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Livermore
Livermore
ZHEN

Karpus Management, Inc.

SEC CIK
0001048703
Latest filing
Aug 14, 2026

The latest 13F from Karpus Management, Inc. covers Q2 2026 (filed Aug 14, 2026): 233 long positions worth $3.48B. The top 10 holdings make up 35.0% of the portfolio, and the largest is Vanguard S&P 500 ETF at 7.2%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
27
Est. +$169.6M
Added
63
Est. +$201.1M
Reduced
114
Est. −$147.2M
Sold out
25
Est. −$171.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    7.2%$251.7M
  2. MHDBlackRock Muniholdings Fund, Inc.
    6.8%$235.8MHistory
  3. Vanguard BD Index FDS921937793
    4.2%$147.0M
  4. BTTBlackRock Municipal 2030 Target Term Trust
    3.0%$105.6MHistory
  5. Vanguard Morningstar Small-Cap ETF922908751
    2.8%$96.9M

Share of portfolio

Top 5 holdings and the other 228 positions, by share of portfolio value

  1. Vanguard S&P 500 ETF7.2%
  2. MHD6.8%
  3. Vanguard BD Index FDS4.2%
  4. BTT3.0%
  5. Vanguard Morningstar Small-Cap ETF2.8%
  6. Other 228 positions75.9%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464287432
    +$52.7MAdded
  2. iShares Tr464287440
    +$28.8MAdded
  3. AACPApogee Acquisition Corp
    +$26.3MNewHistory
  4. Vanguard Total Bond Market ETF921937835
    +$15.8MAdded
  5. VECAVernal Capital Acquisition Corp.
    +$14.8MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. iShares Tr464287432
    +1.46 pp0.7% → 2.2%
  2. iShares Tr464287440
    +0.82 pp0.1% → 0.9%
  3. AACPApogee Acquisition Corp
    +0.76 pp0.0% → 0.8%History
  4. VECAVernal Capital Acquisition Corp.
    +0.42 pp0.0% → 0.4%History
  5. Vanguard Total Bond Market ETF921937835
    +0.39 pp0.8% → 1.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GPATGP-Act III Acquisition Corp.
    −$24.2MSold outHistory
  2. LEGTLegato Merger Corp. III
    −$23.5MSold outHistory
  3. SIMASIM Acquisition Corp. I
    −$18.5MSold outHistory
  4. Vanguard S&P 500 ETF922908363
    −$18.1MReduced
  5. QSEAQuartzsea Acquisition Corp
    −$13.5MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. GPATGP-Act III Acquisition Corp.
    −0.75 pp0.8% → 0.0%History
  2. LEGTLegato Merger Corp. III
    −0.73 pp0.7% → 0.0%History
  3. SIMASIM Acquisition Corp. I
    −0.58 pp0.6% → 0.0%History
  4. QSEAQuartzsea Acquisition Corp
    −0.44 pp0.7% → 0.3%History
  5. LPAALaunch One Acquisition Corp.
    −0.36 pp0.4% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$3.48B
+$270.8M (+8.4%) vs. prior quarter
Positions
233
+2 vs. prior quarter
Top 10 concentration
35.0%
Top 10 as share of value
Turnover
9.5%
Q2 2026, one quarter
Average holding period
13.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.60B (Q3 2024)

Q1 2021: $3.31BQ2 2021: $3.37BQ3 2021: $3.36BQ4 2021: $3.48BQ1 2022: $3.29BQ2 2022: $2.97BQ3 2022: $2.85BQ4 2022: $2.96BQ1 2023: $3.19BQ2 2023: $3.18BQ3 2023: $2.98BQ4 2023: $3.29BQ1 2024: $3.47BQ2 2024: $3.55BQ3 2024: $3.60BQ4 2024: $3.38BQ1 2025: $3.09BQ2 2025: $3.10BQ3 2025: $3.16BQ4 2025: $3.26BQ1 2026: $3.21BQ2 2026: $3.48B
Q1 2021Q2 2026
13F filings of Karpus Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026233$3.48BVanguard S&P 500 ETFMHDVanguard BD Index FDSvs. Q1 2026SEC
Q1 2026May 14, 2026231$3.21BVanguard S&P 500 ETFMHDVanguard BD Index FDSvs. Q4 2025SEC
Q4 2025Feb 17, 2026Amended214$3.26BVanguard S&P 500 ETFVanguard BD Index FDSBTTvs. Q3 2025SEC
Q3 2025Nov 14, 2025204$3.16BVanguard S&P 500 ETFVanguard BD Index FDSBTTvs. Q2 2025SEC
Q2 2025Aug 14, 2025199$3.10BVanguard S&P 500 ETFNRKMHDvs. Q1 2025SEC
Q1 2025May 14, 2025202$3.09BVanguard S&P 500 ETFNRKMHDvs. Q4 2024SEC
Q4 2024Feb 14, 2025205$3.38BVanguard S&P 500 ETFNRKMUIvs. Q3 2024SEC
Q3 2024Nov 13, 2024220$3.60BVanguard S&P 500 ETFNRKMUIvs. Q2 2024SEC
Q2 2024Aug 13, 2024230$3.55BNEANRKVanguard S&P 500 ETFvs. Q1 2024SEC
Q1 2024May 13, 2024239$3.47BNEANRKVanguard S&P 500 ETFvs. Q4 2023SEC
Q4 2023Feb 13, 2024257$3.29BNEANRKVanguard S&P 500 ETFvs. Q3 2023SEC
Q3 2023Nov 9, 2023275$2.98BNEAVanguard S&P 500 ETFNRKvs. Q2 2023SEC
Q2 2023Aug 11, 2023316$3.18BVanguard S&P 500 ETFNEANRKvs. Q1 2023SEC
Q1 2023May 11, 2023376$3.19BVanguard S&P 500 ETFNRKNEAvs. Q4 2022SEC
Q4 2022Feb 15, 2023437$2.96BVanguard S&P 500 ETFNRKiShares Core S&P 500 ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022508$2.85BVanguard S&P 500 ETFiShares Core S&P 500 ETFVanguard BD Index FDSvs. Q2 2022SEC
Q2 2022Aug 12, 2022504$2.97BVanguard S&P 500 ETFiShares Core S&P 500 ETFVanguard BD Index FDSvs. Q1 2022SEC
Q1 2022May 10, 2022437$3.29BVanguard S&P 500 ETFiShares Core S&P 500 ETFVanguard BD Index FDSvs. Q4 2021SEC
Q4 2021Feb 14, 2022367$3.48BVanguard S&P 500 ETFiShares Core S&P 500 ETFVanguard BD Index FDSvs. Q3 2021SEC
Q3 2021Feb 11, 2022Amended297$3.36BVanguard BD Index FDSVanguard S&P 500 ETFNRKvs. Q2 2021SEC
Q2 2021Aug 13, 2021296$3.37BNRKVanguard S&P 500 ETFVanguard BD Index FDSvs. Q1 2021SEC
Q1 2021May 17, 2021301$3.31BNRKVanguard BD Index FDSVanguard S&P 500 ETF–SEC

