KARPUS MANAGEMENT, INC.

Filed: 11/14/2025ACC: 0001072613-25-000825

📋 What this filing means

KARPUS MANAGEMENT, INC. filed this quarterly 13F‑HR report disclosing 204 equity positions with a total reported market value of $3.16B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

204

Positions

$3.16B

Total AUM (reported)

192.23M

Total Shares

Allocation by class

COM$830.77M26.3%

S&P 500 ETF SHS$271.60M8.6%

ORD SHS CL A$155.67M4.9%

SHS$122.74M3.9%

LONG TERM BOND$115.16M3.6%

ORD SHS$104.68M3.3%

COM SHS BEN IN$99.00M3.1%

Portfolio Concentration

Top 3$485.76M15.4%

4–10$543.23M17.2%

11–25$721.32M22.8%

Rest$1.41B44.6%

Top 3 weight

15.4%

Top 10 weight

32.6%

Voting Authority Distribution

Total shares with voting rights: 192.23M

Sole

Full voting authority

192.23M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole204

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings204

Rows:

VANGUARD INDEX FDS S&P 500 ETF SH

SOLE

S&P 500 ETF SHS

Shares443.51K

TypeSH

Market value$271.60M

8.60%

Sole

443.51K

Shared

0.00

None

0.00

VANGUARD BD INDEX FD INC LONG TERM BOND

SOLE

LONG TERM BOND

Shares1.63M

TypeSH

Market value$115.16M

3.65%

Sole

1.63M

Shared

0.00

None

0.00

BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST

SOLE

COM SHS BEN IN

Shares4.41M

TypeSH

Market value$99.00M

3.14%

Sole

4.41M

Shared

0.00

None

0.00

NUVEEN NY AMT FREE MUN INCOME COM

SOLE

COM

Shares8.70M

TypeSH

Market value$88.73M

2.81%

Sole

8.70M

Shared

0.00

None

0.00

BLACKROCK MUNIHOLDINGS FUND INC

SOLE

COM

Shares7.16M

TypeSH

Market value$84.10M

2.66%

Sole

7.16M

Shared

0.00

None

0.00

VANGUARD INDEX FDS SMALL CP ETF

SOLE

SMALL CP ETF

Shares329.88K

TypeSH

Market value$83.88M

2.66%

Sole

329.88K

Shared

0.00

None

0.00

ISHARES CORE S&P500 ETF

SOLE

CORE S&P500 ETF

Shares124.94K

TypeSH

Market value$83.62M

2.65%

Sole

124.94K

Shared

0.00

None

0.00

ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST

SOLE

COM BEN INT

Shares5.31M

TypeSH

Market value$69.67M

2.21%

Sole

5.31M

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF

SOLE

FTSE EMR MKT ETF

Shares1.24M

TypeSH

Market value$67.16M

2.13%

Sole

1.24M

Shared

0.00

None

0.00

WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT

SOLE

COM SH BEN INT

Shares7.85M

TypeSH

Market value$66.07M

2.09%

Sole

7.85M

Shared

0.00

None

0.00

AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05

SOLE

ORD SHS CL A

Shares5.82M

TypeSH

Market value$61.17M

1.94%

Sole

5.82M

Shared

0.00

None

0.00

BLACKROCK MUNIVEST FUND

SOLE

COM

Shares8.34M

TypeSH

Market value$57.24M

1.81%

Sole

8.34M

Shared

0.00

None

0.00

EATON VANCE MUN BD FD COM

SOLE

COM

Shares5.60M

TypeSH

Market value$55.62M

1.76%

Sole

5.60M

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US

SOLE

ALLWRLD EX US

Shares742.03K

TypeSH

Market value$52.96M

1.68%

Sole

742.03K

Shared

0.00

None

0.00

BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND

SOLE

COM

Shares4.76M

TypeSH

Market value$51.63M

1.63%

Sole

4.76M

Shared

0.00

None

0.00

NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND

SOLE

COMMON STOCK

Shares3.20M

TypeSH

Market value$49.22M

1.56%

Sole

3.20M

Shared

0.00

None

0.00

GABELLI DIVD & INCOME TR COM

SOLE

COM

Shares1.75M

TypeSH

