SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Karpus Management, Inc.

CIK 0001048703 · 183 SULLY'S TRAIL, PITTSFORD, NY, 14534 · 5855864680

Reported Value
$3.1B
Q2 2025
Positions
199
Filings on Record
36
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Karpus Management, Inc. reported $3.1B in U.S.-listed holdings across 199 positions for Q2 2025.

Its largest position, Vanguard Index Fds S P 500 Etf Sh, represents 8.4% of the portfolio.

Compared with Q1 2025, the fund opened 24 new positions and exited 27.

Portfolio Metrics

Turnover
+13.8%
vs prior filed quarter
Top-10 Concentration
+32.0%
share of reported value
Largest Position
+8.4%
Vanguard Index Fds S P 500 Etf Sh
New / Exited
24 / 27
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $2.4BQ4 ’18Q1 ’19: $2.7BQ2 ’19: $2.8BQ3 ’19: $2.6BQ4 ’19: $3.0BQ4 ’19Q1 ’20: $2.6BQ2 ’20: $2.6BQ3 ’20: $2.8BQ4 ’20: $3.2BQ4 ’20Q1 ’21: $3.3BQ2 ’21: $3.4BQ3 ’21: $3.2BQ4 ’21: $3.5BQ4 ’21Q1 ’22: $3.3BQ2 ’22: $3.0BQ3 ’22: $2.9BQ4 ’22: $3.0BQ4 ’22Q1 ’23: $3.2BQ2 ’23: $3.2BQ3 ’23: $3.0BQ4 ’23: $3.3BQ4 ’23Q1 ’24: $3.5BQ2 ’24: $3.6BQ3 ’24: $3.6BQ4 ’24: $3.4BQ4 ’24Q1 ’25: $3.1BQ2 ’25: $3.1BQ3 ’25: $3.2BQ4 ’25: $3.3BQ4 ’25Q1 ’26: $3.2Bfilingsflow.com

