Karpus Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Karpus Management, Inc. reported 214 stock positions worth $3.3 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 8.1% of the portfolio, followed by Vanguard Long-Term Bond ETF (BLV, 4.2%) and BlackRock 2030 Muni TRGT TRM (BTT, 3.2%). Compared with Q3 2025, it opened 34 new positions, sold out of 24, added to 74 and reduced 91. The biggest buy was Calamos Strat TTL RTRN FND (CSQ, shares +781%) and the biggest sale Nuveen NY Amt-FR Muni (NRK, shares −59%).
- Most Recent 13F
- Q2 2026
- Location
- Pittsford, NY
- CIK
- 0001048703
- Portfolio Value
- $3.3B (Q4 2025)
- SEC Filing
- 0001072613-26-000189 ↗ filed Feb 17, 2026
Holdings Value
Holdings 214 stocks · $3.3B
| VOO Vanguard S&P 500 ETF | 8.14% | 422,908 | $265.2M | Reduce -4.7% |
| BLV Vanguard Long-Term Bond ETF | 4.19% | 1,964,668 | $136.6M | Add +20.9% |
| BTT BlackRock 2030 Muni TRGT TRM | 3.24% | 4,618,725 | $105.4M | Add +4.8% |
| MHD BlackRock Muniholdings Fund | 3.06% | 8,490,550 | $99.7M | Add +18.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.65% | 334,706 | $86.3M | Add +1.5% |
| IVV iShares Core S&P 500 ETF | 2.23% | 105,868 | $72.5M | Reduce -15.3% |
| VWO Vanguard Ftse Emerging Marke | 2.14% | 1,294,118 | $69.6M | Add +4.4% |
| FINS Angel Oak Financ Strat Inc. | 2.09% | 5,151,041 | $68.0M | Reduce -3.1% |
| VEU Vanguard Ftse All-World Ex-U | 2.09% | 923,254 | $67.9M | Add +24.4% |
| XWIAX Western Asset Infl-Link Sec | 2.07% | 8,143,596 | $67.3M | Add +3.8% |
| AAM Aa Mission Acquisition Cor-A | 1.87% | 5,717,512 | $61.0M | Reduce -1.7% |
| XMVFX BlackRock Munivest Fund | 1.78% | 8,350,955 | $57.9M | Add +0.1% |
| MUC BlackRock Munihold Ca QLTY | 1.75% | 5,389,509 | $57.1M | Add +13.3% |
| BLE BlackRock Muni Inc. TR II | 1.57% | 4,897,546 | $51.1M | Add +10.6% |
| BFK BlackRock Municipal Inc. TRST | 1.53% | 4,953,591 | $49.7M | Add +10.3% |
| BND Vanguard Total Bond Market | 1.51% | 665,035 | $49.3M | Add +32.5% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.46% | 1,670,779 | $47.7M | Reduce -3.0% |
| XGDVX Gabelli Dividend & Income TR | 1.41% | 1,651,516 | $45.9M | Reduce -5.4% |
| IEF iShares 7-10 Year Treasury B | 1.41% | 476,221 | $45.8M | Add +7.3% |
| NBXG Neuberger Next Generation Co. | 1.36% | 3,075,844 | $44.4M | Reduce -3.9% |
| VCRM Vanguard Core Tax-Ex Bond | 1.29% | 554,144 | $41.9M | Add +3.9% |
| MHN BlackRock Muniholding NY QLT | 1.15% | 3,663,762 | $37.5M | Add +2.0% |
| LEGT Legato Merger Corp. III | 1.11% | 3,333,541 | $36.3M | Reduce -1.2% |
| NRK Nuveen NY Amt-FR Muni Inc. | 1.10% | 3,536,744 | $35.7M | Reduce -59.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.09% | 72,958 | $35.6M | Add +1.6% |
| IEUR iShares Core MSCI Europe ETF | 1.06% | 488,052 | $34.6M | Add +0.7% |
| VPL Vanguard Ftse Pacific ETF | 1.05% | 379,849 | $34.3M | Add +0.1% |
| EIM Eaton Vance Municipal Bond | 1.05% | 3,506,586 | $34.1M | Reduce -37.3% |
| KTF DWS Municipal Income Trust | 1.04% | 3,715,549 | $33.8M | Add +12.6% |
