KARPUS MANAGEMENT, INC.

Filed: 8/11/2023ACC: 0001072613-23-000423

📋 What this filing means

KARPUS MANAGEMENT, INC. filed this quarterly 13F‑HR report disclosing 316 equity positions with a total reported market value of $3.18B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

316

Positions

$3.18B

Total AUM (reported)

242.66M

Total Shares

Allocation by class

COM$1.52B47.7%

S&P 500 ETF SHS$191.95M6.0%

COM SH BEN INT$165.92M5.2%

CORE S&P500 ETF$124.87M3.9%

CLASS A COM$122.59M3.9%

SMALL CP ETF$73.60M2.3%

SH BEN INT$66.70M2.1%

Portfolio Concentration

Top 3$537.86M16.9%

4–10$608.93M19.1%

11–25$565.65M17.8%

Rest$1.47B46.2%

Top 3 weight

16.9%

Top 10 weight

36.0%

Voting Authority Distribution

Total shares with voting rights: 242.66M

Sole

Full voting authority

240.37M

% of voting shares99.1%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

2.30M

% of voting shares0.9%

Investment Discretion (by position count)

Sole316

Shared0

Other0

Dominant voting typeSole · 99.1% of voting shares

Institutional Holdings316

Rows:

VANGUARD INDEX FDS S&P 500 ETF SH

SOLE

S&P 500 ETF SHS

Shares471.30K

TypeSH

Market value$191.95M

6.03%

Sole

471.30K

Shared

0.00

None

0.00

NUVEEN AMT-FR QLTY MUNI INC

SOLE

COM

Shares17.04M

TypeSH

Market value$186.29M

5.85%

Sole

16.90M

Shared

0.00

None

147.18K

NUVEEN NY AMT FREE MUN INCOME COM

SOLE

COM

Shares15.42M

TypeSH

Market value$159.62M

5.02%

Sole

15.08M

Shared

0.00

None

345K

ISHARES CORE S&P500 ETF

SOLE

CORE S&P500 ETF

Shares280.17K

TypeSH

Market value$124.87M

3.92%

Sole

280.17K

Shared

0.00

None

0.00

BLACKROCK MUNICIPAL INCOME FUND

SOLE

COM

Shares9.89M

TypeSH

Market value$113.13M

3.55%

Sole

9.76M

Shared

0.00

None

125K

NUVEEN MUNICIPAL CREDIT INCOME FUND

SOLE

COM SH BEN INT

Shares7.33M

TypeSH

Market value$85.44M

2.68%

Sole

7.23M

Shared

0.00

None

97K

NUVEEN QUALITY MUNICIPAL INCOME FUND

SOLE

COM

Shares7.24M

TypeSH

Market value$81.60M

2.56%

Sole

7.24M

Shared

0.00

None

0.00

VANGUARD INDEX FDS SMALL CP ETF

SOLE

SMALL CP ETF

Shares370.07K

TypeSH

Market value$73.60M

2.31%

Sole

370.07K

Shared

0.00

None

0.00

EATON VANCE MUN BD FD COM

SOLE

COM

Shares7.12M

TypeSH

Market value$70.87M

2.23%

Sole

7.12M

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF

SOLE

FTSE EMR MKT ETF

Shares1.46M

TypeSH

Market value$59.41M

1.87%

Sole

1.46M

Shared

0.00

None

0.00

WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT

SOLE

COM SH BEN INT

Shares6.60M

TypeSH

Market value$54.53M

1.71%

Sole

6.37M

Shared

0.00

None

235K

BLACKROCK MUNIHOLDINGS FUND INC

SOLE

COM

Shares4.02M

TypeSH

Market value$46.76M

1.47%

Sole

4.02M

Shared

0.00

None

0.00

NUVEEN CALIFORNIA QUALITY MUNICIPAL INCOME FUND

SOLE

COM

Shares4.21M

TypeSH

Market value$45.97M

1.44%

Sole

4.21M

Shared

0.00

None

0.00

BLACKROCK MUNIVEST FUND

SOLE

COM

Shares6.79M

TypeSH

Market value$45.68M

1.44%

Sole

6.79M

Shared

0.00

None

0.00

VANGUARD INDEX FDS TOTAL STK MKT

SOLE

TOTAL STK MKT

Shares182.56K

TypeSH

Market value$40.22M

1.26%

Sole

182.56K

Shared

0.00

None

0.00

NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND

SOLE

COMMON STOCK

Shares3.67M

TypeSH

Market value$39.99M

1.26%

Sole

3.67M

Shared

0.00

None

0.00

ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST

SOLE

COM BEN INT

