Karpus Management, Inc.

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CIK 1048703

13F portfolio (2026-Q1)

$3.2B

Positions

231

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

231

Top 5

24.6%

Top 10

35.5%

Effective N

48.3

HHI

0.021

This quarter

40 new · 0 exit →

By sector

Unclassified99.9%

Information Technology0.0%

Health Care0.0%

Consumer Discretionary0.0%

Industrials0.0%

Communication Services0.0%

By market cap

Unknown99.9%

Mega (>$200B)0.1%

Micro (<$300M)0.0%

Large ($10–200B)0.0%

By region

Other99.7%

North America0.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	99.90%	223
Software	0.04%	2
Pharmaceuticals & Biotechnology	0.03%	3
Specialty Retail	0.01%	1
Commercial Services & Supplies	0.01%	1
Entertainment	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VOO	VANGUARD INDEX FDS	Unclassified	7.32%
2	MHD	BLACKROCK MUNIHOLDINGS FD IN	Unclassified	7.05%
3	BLV	VANGUARD BD INDEX FDS	Unclassified	4.23%
4	BTT	BLACKROCK MUN TARGET TERM TR	Unclassified	3.32%
5	VB	VANGUARD INDEX FDS	Unclassified	2.63%
6	MYN	BLACKROCK MUNIYIELD N Y QUAL	Unclassified	2.44%
7	VEU	VANGUARD INTL EQUITY INDEX F	Unclassified	2.29%
8	VWO	VANGUARD INTL EQUITY INDEX F	Unclassified	2.23%
9	XWIAX	WESTERN ASST INFLTN LKD INM	Unclassified	2.10%
10	FINS	ANGEL OAK FINL STRATEGIES IN	Unclassified	1.87%

10/231 names classified · sector 0.1% of weight · industry 0.1% · mkt cap 0.1%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

IndustrialsLII, PAYX, IMSR, ITW, IRHO · other

Information TechnologyKDK, GDST, PHUN, GRND, MAPS · other

Consumer DiscretionaryAIEV, HD, AEAE, TH, LOW · other

Consumer StaplesUCFI, STZ, BRLS, PEP

EnergyXOM, EONR, FTW, NESR, CVX

Health CareCTOR, MCAG, RVPH, LLY, SBC · other

MaterialsUSAR, KMB, NUE, PG, APD

Real EstateNXDT, FSP, WPC

FinancialsRMCO, BRK.B, AON, ING, JPM · other

Communication ServicesIMAQ, DIS

Utilities

UnclassifiedVOO, XNEAX, SPY, MHD, Vanguard S&P 500 ETF SHS · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 0.1% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 0% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (7 classified)Karpus Management, Inc. centroid (Large Core)

Information TechnologyHealth CareConsumer DiscretionaryCommunication Services

Style box summary for Karpus Management, Inc.: centroid Large Core. Heaviest cells: Large Growth 0.1%, Large Value 0.0%, Large Core 0.0%.

