Karpus Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Karpus Management, Inc. reported 199 stock positions worth $3.1 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 8.4% of the portfolio, followed by Nuveen NY Amt-FR Muni (NRK, 4.6%) and BlackRock Muniholdings Fund (MHD, 2.6%). Compared with Q1 2025, it opened 24 new positions, sold out of 27, added to 57 and reduced 106. The biggest buy was Vanguard Long-Term Bond ETF (BLV, shares +735%) and the biggest sale Nuveen Amt-FR QLTY Muni (XNEAX, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- Pittsford, NY
- CIK
- 0001048703
- Portfolio Value
- $3.1B (Q2 2025)
- SEC Filing
- 0001072613-25-000614 ↗ filed Aug 14, 2025
Holdings Value
Holdings 199 stocks · $3.1B
| VOO Vanguard S&P 500 ETF | 8.37% | 457,002 | $259.6M | Reduce -1.0% |
| NRK Nuveen NY Amt-FR Muni Inc. | 4.63% | 14,487,996 | $143.6M | Reduce -19.3% |
| MHD BlackRock Muniholdings Fund | 2.59% | 7,184,055 | $80.5M | Reduce -3.5% |
| IVV iShares Core S&P 500 ETF | 2.56% | 127,960 | $79.5M | Reduce -8.7% |
| BTT BlackRock 2030 Muni TRGT TRM | 2.53% | 3,587,879 | $78.5M | Add +19.1% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.48% | 324,978 | $77.0M | Reduce -0.4% |
| FINS Angel Oak Financ Strat Inc. | 2.32% | 5,531,335 | $71.8M | Add +56.1% |
| EIM Eaton Vance Municipal Bond | 2.27% | 7,294,955 | $70.5M | Add +4.0% |
| XWIAX Western Asset Infl-Link Sec | 2.19% | 8,077,278 | $67.8M | Add +3.5% |
| BLV Vanguard Long-Term Bond ETF | 2.09% | 931,254 | $64.8M | Add +734.6% |
| AAM Aa Mission Acquisition Cor-A | 2.02% | 6,002,484 | $62.5M | Reduce -0.7% |
| VWO Vanguard Ftse Emerging Marke | 1.95% | 1,223,172 | $60.5M | Add +0.9% |
| XMVFX BlackRock Munivest Fund | 1.93% | 9,074,236 | $59.7M | Reduce -12.2% |
| NBXG Neuberger Next Generation Co. | 1.71% | 3,627,001 | $53.0M | Reduce -1.6% |
| MUC BlackRock Munihold Ca QLTY | 1.55% | 4,659,226 | $48.2M | Reduce -7.4% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.54% | 1,803,255 | $47.7M | Reduce -0.7% |
| XGDVX Gabelli Dividend & Income TR | 1.50% | 1,788,008 | $46.5M | Add +0.9% |
| SHM SS SPDR N Ice St Muni ETF | 1.42% | 918,500 | $43.9M | Add +27.4% |
| BFK BlackRock Municipal Inc. TRST | 1.39% | 4,504,536 | $43.2M | Add +2.2% |
| BLE BlackRock Muni Inc. TR II | 1.39% | 4,287,798 | $43.0M | Add +8.5% |
| VEU Vanguard Ftse All-World Ex-U | 1.39% | 639,394 | $43.0M | Add +28.2% |
| VTI VG Morningstar TS MKT ETF-US | 1.35% | 137,997 | $41.9M | Reduce -2.9% |
| LEGT Legato Merger Corp. III | 1.20% | 3,495,104 | $37.3M | Reduce -8.9% |
| IEUR iShares Core MSCI Europe ETF | 1.02% | 475,630 | $31.5M | Add +1.0% |
| IEF iShares 7-10 Year Treasury B | 0.97% | 313,969 | $30.1M | Reduce -25.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.96% | 67,753 | $29.7M | Add +2.1% |
| IWB iShares Russell 1000 ETF | 0.94% | 85,468 | $29.0M | Add +134.5% |
| VPL Vanguard Ftse Pacific ETF | 0.92% | 348,892 | $28.7M | Add +2.9% |
| DMAA Drugs Made in America Acquis | 0.90% | 2,744,109 | $28.0M | Add +18.1% |
| KTF DWS Municipal Income Trust | 0.87% | 3,057,936 | $27.0M | Add +28.9% |
