Karpus Management, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS S&P 500 ETF SH	1,214,877	$229,417	10.8%	$170.19	—	COM	922908363
VGK	VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF	1,695,684	$91,533	4.3%	$53.10	—	COM	922042874
—	ALLIANCEBERNSTEIN IN E FUND	11,734,882	$87,308	4.1%	$7.39	—	COM	01881E101
—	BLACKROCK IN E TR INC	8,756,680	$55,342	2.6%	$6.49	—	COM	09247F100
—	NUVEEN DIV ADV MUNI FD 3	3,131,250	$41,833	2.0%	$12.97	—	COM	67070X101
—	GENERAL AMERN INVS INC	1,184,547	$41,234	1.9%	$33.75	—	COM	368802104
—	EATON VANCE MUN BD FD	3,199,760	$38,941	1.8%	$12.28	—	COM	27827X101
—	TRI CONTL CORP	1,797,336	$38,086	1.8%	$18.87	—	COM	895436103
—	ADAMS EXPRESS CO	2,675,853	$37,382	1.8%	$12.32	—	COM	006212104
VB	VANGUARD INDEX FDS SMALL CP ETF	306,344	$37,212	1.7%	$96.85	—	COM	922908751
—	MONTGOMERY STR INCOME SECS INC	2,135,799	$35,006	1.6%	$16.38	—	COM	614115103
—	INVESCO MUN TR	2,823,652	$33,940	1.6%	$11.79	—	COM	46131J103
—	BLACKROCK ENHANCED EQT DIV TR	4,075,598	$32,523	1.5%	$7.86	—	COM	09251A104
—	LIBERTY ALL STAR EQUITY FD	5,627,537	$32,358	1.5%	$5.51	—	COM	530158104
VPL	VANGUARD INTL EQUITY INDEX FD MEGA CAP GRO ETF	525,674	$32,082	1.5%	$57.56	—	COM	922042866
—	BLACKROCK CORE BD TR	2,487,495	$31,517	1.5%	$13.18	—	COM	09249E101
VEA	VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF	772,511	$30,630	1.4%	$36.13	—	COM	921943858
—	WESTERN ASSET CLYM INFL OPP IN	2,693,885	$30,145	1.4%	$11.82	—	COM	95766R104
—	NUVEEN MULTI-STRATEGY INC & GTH 2	3,316,375	$28,554	1.3%	$8.91	—	COM	67073D102
—	FEDERATED ENHANC TREAS INCM FD	2,117,885	$27,977	1.3%	$13.13	—	COM	314162108
—	BOULDER GROWTH & IN E FD INC	3,131,940	$26,434	1.2%	$8.47	—	COM	101507101
—	INVESCO QUALITY MUNI INC TRST	2,082,193	$24,612	1.2%	$11.79	—	COM	46133G107
—	INVESCO MUN OPPORTUNITY TR	1,932,115	$23,572	1.1%	$12.00	—	COM	46132C107
—	NUVEEN INT DUR QUAL MUN TRM FD	1,872,623	$22,902	1.1%	$12.14	—	COM	670677103
—	INVESCO BD FD	1,302,442	$22,636	1.1%	$18.22	—	COM	46132L107
VO	VANGUARD INDEX FDS MID CAP ETF	172,929	$22,036	1.0%	$95.70	—	COM	922908629
—	NUVEEN SELECT QUALITY MUN FD	1,663,128	$21,987	1.0%	$13.39	—	COM	670973106
—	MORGAN STANLEY TRUSTS INCOME SECS INC	1,271,425	$21,881	1.0%	$17.54	—	COM	61745P874
—	PUTNAM MUN OPPORTUNITIES TR	1,863,657	$21,637	1.0%	$11.57	—	COM	746922103
—	COHEN & STEERS INFRASTRUCTURE	1,018,285	$21,404	1.0%	$21.39	—	COM	19248A109
—	MFS INTERMARKET INCOME TRUST I	2,518,428	$21,230	1.0%	$8.29	—	COM	59318R103