| IWB iShares Russell 1000 ETF | 0.97% | 84,998 | $31.7M | Reduce -0.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.97% | 94,356 | $31.6M | Reduce -29.5% |
| VTES Vanguard SH Term Tax-Ex Bond | 0.82% | 262,800 | $26.7M | Reduce -12.5% |
| DMAA Drugs Made in America Acquis | 0.81% | 2,538,642 | $26.3M | Reduce -0.3% |
| CSQ Calamos Strat TTL RTRN FND | 0.79% | 1,345,804 | $25.8M | Add +781.5% |
| RFAI RF Acquisition Corp. II | 0.79% | 2,397,033 | $25.7M | Reduce -0.4% |
| GPAT GP-Act III Acquisition-A | 0.77% | 2,331,866 | $24.9M | Add +1.1% |
| MYN BlackRock Muniyield NY QLTY | 0.75% | 2,455,847 | $24.3M | Reduce -3.6% |
| QSEA Quartzsea Acquisition Corp. | 0.71% | 2,263,880 | $23.2M | Reduce -0.6% |
| VGK Vanguard Ftse Europe ETF | 0.71% | 275,400 | $23.0M | Add +0.9% |
| TAVI Tavia Acquisition Corp. | 0.70% | 2,193,702 | $22.9M | Reduce -0.4% |
| BST BlackRock Science & Tech TR | 0.68% | 543,547 | $22.0M | Add +50.5% |
| XLF SS Financial Select Sector | 0.67% | 399,770 | $21.9M | Add +0.4% |
| BKT BlackRock Income Trust | 0.63% | 1,861,660 | $20.6M | Add +538.9% |
| SHM SS SPDR N Ice St Muni ETF | 0.59% | 398,706 | $19.1M | Reduce -55.5% |
| ANSC Agriculture & Natural Soluti | 0.58% | 1,685,893 | $18.9M | Add +25.9% |
| VGT Vanguard Info Tech ETF | 0.58% | 24,977 | $18.8M | Reduce -2.1% |
| ASG Liberty All-Star Growth FD | 0.57% | 3,517,079 | $18.6M | Add +4.9% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.57% | 612,728 | $18.6M | Reduce -2.0% |
| SIMA Sim Acquisition Corp. I-A | 0.56% | 1,735,497 | $18.4M | Reduce -1.9% |
| BHK BlackRock Core Bond Trust | 0.55% | 1,883,365 | $18.1M | Reduce -2.8% |
| LKSP Lake Superior Acquisiti Class A | 0.54% | 1,782,358 | $17.7M | New |
| XBNYX BlackRock New York Muni Inc. | 0.51% | 1,653,365 | $16.8M | Add +141.7% |
| AFB Allianceberstein NTL Muni | 0.51% | 1,539,698 | $16.7M | Add +20.1% |
| COPL Copley Acquisition Corp. Class A | 0.48% | 1,535,003 | $15.7M | Add +12.9% |
| EWC iShares MSCI Canada ETF | 0.48% | 286,858 | $15.5M | Add +6.4% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.46% | 1,635,014 | $15.1M | Reduce -2.1% |
| BBJP JPMorgan Betabuilders Japan | 0.46% | 226,543 | $14.9M | Reduce -1.4% |
| CHAR Charlton Aria Acquisiti Class A | 0.46% | 1,423,967 | $14.9M | Reduce -1.3% |
| XBGYX BlackRock Enh Intl DVD TR | 0.45% | 2,513,036 | $14.8M | Reduce -19.3% |
| GCOW Pacer Global Cash Cows Divid | 0.45% | 353,352 | $14.6M | Add +5.0% |
| CHW Calamos Global Dynamic Incom | 0.44% | 1,941,888 | $14.4M | Add +16.6% |
| KVACF Keen Vision Acquisition Corp. | 0.44% | 1,224,460 | $14.4M | Reduce -0.9% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.44% | 1,222,780 | $14.3M | Reduce -17.6% |
| XEXGX Eaton Vance Tax-Managed Glob | 0.43% | 1,467,837 | $14.0M | Reduce -4.4% |
| KFII K&F Growth Acquisition Cor-A | 0.42% | 1,328,387 | $13.7M | Add +15.9% |
| XPCQX PIMCO California Muni Inc. FD | 0.42% | 1,554,343 | $13.6M | Add +13.4% |
| EZU iShares MSCI Eurozone ETF | 0.41% | 210,019 | $13.5M | Add +8.7% |
| AIIA AI Infrastructure Ac-A | 0.38% | 1,241,923 | $12.3M | New |
