Karpus Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Karpus Management, Inc. reported 202 stock positions worth $3.1 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 7.7% of the portfolio, followed by Nuveen NY Amt-FR Muni (NRK, 6.0%) and BlackRock Muniholdings Fund (MHD, 2.8%). Compared with Q4 2024, it opened 23 new positions, sold out of 26, added to 50 and reduced 110. The biggest buy was a new position in Drugs Made in America Acquis (DMAA) and the biggest sale an exit from BlackRock Municipal Income (XMUIX).
- Most Recent 13F
- Q2 2026
- Location
- Pittsford, NY
- CIK
- 0001048703
- Portfolio Value
- $3.1B (Q1 2025)
- SEC Filing
- 0001072613-25-000398 ↗ filed May 14, 2025
Holdings Value
Holdings 202 stocks · $3.1B
| VOO Vanguard S&P 500 ETF | 7.69% | 461,800 | $237.3M | Reduce -1.1% |
| NRK Nuveen NY Amt-FR Muni Inc. | 5.99% | 17,942,460 | $184.8M | Reduce -6.8% |
| MHD BlackRock Muniholdings Fund | 2.83% | 7,446,755 | $87.4M | Reduce -0.6% |
| IVV iShares Core S&P 500 ETF | 2.55% | 140,091 | $78.7M | Reduce -2.9% |
| XMVFX BlackRock Munivest Fund | 2.35% | 10,331,144 | $72.4M | Reduce -8.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.34% | 326,238 | $72.3M | Reduce -0.1% |
| EIM Eaton Vance Municipal Bond | 2.27% | 7,013,648 | $69.9M | Reduce -9.9% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 2.23% | 6,131,607 | $68.7M | Reduce -43.0% |
| XWIAX Western Asset Infl-Link Sec | 2.11% | 7,805,355 | $65.1M | Add +0.8% |
| BTT BlackRock 2030 Muni TRGT TRM | 2.07% | 3,012,742 | $64.0M | Add +7.1% |
| AAM Aa Mission Acquisition Cor-A | 2.04% | 6,043,528 | $63.0M | Add +0.7% |
| VWO Vanguard Ftse Emerging Marke | 1.78% | 1,211,646 | $54.8M | Reduce -1.0% |
| MUC BlackRock Munihold Ca QLTY | 1.75% | 5,029,383 | $53.9M | Add +9.4% |
| FINS Angel Oak Financ Strat Inc. | 1.55% | 3,542,306 | $47.8M | Reduce -6.1% |
| NBXG Neuberger Next Generation Co. | 1.46% | 3,685,746 | $45.2M | Reduce -3.2% |
| BFK BlackRock Municipal Inc. TRST | 1.41% | 4,408,579 | $43.6M | Add +1.5% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.40% | 1,815,285 | $43.1M | Reduce -1.5% |
| XGDVX Gabelli Dividend & Income TR | 1.39% | 1,772,709 | $42.8M | Add +1.7% |
| BLE BlackRock Muni Inc. TR II | 1.33% | 3,952,989 | $41.1M | Add +1.4% |
| LEGT Legato Merger Corp. III | 1.30% | 3,837,341 | $40.3M | Add +2.8% |
| IEF iShares 7-10 Year Treasury B | 1.30% | 419,287 | $40.0M | Add +0.8% |
| VTI VG Morningstar TS MKT ETF-US | 1.27% | 142,072 | $39.0M | Reduce -1.3% |
| GPAT GP-Act III Acquisition-A | 1.20% | 3,608,177 | $37.1M | Reduce -0.9% |
| NAD Nuveen Quality Municipal Inc. | 1.19% | 3,188,063 | $36.7M | Reduce -45.8% |
| SHM SS SPDR N Ice St Muni ETF | 1.11% | 721,219 | $34.3M | Add +30.5% |
| VGM Invesco Trust for Investmen | 1.00% | 3,104,734 | $30.9M | Reduce -9.5% |
| VEU Vanguard Ftse All-World Ex-U | 0.98% | 498,627 | $30.2M | Add +150.7% |
| IEUR iShares Core MSCI Europe ETF | 0.92% | 470,998 | $28.3M | Add +7.0% |
| IBAC Ib Acquisition Corp. | 0.87% | 2,618,457 | $27.0M | Reduce -0.5% |