Classified: 0.1% of book weight (7/228 names) · unclassified 99.9%: VOO, MHD, BLV, BTT, VB, MYN, VEU, VWO, XWIAX, FINS +211 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 231 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VOOVANGUARD INDEX FDS	392,872	$235M	7.3%	TRIM −7%
2	MHDBLACKROCK MUNIHOLDINGS FD IN	20,033,393	$226M	7.0%	ADD 136%
3	BLVVANGUARD BD INDEX FDS	1,970,328	$136M	4.2%	HOLD
4	BTTBLACKROCK MUN TARGET TERM TR	4,689,313	$106M	3.3%	HOLD
5	VBVANGUARD INDEX FDS	321,684	$84M	2.6%	TRIM −4%
6	MYNBLACKROCK MUNIYIELD N Y QUAL	8,159,423	$78M	2.4%	ADD 232%
7	VEUVANGUARD INTL EQUITY INDEX F	976,719	$73M	2.3%	ADD 6%
8	VWOVANGUARD INTL EQUITY INDEX F	1,321,574	$71M	2.2%	ADD 2%
9	XWIAXWESTERN ASST INFLTN LKD INM	8,346,410	$67M	2.1%	ADD 2%
10	FINSANGEL OAK FINL STRATEGIES IN	4,697,846	$60M	1.9%	TRIM −9%
11	MYIBLACKROCK MUNIYIELD QUALITY	5,676,653	$60M	1.9%	ADD 1411%
12	IVVISHARES TR	90,790	$59M	1.9%	TRIM −14%
13	MUCBLACKROCK MUNIHLDNGS CALI QL	5,379,853	$56M	1.7%	HOLD
14	VCRMVANGUARD MUN BD FDS	590,059	$44M	1.4%	ADD 6%
15	QQQXNUVEEN NASDAQ 100 DYNAMIC OV	1,636,959	$44M	1.4%	TRIM −2%
16	XGDVXGABELLI DIVID & INCOME TR	1,499,700	$40M	1.3%	TRIM −9%
17	NBXGNEUBERGER NEXT GENERATION	3,069,100	$39M	1.2%	HOLD
18	VPLVANGUARD INTL EQUITY INDEX F	367,821	$36M	1.1%	TRIM −3%
19	IEURISHARES TR	492,537	$35M	1.1%	HOLD
20	CSQCALAMOS STRATEGIC TOTAL RETU	1,944,623	$33M	1.0%	ADD 44%
21	IWBISHARES TR	85,096	$30M	0.9%	HOLD
22	SCIISC II ACQUISITION CORP	3,026,479	$30M	0.9%	NEW
23	KTFDWS MUN INCOME TR	3,291,016	$30M	0.9%	TRIM −11%
24	MQYBLACKROCK MUNIYILD QULT FD I	2,616,894	$29M	0.9%	ADD 283%
25	AFBALLIANCEBERNSTEIN NATL MUN I	2,553,118	$27M	0.9%	ADD 66%
26	DMAADRUGS MADE IN AMER ACQUTN CO	2,530,517	$27M	0.8%	HOLD
27	DMIIDRUGS MADE IN AMER ACQ II CO	2,597,923	$26M	0.8%	ADD 127%
28	VTIVANGUARD INDEX FDS	80,671	$26M	0.8%	TRIM −15%
29	BNDVANGUARD BD INDEX FDS	349,587	$26M	0.8%	TRIM −47%
30	GPATGP-ACT III ACQUISITION CORP	2,230,216	$24M	0.8%	TRIM −4%
31	VGKVANGUARD INTL EQUITY INDEX F	288,827	$24M	0.7%	ADD 5%
32	TLTISHARES TR	273,415	$24M	0.7%	NEW
33	LEGATO MERGER CORP III	2,139,308	$24M	0.7%	TRIM −36%
34	QSEAQUARTZSEA ACQUISITION CORP	2,256,805	$23M	0.7%	HOLD
35	TAVITAVIA ACQUISITION CORP	2,177,202	$23M	0.7%	HOLD
36	EIMEATON VANCE MUN BD FD	2,296,254	$22M	0.7%	TRIM −35%
37	AIIAAI INFRASTRUCTURE ACQUISI	2,066,198	$21M	0.6%	ADD 66%
38	BSTBLACKROCK SCIENCE & TECHNOLO	562,909	$20M	0.6%	ADD 4%
39	ASGLIBERTY ALL-STAR GROWTH FD I	4,220,488	$20M	0.6%	ADD 20%
40	XLFSELECT SECTOR SPDR TR	405,787	$20M	0.6%	HOLD
41	BKTBLACKROCK INCOME TR INC	1,851,052	$20M	0.6%	HOLD
42	MKLYMCKINLEY ACQUISITION CORP	1,903,371	$19M	0.6%	ADD 55%
43	ANSCAGRICULTURE & NAT SOL ACQ CO	1,662,443	$19M	0.6%	HOLD
44	SIMASIM ACQUISITION CORP. I	1,725,032	$18M	0.6%	HOLD
45	GCOWPacer Global Cash Cows Dividend ETF	391,956	$18M	0.6%	ADD 11%
46	RFAIRF ACQUISITION CORP II	1,640,733	$18M	0.6%	TRIM −32%