VWO	VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF	512,951	$20,969	1.0%	$39.90	—	COM	922042858
—	SWISS HELVETIA FD INC	1,729,388	$20,234	0.9%	$12.62	—	COM	870875101
—	FORT DEARBORN IN E SECS INC	1,459,623	$20,128	0.9%	$14.38	—	COM	347200107
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX ETF	188,263	$19,999	0.9%	$93.05	—	COM	92204A702
—	SPDR SERIES TRUST NUVN BR SHT MUNI	818,370	$19,870	0.9%	$24.15	—	COM	78464A425
—	GABELLI EQUITY TRUST	3,053,472	$19,115	0.9%	$6.42	—	COM	362397101
—	ZWEIG TOTAL RETURN FD INC	1,466,790	$18,980	0.9%	$13.14	—	COM	989837208
—	BLACKROCK CR ALLCTN INC TR	1,464,836	$18,559	0.9%	$13.53	—	COM	092508100
—	EATON VANCE TAX ADVT DIV INCM	916,885	$18,154	0.9%	$19.22	—	COM	27828G107
EWC	ISHARES MSCI CDA ETF	676,793	$18,050	0.8%	$26.15	—	COM	464286509
—	DUFF & PHELPS UTILITY & CORPORATE BOND TR	1,875,932	$17,577	0.8%	$9.65	—	COM	26432k108
VEU	VANGUARD FTSE ALL-WORLD EX-U	352,581	$17,118	0.8%	$50.05	—	COM	922042775
—	BLACKSTONE/GSO STRATEGIC CREDIT FUND	1,029,246	$16,087	0.8%	$16.37	—	COM	09257R101
—	ASIA PAC FD INC	1,209,189	$15,478	0.7%	$11.05	—	COM	044901106
VTI	VANGUARD US TOTAL STOCK MKT	143,146	$15,319	0.7%	$101.40	—	COM	922908769
—	MFS INTER INCOME TR	3,306,987	$15,278	0.7%	$4.74	—	COM	55273C107
—	GABELLI GLOBAL SMALL & M	1,426,394	$15,193	0.7%	$10.65	—	COM	36249W104
—	JAPAN SMALLER CAPTLZTN FD INC	1,357,917	$14,652	0.7%	$9.44	—	COM	47109U104
—	NUVEEN MUN ADVANTAGE FD INC	1,112,548	$14,463	0.7%	$12.88	—	COM	67062H106
BND	VANGUARD TOTAL BOND	175,463	$14,258	0.7%	$81.93	—	COM	921937835
—	BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRST	1,008,622	$13,869	0.7%	$13.48	—	COM	092501105
—	NUVEEN MUN MKT OPPORTUNITY FD	1,071,104	$13,817	0.6%	$12.44	—	COM	67062W103
BSV	VANGUARD SHORT-TERM BOND ETF	169,590	$13,599	0.6%	$80.27	—	COM	921937827
—	NUVEEN GLOBAL VALUE OPP FUND	1,054,515	$13,171	0.6%	$13.08	—	COM	6706EH103
—	CUTWATER SELECT IN E FD	711,438	$13,055	0.6%	$18.71	—	COM	232229104
—	ZWEIG FD	851,549	$12,518	0.6%	$13.26	—	COM	989834205
—	BLACKROCK RESOURCES & COMMODITIES	1,282,295	$11,695	0.5%	$9.70	—	COM	09257A108
—	NEW IRELAND FUND INC	824,771	$11,341	0.5%	$12.67	—	COM	645673104
—	NUVEEN QUALITY INCOME MUN FD	793,586	$10,586	0.5%	$12.72	—	COM	670977107
—	INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS	806,473	$10,234	0.5%	$12.48	—	COM	46131M106
—	BLACKROCK MUNIHOLDINGS IN II	785,223	$10,059	0.5%	$13.34	—	COM	09254C107
