Karpus Management, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD S&P 500 ETF	1,323,995	$237,564	11.4%	$169.94	—	COM	922908363
SPY	SPDR S&P 500 ETF TR	540,349	$105,757	5.1%	$161.44	—	COM	78462F103
—	ALLIANCEBERNSTEIN INCOME FD	12,756,896	$95,932	4.6%	$7.38	—	COM	01881E101
VGK	VANGUARD FTSE EUROPE ETF	1,221,709	$73,241	3.5%	$52.59	—	COM	922042874
—	NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FD 3	3,953,164	$54,079	2.6%	$12.95	—	COM	67070X101
VEA	VANGUARD FTSE DEVELOPED MARKETS ETF	1,256,148	$53,499	2.6%	$36.13	—	COM	921943858
—	GENERAL AMERICAN INVESTORS CO	1,255,238	$46,218	2.2%	$33.68	—	COM	368802104
—	BLACKROCK ENHANCED EQUITY DIVIDEND TR	4,985,982	$41,832	2.0%	$7.86	—	COM	09251A104
VB	VANGUARD SMALL-CAP ETF	352,893	$41,331	2.0%	$96.03	—	COM	922908751
—	NUVEEN DIVIDEND ADVANTAGE MUNICIPAL INCOME FD	2,761,554	$39,104	1.9%	$12.90	—	COM	67071L106
VPL	VANGUARD FTSE PACIFIC ETF	574,491	$35,756	1.7%	$57.56	—	COM	922042866
—	TRI-CONTINENTAL CORP	1,692,285	$35,504	1.7%	$18.67	—	COM	895436103
—	ZWEIG TOTAL RETURN FD	2,434,137	$35,027	1.7%	$13.12	—	COM	989837208
—	ADAMS EXPRESS CO	2,543,859	$34,978	1.7%	$12.14	—	COM	006212104
—	WESTERN ASSET/CLAYMORE INFLATION-LINKED OPPORTUNITIES & INCOME FD	2,647,334	$32,589	1.6%	$11.83	—	COM	95766R104
VWO	VANGUARD FTSE EMERGING MARKETS ETF	746,618	$32,202	1.5%	$39.84	—	COM	922042858
—	BLACKROCK INCOME TR	4,657,315	$30,925	1.5%	$6.57	—	COM	09247F100
—	INVESCO MUNICIPAL TR	2,440,222	$30,552	1.5%	$11.70	—	COM	46131J103
VO	VANGUARD MID-CAP ETF	250,068	$29,676	1.4%	$95.70	—	COM	922908629
—	NUVEEN QUALITY INCOME MUNICIPAL FD	2,113,392	$28,996	1.4%	$12.71	—	COM	670977107
—	FEDERATED ENHANCED TREASURY INCOME FD	2,027,898	$27,356	1.3%	$13.12	—	COM	314162108
—	NUVEEN MUNICIPAL ADVANTAGE FD	1,977,621	$26,579	1.3%	$12.86	—	COM	67062H106
—	NUVEEN SELECT QUALITY MUNICIPAL FD	1,809,084	$25,074	1.2%	$13.39	—	COM	670973106
—	COHEN & STEERS INFRASTRUCTURE FD	1,006,896	$24,659	1.2%	$21.39	—	COM	19248A109
—	NUVEEN MUNICIPAL MARKET OPPORTUNITY FD	1,821,667	$24,319	1.2%	$12.44	—	COM	67062W103
EWC	ISHARES MSCI CANADA ETF	724,476	$23,335	1.1%	$26.15	—	COM	464286509
—	LIBERTY ALL STAR EQUITY FD	3,842,976	$23,096	1.1%	$5.35	—	COM	530158104
—	EATON VANCE TAX-ADVANTAGED DIVIDEND INCOME FD	1,073,404	$22,219	1.1%	$19.20	—	COM	27828G107
—	BLACKROCK CREDIT ALLOCATION INCOME TR	1,433,869	$19,716	0.9%	$13.53	—	COM	092508100
