Karpus Management, Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Karpus Management, Inc. reported 231 stock positions worth $3.2 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 7.3% of the portfolio, followed by BlackRock Muniholdings Fund (MHD, 7.0%) and Vanguard Long-Term Bond ETF (BLV, 4.2%). Compared with Q4 2025, it opened 40 new positions, sold out of 22, added to 63 and reduced 103. The biggest buy was BlackRock Muniholdings Fund (MHD, shares +136%) and the biggest sale Aa Mission Acquisition Cor-A (AAM, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- Pittsford, NY
- CIK
- 0001048703
- Portfolio Value
- $3.2B (Q1 2026)
- SEC Filing
- 0001072613-26-000439 ↗ filed May 14, 2026
Holdings Value
Holdings 231 stocks · $3.2B
| VOO Vanguard S&P 500 ETF | 7.32% | 392,872 | $234.8M | Reduce -7.1% |
| MHD BlackRock Muniholdings Fund | 7.05% | 20,033,393 | $226.0M | Add +135.9% |
| BLV Vanguard Long-Term Bond ETF | 4.23% | 1,970,328 | $135.5M | Add +0.3% |
| BTT BlackRock 2030 Muni TRGT TRM | 3.32% | 4,689,313 | $106.4M | Add +1.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.63% | 321,684 | $84.3M | Reduce -3.9% |
| MYN BlackRock Muniyield NY QLTY | 2.44% | 8,159,423 | $78.3M | Add +232.2% |
| VEU Vanguard Ftse All-World Ex-U | 2.29% | 976,719 | $73.4M | Add +5.8% |
| VWO Vanguard Ftse Emerging Marke | 2.23% | 1,321,574 | $71.4M | Add +2.1% |
| XWIAX Western Asset Infl-Link Sec | 2.10% | 8,346,410 | $67.4M | Add +2.5% |
| FINS Angel Oak Financ Strat Inc. | 1.87% | 4,697,846 | $59.9M | Reduce -8.8% |
| MYI BlackRock Muniyield QLTY III | 1.86% | 5,676,653 | $59.7M | Add +1410.9% |
| IVV iShares Core S&P 500 ETF | 1.85% | 90,790 | $59.3M | Reduce -14.2% |
| MUC BlackRock Munihold Ca QLTY | 1.75% | 5,379,853 | $56.0M | Reduce -0.2% |
| VCRM Vanguard Core Tax-Ex Bond | 1.38% | 590,059 | $44.3M | Add +6.5% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.36% | 1,636,959 | $43.7M | Reduce -2.0% |
| XGDVX Gabelli Dividend & Income TR | 1.26% | 1,499,700 | $40.4M | Reduce -9.2% |
| NBXG Neuberger Next Generation Co. | 1.23% | 3,069,100 | $39.5M | Reduce -0.2% |
| VPL Vanguard Ftse Pacific ETF | 1.12% | 367,821 | $35.9M | Reduce -3.2% |
| IEUR iShares Core MSCI Europe ETF | 1.08% | 492,537 | $34.6M | Add +0.9% |
| CSQ Calamos Strat TTL RTRN FND | 1.04% | 1,944,623 | $33.3M | Add +44.5% |
| IWB iShares Russell 1000 ETF | 0.95% | 85,096 | $30.3M | Add +0.1% |
| SCII SC II Acquisition Corp. Class A | 0.94% | 3,026,479 | $30.2M | New |
| KTF DWS Municipal Income Trust | 0.93% | 3,291,016 | $29.9M | Reduce -11.4% |
| MQY BlackRock Muniyield Quality | 0.90% | 2,616,894 | $28.7M | Add +93.9% |
| AFB Allianceberstein NTL Muni | 0.85% | 2,553,118 | $27.3M | Add +65.8% |
| DMAA Drugs Made in America Acquis | 0.83% | 2,530,517 | $26.5M | Reduce -0.3% |
| DMII Drugs Made in America Acquis | 0.81% | 2,597,923 | $25.9M | Add +127.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.81% | 80,671 | $25.9M | Reduce -14.5% |
| BND Vanguard Total Bond Market | 0.80% | 349,587 | $25.7M | Reduce -47.4% |
