Fund HoldingsKarpus Management, Inc.

Total Portfolio Value
$3.26B
Total Bought
$465.21M
Total Sold
$376.19M
Net Transaction
+$89.01M
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
CALAMOS STRAT TOT RETURN FD(CSQ)152,6741,345,804+1,193,1302,94525,8390.79%+22,894
FINANCIAL SELECT SECTOR SPDR
ST STR FINL ETF
0399,770+399,770021,8950.67%+21,895
VANGUARD BD INDEX FD INC LONG TERM BOND1,625,4331,964,668+339,235115,162136,5844.19%+21,422
SPDR SER TR NUVN BR SHT MUNI
ST NUVE TERM ETF
0398,706+398,706019,1340.59%+19,134
LAKE SUPERIOR ACQ CRP; TNT ACQ DT: 4/7/2027; CASH: $10.0001,782,358+1,782,358017,6810.54%+17,681
BLACKROCK INCOME TR INC COM291,3651,861,660+1,570,2953,27520,5530.63%+17,278
BLACKROCK MUNIHOLDINGS FUND INC(MHD)7,157,2988,490,550+1,333,25284,09899,6793.06%+15,581
VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US742,033923,254+181,22152,95967,9152.09%+14,956
AI INFRASTRUCTURE ACQ CRP; TNT ACQ DT: 4/3/2027; CASH: $10.00
ORD SHS CL A
01,241,923+1,241,923012,3450.38%+12,345
MCKINLEY ACQ CRP; TNT ACQ DT: 8/12/2027; CASH: $10.0001,226,785+1,226,785012,2310.38%+12,231
VANGUARD BD INDEX FD INC TOTAL BND MRKT501,916665,035+163,11937,32849,2591.51%+11,932
LIBERTY ALL-STAR EQUITY FUND(USA)01,830,510+1,830,510011,4960.35%+11,496
DRUGS MADE IN AMERICA ACQ CRP II; TNT ACQ DT: 9/25/2027; CASH: $10.00
USD ORD SHS
01,143,625+1,143,625011,3220.35%+11,322
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST683,9761,653,365+969,3896,92216,7650.51%+9,843
EMMIS ACQ CRP; TNT ACQ DT: 3/25/2027; CASH: $10.000913,836+913,83609,0740.28%+9,074
GLOBA TERRA ACQ CRP; TNT ACQ DT: 10/08/2026; CASH: $10.00
CL A ORD SHS
153,577956,762+803,1851,5339,6630.30%+8,131
CHENGHE ACQ CRP III; TNT ACQ DT: 3/16/2027; CASH: $10.000795,850+795,85007,9350.24%+7,935
BLACKROCK MUNIYIELD QUALITY(MQY)0683,812+683,81207,7270.24%+7,727
OXLEY BRIDGE ACQ CRP; TNT ACQ DT: 6/25/2027; CASH: $10.00
USD CL A ORD SHS
0766,400+766,40007,7250.24%+7,725
NMP ACQ CRP; TNT ACQ DT: 1/2/2027; CASH: $10.000767,290+767,29007,6880.24%+7,688
BLACKROCK SCIENCE & TECH TR(BST)361,100543,547+182,44714,93522,0350.68%+7,100
CROWN RESERVE ACQUSITION CORP
ORD SHS CL A
0713,825+713,82507,0950.22%+7,095
BLACKROCK MUNIHOLDINGS QUALITY FUND II INC0726,931+726,93107,2910.22%+7,291
KOCHAV DEFENSE ACQ CRP; TNT ACQ DT: 11/28/2026; CASH: $10.00
SHS CL A
114,987764,019+649,0321,1537,7470.24%+6,594
A PARADISE ACQ CRP; TTNT ACQ DT: 7/30/2027; CASH: $10.00
COM CL A
0654,061+654,06106,5730.20%+6,573
BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST(BTT)4,407,8814,618,725+210,84499,001105,3993.24%+6,398
BLACKROCK MUNIYIELD FUND, INC.209,271815,853+606,5822,2108,5580.26%+6,348
INDIGO ACQ CRP; TNT ACQ DT: 03/30/2027; CASH: $10.00105,050658,772+553,7221,0476,6070.20%+5,560
BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND(MUC)4,758,1545,389,509+631,35551,62657,1291.75%+5,503
ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUND784,4381,641,368+856,9304,4719,5690.29%+5,098
