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Portfolio (Quarterly) Guide ↗

Karpus Management, Inc.

· CIK 0001048703
13F Portfolio $3.3B AUM 214 positions Filed Feb 17, 2026 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 35 New 67 Added 81 Reduced 25 Exited
Page 2 of 11  ·  214 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 VANGUARD CORE TAX EXEMPT BOND ETF 554,144.0 $41.9M 1.29% +21K +3.9% $75.57
22 BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INC 3,663,762.0 $37.5M 1.15% +71K +2.0% $10.23
23 LEGATO ACQ CRP III; TNT ACQ DT: 2/08/2026; CASH: $10.00 3,333,541.0 $36.3M 1.11% -40K -1.2% $10.88
24 NRK NUVEEN NY AMT FREE MUN INCOME COM Financial Services 3,536,744.0 $35.7M 1.10% -5.2M -59.3% $10.09 +3.1%
25 VUG VANGUARD GROWTH ETF 72,958.0 $35.6M 1.09% +1K +1.6% $487.86 -82.1%
26 IEUR ISHARES TR CORE MSCI EURO 488,052.0 $34.6M 1.06% +3K +0.7% $70.98 +4.3%
27 VPL VANGUARD FTSE PACIFIC ETF 379,849.0 $34.3M 1.05% $90.40 +23.3%
28 EIM EATON VANCE MUN BD FD COM Financial Services 3,506,586.0 $34.1M 1.05% -2.1M -37.3% $9.73 +0.0%
29 KTF DWS MUNICIPAL INCOME TRUST Financial Services 3,715,549.0 $33.8M 1.04% +415K +12.6% $9.09 -1.3%
30 IWB ISHARES RUSSELL 1000 ETF 84,998.0 $31.7M 0.97% -779.0 -0.9% $373.44 +7.7%
31 VTI VANGUARD INDEX FDS TOTAL STK MKT 94,356.0 $31.6M 0.97% -39K -29.5% $335.27 +8.1%
32 VTES VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF 262,800.0 $26.7M 0.82% -37K -12.5% $101.58 -0.8%
33 DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05 2,538,642.0 $26.3M 0.81% $10.37
34 CSQ CALAMOS STRAT TOT RETURN FD Financial Services 1,345,804.0 $25.8M 0.79% +1.2M +781.5% $19.20 +4.6%
35 RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05 2,397,033.0 $25.7M 0.79% $10.73
36 GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.00 2,331,866.0 $24.9M 0.77% +25K +1.1% $10.69
37 MYN BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC Financial Services 2,455,847.0 $24.3M 0.75% -92K -3.6% $9.91 -1.3%
38 QUARTZSEA ACQ CRP; TNT ACQ DT: 6/18/2026; CASH: $10.00 2,263,880.0 $23.2M 0.71% -12K -0.6% $10.23
39 VGK VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF 275,400.0 $23.0M 0.71% +2K +0.9% $83.61 +3.8%
40 TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05 2,193,702.0 $22.9M 0.70% $10.43
Page 2 of 11  ·  214 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Financial Services 99.7%
Healthcare 0.1%
Technology 0.1%
Communication Services 0.0%
Consumer Cyclical 0.0%
Industrials 0.0%