13F HOLDINGS REPORT

Karpus Management, Inc.

Quarter ended Q4 2025 · Filed February 13, 2026 · Accession 0001072613-26-000174

Total Value

$489.0M

Positions

100

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (100)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	EAGLE POINT CREDIT 7.75 percent DUE 06/30/2030	ECCW	2,573,963	$64.6M	13.21%
2	OFS CAPITAL CORP 7.5 percent DUE 7/31/2058	OFSSO	1,259,030	$32.3M	6.61%
3	SOUND POINT MERIDIAN CAPITAL 7.875 percent DUE 7/31/2030	SPME	1,232,329	$31.1M	6.36%
4	SARATOGA INVESTMENT CORP 6.00 percent DUE 04/30/2027	SAZ	1,014,297	$25.1M	5.14%
5	OXFORD SQUARE CAPITAL CORP 7.75 percent DUE 7/31/2030	OXSQH	867,122	$22.1M	4.52%
6	OXFORD LANE CAPITAL CORP. 7.95 percent 2/29/2032	OXLCZ	853,683	$21.6M	4.41%
7	OXFORD LANE CAPITAL CORP, 5 percent, DUE 1/31/2027	OXLCZ	669,336	$16.3M	3.34%
8	NEWTEK BUSINESS SERVICES 5.5 percent DUE 2/1/2026	652526708	595,191	$15.0M	3.07%
9	GREAT ELM CAPITAL CORP 5 7/8 percent DUE 6/30/2026	GECCO	592,725	$14.8M	3.03%
10	TERRA INCOME 6 7 percent DUE 3/31/2026	88104C202	594,051	$14.8M	3.02%
11	OXFORD LANE CAPITAL CORP. 7.125 percent 6/30/2029	OXLCZ	603,268	$14.7M	3.00%
12	GLADSTONE INVESTMENT CORP 5 percent DUE 5/1/2026	376546800	537,845	$13.5M	2.77%
13	GLADSTONE INVESTMENT CORP 7.875 percent 02/01/2023	376546867	480,025	$12.3M	2.52%
14	OXFORD LANE CAPITAL CORP 6 percent DUE 8/31/2029	OXLCZ	516,391	$12.1M	2.47%
15	GREAT ELM CAPITAL CORP 7.75 percent DUE 12/31/2030	GECCO	480,605	$12.0M	2.46%
16	OFS CAPITAL CORP 4.95 percent DUE 10/31/2028	OFSSO	479,881	$11.4M	2.32%
17	OFS CREDIT CO 5.25 percent DUE 12/31/2026	OCCIO	452,345	$11.2M	2.28%
18	EAGLE POINT CREDIT 5.375 percent DUE 1/31/2029	ECCW	443,719	$10.6M	2.17%
19	SOUND POINT MERIDIAN CAPITAL, INC. 8 percent 11/30/2029	SPME	402,904	$10.1M	2.08%
20	PEARL DIVER CREDIT COMPANY INC. 8 percent 12/31/2029	PDPA	362,372	$9.1M	1.87%
21	GREAT ELM CAPITAL CORP 8.125 percent DUE 12/31/2029	GECCO	322,014	$8.1M	1.66%
22	SARATOGA INVESTMENT CORP 8.50 percent DUE 04/15/2028	SAZ	315,605	$8.0M	1.63%
23	CRESCENT CAPITAL BDC INC	FCRX	317,674	$8.0M	1.63%
24	OFS CREDIT CO 7 7/8 percent DUE 10/31/2029	OCCIO	269,146	$6.8M	1.39%
25	CARLYLE CREDIT INCOME FUND 7.375 percent DUE 10/30/2028	CCID	264,150	$6.7M	1.37%
26	OPPORTUNISTIC VALUE FUND, D SUB-SERIES	95MSENTF6	577,234	$6.5M	1.33%
27	CION INVESTMENT CORP 7.5 percent DUE 12/30/2029	CICB	242,975	$6.1M	1.25%