| IBAC Ib Acquisition Corp. | 0.87% | 2,587,032 | $27.0M | Reduce -1.2% |
| BND Vanguard Total Bond Market | 0.84% | 352,611 | $26.0M | Reduce -3.3% |
| RFAI RF Acquisition Corp. II | 0.82% | 2,421,042 | $25.5M | Reduce -2.5% |
| GPAT GP-Act III Acquisition-A | 0.80% | 2,339,016 | $24.7M | Reduce -35.2% |
| TAVI Tavia Acquisition Corp. | 0.77% | 2,314,827 | $23.7M | Reduce -1.2% |
| VTES Vanguard SH Term Tax-Ex Bond | 0.76% | 232,100 | $23.4M | Add +1057.6% |
| QSEA Quartzsea Acquisition Corp. | 0.75% | 2,300,475 | $23.1M | New |
| VGK Vanguard Ftse Europe ETF | 0.68% | 273,082 | $21.2M | Add +0.7% |
| XLF SS Financial Select Sector | 0.67% | 398,598 | $20.9M | Add +6.5% |
| XBGYX BlackRock Enh Intl DVD TR | 0.65% | 3,498,542 | $20.3M | Reduce -20.9% |
| MHN BlackRock Muniholding NY QLT | 0.65% | 2,050,570 | $20.1M | Reduce -0.6% |
| VKQ Invesco Municipal Trust | 0.64% | 2,185,216 | $20.0M | Reduce -1.6% |
| SIMA Sim Acquisition Corp. I-A | 0.64% | 1,917,889 | $20.0M | Reduce -8.8% |
| BHK BlackRock Core Bond Trust | 0.62% | 1,986,275 | $19.3M | New |
| MYN BlackRock Muniyield NY QLTY | 0.61% | 1,997,155 | $19.0M | Reduce -1.0% |
| CHAC Crane Harbor Acqu Corp. Class A | 0.59% | 1,815,750 | $18.3M | New |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.58% | 1,742,124 | $18.1M | Reduce -7.8% |
| ASG Liberty All-Star Growth FD | 0.58% | 3,285,168 | $18.0M | Reduce -0.1% |
| NFJ Virtus DVD Intrst & PRM STR | 0.57% | 1,437,371 | $17.8M | Reduce -3.1% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.57% | 1,565,313 | $17.8M | Reduce -17.6% |
| XAODX Abrdn Total Dynamic Dividend | 0.57% | 1,997,264 | $17.7M | Reduce -6.0% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.56% | 644,155 | $17.5M | Reduce -2.3% |
| VGM Invesco Trust for Investmen | 0.56% | 1,822,741 | $17.3M | Reduce -41.3% |
| VGT Vanguard Info Tech ETF | 0.55% | 25,630 | $17.0M | Reduce -0.7% |
| XEXGX Eaton Vance Tax-Managed Glob | 0.52% | 1,858,987 | $16.3M | Reduce -25.2% |
| ETG Eaton Vance T/A GL DVD Incm | 0.52% | 774,459 | $16.2M | Reduce -36.4% |
| CHAR Charlton Aria Acquisiti Class A | 0.52% | 1,570,317 | $16.1M | Add +10.3% |
| ANSC Agriculture & Natural Soluti | 0.50% | 1,417,468 | $15.4M | Add +11.9% |
| TVA Texas Ventures Acquisition-A | 0.49% | 1,519,975 | $15.3M | New |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.49% | 629,393 | $15.2M | Reduce -0.9% |
| KVACF Keen Vision Acquisition Corp. | 0.48% | 1,305,735 | $14.8M | Reduce -2.0% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.47% | 1,695,491 | $14.7M | Reduce -1.9% |
| MIN Aberdeen Intermediate Inc. FD | 0.45% | 5,108,866 | $13.8M | Reduce -27.5% |
| MACI Melar Acquisition Corp. I-A | 0.43% | 1,272,538 | $13.4M | Reduce -22.1% |
| LPAA Launch One Acquisition Corp. | 0.41% | 1,215,225 | $12.7M | Reduce -13.8% |
| BBJP JPMorgan Betabuilders Japan | 0.40% | 202,251 | $12.5M | Add +8.6% |
| BST BlackRock Science & Tech TR | 0.40% | 322,983 | $12.3M | Add +7.4% |
| KFII K&F Growth Acquisition Cor-A | 0.39% | 1,185,425 | $12.1M | Add +0.5% |
