Karpus Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Karpus Management, Inc. reported 204 stock positions worth $3.2 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 8.6% of the portfolio, followed by Vanguard Long-Term Bond ETF (BLV, 3.6%) and BlackRock 2030 Muni TRGT TRM (BTT, 3.1%). Compared with Q2 2025, it opened 32 new positions, sold out of 27, added to 44 and reduced 115. The biggest buy was Vanguard Long-Term Bond ETF (BLV, shares +75%) and the biggest sale Nuveen NY Amt-FR Muni (NRK, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- Pittsford, NY
- CIK
- 0001048703
- Portfolio Value
- $3.2B (Q3 2025)
- SEC Filing
- 0001072613-25-000825 ↗ filed Nov 14, 2025
Holdings Value
Holdings 204 stocks · $3.2B
| VOO Vanguard S&P 500 ETF | 8.60% | 443,512 | $271.6M | Reduce -3.0% |
| BLV Vanguard Long-Term Bond ETF | 3.65% | 1,625,433 | $115.2M | Add +74.5% |
| BTT BlackRock 2030 Muni TRGT TRM | 3.14% | 4,407,881 | $99.0M | Add +22.9% |
| NRK Nuveen NY Amt-FR Muni Inc. | 2.81% | 8,699,281 | $88.7M | Reduce -40.0% |
| MHD BlackRock Muniholdings Fund | 2.66% | 7,157,298 | $84.1M | Reduce -0.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.66% | 329,883 | $83.9M | Add +1.5% |
| IVV iShares Core S&P 500 ETF | 2.65% | 124,938 | $83.6M | Reduce -2.4% |
| FINS Angel Oak Financ Strat Inc. | 2.21% | 5,313,982 | $69.7M | Reduce -3.9% |
| VWO Vanguard Ftse Emerging Marke | 2.13% | 1,239,543 | $67.2M | Add +1.3% |
| XWIAX Western Asset Infl-Link Sec | 2.09% | 7,846,936 | $66.1M | Reduce -2.9% |
| AAM Aa Mission Acquisition Cor-A | 1.94% | 5,815,100 | $61.2M | Reduce -3.1% |
| XMVFX BlackRock Munivest Fund | 1.81% | 8,343,979 | $57.2M | Reduce -8.1% |
| EIM Eaton Vance Municipal Bond | 1.76% | 5,595,362 | $55.6M | Reduce -23.3% |
| VEU Vanguard Ftse All-World Ex-U | 1.68% | 742,033 | $53.0M | Add +16.1% |
| MUC BlackRock Munihold Ca QLTY | 1.64% | 4,758,154 | $51.6M | Add +2.1% |
| NBXG Neuberger Next Generation Co. | 1.56% | 3,200,555 | $49.2M | Reduce -11.8% |
| XGDVX Gabelli Dividend & Income TR | 1.50% | 1,746,094 | $47.4M | Reduce -2.3% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.50% | 1,722,190 | $47.3M | Reduce -4.5% |
| BLE BlackRock Muni Inc. TR II | 1.46% | 4,426,402 | $46.3M | Add +3.2% |
| BFK BlackRock Municipal Inc. TRST | 1.43% | 4,489,500 | $45.1M | Reduce -0.3% |
| VTI VG Morningstar TS MKT ETF-US | 1.39% | 133,852 | $43.9M | Reduce -3.0% |
| SHM SS SPDR N Ice St Muni ETF | 1.37% | 896,907 | $43.2M | Reduce -2.4% |
| IEF iShares 7-10 Year Treasury B | 1.36% | 443,638 | $42.8M | Add +41.3% |
| VCRM Vanguard Core Tax-Ex Bond | 1.27% | 533,467 | $40.1M | New |
| BND Vanguard Total Bond Market | 1.18% | 501,916 | $37.3M | Add +42.3% |
| MHN BlackRock Muniholding NY QLT | 1.16% | 3,592,742 | $36.7M | Add +75.2% |
| LEGT Legato Merger Corp. III | 1.15% | 3,373,979 | $36.2M | Reduce -3.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.09% | 71,803 | $34.4M | Add +6.0% |
| VPL Vanguard Ftse Pacific ETF | 1.06% | 379,616 | $33.3M | Add +8.8% |
| IEUR iShares Core MSCI Europe ETF | 1.05% | 484,802 | $33.0M | Add +1.9% |