| MKLY McKinley Acquisition Co. Class A | 0.38% | 1,226,785 | $12.2M | New |
| MACI Melar Acquisition Corp. I-A | 0.37% | 1,145,155 | $12.2M | Reduce -0.1% |
| LPAA Launch One Acquisition Corp. | 0.36% | 1,115,800 | $11.8M | Reduce -6.0% |
| USA Liberty All Star Equity Fund | 0.35% | 1,830,510 | $11.5M | New |
| MIN Aberdeen Intermediate Inc. FD | 0.35% | 4,385,724 | $11.4M | Reduce -5.5% |
| CUB Lionheart Holdings Class A | 0.35% | 1,076,675 | $11.4M | Reduce -3.3% |
| DMII Drugs Made in America Acquis | 0.35% | 1,143,625 | $11.3M | New |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.33% | 430,276 | $10.8M | Reduce -29.8% |
| IPEX Inflection Point Acquisition | 0.32% | 1,016,543 | $10.5M | Reduce -0.8% |
| XCAFX Morgan Stanley China A Share | 0.30% | 556,731 | $9.7M | Reduce -8.2% |
| GTERA Globa Terra Acquisition Co. Class A | 0.30% | 956,762 | $9.7M | Add +523.0% |
| TDF Templeton Dragon Fund Inc. | 0.30% | 855,995 | $9.6M | Reduce -1.1% |
| ETG Eaton Vance T/A GL DVD Incm | 0.30% | 417,229 | $9.6M | Reduce -32.0% |
| EOD Allspring Global Dividend Op | 0.29% | 1,641,368 | $9.6M | Add +109.2% |
| EMIS Emmis Acquisition Corp. Class A | 0.28% | 913,836 | $9.1M | New |
| EDEN iShares MSCI Denmark ETF | 0.27% | 77,516 | $8.9M | Add +42.0% |
| PGAC Pantages Capital Acquisition | 0.27% | 844,700 | $8.8M | Reduce -4.8% |
| EWY iShares MSCI South Korea ETF | 0.27% | 89,087 | $8.7M | Reduce -1.8% |
| XMYDX BlackRock Muniyield Fund | 0.26% | 815,853 | $8.6M | Add +289.9% |
| ORIQ Origin Investment Corp. I | 0.25% | 819,444 | $8.3M | Add +91.0% |
| DPG Duff & Phelps Utility & Inc. | 0.25% | 651,743 | $8.3M | Reduce -15.2% |
| YHNA YHN Acquisition I Ltd. | 0.25% | 767,026 | $8.1M | Reduce -3.2% |
| NOEM CO2 Energy Transition Corp. | 0.25% | 780,246 | $8.0M | Add +5.8% |
| CHEC Chenghe Acquisition II Class A | 0.24% | 795,850 | $7.9M | New |
| IEV iShares Europe ETF | 0.24% | 115,456 | $7.9M | Reduce -1.8% |
| FSHP Flag Ship Acquisition Corp. | 0.24% | 736,350 | $7.9M | Reduce -0.3% |
| KCHV Kochav Defense Acquisition-A | 0.24% | 764,019 | $7.7M | Add +564.4% |
| MQY BlackRock Muniyield Quality | 0.24% | 683,812 | $7.7M | New |
| OBA Oxley Bridge Acquisitio Class A | 0.24% | 766,400 | $7.7M | New |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.24% | 558,942 | $7.7M | Reduce -11.4% |
| RDAC Rising Dragon Acquisition Co. | 0.24% | 736,550 | $7.7M | Reduce -1.8% |
| NMP NMP Acquisition Corp. Class A | 0.24% | 767,290 | $7.7M | New |
Portfolio Sells Q3 2025 → Q4 2025
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -59.3% | 1.10% | −1.71 |
| IBAC Ib Acquisition Corp. | Sold out | 0.00% | −0.86 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -55.5% | 0.59% | −0.78 |
| EIM Eaton Vance Municipal Bond | Reduce -37.3% | 1.05% | −0.71 |
| CHAC Crane Harbor Acqu Corp. Class A | Sold out | 0.00% | −0.58 |
| HDRN Hadron Energy Inc. | Sold out | 0.00% | −0.57 |
| TVA Texas Ventures Acquisition-A | Sold out | 0.00% | −0.50 |
| VOO Vanguard S&P 500 ETF | Reduce -4.7% | 8.14% | −0.46 |