—	SALIENT MIDSTREAM & MLP FUND	497,096	$10,026	0.5%	$20.64	—	COM	79471V105
—	NUVEEN DIVID ADVANTAGE MUN INC	733,287	$9,943	0.5%	$12.90	—	COM	67071L106
—	WESTERN ASSET CLYM INFL SEC IN	877,210	$9,886	0.5%	$11.71	—	COM	95766Q106
LII	LENNOX INTL INC	91,761	$9,882	0.5%	$54.01	+81.0%	COM	526107107
—	BLACKROCK MUNICIPAL TARGET	476,262	$9,654	0.5%	$19.92	—	COM	09257P105
—	ALLIANZGI EQUITY & CONVERTIB	461,053	$8,898	0.4%	$19.72	—	COM	018829101
—	GABELLI HLTHCARE & WELLNESS TR SHS	781,149	$8,788	0.4%	$11.24	—	COM	36246K103
—	NUVEEN PREM INCOME MUN FD 2	620,820	$8,244	0.4%	$13.01	—	COM	67063W102
XENWX	EATON VANCE NEW YORK MUN BD FD	645,854	$7,970	0.4%	$12.10	—	COM	27827Y109
—	GABELLI DIVD & IN E TR	380,172	$7,915	0.4%	$20.94	—	COM	36242H104
—	TRANSAMERICA INCOME SHS INC	394,822	$7,853	0.4%	$20.24	—	COM	893506105
—	NEXPOINT CREDIT STRATEGIES	1,066,588	$7,818	0.4%	$10.85	—	COM	65340G106
—	EATON VANCE RISK-MANAGED DIV	718,077	$7,762	0.4%	$10.82	—	COM	27829g106
—	NUVEEN QUALITY MUN FD INC	604,847	$7,633	0.4%	$12.46	—	COM	67062N103
—	COHEN & STEERS TOT RET RLTY	606,376	$7,374	0.3%	$11.95	—	COM	19247R103
—	NASDAQ PREMIUM INCOME & GROW	383,003	$7,066	0.3%	$12.88	—	COM	670699107
—	ISHARES MSCI UK ETF	379,648	$6,929	0.3%	$19.38	—	COM	46434v548
—	BLACKROCK SCIENCE & TECHNOLOGY TRUST	389,578	$6,876	0.3%	$17.73	—	COM	09258G104
—	FEDERATED PREMIER INT MUNI	497,352	$6,560	0.3%	$13.17	—	COM	31423M105
—	VOYA INFRASTRUCTURE INDUSTRIALS	430,771	$6,298	0.3%	$16.14	—	COM	92912X101
—	ABERDEEN SINGAPORE FUND, INC	564,385	$6,242	0.3%	$12.60	—	COM	003244100
—	EUROPEAN EQUITY FUND	715,365	$6,088	0.3%	$7.39	—	COM	298768102
—	VAN KAMP PENN VAL MUNI INCOM	479,767	$5,805	0.3%	$12.10	—	COM	46132K109
—	CLEARBRIDGE ENERGY MLP TOTAL	308,240	$5,635	0.3%	$21.39	—	COM	18469Q108
—	ALLIANCE NATIONAL MUNI INC	420,679	$5,557	0.3%	$13.21	—	COM	01864u106
XXCHNXX	CHINA FD INC	267,335	$5,312	0.2%	$20.61	—	COM	169373107
—	MORGAN STANLEY CHINA A SHARE	147,923	$5,018	0.2%	$31.88	—	COM	617468103
—	JOHN HANCOCK INCOME SECS TR	360,154	$5,010	0.2%	$14.11	—	COM	410123103
—	ISHARES MSCI JAPAN ETF	363,208	$4,653	0.2%	$11.24	—	COM	464286848
—	ABERDEEN AUSTRALIA EQUITY FD	720,572	$4,633	0.2%	$6.89	—	COM	003011103
—	NUVEEN PREM INCOME MUN FD	347,608	$4,568	0.2%	$13.44	—	COM	67062T100
—	INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II	384,891	$4,222	0.2%	$10.90	—	COM	46132E103
—	NUVEEN DIV ADVANTAGE MUN FD 2	309,120	$4,145	0.2%	$13.49	—	COM	67070F100