Shares3.32M

TypeSH

Market value$39.21M

1.23%

Sole

3.18M

Shared

0.00

None

140K

GABELLI DIVD & INCOME TR COM

SOLE

COM

Shares1.75M

TypeSH

Market value$36.95M

1.16%

Sole

1.75M

Shared

0.00

None

0.00

BlackRock MuniYield Quality Fund III

SOLE

COM

Shares3.02M

TypeSH

Market value$33.09M

1.04%

Sole

3.02M

Shared

0.00

None

0.00

BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND

SOLE

COM

Shares3.01M

TypeSH

Market value$32.69M

1.03%

Sole

3.01M

Shared

0.00

None

0.00

Virtus DVD Intrst & PRM STR

SOLE

COM

Shares2.64M

TypeSH

Market value$32.20M

1.01%

Sole

2.64M

Shared

0.00

None

0.00

BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST

SOLE

COM SHS BEN IN

Shares1.53M

TypeSH

Market value$31.86M

1.00%

Sole

1.53M

Shared

0.00

None

0.00

VANGUARD FTSE PACIFIC ETF

SOLE

FTSE PACIFIC ETF

Shares417.65K

TypeSH

Market value$29.12M

0.91%

Sole

417.65K

Shared

0.00

None

0.00

BLACKROCK MUNIYIELD FUND INC

SOLE

COM

Shares2.76M

TypeSH

Market value$28.79M

0.90%

Sole

2.76M

Shared

0.00

None

0.00

INVESCO QUALITY MUNI INC TRST COM

SOLE

COM

Shares2.99M

TypeSH

Market value$28.58M

0.90%

Sole

2.99M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
VANGUARD INDEX FDS S&P 500 ETF SHSOLE	S&P 500 ETF SHS	471.30K	SH	$191.95M 6.03%	471.30K	0.00
NUVEEN AMT-FR QLTY MUNI INCSOLE	COM	17.04M	SH	$186.29M 5.85%	16.90M	147.18K
NUVEEN NY AMT FREE MUN INCOME COMSOLE	COM	15.42M	SH	$159.62M 5.02%	15.08M	345K
ISHARES CORE S&P500 ETFSOLE	CORE S&P500 ETF	280.17K	SH	$124.87M 3.92%	280.17K	0.00
BLACKROCK MUNICIPAL INCOME FUNDSOLE	COM	9.89M	SH	$113.13M 3.55%	9.76M	125K
NUVEEN MUNICIPAL CREDIT INCOME FUNDSOLE	COM SH BEN INT	7.33M	SH	$85.44M 2.68%	7.23M	97K
NUVEEN QUALITY MUNICIPAL INCOME FUNDSOLE	COM	7.24M	SH	$81.60M 2.56%	7.24M	0.00
VANGUARD INDEX FDS SMALL CP ETFSOLE	SMALL CP ETF	370.07K	SH	$73.60M 2.31%	370.07K	0.00
EATON VANCE MUN BD FD COMSOLE	COM	7.12M	SH	$70.87M 2.23%	7.12M	0.00
VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETFSOLE	FTSE EMR MKT ETF	1.46M	SH	$59.41M 1.87%	1.46M	0.00
WESTERN ASSET CLYM INFL SEC IN COM SH BEN INTSOLE	COM SH BEN INT	6.60M	SH	$54.53M 1.71%	6.37M	235K
BLACKROCK MUNIHOLDINGS FUND INCSOLE	COM	4.02M	SH	$46.76M 1.47%	4.02M	0.00
NUVEEN CALIFORNIA QUALITY MUNICIPAL INCOME FUNDSOLE	COM	4.21M	SH	$45.97M 1.44%	4.21M	0.00
BLACKROCK MUNIVEST FUNDSOLE	COM	6.79M	SH	$45.68M 1.44%	6.79M	0.00
VANGUARD INDEX FDS TOTAL STK MKTSOLE	TOTAL STK MKT	182.56K	SH	$40.22M 1.26%	182.56K	0.00
NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUNDSOLE	COMMON STOCK	3.67M	SH	$39.99M 1.26%	3.67M	0.00
ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUSTSOLE	COM BEN INT	3.32M	SH	$39.21M 1.23%	3.18M	140K
GABELLI DIVD & INCOME TR COMSOLE	COM	1.75M	SH	$36.95M 1.16%	1.75M	0.00
BlackRock MuniYield Quality Fund IIISOLE	COM	3.02M	SH	$33.09M 1.04%	3.02M	0.00
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUNDSOLE	COM	3.01M	SH	$32.69M 1.03%	3.01M	0.00
Virtus DVD Intrst & PRM STRSOLE	COM	2.64M	SH	$32.20M 1.01%	2.64M	0.00
BLACKROCK 2030 MUNICIPAL TARGET TERM TRUSTSOLE	COM SHS BEN IN	1.53M	SH	$31.86M 1.00%	1.53M	0.00
VANGUARD FTSE PACIFIC ETFSOLE	FTSE PACIFIC ETF	417.65K	SH	$29.12M 0.91%	417.65K	0.00
BLACKROCK MUNIYIELD FUND INCSOLE	COM	2.76M	SH	$28.79M 0.90%	2.76M	0.00
INVESCO QUALITY MUNI INC TRST COMSOLE	COM	2.99M	SH	$28.58M 0.90%	2.99M	0.00

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