Karpus Management, Inc. — 13F Holdings & Portfolio
CIK 1048703 · latest 13F-HR filed 2026-05-14
Karpus Management, Inc. manages $3.21B in 13F-reported U.S. long-equity assets across 231 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are VOO (7.32%), MHD (7.05%), BLV (4.23%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 40 new positions, exited 23, added to 49, and trimmed 56.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$3.21B
Long-equity book
Holdings
231
Distinct positions
Period
2026-03-31
Filed 2026-05-14
Q/Q Activity
+40 / −23 / ↑49 / ↓56
vs 2025-12-31
Firm Profile & Key People
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- BLACKROCK MUNIHOLDINGS FUND INC$126.3M +126.7%
- BlackRock MuniYield Quality Fund III$55.6M +1360.9%
- BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC$54.0M +221.9%
- BLACKROCK MUNIYIELD QUALITY$21.0M +271.9%
- DRUGS MADE IN AMERICA ACQ CRP II; TNT ACQ DT: 9/25/2027; CASH: $10.00$14.6M +128.8%
Top Trims
- AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05-$60.8M -99.7%
- ISHARES LEHMAN 7-10YR TREAS-$43.2M -94.3%
- VANGUARD INDEX FDS S&P 500 ETF SH-$30.5M -11.5%
- VANGUARD BD INDEX FD INC TOTAL BND MRKT-$23.5M -47.7%
- VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF-$23.2M -86.8%
New Positions
- SC ACQ CRP II; TNT ACQ DT: 5/25/2027; CASH: $10.00$30.2M
- ISHARES LEHMAN 20-plus YR TREAS$23.7M
- WHITE PEARL ACQ CRP; TNT ACQ DT: 7/30/2027; CASH: $10.00$15.8M
- WESTIN ACQ CRP; TNT ACQ DT: 5/4/2027; CASH: $10.00$13.9M
- SPACSPHERE ACQ CRP; TNT ACQ DT: 5/5/2027; CASH: $10.00$12.1M
Exited Positions
- BLACKROCK MUNIVEST FUND$57.9M
- BLACKROCK MUN INC TRUST II$51.1M
- BLACKROCK MUNICIPAL INCOME TRUST$49.7M
- BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INC$37.5M
- NUVEEN NY AMT FREE MUN INCOME COM$35.7M
All Holdings
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS S&P 500 ETF SH | VOO | 922908363 | $234.8M | 7.32% | 392,872 | SH |
| 2 | BLACKROCK MUNIHOLDINGS FUND INC | MHD | 09253N104 | $226.0M | 7.05% | 20,033,393 | SH |
| 3 | VANGUARD BD INDEX FD INC LONG TERM BOND | BLV | 921937793 | $135.5M | 4.23% | 1,970,328 | SH |
| 4 | BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST | BTT | 09257P105 | $106.4M | 3.32% | 4,689,313 | SH |
| 5 | VANGUARD INDEX FDS SMALL CP ETF | VB | 922908751 | $84.3M | 2.63% | 321,684 | SH |
| 6 | BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC | MYN | 09255E102 | $78.3M | 2.44% | 8,159,423 | SH |
| 7 | VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US | VEU | 922042775 | $73.4M | 2.29% | 976,719 | SH |
| 8 | VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF | VWO | 922042858 | $71.4M | 2.23% | 1,321,574 | SH |
| 9 | WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT | WIA | 95766Q106 | $67.4M | 2.10% | 8,346,410 | SH |
| 10 | ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST | FINS | 03464A100 | $59.9M | 1.87% | 4,697,846 | SH |
| 11 | BlackRock MuniYield Quality Fund III | MYI | 09254E103 | $59.7M | 1.86% | 5,676,653 | SH |
| 12 | ISHARES CORE S&P500 ETF | IVV | 464287200 | $59.3M | 1.85% | 90,790 | SH |
| 13 | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND | MUC | 09254L107 | $56.0M | 1.75% | 5,379,853 | SH |
| 14 | VANGUARD CORE TAX-EXEMPT BOND ETF | VCRM | 922907712 | $44.3M | 1.38% | 590,059 | SH |
| 15 | NUVEEN NAS100 DYN OVERWRT FD | QQQX | 670699107 | $43.7M | 1.36% | 1,636,959 | SH |
| 16 | GABELLI DIVD & INCOME TR COM | GDV | 36242H104 | $40.4M | 1.26% | 1,499,700 | SH |
| 17 | NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND | NBXG | 64133Q108 | $39.5M | 1.23% | 3,069,100 | SH |