| IWB iShares Russell 1000 ETF | 0.99% | 85,777 | $31.3M | Add +0.4% |
| VTES Vanguard SH Term Tax-Ex Bond | 0.97% | 300,250 | $30.6M | Add +29.4% |
| KTF DWS Municipal Income Trust | 0.96% | 3,300,834 | $30.3M | Add +7.9% |
| IBAC Ib Acquisition Corp. | 0.86% | 2,572,807 | $27.2M | Reduce -0.6% |
| DMAA Drugs Made in America Acquis | 0.83% | 2,547,667 | $26.2M | Reduce -7.2% |
| RFAI RF Acquisition Corp. II | 0.82% | 2,405,583 | $25.8M | Reduce -0.6% |
| MYN BlackRock Muniyield NY QLTY | 0.80% | 2,548,110 | $25.3M | Add +27.6% |
| GPAT GP-Act III Acquisition-A | 0.77% | 2,306,816 | $24.5M | Reduce -1.4% |
| QSEA Quartzsea Acquisition Corp. | 0.73% | 2,276,380 | $23.1M | Reduce -1.1% |
| TAVI Tavia Acquisition Corp. | 0.72% | 2,202,502 | $22.8M | Reduce -4.8% |
| VGK Vanguard Ftse Europe ETF | 0.69% | 272,924 | $21.8M | Reduce -0.1% |
| XLF SS Financial Select Sector | 0.68% | 398,212 | $21.5M | Reduce -0.1% |
| BHK BlackRock Core Bond Trust | 0.61% | 1,937,109 | $19.3M | Reduce -2.5% |
| VGT Vanguard Info Tech ETF | 0.60% | 25,502 | $19.0M | Reduce -0.5% |
| SIMA Sim Acquisition Corp. I-A | 0.59% | 1,768,767 | $18.6M | Reduce -7.8% |
| ASG Liberty All-Star Growth FD | 0.59% | 3,352,438 | $18.6M | Add +2.0% |
| CHAC Crane Harbor Acqu Corp. Class A | 0.58% | 1,813,250 | $18.4M | Reduce -0.1% |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.57% | 1,703,124 | $18.0M | Reduce -2.2% |
| XBGYX BlackRock Enh Intl DVD TR | 0.57% | 3,115,150 | $17.9M | Reduce -11.0% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.55% | 624,947 | $17.2M | Reduce -3.0% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.54% | 1,484,752 | $17.2M | Reduce -5.2% |
| TVA Texas Ventures Acquisition-A | 0.50% | 1,471,700 | $15.8M | Reduce -3.2% |
| BBJP JPMorgan Betabuilders Japan | 0.48% | 229,681 | $15.2M | Add +13.6% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.48% | 1,670,234 | $15.1M | Reduce -1.5% |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.47% | 612,942 | $15.0M | Reduce -2.6% |
| CHAR Charlton Aria Acquisiti Class A | 0.47% | 1,443,029 | $14.9M | Reduce -8.1% |
| BST BlackRock Science & Tech TR | 0.47% | 361,100 | $14.9M | Add +11.8% |
| ANSC Agriculture & Natural Soluti | 0.46% | 1,339,618 | $14.6M | Reduce -5.5% |
| KVACF Keen Vision Acquisition Corp. | 0.45% | 1,235,460 | $14.2M | Reduce -5.4% |
| XEXGX Eaton Vance Tax-Managed Glob | 0.44% | 1,535,438 | $14.0M | Reduce -17.4% |
| AFB Allianceberstein NTL Muni | 0.44% | 1,281,834 | $13.9M | Add +11.9% |
| COPL Copley Acquisition Corp. Class A | 0.44% | 1,359,828 | $13.7M | Add +73.9% |
| EWC iShares MSCI Canada ETF | 0.43% | 269,534 | $13.6M | Add +35.0% |
| GCOW Pacer Global Cash Cows Divid | 0.42% | 336,447 | $13.3M | Add +42.3% |
| ETG Eaton Vance T/A GL DVD Incm | 0.41% | 613,194 | $13.0M | Reduce -20.8% |
| CHW Calamos Global Dynamic Incom | 0.40% | 1,665,758 | $12.6M | Add +0.6% |
| LPAA Launch One Acquisition Corp. | 0.39% | 1,186,750 | $12.5M | Reduce -2.3% |
| MIN Aberdeen Intermediate Inc. FD | 0.39% | 4,639,674 | $12.4M | Reduce -9.2% |