| BND Vanguard Total Bond Market | 0.87% | 364,581 | $26.8M | Reduce -29.4% |
| RFAI RF Acquisition Corp. II | 0.83% | 2,483,225 | $25.8M | Reduce -0.3% |
| XBGYX BlackRock Enh Intl DVD TR | 0.80% | 4,424,334 | $24.8M | Reduce -14.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.80% | 66,366 | $24.6M | Add +1.1% |
| VPL Vanguard Ftse Pacific ETF | 0.80% | 339,211 | $24.6M | Add +3.6% |
| TAVI Tavia Acquisition Corp. | 0.76% | 2,342,800 | $23.5M | Add +156.0% |
| DMAA Drugs Made in America Acquis | 0.75% | 2,324,034 | $23.3M | New |
| KTF DWS Municipal Income Trust | 0.72% | 2,373,160 | $22.3M | Add +6.7% |
| ETG Eaton Vance T/A GL DVD Incm | 0.72% | 1,216,913 | $22.2M | Reduce -5.1% |
| SIMA Sim Acquisition Corp. I-A | 0.70% | 2,103,425 | $21.5M | Add +8.7% |
| VKQ Invesco Municipal Trust | 0.69% | 2,219,715 | $21.4M | Reduce -12.1% |
| MHN BlackRock Muniholding NY QLT | 0.68% | 2,062,999 | $20.9M | Add +32.9% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.67% | 1,899,146 | $20.6M | Reduce -14.6% |
| XEXGX Eaton Vance Tax-Managed Glob | 0.66% | 2,485,763 | $20.2M | Reduce -8.3% |
| MYN BlackRock Muniyield NY QLTY | 0.65% | 2,017,756 | $20.0M | Add +29.9% |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.62% | 1,890,424 | $19.1M | Add +7.2% |
| VGK Vanguard Ftse Europe ETF | 0.62% | 271,231 | $19.0M | Reduce -4.9% |
| MIN Aberdeen Intermediate Inc. FD | 0.61% | 7,049,977 | $19.0M | Reduce -14.2% |
| XLF SS Financial Select Sector | 0.60% | 374,200 | $18.6M | Add +84.3% |
| NFJ Virtus DVD Intrst & PRM STR | 0.58% | 1,483,588 | $18.0M | Reduce -10.2% |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 0.58% | 2,501,319 | $18.0M | Add +20.6% |
| XAODX Abrdn Total Dynamic Dividend | 0.58% | 2,125,320 | $17.8M | Reduce -5.8% |
| MACI Melar Acquisition Corp. I-A | 0.54% | 1,633,263 | $16.7M | Add +8.1% |
| ALF Centurion Acquisition Corp. | 0.53% | 1,607,039 | $16.5M | Add +2.5% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.53% | 659,449 | $16.2M | Reduce -5.2% |
| ASG Liberty All-Star Growth FD | 0.52% | 3,287,465 | $16.1M | Reduce -2.5% |
| CUB Lionheart Holdings Class A | 0.51% | 1,524,050 | $15.7M | Add +2.1% |
| NETD Nabors Energy Transition C-A | 0.51% | 1,428,492 | $15.6M | Reduce -51.9% |
| KVACF Keen Vision Acquisition Corp. | 0.49% | 1,332,985 | $15.0M | Reduce -2.6% |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.48% | 635,312 | $14.8M | Reduce -4.0% |
| LPAA Launch One Acquisition Corp. | 0.47% | 1,409,675 | $14.4M | Add +9.4% |
| CHAR Charlton Aria Acquisiti Class A | 0.46% | 1,423,492 | $14.3M | Add +0.1% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.46% | 1,727,970 | $14.3M | Reduce -5.4% |
| VGT Vanguard Info Tech ETF | 0.45% | 25,814 | $14.0M | Reduce -4.0% |
| BMEZ BlackRock HLTH Sci TRM TR II | 0.44% | 919,646 | $13.7M | Reduce -19.6% |
| ANSC Agriculture & Natural Soluti | 0.44% | 1,266,493 | $13.5M | Reduce -2.2% |
| DPG Duff & Phelps Utility & Inc. | 0.41% | 1,023,720 | $12.5M | Reduce -4.6% |
| XIGDX Voya GLBL Eqty DVD & PRM Opp | 0.40% | 2,154,853 | $12.4M | Reduce -5.0% |
