Institutional Manager · CIK 0001048703
Karpus Management, Inc.
Pittsford, NY · File #028-11445
Latest AUM
$489.0M
Positions
100
Top-10 Concentration
44.1%
Filings
10
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| EXITED | VANGUARD INDEX FDS S&P 500 ETF SH | 922908363 | -443,512 | -$271.6M | $0 |
| EXITED | VANGUARD BD INDEX FD INC LONG TERM BOND | 921937793 | -1,625,433 | -$115.2M | $0 |
| EXITED | BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST | 09257P105 | -4,407,881 | -$99.0M | $0 |
| EXITED | NUVEEN NY AMT FREE MUN INCOME COM | 670656107 | -8,699,281 | -$88.7M | $0 |
| EXITED | BLACKROCK MUNIHOLDINGS FUND INC | 09253N104 | -7,157,298 | -$84.1M | $0 |
| EXITED | VANGUARD INDEX FDS SMALL CP ETF | 922908751 | -329,883 | -$83.9M | $0 |
| EXITED | ISHARES CORE S&P500 ETF | 464287200 | -124,938 | -$83.6M | $0 |
| EXITED | ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST | 03464A100 | -5,313,982 | -$69.7M | $0 |
| EXITED | VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF | 922042858 | -1,239,543 | -$67.2M | $0 |
| EXITED | WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT | 95766Q106 | -7,846,936 | -$66.1M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORT (Amended)Q/E Dec 2025214 pos · $3.26B
- 13F HOLDINGS REPORTQ/E Dec 2025100 pos · $489.0M
- 13F HOLDINGS REPORTQ/E Sep 2025204 pos · $3.16B
- 13F HOLDINGS REPORTQ/E Jun 2025199 pos · $3.10B
- 13F HOLDINGS REPORTQ/E Mar 2025202 pos · $3.09B
- 13F HOLDINGS REPORTQ/E Dec 2024205 pos · $3.38B
- 13F HOLDINGS REPORTQ/E Sep 2024220 pos · $3.60B
- 13F HOLDINGS REPORTQ/E Jun 2024230 pos · $3.55B
- 13F HOLDINGS REPORTQ/E Mar 2024239 pos · $3.47B
- 13F HOLDINGS REPORTQ/E Dec 2023275 pos · $2.98B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS S&P 500 ETF SH | 922908363 | 422,908 | $265.2M | 11.27% |
| 2 | VANGUARD BD INDEX FD INC LONG TERM BOND | 921937793 | 1,964,668 | $136.6M | 5.80% |
| 3 | BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST | BLK | 4,618,725 | $105.4M | 4.48% |
| 4 | BLACKROCK MUNIHOLDINGS FUND INC | BLK | 8,490,550 | $99.7M | 4.24% |
| 5 | VANGUARD INDEX FDS SMALL CP ETF | 922908751 | 334,706 | $86.3M | 3.67% |
| 6 | ISHARES CORE S&P500 ETF | 464287200 | 105,868 | $72.5M | 3.08% |
| 7 | VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF | 922042858 | 1,294,118 | $69.6M | 2.96% |
| 8 | ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST | 03464A100 | 5,151,041 | $68.0M | 2.89% |
| 9 | VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US | 922042775 | 923,254 | $67.9M | 2.89% |
| 10 | WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT | 95766Q106 | 8,143,596 | $67.3M | 2.86% |
| 11 | AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05 | YCY-WT | 5,717,512 | $61.0M | 2.59% |
| 12 | BLACKROCK MUNIVEST FUND | BLK | 8,350,955 | $57.9M | 2.46% |
| 13 | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND | BLK | 5,389,509 | $57.1M | 2.43% |
| 14 | BLACKROCK MUN INC TRUST II | BLK | 4,897,546 | $51.1M | 2.17% |
| 15 | BLACKROCK MUNICIPAL INCOME TRUST | BLK | 4,953,591 | $49.7M | 2.11% |
| 16 | VANGUARD BD INDEX FD INC TOTAL BND MRKT | 921937835 | 665,035 | $49.3M | 2.09% |
| 17 | NUVEEN NAS100 DYN OVERWRT FD | 670699107 | 1,670,779 | $47.7M | 2.02% |
| 18 | GABELLI DIVD & INCOME TR COM | 36242H104 | 1,651,516 | $45.9M | 1.95% |
| 19 | ISHARES LEHMAN 7-10YR TREAS | 464287440 | 476,221 | $45.8M | 1.95% |
| 20 | NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND | NBXG | 3,075,844 | $44.4M | 1.89% |