—	INVESCO MUNICIPAL OPPORTUNITY TR	1,507,327	$18,992	0.9%	$11.80	—	COM	46132C107
—	CUTWATER SELECT INCOME FD	938,469	$18,901	0.9%	$18.71	—	COM	232229104
—	INVESCO BOND FD	931,933	$17,874	0.9%	$18.13	—	COM	46132L107
VGT	VANGUARD INFORMATION TECHNOLOGY ETF	183,954	$17,805	0.9%	$92.64	—	COM	92204A702
—	BLACKROCK INCOME OPPORTUNITY TR	1,584,869	$17,212	0.8%	$9.93	—	COM	092475102
EZU	ISHARES MSCI EMU ETF	402,250	$17,023	0.8%	$34.39	—	COM	464286608
—	BOULDER TOTAL RETURN FD	648,753	$16,647	0.8%	$22.01	—	COM	101541100
—	ISHARES MSCI UNITED KINGDOM ETF	780,709	$16,301	0.8%	$17.90	—	COM	464286699
—	ZWEIG FD	1,037,748	$16,241	0.8%	$13.20	—	COM	989834205
—	MONTGOMERY STREET INCOME SECURITIES	960,059	$16,014	0.8%	$16.25	—	COM	614115103
—	SPDR NUVEEN BARCLAYS SHORT TERM MUNICIPAL BOND ETF	651,605	$15,854	0.8%	$24.03	—	COM	78464A425
—	NUVEEN QUALITY MUNICIPAL FD	1,203,268	$15,775	0.8%	$12.45	—	COM	67062N103
—	FIRST TR INTERMEDIATE DURATION PREFERRED & INCOME FD	685,634	$15,680	0.8%	$21.45	—	COM	33718W103
—	PUTNAM MUNICIPAL OPPORTUNITIES TR	1,316,919	$15,474	0.7%	$11.40	—	COM	746922103
—	NUVEEN PREMIUM INCOME MUNICIPAL FD 2	1,076,913	$14,904	0.7%	$12.97	—	COM	67063W102
BSV	VANGUARD SHORT-TERM BOND ETF	181,815	$14,607	0.7%	$80.15	—	COM	921937827
—	EATON VANCE MUNICIPAL BOND FD	1,174,208	$14,595	0.7%	$11.35	—	COM	27827X101
—	MORGAN STANLEY INCOME SECURITIES	804,258	$14,517	0.7%	$17.36	—	COM	61745P874
—	FORT DEARBORN INCOME SECURITIES	966,761	$14,395	0.7%	$14.41	—	COM	347200107
—	SWISS HELVETIA FD	964,164	$14,048	0.7%	$12.71	—	COM	870875101
—	INVESCO QUALITY MUNICIPAL INCOME TR	1,138,457	$13,980	0.7%	$11.42	—	COM	46133G107
—	NUVEEN INTERMEDIATE DURATION QUALITY MUNICIPAL TERM FD	1,073,347	$13,771	0.7%	$11.82	—	COM	670677103
—	NUVEEN AMT-FREE MUNICIPAL INCOME FD	952,362	$12,838	0.6%	$12.37	—	COM	670657105
—	MFS INTERMARKET INCOME TR I	1,504,542	$12,834	0.6%	$8.22	—	COM	59318R103
—	WESTERN ASSET/CLAYMORE INFLATION-LINKED SECURITIES & INCOME FD	1,001,572	$12,249	0.6%	$11.72	—	COM	95766Q106
VEU	VANGUARD FTSE ALL-WORLD EX-US ETF	227,911	$11,917	0.6%	$50.74	—	COM	922042775
—	NEXPOINT CREDIT STRATEGIES FD	875,363	$10,566	0.5%	$10.88	—	COM	65340G106
—	INVESCO TR FOR INVESTMENT GRADE MUNICIPALS	788,741	$10,277	0.5%	$12.41	—	COM	46131M106
—	NEW GERMANY FD	546,919	$10,211	0.5%	$17.70	—	COM	644465106
—	NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FD 2	729,283	$10,137	0.5%	$13.46	—	COM	67070F100
