Karpus Management, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Karpus Management, Inc. reported 205 stock positions worth $3.4 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 7.4% of the portfolio, followed by Nuveen NY Amt-FR Muni (NRK, 6.0%) and BlackRock Municipal Income (XMUIX, 3.8%). Compared with Q3 2024, it opened 17 new positions, sold out of 32, added to 63 and reduced 104. The biggest buy was Aa Mission Acquisition Cor-A (AAM, shares +227%) and the biggest sale BlackRock Municipal Income (XMUIX, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- Pittsford, NY
- CIK
- 0001048703
- Portfolio Value
- $3.4B (Q4 2024)
- SEC Filing
- 0001072613-25-000115 ↗ filed Feb 14, 2025
Holdings Value
Holdings 205 stocks · $3.4B
| VOO Vanguard S&P 500 ETF | 7.44% | 467,068 | $251.7M | Add +1.4% |
| NRK Nuveen NY Amt-FR Muni Inc. | 5.96% | 19,253,006 | $201.4M | Reduce -4.0% |
| XMUIX BlackRock Municipal Income | 3.79% | 10,563,515 | $128.0M | Reduce -39.7% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 3.59% | 10,748,433 | $121.2M | Reduce -27.5% |
| MHD BlackRock Muniholdings Fund | 2.59% | 7,494,174 | $87.5M | Add +2.6% |
| IVV iShares Core S&P 500 ETF | 2.51% | 144,298 | $84.9M | Reduce -4.2% |
| EIM Eaton Vance Municipal Bond | 2.39% | 7,785,683 | $80.7M | Reduce -6.5% |
| XMVFX BlackRock Munivest Fund | 2.35% | 11,299,248 | $79.5M | Reduce -5.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.32% | 326,493 | $78.4M | Add +0.1% |
| NAD Nuveen Quality Municipal Inc. | 2.03% | 5,878,998 | $68.5M | Reduce -32.7% |
| XWIAX Western Asset Infl-Link Sec | 1.83% | 7,743,070 | $61.9M | Add +1.2% |
| AAM Aa Mission Acquisition Cor-A | 1.79% | 6,000,453 | $60.6M | Add +227.3% |
| BTT BlackRock 2030 Muni TRGT TRM | 1.71% | 2,813,280 | $57.9M | Add +9.0% |
| VWO Vanguard Ftse Emerging Marke | 1.59% | 1,223,913 | $53.9M | Add +1.2% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.47% | 1,842,824 | $49.8M | Add +5.9% |
| MUC BlackRock Munihold Ca QLTY | 1.45% | 4,596,881 | $48.9M | Add +26.5% |
| NBXG Neuberger Next Generation Co. | 1.43% | 3,808,155 | $48.5M | Reduce -1.5% |
| FINS Angel Oak Financ Strat Inc. | 1.42% | 3,771,451 | $47.9M | Reduce -13.0% |
| BFK BlackRock Municipal Inc. TRST | 1.27% | 4,343,600 | $42.8M | Add +24.6% |
| XGDVX Gabelli Dividend & Income TR | 1.25% | 1,743,555 | $42.1M | Reduce -1.4% |
| VTI VG Morningstar TS MKT ETF-US | 1.23% | 143,943 | $41.7M | Reduce -1.2% |
| BLE BlackRock Muni Inc. TR II | 1.21% | 3,898,475 | $41.0M | Add +30.6% |
| IEF iShares 7-10 Year Treasury B | 1.14% | 416,176 | $38.5M | Add +116.3% |
| LEGT Legato Merger Corp. III | 1.14% | 3,731,585 | $38.4M | Add +8.4% |
| BND Vanguard Total Bond Market | 1.10% | 516,741 | $37.2M | Add +268.9% |
| GPAT GP-Act III Acquisition-A | 1.09% | 3,641,464 | $36.9M | Add +21.6% |
| VGM Invesco Trust for Investmen | 1.02% | 3,431,315 | $34.7M | Add +21.4% |
| ARES ACQUISITION CORP II | 0.96% | 2,948,054 | $32.4M | Reduce -0.8% |
| NETD Nabors Energy Transition C-A | 0.95% | 2,967,944 | $32.1M | Reduce -1.1% |
| NAC Nuveen Ca QLTY Muni Inc. | 0.92% | 2,765,927 | $31.2M | Reduce -14.9% |