| DPG Duff & Phelps Utility & Inc. | 0.39% | 970,597 | $12.0M | Reduce -5.2% |
| CHW Calamos Global Dynamic Incom | 0.38% | 1,656,186 | $11.8M | Add +23.0% |
| AFB Allianceberstein NTL Muni | 0.38% | 1,144,987 | $11.8M | Add +59.5% |
| CUB Lionheart Holdings Class A | 0.38% | 1,119,475 | $11.8M | Reduce -26.6% |
| AFJK Aimei Health Technology Co. | 0.38% | 1,061,419 | $11.7M | Reduce -1.6% |
| XHNWX Pioneer Diversified High | 0.37% | 920,566 | $11.5M | Reduce -1.5% |
| RENEF Cartesian Growth Corp. II- A | 0.35% | 901,719 | $10.8M | Reduce -1.4% |
| BKHA Black Hawk Acquisition Cor-A | 0.35% | 1,014,329 | $10.8M | Reduce -4.2% |
| PGAC Pantages Capital Acquisition filed as AIFEEX NEXUS ACQUISITION COR | 0.34% | 1,032,600 | $10.5M | Add +14.4% |
| BTX BlackRock Tech & Priv Eqty | 0.34% | 1,423,101 | $10.4M | Reduce -4.4% |
| XIGDX Voya GLBL Eqty DVD & PRM Opp | 0.34% | 1,798,212 | $10.4M | Reduce -16.6% |
| AITR AI Transportation Acquisitio | 0.34% | 947,799 | $10.4M | Reduce -0.5% |
| IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP | 0.34% | 1,030,286 | $10.4M | Add +20.5% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.32% | 689,551 | $9.8M | Reduce -11.8% |
| EWC iShares MSCI Canada ETF | 0.30% | 199,599 | $9.2M | Add +32.9% |
| BSTZ BlackRock Sci & Tech TRM TR | 0.29% | 439,459 | $9.1M | Reduce -35.7% |
| TDF Templeton Dragon Fund Inc. | 0.29% | 903,273 | $9.0M | Reduce -1.4% |
| GCOW Pacer Global Cash Cows Divid | 0.29% | 236,522 | $9.0M | New |
| YHNA YHN Acquisition I Ltd. | 0.28% | 842,051 | $8.7M | Reduce -2.6% |
| XCAFX Morgan Stanley China A Share | 0.28% | 619,887 | $8.5M | Add +0.3% |
| FSHP Flag Ship Acquisition Corp. | 0.26% | 787,825 | $8.2M | Reduce -9.3% |
| EZU iShares MSCI Eurozone ETF | 0.26% | 137,460 | $8.2M | New |
| JOF Japan Smaller Capitalization | 0.26% | 827,658 | $8.0M | Reduce -16.8% |
| NOEM CO2 Energy Transition Corp. | 0.25% | 783,521 | $7.9M | Add +8.6% |
| COPL Copley Acquisition Corp. Class A | 0.25% | 781,989 | $7.9M | New |
| RDAC Rising Dragon Acquisition Co. | 0.25% | 756,325 | $7.8M | Reduce -2.5% |
| IEV iShares Europe ETF | 0.25% | 120,344 | $7.6M | Reduce -13.6% |
| VACH Voyager Acquisition Corp. | 0.24% | 717,325 | $7.5M | Reduce -3.0% |
| HAYMAKER ACQUISITION CORP 4 | 0.24% | 671,025 | $7.4M | Reduce -20.0% |
| MLAC Mountain Lake Acquisition-A | 0.24% | 724,320 | $7.4M | Reduce -21.3% |
| VMO Invesco Municipal Opport | 0.24% | 807,808 | $7.4M | Reduce -32.0% |
| KIO KKR Income Opportunities | 0.23% | 571,401 | $7.2M | Reduce -15.5% |
Portfolio Sells Q1 2025 → Q2 2025
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -91.8% | 0.18% | −2.05 |
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -19.3% | 4.63% | −1.36 |
| NAD Nuveen Quality Municipal Inc. | Reduce -97.3% | 0.03% | −1.16 |
| DMF BNYM Municipal Income | Sold out | 0.00% | −0.58 |
| ALF Centurion Acquisition Corp. | Sold out | 0.00% | −0.53 |
| VGM Invesco Trust for Investmen | Reduce -41.3% | 0.56% | −0.44 |
| BMEZ BlackRock HLTH Sci TRM TR II | Sold out | 0.00% | −0.44 |
