# Karpus Management, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1048703. Source: https://holderbook.com/funds/1048703-karpus-management-inc/

- Reported value: $3.5B
- Positions: 233
- Weight of the ten largest: 35.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $251.7M | 366,496 | 7.2% | 27 |
| BLACKROCK MUNIHOLDINGS FD IN | [MHD](https://holderbook.com/stocks/MHD/) | $235.8M | 19,816,954 | 6.8% | 15 |
| VANGUARD BD INDEX FDS | [BLV](https://holderbook.com/stocks/BLV/) | $147.0M | 2,132,736 | 4.2% | 31 |
| BLACKROCK MUN TARGET TERM TR | [BTT](https://holderbook.com/stocks/BTT/) | $105.6M | 4,641,247 | 3.0% | 16 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $96.9M | 319,556 | 2.8% | 31 |
| BLACKROCK MUNIYIELD N Y QUAL | [MYN](https://holderbook.com/stocks/MYN/) | $80.6M | 7,938,637 | 2.3% | 17 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $77.3M | 1,294,280 | 2.2% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $76.4M | 911,846 | 2.2% | 31 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $76.3M | 882,953 | 2.2% | 2 |
| WESTERN ASSET INFLT LNK INC | [WIA](https://holderbook.com/stocks/WIA/) | $70.3M | 8,648,798 | 2.0% | 31 |
| BLACKROCK MUNIYIELD QUALITY | [MYI](https://holderbook.com/stocks/MYI/) | $60.5M | 5,442,103 | 1.7% | 31 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $60.4M | 80,591 | 1.7% | 31 |
| ANGEL OAK FINL STRATEGIES IN | [FINS](https://holderbook.com/stocks/FINS/) | $59.6M | 4,654,677 | 1.7% | 15 |
| BLACKROCK MUNIHLDNGS CALI | [MUC](https://holderbook.com/stocks/MUC/) | $50.6M | 4,603,531 | 1.5% | 15 |
| NEUBERGER NEXT GENERATION | [NBXG](https://holderbook.com/stocks/NBXG/) | $49.3M | 2,981,177 | 1.4% | 19 |
| VANGUARD MUN BD FDS | [VCRM](https://holderbook.com/stocks/VCRM/) | $46.9M | 613,630 | 1.3% | 4 |
| GABELLI DIVID & INCOME TR | [GDV](https://holderbook.com/stocks/GDV/) | $42.5M | 1,444,270 | 1.2% | 27 |
| CALAMOS STRATEGIC TOTAL RETU | [CSQ](https://holderbook.com/stocks/CSQ/) | $42.2M | 2,052,204 | 1.2% | 11 |
| NUVEEN NASDAQ 100 DYNAMIC OV | [QQQX](https://holderbook.com/stocks/QQQX/) | $42.0M | 1,393,850 | 1.2% | 11 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $41.5M | 565,055 | 1.2% | 25 |
| ALLIANCEBERNSTEIN NATL MUN I | [AFB](https://holderbook.com/stocks/AFB/) | $41.1M | 3,603,262 | 1.2% | 16 |
| VANGUARD INTL EQUITY INDEX F | [VPL](https://holderbook.com/stocks/VPL/) | $39.0M | 337,048 | 1.1% | 31 |
| ISHARES TR | [IEUR](https://holderbook.com/stocks/IEUR/) | $36.2M | 481,445 | 1.0% | 9 |
| BLACKROCK SCIENCE & TECHNOLO | [BST](https://holderbook.com/stocks/BST/) | $32.4M | 639,482 | 0.9% | 8 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $31.4M | 331,612 | 0.9% | 15 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $30.5M | 74,490 | 0.9% | 6 |