| XBGYX BlackRock Enh Intl DVD TR | 0.81% | 5,181,184 | $27.5M | Reduce -7.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.80% | 65,646 | $26.9M | Add +39.5% |
| IBAC Ib Acquisition Corp. | 0.79% | 2,630,907 | $26.6M | Reduce -0.4% |
| SHM SS SPDR N Ice St Muni ETF | 0.77% | 552,763 | $26.2M | Add +59.3% |
| RFAI RF Acquisition Corp. II | 0.75% | 2,491,891 | $25.5M | Reduce -0.7% |
| VKQ Invesco Municipal Trust | 0.73% | 2,525,392 | $24.8M | Add +15.9% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.71% | 2,222,999 | $23.9M | Reduce -10.2% |
| IEUR iShares Core MSCI Europe ETF | 0.70% | 440,012 | $23.8M | Add +124.1% |
| ETG Eaton Vance T/A GL DVD Incm | 0.69% | 1,282,618 | $23.4M | Reduce -2.3% |
| VPL Vanguard Ftse Pacific ETF | 0.69% | 327,272 | $23.2M | Add +2.8% |
| XEXGX Eaton Vance Tax-Managed Glob | 0.66% | 2,711,727 | $22.2M | Add +0.0% |
| MIN Aberdeen Intermediate Inc. FD | 0.65% | 8,221,061 | $21.9M | Reduce -6.9% |
| KTF DWS Municipal Income Trust | 0.62% | 2,224,878 | $21.0M | Reduce -4.3% |
| NFJ Virtus DVD Intrst & PRM STR | 0.62% | 1,651,461 | $20.9M | Reduce -26.1% |
| SIMA Sim Acquisition Corp. I-A | 0.57% | 1,935,801 | $19.4M | Add +44.3% |
| ASG Liberty All-Star Growth FD | 0.56% | 3,373,187 | $19.1M | Reduce -0.1% |
| BSTZ BlackRock Sci & Tech TRM TR | 0.56% | 917,789 | $19.0M | Reduce -26.5% |
| XAODX Abrdn Total Dynamic Dividend | 0.56% | 2,257,128 | $19.0M | Reduce -8.5% |
| VGK Vanguard Ftse Europe ETF | 0.54% | 285,183 | $18.1M | Add +2.9% |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.52% | 1,764,024 | $17.6M | Add +115.1% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.52% | 695,488 | $17.6M | Reduce -1.6% |
| VGT Vanguard Info Tech ETF | 0.49% | 26,899 | $16.7M | Reduce -8.3% |
| BMEZ BlackRock HLTH Sci TRM TR II | 0.49% | 1,143,213 | $16.5M | Reduce -21.7% |
| MHN BlackRock Muniholding NY QLT | 0.47% | 1,551,861 | $16.0M | Add +59.5% |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.47% | 661,774 | $15.9M | Add +1.6% |
| ALF Centurion Acquisition Corp. | 0.47% | 1,568,085 | $15.8M | Reduce -2.1% |
| INSIGHT SELECT INCOME FUND | 0.47% | 909,044 | $15.8M | Reduce -11.0% |
| MYN BlackRock Muniyield NY QLTY | 0.46% | 1,553,052 | $15.7M | Add +48.0% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.45% | 1,826,330 | $15.4M | Reduce -3.6% |
| MACI Melar Acquisition Corp. I-A | 0.45% | 1,510,416 | $15.2M | Add +5.7% |
| CUB Lionheart Holdings Class A | 0.45% | 1,492,250 | $15.1M | Add +6.2% |
| KVACF Keen Vision Acquisition Corp. | 0.44% | 1,368,485 | $15.0M | Reduce -0.3% |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 0.44% | 2,074,697 | $14.7M | Add +115.1% |
| CHAR Charlton Aria Acquisiti Class A | 0.42% | 1,422,228 | $14.2M | New |
| ECAT BlackRock ESG Cap All TRM TR | 0.41% | 852,577 | $14.0M | Reduce -39.5% |
| ANSC Agriculture & Natural Soluti | 0.40% | 1,294,581 | $13.6M | Reduce -0.3% |
| IQI Invesco Quality Muni Inc. TR | 0.39% | 1,350,553 | $13.3M | Reduce -27.4% |
| HAYMAKER ACQUISITION CORP 4 | 0.39% | 1,216,100 | $13.1M | Reduce -2.2% |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.38% | 1,293,947 | $13.0M | New |
| LPAA Launch One Acquisition Corp. | 0.38% | 1,288,650 | $13.0M | Add +45.7% |