| MACI Melar Acquisition Corp. I-A | 0.38% | 1,146,655 | $12.0M | Reduce -9.9% |
| EZU iShares MSCI Eurozone ETF | 0.38% | 193,297 | $12.0M | Add +40.6% |
| XPCQX PIMCO California Muni Inc. FD | 0.38% | 1,371,202 | $12.0M | Add +887.0% |
| KFII K&F Growth Acquisition Cor-A | 0.37% | 1,146,450 | $11.7M | Reduce -3.3% |
| CUB Lionheart Holdings Class A | 0.37% | 1,113,175 | $11.7M | Reduce -0.6% |
| AFJK Aimei Health Technology Co. | 0.37% | 1,025,794 | $11.6M | Reduce -3.4% |
| NFJ Virtus DVD Intrst & PRM STR | 0.36% | 871,537 | $11.3M | Reduce -39.4% |
| XAODX Abrdn Total Dynamic Dividend | 0.34% | 1,137,303 | $10.8M | Reduce -43.1% |
| IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP | 0.33% | 1,024,763 | $10.5M | Reduce -0.5% |
| XCAFX Morgan Stanley China A Share | 0.32% | 606,287 | $10.1M | Reduce -2.2% |
| TDF Templeton Dragon Fund Inc. | 0.32% | 865,720 | $10.1M | Reduce -4.2% |
| DPG Duff & Phelps Utility & Inc. | 0.31% | 768,179 | $9.9M | Reduce -20.9% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.29% | 630,869 | $9.3M | Reduce -8.5% |
| PGAC Pantages Capital Acquisition | 0.29% | 887,400 | $9.1M | Reduce -14.1% |
| YHNA YHN Acquisition I Ltd. | 0.26% | 792,626 | $8.3M | Reduce -5.9% |
| RDAC Rising Dragon Acquisition Co. | 0.25% | 750,300 | $7.8M | Reduce -0.8% |
| FSHP Flag Ship Acquisition Corp. | 0.25% | 738,600 | $7.8M | Reduce -6.3% |
| IEV iShares Europe ETF | 0.24% | 117,584 | $7.7M | Reduce -2.3% |
| NOEM CO2 Energy Transition Corp. | 0.24% | 737,471 | $7.5M | Reduce -5.9% |
| ZTR Virtus Total Return Fund Inc. | 0.23% | 1,127,163 | $7.3M | Add +0.3% |
| EWY iShares MSCI South Korea ETF | 0.23% | 90,710 | $7.3M | Add +8.7% |
| VACH Voyager Acquisition Corp. | 0.22% | 671,441 | $7.0M | Reduce -6.4% |
| PLMK Plum Acquisition Corp. IV | 0.22% | 677,700 | $7.0M | Reduce -1.1% |
| JOF Japan Smaller Capitalization | 0.22% | 662,088 | $7.0M | Reduce -20.0% |
| XBNYX BlackRock New York Muni Inc. | 0.22% | 683,976 | $6.9M | Add +12.2% |
| MLAC Mountain Lake Acquisition-A | 0.22% | 670,220 | $6.9M | Reduce -7.5% |
| EWZ iShares MSCI Brazil ETF | 0.21% | 217,208 | $6.7M | Add +31.2% |
| DGRO iShares Core Dividend Growth | 0.21% | 97,006 | $6.6M | New |
| TDAC Translational Development Ac | 0.20% | 616,775 | $6.4M | No change |
| OYSE Oyster Enterprises II Acq-A | 0.20% | 619,717 | $6.2M | New |
| EDEN iShares MSCI Denmark ETF | 0.19% | 54,575 | $6.0M | New |
| SOUL Soulpower Acquisition Co. Class A | 0.19% | 581,250 | $5.9M | Reduce -0.8% |
Portfolio Sells Q2 2025 → Q3 2025
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -40.0% | 2.81% | −1.82 |
| VGM Invesco Trust for Investmen | Sold out | 0.00% | −0.56 |
| EIM Eaton Vance Municipal Bond | Reduce -23.3% | 1.76% | −0.51 |
| VKQ Invesco Municipal Trust | Reduce -77.4% | 0.15% | −0.49 |
| XHNWX Pioneer Diversified High | Sold out | 0.00% | −0.37 |
| BKHA Black Hawk Acquisition Cor-A | Sold out | 0.00% | −0.35 |
| RENEF Cartesian Growth Corp. II- A | Sold out | 0.00% | −0.35 |