28	EAGLE POINT INST INCOME FUND 8.125 percent DUE 10/31/29	269819207	241,666	$6.1M	1.25%
29	OXFORD LANE CAPITAL CORP 6.375 percent 2027	691543607	192,355	$4.7M	0.97%
30	PIMCO NEW YORK MUNICIPAL II	72200Y102	654,456	$4.5M	0.92%
31	EAGLE POINT INCOME CO 5 percent 10/30/26	EICC	173,736	$4.3M	0.87%
32	OXFORD SQUARE CAPITAL CO 5.5 percent DUE 7/31/2028	OXSQH	171,471	$4.1M	0.85%
33	HORIZON TECHNOLOGY FINANCE 4 7/8 percent DUE 3/30/2026	HTFC	160,657	$4.0M	0.82%
34	OXFORD LANE CAPITAL CORP 8.75 percent DUE 06/30/2030	OXLCZ	150,975	$3.9M	0.79%
35	RUNWAY FINANCE CORP, 7.5 percent DUE 7/28/2027	78163D209	145,772	$3.7M	0.75%
36	EAGLE POINT CREDIT CO 6.75 percent PERPETUAL PFD	ECCW	169,456	$3.4M	0.69%
37	GREAT ELM CAPITAL CORP. 8.5 percent 04/30/2029	GECCO	116,338	$2.9M	0.60%
38	EAGLE POINT INCOME COMPANY 8 percent 04/30/2029	EICC	100,141	$2.5M	0.52%
39	SARATOGA INVESTMENT CORP 8 1/8 percent DUE 12/31/2027	SAZ	83,275	$2.1M	0.43%
40	INTEGRATED WELLNESS ACQ CRP UNIT; TNT ACQ DT: 09/13/2023; CASH: $10.20	WELWF	163,875	$2.1M	0.43%
41	OFS CREDIT 6.125 percent DUE 4/30/2026	OCCIO	78,615	$2.0M	0.40%
42	EAGLE POINT CREDIT 8 percent DUE 01/31/2029	ECCW	76,710	$1.9M	0.39%
43	HORIZON TECHNOLOGY FINANCE CORP 6.25 percent 6/15/2027	HTFC	73,779	$1.8M	0.37%
44	EAGLE POINT CREDIT CO 6.5 percent DUE 6/30/31	ECCW	61,395	$1.5M	0.31%
45	GREAT ELM GROUP INC 7.25 percent 6/30/2027	GEGGL	58,900	$1.5M	0.30%
46	PRIORITY INCOME FUND SERIES J 6 percent DUE 12/31/2028	PRIF-PL	58,070	$1.4M	0.28%
47	RUNWAY FINANCE CORP, 8 percent DUE 12/31/2027	78163D308	48,362	$1.2M	0.25%
48	OXFORD LANE CAPITAL CORP 6.75 percent DUE 3/31/2031	OXLCZ	38,367	$924,165	0.19%
49	SARATOGA INVESTMENT CORP 8.00 percent DUE 10/31/2027	SAZ	29,225	$743,776	0.15%
50	PRIORITY INCOME FUND 6.375 percent DUE 3/31/2029	PRIF-PL	22,060	$529,881	0.11%
51	VALUENCE ACQ CRP; TNT ACQ DT: 6/1/2023; CASH: $10.30	VMCWF	23,750	$294,500	0.06%
52	EAGLE POINT CREDIT CO 6.6875 percent 04/30/28	ECCW	9,031	$227,401	0.05%
53	EAGLE POINT CREDIT CORP 6.75 percent DUE 3/31/2031	ECCW	7,325	$182,100	0.04%
54	PHENIXFIN CORPORATION 5.25 percent DUE 11/1/28	PFXNZ	7,600	$180,196	0.04%
55	PROCTER & GAMBLE CO COM	742718109	1,030	$147,609	0.03%
56	PEPSICO INC COM	PEP	1,000	$143,520	0.03%
57	WESTERN ASSET INCOME FD COM	95766T100	9,081	$113,331	0.02%
58	ISHARES SHORT TREASURY BOND	464288679	1,000	$110,150	0.02%
59	ISHARES MSCI JAPAN ETF	46434G822	1,000	$80,740	0.02%
60	MCKESSON CORP	MCK	77	$63,162	0.01%