| DPG Duff & Phelps Utility & Inc. | 0.37% | 1,073,251 | $12.5M | Add +11.7% |
| XIGDX Voya GLBL Eqty DVD & PRM Opp | 0.36% | 2,269,170 | $12.3M | Reduce -3.0% |
| SPKLF Spark I Acquisition Corp. | 0.36% | 1,154,375 | $12.3M | Reduce -0.1% |
| XHNWX Pioneer Diversified High | 0.35% | 1,008,466 | $11.9M | Reduce -10.1% |
| AFJK Aimei Health Technology Co. | 0.35% | 1,097,552 | $11.7M | Reduce -0.5% |
| VMO Invesco Municipal Opport | 0.34% | 1,200,132 | $11.7M | Add +4.4% |
| VEU Vanguard Ftse All-World Ex-U | 0.34% | 198,928 | $11.4M | Add +142.0% |
| BTX BlackRock Tech & Priv Eqty | 0.33% | 1,515,756 | $11.3M | Reduce -17.2% |
| BKHA Black Hawk Acquisition Cor-A | 0.33% | 1,075,029 | $11.2M | Reduce -0.0% |
| RENEF Cartesian Growth Corp. II- A | 0.33% | 955,359 | $11.1M | Reduce -0.6% |
| GLACF Global Lights Acquisition Co. | 0.32% | 1,018,810 | $10.9M | Reduce -0.7% |
| AITR AI Transportation Acquisitio | 0.31% | 987,374 | $10.6M | Reduce -0.1% |
| BBJP JPMorgan Betabuilders Japan | 0.31% | 193,369 | $10.6M | Add +0.2% |
| ZTR Virtus Total Return Fund Inc. | 0.29% | 1,688,597 | $9.9M | Add +6.1% |
| XLF SS Financial Select Sector | 0.29% | 203,075 | $9.8M | New |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.29% | 801,311 | $9.8M | Reduce -1.2% |
| BST BlackRock Science & Tech TR | 0.28% | 259,423 | $9.5M | Add +110.0% |
| BLV Vanguard Long-Term Bond ETF | 0.28% | 135,874 | $9.3M | Add +436.5% |
| FSHP Flag Ship Acquisition Corp. | 0.27% | 900,221 | $9.1M | Add +11.0% |
| TAVI Tavia Acquisition Corp. | 0.27% | 915,000 | $9.1M | New |
| QUAL iShares MSCI USA Quality Fac | 0.26% | 49,327 | $8.8M | Reduce -56.1% |
| YHNA YHN Acquisition I Ltd. | 0.26% | 865,697 | $8.7M | New |
| CHEB Chenghe Acquisition II Co. | 0.25% | 829,267 | $8.4M | Reduce -7.5% |
| IEV iShares Europe ETF | 0.24% | 154,769 | $8.1M | Reduce -3.8% |
| JOF Japan Smaller Capitalization | 0.24% | 1,042,058 | $8.0M | Reduce -1.6% |
| TDF Templeton Dragon Fund Inc. | 0.23% | 933,437 | $7.9M | Add +0.2% |
| VACH Voyager Acquisition Corp. | 0.23% | 782,350 | $7.8M | Add +271.6% |
| XCAFX Morgan Stanley China A Share | 0.23% | 623,852 | $7.8M | Reduce -7.0% |
| EURK Eureka Acquisition Corp. | 0.22% | 741,250 | $7.5M | Reduce -0.5% |
| STEW SRH Total Return Fund Inc. | 0.21% | 444,244 | $7.1M | Add +119.3% |
Portfolio Sells Q3 2024 → Q4 2024
| XMUIX BlackRock Municipal Income | Reduce -39.7% | 3.79% | −2.34 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -27.5% | 3.59% | −1.35 |
| NAD Nuveen Quality Municipal Inc. | Reduce -32.7% | 2.03% | −0.98 |
| NZF Nuveen Municipal Credit Inc. | Reduce -93.4% | 0.03% | −0.37 |
| QUAL iShares MSCI USA Quality Fac | Reduce -56.1% | 0.26% | −0.30 |
| IGI Western Asst Inv GR Oppor TR | Sold out | 0.00% | −0.29 |
| CLM Cornerstone Strategic Invest | Reduce -74.6% | 0.12% | −0.29 |
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -4.0% | 5.96% | −0.28 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -39.5% | 0.41% | −0.28 |
| USAR USA Rare Earth Inc. | Sold out | 0.00% | −0.23 |
| TMTC TMT Acquisition Corp. Class A | Sold out | 0.00% | −0.22 |
| EOS Eaton Vance Enh Eqt Inc. II | Reduce -80.0% | 0.07% | −0.22 |
