KARPUS MANAGEMENT, INC.

Filed: 8/14/2026ACC: 0001072613-26-000683

📋 What this filing means

KARPUS MANAGEMENT, INC. filed this quarterly 13F‑HR report disclosing 233 equity positions with a total reported market value of $3.48B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

233

Positions

$3.48B

Total AUM (reported)

210.85M

Total Shares

Allocation by class

COM$914.87M26.3%

S&P 500 ETF SHS$251.71M7.2%

ORD SHS CL A$200.28M5.8%

LONG TERM BOND$147.01M4.2%

ORD SHS$135.15M3.9%

COM SH BEN INT$112.51M3.2%

COM SHS BEN IN$105.59M3.0%

Portfolio Concentration

Top 3$634.54M18.3%

4–10$583.27M16.8%

11–25$675.41M19.4%

Rest$1.58B45.5%

Top 3 weight

18.3%

Top 10 weight

35.0%

Voting Authority Distribution

Total shares with voting rights: 210.85M

Sole

Full voting authority

210.85M

% 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)

Sole233

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings233

Rows:

VANGUARD INDEX FDS S&P 500 ETF SH

SOLE

S&P 500 ETF SHS

Shares366.50K

TypeSH

Market value$251.71M

7.24%

Sole

366.50K

Shared

0.00

None

0.00

BLACKROCK MUNIHOLDINGS FUND INC

SOLE

COM

Shares19.82M

TypeSH

Market value$235.82M

6.78%

Sole

19.82M

Shared

0.00

None

0.00

VANGUARD BD INDEX FD INC LONG TERM BOND

SOLE

LONG TERM BOND

Shares2.13M

TypeSH

Market value$147.01M

4.23%

Sole

2.13M

Shared

0.00

None

0.00

BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST

SOLE

COM SHS BEN IN

Shares4.64M

TypeSH

Market value$105.59M

3.04%

Sole

4.64M

Shared

0.00

None

0.00

VANGUARD INDEX FDS SMALL CP ETF

SOLE

SMALL CP ETF

Shares319.56K

TypeSH

Market value$96.86M

2.79%

Sole

319.56K

Shared

0.00

None

0.00

BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC

SOLE

COM

Shares7.94M

TypeSH

Market value$80.58M

2.32%

Sole

7.94M

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF

SOLE

FTSE EMR MKT ETF

Shares1.29M

TypeSH

Market value$77.26M

2.22%

Sole

1.29M

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US

SOLE

ALLWRLD EX US

Shares911.85K

TypeSH

Market value$76.37M

2.20%

Sole

911.85K

Shared

0.00

None

0.00

ISHARES LEHMAN 20plus YR TREAS

SOLE

20 YR TR BD ETF

Shares882.95K

TypeSH

Market value$76.30M

2.20%

Sole

882.95K

Shared

0.00

None

0.00

WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT

SOLE

COM SH BEN INT

Shares8.65M

TypeSH

Market value$70.31M

2.02%

Sole

8.65M

Shared

0.00

None

0.00

BlackRock MuniYield Quality Fund III

SOLE

COM

Shares5.44M

TypeSH

Market value$60.46M

1.74%

Sole

5.44M

Shared

0.00

None

0.00

ISHARES CORE S&P500 ETF

SOLE

CORE S&P500 ETF

Shares80.59K

TypeSH

Market value$60.35M

1.74%

Sole

80.59K

Shared

0.00

None

0.00

ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST

SOLE

COM BEN INT

Shares4.65M

TypeSH

Market value$59.58M

1.71%

Sole

4.65M

Shared

0.00

None

0.00

BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND

SOLE

COM

Shares4.60M

TypeSH

Market value$50.59M

1.46%

Sole

4.60M

Shared

0.00

None

0.00

NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND

SOLE

COMMON STOCK

Shares2.98M

TypeSH

Market value$49.31M

1.42%

Sole

2.98M

Shared

0.00

None

0.00

VANGUARD CORE TAX EXEMPT BOND ETF

SOLE

CORE TAX EXEMPT

Shares613.63K

TypeSH

Market value$46.88M

1.35%

Sole

613.63K

Shared

0.00

None

0.00

GABELLI DIVD & INCOME TR COM