| GPAT GP-Act III Acquisition-A | 0.75% | 2,230,216 | $24.2M | Reduce -4.4% |
| VGK Vanguard Ftse Europe ETF | 0.74% | 288,827 | $23.8M | Add +4.9% |
| TLT iShares 20+ Year Treasury BD | 0.74% | 273,415 | $23.7M | New |
| LEGT Legato Merger Corp. III | 0.73% | 2,139,308 | $23.5M | Reduce -35.8% |
| QSEA Quartzsea Acquisition Corp. | 0.73% | 2,256,805 | $23.4M | Reduce -0.3% |
| TAVI Tavia Acquisition Corp. | 0.72% | 2,177,202 | $23.0M | Reduce -0.8% |
| EIM Eaton Vance Municipal Bond | 0.70% | 2,296,254 | $22.4M | Reduce -34.5% |
| AIIA AI Infrastructure Ac-A | 0.65% | 2,066,198 | $20.7M | Add +66.4% |
| BST BlackRock Science & Tech TR | 0.64% | 562,909 | $20.5M | Add +3.6% |
| ASG Liberty All-Star Growth FD | 0.63% | 4,220,488 | $20.0M | Add +20.0% |
| XLF SS Financial Select Sector | 0.63% | 405,787 | $20.0M | Add +1.5% |
| BKT BlackRock Income Trust | 0.61% | 1,851,052 | $19.6M | Reduce -0.6% |
| MKLY McKinley Acquisition Co. Class A | 0.60% | 1,903,371 | $19.1M | Add +55.1% |
| ANSC Agriculture & Natural Soluti | 0.59% | 1,662,443 | $18.8M | Reduce -1.4% |
| SIMA Sim Acquisition Corp. I-A | 0.58% | 1,725,032 | $18.5M | Reduce -0.6% |
| GCOW Pacer Global Cash Cows Divid | 0.57% | 391,956 | $18.1M | Add +10.9% |
| RFAI RF Acquisition Corp. II | 0.56% | 1,640,733 | $17.9M | Reduce -31.6% |
| EZU iShares MSCI Eurozone ETF | 0.55% | 280,297 | $17.6M | Add +33.5% |
| USA Liberty All Star Equity Fund | 0.54% | 3,116,511 | $17.3M | Add +70.3% |
| EWC iShares MSCI Canada ETF | 0.54% | 314,292 | $17.2M | Add +9.6% |
| BHK BlackRock Core Bond Trust | 0.54% | 1,879,578 | $17.2M | Reduce -0.2% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.54% | 645,796 | $17.2M | Add +5.4% |
| CHW Calamos Global Dynamic Incom | 0.50% | 2,191,419 | $15.9M | Add +12.8% |
| BBJP JPMorgan Betabuilders Japan | 0.50% | 230,737 | $15.9M | Add +1.9% |
| WPAC White Pearl Acquisition Co. Class A | 0.49% | 1,602,595 | $15.8M | New |
| COPL Copley Acquisition Corp. Class A | 0.49% | 1,526,827 | $15.7M | Reduce -0.5% |
| XPCQX PIMCO California Muni Inc. FD | 0.48% | 1,778,933 | $15.3M | Add +14.4% |
| CHAR Charlton Aria Acquisiti Class A | 0.47% | 1,418,110 | $15.0M | Reduce -0.4% |
| GTERA Globa Terra Acquisition Co. Class A | 0.47% | 1,470,687 | $15.0M | Add +53.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.46% | 33,805 | $14.8M | Reduce -53.7% |
| VGT Vanguard Info Tech ETF | 0.45% | 20,880 | $14.6M | Reduce -16.4% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.45% | 1,625,403 | $14.3M | Reduce -0.6% |
| WSTN Westin Acquisition Corp. Class A | 0.43% | 1,389,790 | $13.9M | New |
| KFII K&F Growth Acquisition Cor-A | 0.43% | 1,317,137 | $13.7M | Reduce -0.8% |
| DGRO iShares Core Dividend Growth | 0.43% | 195,078 | $13.7M | Add +90.5% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.41% | 1,211,742 | $13.3M | Reduce -0.9% |
| MIN Aberdeen Intermediate Inc. FD | 0.41% | 5,275,910 | $13.2M | Add +20.3% |
| LKSP Lake Superior Acquisiti Class A | 0.40% | 1,284,033 | $12.9M | Reduce -28.0% |
| SSAC Spacsphere Acquisition Class A | 0.38% | 1,217,210 | $12.1M | New |