47	EZUISHARES INC MSCI EURZONE ETF	280,297	$18M	0.5%	ADD 33%
48	USALIBERTY ALL STAR EQUITY FD	3,116,511	$17M	0.5%	ADD 70%
49	EWCISHARES INC	314,292	$17M	0.5%	ADD 10%
50	BHKBLACKROCK CORE BD TR	1,879,578	$17M	0.5%	HOLD
51	ETOEATON VANCE TAX-ADVANTAGED G	645,796	$17M	0.5%	ADD 5%
52	CHWCALAMOS GBL DYN INCOME FUND	2,191,419	$16M	0.5%	ADD 13%
53	BBJPJ P MORGAN EXCHANGE TRADED F	230,737	$16M	0.5%	HOLD
54	WPACWHITE PEARL ACQUISITION CORP	1,602,595	$16M	0.5%	NEW
55	COPLCOPLEY ACQUISITION CORP	1,526,827	$16M	0.5%	HOLD
56	XPCQXPIMCO CALIF MUN INCOME FD	1,778,933	$15M	0.5%	ADD 14%
57	CHARCHARLTON ARIA ACQUISITION CO	1,418,110	$15M	0.5%	HOLD
58	GTERAGLOBA TERRA ACQUISITION COR	1,470,687	$15M	0.5%	ADD 54%
59	VUGVANGUARD INDEX FDS	33,805	$15M	0.5%	TRIM −54%
60	VGTVANGUARD WORLD FD	20,880	$15M	0.5%	TRIM −16%
61	ETWEATON VANCE TAX-MANAGED GLOB	1,625,403	$14M	0.4%	HOLD
62	WSTNWESTIN ACQUISITION CORP	1,389,790	$14M	0.4%	NEW
63	KFIIK&F GROWTH ACQUISITION CORP	1,317,137	$14M	0.4%	HOLD
64	DGROISHARES CORE DIVIDEND GROWTH ETF	195,078	$14M	0.4%	ADD 90%
65	XBOEXBLACKROCK ENHANCED GLOBAL DI	1,211,742	$13M	0.4%	HOLD
66	MINMFS INTER INCOME TR	5,275,910	$13M	0.4%	ADD 20%
67	LKSPLAKE SUPERIOR ACQUISITION CO	1,284,033	$13M	0.4%	TRIM −28%
68	SSACSPACSPHERE ACQUISITION CORP	1,217,210	$12M	0.4%	NEW
69	CHECCHENGHE ACQUISITION III CO	1,188,550	$12M	0.4%	ADD 49%
70	LPAALAUNCH ONE ACQUISITION CORP	1,085,250	$12M	0.4%	TRIM −3%
71	APXTAPEX TREAS CORP	1,163,557	$12M	0.4%	NEW
72	CUBLIONHEART HOLDINGS	1,031,975	$11M	0.3%	TRIM −4%
73	VNMEVENDOME ACQUISITION CORP I	1,085,053	$11M	0.3%	ADD 70%
74	MACIMELAR ACQUISITION CORP. I	988,505	$11M	0.3%	TRIM −14%
75	XBGYXBLACKROCK ENHANCED INTL DIV	1,949,687	$11M	0.3%	TRIM −22%
76	IPEXINFLECTION POINT ACQU CORP V	1,007,143	$10M	0.3%	HOLD
77	XEVTXEATON VANCE TAX ADVT DIV INC	416,375	$10M	0.3%	TRIM −3%
78	XEXGXEATON VANCE TAX-MANAGED GLOB	1,178,492	$10M	0.3%	TRIM −20%
79	EMISEMMIS ACQUISITION CORP.	981,161	$10M	0.3%	ADD 7%
80	EWZISHARES INC MSCI BRAZIL ETF	253,399	$10M	0.3%	ADD 16%
81	EODALLSPRING GLOBAL DIVIDEND OP	1,665,576	$10M	0.3%	HOLD
82	GIWGIGCAPITAL8 CORP	963,650	$10M	0.3%	ADD 971%
83	EWYISHARES INC MSCI STH KOR ETF	75,475	$9M	0.3%	TRIM −15%
84	TDFTEMPLETON DRAGON FD INC	869,884	$9M	0.3%	HOLD
85	BSTZBLACKROCK SCIENCE & TECHNOLO	409,931	$9M	0.3%	ADD 93%
86	ORIQORIGIN INVT CORP I	875,728	$9M	0.3%	ADD 7%
87	NMPNMP ACQUISITION CORP	867,790	$9M	0.3%	ADD 13%
88	OBAOXLEY BRIDGE ACQ LTD	861,975	$9M	0.3%	ADD 12%
89	PGACPANTAGES CAPITAL ACQUISITION	831,500	$9M	0.3%	HOLD
90	IAFABRDN AUSTRALIA EQUITY FD IN	711,187	$9M	0.3%	ADD 182%
91	XCAFXMORGAN STANLEY CHINA A SH FD	473,263	$8M	0.3%	TRIM −15%
92	EDENISHARES TR	78,755	$8M	0.3%	HOLD
93	YHNAYHN ACQUISITION I LTD	765,701	$8M	0.3%	HOLD
94	IIFMORGAN STANLEY INDIA INVT FD	395,688	$8M	0.3%	ADD 128%
95	CRACCROWN RESV ACQUISITION CORP	807,325	$8M	0.3%	ADD 13%
96	GIXGIGCAPITAL9 CORP	815,332	$8M	0.3%	NEW
97	IGEISHARES TR	127,079	$8M	0.2%	NEW