| 18 | VANGUARD FTSE PACIFIC ETF | VPL | 922042866 | $35.9M | 1.12% | 367,821 | SH |
| 19 | ISHARES TR CORE MSCI EURO | IEUR | 46434V738 | $34.6M | 1.08% | 492,537 | SH |
| 20 | CALAMOS STRAT TOT RETURN FD | CSQ | 128125101 | $33.3M | 1.04% | 1,944,623 | SH |
| 21 | ISHARES RUSSELL 1000 ETF | IWB | 464287622 | $30.3M | 0.95% | 85,096 | SH |
| 22 | SC ACQ CRP II; TNT ACQ DT: 5/25/2027; CASH: $10.00 | SCII | G7866D102 | $30.2M | 0.94% | 3,026,479 | SH |
| 23 | DWS MUNICIPAL INCOME TRUST | KTF | 233368109 | $29.9M | 0.93% | 3,291,016 | SH |
| 24 | BLACKROCK MUNIYIELD QUALITY | MQY | 09254F100 | $28.7M | 0.90% | 2,616,894 | SH |
| 25 | ALLIANCE NATIONAL MUNICIPAL INCOME FUND | AFB | 01864U106 | $27.3M | 0.85% | 2,553,118 | SH |
| 26 | DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05 | DMAA | G2847J104 | $26.5M | 0.83% | 2,530,517 | SH |
| 27 | DRUGS MADE IN AMERICA ACQ CRP II; TNT ACQ DT: 9/25/2027; CASH: $10.00 | DMII | G2851K104 | $25.9M | 0.81% | 2,597,923 | SH |
| 28 | VANGUARD INDEX FDS TOTAL STK MKT | VTI | 922908769 | $25.9M | 0.81% | 80,671 | SH |
| 29 | VANGUARD BD INDEX FD INC TOTAL BND MRKT | BND | 921937835 | $25.7M | 0.80% | 349,587 | SH |
| 30 | GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.00 | GPAT | G4035N103 | $24.2M | 0.75% | 2,230,216 | SH |
| 31 | VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF | VGK | 922042874 | $23.8M | 0.74% | 288,827 | SH |
| 32 | ISHARES LEHMAN 20-plus YR TREAS | TLT | 464287432 | $23.7M | 0.74% | 273,415 | SH |
| 33 | LEGATO ACQ CRP III; TNT ACQ DT: 2/08/2026; CASH: $10.00 | LEGT | G5451A103 | $23.5M | 0.73% | 2,139,308 | SH |
| 34 | QUARTZSEA ACQ CRP; TNT ACQ DT: 6/18/2026; CASH: $10.00 | QSEA | G7314B104 | $23.4M | 0.73% | 2,256,805 | SH |
| 35 | TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05 | TAVI | G86880104 | $23.0M | 0.72% | 2,177,202 | SH |
| 36 | EATON VANCE MUN BD FD COM | EIM | 27827X101 | $22.4M | 0.70% | 2,296,254 | SH |
| 37 | AI INFRASTRUCTURE ACQ CRP; TNT ACQ DT: 4/3/2027; CASH: $10.00 | AIIA | G01336109 | $20.7M | 0.65% | 2,066,198 | SH |
| 38 | BLACKROCK SCIENCE & TECH TR | BST | 09258G104 | $20.5M | 0.64% | 562,909 | SH |
| 39 | LIBERTY ALL-STAR GROWTH FD | ASG | 529900102 | $20.0M | 0.63% | 4,220,488 | SH |
| 40 | FINANCIAL SELECT SECTOR SPDR | XLF | 81369Y605 | $20.0M | 0.63% | 405,787 | SH |
| 41 | BLACKROCK INCOME TR INC COM | BKT | 09247F209 | $19.6M | 0.61% | 1,851,052 | SH |
| 42 | MCKINLEY ACQ CRP; TNT ACQ DT: 8/12/2027; CASH: $10.00 | MKLY | G6005T101 | $19.1M | 0.60% | 1,903,371 | SH |
| 43 | AGRICULTURE & NATURAL SOLUTIONS ACQ CRP; TNT ACQ DT: 11/10/2025; CASH: $10.00 | ANSC | G0131Y100 | $18.8M | 0.59% | 1,662,443 | SH |
| 44 | SIM ACQ CRP; TNT ACQ DT8/30/2024 7/12/2026; CASH $10.00 | SIMA | G8431T101 | $18.5M | 0.58% | 1,725,032 | SH |
| 45 | PACER GLOBAL CASH COWS DIVIDEND | GCOW | 69374H709 | $18.1M | 0.57% | 391,956 | SH |
| 46 | RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05 | RFAI | G75389109 | $17.9M | 0.56% | 1,640,733 | SH |
| 47 | ISHARES EMU ETF | EZU | 464286608 | $17.6M | 0.55% | 280,297 | SH |
| 48 | LIBERTY ALL-STAR EQUITY FUND | USA | 530158104 | $17.3M | 0.54% | 3,116,511 | SH |
| 49 | ISHARES MSCI CDA ETF | EWC | 464286509 | $17.2M | 0.54% | 314,292 | SH |
| 50 | BLACKROCK CORE BD TR SHS BEN INT | BHK | 09249E101 | $17.2M | 0.54% | 1,879,578 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-14 | $3.21B | 231 | 0001072613-26-000439 |
| 2025-12-31 | 2026-02-17 | $3.26B | 214 | 0001072613-26-000189 |
| 2025-12-31 | 2026-02-13 | $489.0M | 100 | 0001072613-26-000174 |