Karpus Management, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS S&P 500 ETF SH	614,486	$118,104	6.1%	$170.19	—	COM	922908363
—	BLACKROCK INCOME TR INC COM	10,619,072	$70,404	3.6%	$6.50	—	COM	09247F100
VGK	VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF	1,353,104	$63,136	3.2%	$52.14	—	COM	922042874
VB	VANGUARD INDEX FDS SMALL CP ETF	465,228	$53,818	2.8%	$100.89	—	COM	922908751
SHM	SPDR SER TR NUVN BR SHT MUNI	1,022,352	$50,177	2.6%	$48.90	—	COM	78468R739
—	GENERAL AMERN INVS INC COM	1,476,456	$45,504	2.3%	$33.23	—	COM	368802104
—	ADAMS DIVERSIFIED EQUITY FD COM	3,554,440	$45,035	2.3%	$12.41	—	COM	006212104
—	NUVEEN ENHANCED MUN CREDIT OPP COM SH BEN INT	2,625,632	$41,800	2.1%	$13.00	—	COM	67070X101
—	LIBERTY ALL STAR EQUITY FD SH BEN INT	8,287,849	$41,605	2.1%	$5.37	—	COM	530158104
—	NUVEEN ENHANCED AMT FREE MUNI COM	2,460,357	$40,005	2.1%	$15.20	—	COM	67071L106
—	MORGAN STANLEY TRUSTS INCOME SECS INC	2,072,080	$38,023	2.0%	$17.66	—	COM	61745P874
—	BLACKROCK CR ALLCTN INC TR COM	2,869,027	$37,355	1.9%	$12.93	—	COM	092508100
—	GABELLI EQUITY TRUST	6,644,549	$36,479	1.9%	$5.68	—	COM	362397101
—	FIRST TR ABERDEEN GLBL OPP FD COM SHS	3,014,331	$34,484	1.8%	$10.30	—	COM	337319107
—	TRI CONTL CORP COM	1,627,885	$33,437	1.7%	$18.94	—	COM	895436103
—	MFS INTER INCOME TR SH BEN INT	7,163,517	$33,239	1.7%	$4.64	—	COM	55273C107
—	NUVEEN SELECT QUALITY MUN FD COM	2,091,511	$32,460	1.7%	$13.95	—	COM	670973106
VPL	VANGUARD INTL EQUITY INDEX FD MEGA CAP GRO ETF	537,216	$29,939	1.5%	$57.32	—	COM	922042866
SPY	SPDR S&P 500 ETF TR TR UNIT	126,615	$26,523	1.4%	$206.34	—	COM	78462F103
VTI	VANGUARD INDEX FDS TOTAL STK MKT	237,952	$25,499	1.3%	$102.20	—	COM	922908769
—	BOULDER GROWTH & INCOME FD INC COM	3,062,309	$24,897	1.3%	$8.45	—	COM	101507101
—	MFS INVT GRADE MUN TR SH BEN INT	2,300,942	$24,344	1.2%	$9.68	—	COM	59318B108
BND	VANGUARD BD INDEX FD INC TOTAL BND MRKT	286,036	$24,113	1.2%	$82.18	—	COM	921937835
—	ZWEIG TOTAL RETURN FD INC COM NEW	1,956,478	$23,536	1.2%	$12.62	—	COM	989837208
—	BLACKROCK CORE BD TR SHS BEN INT	1,669,709	$23,326	1.2%	$13.12	—	COM	09249E101
—	ALLIANZGI EQUITY & CONVERTIB	1,245,594	$22,906	1.2%	$18.26	—	COM	018829101
—	COHEN & STEERS INFRASTRUCTURE COM	1,036,997	$22,212	1.1%	$21.15	—	COM	19248A109
—	EATON VANCE MUN BD FD COM	1,515,210	$21,471	1.1%	$12.29	—	COM	27827X101
—	BLACKROCK SCIENCE & TECH TR SHS	1,288,748	$21,264	1.1%	$17.27	—	COM	09258G104
—	DUFF & PHELPS UTILITY & CORPORATE BOND TR	2,159,101	$21,008	1.1%	$9.58	—	COM	26432k108
—	INVESCO BD FD COM	1,108,637	$20,942	1.1%	$18.15	—	COM	46132L107
—	GABELLI DIVD & INCOME TR COM	1,079,332	$20,648	1.1%	$18.58	—	COM	36242H104
—	ZWEIG FD COM NEW	1,636,785	$20,607	1.1%	$13.06	—	COM	989834205