SOLE

COM

Shares1.44M

TypeSH

Market value$42.46M

1.22%

Sole

1.44M

Shared

0.00

None

0.00

CALAMOS STRAT TOT RETURN FD

SOLE

COM SH BEN INT

Shares2.05M

TypeSH

Market value$42.19M

1.21%

Sole

2.05M

Shared

0.00

None

0.00

NUVEEN NAS100 DYN OVERWRT FD

SOLE

COM SHS

Shares1.39M

TypeSH

Market value$42.01M

1.21%

Sole

1.39M

Shared

0.00

None

0.00

VANGUARD BD INDEX FD INC TOTAL BND MRKT

SOLE

TOTAL BND MRKT

Shares565.05K

TypeSH

Market value$41.48M

1.19%

Sole

565.05K

Shared

0.00

None

0.00

ALLIANCE NATIONAL MUNICIPAL INCOME FUND

SOLE

COM

Shares3.60M

TypeSH

Market value$41.11M

1.18%

Sole

3.60M

Shared

0.00

None

0.00

VANGUARD FTSE PACIFIC ETF

SOLE

FTSE PACIFIC ETF

Shares337.05K

TypeSH

Market value$38.99M

1.12%

Sole

337.05K

Shared

0.00

None

0.00

ISHARES TR CORE MSCI EURO

SOLE

CORE MSCI EURO

Shares481.44K

TypeSH

Market value$36.19M

1.04%

Sole

481.44K

Shared

0.00

None

0.00

BLACKROCK SCIENCE & TECH TR

SOLE

SHS

Shares639.48K

TypeSH

Market value$32.43M

0.93%

Sole

639.48K

Shared

0.00

None

0.00

ISHARES LEHMAN 7-10YR TREAS

SOLE

7-10 YR TRSY BD

Shares331.61K

TypeSH

Market value$31.36M

0.90%

Sole

331.61K

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	366.50K	SH	$251.71M 7.24%	366.50K
BLACKROCK MUNIHOLDINGS FUND INCSOLE	COM	19.82M	SH	$235.82M 6.78%	19.82M
VANGUARD BD INDEX FD INC LONG TERM BONDSOLE	LONG TERM BOND	2.13M	SH	$147.01M 4.23%	2.13M
BLACKROCK 2030 MUNICIPAL TARGET TERM TRUSTSOLE	COM SHS BEN IN	4.64M	SH	$105.59M 3.04%	4.64M
VANGUARD INDEX FDS SMALL CP ETFSOLE	SMALL CP ETF	319.56K	SH	$96.86M 2.79%	319.56K
BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INCSOLE	COM	7.94M	SH	$80.58M 2.32%	7.94M
VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETFSOLE	FTSE EMR MKT ETF	1.29M	SH	$77.26M 2.22%	1.29M
VANGUARD INTL EQUITY INDEX FD ALLWRLD EX USSOLE	ALLWRLD EX US	911.85K	SH	$76.37M 2.20%	911.85K
ISHARES LEHMAN 20plus YR TREASSOLE	20 YR TR BD ETF	882.95K	SH	$76.30M 2.20%	882.95K
WESTERN ASSET CLYM INFL SEC IN COM SH BEN INTSOLE	COM SH BEN INT	8.65M	SH	$70.31M 2.02%	8.65M
BlackRock MuniYield Quality Fund IIISOLE	COM	5.44M	SH	$60.46M 1.74%	5.44M
ISHARES CORE S&P500 ETFSOLE	CORE S&P500 ETF	80.59K	SH	$60.35M 1.74%	80.59K
ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUSTSOLE	COM BEN INT	4.65M	SH	$59.58M 1.71%	4.65M
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUNDSOLE	COM	4.60M	SH	$50.59M 1.46%	4.60M
NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUNDSOLE	COMMON STOCK	2.98M	SH	$49.31M 1.42%	2.98M
VANGUARD CORE TAX EXEMPT BOND ETFSOLE	CORE TAX EXEMPT	613.63K	SH	$46.88M 1.35%	613.63K
GABELLI DIVD & INCOME TR COMSOLE	COM	1.44M	SH	$42.46M 1.22%	1.44M
CALAMOS STRAT TOT RETURN FDSOLE	COM SH BEN INT	2.05M	SH	$42.19M 1.21%	2.05M
NUVEEN NAS100 DYN OVERWRT FDSOLE	COM SHS	1.39M	SH	$42.01M 1.21%	1.39M
VANGUARD BD INDEX FD INC TOTAL BND MRKTSOLE	TOTAL BND MRKT	565.05K	SH	$41.48M 1.19%	565.05K
ALLIANCE NATIONAL MUNICIPAL INCOME FUNDSOLE	COM	3.60M	SH	$41.11M 1.18%	3.60M
VANGUARD FTSE PACIFIC ETFSOLE	FTSE PACIFIC ETF	337.05K	SH	$38.99M 1.12%	337.05K
ISHARES TR CORE MSCI EUROSOLE	CORE MSCI EURO	481.44K	SH	$36.19M 1.04%	481.44K
BLACKROCK SCIENCE & TECH TRSOLE	SHS	639.48K	SH	$32.43M 0.93%	639.48K
ISHARES LEHMAN 7-10YR TREASSOLE	7-10 YR TRSY BD	331.61K	SH	$31.36M 0.90%	331.61K

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