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Karpus Management, Inc. — 13F Holdings & Portfolio

CIK 1048703 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Karpus Management, Inc. manages $3.48B in 13F-reported U.S. long-equity assets across 233 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VOO (7.24%), MHD (6.78%), BLV (4.23%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 27 new positions and exited 25; 78 existing positions rose in reported value and 22 fell.

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
$3.48B

Long-equity book

Holdings
233

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+27 / −25 / ↑78 / ↓22

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VOO7.2% · -7%MHD6.8% · -1%BLV4.2% · +8%BTT3.0% · -1%VB2.8% · -1%MYN2.3% · -3%VWO2.2% · -2%VEU2.2% · -7%TLT2.2% · +223%WIA2.0% · +4%MYI1.7% · -4%IVV1.7% · -11%FINS1.7% · -1%MUC1.5% · -14%NBXG1.4% · -3%VCRM1.3% · +4%GDV1.2% · -4%CSQ1.2% · +6%QQQX1.2% · -15%BND1.2% · +62%AFB1.2% · +41%VPL1.1% · -8%IEUR1.0% · -2%BST0.9% · +14%IEF0.9% · +1119%IWB0.9% · -12%SCII0.8% · -3%DMII0.8% · +7%MQY0.8% · -8%DMAA0.8% · -1%AACP0.8% · newVTI0.7% · -15%KTF0.7% · -16%VGK0.7% · -2%ASG0.7% · +8%CHW0.6% · +12%XLF0.6% · 0%ETO0.6% · +8%AIIA0.6% · -3%TAVI0.6% · -13%BKT0.6% · -1%EZU0.6% · -1%VGT0.6% · +673%USA0.5% · +5%MKLY0.5% · -4%ANSC0.5% · -3%EWC0.5% · +1%PCQ0.5% · +14%GCOW0.5% · +6%RFAI0.5% · -1%VUG0.5% · +497%BHK0.5% · -1%EIM0.5% · -28%WPAC0.5% · +2%COPL0.5% · -1%ETW0.4% · -1%BBJP0.4% · -12%CHAR0.4% · -0%GTERA0.4% · -1%DGRO0.4% · +1%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 35%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People
Assets Under Management
$4.01B
Discretionary
$4.01B
Employees
38
Accounts
2,279
Address
183 SULLY'S TRAIL
PITTSFORD, NY 14534
Phone
(585) 586-4680
Website
Name Title / Status Ownership Type
CITY OF LONDON INVESTMENT GROUP PLC ControlPARENT COMPANY75% or moreForeign Entity
CRANE, KATHLEEN, FINNERTY ControlCHIEF FINANCIAL OFFICER & TREASURER/SECRETARY OF THE BOARDLess than 5%Individual
KARPUS, GEORGE, WILLIAM ControlSHAREHOLDER25–50%Individual
LIPPINCOTT, DANIEL, LEE ControlCHIEF INVESTMENT OFFICER & PRESIDENTLess than 5%Individual
HEDBERG, JODI, LEECHIEF COMPLIANCE OFFICERLess than 5%Individual

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Karpus Management, Inc. Holdings (2026-06-30)