| BTX BlackRock Tech & Priv Eqty | Sold out | 0.00% | −0.34 |
| AITR AI Transportation Acquisitio | Sold out | 0.00% | −0.34 |
| HAYMAKER ACQUISITION CORP 4 | Sold out | 0.00% | −0.24 |
| CHEB Chenghe Acquisition II Co. | Sold out | 0.00% | −0.23 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -43.1% | 0.34% | −0.23 |
| VMO Invesco Municipal Opport | Reduce -92.4% | 0.02% | −0.22 |
| NFJ Virtus DVD Intrst & PRM STR | Reduce -39.4% | 0.36% | −0.22 |
| UCFI CN Healthy Food Tech Group C | Reduce -98.3% | 0.00% | −0.21 |
| XMIOX Pioneer Muni High Inc. Opp | Sold out | 0.00% | −0.19 |
| XIGDX Voya GLBL Eqty DVD & PRM Opp | Reduce -54.3% | 0.15% | −0.18 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −0.18 |
| HTD John Hancock Tax Adv DVD Inc. | Reduce -94.9% | 0.01% | −0.16 |
| KIO KKR Income Opportunities | Reduce -64.7% | 0.08% | −0.15 |
| NBXG Neuberger Next Generation Co. | Reduce -11.8% | 1.56% | −0.15 |
| BSTZ BlackRock Sci & Tech TRM TR | Reduce -50.7% | 0.15% | −0.14 |
| IQI Invesco Quality Muni Inc. TR | Sold out | 0.00% | −0.14 |
| NETD Nabors Energy Transition C-A | Reduce -59.1% | 0.08% | −0.11 |
| ETG Eaton Vance T/A GL DVD Incm | Reduce -20.8% | 0.41% | −0.11 |
| XMVFX BlackRock Munivest Fund | Reduce -8.1% | 1.81% | −0.11 |
| FINS Angel Oak Financ Strat Inc. | Reduce -3.9% | 2.21% | −0.11 |
| XWIAX Western Asset Infl-Link Sec | Reduce -2.9% | 2.09% | −0.10 |
| MYI BlackRock Muniyield QLTY III | Reduce -82.8% | 0.02% | −0.09 |
| NVG Nuveen Amt-FR Muni CRDT | Sold out | 0.00% | −0.09 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -11.0% | 0.57% | −0.09 |
| XEXGX Eaton Vance Tax-Managed Glob | Reduce -17.4% | 0.44% | −0.08 |
| XPMAX Pioneer Municipal High Inc. | Sold out | 0.00% | −0.08 |
| AAM Aa Mission Acquisition Cor-A | Reduce -3.1% | 1.94% | −0.08 |
| MMU Western Asset Managed Munici | Reduce -36.8% | 0.14% | −0.08 |
| DPG Duff & Phelps Utility & Inc. | Reduce -20.9% | 0.31% | −0.07 |
| DMAA Drugs Made in America Acquis | Reduce -7.2% | 0.83% | −0.07 |
| AEF Abrdn Emerging Markets Ex CH | Reduce -69.0% | 0.03% | −0.07 |
| IIF Morgan Stanley India Invest | Reduce -21.4% | 0.15% | −0.06 |
| LEGT Legato Merger Corp. III | Reduce -3.5% | 1.15% | −0.06 |
| SIMA Sim Acquisition Corp. I-A | Reduce -7.8% | 0.59% | −0.05 |
| MIN Aberdeen Intermediate Inc. FD | Reduce -9.2% | 0.39% | −0.05 |
| MUJ BlackRock Munihold NJ QLTY | Reduce -49.3% | 0.06% | −0.05 |
| PGAC Pantages Capital Acquisition | Reduce -14.1% | 0.29% | −0.05 |
| MACI Melar Acquisition Corp. I-A | Reduce -9.9% | 0.38% | −0.05 |
| STEW SRH Total Return Fund Inc. | Reduce -23.3% | 0.16% | −0.05 |
| CHAR Charlton Aria Acquisiti Class A | Reduce -8.1% | 0.47% | −0.05 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -2.4% | 1.37% | −0.05 |
| BTZ BlackRock Credit Allocation | Sold out | 0.00% | −0.04 |
| TAVI Tavia Acquisition Corp. | Reduce -4.8% | 0.72% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| BLV Vanguard Long-Term Bond ETF | Add +74.5% | 3.65% | +1.56 |
| VCRM Vanguard Core Tax-Ex Bond | New | 1.27% | +1.27 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +22.9% | 3.14% | +0.60 |