| XMVFX BlackRock Munivest Fund | Reduce -12.2% | 1.93% | −0.42 |
| GPAT GP-Act III Acquisition-A | Reduce -35.2% | 0.80% | −0.41 |
| SPKLF Spark I Acquisition Corp. | Sold out | 0.00% | −0.40 |
| GLACF Global Lights Acquisition Co. | Sold out | 0.00% | −0.35 |
| ECAT BlackRock ESG Cap All TRM TR | Sold out | 0.00% | −0.33 |
| IEF iShares 7-10 Year Treasury B | Reduce -25.1% | 0.97% | −0.33 |
| NETD Nabors Energy Transition C-A | Reduce -62.4% | 0.19% | −0.31 |
| MHD BlackRock Muniholdings Fund | Reduce -3.5% | 2.59% | −0.24 |
| GSRT GSR III Acquisition Corp. | Sold out | 0.00% | −0.23 |
| NAC Nuveen Ca QLTY Muni Inc. | Sold out | 0.00% | −0.22 |
| FTW Eqv Ventures Acquisition C-A | Reduce -90.6% | 0.02% | −0.21 |
| VLOS Velos Acquisition I Corp. | Sold out | 0.00% | −0.20 |
| ETG Eaton Vance T/A GL DVD Incm | Reduce -36.4% | 0.52% | −0.20 |
| MUC BlackRock Munihold Ca QLTY | Reduce -7.4% | 1.55% | −0.19 |
| MIN Aberdeen Intermediate Inc. FD | Reduce -27.5% | 0.45% | −0.17 |
| GDST Goldenstone Acquisition Ltd. | Sold out | 0.00% | −0.16 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -20.9% | 0.65% | −0.15 |
| EURK Eureka Acquisition Corp. | Reduce -55.8% | 0.11% | −0.14 |
| BDJ BlackRock Enhanced Eqty DVD | Reduce -79.5% | 0.04% | −0.13 |
| XEXGX Eaton Vance Tax-Managed Glob | Reduce -25.2% | 0.52% | −0.13 |
| CUB Lionheart Holdings Class A | Reduce -26.6% | 0.38% | −0.13 |
| VMO Invesco Municipal Opport | Reduce -32.0% | 0.24% | −0.13 |
| MACI Melar Acquisition Corp. I-A | Reduce -22.1% | 0.43% | −0.11 |
| LEGT Legato Merger Corp. III | Reduce -8.9% | 1.20% | −0.10 |
| PPT Franklin Premir Inc. Trust-Ui | Sold out | 0.00% | −0.10 |
| BSTZ BlackRock Sci & Tech TRM TR | Reduce -35.7% | 0.29% | −0.10 |
| XBOEX BlackRock Enh GLBL DVD TR | Reduce -17.6% | 0.57% | −0.09 |
| TBMC Trailblazer Merger Corp. I | Sold out | 0.00% | −0.09 |
| BSII Black Spade Acquisition II C | Sold out | 0.00% | −0.08 |
| STEW SRH Total Return Fund Inc. | Reduce -26.8% | 0.21% | −0.07 |
| CSLMF CSLM Acquisition Corp. | Sold out | 0.00% | −0.07 |
| XIGDX Voya GLBL Eqty DVD & PRM Opp | Reduce -16.6% | 0.34% | −0.07 |
| COLA Columbus Acquisition Corp. | Reduce -50.6% | 0.07% | −0.07 |
| IQI Invesco Quality Muni Inc. TR | Reduce -28.2% | 0.14% | −0.06 |
| AQUC Aquaron Acquisition Corp. | Sold out | 0.00% | −0.06 |
| MLAC Mountain Lake Acquisition-A | Reduce -21.3% | 0.24% | −0.06 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -20.0% | 0.24% | −0.06 |
| LPAA Launch One Acquisition Corp. | Reduce -13.8% | 0.41% | −0.06 |
| SIMA Sim Acquisition Corp. I-A | Reduce -8.8% | 0.64% | −0.05 |
| VKQ Invesco Municipal Trust | Reduce -1.6% | 0.64% | −0.05 |
| BAYA Bayview Acquisition Corp. Class A | Sold out | 0.00% | −0.05 |
| XJEQX Abrdn Japan Equity Fund Inc. | Sold out | 0.00% | −0.04 |
| KIO KKR Income Opportunities | Reduce -15.5% | 0.23% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| BLV Vanguard Long-Term Bond ETF | Add +734.6% | 2.09% | +1.83 |
| FINS Angel Oak Financ Strat Inc. | Add +56.1% | 2.32% | +0.77 |
| QSEA Quartzsea Acquisition Corp. | New | 0.75% | +0.75 |