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 $251.7M 7.24% 366,496 SH
2 BLACKROCK MUNIHOLDINGS FUND INC MHD 09253N104 $235.8M 6.78% 19,816,954 SH
3 VANGUARD BD INDEX FD INC LONG TERM BOND BLV 921937793 $147.0M 4.23% 2,132,736 SH
4 BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST BTT 09257P105 $105.6M 3.04% 4,641,247 SH
5 VANGUARD INDEX FDS SMALL CP ETF VB 922908751 $96.9M 2.79% 319,556 SH
6 BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC MYN 09255E102 $80.6M 2.32% 7,938,637 SH
7 VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF VWO 922042858 $77.3M 2.22% 1,294,280 SH
8 VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US VEU 922042775 $76.4M 2.20% 911,846 SH
9 ISHARES LEHMAN 20plus YR TREAS TLT 464287432 $76.3M 2.20% 882,953 SH
10 WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT WIA 95766Q106 $70.3M 2.02% 8,648,798 SH
11 BlackRock MuniYield Quality Fund III MYI 09254E103 $60.5M 1.74% 5,442,103 SH
12 ISHARES CORE S&P500 ETF IVV 464287200 $60.4M 1.74% 80,591 SH
13 ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST FINS 03464A100 $59.6M 1.71% 4,654,677 SH
14 BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND MUC 09254L107 $50.6M 1.46% 4,603,531 SH
15 NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND NBXG 64133Q108 $49.3M 1.42% 2,981,177 SH
16 VANGUARD CORE TAX EXEMPT BOND ETF VCRM 922907712 $46.9M 1.35% 613,630 SH
17 GABELLI DIVD & INCOME TR COM GDV 36242H104 $42.5M 1.22% 1,444,270 SH
18 CALAMOS STRAT TOT RETURN FD CSQ 128125101 $42.2M 1.21% 2,052,204 SH
19 NUVEEN NAS100 DYN OVERWRT FD QQQX 670699107 $42.0M 1.21% 1,393,850 SH
20 VANGUARD BD INDEX FD INC TOTAL BND MRKT BND 921937835 $41.5M 1.19% 565,055 SH
21 ALLIANCE NATIONAL MUNICIPAL INCOME FUND AFB 01864U106 $41.1M 1.18% 3,603,262 SH
22 VANGUARD FTSE PACIFIC ETF VPL 922042866 $39.0M 1.12% 337,048 SH
23 ISHARES TR CORE MSCI EURO IEUR 46434V738 $36.2M 1.04% 481,445 SH
24 BLACKROCK SCIENCE & TECH TR BST 09258G104 $32.4M 0.93% 639,482 SH
25 ISHARES LEHMAN 7-10YR TREAS IEF 464287440 $31.4M 0.90% 331,612 SH
26 ISHARES RUSSELL 1000 ETF IWB 464287622 $30.5M 0.88% 74,490 SH
27 SC ACQ CRP II; TNT ACQ DT: 5/25/2027; CASH: $10.00 SCII G7866D102 $29.5M 0.85% 2,942,837 SH
28 DRUGS MADE IN AMERICA ACQ CRP II; TNT ACQ DT: 9/25/2027; CASH: $10.00 DMII G2851K104 $28.0M 0.81% 2,787,998 SH
29 BLACKROCK MUNIYIELD QUALITY MQY 09254F100 $28.0M 0.81% 2,414,908 SH
30 DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05 DMAA G2847J104 $26.7M 0.77% 2,507,817 SH
31 APOGEE ACQ CRP; TNT ACQ DT: 7/07/2027; CASH: $10.05 AACP G04126101 $26.3M 0.76% 2,648,075 SH
32 VANGUARD INDEX FDS TOTAL STK MKT VTI 922908769 $25.4M 0.73% 68,670 SH
33 DWS MUNICIPAL INCOME TRUST KTF 233368109 $25.4M 0.73% 2,760,957 SH
34 VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF VGK 922042874 $25.1M 0.72% 283,483 SH
35 LIBERTY ALL-STAR GROWTH FD ASG 529900102 $24.9M 0.72% 4,548,670 SH
36 CALAMOS GLOBAL DYNAMIC INCOME FUND CHW 12811L107 $21.9M 0.63% 2,460,540 SH
37 FINANCIAL SELECT SECTOR SPDR XLF 81369Y605 $21.8M 0.63% 405,788 SH
38 EATON VANCE TAX-ADV GLOBAL DIV OPP FUND ETO 27828U106 $21.6M 0.62% 699,132 SH
39 AI INFRASTRUCTURE ACQ CRP; TNT ACQ DT: 4/3/2027; CASH: $10.00 AIIA G01336109 $20.6M 0.59% 2,009,049 SH
40 TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05 TAVI G86880104 $20.2M 0.58% 1,893,627 SH
41 BLACKROCK INCOME TR INC COM BKT 09247F209 $19.6M 0.56% 1,828,427 SH
42 ISHARES EMU ETF EZU 464286608 $19.4M 0.56% 278,697 SH
43 VANGUARD WORLD FDS INF TECH ETF VGT 92204A702 $19.3M 0.55% 161,378 SH
44 LIBERTY ALL-STAR EQUITY FUND USA 530158104 $19.0M 0.55% 3,271,867 SH
45 MCKINLEY ACQ CRP; TNT ACQ DT: 8/12/2027; CASH: $10.00 MKLY G6005T101 $18.5M 0.53% 1,825,871 SH
46 AGRICULTURE & NATURAL SOLUTIONS ACQ CRP; TNT ACQ DT: 11/10/2025; CASH: $10.00 ANSC G0131Y100 $18.4M 0.53% 1,613,968 SH
47 ISHARES MSCI CDA ETF EWC 464286509 $18.3M 0.53% 317,284 SH
48 PIMCO CALIFORNIA MUNICIPAL INC PCQ 72200N106 $18.2M 0.52% 2,031,479 SH
49 PACER GLOBAL CASH COWS DIVIDEND GCOW 69374H709 $17.9M 0.51% 413,372 SH
50 RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05 RFAI G75389109 $17.9M 0.51% 1,619,533 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $3.48B 233 0001072613-26-000683
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
Filer Information
Address
183 SULLY'S TRAIL
PITTSFORD, NY 14534
Phone
(585) 586-4680
Filing Manager
Karpus Management, Inc.
Pittsford, NY
Signatory
Jodi Hedberg
Chief Compliance Officer