98	FSHPFLAG SHIP ACQUISITION CORP	727,825	$8M	0.2%	HOLD
99	KCHVKOCHAV DEFENSE ACQUI CO	764,019	$8M	0.2%	HOLD
100	ETGEATON VANCE TX ADV GLBL DIV	387,327	$8M	0.2%	TRIM −7%
101	DPGDUFF & PHELPS UTLITY AND INF	533,200	$8M	0.2%	TRIM −18%
102	RDACRISING DRAGON ACQUISITION CO	736,550	$8M	0.2%	HOLD
103	IEVISHARES TR	112,561	$8M	0.2%	TRIM −3%
104	NOEMCO2 ENERGY TRANSITION CORP	729,671	$8M	0.2%	TRIM −6%
105	MEGINYLI CBRE GBL INFR MEGTRNDS	509,109	$7M	0.2%	TRIM −9%
106	BPACBLUEPORT ACQUISITION LTD	716,625	$7M	0.2%	NEW
107	VOYAGER ACQUISITION CORP	667,041	$7M	0.2%	HOLD
108	STKCOLUMBIA SELIGM PREM TECH GR	186,368	$7M	0.2%	ADD 80%
109	PLMKPLUM ACQUISITION CORP IV	662,200	$7M	0.2%	HOLD
110	OYSEOYSTER ENTERPRISES II ACQUIS	658,061	$7M	0.2%	TRIM −2%
111	ENHAA PARADISE ACQUISITION CORP	654,061	$7M	0.2%	HOLD
112	INACINDIGO ACQUISITION CORP	656,597	$7M	0.2%	HOLD
113	BACCBLUE ACQUISITION CORP.	645,990	$7M	0.2%	HOLD
114	MOUNTAIN LAKE ACQUISITION CO	620,220	$7M	0.2%	HOLD
115	TDACTRANSLATIONAL DEV ACQUISITIO	603,425	$6M	0.2%	HOLD
116	HAVAHARVARD AVE ACQUISITION CORP	625,915	$6M	0.2%	ADD 531%
117	IGIWESTERN ASSET INVT GRADE OPP	383,342	$6M	0.2%	ADD 249%
118	NTWONEWBURY STR II ACQUISITION C	573,512	$6M	0.2%	HOLD
119	SOULSOULPOWER ACQUISITION CORP	582,590	$6M	0.2%	HOLD
120	JHSHANCOCK JOHN INCOME SECS TR	532,698	$6M	0.2%	ADD 44%
121	DSMBNY MELLON STRATEGIC MUN BD	940,172	$6M	0.2%	HOLD
122	HEQJOHN HANCOCK DIVERSIFIED INC	518,501	$6M	0.2%	NEW
123	TVAITHAYER VENTURES ACQ CORP II	543,575	$6M	0.2%	ADD 4%
124	XBMEXBLACKROCK HEALTH SCIENCES TR	141,442	$5M	0.2%	HOLD
125	WENNWEN ACQUISITION CORP	519,000	$5M	0.2%	NEW
126	LWACLIGHTWAVE ACQUISITION CORP	516,600	$5M	0.2%	NEW
127	FVNFUTURE VISION II ACQUISITION	480,644	$5M	0.2%	HOLD
128	SHMSPDR SERIES TRUST	107,350	$5M	0.2%	TRIM −73%
129	MGFMFS GOVT MKTS INCOME TR	1,744,159	$5M	0.2%	ADD 3%
130	PACHPIONEER ACQUISITION I CORP	501,988	$5M	0.2%	ADD 4%
131	PNIPIMCO NEW YORK MUN FD II	735,635	$5M	0.2%	NEW
132	QUMSQUANTUMSPHERE ACQUISITION CO	493,875	$5M	0.2%	HOLD
133	ALISCALISA ACQUISITION CORP	500,350	$5M	0.2%	HOLD
134	DNMXDYNAMIX CORP III	501,550	$5M	0.2%	NEW
135	TWNTAIWAN FD INC	75,028	$5M	0.2%	TRIM −3%
136	JOFJAPAN SMALLER CAPITALIZATION	436,454	$5M	0.1%	TRIM −23%
137	BSVVANGUARD BD INDEX FDS	59,395	$5M	0.1%	HOLD
138	LAFALAFAYETTE ACQUISITION CORP	462,440	$5M	0.1%	ADD 1576%
139	FIGXFIGX CAP ACQUISITION CORP.	439,949	$4M	0.1%	ADD 290%
140	UTFCOHEN & STEERS INFRASTRUCTUR	169,477	$4M	0.1%	NEW
141	APACSTONEBRIDGE ACQUISITION II C	433,550	$4M	0.1%	ADD 348%
142	AIOVIRTUS ARTIFICIAL INTELLIGEN	193,632	$4M	0.1%	NEW
143	SPEGSILVER PEGASUS ACQUISITION C	404,542	$4M	0.1%	HOLD
144	KOYNCSLM DIGITA ASSET ACQ CORP I	410,000	$4M	0.1%	NEW
145	GFNEW GERMANY FD INC	367,181	$4M	0.1%	HOLD
146	VTESVANGUARD WELLINGTON FD	34,950	$4M	0.1%	TRIM −87%
147	CRAQCAL REDWOOD ACQUISITION CORP	346,940	$4M	0.1%	HOLD
148	TACHTITAN ACQUISITION CORP	340,700	$4M	0.1%	TRIM −4%
149	SDHISIDDHI ACQUISITION CORP	338,870	$3M	0.1%	ADD 25%