Market value$47.37M

1.50%

Sole

1.75M

Shared

0.00

None

0.00

NUVEEN NAS100 DYN OVERWRT FD

SOLE

COM SHS

Shares1.72M

TypeSH

Market value$47.29M

1.50%

Sole

1.72M

Shared

0.00

None

0.00

BLACKROCK MUN INC TRUST II

SOLE

COM

Shares4.43M

TypeSH

Market value$46.26M

1.46%

Sole

4.43M

Shared

0.00

None

0.00

BLACKROCK MUNICIPAL INCOME TRUST

SOLE

SH BEN INT

Shares4.49M

TypeSH

Market value$45.12M

1.43%

Sole

4.49M

Shared

0.00

None

0.00

VANGUARD INDEX FDS TOTAL STK MKT

SOLE

TOTAL STK MKT

Shares133.85K

TypeSH

Market value$43.93M

1.39%

Sole

133.85K

Shared

0.00

None

0.00

SPDR SER TR NUVN BR SHT MUNI

SOLE

NUVEEN ICE SHORT

Shares896.91K

TypeSH

Market value$43.25M

1.37%

Sole

896.91K

Shared

0.00

None

0.00

ISHARES LEHMAN 7-10YR TREAS

SOLE

7-10 YR TRSY BD

Shares443.64K

TypeSH

Market value$42.79M

1.36%

Sole

443.64K

Shared

0.00

None

0.00

VANGUARD CORE TAX EXEMPT BOND ETF

SOLE

CORE TAX EXEMPT

Shares533.47K

TypeSH

Market value$40.14M

1.27%

Sole

533.47K

Shared

0.00

None

0.00

VANGUARD BD INDEX FD INC TOTAL BND MRKT

SOLE

TOTAL BND MRKT

Shares501.92K

TypeSH

Market value$37.33M

1.18%

Sole

501.92K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
VANGUARD INDEX FDS S&P 500 ETF SHSOLE	S&P 500 ETF SHS	443.51K	SH	$271.60M 8.60%	443.51K
VANGUARD BD INDEX FD INC LONG TERM BONDSOLE	LONG TERM BOND	1.63M	SH	$115.16M 3.65%	1.63M
BLACKROCK 2030 MUNICIPAL TARGET TERM TRUSTSOLE	COM SHS BEN IN	4.41M	SH	$99.00M 3.14%	4.41M
NUVEEN NY AMT FREE MUN INCOME COMSOLE	COM	8.70M	SH	$88.73M 2.81%	8.70M
BLACKROCK MUNIHOLDINGS FUND INCSOLE	COM	7.16M	SH	$84.10M 2.66%	7.16M
VANGUARD INDEX FDS SMALL CP ETFSOLE	SMALL CP ETF	329.88K	SH	$83.88M 2.66%	329.88K
ISHARES CORE S&P500 ETFSOLE	CORE S&P500 ETF	124.94K	SH	$83.62M 2.65%	124.94K
ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUSTSOLE	COM BEN INT	5.31M	SH	$69.67M 2.21%	5.31M
VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETFSOLE	FTSE EMR MKT ETF	1.24M	SH	$67.16M 2.13%	1.24M
WESTERN ASSET CLYM INFL SEC IN COM SH BEN INTSOLE	COM SH BEN INT	7.85M	SH	$66.07M 2.09%	7.85M
AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05SOLE	ORD SHS CL A	5.82M	SH	$61.17M 1.94%	5.82M
BLACKROCK MUNIVEST FUNDSOLE	COM	8.34M	SH	$57.24M 1.81%	8.34M
EATON VANCE MUN BD FD COMSOLE	COM	5.60M	SH	$55.62M 1.76%	5.60M
VANGUARD INTL EQUITY INDEX FD ALLWRLD EX USSOLE	ALLWRLD EX US	742.03K	SH	$52.96M 1.68%	742.03K
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUNDSOLE	COM	4.76M	SH	$51.63M 1.63%	4.76M
NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUNDSOLE	COMMON STOCK	3.20M	SH	$49.22M 1.56%	3.20M
GABELLI DIVD & INCOME TR COMSOLE	COM	1.75M	SH	$47.37M 1.50%	1.75M
NUVEEN NAS100 DYN OVERWRT FDSOLE	COM SHS	1.72M	SH	$47.29M 1.50%	1.72M
BLACKROCK MUN INC TRUST IISOLE	COM	4.43M	SH	$46.26M 1.46%	4.43M
BLACKROCK MUNICIPAL INCOME TRUSTSOLE	SH BEN INT	4.49M	SH	$45.12M 1.43%	4.49M
VANGUARD INDEX FDS TOTAL STK MKTSOLE	TOTAL STK MKT	133.85K	SH	$43.93M 1.39%	133.85K
SPDR SER TR NUVN BR SHT MUNISOLE	NUVEEN ICE SHORT	896.91K	SH	$43.25M 1.37%	896.91K
ISHARES LEHMAN 7-10YR TREASSOLE	7-10 YR TRSY BD	443.64K	SH	$42.79M 1.36%	443.64K
VANGUARD CORE TAX EXEMPT BOND ETFSOLE	CORE TAX EXEMPT	533.47K	SH	$40.14M 1.27%	533.47K
VANGUARD BD INDEX FD INC TOTAL BND MRKTSOLE	TOTAL BND MRKT	501.92K	SH	$37.33M 1.18%	501.92K

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