| SPKLF Spark I Acquisition Corp. | 0.40% | 1,138,800 | $12.2M | Reduce -1.4% |
| BSTZ BlackRock Sci & Tech TRM TR | 0.39% | 683,781 | $12.1M | Reduce -25.5% |
| AFJK Aimei Health Technology Co. | 0.38% | 1,079,107 | $11.9M | Reduce -1.7% |
| KFII K&F Growth Acquisition Cor-A | 0.38% | 1,179,650 | $11.7M | New |
| VMO Invesco Municipal Opport | 0.37% | 1,188,432 | $11.3M | Reduce -1.0% |
| IWB iShares Russell 1000 ETF | 0.36% | 36,450 | $11.2M | New |
| XHNWX Pioneer Diversified High | 0.36% | 934,903 | $11.2M | Reduce -7.3% |
| BKHA Black Hawk Acquisition Cor-A | 0.36% | 1,058,929 | $11.2M | Reduce -1.5% |
| GLACF Global Lights Acquisition Co. | 0.35% | 1,006,135 | $10.9M | Reduce -1.2% |
| RENEF Cartesian Growth Corp. II- A | 0.35% | 914,894 | $10.9M | Reduce -4.2% |
| AITR AI Transportation Acquisitio | 0.34% | 952,824 | $10.5M | Reduce -3.5% |
| BBJP JPMorgan Betabuilders Japan | 0.34% | 186,185 | $10.5M | Reduce -3.7% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.34% | 782,006 | $10.4M | Reduce -2.4% |
| ECAT BlackRock ESG Cap All TRM TR | 0.33% | 645,959 | $10.2M | Reduce -24.2% |
| BST BlackRock Science & Tech TR | 0.32% | 300,768 | $9.9M | Add +15.9% |
| BTX BlackRock Tech & Priv Eqty | 0.30% | 1,487,902 | $9.3M | Reduce -1.8% |
| MLAC Mountain Lake Acquisition-A | 0.30% | 919,800 | $9.2M | New |
| HAYMAKER ACQUISITION CORP 4 | 0.30% | 838,525 | $9.2M | Reduce -31.1% |
| PGAC Pantages Capital Acquisition filed as AIFEEX NEXUS ACQUISITION COR | 0.29% | 902,825 | $9.0M | New |
| FSHP Flag Ship Acquisition Corp. | 0.29% | 869,121 | $9.0M | Reduce -3.5% |
| TDF Templeton Dragon Fund Inc. | 0.29% | 916,056 | $8.9M | Reduce -1.9% |
| YHNA YHN Acquisition I Ltd. | 0.29% | 864,522 | $8.8M | Reduce -0.1% |
| STEW SRH Total Return Fund Inc. | 0.28% | 509,215 | $8.8M | Add +14.6% |
| CHW Calamos Global Dynamic Incom | 0.28% | 1,346,031 | $8.6M | Add +33.9% |
| IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP | 0.27% | 854,761 | $8.5M | New |
| JOF Japan Smaller Capitalization | 0.27% | 994,595 | $8.3M | Reduce -4.5% |
| KIO KKR Income Opportunities | 0.27% | 676,301 | $8.3M | New |
| CHEB Chenghe Acquisition II Co. | 0.26% | 793,767 | $8.1M | Reduce -4.3% |
| IEV iShares Europe ETF | 0.26% | 139,266 | $8.1M | Reduce -10.0% |
| XCAFX Morgan Stanley China A Share | 0.26% | 617,811 | $8.1M | Reduce -1.0% |
| RDAC Rising Dragon Acquisition Co. | 0.26% | 775,400 | $7.9M | Add +141.7% |
| BLV Vanguard Long-Term Bond ETF | 0.25% | 111,580 | $7.9M | Reduce -17.9% |
| AFB Allianceberstein NTL Muni | 0.25% | 718,077 | $7.8M | Add +311.8% |
Portfolio Sells Q4 2024 → Q1 2025
| XMUIX BlackRock Municipal Income | Sold out | 0.00% | −3.79 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -43.0% | 2.23% | −1.36 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −0.96 |
| NAD Nuveen Quality Municipal Inc. | Reduce -45.8% | 1.19% | −0.84 |
| NAC Nuveen Ca QLTY Muni Inc. | Reduce -78.6% | 0.22% | −0.71 |
| INSIGHT SELECT INCOME FUND | Sold out | 0.00% | −0.47 |