| IVV iShares Core S&P 500 ETF | Reduce -15.3% | 2.23% | −0.42 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -29.5% | 0.97% | −0.42 |
| AFJK Aimei Health Technology Co. | Reduce -92.4% | 0.03% | −0.34 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -98.8% | 0.00% | −0.34 |
| NFJ Virtus DVD Intrst & PRM STR | Reduce -52.6% | 0.16% | −0.20 |
| NBXG Neuberger Next Generation Co. | Reduce -3.9% | 1.36% | −0.19 |
| XIGDX Voya GLBL Eqty DVD & PRM Opp | Sold out | 0.00% | −0.15 |
| VKQ Invesco Municipal Trust | Sold out | 0.00% | −0.15 |
| VTES Vanguard SH Term Tax-Ex Bond | Reduce -12.5% | 0.82% | −0.15 |
| HQL Abrdn Life Sciences Investor | Sold out | 0.00% | −0.15 |
| MMU Western Asset Managed Munici | Sold out | 0.00% | −0.14 |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | Reduce -29.8% | 0.33% | −0.14 |
| ALPHATIME ACQUISITION CORP | Sold out | 0.00% | −0.13 |
| FINS Angel Oak Financ Strat Inc. | Reduce -3.1% | 2.09% | −0.12 |
| PNI PIMCO NY Muni Inc. II FND | Sold out | 0.00% | −0.12 |
| ETG Eaton Vance T/A GL DVD Incm | Reduce -32.0% | 0.30% | −0.11 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -19.3% | 0.45% | −0.11 |
| XBOEX BlackRock Enh GLBL DVD TR | Reduce -17.6% | 0.44% | −0.10 |
| OAKU Oak Woods Acquisition Corp. Class A | Reduce -78.0% | 0.03% | −0.10 |
| ZTR Virtus Total Return Fund Inc. | Reduce -39.9% | 0.13% | −0.10 |
| ALPHAVEST ACQUISITION CORP | Sold out | 0.00% | −0.10 |
| XGDVX Gabelli Dividend & Income TR | Reduce -5.4% | 1.41% | −0.09 |
| DTSQ DT Cloud Star Acquisition Co. | Reduce -72.1% | 0.03% | −0.08 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −0.08 |
| ETV Eaton Vance T/M Buy-Writ Opp | Sold out | 0.00% | −0.07 |
| AAM Aa Mission Acquisition Cor-A | Reduce -1.7% | 1.87% | −0.06 |
| DPG Duff & Phelps Utility & Inc. | Reduce -15.2% | 0.25% | −0.06 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Reduce -11.4% | 0.24% | −0.06 |
| MUJ BlackRock Munihold NJ QLTY | Sold out | 0.00% | −0.06 |
| COLA Columbus Acquisition Corp. | Reduce -84.9% | 0.01% | −0.06 |
| BHK BlackRock Core Bond Trust | Reduce -2.8% | 0.55% | −0.06 |
| MYN BlackRock Muniyield NY QLTY | Reduce -3.6% | 0.75% | −0.05 |
| MIN Aberdeen Intermediate Inc. FD | Reduce -5.5% | 0.35% | −0.04 |
| MRLN Merlin Inc. | Sold out | 0.00% | −0.04 |
| SWZ Total Return Securities Fund | Sold out | 0.00% | −0.04 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Reduce -3.0% | 1.46% | −0.03 |
| LEGT Legato Merger Corp. III | Reduce -1.2% | 1.11% | −0.03 |
| LPAA Launch One Acquisition Corp. | Reduce -6.0% | 0.36% | −0.03 |
| CII BlackRock Enhan LRG Cap Core | Sold out | 0.00% | −0.03 |
| PMO Franklin Muncipl Opps Tst-Ui | Reduce -37.0% | 0.05% | −0.03 |
| VCIC Vine Hill Capital Class A | Sold out | 0.00% | −0.03 |
| JOF Japan Smaller Capitalization | Reduce -14.4% | 0.19% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| CSQ Calamos Strat TTL RTRN FND | Add +781.5% | 0.79% | +0.70 |
| BLV Vanguard Long-Term Bond ETF | Add +20.9% | 4.19% | +0.55 |
| LKSP Lake Superior Acquisiti Class A | New | 0.54% | +0.54 |