CALISA ACQ CRP; TNT ACQ DT: 4/22/2027; CASH: $10.000500,375+500,37504,9690.15%+4,969
QUANTUMSPHERE ACQ CRP; TNT ACQ DT: 2/6/2027; CASH: $10.000494,350+494,35004,9480.15%+4,948
BLACKROCK MUN INC TRUST II4,426,4024,897,546+471,14446,25651,1301.57%+4,874
BLACKROCK MUNICIPAL INCOME QUALITY TRUST0539,666+539,66605,9040.18%+5,904
BLACKROCK MUNICIPAL INCOME TRUST4,489,5004,953,591+464,09145,11949,6851.53%+4,565
AGRICULTURE & NATURAL SOLUTIONS ACQ CRP; TNT ACQ DT: 11/10/2025; CASH: $10.00
SHS CL A
01,685,893+1,685,893018,8650.58%+18,865
BLACKROCK MINVESTMENT QALITY MUNICIPAL TRUST0493,618+493,61805,5290.17%+5,529
ORIGIN ACQ CRP; TNT ACQ DT: 7/1/2027; CASH: $10.10
ORD SHS
429,115819,444+390,3294,3138,2850.25%+3,972
SILVER PEGASUS ACQ CRP; TNT ACQ DT: 1/15/2027; CASH: $10.00
SHS CL A
12,500404,542+392,0421254,0700.12%+3,945
COLUMBIA SELIGMAN PREMIUM TECH(STK)0103,580+103,58003,8110.12%+3,811
BLACKROCK MUNIYELD QUALITY FUND II369,564746,841+377,2773,7077,5060.23%+3,799
DWS MUNICIPAL INCOME TRUST3,300,8343,715,549+414,71530,26933,7741.04%+3,506
BlackRock MuniYield Quality Fund III0375,708+375,70804,0840.13%+4,084
BLUE ACQ CRP; TNT ACQ DT: 03/13/2027; CASH: $10.00
ORD SHS CL A
335,102652,415+317,3133,3496,6610.20%+3,312
BLACKROCK HEALTH SCIENCES(BME)68,319141,658+73,3392,5445,8260.18%+3,283
ABRDN AUSTRALIA EQUITY FUND0251,962+251,96203,2550.10%+3,255
PIONEER ACQ CRP; TNT ACQ DT: 6/18/2027; CASH: $10.00160,000481,088+321,0881,5904,8350.15%+3,245
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST0285,799+285,79903,0690.09%+3,069
ISHARES LEHMAN 7-10YR TREAS443,638476,221+32,58342,79345,7931.41%+3,000
ISHARES MSCI DENMARK ETF
MSCI DENMARK ETF
54,57577,516+22,9415,9508,8730.27%+2,923
ALLIANCE NATIONAL MUNICIPAL INCOME FUND1,281,8341,539,698+257,86413,90816,6600.51%+2,752
VANGUARD INDEX FDS SMALL CP ETF329,883334,706+4,82383,88386,3372.65%+2,455
VENDOME ACQ CRP; TNT ACQ DT: 7/1/2027; CASH: $10.00400,023639,753+239,7303,9726,4170.20%+2,444
VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF1,239,5431,294,118+54,57567,15869,5722.14%+2,413
JOHN HANCOCK INCOME SECURITIES TRUST165,265369,608+204,3431,9294,3280.13%+2,399
K&F GROWTH ACQ CRP; TNT ACQ DT: 11/05/2026; CASH: $10.05
SHS CL A
01,328,387+1,328,387013,7090.42%+13,709
SOLARIUS ACQ CRP; TNT ACQ DT: 4/16/2027; CASH: $10.05
SHS CL A
75,615268,615+193,0007532,7000.08%+1,946
COPLEY ACQ CRP; TNT ACQ DT: 4/30/2027; CASH: $10.051,359,8281,535,003+175,17513,74815,6570.48%+1,909
ISHARES MSCI CDA ETF269,534286,858+17,32413,62515,4700.48%+1,845
CALAMOS GLOBAL DYNAMIC INCOME FUND(CHW)1,665,7581,941,888+276,13012,56014,3890.44%+1,830
WESTERN ASSET INV GRA DEF OP0109,933+109,93301,8140.06%+1,814
VANGUARD CORE TAX EXEMPT BOND ETF533,467554,144+20,67740,14341,8771.29%+1,733
BLUE WATER ACQ CRP III; TNT ACQ DT: 06/10/2027; CASH: $10.00
ORD SHS CL A
98,170259,820+161,6509782,6810.08%+1,704
ISHARES TR CORE MSCI EURO
CORE MSCI EURO
484,802488,052+3,25033,02534,6421.06%+1,617
PIMCO CALIFORNIA MUNICIPAL INC
COM
1,371,2021,554,343+183,14111,95713,5690.42%+1,613
