Q4 2025 · 13F-HR
Karpus Management, Inc.holdings as filed
Filed 2026-02-13 · accession 0001072613-26-000174
$489.0M
Reported value
100
Positions
2025-12-31
Period end
The Brief · Karpus Management, Inc. · Q4 2025
AI · grounded in 13F
Karpus Management, Inc. closed its position in VOO, reducing exposure by $271.6M. The fund also exited positions in BLV and BTT, selling $115.2M and $99M respectively. To offset these exits, the fund established new positions in ECC for $64.6M and OFS for $32.3M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 269809414 | ECC | EAGLE POINT CREDIT 7.75 percent DUE 06/30/2030 | $64.6M | 13.2% | 2,573,963 | Common | SOLE |
| 67103B803 | OFS | OFS CAPITAL CORP 7.5 percent DUE 7/31/2058 | $32.3M | 6.61% | 1,259,030 | Common | SOLE |
| 83617A306 | SPMC | SOUND POINT MERIDIAN CAPITAL 7.875 percent DUE 7/31/2030 | $31.1M | 6.36% | 1,232,329 | Common | SOLE |
| 80349A802 | SAR | SARATOGA INVESTMENT CORP 6.00 percent DUE 04/30/2027 | $25.1M | 5.14% | 1,014,297 | Common | SOLE |
| 69181V602 | OXSQ | OXFORD SQUARE CAPITAL CORP 7.75 percent DUE 7/31/2030 | $22.1M | 4.52% | 867,122 | Common | SOLE |
| 691543854 | OXLC | OXFORD LANE CAPITAL CORP. 7.95 percent 2/29/2032 | $21.6M | 4.41% | 853,683 | Common | SOLE |
| 691543888 | OXLC | OXFORD LANE CAPITAL CORP, 5 percent, DUE 1/31/2027 | $16.3M | 3.34% | 669,336 | Common | SOLE |
| 652526708 | NEWT | NEWTEK BUSINESS SERVICES 5.5 percent DUE 2/1/2026 | $15.0M | 3.07% | 595,191 | Common | SOLE |
| 390320604 | GECC | GREAT ELM CAPITAL CORP 5 7/8 percent DUE 6/30/2026 | $14.8M | 3.03% | 592,725 | Common | SOLE |
| 88104C202 | TERINC 7 03/31/26 | TERRA INCOME 6 7 percent DUE 3/31/2026 | $14.8M | 3.02% | 594,051 | Common | SOLE |
| 691543870 | OXLC | OXFORD LANE CAPITAL CORP. 7.125 percent 6/30/2029 | $14.7M | 3.00% | 603,268 | Common | SOLE |
| 376546800 | GAIN | GLADSTONE INVESTMENT CORP 5 percent DUE 5/1/2026 | $13.5M | 2.77% | 537,845 | Common | SOLE |
| 376546867 | GAIN | GLADSTONE INVESTMENT CORP 7.875 percent 02/01/2023 | $12.3M | 2.52% | 480,025 | Common | SOLE |
| 691543805 | OXLC | OXFORD LANE CAPITAL CORP 6 percent DUE 8/31/2029 | $12.1M | 2.47% | 516,391 | Common | SOLE |
| 390320869 | GECC | GREAT ELM CAPITAL CORP 7.75 percent DUE 12/31/2030 | $12.0M | 2.46% | 480,605 | Common | SOLE |
| 67103B704 | OFS | OFS CAPITAL CORP 4.95 percent DUE 10/31/2028 | $11.4M | 2.32% | 479,881 | Common | SOLE |
| 67111Q404 | OCCI | OFS CREDIT CO 5.25 percent DUE 12/31/2026 | $11.2M | 2.28% | 452,345 | Common | SOLE |
| 269809885 | ECC | EAGLE POINT CREDIT 5.375 percent DUE 1/31/2029 | $10.6M | 2.17% | 443,719 | Common | SOLE |
| 83617A207 | SPMC | SOUND POINT MERIDIAN CAPITAL, INC. 8 percent 11/30/2029 | $10.1M | 2.08% | 402,904 | Common | SOLE |