—	WESTERN ASSET CLYM INFL OPP IN COM	1,760,982	$19,565	1.0%	$11.82	—	COM	95766R104
—	NUVEEN NY AMT FREE MUN INCOME COM	1,339,498	$19,101	1.0%	$13.18	—	COM	670656107
—	HARMONY MERGER ACQ CORP; TNT ACQ DT: 03/31/2017; CASH: $10.20	1,899,244	$18,954	1.0%	$9.91	—	COM	413247107
VWO	VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF	531,028	$18,708	1.0%	$37.72	—	COM	922042858
—	AR CAPITAL ACQ CORP	1,864,152	$18,511	0.9%	$9.87	—	COM	00191r109
—	SWISS HELVETIA FD INC COM	1,783,806	$18,462	0.9%	$12.53	—	COM	870875101
—	JAPAN SMALLER CAPTLZTN FD INC COM	1,877,871	$18,366	0.9%	$9.58	—	COM	47109U104
—	EASTERLY ACQ CORP; TNT ACQ DT: 08/14/2017; CASH: $10.00	1,867,166	$18,280	0.9%	$9.75	—	COM	27616l102
—	BLACKROCK ENHANCED EQT DIV TR COM	2,246,937	$17,706	0.9%	$7.75	—	COM	09251A104
—	NUVEEN MUN MKT OPPORTUNITY FD COM	1,165,627	$17,578	0.9%	$12.76	—	COM	67062W103
—	VOYA INFRASTRUCTURE INDUSTRIALS	1,407,448	$17,396	0.9%	$13.45	—	COM	92912X101
—	FIRST TR ENHANCED EQTY INC FD COM	1,320,289	$17,322	0.9%	$12.89	—	COM	337318109
—	FEDERATED PREM INTR MUN INC FD COM	1,176,598	$17,237	0.9%	$13.22	—	COM	31423M105
—	NUVEEN GLOBAL EQUITY INCOME FD COM	1,466,006	$17,108	0.9%	$12.16	—	COM	6706EH103
—	NUVEEN INT DUR QUAL MUN TRM FD COM	1,205,821	$16,616	0.9%	$12.20	—	COM	670677103
—	MANAGED DURATION INVT GRD FUND COM	1,119,633	$16,481	0.8%	$13.69	—	COM	56165r103
EWC	ISHARES MSCI CDA ETF	669,360	$16,406	0.8%	$25.66	—	COM	464286509
—	BLACKROCK GLOBAL OPP EQTY TR COM	1,359,813	$16,114	0.8%	$12.99	—	COM	092501105
VGT	VANGUARD WORLD FDS INF TECH ETF	143,840	$15,404	0.8%	$97.47	—	COM	92204A702
XMUIX	BLACKROCK MUNI INTER DR FD INC COM	997,196	$15,197	0.8%	$14.25	—	COM	09253X102
—	INVESCO QUALITY MUNI INC TRST COM	1,025,644	$14,174	0.7%	$11.91	—	COM	46133G107
—	VOYA GLBL EQTY DIV & PREM OPP COM	2,014,169	$13,958	0.7%	$7.20	—	COM	92912T100
VEU	VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US	321,530	$13,778	0.7%	$46.44	—	COM	922042775
—	NUVEEN DOW 30 DYN OVERWRITE SHS	939,295	$13,648	0.7%	$14.17	—	COM	67075F105
HEWJ	ISHARES CURRENCY HEDGED MSCI JAPAN ETF	574,480	$13,426	0.7%	$23.37	—	COM	46434V886
—	TEKLA HEALTHCARE OPPORTUNIT FD SHS	778,247	$12,942	0.7%	$17.39	—	COM	879105104
—	ASIA PAC FD INC COM	1,326,614	$12,938	0.7%	$10.97	—	COM	044901106
BSV	VANGUARD BD INDEX FD INC SHORT TRM BOND	158,390	$12,839	0.7%	$80.30	—	COM	921937827
LII	LENNOX INTL INC COM	89,105	$12,706	0.7%	$54.01	+126.8%	COM	526107107
—	BLACKROCK INTL GRWTH & INC TR	2,204,073	$12,673	0.7%	$6.15	—	COM	092524107
—	INVESCO PA VALUE MUN INCOME TR COM	828,810	$12,009	0.6%	$12.37	—	COM	46132K109
—	NEW IRELAND FUND INC COM	914,046	$10,831	0.6%	$12.57	—	COM	645673104
—	GABELLI HLTHCARE & WELLNESS TR SHS	997,380	$10,642	0.5%	$10.95	—	COM	36246K103