61	VANECK VECTORS ETF TR AMT FREE SHORT M	92189f528	3,500	$60,935	0.01%
62	EATON VANCE ENHANCED EQUITY IN	ETN	2,202	$51,549	0.01%
63	GLADSTONE INVESTMENT CORP 4.875 percent DUE 11/1/2028	376546883	2,100	$50,106	0.01%
64	LMP CAPITAL AND INCOME FUND INC	50208A102	2,951	$43,704	0.01%
65	CENTURION ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.00	ALFUW	4,100	$43,665	0.01%
66	ISHARES MSCI ACWI INDEX FUND	464288257	261	$36,929	0.01%
67	CRANE HARBOR ACQ CRP; TNT AC DT: 4/24/2027; CASH: $10.00	CR	3,000	$32,310	0.01%
68	TRINITY CAPITAL 7.875 percent DUE 3/30/2029	TRINZ	1,225	$30,878	0.01%
69	BLACKROCK MUNICIPAL CREDIT ALPHA PORTFOLIO INC	BLK	2,304	$28,570	0.01%
70	SELECT SECTOR SPDR TR COMMUNICATION	81369Y852	234	$27,546	0.01%
71	CHEVRON CORP	CVX	175	$26,672	0.01%
72	JANUS HENDERSON AAA CLO ETF	47103U845	523	$26,453	0.01%
73	NORTHROP GRUMMAN CORP	NOC	46	$26,230	0.01%
74	ISHARES NAT AMT FREE BD	464288414	233	$24,951	0.01%
75	ISHARES TR 3-7 YR TR BD ETF	464288661	197	$23,512	0.00%
76	TEKLA HEATHCARE INVESTORS	HQH	1,070	$20,266	0.00%
77	SELECT SECTOR SPDR TR SBI HEALTHCARE	81369y209	130	$20,124	0.00%
78	VANGUARD SHORT-TERM CORPORATE COND ETF	92206C409	239	$19,055	0.00%
79	DELL TECHNOLOGIES -C	DELL	151	$19,008	0.00%
80	TECHNOLOGY SELECT SECTOR SPDR	81369Y803	130	$18,716	0.00%
81	BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND	BLK	1,578	$17,484	0.00%
82	PUTNAM MASTER INTERMEDIATE INCOME TRUST	746909100	5,000	$16,700	0.00%
83	ENTERPRISE PRODUCTS PARTNERS	293792107	496	$15,902	0.00%
84	CROWDSTRIKE HOLDINGS INC - A	CRWD	31	$14,532	0.00%
85	ISHARES LEHMAN 20plus YR TREAS	464287432	155	$13,510	0.00%
86	INDUSTRIAL SELECT SECT SPDR	81369y704	80	$12,410	0.00%
87	VANGUARD INTERM-TERM CORP BD ETF	92206c870	117	$9,799	0.00%
88	VOYA GLBL EQTY DIV & PREM OPP COM	92912T100	1,446	$8,271	0.00%
89	EATON VANCE ENHANCED EQ INC FD COM	ETN	210	$4,318	0.00%
90	JOHN HANCOCK T/A DVD INCOME	41013v100	150	$3,549	0.00%
91	EASTMAN KODAK CO	KODK	264	$2,233	0.00%
92	EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND	ETN	130	$1,994	0.00%
93	WEYERHAEUSER COMPANY	WY	40	$948	0.00%
94	SWISS HELVETIA FD INC COM	SWZ	130	$809	0.00%
95	AMER FNDS NEW ECONOMY-A	643822109	10	$698	0.00%
96	VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF	921943858	11	$687	0.00%
97	BINAH CAPITAL GROUP INC	BCGWW	4,425	$664	0.00%
98	GE HEALTHCARE TECHNOLOGIES INC	GEHC	1	$82	0.00%
99	WARNER BROS DISCOVERY INC	WBD	1	$29	0.00%
100	ERHC ENERGY INC	26884J203	800	$2	0.00%