SHY	ISHARES 1-3 YEAR TREASURY BOND ETF	116,699	$9,868	0.5%	$84.56	—	COM	464287457
—	VOYA INFRASTRUCTURE INDUSTRIALS AND MATERIALS FD	520,203	$9,665	0.5%	$18.58	—	COM	92912X101
—	ALLIANZGI EQUITY & CONVERTIBLE INCOME FD	458,827	$9,268	0.4%	$19.69	—	COM	018829101
—	NEW IRELAND FD	643,539	$8,771	0.4%	$12.60	—	COM	645673104
—	BLACKROCK ENERGY AND RESOURCES TR	323,908	$8,736	0.4%	$25.05	—	COM	09250U101
EPP	ISHARES MSCI PACIFIC EX JAPAN ETF	173,730	$8,556	0.4%	$43.18	—	COM	464286665
LII	LENNOX INTERNATIONAL	93,723	$8,395	0.4%	$54.01	+39.9%	COM	526107107
BND	VANGUARD TOTAL BOND MARKET ETF	101,819	$8,372	0.4%	$81.65	—	COM	921937835
VTI	VANGUARD TOTAL STOCK MARKET ETF	81,246	$8,268	0.4%	$98.71	—	COM	922908769
—	COHEN & STEERS TOTAL RETURN REALTY FD	663,896	$8,228	0.4%	$12.39	—	COM	19247r103
DXJ	WISDOMTREE JAPAN HEDGED EQUITY FD	163,426	$8,067	0.4%	$47.66	—	COM	97717W851
—	JAPAN SMALLER CAPITALIZATION FD	836,885	$7,909	0.4%	$9.26	—	COM	47109U104
—	BLACKROCK CORE BOND TR	561,660	$7,841	0.4%	$12.97	—	COM	09249E101
—	INVESCO ADVANTAGE MUNICIPAL INCOME TR II	684,257	$7,766	0.4%	$10.76	—	COM	46132E103
VCSH	VANGUARD SHORT-TERM CORPORATE BOND ETF	93,975	$7,553	0.4%	$79.60	—	COM	92206C409
—	ASIA PACIFIC FD	665,027	$7,349	0.4%	$10.21	—	COM	044901106
—	EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES TR	355,890	$7,118	0.3%	$19.09	—	COM	27829L105
XXCHNXX	CHINA FD	308,630	$6,534	0.3%	$20.61	—	COM	169373107
—	ISHARES MSCI JAPAN ETF	518,418	$6,242	0.3%	$11.24	—	COM	464286848
—	BLACKROCK INTERNATIONAL GROWTH AND INCOME TR	756,657	$6,235	0.3%	$7.58	—	COM	092524107
—	ABERDEEN SINGAPORE FD	461,880	$6,034	0.3%	$12.78	—	COM	003244100
—	EUROPEAN EQUITY FD	654,960	$5,901	0.3%	$7.16	—	COM	298768102
XEVMX	EATON VANCE CALIFORNIA MUNICIPAL BOND FD	468,263	$5,422	0.3%	$10.72	—	COM	27828A100
—	NUVEEN MORTGAGE OPPORTUNITY TERM FD	192,900	$4,745	0.2%	$24.60	—	COM	670735109
—	BOULDER GROWTH & INCOME FD	545,642	$4,649	0.2%	$7.90	—	COM	101507101
XENWX	EATON VANCE NEW YORK MUNICIPAL BOND FD	360,944	$4,512	0.2%	$11.77	—	COM	27827Y109
—	TEMPLETON DRAGON FD	173,857	$4,494	0.2%	$25.18	—	COM	88018T101
—	NUVEEN GLOBAL EQUITY INCOME FD	291,274	$4,290	0.2%	$13.75	—	COM	6706EH103
—	MORGAN STANLEY EMERGING MARKETS FD	254,991	$4,090	0.2%	$14.71	—	COM	61744G107
XMUSX	BLACKROCK MUNIHOLDINGS QUALITY FD	308,703	$4,078	0.2%	$12.19	—	COM	09254A101
—	ROYCE VALUE TR	239,707	$3,835	0.2%	$15.16	—	COM	780910105