| CHEC Chenghe Acquisition II Class A | 0.37% | 1,188,550 | $12.0M | Add +49.3% |
| LPAA Launch One Acquisition Corp. | 0.36% | 1,085,250 | $11.6M | Reduce -2.7% |
| APXT Apex Treasury Corp. Class A | 0.36% | 1,163,557 | $11.6M | New |
| CUB Lionheart Holdings Class A | 0.35% | 1,031,975 | $11.1M | Reduce -4.2% |
| VNME Vendome Acquisition Corp. Class A | 0.34% | 1,085,053 | $10.9M | Add +69.6% |
| MACI Melar Acquisition Corp. I-A | 0.33% | 988,505 | $10.6M | Reduce -13.7% |
| XBGYX BlackRock Enh Intl DVD TR | 0.33% | 1,949,687 | $10.5M | Reduce -22.4% |
| IPEX Inflection Point Acquisition | 0.33% | 1,007,143 | $10.5M | Reduce -0.9% |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.32% | 416,375 | $10.2M | Reduce -3.2% |
| XEXGX Eaton Vance Tax-Managed Glob | 0.32% | 1,178,492 | $10.2M | Reduce -19.7% |
| EMIS Emmis Acquisition Corp. Class A | 0.31% | 981,161 | $9.9M | Add +7.4% |
| EWZ iShares MSCI Brazil ETF | 0.30% | 253,399 | $9.7M | Add +16.4% |
| EOD Allspring Global Dividend Op | 0.30% | 1,665,576 | $9.7M | Add +1.5% |
| GIW GIGCAPITAL8 Corp. Class A | 0.30% | 963,650 | $9.6M | Add +971.3% |
| EWY iShares MSCI South Korea ETF | 0.29% | 75,475 | $9.3M | Reduce -15.3% |
| TDF Templeton Dragon Fund Inc. | 0.29% | 869,884 | $9.2M | Add +1.6% |
| BSTZ BlackRock Sci & Tech TRM TR | 0.28% | 409,931 | $9.1M | Add +92.7% |
| ORIQ Origin Investment Corp. I | 0.28% | 875,728 | $8.9M | Add +6.9% |
| NMP NMP Acquisition Corp. Class A | 0.28% | 867,790 | $8.8M | Add +13.1% |
| OBA Oxley Bridge Acquisitio Class A | 0.27% | 861,975 | $8.7M | Add +12.5% |
| PGAC Pantages Capital Acquisition | 0.27% | 831,500 | $8.7M | Reduce -1.6% |
| IAF Abrdn Australia Equity Fund | 0.27% | 711,187 | $8.6M | Add +182.3% |
| XCAFX Morgan Stanley China A Share | 0.26% | 473,263 | $8.3M | Reduce -15.0% |
| EDEN iShares MSCI Denmark ETF | 0.26% | 78,755 | $8.2M | Add +1.6% |
| YHNA YHN Acquisition I Ltd. | 0.26% | 765,701 | $8.2M | Reduce -0.2% |
| IIF Morgan Stanley India Invest | 0.25% | 395,688 | $8.1M | Add +127.8% |
| CRAC Crown Reserve Acquisiti Class A | 0.25% | 807,325 | $8.1M | Add +13.1% |
| GIX GIGCAPITAL9 Corp. Class A | 0.25% | 815,332 | $8.0M | New |
| IGE iShares North American Natur | 0.25% | 127,079 | $8.0M | New |
| FSHP Flag Ship Acquisition Corp. | 0.25% | 727,825 | $8.0M | Reduce -1.2% |
| KCHV Kochav Defense Acquisition-A | 0.24% | 764,019 | $7.8M | No change |
| ETG Eaton Vance T/A GL DVD Incm | 0.24% | 387,327 | $7.8M | Reduce -7.2% |
Portfolio Sells Q4 2025 → Q1 2026
| AAM Aa Mission Acquisition Cor-A | Reduce -99.7% | 0.01% | −1.87 |
| XMVFX BlackRock Munivest Fund | Sold out | 0.00% | −1.78 |
| BLE BlackRock Muni Inc. TR II | Sold out | 0.00% | −1.57 |
| BFK BlackRock Municipal Inc. TRST | Sold out | 0.00% | −1.53 |
| IEF iShares 7-10 Year Treasury B | Reduce -94.3% | 0.08% | −1.33 |
| MHN BlackRock Muniholding NY QLT | Sold out | 0.00% | −1.15 |
| NRK Nuveen NY Amt-FR Muni Inc. | Sold out | 0.00% | −1.10 |
| VOO Vanguard S&P 500 ETF | Reduce -7.1% | 7.32% | −0.82 |
