MUNI INCOME INV QLTY	74,845	$1,028	0.1%	$12.95	—	COM	09250G102
—	JAPAN EQUITY FD INC COM	151,768	$991	0.1%	$6.46	—	COM	471057109
—	MEXICO EQUITY & INCOME FD COM	68,143	$989	0.1%	$15.15	—	COM	592834105
—	NUVEEN NEW JERSEY DIVID COM	73,634	$954	0.0%	$12.89	—	COM	67071T109
—	ADVENT CLAY CONV SEC INC FD II	123,803	$936	0.0%	$7.20	—	COM	007639107
EWH	ISHARES MSCI HONG KG ETF	41,497	$821	0.0%	$18.37	—	COM	464286871
—	EATON VANCE MUN INCOME TERM TR	44,600	$700	0.0%	$14.52	—	COM	27829U105
—	DELAWARE INVT NAT MUNI INC FD	55,351	$684	0.0%	$11.88	—	COM	24610T108
IBM	INTERNATIONAL BUSINESS MACHS C	3,504	$674	0.0%	$118.94	-8.2%	COM	459200101
—	BLACKROCK MUNIC BD INVST TR CO	46,215	$656	0.0%	$13.51	—	COM	09249K107
—	ALLIANCE CALIF MUN INCOME FD C	48,828	$621	0.0%	$12.96	—	COM	018546101
XEGFX	BLACKROCK ENHANCED GOVERNMENT	43,510	$611	0.0%	$14.04	—	COM	09255K108
—	BLACKROCK MUNI NY INT DUR FD	43,152	$585	0.0%	$13.26	—	COM	09255F109
—	EATON VANCE MUN BD FD II COM	49,854	$580	0.0%	$11.00	—	COM	27827K109
—	BLACKROCK MUNIYIELD PA QLTY FD	37,800	$527	0.0%	$13.94	—	COM	09255G107
—	BLACKROCK MUNICIPAL TARGET	27,575	$526	0.0%	$17.12	—	COM	09257P105
KMB	KIMBERLY CLARK CORP COM	4,607	$508	0.0%	$63.06	+10.0%	COM	494368103
XOM	EXXON MOBIL CORP COM	5,019	$490	0.0%	$53.69	+8.2%	COM	30231G102
—	WESTERN ASSET INV GRA DEF OP	24,243	$489	0.0%	$20.19	—	COM	95790A101
—	KOREA EQUITY FD INC COM	58,819	$484	0.0%	$7.82	—	COM	50063B104
—	EATON VANCE PA MUNI INCOME TR	40,142	$483	0.0%	$11.72	—	COM	27826T101
—	INVESCO CALIF VALUE MUN INC TR	40,023	$472	0.0%	$11.39	—	COM	46132H106
—	WESTERN ASSET GLOBAL CP DEFINE	23,723	$432	0.0%	$18.12	—	COM	95790C107
—	NUVEEN SELECT TAX FREE INCM PT	31,823	$418	0.0%	$12.43	—	COM	67063C106
—	NUVEEN NJ INVT QUALITY MUN FD	27,871	$370	0.0%	$12.96	—	COM	670971100
—	BLACKROCK MUNIHOLDINGS IN II	28,500	$363	0.0%	$12.19	—	COM	09254C107
FSP	FRANKLIN STREET PPTYS CORP COM	28,599	$360	0.0%	$13.21	—	COM	35471R106
XMUIX	BLACKROCK MUNI INTERM DURATI	23,341	$331	0.0%	$13.90	—	COM	09253X102
PAYX	PAYCHEX INC COM	7,554	$322	0.0%	$25.02	+17.9%	COM	704326107
—	ABERDEEN EMERGING MKTS SMALLER	22,990	$306	0.0%	$19.90	—	COM	00301T102
—	FEDERATED PREMIER INT MUNI	23,868	$306	0.0%	$12.82	—	COM	31423M105
—	MFS CALIF MUN FD COM	28,640	$303	0.0%	$10.36	—	COM	59318C106
—	NUVEEN OHIO QUALITY INC MUNI	19,857	$302	0.0%	$13.93	—	COM	670980101
—	NUVEEN ARIZ PREM INCOME MUN FD	21,793	$279	0.0%	$12.40	—	COM	67061W104
—	DREYFUS MUN BD INFRSTRCTR FD S	24,335	$274	0.0%	$10.36	—	COM	26203D101
—	BLACKROCK NEW YORK MUN II	19,000	$259	0.0%	$12.65	—	COM	09249R102
—	NUVEEN PA MUN VALUE FD COM	17,747	$256	0.0%	$13.64	—	COM	67074K105
—	EATON VANCE MICH MUN BD FD COM	18,674	$233	0.0%	$11.72	—	COM	27828M104
NUE	NUCOR CORP COM	4,368	$221	0.0%	$34.54	+8.6%	COM	670346105
XNYVX	NUVEEN NY MUNI VALUE FUND 2	15,700	$219	0.0%	$13.95	—	COM	670706100
—	GSI GROUP INC CDA NEW COM NEW	16,667	$218	0.0%	$8.04	—	COM	36191C205
MMM	3M CO COM	1,600	$217	0.0%	$72.67	+4.9%	COM	88579Y101
—	NUVEEN PREM INCOME MUN FD COM	16,400	$215	0.0%	$13.10	—	COM	67062T100
—	NUVEEN NY DIVID ADVNTG MUN FD	15,793	$210	0.0%	$12.73	—	COM	67066X107
APD	AIR PRODS & CHEMS INC COM	1,700	$202	0.0%	$79.28	0.0%	COM	009158106
DIS	DISNEY WALT CO COM DISNEY	2,515	$201	0.0%	$69.69	0.0%	COM	254687106
—	NUVEEN CALIFORNIA AMT-FREE	14,000	$186	0.0%	$13.29	—	COM	670651108
—	NUVEEN GEORGIA DVD ADV MU 2	14,900	$183	0.0%	$12.28	—	COM	67072b107
—	BLACKROCK MUNIYLD MICH QLTY FD	13,146	$174	0.0%	$13.79	—	COM	09254V105
XMQTX	BLACKROCK MUNIYIELD QUAL II	13,078	$163	0.0%	$11.66	—	COM	09254G108