XMUSX	BLACKROCK MUNIHOLDINGS INSUR	315,287	$4,089	0.2%	$12.28	—	COM	09254A101
—	NUVEEN MORTGAGE OPPORTUNITY	178,775	$4,056	0.2%	$24.60	—	COM	670735109
—	MFS INVT GRADE MUN TR	431,405	$4,012	0.2%	$9.10	—	COM	59318B108
XJEQX	ABERDEEN JAPAN EQUITY FUND INC	483,837	$3,996	0.2%	$7.33	—	COM	00306J109
—	BLACKROCK INS MUNI INCOME TR	285,837	$3,882	0.2%	$14.19	—	COM	092479104
DXJ	WISDOMTREE TR JAPN HEDGE EQT	66,164	$3,785	0.2%	$47.66	—	COM	97717W851
—	INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS	282,744	$3,772	0.2%	$13.65	—	COM	46131t101
—	ALLIANCE NEW YORK MUN INC FD	256,726	$3,610	0.2%	$12.44	—	COM	018714105
—	WESTERN ASSET IN E FD	274,890	$3,608	0.2%	$13.18	—	COM	95766T100
—	EATON VANCE MUN INCOME TERM TR SHS	211,064	$3,575	0.2%	$16.69	—	COM	27829U105
—	NUVEEN DOW30 DYNAMIC OVERWRITE FUND	233,510	$3,468	0.2%	$14.85	—	COM	67075F105
—	BLACKROCK MUNIYLD INVST QLTY	261,169	$3,440	0.2%	$12.96	—	COM	09254T100
—	MORGAN STANLEY EMER MKTS FD	226,137	$3,356	0.2%	$14.71	—	COM	61744G107
—	NEW GERMANY FD INC	216,552	$3,266	0.2%	$17.68	—	COM	644465106
—	VOYA EMERGING MKTS HIGH DIV EQ FD	311,594	$3,069	0.1%	$10.75	—	COM	92912P108
—	BLACKROCK INTL GRWTH & INC TR	418,245	$3,049	0.1%	$6.91	—	COM	092524107
—	COHEN & STEERS QUAL INC RLTY	281,476	$3,009	0.1%	$12.08	—	COM	19247L106
—	NUVEEN BUILD AMER BD FD	152,600	$2,953	0.1%	$19.35	—	COM	67074C103
XBTAX	BLACKROCK LNG-TM MUN ADV TST	268,880	$2,904	0.1%	$11.35	—	COM	09250B103
EZU	ISHARES EMU ETF	76,761	$2,882	0.1%	$34.39	—	COM	464286608
—	NUVEEN NY DIVID ADVNTG MUN FD	212,829	$2,880	0.1%	$13.53	—	COM	67066X107
XEGFX	BLACKROCK ENHANCED GOVERNMENT FUND	204,400	$2,766	0.1%	$13.77	—	COM	09255K108
—	WESTERN ASSET PREMIER BOND	195,986	$2,626	0.1%	$13.40	—	COM	957664105
—	BLACKROCK MUNIHOLDINGS FL INSURED FD	187,490	$2,597	0.1%	$14.13	—	COM	09254P108
—	TEMPLETON DRAGON FD INC	103,759	$2,573	0.1%	$25.17	—	COM	88018T101
—	INVESCO VALUE MUN INCOME TR	176,000	$2,534	0.1%	$14.40	—	COM	46132P108
—	MANAGED DURATION INVESTMENT GR	188,921	$2,503	0.1%	$13.25	—	COM	56165r103
—	VOYA GLOBAL EQUITY DIVIDEND & PREM OPP FD	303,495	$2,480	0.1%	$8.32	—	COM	92912T100
—	MORGAN STANLEY ASIA PAC FD INC	151,937	$2,379	0.1%	$15.69	—	COM	61744U106
SPY	SPDR S&P 500 ETF TR TR UNIT	11,075	$2,280	0.1%	$161.44	—	COM	78462F103
—	JPMORGAN CHINA REGION FUND, INC	120,164	$2,263	0.1%	$15.20	—	COM	48126T104
—	NUVEEN PA INVT QUALITY MUN FD	164,509	$2,163	0.1%	$13.28	—	COM	670972108