| NETD Nabors Energy Transition C-A | Reduce -51.9% | 0.51% | −0.44 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −0.38 |
| QUAL iShares MSCI USA Quality Fac | Reduce -95.1% | 0.01% | −0.25 |
| BND Vanguard Total Bond Market | Reduce -29.4% | 0.87% | −0.23 |
| IQI Invesco Quality Muni Inc. TR | Reduce -53.2% | 0.20% | −0.20 |
| NUW Nuveen Amt-Free Muni Val | Sold out | 0.00% | −0.18 |
| BSTZ BlackRock Sci & Tech TRM TR | Reduce -25.5% | 0.39% | −0.17 |
| TLGYF TLGY Acquisition Corp. Class A | Sold out | 0.00% | −0.14 |
| DYCQ DT Cloud Acquisition Corp. | Sold out | 0.00% | −0.13 |
| CLM Cornerstone Strategic Invest | Sold out | 0.00% | −0.12 |
| EIM Eaton Vance Municipal Bond | Reduce -9.9% | 2.27% | −0.12 |
| BTZ BlackRock Credit Allocation | Reduce -69.0% | 0.06% | −0.11 |
| XETYX Eaton Vance Tax-MGD Div Eqty | Sold out | 0.00% | −0.10 |
| RVT Royce Small-Cap Trust Inc. | Sold out | 0.00% | −0.09 |
| NPFD Nuveen Var RT Pref & Inc. | Sold out | 0.00% | −0.09 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -31.1% | 0.30% | −0.09 |
| DUET Duet Acquisition Corp. Class A | Sold out | 0.00% | −0.09 |
| RQI Cohen & Steers Qual Inc. RLTY | Sold out | 0.00% | −0.09 |
| XAGDX Abrdn GLBL DYNM Divid | Reduce -82.3% | 0.02% | −0.08 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -24.2% | 0.33% | −0.08 |
| GODN Golden Star Acquisition Corp. | Sold out | 0.00% | −0.08 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Reduce -1.5% | 1.40% | −0.08 |
| IGA Voya Global Advan & Prem Opp | Reduce -80.0% | 0.02% | −0.07 |
| AIMTF Aimfinity Investment-Subunit | Sold out | 0.00% | −0.07 |
| ZTR Virtus Total Return Fund Inc. | Reduce -31.4% | 0.22% | −0.07 |
| EOS Eaton Vance Enh Eqt Inc. II | Sold out | 0.00% | −0.07 |
| VKI Invesco Adv Muni Inc. TR II | Reduce -64.8% | 0.03% | −0.06 |
| LATG Chenghe Acquisition I Co. | Sold out | 0.00% | −0.05 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -19.6% | 0.44% | −0.04 |
| ASG Liberty All-Star Growth FD | Reduce -2.5% | 0.52% | −0.04 |
| VGT Vanguard Info Tech ETF | Reduce -4.0% | 0.45% | −0.04 |
| XBOEX BlackRock Enh GLBL DVD TR | Reduce -14.6% | 0.67% | −0.04 |
| PHYTF Pyrophyte Acquisition Corp. Class A | Sold out | 0.00% | −0.04 |
| VKQ Invesco Municipal Trust | Reduce -12.1% | 0.69% | −0.04 |
| RMMZ Rvrnrth MGD Dur Muni Inc. II | Reduce -53.8% | 0.04% | −0.04 |
| NVG Nuveen Amt-FR Muni CRDT | Reduce -72.6% | 0.02% | −0.04 |
| NFJ Virtus DVD Intrst & PRM STR | Reduce -10.2% | 0.58% | −0.03 |
| HSPOF Horizon Space Acquisition I | Sold out | 0.00% | −0.03 |
| MIN Aberdeen Intermediate Inc. FD | Reduce -14.2% | 0.61% | −0.03 |
| FNVTF Finnovate Acquisition Corp. Class A | Sold out | 0.00% | −0.03 |
| BTX BlackRock Tech & Priv Eqty | Reduce -1.8% | 0.30% | −0.03 |
| TETEF Technology & Telecommunicati | Sold out | 0.00% | −0.03 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Reduce -73.3% | 0.01% | −0.03 |
| IXAQF Ix Acquisition Corp. Class A | Sold out | 0.00% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| DMAA Drugs Made in America Acquis | New | 0.75% | +0.75 |
| VEU Vanguard Ftse All-World Ex-U | Add +150.7% | 0.98% | +0.64 |