| 70476Q209 | PDCC | PEARL DIVER CREDIT COMPANY INC. 8 percent 12/31/2029 | $9.1M | 1.87% | 362,372 | Common | SOLE |
| 390320877 | GECC | GREAT ELM CAPITAL CORP 8.125 percent DUE 12/31/2029 | $8.1M | 1.66% | 322,014 | Common | SOLE |
| 80349A869 | SAR | SARATOGA INVESTMENT CORP 8.50 percent DUE 04/15/2028 | $8.0M | 1.63% | 315,605 | Common | SOLE |
| 225655208 | CCAP | CRESCENT CAPITAL BDC INC | $8.0M | 1.63% | 317,674 | Common | SOLE |
| 67111Q503 | OCCI | OFS CREDIT CO 7 7/8 percent DUE 10/31/2029 | $6.8M | 1.39% | 269,146 | Common | SOLE |
| 92535C609 | CCIF | CARLYLE CREDIT INCOME FUND 7.375 percent DUE 10/30/2028 | $6.7M | 1.37% | 264,150 | Common | SOLE |
| 95MSENTF6 | — | OPPORTUNISTIC VALUE FUND, D SUB-SERIES | $6.5M | 1.33% | 577,234 | Common | SOLE |
| 17259U303 | CION | CION INVESTMENT CORP 7.5 percent DUE 12/30/2029 | $6.1M | 1.25% | 242,975 | Common | SOLE |
| 269819207 | EAPIIF 8.125 10/31/29 A | EAGLE POINT INST INCOME FUND 8.125 percent DUE 10/31/29 | $6.1M | 1.25% | 241,666 | Common | SOLE |
| 691543607 | OXLC | OXFORD LANE CAPITAL CORP 6.375 percent 2027 | $4.7M | 0.97% | 192,355 | Common | SOLE |
| 72200Y102 | PNI | PIMCO NEW YORK MUNICIPAL II | $4.5M | 0.92% | 654,456 | Common | SOLE |
| 269817201 | EIC | EAGLE POINT INCOME CO 5 percent 10/30/26 | $4.3M | 0.87% | 173,736 | Common | SOLE |
| 69181V503 | OXSQ | OXFORD SQUARE CAPITAL CO 5.5 percent DUE 7/31/2028 | $4.1M | 0.85% | 171,471 | Common | SOLE |
| 44045A409 | HRZN | HORIZON TECHNOLOGY FINANCE 4 7/8 percent DUE 3/30/2026 | $4.0M | 0.82% | 160,657 | Common | SOLE |
| 691543862 | OXLC | OXFORD LANE CAPITAL CORP 8.75 percent DUE 06/30/2030 | $3.9M | 0.79% | 150,975 | Common | SOLE |
| 78163D209 | — | RUNWAY FINANCE CORP, 7.5 percent DUE 7/28/2027 | $3.7M | 0.75% | 145,772 | Common | SOLE |
| 269809802 | ECC | EAGLE POINT CREDIT CO 6.75 percent PERPETUAL PFD | $3.4M | 0.69% | 169,456 | Common | SOLE |
| 390320885 | GECC | GREAT ELM CAPITAL CORP. 8.5 percent 04/30/2029 | $2.9M | 0.60% | 116,338 | Common | SOLE |
| 269817409 | EIC | EAGLE POINT INCOME COMPANY 8 percent 04/30/2029 | $2.5M | 0.52% | 100,141 | Common | SOLE |
| 80349a877 | — | SARATOGA INVESTMENT CORP 8 1/8 percent DUE 12/31/2027 | $2.1M | 0.43% | 83,275 | Common | SOLE |
| G4828B100 | WELWF | INTEGRATED WELLNESS ACQ CRP UNIT; TNT ACQ DT: 09/13/2023; CASH: $10.20 | $2.1M | 0.43% | 163,875 | Common | SOLE |
| 67111Q305 | OCCI | OFS CREDIT 6.125 percent DUE 4/30/2026 | $2.0M | 0.40% | 78,615 | Common | SOLE |
| 269809877 | ECC | EAGLE POINT CREDIT 8 percent DUE 01/31/2029 | $1.9M | 0.39% | 76,710 | Common | SOLE |
| 44045A508 | HRZN | HORIZON TECHNOLOGY FINANCE CORP 6.25 percent 6/15/2027 | $1.8M | 0.37% | 73,779 | Common | SOLE |
| 269809703 | ECC | EAGLE POINT CREDIT CO 6.5 percent DUE 6/30/31 | $1.5M | 0.31% | 61,395 | Common | SOLE |