| BND Vanguard Total Bond Market | Reduce -47.4% | 0.80% | −0.71 |
| VTES Vanguard SH Term Tax-Ex Bond | Reduce -86.7% | 0.11% | −0.71 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -53.7% | 0.46% | −0.63 |
| XBNYX BlackRock New York Muni Inc. | Sold out | 0.00% | −0.51 |
| KVACF Keen Vision Acquisition Corp. | Sold out | 0.00% | −0.44 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -73.1% | 0.16% | −0.43 |
| LEGT Legato Merger Corp. III | Reduce -35.8% | 0.73% | −0.38 |
| IVV iShares Core S&P 500 ETF | Reduce -14.2% | 1.85% | −0.38 |
| EIM Eaton Vance Municipal Bond | Reduce -34.5% | 0.70% | −0.35 |
| XMYDX BlackRock Muniyield Fund | Sold out | 0.00% | −0.26 |
| RFAI RF Acquisition Corp. II | Reduce -31.6% | 0.56% | −0.23 |
| MUE BlackRock Munihold QLT FD II | Sold out | 0.00% | −0.22 |
| FINS Angel Oak Financ Strat Inc. | Reduce -8.8% | 1.87% | −0.22 |
| BYM BlackRock Muni Inc. QLTY | Sold out | 0.00% | −0.18 |
| XBKNX BlackRock Invest QLTY Muni | Sold out | 0.00% | −0.17 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -14.5% | 0.81% | −0.16 |
| NFJ Virtus DVD Intrst & PRM STR | Sold out | 0.00% | −0.16 |
| XGDVX Gabelli Dividend & Income TR | Reduce -9.2% | 1.26% | −0.15 |
| XMVTX BlackRock Munivest Fund II | Sold out | 0.00% | −0.15 |
| LKSP Lake Superior Acquisiti Class A | Reduce -28.0% | 0.40% | −0.14 |
| STEW SRH Total Return Fund Inc. | Reduce -89.3% | 0.02% | −0.14 |
| NBXG Neuberger Next Generation Co. | Reduce -0.2% | 1.23% | −0.13 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -22.4% | 0.33% | −0.12 |
| VGT Vanguard Info Tech ETF | Reduce -16.4% | 0.45% | −0.12 |
| XEXGX Eaton Vance Tax-Managed Glob | Reduce -19.7% | 0.32% | −0.11 |
| PELI Pelican Acquisition Corp. | Sold out | 0.00% | −0.11 |
| KTF DWS Municipal Income Trust | Reduce -11.4% | 0.93% | −0.10 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Reduce -2.0% | 1.36% | −0.10 |
| XBFZX BlackRock Ca Muni Inc. TR | Sold out | 0.00% | −0.09 |
| CAPN Cayson Acquisition Corp. | Sold out | 0.00% | −0.09 |
| XRPN Armada Acquisition Class A | Reduce -52.6% | 0.08% | −0.09 |
| ETG Eaton Vance T/A GL DVD Incm | Reduce -7.2% | 0.24% | −0.05 |
| JOF Japan Smaller Capitalization | Reduce -22.9% | 0.15% | −0.04 |
| MACI Melar Acquisition Corp. I-A | Reduce -13.7% | 0.33% | −0.04 |
| XCAFX Morgan Stanley China A Share | Reduce -15.0% | 0.26% | −0.04 |
| EURK Eureka Acquisition Corp. | Reduce -38.4% | 0.07% | −0.04 |
| ZTR Virtus Total Return Fund Inc. | Reduce -29.8% | 0.10% | −0.03 |
| PMO Franklin Muncipl Opps Tst-Ui | Reduce -60.6% | 0.02% | −0.03 |
| FORL Four Leaf Acquisition Cor-A | Sold out | 0.00% | −0.03 |
| XBOEX BlackRock Enh GLBL DVD TR | Reduce -0.9% | 0.41% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -3.9% | 2.63% | −0.02 |
| FTW Eqv Ventures Acquisition C-A | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2025 → Q1 2026
| MHD BlackRock Muniholdings Fund | Add +135.9% | 7.05% | +3.99 |
| MYI BlackRock Muniyield QLTY III | Add +1410.9% | 1.86% | +1.74 |
| MYN BlackRock Muniyield NY QLTY | Add +232.2% | 2.44% | +1.70 |