| TAVI Tavia Acquisition Corp. | Add +156.0% | 0.76% | +0.49 |
| KFII K&F Growth Acquisition Cor-A | New | 0.38% | +0.38 |
| IWB iShares Russell 1000 ETF | New | 0.36% | +0.36 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +7.1% | 2.07% | +0.36 |
| SHM SS SPDR N Ice St Muni ETF | Add +30.5% | 1.11% | +0.34 |
| XLF SS Financial Select Sector | Add +84.3% | 0.60% | +0.31 |
| MUC BlackRock Munihold Ca QLTY | Add +9.4% | 1.75% | +0.30 |
| MLAC Mountain Lake Acquisition-A | New | 0.30% | +0.30 |
| PGAC Pantages Capital Acquisition | New | 0.29% | +0.29 |
| XWIAX Western Asset Infl-Link Sec | Add +0.8% | 2.11% | +0.28 |
| IPEX Inflection Point Acquisition | New | 0.27% | +0.27 |
| KIO KKR Income Opportunities | New | 0.27% | +0.27 |
| AAM Aa Mission Acquisition Cor-A | Add +0.7% | 2.04% | +0.25 |
| NOEM CO2 Energy Transition Corp. | New | 0.23% | +0.23 |
| IEUR iShares Core MSCI Europe ETF | Add +7.0% | 0.92% | +0.22 |
| GSRT GSR III Acquisition Corp. | Add +756.0% | 0.23% | +0.21 |
| MHN BlackRock Muniholding NY QLT | Add +32.9% | 0.68% | +0.20 |
| TDAC Translational Development Ac | New | 0.20% | +0.20 |
| AFB Allianceberstein NTL Muni | Add +311.8% | 0.25% | +0.20 |
| MYN BlackRock Muniyield NY QLTY | Add +29.9% | 0.65% | +0.19 |
| LEGT Legato Merger Corp. III | Add +2.8% | 1.30% | +0.17 |
| RDAC Rising Dragon Acquisition Co. | Add +141.7% | 0.26% | +0.16 |
| IEF iShares 7-10 Year Treasury B | Add +0.8% | 1.30% | +0.16 |
| BFK BlackRock Municipal Inc. TRST | Add +1.5% | 1.41% | +0.15 |
| PLMK Plum Acquisition Corp. IV | New | 0.15% | +0.15 |
| DMF BNYM Municipal Income | Add +20.6% | 0.58% | +0.15 |
| XGDVX Gabelli Dividend & Income TR | Add +1.7% | 1.39% | +0.14 |
| COLA Columbus Acquisition Corp. | New | 0.13% | +0.13 |
| SIMA Sim Acquisition Corp. I-A | Add +8.7% | 0.70% | +0.12 |
| BLE BlackRock Muni Inc. TR II | Add +1.4% | 1.33% | +0.12 |
| VPL Vanguard Ftse Pacific ETF | Add +3.6% | 0.80% | +0.11 |
| KTF DWS Municipal Income Trust | Add +6.7% | 0.72% | +0.10 |
| HDRN Hadron Energy Inc. | Add +7.2% | 0.62% | +0.10 |
| MACI Melar Acquisition Corp. I-A | Add +8.1% | 0.54% | +0.09 |
| LPBB Launch Two Acquisition Class A | New | 0.09% | +0.09 |
| LPAA Launch One Acquisition Corp. | Add +9.4% | 0.47% | +0.08 |
| CHW Calamos Global Dynamic Incom | Add +33.9% | 0.28% | +0.08 |
| RANG Range Capital Acquisition Co. | New | 0.08% | +0.08 |
| XBNYX BlackRock New York Muni Inc. | Add +50.6% | 0.19% | +0.08 |
| STEW SRH Total Return Fund Inc. | Add +14.6% | 0.28% | +0.07 |
| SVCC Stellar V Capital Corp. Class A | New | 0.07% | +0.07 |
| RIBB Ribbon Acquisition Corp. | New | 0.07% | +0.07 |
| MRLN Merlin Inc. | New | 0.07% | +0.07 |
| ALF Centurion Acquisition Corp. | Add +2.5% | 0.53% | +0.07 |
| CUB Lionheart Holdings Class A | Add +2.1% | 0.51% | +0.06 |
| CHAR Charlton Aria Acquisiti Class A | Add +0.1% | 0.46% | +0.05 |
| GF The New Germany Fund Inc. | Add +3.8% | 0.14% | +0.04 |
| EWC iShares MSCI Canada ETF | Add +14.5% | 0.20% | +0.04 |
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 |