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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 9 of 11  ·  214 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
161 RIBBON ACQ CRP; TNT ACQ DT: 1/15/2026; CASH: $10.00 218,287.0 $2.3M 0.07% -7K -3.1% $10.38
162 GRAF INDUSTRIAL ACQ CORP; TNT ACQ DT: 9/7/2020; CASH $10.00 195,400.0 $2.1M 0.07% -4K -1.9% $10.76
163 KIO KKR INCOME OPPORTUNITIES FUND Financial Services 175,388.0 $2.0M 0.06% -27K -13.1% $11.59 -3.6%
164 COHEN CIRCLE ACQ CRP UNIT II; TNT ACQ DT: 7/1/2027; CASH: $10.00 175,150.0 $1.8M 0.06% -35K -16.6% $10.43
165 SIZZLE ACQ CRP II; TNT ACQ DT: 4/2/2027; CASH: $10.00 179,733.0 $1.8M 0.06% $10.16
166 IGI WESTERN ASSET INV GRA DEF OP Financial Services 109,933.0 $1.8M 0.06% NEW $16.50 -3.0%
167 BSAA BEST SPAC ACQ CRP; TNT ACQ DT: 12/13/2026; CASH: $10.00 Financial Services 171,195.0 $1.7M 0.05% +106K +164.6% $10.10 +2.2%
168 PMO PUTNAM MUNI OPPORTUNITIES Financial Services 161,566.0 $1.7M 0.05% -95K -37.0% $10.70 -2.8%
169 VTEB VANGUARD TAX-EXEMPT BOND ETF 33,922.0 $1.7M 0.05% -4K -11.7% $50.29 -0.9%
170 SPY SPDR S&P 500 ETF TR TR UNIT Financial Services 2,390.0 $1.6M 0.05% -140.0 -5.5% $681.92 +8.4%
171 RENATUS TACTICAL ACQ CRP UNIT; TNT ACQ DT: 5/15/2027; CASH: $10.025 145,494.0 $1.6M 0.05% -7K -4.8% $11.08
172 GESHER ACQ CRP; TNT ACQ DT: 12/21/2026; CASH: $10.03 149,000.0 $1.5M 0.05% $10.27
173 IPOD DUNE ACQ CRP; TNT ACQ DT: 8/7/2026; CASH:$10.02 Financial Services 146,000.0 $1.5M 0.05% $10.19 +1.8%
174 BTC DEVELOPMENT ACQ CRP UNIT; TNT ACQ DT: 4/16/2027; CASH: $10.05 146,650.0 $1.5M 0.05% -3K -2.2% $10.14
175 CHAMPIONSGATE ACQ CRP; TNT ACQ DT: 11/27/2026; CASH: $10.05 137,980.0 $1.4M 0.04% +18K +15.3% $10.19
176 FIGX CAPITAL ACQ CRP; TNT ACQ DT: 6/27/2027; CASH: $10.00 112,766.0 $1.1M 0.04% NEW $10.06
177 NHIC NEWHOLD INVESTMENT ACQ CRP III; TNT ACQ DT: 2/28/2027; CASH: $10.05 Financial Services 101,800.0 $1.1M 0.03% -6K -5.4% $10.33 +2.2%
178 DT CLOUD STAR ACQ CRP; TNT ACQ DT: 10/25/2025; CASH: $10.05 96,600.0 $1.0M 0.03% -250K -72.1% $10.75
179 AXIOM INTELLGENCE ACQ CRP; TNT ACQ DT: 6/18/2027; CASH: $10.00 102,500.0 $1.0M 0.03% NEW $10.06
180 HAVA HARVARD AVE ACQ CRP; TNT ACQ DT: 4/30/2027; CASH:$10.00 Financial Services 99,150.0 $985K 0.03% NEW $9.93 +1.3%
Page 9 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%