150	RFMZRIVERNORTH FLEXIBLE MUNI INC	263,185	$3M	0.1%	HOLD
151	XRPNUARMADA ACQUISITION CORP II	299,800	$3M	0.1%	HOLD
152	ZTRVIRTUS TOTAL RETURN FD INC	475,766	$3M	0.1%	TRIM −30%
153	LCCCLAKESHORE ACQUISITION III CO	300,875	$3M	0.1%	HOLD
154	UYSCUY SCUTI ACQUISITION CORP.	296,281	$3M	0.1%	HOLD
155	SVCCSTELLAR V CAP CORP	294,000	$3M	0.1%	HOLD
156	RANGRANGE CAP ACQUISITION CORP	265,540	$3M	0.1%	HOLD
157	FFAFIRST TR ENHANCED EQUITY INC	134,930	$3M	0.1%	TRIM −5%
158	TWLVTWELVE SEAS INVT CO III	277,715	$3M	0.1%	NEW
159	SOCASOLARIUS CAPITAL ACQU CORP	268,615	$3M	0.1%	HOLD
160	JCENUVEEN CORE EQUITY ALPHA FD	184,196	$3M	0.1%	ADD 275%
161	XRPNARMADA ACQUISITION CORP II	259,300	$3M	0.1%	TRIM −53%
162	BLUWBLUE WTR ACQUISITION CORP. I	259,770	$3M	0.1%	HOLD
163	LPBBLAUNCH TWO ACQUISITION CORP.	246,400	$3M	0.1%	TRIM −4%
164	ITHAITHAX ACQUISITION CORP III	264,154	$3M	0.1%	NEW
165	IEFISHARES TR	27,211	$3M	0.1%	TRIM −94%
166	POLEANDRETTI ACQUISITION CORP II	238,650	$3M	0.1%	HOLD
167	RIBBRIBBON ACQUISITION CORP	218,287	$2M	0.1%	HOLD
168	EURKEUREKA ACQUISITION CORP	200,925	$2M	0.1%	TRIM −38%
169	EOSEATON VANCE ENHANCED EQUITY	110,532	$2M	0.1%	NEW
170	XFLHXFLH CAP CORP	224,850	$2M	0.1%	NEW
171	GLOCLOUGH GLOBAL OPPORTUNITIES	377,188	$2M	0.1%	NEW
172	GRAFGRAF GLOBAL CORP	192,600	$2M	0.1%	HOLD
173	HVMCHIGHVIEW MERGER CORP	197,200	$2M	0.1%	NEW
174	SZZLSIZZLE ACQUISITION CORP. II	183,735	$2M	0.1%	ADD 2%
175	KIOKKR INCOME OPPORTUNITIES FD	168,693	$2M	0.1%	TRIM −4%
176	TDWDTAILWIND 2.0 ACQUISITION COR	177,086	$2M	0.1%	NEW
177	BSAABEST SPAC I ACQUISITION CORP	170,501	$2M	0.1%	HOLD
178	CCIIUCOHEN CIRCLE ACQUISIT CORP I	167,300	$2M	0.1%	TRIM −4%
179	BMEZBLACKROCK HEALTH SCIENCES TE	117,675	$2M	0.1%	NEW
180	SPYSTATE STR SPDR S&P 500 ETF T	2,396	$2M	0.0%	HOLD
181	GSHRGESHER ACQUISITION CORP. II	149,000	$2M	0.0%	HOLD
182	RTACURENATUS TACTICAL ACQUIS	140,244	$1M	0.0%	TRIM −4%
183	BDCIUBTC DEV CORP	145,800	$1M	0.0%	HOLD
184	CCAQDUNE ACQUISITION CORP II	141,000	$1M	0.0%	TRIM −3%
185	CHPGCHAMPIONSGATE ACQUISITION CO	137,380	$1M	0.0%	HOLD
186	VTEBVANGUARD MUN BD FDS	27,022	$1M	0.0%	TRIM −20%
187	ZKPLAFAYETTE DIGITAL ACQUISITIO	127,757	$1M	0.0%	NEW
188	BTZBLACKROCK CR ALLOCATION INCO	121,250	$1M	0.0%	NEW
189	VBFINVESCO BD FD	72,031	$1M	0.0%	NEW
190	DTSQDT CLOUD STAR ACQUISITION CO	96,600	$1M	0.0%	HOLD
191	AXINAXIOM INTELLIGENCE AC CORP 1	102,500	$1M	0.0%	HOLD
192	BILSPDR SERIES TRUST	11,240	$1M	0.0%	ADD 79%
193	SVIVUSPRING VY ACQUISITION CORP I	100,000	$1M	0.0%	NEW
194	AFJKAIMEI HEALTH TECHNOLOGY CO L	77,125	$888,480	0.0%	HOLD
195	NHICNEWHOLD INVT CORP III	83,900	$870,043	0.0%	TRIM −18%
196	NBHNEUBERGER BERMAN MUN FD INC	83,021	$842,663	0.0%	ADD 22%
197	BLRKBLUEROCK ACQUISITION CORP	85,000	$841,500	0.0%	NEW
198	BIXIBITCOIN INFRASTRUCTURE ACQUI	82,411	$817,517	0.0%	NEW
199	OAK WOODS ACQUISITION CORP	66,700	$813,740	0.0%	TRIM −13%
200	DRDBROMAN DBDR ACQUISITION CORP	77,275	$809,069	0.0%	TRIM −12%

