CIK: 0001048703
Total reported value
$3.2B
Reporting period: 2026-03-31 · Number of holdings: 231
Karpus Management, Inc. disclosed 231 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.2B and a quarterly turnover rate of 40.0%.
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Karpus Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 48 equally-sized positions, well below its 231 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.95), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 0% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add MHD
+135.9% $126.3M
Trim YCY-UN
-99.7% -$60.8M
Add MYI
+1410.9% $55.6M
Add MYN
+232.2% $54.0M
Trim IEF
-94.3% -$43.2M
Trim VOO
-7.1% -$30.5M
Showing top 200 holdings (of 231 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 7.32% | -0.82% | -7.10% | |
| 2 | MHD | Blackrock Muniholdings Fund | Stock-Other | 7.05% | +3.99% | +135.95% | |
| 3 | BLV | Vanguard Long-term Bond ETF | ETF-Other | 4.23% | — | +0.29% | |
| 4 | BTT | Blackrock 2030 Muni Trgt Trm | Stock-Other | 3.32% | — | +1.53% | |
| 5 | VB | Vanguard Small-cap ETF | ETF-Other | 2.63% | — | -3.89% | |
| 6 | MYN | Blackrock Muniyield Ny Qlty | Stock-Other | 2.44% | +1.69% | +232.24% | |
| 7 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 2.29% | +0.20% | +5.79% | |
| 8 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.23% | — | +2.12% | |
| 9 | XWIAX | Western Asset Infl-link Sec | Stock-Other | 2.10% | — | +2.49% | |
| 10 | FINS | Angel Oak Financ Strat INC | Stock-Other | 1.87% | -0.22% | -8.80% | |
| 11 | MYI | Blackrock Muniyield Qlty Iii | Stock-Other | 1.86% | +1.73% | +1410.92% | |
| 12 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 1.85% | -0.38% | -14.24% | |
| 13 | MUC | Blackrock Munihold Ca Qlty | Stock-Other | 1.75% | — | -0.18% | |
| 14 | VCRM | Vanguard Core Tax-ex Bond | ETF-Other | 1.38% | — | +6.48% | |
| 15 | QQQX | Nuveen Nasdaq 100 Dyn Overwr | Stock-Other | 1.36% | — | -2.02% | |
| 16 | XGDVX | Gabelli Dividend & Income Tr | Stock-Other | 1.26% | -0.15% | -9.19% | |
| 17 | NBXG | Neuberger Next Generation Co | Stock-Other | 1.23% | — | -0.22% | |
| 18 | VPL | Vanguard Ftse Pacific ETF | ETF-Other | 1.12% | — | -3.17% | |
| 19 | IEUR | Ishares Core Msci Europe ETF | ETF-Other | 1.08% | — | +0.92% | |
| 20 | CSQ | Calamos Strat Ttl Rtrn Fnd | Stock-Other | 1.04% | +0.25% | +44.50% | |
| 21 | IWB | Ishares Russell 1000 ETF | ETF-Other | 0.95% | — | +0.12% | |
| 22 | ✓ | Sc Ii Acquisition CORP | Stock-Other | 0.94% | +0.94% | NEW | |
| 23 | KTF | Dws Municipal Income Trust | Stock-Other | 0.93% | — | -11.43% | |
| 24 | MQY | Blackrock Muniyield Quality | Stock-Other | 0.90% | +0.66% | +282.69% | |
| 25 | ✓ | Alliance National Municipal Income Fund | Stock-Other | 0.85% | +0.34% | +65.82% | |
| 26 | ✓ | Drugs Made In Amer Acqutn Co | Stock-Other | 0.83% | — | -0.32% | |
| 27 | ✓ | Drugs Made In Amer Acq Ii Co | Stock-Other | 0.81% | +0.46% | +127.17% | |
| 28 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.81% | -0.16% | -14.50% | |
| 29 | BND | Vanguard Total Bond Market | ETF-Other | 0.80% | -0.71% | -47.43% | |
| 30 | GPATU | GP-Act III Acquisition Corp. | Stock-Other | 0.75% | — | -4.36% | |
| 31 | VGK | Vanguard Ftse Europe ETF | ETF-Other | 0.74% | — | +4.88% | |
| 32 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 0.74% | +0.74% | NEW | |
| 33 | ✓ | Legato Merger CORP Iii | Stock-Other | 0.73% | -0.38% | -35.82% | |
| 34 | ✓ | Quartzsea Acquisition CORP | Stock-Other | 0.73% | — | -0.31% | |
| 35 | ✓ | Tavia Acquisition CORP | Stock-Other | 0.72% | — | -0.75% | |
| 36 | EIM | Eaton Vance Municipal Bond | Stock-Other | 0.70% | -0.35% | -34.52% | |