| SCII SC II Acquisition Corp. Class A | New | 0.94% | +0.94 |
| TLT iShares 20+ Year Treasury BD | New | 0.74% | +0.74 |
| WPAC White Pearl Acquisition Co. Class A | New | 0.49% | +0.49 |
| DMII Drugs Made in America Acquis | Add +127.2% | 0.81% | +0.46 |
| WSTN Westin Acquisition Corp. Class A | New | 0.43% | +0.43 |
| MQY BlackRock Muniyield Quality | Add +93.9% | 0.90% | +0.43 |
| SSAC Spacsphere Acquisition Class A | New | 0.38% | +0.38 |
| APXT Apex Treasury Corp. Class A | New | 0.36% | +0.36 |
| AFB Allianceberstein NTL Muni | Add +65.8% | 0.85% | +0.34 |
| GIW GIGCAPITAL8 Corp. Class A | Add +971.3% | 0.30% | +0.27 |
| AIIA AI Infrastructure Ac-A | Add +66.4% | 0.65% | +0.27 |
| GIX GIGCAPITAL9 Corp. Class A | New | 0.25% | +0.25 |
| IGE iShares North American Natur | New | 0.25% | +0.25 |
| CSQ Calamos Strat TTL RTRN FND | Add +44.5% | 1.04% | +0.25 |
| BPAC Blueport Acquisition LT Class A | New | 0.22% | +0.22 |
| MKLY McKinley Acquisition Co. Class A | Add +55.1% | 0.60% | +0.22 |
| DGRO iShares Core Dividend Growth | Add +90.5% | 0.43% | +0.21 |
| VEU Vanguard Ftse All-World Ex-U | Add +5.8% | 2.29% | +0.20 |
| USA Liberty All Star Equity Fund | Add +70.3% | 0.54% | +0.19 |
| HEQ John Hancock Divers Inc. Fund | New | 0.18% | +0.18 |
| GTERA Globa Terra Acquisition Co. Class A | Add +53.7% | 0.47% | +0.17 |
| IAF Abrdn Australia Equity Fund | Add +182.3% | 0.27% | +0.17 |
| HAVA Harvard Ave Acquisition Class A | Add +531.3% | 0.20% | +0.17 |
| WENN Wen Acquisition Corp. Class A | New | 0.16% | +0.16 |
| LWAC Lightwave Acquisition Corp. Class A | New | 0.16% | +0.16 |
| PNI PIMCO NY Muni Inc. II FND | New | 0.16% | +0.16 |
| DNMX Dynamix Corp. III Class A | New | 0.16% | +0.16 |
| VNME Vendome Acquisition Corp. Class A | Add +69.6% | 0.34% | +0.14 |
| UTF Cohen & Steers Infrastructur | New | 0.14% | +0.14 |
| IGI Western Asst Inv GR Oppor TR | Add +248.7% | 0.19% | +0.14 |
| BSTZ BlackRock Sci & Tech TRM TR | Add +92.7% | 0.28% | +0.14 |
| LAFA Lafayette Acquisition Corp. | Add +1576.1% | 0.14% | +0.14 |
| EZU iShares MSCI Eurozone ETF | Add +33.5% | 0.55% | +0.13 |
| CHEC Chenghe Acquisition II Class A | Add +49.3% | 0.37% | +0.13 |
| AIO Virtus Artific Intel & Tech | New | 0.13% | +0.13 |
| KOYN CSLM Digital Asset Acqu - A | New | 0.13% | +0.13 |
| IIF Morgan Stanley India Invest | Add +127.8% | 0.25% | +0.12 |
| GCOW Pacer Global Cash Cows Divid | Add +10.9% | 0.57% | +0.12 |
| APAC Stonebridge Acquisition Class A | Add +348.0% | 0.14% | +0.11 |
| FIGX Figx Capital Acquisition C-A | Add +290.1% | 0.14% | +0.10 |
| STK Columbia Slgmn Prem Tech GR | Add +79.9% | 0.22% | +0.10 |
| VCRM Vanguard Core Tax-Ex Bond | Add +6.5% | 1.38% | +0.10 |
| VWO Vanguard Ftse Emerging Marke | Add +2.1% | 2.23% | +0.09 |
| EWZ iShares MSCI Brazil ETF | Add +16.4% | 0.30% | +0.09 |
| TWLV Twelve Seas Investment Co. Class A | New | 0.09% | +0.09 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +1.5% | 3.32% | +0.08 |
| ITHA Ithax Acquisition Corp. Class A | New | 0.08% | +0.08 |
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 |