showing the top 200 by weight

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

VOOVANGUARD INDEX FDS

467K

462K

457K

444K

423K

393K

$235M

MHDBLACKROCK MUNIHOLDINGS FD IN

7.5M

7.4M

7.2M

8.5M

20.0M

$226M

BLVVANGUARD BD INDEX FDS

136K

112K

931K

1.6M

2.0M

$136M

BTTBLACKROCK MUN TARGET TERM TR

2.8M

3.0M

3.6M

4.4M

4.6M

4.7M

$106M

VBVANGUARD INDEX FDS

326K

325K

330K

335K

322K

$84M

MYNBLACKROCK MUNIYIELD N Y QUAL

1.6M

2.0M

2.5M

8.2M

$78M

VEUVANGUARD INTL EQUITY INDEX F

199K

499K

639K

742K

923K

977K

$73M

VWOVANGUARD INTL EQUITY INDEX F

1.2M

1.3M

$71M

XWIAXWESTERN ASST INFLTN LKD INM

7.7M

7.8M

8.1M

7.8M

8.1M

8.3M

$67M

FINSANGEL OAK FINL STRATEGIES IN

3.8M

3.5M

5.5M

5.3M

5.2M

4.7M

$60M

MYIBLACKROCK MUNIYIELD QUALITY

319K

318K

328K

56K

376K

5.7M

$60M

IVVISHARES TR

144K

140K

128K

125K

106K

91K

$59M

MUCBLACKROCK MUNIHLDNGS CALI QL

4.6M

5.0M

4.7M

4.8M

5.4M

$56M

VCRMVANGUARD MUN BD FDS

—

533K

554K

590K

$44M

QQQXNUVEEN NASDAQ 100 DYNAMIC OV

1.8M

1.7M

1.6M

$44M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Karpus Management, Inc.

Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 231 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Karpus Management, Inc.