—	NUVEEN PENNSYLVANIA INVESTMENT QUALITY MUNICIPAL FD	273,163	$3,797	0.2%	$13.28	—	COM	670972108
—	NUVEEN INTERMEDIATE DURATION MUNICIPAL TERM FD	283,510	$3,569	0.2%	$11.48	—	COM	670671106
—	LAZARD GLOBAL TOTAL RETURN AND INCOME FD	188,496	$3,502	0.2%	$16.68	—	COM	52106W103
—	WESTERN ASSET INCOME FD	250,620	$3,481	0.2%	$13.04	—	COM	95766T100
—	FIRST TR ENHANCED EQUITY INCOME FD	218,506	$3,160	0.2%	$13.20	—	COM	337318109
—	ALLIANCE NEW YORK MUNICIPAL INCOME FD	241,529	$3,085	0.1%	$12.28	—	COM	018714105
—	MORGAN STANLEY ASIA-PACIFIC FD	163,158	$2,726	0.1%	$15.69	—	COM	61744U106
—	VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FD	195,477	$2,610	0.1%	$13.35	—	COM	92912J102
—	MFS INVESTMENT GRADE MUNICIPAL TR	279,133	$2,590	0.1%	$8.99	—	COM	59318B108
—	NUVEEN NEW YORK AMT-FREE MUNICIPAL INCOME FD	185,532	$2,432	0.1%	$12.26	—	COM	670656107
—	BLACKROCK MUNIYIELD INVESTMENT QUALITY FD	173,414	$2,330	0.1%	$12.48	—	COM	09254T100
—	NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FD	158,900	$2,247	0.1%	$13.50	—	COM	67066V101
—	DTF TAX-FREE INCOME	134,068	$2,185	0.1%	$14.02	—	COM	23334J107
—	ABERDEEN LATIN AMERICA EQUITY FD	69,924	$2,090	0.1%	$29.72	—	COM	00306K106
—	BLACKROCK MUNIYIELD MICHIGAN QUALITY FD II	153,638	$1,993	0.1%	$12.29	—	COM	09254W103
EWQ	ISHARES MSCI FRANCE ETF	66,569	$1,940	0.1%	$23.44	—	COM	464286707
—	JPMORGAN CHINA REGION FD	127,297	$1,932	0.1%	$15.15	—	COM	48126T104
IGSB	ISHARES 1-3 YEAR CREDIT BOND ETF	18,275	$1,931	0.1%	$105.08	—	COM	464288646
—	NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FD	137,023	$1,765	0.1%	$12.60	—	COM	67061Q107
—	NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FD	123,810	$1,565	0.1%	$11.93	—	COM	67060D107
—	EATON VANCE MICHIGAN MUNICIPAL INCOME TR	122,942	$1,532	0.1%	$12.12	—	COM	27826D106
—	NUVEEN SELECT TAX FREE	108,503	$1,528	0.1%	$12.91	—	COM	67062F100
—	VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FD	153,895	$1,493	0.1%	$9.70	—	COM	92912T100
—	EATON VANCE MUNICIPAL INCOME TERM TR	86,655	$1,460	0.1%	$15.65	—	COM	27829U105
XOM	EXXON MOBIL CORP	14,019	$1,411	0.1%	$58.94	+5.0%	COM	30231G102
—	NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FD	98,786	$1,343	0.1%	$13.03	—	COM	67069Y102
—	NUVEEN EQUITY PREMIUM ADVANTAGE FD	99,483	$1,322	0.1%	$13.29	—	COM	6706ET107
—	NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FD	89,626	$1,297	0.1%	$13.37	—	COM	670979103
—	BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TR	90,935	$1,287	0.1%	$13.16	—	COM	09250G102