| OCAX Oca Acquisition Corp. Class A | Sold out | 0.00% | −0.21 |
| ISRLF Israel Acquisitions Corp. Class A | Reduce -89.7% | 0.03% | −0.21 |
| ACAC Acri Capital Acquisition Cor | Sold out | 0.00% | −0.21 |
| NFJ Virtus DVD Intrst & PRM STR | Reduce -26.1% | 0.62% | −0.19 |
| FINS Angel Oak Financ Strat Inc. | Reduce -13.0% | 1.42% | −0.18 |
| XMVFX BlackRock Munivest Fund | Reduce -5.4% | 2.35% | −0.17 |
| ESHA Esh Acquisition Corp. Class A | Sold out | 0.00% | −0.17 |
| NVG Nuveen Amt-FR Muni CRDT | Reduce -75.6% | 0.05% | −0.17 |
| CNDA Concord Acquisition Corp. Class A | Sold out | 0.00% | −0.17 |
| NUW Nuveen Amt-Free Muni Val | Reduce -48.6% | 0.18% | −0.16 |
| FRLA Fortune Rise Acquisition Cor | Sold out | 0.00% | −0.16 |
| ASGI Abrdn Global Infrastructure | Reduce -78.1% | 0.04% | −0.16 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -21.7% | 0.49% | −0.16 |
| NAC Nuveen Ca QLTY Muni Inc. | Reduce -14.9% | 0.92% | −0.15 |
| SVIIF Spring Valley Acquisition-A | Sold out | 0.00% | −0.15 |
| IQI Invesco Quality Muni Inc. TR | Reduce -27.4% | 0.39% | −0.15 |
| HSPOF Horizon Space Acquisition I | Reduce -82.5% | 0.03% | −0.14 |
| TFLO iShares Treasury Floating Ra | Reduce -92.0% | 0.01% | −0.14 |
| BURTECH ACQUISITION CORP | Sold out | 0.00% | −0.14 |
| MITA Coliseum Acquisition Corp. Class A | Sold out | 0.00% | −0.11 |
| GLLI Globalink Investment Inc. | Sold out | 0.00% | −0.11 |
| EIM Eaton Vance Municipal Bond | Reduce -6.5% | 2.39% | −0.10 |
| BSTZ BlackRock Sci & Tech TRM TR | Reduce -26.5% | 0.56% | −0.10 |
| BOWN Bowen Acquisition Corp. | Sold out | 0.00% | −0.10 |
| DIST Distoken Acquisition Corp. | Sold out | 0.00% | −0.10 |
| BTZ BlackRock Credit Allocation | Reduce -35.1% | 0.16% | −0.09 |
| MYI BlackRock Muniyield QLTY III | Reduce -44.9% | 0.10% | −0.09 |
| NAN Nuveen NY QLTY Muni Inc. | Sold out | 0.00% | −0.09 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -7.1% | 0.81% | −0.08 |
| BCAT BlackRock Capital Alloc TR | Sold out | 0.00% | −0.07 |
| XBOEX BlackRock Enh GLBL DVD TR | Reduce -10.2% | 0.71% | −0.07 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -8.5% | 0.56% | −0.06 |
| GAQ Generation Asia I Acquisit-A | Sold out | 0.00% | −0.06 |
| RFMZ Rivernorth Flex Muni II | Reduce -32.9% | 0.11% | −0.06 |
| IIF Morgan Stanley India Invest | Reduce -13.0% | 0.20% | −0.06 |
| ROCL Roth CH Acquisition V Co. | Sold out | 0.00% | −0.05 |
| IGA Voya Global Advan & Prem Opp | Reduce -37.7% | 0.09% | −0.05 |
| BTX BlackRock Tech & Priv Eqty | Reduce -17.2% | 0.33% | −0.05 |
Portfolio Buys Q3 2024 → Q4 2024
| AAM Aa Mission Acquisition Cor-A | Add +227.3% | 1.79% | +1.28 |
| BND Vanguard Total Bond Market | Add +268.9% | 1.10% | +0.81 |
| VOO Vanguard S&P 500 ETF | Add +1.4% | 7.44% | +0.69 |
| IEF iShares 7-10 Year Treasury B | Add +116.3% | 1.14% | +0.61 |
| CHAR Charlton Aria Acquisiti Class A | New | 0.42% | +0.42 |
| IMSR Terrestrial Energy Inc. | New | 0.38% | +0.38 |
| IEUR iShares Core MSCI Europe ETF | Add +124.1% | 0.70% | +0.37 |
| SHM SS SPDR N Ice St Muni ETF | Add +59.3% | 0.77% | +0.31 |
| HDRN Hadron Energy Inc. | Add +115.1% | 0.52% | +0.30 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +39.5% | 0.80% | +0.29 |