ISHARES EMU ETF193,297210,019+16,72211,97313,4620.41%+1,489
ISHARES MSCI SOUTH KOREA IND90,71089,087-1,6237,2668,6610.27%+1,395
EATON VANCE TAX-ADV GLOBAL DIV OPP FUND0612,728+612,728018,5960.57%+18,596
WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT
COM SH BEN INT
08,143,596+8,143,596067,3482.07%+67,348
VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF272,924275,400+2,47621,77923,0260.71%+1,247
PACER GLOBAL CASH COWS DIVIDEND
GLOBL CASH ETF
336,447353,352+16,90513,33014,5650.45%+1,235
VANGUARD GROWTH ETF71,80372,958+1,15534,43735,5931.09%+1,156
FIGX CAPITAL ACQ CRP; TNT ACQ DT: 6/27/2027; CASH: $10.00
USD CL A ORD SHS
0112,766+112,76601,1340.03%+1,134
BEST SPAC ACQ CRP; TNT ACQ DT: 12/13/2026; CASH: $10.0064,695171,195+106,5006501,7290.05%+1,080
AXIOM INTELLGENCE ACQ CRP; TNT ACQ DT: 6/18/2027; CASH: $10.00
ORD SHS CL A
0102,500+102,50001,0310.03%+1,031
VANGUARD FTSE PACIFIC ETF379,616379,849+23333,34534,3381.05%+993
HARVARD AVE ACQ CRP; TNT ACQ DT: 4/30/2027; CASH:$10.00099,150+99,15009850.03%+985
STONEBRIDGE ACQ CRP II; TNT ACQ DT: 4/3/2027; CASH: $10.00
CL A SHS
096,775+96,77509630.03%+963
GIGCAPITAL8 ACQ CRP ; TNT ACQ DT: 10/6/2027; CASH: $10.00089,950+89,95008900.03%+890
NEWBURY STREET ACQ CRP II; TNT ACQ DT: 10/31/2026; CASH: $10.05
ORD SHS CL A
0578,387+578,38706,0330.19%+6,033
NUVEEN CORE EQUITY ALPHA FUND COM(JCE)049,077+49,07707820.02%+782
BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC860,309951,272+90,9635,0935,8690.18%+776
BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INC3,592,7423,663,762+71,02036,71837,4801.15%+762
NUEBERGER BERMAN MUNICIPAL FUND INC(NBH)068,199+68,19906900.02%+690
AA MISSION ACQ CRP II; TNT ACQ DT: 10/1/2027; CASH: $10.00
ORD SHS CL A
066,850+66,85006640.02%+664
BLACKROCK MUNIVEST FUND08,350,955+8,350,955057,8721.78%+57,872
OYSTER ENTERPRICES ACQ CRP II; TNT ACQ DT: 5/22/2027; CASH: $10.00
ORD SHS CL A
619,717673,111+53,3946,2106,7850.21%+575
SPDR BLOOMBERG 1-3 MONTH T-BILL ETF
ST STR BLO 1 ETF
06,290+6,29005750.02%+575
CO2 ENERGY TRANSITION ACQ CRP; TNT ACQ DT: 5/21/2026; CASH: $10.050780,246+780,24608,0290.25%+8,029
TITAN ACQ CRP; TNT ACQ DT: 4/8/2027; CASH: $10.05309,075356,100+47,0253,1283,6500.11%+523
ISHARES CORE DIVIDEND GROWTH ETF97,006102,418+5,4126,6047,1100.22%+506
PYROPHYTE ACQ CRP; TNT ACQ DT: 7/17/2027; CASH: $10.00
CL A SHS
050,000+50,00005030.02%+503
APEX TREASURY ACQ CRP UNIT; TNT ACQ DT: 10/28/2027; CASH: $10.00
UNIT 10/07/2030
049,675+49,67504970.02%+497
GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.0002,331,866+2,331,866024,9280.77%+24,928
CAL REDWOOD ACQ CRP; TNT ACQ DT: 5/23/2027; CASH:$10.00304,115346,940+42,8253,0413,5040.11%+463
ISHARES RUSSELL 1000 ETF85,77784,998-77931,35031,7420.97%+392
BLACKROCK MUNIVEST FUND II409,055438,019+28,9644,3484,7350.15%+387
PAYCHEX INC(PAYX)03,290+3,29003690.01%+369
NUVEEN NAS100 DYN OVERWRT FD(QQQX)01,670,779+1,670,779047,6511.46%+47,651
LAFAYETTE ACQUISTION CORP027,590+27,59002730.01%+273
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