—	PUTNAM HIGH INCOME SECURITIES FD	147,479	$1,285	0.1%	$7.88	—	COM	746779107
XJEQX	ABERDEEN JAPAN EQUITY FD	178,755	$1,271	0.1%	$7.11	—	COM	00306J109
—	NUVEEN PREMIER MUNICIPAL INCOME FD	89,413	$1,219	0.1%	$12.37	—	COM	670988104
—	BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TR	90,767	$1,199	0.1%	$12.16	—	COM	09249U105
—	NUVEEN MUNICIPAL OPPORTUNITY FD	79,936	$1,128	0.1%	$13.50	—	COM	670984103
—	NUVEEN SELECT TAX FREE 3	79,786	$1,123	0.1%	$12.84	—	COM	67063X100
—	LAZARD WORLD DIVIDEND & INCOME FD	70,056	$1,064	0.1%	$13.93	—	COM	521076109
—	TAIWAN FD	51,253	$1,050	0.1%	$16.38	—	COM	874036106
—	H&Q HEALTHCARE INVESTORS	39,677	$1,046	0.1%	$26.36	—	COM	404052102
—	VOYA EMERGING MARKETS HIGH INCOME DIVIDEND EQUITY FD	81,238	$1,037	0.0%	$12.76	—	COM	92912P108
—	VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FD	82,419	$1,016	0.0%	$12.33	—	COM	92912R104
—	TRANSAMERICA INCOME SHARES	46,905	$993	0.0%	$20.67	—	COM	893506105
—	NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FD 2	73,634	$987	0.0%	$12.89	—	COM	67071T109
—	DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FD	53,873	$695	0.0%	$11.88	—	COM	24610T108
—	SOURCE CAPITAL	9,692	$678	0.0%	$69.95	—	COM	836144105
—	BLACKROCK MUNICIPAL BOND INVESTMENT TR	45,460	$661	0.0%	$13.51	—	COM	09249K107
—	ALLIANCE CALIFORNIA MUNICIPAL INCOME FD	48,328	$636	0.0%	$12.96	—	COM	018546101
IBM	INTERNATIONAL BUSINESS MACHINES CORP	3,504	$635	0.0%	$118.94	-5.6%	COM	459200101
—	BLACKROCK MUNI NEW YORK INTERMEDIATE DURATION FD	43,152	$604	0.0%	$13.26	—	COM	09255F109
XEGFX	BLACKROCK ENHANCED GOVERNMENT FD	41,860	$598	0.0%	$14.04	—	COM	09255K108
—	BLACKROCK MUNICIPAL TARGET TERM TR	27,575	$560	0.0%	$17.12	—	COM	09257P105
—	NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FD	39,743	$546	0.0%	$13.34	—	COM	67066X107
—	BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FD	37,800	$533	0.0%	$13.94	—	COM	09255G107
KMB	KIMBERLY-CLARK CORP	4,607	$512	0.0%	$63.06	+13.8%	COM	494368103
—	INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TR	40,023	$495	0.0%	$11.39	—	COM	46132H106
—	EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TR	39,691	$488	0.0%	$11.72	—	COM	27826T101
IEI	ISHARES 3-7 YEAR TREASURY BOND ETF	3,808	$464	0.0%	$120.76	—	COM	464288661
—	NUVEEN NEW JERSEY INVESTMENT QUALITY MUNICIPAL FD	32,771	$450	0.0%	$13.08	—	COM	670971100