| 39037G208 | GEG | GREAT ELM GROUP INC 7.25 percent 6/30/2027 | $1.5M | 0.30% | 58,900 | Common | SOLE |
| 74274W772 | PRIORT 6 12/31/28 J | PRIORITY INCOME FUND SERIES J 6 percent DUE 12/31/2028 | $1.4M | 0.28% | 58,070 | Common | SOLE |
| 78163D308 | RWAY | RUNWAY FINANCE CORP, 8 percent DUE 12/31/2027 | $1.2M | 0.25% | 48,362 | Common | SOLE |
| 691543706 | OXLC | OXFORD LANE CAPITAL CORP 6.75 percent DUE 3/31/2031 | $924,165 | 0.19% | 38,367 | Common | SOLE |
| 80349A885 | SAR | SARATOGA INVESTMENT CORP 8.00 percent DUE 10/31/2027 | $743,776 | 0.15% | 29,225 | Common | SOLE |
| 74274W756 | PRIORT 6.375 03/31/29 L | PRIORITY INCOME FUND 6.375 percent DUE 3/31/2029 | $529,881 | 0.11% | 22,060 | Common | SOLE |
| G9R16L100 | VMCAF | VALUENCE ACQ CRP; TNT ACQ DT: 6/1/2023; CASH: $10.30 | $294,500 | 0.06% | 23,750 | Common | SOLE |
| 269809505 | ECC | EAGLE POINT CREDIT CO 6.6875 percent 04/30/28 | $227,401 | 0.05% | 9,031 | Common | SOLE |
| 269809604 | ECC | EAGLE POINT CREDIT CORP 6.75 percent DUE 3/31/2031 | $182,100 | 0.04% | 7,325 | Common | SOLE |
| 71742W301 | PFX | PHENIXFIN CORPORATION 5.25 percent DUE 11/1/28 | $180,196 | 0.04% | 7,600 | Common | SOLE |
| 742718109 | PG | PROCTER & GAMBLE CO COM | $147,609 | 0.03% | 1,030 | Common | SOLE |
| 713448108 | PEP | PEPSICO INC COM | $143,520 | 0.03% | 1,000 | Common | SOLE |
| 95766T100 | PAI | WESTERN ASSET INCOME FD COM | $113,331 | 0.02% | 9,081 | Common | SOLE |
| 464288679 | SHV | ISHARES SHORT TREASURY BOND | $110,150 | 0.02% | 1,000 | Common | SOLE |
| 46434G822 | EWJ | ISHARES MSCI JAPAN ETF | $80,740 | 0.02% | 1,000 | Common | SOLE |
| 58155Q103 | MCK | MCKESSON CORP | $63,162 | 0.01% | 77 | Common | SOLE |
| 92189f528 | — | VANECK VECTORS ETF TR AMT FREE SHORT M | $60,935 | 0.01% | 3,500 | Common | SOLE |
| 278277108 | EOS | EATON VANCE ENHANCED EQUITY IN | $51,549 | 0.01% | 2,202 | Common | SOLE |
| 376546883 | GAIN | GLADSTONE INVESTMENT CORP 4.875 percent DUE 11/1/2028 | $50,106 | 0.01% | 2,100 | Common | SOLE |
| 50208A102 | XSCDX | LMP CAPITAL AND INCOME FUND INC | $43,704 | 0.01% | 2,951 | Common | SOLE |
| G20315100 | ALF | CENTURION ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.00 | $43,665 | 0.01% | 4,100 | Common | SOLE |
| 464288257 | ACWI | ISHARES MSCI ACWI INDEX FUND | $36,929 | 0.01% | 261 | Common | SOLE |
| G24979109 | CHAC | CRANE HARBOR ACQ CRP; TNT AC DT: 4/24/2027; CASH: $10.00 | $32,310 | 0.01% | 3,000 | Common | SOLE |
| 896442605 | TRIN | TRINITY CAPITAL 7.875 percent DUE 3/30/2029 | $30,878 | 0.01% | 1,225 | Common | SOLE |
| 09262J102 | MUNEX | BLACKROCK MUNICIPAL CREDIT ALPHA PORTFOLIO INC | $28,570 | 0.01% | 2,304 | Common | SOLE |
| 81369Y852 | XLC | SELECT SECTOR SPDR TR COMMUNICATION | $27,546 | 0.01% | 234 | Common | SOLE |