—	TEMPLETON EMERGING MKTS FD INC	146,796	$2,137	0.1%	$15.85	—	COM	880191101
—	LAZARD GLB TTL RET&INCM FD INC	129,615	$1,993	0.1%	$16.55	—	COM	52106W103
—	FRANKLIN TEMPLETON LIMITED DURATION INC TR	153,700	$1,791	0.1%	$12.19	—	COM	35472T101
—	VOYA ASIA PACIFIC HIGH DIVIDEND	146,080	$1,734	0.1%	$11.53	—	COM	92912J102
—	BLACKROCK MUNIYLD MICH QLTY II	130,075	$1,622	0.1%	$12.29	—	COM	09254W103
—	FIRST TRUST ENERGY INTRASTRUCTURE	75,967	$1,565	0.1%	$23.50	—	COM	33738C103
—	ABERDEEN LATIN AMER EQTY FD	71,483	$1,490	0.1%	$29.51	—	COM	00306K106
—	BLACKROCK NY INS MUN INC TR	114,269	$1,481	0.1%	$12.37	—	COM	09249U105
—	LAZARD WORLD DIVID & INCOME FD	120,063	$1,400	0.1%	$11.66	—	COM	521076109
—	DT ASIA INVESTMENTS LTD	137,490	$1,361	0.1%	$9.90	—	COM	G2615J104
XMUIX	BLACKROCK MUNI INTERM DURATI	98,408	$1,338	0.1%	$14.34	—	COM	09253X102
XOM	EXXON MOBIL CORP	15,414	$1,282	0.1%	$58.67	-7.5%	COM	30231G102
—	NUVEEN BUILD AMER BD OPPTNY FD	64,475	$1,269	0.1%	$19.68	—	COM	67074Q102
—	NUVEEN NJ DIV ADVANTAGE MUN FD	96,767	$1,243	0.1%	$13.25	—	COM	67069Y102
—	EATON VANCE MI MUNI INCOME TR	98,381	$1,216	0.1%	$12.12	—	COM	27826D106
—	BLACKROCK MUNI IN E INV QLTY	83,324	$1,177	0.1%	$13.40	—	COM	09250G102
—	COHEN & STEERS MLP INCOME	68,640	$1,174	0.1%	$20.93	—	COM	19249b106
—	GARNERO GROUP	107,250	$1,053	0.0%	$9.82	—	COM	G5866L108
—	NUVEEN CONN PREM INCOME MUN FD	82,636	$1,031	0.0%	$11.93	—	COM	67060D107
—	ALLIANCE CALIF MUN IN E FD	76,459	$1,028	0.0%	$13.36	—	COM	018546101
—	NUVEEN NY AMT-FREE MUN INCOME	80,600	$1,012	0.0%	$12.41	—	COM	670656107
—	DTF TAX-FREE IN E INC	68,534	$981	0.0%	$14.07	—	COM	23334J107
—	WESTERN ASST MN PRT FD INC	64,446	$967	0.0%	$15.56	—	COM	95766P108
—	PUTNAM HIGH INCOME SEC FUND	123,828	$965	0.0%	$7.89	—	COM	746779107
—	NUVEEN MICH QUALITY INCOME MUN	72,524	$961	0.0%	$13.37	—	COM	670979103
—	NUVEEN MUN OPPORTUNITY FD INC	70,299	$957	0.0%	$13.61	—	COM	670984103
—	BLACKROCK MUNI NY INT DUR FD	68,102	$956	0.0%	$13.48	—	COM	09255F109
—	EATON VANCE OH MUNICIPAL INC	69,156	$918	0.0%	$13.27	—	COM	27826G109
—	EATON VANCE MUN BD FD II	75,006	$905	0.0%	$12.07	—	COM	27827K109
—	MORGAN STANLEY INDIA INVS FD	32,000	$879	0.0%	$27.47	—	COM	61745C105
—	TAIWAN FD INC	48,251	$858	0.0%	$16.72	—	COM	874036106
—	SOURCE CAPITAL INC	11,730	$853	0.0%	$68.95	—	COM	836144105
—	NUVEEN PREMIER MUN INCOME FD	59,425	$767	0.0%	$12.68	—	COM	670988104
—	EATON VANCE PA MUNI INCOME TR	65,851	$759	0.0%	$11.63	—	COM	27826T101