—	MEXICO EQUITY & INCOME FD INC/FD	27,208	$438	0.0%	$15.15	—	COM	592834105
—	NUVEEN SELECT TAX FREE 2	31,423	$430	0.0%	$12.43	—	COM	67063C106
—	NUVEEN CALIFORNIA AMT-FREE MUNICIPAL INCOME FD	31,387	$428	0.0%	$13.48	—	COM	670651108
EWH	ISHARES MSCI HONG KONG ETF	20,270	$423	0.0%	$18.37	—	COM	464286871
—	KOREA EQUITY FD	46,857	$414	0.0%	$7.82	—	COM	50063B104
—	BLACKROCK MUNIHOLDINGS QUALITY FD II	28,500	$378	0.0%	$12.19	—	COM	09254C107
—	H&Q LIFE SCIENCES INVESTORS	17,500	$363	0.0%	$20.74	—	COM	404053100
FSP	FRANKLIN STREET PROPERTIES CORP	28,599	$360	0.0%	$13.21	—	COM	35471R106
—	ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FD II	45,900	$352	0.0%	$7.20	—	COM	007639107
—	FEDERATED PREMIER INTERMEDIATE MUNICIPAL INCOME FD	23,868	$315	0.0%	$12.82	—	COM	31423M105
PAYX	PAYCHEX INC	7,554	$314	0.0%	$25.02	+15.1%	COM	704326107
—	MFS CALIFORNIA MUNICIPAL FD	28,040	$310	0.0%	$10.36	—	COM	59318C106
XMUIX	BLACKROCK MUNI INTERMEDIATE DURATION FD	20,005	$292	0.0%	$13.90	—	COM	09253X102
—	DREYFUS MUNICIPAL BOND INFRASTRUCTURE FD	24,335	$288	0.0%	$10.36	—	COM	26203D101
—	ABERDEEN EMERGING MARKETS SMALLER COMPANY OPPORTUNITIES FD	18,793	$270	0.0%	$19.90	—	COM	00301T102
—	BLACKROCK NEW YORK MUNICIPAL INCOME TR II	19,000	$267	0.0%	$12.65	—	COM	09249R102
—	NUVEEN PREMIUM INCOME MUNICIPAL FD	19,600	$266	0.0%	$13.17	—	COM	67062T100
—	EATON VANCE MICHIGAN MUNICIPAL BOND FD	18,674	$249	0.0%	$11.72	—	COM	27828M104
—	NUVEEN PENNSYLVANIA MUNICIPAL VALUE FD	15,979	$244	0.0%	$13.64	—	COM	67074K105
XNYVX	NUVEEN NEW YORK MUNICIPAL VALUE FD 2	15,767	$232	0.0%	$13.95	—	COM	670706100
MMM	3M CO	1,600	$229	0.0%	$72.67	+11.5%	COM	88579Y101
APD	AIR PRODUCTS & CHEMICALS	1,700	$219	0.0%	$79.28	+5.8%	COM	009158106
CVX	CHEVRON CORP	1,667	$218	0.0%	$75.91	0.0%	COM	166764100
DIS	WALT DISNEY CO	2,515	$216	0.0%	$69.69	+5.4%	COM	254687106
NUE	NUCOR CORP	4,368	$215	0.0%	$34.54	+11.9%	COM	670346105
—	GSI GROUP INC	16,667	$212	0.0%	$8.04	—	COM	36191C205
SRE	SEMPRA ENERGY	2,000	$209	0.0%	$34.62	0.0%	COM	816851109
—	NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FD 2	15,094	$203	0.0%	$13.45	—	COM	67070A101
—	NUVEEN GEORGIA DIVIDEND ADVANTAGE MUNICIPAL FD 2	14,900	$191	0.0%	$12.82	—	COM	67072B107
—	BLACKROCK NEW YORK MUNICIPAL BOND TR	12,600	$176	0.0%	$13.97	—	COM	09249P106
—	BLACKROCK MUNIYIELD MICHIGAN QUALITY FD	11,976	$168	0.0%	$13.79	—	COM	09254V105
XMQTX	BLACKROCK MUNIYIELD QUALITY FD II	13,078	$167	0.0%	$11.66	—	COM	09254G108