—	MADISON STRTG SECTOR PREM FD COM	787,341	$9,055	0.5%	$11.00	—	COM	558268108
—	QUINPARIO ACQ CORP; TNT ACQ DT: 02/13/2017; CASH: $10.00	912,601	$9,026	0.5%	$9.89	—	COM	74874u101
—	ALLIANZGI NFJ DIVID INT & PREM COM	726,362	$8,956	0.5%	$12.28	—	COM	01883a107
—	HANCOCK JOHN INCOME SECS TR COM	617,884	$8,953	0.5%	$14.02	—	COM	410123103
—	EATON VANCE MUN BD FD II COM	620,751	$8,659	0.4%	$12.50	—	COM	27827K109
—	WELLS FARGO GLOBAL DIVIDEND OP WF GLOBAL OPPTY	1,410,820	$8,423	0.4%	$5.95	—	COM	94987C103
—	CAPITAL ACQ CORP III; TNT ACQ DT: 10/19/2017; CASH: $10.00	868,976	$8,403	0.4%	$9.73	—	COM	14055m106
—	NUVEEN CORE EQUITY ALPHA FUND COM	586,232	$8,084	0.4%	$13.83	—	COM	67090X107
ACWX	ISHARES TR MSCI ACWI EX US	202,121	$7,875	0.4%	$39.33	—	COM	464288240
—	NUVEEN PREM INCOME MUN FD COM	502,004	$7,746	0.4%	$13.87	—	COM	67062T100
—	MADISON CVRED CALL & EQ STR FD COM	918,220	$7,034	0.4%	$7.46	—	COM	557437100
—	VIRTUS GLOBAL MULTI-SECTOR INCOME FUND	435,899	$6,608	0.3%	$14.93	—	COM	92829b101
—	ALLIANCEBERNSTEIN NATL MUNI IN COM	406,462	$6,134	0.3%	$13.45	—	COM	01864u106
XJEQX	ABERDEEN JAPAN EQUITY FUND INC	706,586	$5,420	0.3%	$7.34	—	COM	00306J109
—	NUVEEN OHIO QUALITY INCOME MUN COM	294,219	$4,946	0.3%	$15.20	—	COM	670980101
—	GORES HOLDINGS ACQ CORP; TNT ACT DT: 8/28/17; CASH $10.00	503,050	$4,875	0.3%	$9.69	—	COM	382866101
—	DIVIDEND & INCOME FUND COM NEW	440,070	$4,788	0.2%	$11.03	—	COM	25538a204
—	LAZARD WORLD DIVID & INCOME FD COM	520,875	$4,704	0.2%	$9.67	—	COM	521076109
NXDT	NEXPOINT CR STRATEGIES FD COM NEW	218,553	$4,657	0.2%	$20.44	—	COM	65340G205
—	EUROPEAN EQUITY FUND COM	600,805	$4,656	0.2%	$7.39	—	COM	298768102
—	BARINGTON/HILCO ACQ CORP	464,739	$4,624	0.2%	$9.93	—	COM	06759v101
—	HENNESSY CAPITAL ACQ CORP II; TNT ACQ DT: 08/14/2017; CASH: $10.00	456,320	$4,471	0.2%	$9.75	—	COM	42588j100
—	BLACKROCK MUNIYLD MICH QLTY FD COM	272,427	$4,220	0.2%	$13.73	—	COM	09254V105
—	NEW GERMANY FD INC COM	301,243	$4,001	0.2%	$16.23	—	COM	644465106
—	ABERDEEN SINGAPORE FD INC COM	425,912	$3,850	0.2%	$12.60	—	COM	003244100
—	INVESCO MUN TR COM	236,301	$3,358	0.2%	$11.84	—	COM	46131J103
—	LAZARD GLB TTL RET&INCM FD INC COM	247,885	$3,243	0.2%	$14.70	—	COM	52106W103
—	MACQUARIE GLBL INFRA TOTL RETN COM	148,858	$3,186	0.2%	$19.50	—	COM	55608D101
—	VOYA EMERGING MKTS HIGH DIV EQ FD	424,692	$3,121	0.2%	$9.67	—	COM	92912P108
—	NUVEEN NASDAQ 100 DYNAMIC OVER COM SHS	168,695	$3,013	0.2%	$14.24	—	COM	670699107
—	WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT	259,096	$2,974	0.2%	$11.71	—	COM	95766Q106
XXCHNXX	CHINA FD INC COM	204,339	$2,955	0.2%	$20.41	—	COM	169373107
XEGFX	BLACKROCK ENHANCED GOVT FD INC COM	204,709	$2,807	0.1%	$13.78	—	COM	09255K108