Portfolio Composition

By security type
Closed-End Fund: 42.2%ETP: 32.1%Other: 24.1%Common Stock: 1.6%
  • Closed-End Fund · 42.2% · $1.3B
  • ETP · 32.1% · $994M
  • Other · 24.1% · $747M
  • Common Stock · 1.6% · $51M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QUARTZSEA ACQ CRP; TNT ACQ DT: 6/18/2026; CASH: $10.00NEW+2.30M2.30M+$23M$23M
BHKBLACKROCK CORE BD TR SHS BEN INTNEW+1.99M1.99M+$19M$19M
CRANE HARBOR ACQ CRP; TNT AC DT: 4/24/2027; CASH: $10.00NEW+1.82M1.82M+$18M$18M
TEXAS VENTURES ACQ CRP III; TNT ACQ DT: 10/23/2026; CASH: $10.05NEW+1.52M1.52M+$15M$15M
PACER GLOBAL CASH COWS DIVIDENDNEW+236.5K236.5K+$9M$9M
ISHARES EMU ETFNEW+137.5K137.5K+$8M$8M
COPLEY ACQ CRP; TNT ACQ DT: 4/30/2027; CASH: $10.05NEW+782.0K782.0K+$8M$8M
ISHARES MSCI SOUTH KOREA INDNEW+83.4K83.4K+$6M$6M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VANGUARD INDEX FDS S&P 500 ETF SHS&P 500 ETF SHS8.37%$260M457.0K
2NUVEEN NY AMT FREE MUN INCOME COMCOM4.63%$144M14.49M
3MHDBLACKROCK MUNIHOLDINGS FUND INChistory →COM2.59%$80M7.18M
4ISHARES CORE S&P500 ETFCORE S&P500 ETF2.56%$79M128.0K
5BLACKROCK 2030 MUNICIPAL TARGET TERM TRUSTCOM SHS BEN IN2.53%$79M3.59M
6VANGUARD INDEX FDS SMALL CP ETFSMALL CP ETF2.48%$77M325.0K
7ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUSTCOM BEN INT2.32%$72M5.53M
8EATON VANCE MUN BD FD COMCOM2.27%$71M7.29M
9WESTERN ASSET CLYM INFL SEC IN COM SH BEN INTCOM SH BEN INT2.19%$68M8.08M
10VANGUARD BD INDEX FD INC LONG TERM BONDLONG TERM BOND2.09%$65M931.3K
11AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05ORD SHS CL A2.02%$63M6.00M
12VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETFFTSE EMR MKT ETF1.95%$60M1.22M
13XMVFXBLACKROCK MUNIVEST FUNDhistory →COM1.93%$60M9.07M
14NBXGNEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUNDhistory →COMMON STOCK1.71%$53M3.63M
15BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUNDCOM1.55%$48M4.66M
16QQQXNUVEEN NAS100 DYN OVERWRT FDhistory →COM SHS1.54%$48M1.80M
17XGDVXGABELLI DIVD & INCOME TR COMhistory →COM1.50%$47M1.79M
18SPDR SER TR NUVN BR SHT MUNINUVEEN ICE SHORT1.42%$44M918.5K
19BLACKROCK MUNICIPAL INCOME TRUSTSH BEN INT1.39%$43M4.50M
20BLEBLACKROCK MUN INC TRUST IIhistory →COM1.39%$43M4.29M
21VANGUARD INTL EQUITY INDEX FD ALLWRLD EX USALLWRLD EX US1.39%$43M639.4K
22VANGUARD INDEX FDS TOTAL STK MKTTOTAL STK MKT1.35%$42M138.0K
23LEGATO ACQ CRP III; TNT ACQ DT: 2/08/2026; CASH: $10.00ORD SHS1.20%$37M3.50M
24ISHARES TR CORE MSCI EUROCORE MSCI EURO1.02%$31M475.6K
25ISHARES LEHMAN 7-10YR TREAS7-10 YR TRSY BD0.97%$30M314.0K
26VUGVANGUARD GROWTH ETFhistory →GROWTH ETF0.96%$30M67.8K
27ISHARES RUSSELL 1000 ETFRUS 1000 ETF0.94%$29M85.5K
28VANGUARD FTSE PACIFIC ETFFTSE PACIFIC ETF0.92%$29M348.9K
29DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05ORD SHS0.90%$28M2.74M
30KTFDWS MUNICIPAL INCOME TRUSThistory →COM0.87%$27M3.06M
31IBACIB ACQ CRP; TNT ACQ DT: 9/26/2025; CASH: $10.05history →COM SHS0.87%$27M2.59M
32VANGUARD BD INDEX FD INC TOTAL BND MRKTTOTAL BND MRKT0.84%$26M352.6K
33RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05SHS0.82%$25M2.42M
34GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.00CL A0.80%$25M2.34M
35TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05SHS0.77%$24M2.31M
36VANGUARD SHORT-TERM TAX-EXEMPT BOND ETFSHORT TRM TAX EX0.76%$23M232.1K
37QUARTZSEA ACQ CRP; TNT ACQ DT: 6/18/2026; CASH: $10.00ORD SHS0.75%$23M2.30M
38VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETFFTSE EUROPE ETF0.68%$21M273.1K
39XLFFINANCIAL SELECT SECTOR SPDRhistory →FINANCIAL0.67%$21M398.6K
40BLACKROCK ENHANCED INTERNATIONAL DIVIDEND TRUSTCOM BENE INTER0.65%$20M3.50M
41BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INCCOM0.65%$20M2.05M
42VKQINVESCO MUNICIPAL TRUSThistory →COM0.64%$20M2.19M
43SIM ACQ CRP; TNT ACQ DT8/30/2024 7/12/2026; CASH $10.00SHS CL A0.64%$20M1.92M
44BHKBLACKROCK CORE BD TR SHS BEN INThistory →SHS BEN INT0.62%$19M1.99M
45MYNBLACKROCK MUNIYIELD NEW YORK QUALITY FUND INChistory →COM0.61%$19M2.00M
46CRANE HARBOR ACQ CRP; TNT AC DT: 4/24/2027; CASH: $10.00CL A0.59%$18M1.82M
47GIGCAPITAL 7 ACQ CRP; TNT ACQ DT: 05/29/2026; CASH: $10.00ORD SHS CL A0.58%$18M1.74M
48ASGLIBERTY ALL-STAR GROWTH FDhistory →COM0.58%$18M3.29M
49Virtus DVD Intrst & PRM STRCOM0.57%$18M1.44M
50BOE1EURBLACKROCK ENHANCED GLOBAL DIVIDEND TRUSThistory →COM0.57%$18M1.57M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$3.2B231May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$3.3B214Feb 17, 2026RESTATEMENTchanges · EDGAR ↗
Q3 2025$3.2B204Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$3.1B199Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$3.1B202May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$3.4B205Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$3.6B220Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$3.6B230Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$3.5B239May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$3.3B257Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$3.0B275Nov 9, 202313F-HRchanges · EDGAR ↗
Q2 2023$3.2B316Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$3.2B376May 11, 202313F-HRchanges · EDGAR ↗
Q4 2022$3.0B437Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.9B508Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$3.0B504Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$3.3B437May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$3.5B367Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$3.2B277Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$3.4B296Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$3.3B304May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$3.2B220Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$2.8B205Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$2.6B197Aug 20, 2020RESTATEMENTchanges · EDGAR ↗
Q1 2020$2.6B225May 18, 202013F-HRchanges · EDGAR ↗
Q4 2019$3.0B177Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$2.6B186Oct 16, 201913F-HRchanges · EDGAR ↗
Q2 2019$2.8B193Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.7B206May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.4B212Feb 15, 2019RESTATEMENTchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.