| 37 | ✓ | Ai Infrastructure Acquisi | Stock-Other | 0.65% | +0.27% | +66.37% | |
| 38 | BST | Blackrock Science & Tech Tr | Stock-Other | 0.64% | — | +3.56% | |
| 39 | ASG | Liberty All-star Growth Fd | Stock-Other | 0.63% | — | +20.00% | |
| 40 | XLF | Ss Financial Select Sector | ETF-Other | 0.63% | — | +1.51% | |
| 41 | BKT | Blackrock Income Trust | Stock-Other | 0.61% | — | -0.57% | |
| 42 | ✓ | Stock-Other | 0.60% | +0.22% | +55.15% | ||
| 43 | ANSCW | Agriculture & Natural Solutions Acquisition Corporation | Stock-Other | 0.59% | — | -1.39% | |
| 44 | SIMA | SIM Acquisition Corp. I | Stock-Other | 0.58% | — | -0.60% | |
| 45 | GCOW | Pacer Global Cash Cows Divid | ETF-Other | 0.57% | — | +10.93% | |
| 46 | ✓ | Rf Acquisition CORP Ii | Stock-Other | 0.56% | -0.23% | -31.55% | |
| 47 | EZU | Ishares Msci Eurozone ETF | ETF-Other | 0.55% | — | +33.46% | |
| 48 | USA | Liberty All Star Equity Fund | Stock-Other | 0.54% | +0.19% | +70.25% | |
| 49 | EWC | Ishares Msci Canada ETF | ETF-Other | 0.54% | — | +9.56% | |
| 50 | BHK | Blackrock Core Bond Trust | Stock-Other | 0.54% | — | -0.20% |
Performance for Q3 2026
+0.7%
Performance Last 4 Quarters
+10.5%
Based on 66% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 231 | $3.2B | 40 | |
| 2025-12-31 | 214 | $3.3B | 24 | |
| 2025-09-30 | 204 | $3.2B | 46 | |
| 2025-06-30 | 199 | $3.1B | 0 | |
| 2025-03-31 | 202 | $3.1B | 100 | |
| 2024-12-31 | 205 | $3.4B | 0 | |
| 2024-09-30 | 220 | $3.6B | 0 | |
| 2024-06-30 | 230 | $3.6B | 0 | |
| 2024-03-31 | 239 | $3.5B | 0 | |
| 2023-12-31 | 257 | $3.3B | 0 | |
| 2023-09-30 | 275 | $3.0B | 0 | |
| 2023-06-30 | 316 | $3.2B | 0 | |
| 2023-03-31 | 376 | $3.2B | 0 | |
| 2022-12-31 | 437 | $3.0B | 0 | |
| 2022-09-30 | 508 | $2.9B | 0 | |
| 2022-06-30 | 504 | $3.0B | 0 | |
| 2022-03-31 | 437 | $3.3B | 0 | |
| 2021-12-31 | 367 | $3.5B | 0 | |
| 2021-09-30 | 297 | $3.4B | 0 | |
| 2021-06-30 | 296 | $3.4B | 100 | |
| 2021-03-31 | 304 | $3.3B | 59 | |
| 2020-12-31 | 220 | $3.2B | 47 | |
| 2020-09-30 | 205 | $2.8B | 25 | |
| 2020-06-30 | 197 | $2.6B | 30 | |
| 2020-03-31 | 225 | $2.6B | 70 | |
| 2019-12-31 | 177 | $3.0B | 35 | |
| 2019-09-30 | 186 | $2.6B | 39 | |
| 2019-06-30 | 193 | $2.8B | 11 | |
| 2019-03-31 | 206 | $2.7B | 38 | |
| 2018-12-31 | 212 | $2.4B | 51 | |
| 2018-09-30 | 194 | $2.5B | 20 | |
| 2018-06-30 | 177 | $2.3B | 31 | |
| 2018-03-31 | 168 | $2.2B | 21 | |
| 2017-12-31 | 149 | $2.2B | 57 | |
| 2017-09-30 | 130 | $2.0B | 44 | |
| 2017-06-30 | 140 | $2.0B | 27 | |
| 2017-03-31 | 165 | $1.9B | 32 | |
| 2016-12-31 | 149 | $1.7B | 35 | |
| 2016-09-30 | 156 | $1.9B | 27 | |
| 2016-06-30 | 168 | $1.9B | 34 | |
| 2016-03-31 | 189 | $2.2B | 26 | |
| 2015-12-31 | 202 | $2.2B | 29 | |
| 2015-09-30 | 205 | $2.2B | 30 | |
| 2015-06-30 | 197 | $2.1B | 15 | |
| 2015-03-31 | 196 | $2.1B | 20 | |
| 2014-12-31 | 194 | $2.1B | 25 | |
| 2014-09-30 | 180 | $2.1B | 13 | |
| 2014-06-30 | 179 | $2.1B | 26 | |
| 2014-03-31 | 191 | $1.9B | 26 | |
| 2013-12-31 | 205 | $1.8B | 61 | |
| 2013-09-30 | 190 | $1.6B | 34 | |
| 2013-06-30 | 167 | $1.4B | — |
Karpus Management, Inc.'s most significant position changes for 2026-03-31: Sold out: Blackrock Munivest Fund (XMVFX); Sold out: Blackrock Muni INC Tr Ii (BLE); Sold out: BlackRock MuniHoldings Fund, Inc. (MHD); Sold out: BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ); Sold out: Nuveen Ny Amt-fr Muni INC (NRK).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MHD | Blackrock Muniholdings Fund | +4% | +135.95% | Add |
| 2 | MYI | Blackrock Muniyield Qlty Iii | +1.7% | +1410.92% | Add |
| 3 | MYN | Blackrock Muniyield Ny Qlty | +1.7% | +232.24% | Add |