| SC II ACQUISITION CORP | [SCII](https://holderbook.com/stocks/SCII/) | $29.5M | 2,942,837 | 0.8% | 2 |
| DRUGS MADE IN AMER ACQ II CO | [DMII](https://holderbook.com/stocks/DMII/) | $28.0M | 2,787,998 | 0.8% | 3 |
| BLACKROCK MUNIYILD QULT FD I | [MQY](https://holderbook.com/stocks/MQY/) | $28.0M | 2,414,908 | 0.8% | 3 |
| DRUGS MADE IN AMER ACQUTN CO | [DMAA](https://holderbook.com/stocks/DMAA/) | $26.7M | 2,507,817 | 0.8% | 6 |
| APOGEE ACQUISITION CORP | [AACPR](https://holderbook.com/stocks/AACPR/) | $26.3M | 2,648,075 | 0.8% | 1 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $25.4M | 68,670 | 0.7% | 31 |
| DWS MUN INCOME TR | [KTF](https://holderbook.com/stocks/KTF/) | $25.4M | 2,760,957 | 0.7% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $25.1M | 283,483 | 0.7% | 31 |
| LIBERTY ALL-STAR GROWTH FD I | [ASG](https://holderbook.com/stocks/ASG/) | $24.9M | 4,548,670 | 0.7% | 15 |
| CALAMOS GBL DYN INCOME FUND | [CHW](https://holderbook.com/stocks/CHW/) | $21.9M | 2,460,540 | 0.6% | 11 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $21.8M | 405,788 | 0.6% | 7 |
| EATON VANCE TAX-ADVANTAGED G | [ETO](https://holderbook.com/stocks/ETO/) | $21.6M | 699,132 | 0.6% | 15 |
| AI INFRASTRUCTURE ACQUISI | [AIIA](https://holderbook.com/stocks/AIIA/) | $20.6M | 2,009,049 | 0.6% | 3 |
| TAVIA ACQUISITION CORP | [TAVI](https://holderbook.com/stocks/TAVI/) | $20.2M | 1,893,627 | 0.6% | 7 |
| BLACKROCK INCOME TR INC | [BKT](https://holderbook.com/stocks/BKT/) | $19.6M | 1,828,427 | 0.6% | 4 |
| ISHARES INC | [EZU](https://holderbook.com/stocks/EZU/) | $19.4M | 278,697 | 0.6% | 5 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $19.3M | 161,378 | 0.6% | 26 |
| LIBERTY ALL STAR EQUITY FD | [USA](https://holderbook.com/stocks/USA/) | $19.0M | 3,271,867 | 0.5% | 3 |
| MCKINLEY ACQUISITION CORP | [MKLY](https://holderbook.com/stocks/MKLY/) | $18.5M | 1,825,871 | 0.5% | 3 |
| AGRICULTURE & NAT SOL ACQ CO | [ANSC](https://holderbook.com/stocks/ANSC/) | $18.4M | 1,613,968 | 0.5% | 8 |
| ISHARES INC | [EWC](https://holderbook.com/stocks/EWC/) | $18.3M | 317,284 | 0.5% | 8 |
| PIMCO CALIF MUN INCOME FD | [PCQ](https://holderbook.com/stocks/PCQ/) | $18.2M | 2,031,479 | 0.5% | 4 |
| PACER FDS TR | [GCOW](https://holderbook.com/stocks/GCOW/) | $17.9M | 413,372 | 0.5% | 5 |
| RF ACQUISITION CORP II | [RFAI](https://holderbook.com/stocks/RFAI/) | $17.9M | 1,619,533 | 0.5% | 8 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $17.4M | 201,907 | 0.5% | 30 |
| BLACKROCK CORE BD TR | [BHK](https://holderbook.com/stocks/BHK/) | $17.0M | 1,858,353 | 0.5% | 5 |
| EATON VANCE MUN BD FD | [EIM](https://holderbook.com/stocks/EIM/) | $16.5M | 1,660,000 | 0.5% | 31 |