—	ABERDEEN ASIA PACIFIC IN FD	151,674	$752	0.0%	$4.96	—	COM	003009107
SHY	ISHARES 1-3 YR TR BD ETF	8,770	$744	0.0%	$84.56	—	COM	464287457
—	PUTNAM MANAGED MUN INCOM TR	97,300	$688	0.0%	$7.39	—	COM	746823103
—	BLACKROCK MUNIC BD INVST TR	48,475	$681	0.0%	$13.64	—	COM	09249K107
—	NUVEEN CORE EQUITY ALPHA FUND	41,807	$662	0.0%	$15.83	—	COM	67090X107
—	DELAWARE INVT NAT MUNI INC FD	51,749	$655	0.0%	$11.88	—	COM	24610T108
—	LMP CORPORATE LOAN FUND INC	54,158	$598	0.0%	$11.04	—	COM	50208b100
IBM	INTERNATIONAL BUSINESS MACHS	3,504	$570	0.0%	$118.94	-13.4%	COM	459200101
DIS	DISNEY WALT CO COM DISNEY	4,694	$536	0.0%	$75.08	+33.2%	COM	254687106
—	NUVEEN OHIO QUALITY INC MUNI	37,391	$535	0.0%	$14.82	—	COM	670980101
—	NUVEEN AMT-FREE MUN INCOME FD	39,100	$498	0.0%	$12.74	—	COM	670657105
STZ	CONSTELLATION BRANDS INC	4,240	$492	0.0%	$96.33	+5.1%	COM	21036P108
—	BLACKROCK NEW YORK MUNI BOND	35,533	$492	0.0%	$14.11	—	COM	09249P106
—	MARKET VECTORS SHORT MUNICIPAL ETF	25,600	$445	0.0%	$17.58	—	COM	57060U803
KMB	KIMBERLY CLARK CORP	4,042	$428	0.0%	$63.47	+19.5%	COM	494368103
—	WELLS FARGO ADVANTAGE GLOBAL	61,184	$423	0.0%	$6.91	—	COM	94987C103
—	NUVEEN MD PREM INCOME MUN FD	30,295	$371	0.0%	$12.60	—	COM	67061Q107
—	MEXICO EQUITY & INCOME FD	28,695	$353	0.0%	$14.96	—	COM	592834105
PEP	PEPSICO INC	3,770	$352	0.0%	$66.87	+3.7%	COM	713448108
—	CONSTELLATION BRANDS INC-B	2,696	$314	0.0%	$116.10	—	COM	21036p207
MMM	3M CO	1,713	$264	0.0%	$73.79	+28.5%	COM	88579Y101
—	MACQUARIE GLBL INFRA TOTL RETN	10,623	$248	0.0%	$23.35	—	COM	55608D101
—	EATON VANCE NATL MUN OPPORT TR	12,279	$248	0.0%	$19.09	—	COM	27829L105
—	NUVEEN TX-ADV TOT RET STR FD	18,702	$243	0.0%	$12.99	—	COM	67090h102
PAYX	PAYCHEX INC	5,156	$242	0.0%	$25.02	+41.6%	COM	704326107
PG	PROCTER & GAMBLE CO	3,087	$242	0.0%	$63.59	-5.7%	COM	742718109
HD	HOME DEPOT INC	2,180	$242	0.0%	$85.33	+2.1%	COM	437076102
MSFT	MICROSOFT CORP	5,372	$237	0.0%	$37.24	+5.5%	COM	594918104
APD	AIR PRODS & CHEMS INC	1,700	$233	0.0%	$105.81	-0.9%	COM	009158106
—	ABERDEEN EMERGING MKTS SMALLER	18,219	$233	0.0%	$19.26	—	COM	00301T102
—	GSI GROUP INC CDA	15,342	$231	0.0%	$8.04	—	COM	36191C205
AAPL	APPLE INC	1,820	$228	0.0%	$26.98	+5.8%	COM	037833100
JNJ	JOHNSON & JOHNSON	2,276	$222	0.0%	$75.11	-0.8%	COM	478160104
SRE	SEMPRA ENERGY	2,050	$203	0.0%	$34.73	+9.0%	COM	816851109
—	MFS CALIF MUN FD	15,134	$163	0.0%	$10.36	—	COM	59318C106
—	KOREA EQUITY FD INC	19,657	$157	0.0%	$7.82	—	COM	50063B104