| 4 | MQY | Blackrock Muniyield Quality | +0.7% | +282.69% | Add |
| 5 | ✓ | Drugs Made In Amer Acq Ii Co | +0.5% | +127.17% | Add |
| 6 | ✓ | Alliance National Municipal Income Fund | +0.3% | +65.82% | Add |
| 7 | ✓ | +0.3% | +971.32% | Add | |
| 8 | ✓ | Ai Infrastructure Acquisi | +0.3% | +66.37% | Add |
| 9 | CSQ | Calamos Strat Ttl Rtrn Fnd | +0.3% | +44.50% | Add |
| 10 | ✓ | +0.2% | +55.15% | Add | |
| 11 | ✓ | Ishares Core Dividend Growth | +0.2% | +90.47% | Add |
| 12 | VEU | Vanguard Ftse All-world Ex-u | +0.2% | +5.79% | Add |
| 13 | USA | Liberty All Star Equity Fund | +0.2% | +70.25% | Add |
| 14 | IAF | Abrdn Australia Equity Fund | +0.2% | +182.26% | Add |
| 15 | XGDVX | Gabelli Dividend & Income Tr | -0.2% | -9.19% | Trim |
| 16 | VTI | Vanguard Total Stock Mkt ETF | -0.2% | -14.50% | Trim |
| 17 | FINS | Angel Oak Financ Strat INC | -0.2% | -8.80% | Trim |
| 18 | ✓ | Rf Acquisition CORP Ii | -0.2% | -31.55% | Trim |
| 19 | EIM | Eaton Vance Municipal Bond | -0.4% | -34.52% | Trim |
| 20 | IVV | Ishares Core S&p 500 ETF | -0.4% | -14.24% | Trim |
| 21 | ✓ | Legato Merger CORP Iii | -0.4% | -35.82% | Trim |
| 22 | SHM | Ss Spdr N Ice St Muni ETF | -0.4% | -73.08% | Trim |
| 23 | VUG | Vanguard Growth ETF | -0.6% | -53.67% | Trim |
| 24 | BND | Vanguard Total Bond Market | -0.7% | -47.43% | Trim |
| 25 | VTES | Vanguard Sh Term Tax-ex Bond | -0.7% | -86.70% | Trim |
| 26 | VOO | Vanguard S&p 500 ETF | -0.8% | -7.10% | Trim |
| 27 | IEF | Ishares 7-10 Year Treasury B | -1.3% | -94.29% | Trim |
| 28 | YCY-UN | AA Mission Acquisition Corp. II | -1.9% | -99.65% | Trim |
| 29 | XMVFX | Blackrock Munivest Fund | — | EXIT | Sold out |
| 30 | BLE | Blackrock Muni INC Tr Ii | — | EXIT | Sold out |
| 31 | MHD | BlackRock MuniHoldings Fund, Inc. | — | EXIT | Sold out |
| 32 | MUJ | BlackRock MuniHoldings New Jersey Quality Fund, Inc. | — | EXIT | Sold out |
| 33 | NRK | Nuveen Ny Amt-fr Muni INC | — | EXIT | Sold out |
| 34 | ✓ | Sc Ii Acquisition CORP | — | NEW | New buy |
| 35 | TLT | Ishares 20+ Year Treasury Bd | — | NEW | New buy |
| 36 | ✓ | Blackrock New York Municipal Income Trust | — | EXIT | Sold out |
| 37 | ✓ | White Pearl Acquisition CORP | — | NEW | New buy |
| 38 | ✓ | Keen Vision Acquisition CORP | — | EXIT | Sold out |
| 39 | ✓ | — | NEW | New buy | |
| 40 | ✓ | Spacsphere Acquisition CORP | — | NEW | New buy |
| 41 | ✓ | — | NEW | New buy | |
| 42 | XMYDX | Blackrock Muniyield Fund | — | EXIT | Sold out |
| 43 | ✓ | Gigcapital9 CORP | — | NEW | New buy |
| 44 | IGE | Ishares North American Natur | — | NEW | New buy |
| 45 | XMQTX | Blackrock Muniyield Qlty Ii | — | EXIT | Sold out |
| 46 | MHD | BlackRock MuniHoldings Fund, Inc. | — | EXIT | Sold out |
| 47 | ✓ | Blueport Acquisition LTD | — | NEW | New buy |
| 48 | BLK | BlackRock, Inc. | — | EXIT | Sold out |
| 49 | HEQ | John Hancock Divers INC Fund | — | NEW | New buy |
| 50 | ✓ | Blackrock Investment Quality M | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-15 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2022-02-11 | Amendment | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-20 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-17 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-18 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-05-15 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-16 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-15 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-12-01 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-17 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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