| VTES Vanguard SH Term Tax-Ex Bond | Add +1057.6% | 0.76% | +0.69 |
| BHK BlackRock Core Bond Trust | New | 0.62% | +0.62 |
| CHAC Crane Harbor Acqu Corp. Class A | New | 0.59% | +0.59 |
| IWB iShares Russell 1000 ETF | Add +134.5% | 0.94% | +0.57 |
| TVA Texas Ventures Acquisition-A | New | 0.49% | +0.49 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +19.1% | 2.53% | +0.46 |
| VEU Vanguard Ftse All-World Ex-U | Add +28.2% | 1.39% | +0.41 |
| SHM SS SPDR N Ice St Muni ETF | Add +27.4% | 1.42% | +0.30 |
| GCOW Pacer Global Cash Cows Divid | New | 0.29% | +0.29 |
| EZU iShares MSCI Eurozone ETF | New | 0.26% | +0.26 |
| COPL Copley Acquisition Corp. Class A | New | 0.25% | +0.25 |
| EWY iShares MSCI South Korea ETF | New | 0.19% | +0.19 |
| SOUL Soulpower Acquisition Co. Class A | New | 0.19% | +0.19 |
| XMIOX Pioneer Muni High Inc. Opp | New | 0.19% | +0.19 |
| VWO Vanguard Ftse Emerging Marke | Add +0.9% | 1.95% | +0.17 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +2.1% | 0.96% | +0.16 |
| KTF DWS Municipal Income Trust | Add +28.9% | 0.87% | +0.15 |
| DSM BNYM Strat Muni BND | Add +3220.3% | 0.15% | +0.15 |
| DMAA Drugs Made in America Acquis | Add +18.1% | 0.90% | +0.15 |
| VPL Vanguard Ftse Pacific ETF | Add +2.9% | 0.92% | +0.13 |
| AFB Allianceberstein NTL Muni | Add +59.5% | 0.38% | +0.13 |
| XGDVX Gabelli Dividend & Income TR | Add +0.9% | 1.50% | +0.11 |
| PELI Pelican Acquisition Corp. | New | 0.11% | +0.11 |
| CHW Calamos Global Dynamic Incom | Add +23.0% | 0.38% | +0.10 |
| EWC iShares MSCI Canada ETF | Add +32.9% | 0.30% | +0.10 |
| XRPNU Armada Acquisition Corp. II | New | 0.10% | +0.10 |
| IEUR iShares Core MSCI Europe ETF | Add +1.0% | 1.02% | +0.10 |
| UYSC Uy Scuti Acquisition Corp. | New | 0.10% | +0.10 |
| LCCC Lakeshore Acquisition III Co. | New | 0.09% | +0.09 |
| XMQTX BlackRock Muniyield QLTY II | Add +307.9% | 0.11% | +0.08 |
| PLMK Plum Acquisition Corp. IV | Add +52.1% | 0.23% | +0.08 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Add +86.4% | 0.13% | +0.08 |
| XWIAX Western Asset Infl-Link Sec | Add +3.5% | 2.19% | +0.08 |
| BST BlackRock Science & Tech TR | Add +7.4% | 0.40% | +0.08 |
| NVG Nuveen Amt-FR Muni CRDT | Add +497.0% | 0.09% | +0.07 |
| RTACU Renatus Tactical Acquisition | New | 0.07% | +0.07 |
| XLF SS Financial Select Sector | Add +6.5% | 0.67% | +0.07 |
| VGK Vanguard Ftse Europe ETF | Add +0.7% | 0.68% | +0.07 |
| BBJP JPMorgan Betabuilders Japan | Add +8.6% | 0.40% | +0.06 |
| XPMAX Pioneer Municipal High Inc. | Add +370.3% | 0.08% | +0.06 |
| IPEX Inflection Point Acquisition | Add +20.5% | 0.34% | +0.06 |
| SZZL Sizzle Acquisition Corp. Class A | New | 0.06% | +0.06 |
| ANSC Agriculture & Natural Soluti | Add +11.9% | 0.50% | +0.06 |
| BLE BlackRock Muni Inc. TR II | Add +8.5% | 1.39% | +0.06 |
| CHAR Charlton Aria Acquisiti Class A | Add +10.3% | 0.52% | +0.06 |
| GSHR Gesher Acquisition Corp. II-A | New | 0.05% | +0.05 |
| PGAC Pantages Capital Acquisition | Add +14.4% | 0.34% | +0.05 |
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 |