—	ALPINE GLOBAL DYNAMIC DIVD FD COM NEW	313,190	$2,650	0.1%	$8.59	—	COM	02082E205
—	EATON VANCE TX ADV GLBL DIV FD COM	183,693	$2,643	0.1%	$14.45	—	COM	27828s101
—	DOUBLE EAGLE ACQ CORP; TNT ACQ DT: 9/25/17; CASH $10.00	216,000	$2,115	0.1%	$9.79	—	COM	g28195124
VEA	VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF	56,089	$1,983	0.1%	$36.13	—	COM	921943858
—	MORGAN STANLEY ASIA PAC FD INC COM	142,683	$1,966	0.1%	$15.45	—	COM	61744U106
—	TEMPLETON EMERGING MKTS FD INC COM	169,780	$1,934	0.1%	$14.31	—	COM	880191101
—	MORGAN STANLEY EMER MKTS FD COM	143,979	$1,912	0.1%	$14.60	—	COM	61744G107
—	ELECTRUM SPECIAL ACQ CORP; TNT ACT DT: 6/30/2017; CASH: $10.00	175,600	$1,717	0.1%	$9.78	—	COM	G3105C104
—	JPMORGAN CHINA REGION FD INC COM	109,553	$1,665	0.1%	$15.20	—	COM	48126T104
—	EATON VANCE MI MUNI INCOME TR SH BEN INT	114,337	$1,651	0.1%	$12.33	—	COM	27826D106
—	EATON VANCE OH MUNI INCOME TR SH BEN INT	98,556	$1,552	0.1%	$13.31	—	COM	27826G109
—	NUVEEN PREMIER MUN INCOME FD COM	101,955	$1,536	0.1%	$15.07	—	COM	670988104
—	DEUTSCHE HIGH INCOME OPPORT FD COM	105,000	$1,428	0.1%	$13.06	—	COM	25158y102
—	HYDRA INDUSTRIES ACQ CORP; TNT ACQ DT: 11/14/2016; CASH: $10.00	141,615	$1,401	0.1%	$9.89	—	COM	448740100
—	ALLIANCE CALIF MUN INCOME FD COM	89,542	$1,384	0.1%	$13.48	—	COM	018546101
XFDEX	FIRST TR DYNAMIC EUROPE EQT FD COM SHS	84,347	$1,348	0.1%	$16.52	—	COM	33740D107
—	EATON VANCE PA MUNI INCOME TR SH BEN INT	94,950	$1,276	0.1%	$11.81	—	COM	27826T101
—	VANECK VECTORS ETF TR AMT FREE SHORT M	71,200	$1,262	0.1%	$17.72	—	COM	92189f528
—	BLACKROCK NY MUNI INC QLTY TR COM	80,261	$1,209	0.1%	$12.89	—	COM	09249U105
—	VOYA ASIA PAC DIVID EQUITY IN COM	133,737	$1,184	0.1%	$10.33	—	COM	92912J102
—	MORGAN STANLEY INDIA INVS FD COM	42,996	$1,147	0.1%	$26.68	—	COM	61745C105
—	ROYCE VALUE TR INC COM	95,031	$1,119	0.1%	$11.72	—	COM	780910105
—	BOULEVARD ACQ CORP II; TNT ACQ DT: 1/8/18 CASH; $10.00	109,200	$1,065	0.1%	$9.75	—	COM	10157q102
—	TEMPLETON DRAGON FD INC COM	61,185	$1,060	0.1%	$25.17	—	COM	88018T101
XOM	EXXON MOBIL CORP COM	10,668	$1,000	0.1%	$57.99	-0.2%	COM	30231G102
—	VANGUARD INTERMEDIATE TERM GOVT BD ETF	14,875	$999	0.1%	$67.16	—	COM	92206c706
—	PUTNAM MUN OPPORTUNITIES TR SH BEN INT	73,516	$984	0.1%	$11.57	—	COM	746922103
—	ABERDEEN LATIN AMER EQTY FD COM	48,478	$975	0.1%	$29.51	—	COM	00306K106
—	GUGGENHEIM ENHANCED EQUITY	62,973	$970	0.0%	$15.40	—	COM	40167K100
—	MORGAN STANLEY CHINA A SH FD COM	53,489	$955	0.0%	$31.88	—	COM	617468103
—	DREYFUS MUN BD INFRSTRCTR FD SHS	61,200	$873	0.0%	$12.39	—	COM	26203D101
—	INVESCO TR INVT GRADE MUNS COM	58,621	$871	0.0%	$12.48	—	COM	46131M106
—	GABELLI GLB SML & MD CP VAL TR COM	77,240	$802	0.0%	$10.56	—	COM	36249W104