| WHITE PEARL ACQUISITION CORP | [WPAC](https://holderbook.com/stocks/WPAC/) | $16.4M | 1,641,020 | 0.5% | 2 |
| COPLEY ACQUISITION CORP | [COPL](https://holderbook.com/stocks/COPL/) | $15.8M | 1,510,297 | 0.5% | 5 |
| EATON VANCE TAX-MANAGED GLOB | [ETW](https://holderbook.com/stocks/ETW/) | $15.6M | 1,616,305 | 0.4% | 15 |
| J P MORGAN EXCHANGE TRADED F | [BBJP](https://holderbook.com/stocks/BBJP/) | $15.4M | 204,173 | 0.4% | 15 |
| CHARLTON ARIA ACQUISITION CO | [CHAR](https://holderbook.com/stocks/CHAR/) | $15.2M | 1,410,653 | 0.4% | 7 |
| GLOBA TERRA ACQUISITION COR | [GTERA](https://holderbook.com/stocks/GTERA/) | $15.1M | 1,461,112 | 0.4% | 4 |
| ISHARES TR | [DGRO](https://holderbook.com/stocks/DGRO/) | $14.9M | 196,580 | 0.4% | 4 |
| VERNAL CAP ACQUISITION CORP | - | $14.8M | 1,484,400 | 0.4% | 1 |
| BLACKROCK ENHANCED GLOBAL | [BOE](https://holderbook.com/stocks/BOE/) | $14.6M | 1,206,786 | 0.4% | 31 |
| BLACKROCK SCIENCE & TECHNOLO | [BSTZ](https://holderbook.com/stocks/BSTZ/) | $14.5M | 483,321 | 0.4% | 26 |
| WESTIN ACQUISITION CORP | [WSTN](https://holderbook.com/stocks/WSTN/) | $14.0M | 1,388,365 | 0.4% | 2 |
| ACP HOLDINGS ACQUISITION COR | - | $13.4M | 1,348,625 | 0.4% | 1 |
| BLACKROCK ENHANCED INTL DIV | [BGY](https://holderbook.com/stocks/BGY/) | $13.4M | 2,327,943 | 0.4% | 31 |
| ORIGIN INVT CORP I | [ORIQ](https://holderbook.com/stocks/ORIQ/) | $13.3M | 1,286,528 | 0.4% | 4 |
| MFS INTER INCOME TR | [MIN](https://holderbook.com/stocks/MIN/) | $13.1M | 5,323,675 | 0.4% | 18 |
| K&F GROWTH ACQUISITION CORP | [KFII](https://holderbook.com/stocks/KFII/) | $13.1M | 1,245,037 | 0.4% | 6 |
| VENDOME ACQUISITION CORP I | [VNME](https://holderbook.com/stocks/VNME/) | $12.7M | 1,247,903 | 0.4% | 4 |
| LAKE SUPERIOR ACQUISITION CO | [LKSP](https://holderbook.com/stocks/LKSP/) | $12.7M | 1,249,608 | 0.4% | 3 |
| APEX TREAS CORP | [APXT](https://holderbook.com/stocks/APXT/) | $12.6M | 1,253,557 | 0.4% | 2 |
| BHAV ACQUISITION CORP | [BHAVR](https://holderbook.com/stocks/BHAVR/) | $12.6M | 1,267,457 | 0.4% | 1 |
| SPACSPHERE ACQUISITION CORP | [SSAC](https://holderbook.com/stocks/SSAC/) | $12.5M | 1,248,875 | 0.4% | 2 |
| CHENGHE ACQUISITION III CO | [CHEC](https://holderbook.com/stocks/CHEC/) | $11.9M | 1,176,550 | 0.3% | 3 |
| FIGX CAP ACQUISITION CORP. | [FIGX](https://holderbook.com/stocks/FIGX/) | $11.9M | 1,163,324 | 0.3% | 3 |
| APEX TECH ACQUISITION INC | [TRAD-UN](https://holderbook.com/stocks/TRAD-UN/) | $11.7M | 1,171,450 | 0.3% | 1 |
| FUTURE MONEY ACQUISITION COR | - | $11.6M | 1,163,950 | 0.3% | 1 |
| EATON VANCE TAX-MANAGED GLOB | [EXG](https://holderbook.com/stocks/EXG/) | $11.4M | 1,166,515 | 0.3% | 15 |
| EATON VANCE TAX ADVT DIV INC | [EVT](https://holderbook.com/stocks/EVT/) | $11.4M | 412,721 | 0.3% | 15 |