| BKT BlackRock Income Trust | Add +538.9% | 0.63% | +0.53 |
| VEU Vanguard Ftse All-World Ex-U | Add +24.4% | 2.09% | +0.41 |
| MHD BlackRock Muniholdings Fund | Add +18.6% | 3.06% | +0.40 |
| AIIA AI Infrastructure Ac-A | New | 0.38% | +0.38 |
| MKLY McKinley Acquisition Co. Class A | New | 0.38% | +0.38 |
| USA Liberty All Star Equity Fund | New | 0.35% | +0.35 |
| DMII Drugs Made in America Acquis | New | 0.35% | +0.35 |
| BND Vanguard Total Bond Market | Add +32.5% | 1.51% | +0.33 |
| XBNYX BlackRock New York Muni Inc. | Add +141.7% | 0.51% | +0.30 |
| EMIS Emmis Acquisition Corp. Class A | New | 0.28% | +0.28 |
| GTERA Globa Terra Acquisition Co. Class A | Add +523.0% | 0.30% | +0.25 |
| CHEC Chenghe Acquisition II Class A | New | 0.24% | +0.24 |
| MQY BlackRock Muniyield Quality | New | 0.24% | +0.24 |
| OBA Oxley Bridge Acquisitio Class A | New | 0.24% | +0.24 |
| NMP NMP Acquisition Corp. Class A | New | 0.24% | +0.24 |
| CRAC Crown Reserve Acquisiti Class A | New | 0.22% | +0.22 |
| MUE BlackRock Munihold QLT FD II | Add +3196.7% | 0.22% | +0.22 |
| BST BlackRock Science & Tech TR | Add +50.5% | 0.68% | +0.20 |
| ENHA Enhanced Group Inc. | New | 0.20% | +0.20 |
| KCHV Kochav Defense Acquisition-A | Add +564.4% | 0.24% | +0.20 |
| XMYDX BlackRock Muniyield Fund | Add +289.9% | 0.26% | +0.19 |
| INAC Indigo Acquisition Corp. | Add +527.1% | 0.20% | +0.17 |
| ALIS Calisa Acquisition Corp. | New | 0.15% | +0.15 |
| EOD Allspring Global Dividend Op | Add +109.2% | 0.29% | +0.15 |
| QUMS Quantumsphere Acquisition Co. | New | 0.15% | +0.15 |
| BYM BlackRock Muni Inc. QLTY | Add +443.0% | 0.18% | +0.15 |
| XBKNX BlackRock Invest QLTY Muni | Add +299.6% | 0.17% | +0.13 |
| SPEG Silver Pegasus Acquisition-A | Add +3136.3% | 0.13% | +0.12 |
| MUC BlackRock Munihold Ca QLTY | Add +13.3% | 1.75% | +0.12 |
| ORIQ Origin Investment Corp. I | Add +91.0% | 0.25% | +0.12 |
| STK Columbia Slgmn Prem Tech GR | New | 0.12% | +0.12 |
| ANSC Agriculture & Natural Soluti | Add +25.9% | 0.58% | +0.12 |
| XMQTX BlackRock Muniyield QLTY II | Add +102.1% | 0.23% | +0.11 |
| MYI BlackRock Muniyield QLTY III | Add +566.1% | 0.13% | +0.11 |
| BLE BlackRock Muni Inc. TR II | Add +10.6% | 1.57% | +0.11 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +4.8% | 3.24% | +0.10 |
| BACC Blue Acquisition Corp. Class A | Add +94.7% | 0.20% | +0.10 |
| XBMEX BlackRock Health Sciences | Add +107.3% | 0.18% | +0.10 |
| PACH Pioneer Acquisition I Class A | Add +200.7% | 0.15% | +0.10 |
| BFK BlackRock Municipal Inc. TRST | Add +10.3% | 1.53% | +0.10 |
| XBFZX BlackRock Ca Muni Inc. TR | New | 0.09% | +0.09 |
| EDEN iShares MSCI Denmark ETF | Add +42.0% | 0.27% | +0.08 |
| KTF DWS Municipal Income Trust | Add +12.6% | 1.04% | +0.08 |
| IAF Abrdn Australia Equity Fund | Add +365.3% | 0.10% | +0.08 |
| JHS John Hancock Income Sec TR | Add +123.7% | 0.13% | +0.07 |
| VNME Vendome Acquisition Corp. Class A | Add +59.9% | 0.20% | +0.07 |
| AFB Allianceberstein NTL Muni | Add +20.1% | 0.51% | +0.07 |
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 |