—	ABERDEEN AUSTRALIA EQUITY FD	133,273	$752	0.0%	$6.89	—	COM	003011103
EEM	ISHARES TR MSCI EMG MKT ETF	21,670	$745	0.0%	$32.18	—	COM	464287234
STZ	CONSTELLATION BRANDS INC CL A	4,240	$701	0.0%	$96.33	+40.7%	COM	21036P108
—	COHEN & STEERS GLOBAL INC BLDR COM	77,119	$672	0.0%	$8.77	—	COM	19248M103
—	NUVEEN MICH QUALITY INCOME MUN COM	43,520	$668	0.0%	$13.37	—	COM	670979103
IEI	ISHARES TR 3-7 YR TR BD ETF	4,700	$599	0.0%	$126.83	—	COM	464288661
—	NUVEEN AMT-FREE MUN INCOME FD COM	37,900	$569	0.0%	$12.74	—	COM	670657105
—	NUVEEN NY DIVID ADVNTG MUN FD COM	35,088	$550	0.0%	$13.52	—	COM	67066X107
—	JM GLOBAL ACQ CORP; TNT ACT DT: 8/14/2017; CASH:$10.00	54,100	$527	0.0%	$9.74	—	COM	46590H101
BLV	VANGUARD BD INDEX FD INC LONG TERM BOND	5,220	$512	0.0%	$93.08	—	COM	921937793
KMB	KIMBERLY CLARK CORP COM	3,342	$459	0.0%	$63.47	+48.0%	COM	494368103
—	CONSTELLATION BRANDS INC CL B	2,696	$448	0.0%	$116.10	—	COM	21036p207
—	NUVEEN TAX ADVANTAGED DIV GRWT COM	25,337	$362	0.0%	$13.71	—	COM	67073g105
—	KOREA EQUITY FD INC COM	44,464	$349	0.0%	$7.77	—	COM	50063B104
—	DT ASIA INVESTMENT ACQ CORP; TNT ACQ DT: 07/06/2016; CASH: $10.26	35,490	$332	0.0%	$9.90	—	COM	G2615J104
DIS	DISNEY WALT CO COM DISNEY	2,944	$288	0.0%	$75.08	+22.8%	COM	254687106
PAYX	PAYCHEX INC COM	4,765	$284	0.0%	$25.02	+60.6%	COM	704326107
IEUR	ISHARES TR CORE MSCI EURO	7,000	$276	0.0%	$42.24	—	COM	46434V738
—	FIRST TR DIVIDEND INCOME FD COM	30,609	$275	0.0%	$8.66	—	COM	33731L100
WPC	W P CAREY INC COM	3,889	$270	0.0%	$62.23	—	COM	92936U109
JNJ	JOHNSON & JOHNSON COM	2,076	$252	0.0%	$75.93	+14.6%	COM	478160104
PEP	PEPSICO INC COM	2,370	$251	0.0%	$69.27	+11.3%	COM	713448108
SRE	SEMPRA ENERGY COM	2,050	$234	0.0%	$35.23	+10.7%	COM	816851109
NOVT	NOVANTA INC	15,342	$232	0.0%	$14.96	0.0%	COM	67000B104
HD	HOME DEPOT INC COM	1,800	$230	0.0%	$87.89	+19.4%	COM	437076102
IBM	INTERNATIONAL BUSINESS MACHS COM	1,400	$212	0.0%	$84.07	+13.2%	COM	459200101
—	PROSHARES TR SHRT 20+YR TRE	10,000	$211	0.0%	$21.10	—	COM	74347x849
—	BLACKROCK NY MUNICIPAL BOND TR COM	13,193	$211	0.0%	$14.29	—	COM	09249P106
PG	PROCTER & GAMBLE CO COM	2,484	$210	0.0%	$57.94	+9.3%	COM	742718109
—	NUVEEN CONN PREM INCOME MUN FD COM	15,056	$210	0.0%	$11.93	—	COM	67060D107
NUE	NUCOR CORP COM	4,168	$206	0.0%	$39.15	0.0%	COM	670346105
—	NUVEEN CR STRATEGIES INCM FD COM SHS	17,200	$139	0.0%	$8.91	—	COM	67073D102
—	CALAMOS STRATEGIC TOTL RETN FD COM SH BEN INT	13,775	$136	0.0%	$9.87	—	COM	128125101
—	GABELLI MULTIMEDIA TR INC COM	18,185	$128	0.0%	$7.53	—	COM	36239q109
—	KLR ENERGY ACQ CORP; TNT ACQ DT: 3/11/2018; CASH: $10.40	10,100	$101	0.0%	$10.00	—	COM	49877m108
—	PACHOLDER HIGH YIELD FD INC COM	10,000	$71	0.0%	$6.16	—	COM	693742108