| XLF SS Financial Select Sector | New | 0.29% | +0.29 |
| MUC BlackRock Munihold Ca QLTY | Add +26.5% | 1.45% | +0.28 |
| BLE BlackRock Muni Inc. TR II | Add +30.6% | 1.21% | +0.28 |
| TAVI Tavia Acquisition Corp. | New | 0.27% | +0.27 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Add +5.9% | 1.47% | +0.26 |
| YHNA YHN Acquisition I Ltd. | New | 0.26% | +0.26 |
| GPAT GP-Act III Acquisition-A | Add +21.6% | 1.09% | +0.25 |
| BFK BlackRock Municipal Inc. TRST | Add +24.6% | 1.27% | +0.24 |
| DMF BNYM Municipal Income | Add +115.1% | 0.44% | +0.24 |
| BLV Vanguard Long-Term Bond ETF | Add +436.5% | 0.28% | +0.22 |
| SIMA Sim Acquisition Corp. I-A | Add +44.3% | 0.57% | +0.20 |
| VGM Invesco Trust for Investmen | Add +21.4% | 1.02% | +0.20 |
| VEU Vanguard Ftse All-World Ex-U | Add +142.0% | 0.34% | +0.19 |
| VACH Voyager Acquisition Corp. | Add +271.6% | 0.23% | +0.17 |
| MHN BlackRock Muniholding NY QLT | Add +59.5% | 0.47% | +0.17 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.1% | 2.32% | +0.17 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +9.0% | 1.71% | +0.16 |
| LEGT Legato Merger Corp. III | Add +8.4% | 1.14% | +0.16 |
| BST BlackRock Science & Tech TR | Add +110.0% | 0.28% | +0.16 |
| NTWO Newbury Street II Ac Class A | New | 0.15% | +0.15 |
| MYN BlackRock Muniyield NY QLTY | Add +48.0% | 0.46% | +0.15 |
| FVN Future Vision II Acquisition | New | 0.14% | +0.14 |
| LPAA Launch One Acquisition Corp. | Add +45.7% | 0.38% | +0.14 |
| STEW SRH Total Return Fund Inc. | Add +119.3% | 0.21% | +0.12 |
| VKQ Invesco Municipal Trust | Add +15.9% | 0.73% | +0.11 |
| RDAC Rising Dragon Acquisition Co. | New | 0.10% | +0.10 |
| XBNYX BlackRock New York Muni Inc. | Add +353.8% | 0.12% | +0.09 |
| POLE Andretti Acquisition Corp. Class A | New | 0.09% | +0.09 |
| CAPN Cayson Acquisition Corp. | New | 0.08% | +0.08 |
| BSII Black Spade Acquisition II C | New | 0.07% | +0.07 |
| EWC iShares MSCI Canada ETF | Add +71.0% | 0.16% | +0.07 |
| DPG Duff & Phelps Utility & Inc. | Add +11.7% | 0.37% | +0.06 |
| CUB Lionheart Holdings Class A | Add +6.2% | 0.45% | +0.06 |
| MACI Melar Acquisition Corp. I-A | Add +5.7% | 0.45% | +0.05 |
| XBMEX BlackRock Health Sciences | Add +223.8% | 0.07% | +0.05 |
| FSHP Flag Ship Acquisition Corp. | Add +11.0% | 0.27% | +0.04 |
| EWZ iShares MSCI Brazil ETF | Add +144.4% | 0.08% | +0.04 |
| XMYDX BlackRock Muniyield Fund | New | 0.04% | +0.04 |
| EOD Allspring Global Dividend Op | Add +49.9% | 0.10% | +0.04 |
| FTW Eqv Ventures Acquisition C-A | Add +12.1% | 0.21% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 233 | $3.5B | VOO, MHD, BLV, BTT, VB |
| Q1 2026 | 231 | $3.2B | VOO, MHD, BLV, BTT, VB |
| Q4 2025Amended | 214 | $3.3B | VOO, BLV, BTT, MHD, VB |
| Q3 2025 | 204 | $3.2B | VOO, BLV, BTT, NRK, MHD |
| Q2 2025 | 199 | $3.1B | VOO, NRK, MHD, IVV, BTT |
| Q1 2025 | 202 | $3.1B | VOO, NRK, MHD, IVV, XMVFX |
| Q4 2024 | 205 | $3.4B | VOO, NRK, XMUIX, XNEAX, MHD |
| Q3 2024 | 220 | $3.6B | VOO, NRK, XMUIX, XNEAX, NAD |
| Q2 2024 | 230 | $3.6B | XNEAX, NRK, VOO, XMUIX, NAD |
| Q1 2024 | 239 | $3.5B | XNEAX, NRK, VOO, XMUIX, EIM |