| 166764100 | CVX | CHEVRON CORP | $26,672 | 0.01% | 175 | Common | SOLE |
| 47103U845 | JAAA | JANUS HENDERSON AAA CLO ETF | $26,453 | 0.01% | 523 | Common | SOLE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $26,230 | 0.01% | 46 | Common | SOLE |
| 464288414 | MUB | ISHARES NAT AMT FREE BD | $24,951 | 0.01% | 233 | Common | SOLE |
| 464288661 | IEI | ISHARES TR 3-7 YR TR BD ETF | $23,512 | 0.00% | 197 | Common | SOLE |
| 87911J103 | HQH | TEKLA HEATHCARE INVESTORS | $20,266 | 0.00% | 1,070 | Common | SOLE |
| 81369y209 | — | SELECT SECTOR SPDR TR SBI HEALTHCARE | $20,124 | 0.00% | 130 | Common | SOLE |
| 92206C409 | VCSH | VANGUARD SHORT-TERM CORPORATE COND ETF | $19,055 | 0.00% | 239 | Common | SOLE |
| 24703L202 | DELL | DELL TECHNOLOGIES -C | $19,008 | 0.00% | 151 | Common | SOLE |
| 81369Y803 | XLK | TECHNOLOGY SELECT SECTOR SPDR | $18,716 | 0.00% | 130 | Common | SOLE |
| 09255G107 | MPA | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | $17,484 | 0.00% | 1,578 | Common | SOLE |
| 746909100 | PIM | PUTNAM MASTER INTERMEDIATE INCOME TRUST | $16,700 | 0.00% | 5,000 | Common | SOLE |
| 293792107 | EPD | ENTERPRISE PRODUCTS PARTNERS | $15,902 | 0.00% | 496 | Common | SOLE |
| 22788C105 | CRWD | CROWDSTRIKE HOLDINGS INC - A | $14,532 | 0.00% | 31 | Common | SOLE |
| 464287432 | TLT | ISHARES LEHMAN 20plus YR TREAS | $13,510 | 0.00% | 155 | Common | SOLE |
| 81369y704 | — | INDUSTRIAL SELECT SECT SPDR | $12,410 | 0.00% | 80 | Common | SOLE |
| 92206c870 | — | VANGUARD INTERM-TERM CORP BD ETF | $9,799 | 0.00% | 117 | Common | SOLE |
| 92912T100 | XIGDX | VOYA GLBL EQTY DIV & PREM OPP COM | $8,271 | 0.00% | 1,446 | Common | SOLE |
| 278274105 | EOI | EATON VANCE ENHANCED EQ INC FD COM | $4,318 | 0.00% | 210 | Common | SOLE |
| 41013v100 | — | JOHN HANCOCK T/A DVD INCOME | $3,549 | 0.00% | 150 | Common | SOLE |
| 277461406 | KODK | EASTMAN KODAK CO | $2,233 | 0.00% | 264 | Common | SOLE |
| 27828N102 | XETYX | EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND | $1,994 | 0.00% | 130 | Common | SOLE |
| 962166104 | WY | WEYERHAEUSER COMPANY | $948 | 0.00% | 40 | Common | SOLE |
| 870875101 | SWZ | SWISS HELVETIA FD INC COM | $809 | 0.00% | 130 | Common | SOLE |
| 643822109 | ANEFX | AMER FNDS NEW ECONOMY-A | $698 | 0.00% | 10 | Common | SOLE |
| 921943858 | VEA | VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF | $687 | 0.00% | 11 | Common | SOLE |
| 09032H113 | BCGWW | BINAH CAPITAL GROUP INC | $664 | 0.00% | 4,425 | Common | SOLE |
| 36266G107 | GEHC | GE HEALTHCARE TECHNOLOGIES INC | $82 | 0.00% | 1 | Common | SOLE |
| 934423104 | WBD | WARNER BROS DISCOVERY INC | $29 | 0.00% | 1 | Common | SOLE |
| 26884J203 | ERHE | ERHC ENERGY INC | $2 | 0.00% | 800 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.