| GABELLI EQUITY TR INC | [GAB](https://holderbook.com/stocks/GAB/) | $11.2M | 1,973,929 | 0.3% | 1 |
| MORGAN STANLEY INDIA INVT FD | [IIF](https://holderbook.com/stocks/IIF/) | $10.9M | 477,621 | 0.3% | 31 |
| ALLSPRING GLOBAL DIVIDEND OP | [EOD](https://holderbook.com/stocks/EOD/) | $10.6M | 1,620,995 | 0.3% | 10 |
| MELAR ACQUISITION CORP. I | [MACI](https://holderbook.com/stocks/MACI/) | $10.5M | 961,303 | 0.3% | 8 |
| JOHN HANCOCK DIVERSIFIED INC | [HEQ](https://holderbook.com/stocks/HEQ/) | $10.4M | 909,620 | 0.3% | 2 |
| QUARTZSEA ACQUISITION CORP | [QSEA](https://holderbook.com/stocks/QSEA/) | $10.3M | 974,765 | 0.3% | 5 |
| ABRDN AUSTRALIA EQUITY FD IN | [IAF](https://holderbook.com/stocks/IAF/) | $10.2M | 822,927 | 0.3% | 3 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $10.2M | 50,375 | 0.3% | 5 |
| MORGAN STANLEY CHINA A SH FD | [CAF](https://holderbook.com/stocks/CAF/) | $10.1M | 482,293 | 0.3% | 17 |
| INFLECTION POINT ACQU CORP V | [IPEX](https://holderbook.com/stocks/IPEX/) | $10.1M | 962,657 | 0.3% | 6 |
| NYLI CBRE GBL INFR MEGTRNDS | [MEGI](https://holderbook.com/stocks/MEGI/) | $10.0M | 656,967 | 0.3% | 17 |
| EMMIS ACQUISITION CORP. | [EMIS](https://holderbook.com/stocks/EMIS/) | $9.9M | 981,161 | 0.3% | 3 |
| ART TECHNOLOGY ACQUISITION C | [ARTC](https://holderbook.com/stocks/ARTC/) | $9.7M | 973,200 | 0.3% | 1 |
| GIGCAPITAL8 CORP | [GIW](https://holderbook.com/stocks/GIW/) | $9.5M | 945,625 | 0.3% | 3 |
| TEMPLETON DRAGON FD INC | [TDF](https://holderbook.com/stocks/TDF/) | $9.5M | 871,955 | 0.3% | 15 |
| ISHARES TR | [EDEN](https://holderbook.com/stocks/EDEN/) | $9.4M | 85,230 | 0.3% | 4 |
| HANCOCK JOHN INCOME SECS TR | [JHS](https://holderbook.com/stocks/JHS/) | $9.3M | 846,161 | 0.3% | 17 |
| VIRTUS ARTIFICIAL INTELLIGEN | [AIO](https://holderbook.com/stocks/AIO/) | $9.1M | 324,291 | 0.3% | 2 |
| COLUMBIA SELIGM PREM TECH GR | [STK](https://holderbook.com/stocks/STK/) | $9.1M | 168,899 | 0.3% | 3 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $9.0M | 261,401 | 0.3% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.9% | +14.8% | -7.9% | 99% |
| Q1 2026 | -1.9% | -4.6% | +2.8% | 91% |
| Q4 2025 | +2.4% | +2.4% | -0.0% | 100% |
| Q3 2025 | +3.8% | +7.8% | -4.0% | 98% |
| Q2 2025 | +3.2% | +10.5% | -7.3% | 98% |
| Q1 2025 | -0.6% | -4.6% | +4.0% | 95% |
| Q4 2024 | -3.1% | +2.1% | -5.3% | 98% |
| Q3 2024 | +4.2% | +5.4% | -1.3% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.5B | 233 |
| Q1 2026 | $3.2B | 231 |
| Q4 2025 | $3.3B | 214 |
| Q3 2025 | $3.2B | 204 |
| Q2 2025 | $3.1B | 199 |
| Q1 2025 | $3.1B | 202 |
| Q4 2024 | $3.4B | 205 |
| Q3 2024 | $3.6B | 220 |
| Q2 2024 | $3.6B | 230 |
| Q1 2024 | $3.5B | 239 |
| Q4 2023 | $3.3B | 257 |
| Q3 2023 | $3.0B | 275 |