| MHN BlackRock Muniholding NY QLT | Add +75.2% | 1.16% | +0.51 |
| IEF iShares 7-10 Year Treasury B | Add +41.3% | 1.36% | +0.39 |
| BND Vanguard Total Bond Market | Add +42.3% | 1.18% | +0.34 |
| XPCQX PIMCO California Muni Inc. FD | Add +887.0% | 0.38% | +0.34 |
| VEU Vanguard Ftse All-World Ex-U | Add +16.1% | 1.68% | +0.29 |
| VTES Vanguard SH Term Tax-Ex Bond | Add +29.4% | 0.97% | +0.21 |
| DGRO iShares Core Dividend Growth | New | 0.21% | +0.21 |
| OYSE Oyster Enterprises II Acq-A | New | 0.20% | +0.20 |
| EDEN iShares MSCI Denmark ETF | New | 0.19% | +0.19 |
| MYN BlackRock Muniyield NY QLTY | Add +27.6% | 0.80% | +0.19 |
| COPL Copley Acquisition Corp. Class A | Add +73.9% | 0.44% | +0.18 |
| XRPN Armada Acquisition Class A | New | 0.18% | +0.18 |
| VWO Vanguard Ftse Emerging Marke | Add +1.3% | 2.13% | +0.18 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +1.5% | 2.66% | +0.17 |
| TVAI Thayer Ventures Acquis Class A | New | 0.17% | +0.17 |
| ORIQ Origin Investment Corp. I | New | 0.14% | +0.14 |
| EWC iShares MSCI Canada ETF | Add +35.0% | 0.43% | +0.13 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +6.0% | 1.09% | +0.13 |
| GCOW Pacer Global Cash Cows Divid | Add +42.3% | 0.42% | +0.13 |
| VPL Vanguard Ftse Pacific ETF | Add +8.8% | 1.06% | +0.13 |
| VNME Vendome Acquisition Corp. Class A | New | 0.13% | +0.13 |
| PNI PIMCO NY Muni Inc. II FND | New | 0.12% | +0.12 |
| EZU iShares MSCI Eurozone ETF | Add +40.6% | 0.38% | +0.12 |
| BACC Blue Acquisition Corp. Class A | New | 0.11% | +0.11 |
| BKT BlackRock Income Trust | New | 0.10% | +0.10 |
| TACH Titan Acquisition Corp. Class A | New | 0.10% | +0.10 |
| CRAQ Cal Redwood Acquisit Class A | New | 0.10% | +0.10 |
| SDHI Siddhi Acquisition Corp. Class A | New | 0.09% | +0.09 |
| KTF DWS Municipal Income Trust | Add +7.9% | 0.96% | +0.09 |
| MUC BlackRock Munihold Ca QLTY | Add +2.1% | 1.64% | +0.08 |
| BBJP JPMorgan Betabuilders Japan | Add +13.6% | 0.48% | +0.08 |
| BLE BlackRock Muni Inc. TR II | Add +3.2% | 1.46% | +0.08 |
| BST BlackRock Science & Tech TR | Add +11.8% | 0.47% | +0.08 |
| CCIIU Cohen Circle Acquisition Cor | New | 0.07% | +0.07 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.06% | +0.06 |
| CSQ Calamos Strat TTL RTRN FND | Add +175.9% | 0.09% | +0.06 |
| AFB Allianceberstein NTL Muni | Add +11.9% | 0.44% | +0.06 |
| EWZ iShares MSCI Brazil ETF | Add +31.2% | 0.21% | +0.06 |
| IWB iShares Russell 1000 ETF | Add +0.4% | 0.99% | +0.06 |
| PACH Pioneer Acquisition I Class A | New | 0.05% | +0.05 |
| GTERA Globa Terra Acquisition Co. Class A | New | 0.05% | +0.05 |
| BDCIU BTC Development Corp. | New | 0.05% | +0.05 |
| CCAQ Collective Acquisition Corp. | New | 0.05% | +0.05 |
| EWY iShares MSCI South Korea ETF | Add +8.7% | 0.23% | +0.04 |
| KCHV Kochav Defense Acquisition-A | New | 0.04% | +0.04 |
| CHPG Championsgate Acquisitio-A | Add +859.4% | 0.04% | +0.03 |
| INAC Indigo Acquisition Corp. | New | 0.03% | +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 |