13D and 13G filings

Companies where Karpus Management, Inc. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

62 companies, largest stake first.

Companies where Karpus Management, Inc. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
MUIBlackRock Municipal Credit Alpha Portfolio, Inc.13G/A47.14%17.0M shares+6.12 ppfrom 41.02%Jan 10, 202312 filingsMar 7, 2025SEC
EICEagle Point Income Co13G/A37.57%488.4K shares–Nov 14, 20251 filingNov 14, 2025SEC
WIAWestern Asset Inflation-Linked Income Fund13D/A37.05%8.64M shares+1.04 ppfrom 36.01%Jan 6, 202112 filingsJun 11, 2026SEC
PDPAPearl Diver Credit Co Inc.13G/A26.95%371.9K shares+1.64 ppfrom 25.31%Jan 7, 20253 filingsAug 14, 2025SEC
SPMESound Point Meridian Capital, Inc.13G/A26.51%1.22M shares–Aug 7, 20251 filingAug 7, 2025SEC
RFAIRF Acquisition Corp II13G/A24.75%989.4K shares+5.09 ppfrom 19.66%Aug 8, 20245 filingsSep 4, 2026SEC
CCIDCarlyle Credit Income Fund13G22.09%265.1K shares–Feb 13, 20243 filingsDec 5, 2025SEC
TAVITavia Acquisition Corp.13G/A21.63%1.89M shares+9.70 ppfrom 11.93%Feb 14, 20255 filingsJul 7, 2026SEC
OCCINOFS Credit Company, Inc.13G/A19.88%449.2K shares–May 7, 20261 filingMay 7, 2026SEC
EIIAEagle Point Institutional Income Fund13G/A19.72%244.5K shares−3.98 ppfrom 23.70%Nov 7, 20244 filingsNov 14, 2025SEC
NOEMCO2 Energy Transition Corp.13G/A18.04%670.4K shares+10.52 ppfrom 7.52%May 14, 20252 filingsAug 7, 2026SEC
WSTNWestin Acquisition Corp13G/A17.25%1.39M shares+2.31 ppfrom 14.94%Mar 6, 20262 filingsMay 14, 2026SEC
ECC.PDEagle Point Credit Co13G/A16.85%168.5K shares−0.10 ppfrom 16.95%Mar 7, 20254 filingsMay 14, 2026SEC
PGACPantages Capital Acquisition Corp13G/A15.97%820.3K shares+7.92 ppfrom 8.05%May 14, 20254 filingsSep 4, 2026SEC
ORIQOrigin Investment Corp I13G/A14.92%1.29M shares+5.42 ppfrom 9.50%Feb 13, 20262 filingsJul 7, 2026SEC
FINSAngel Oak Financial Strategies Income Term Trust13G/A14.06%4.70M shares−1.42 ppfrom 15.48%Feb 14, 20237 filingsMay 14, 2026SEC
CHARCharlton Aria Acquisition Corp13G/A13.16%1.44M shares−1.16 ppfrom 14.32%Jan 7, 20253 filingsNov 14, 2025SEC
FVNFuture Vision II Acquisition Corp.13G/A12.66%479.2K shares+6.18 ppfrom 6.48%Feb 14, 20252 filingsAug 7, 2026SEC
AFBAlliancebernstein National Municipal Income Fund13D12.56%3.61M shares+3.68 ppfrom 8.88%Feb 13, 20263 filingsJul 16, 2026SEC
OCCIMOFS Credit Company, Inc.13G/A12.30%278.0K shares–Feb 12, 20217 filingsMay 7, 2026SEC
SCIISC II Acquisition Corp.13G11.99%2.99M sharesNewFeb 6, 20261 filingFeb 6, 2026SEC
VECAVernal Capital Acquisition Corp.13G11.88%1.48M sharesNewJun 5, 20261 filingJun 5, 2026SEC
BHAVBHAV Acquisition Corp13G11.84%1.27M sharesNewJun 5, 20261 filingJun 5, 2026SEC
AACPApogee Acquisition Corp13G11.28%2.65M sharesNewJul 7, 20261 filingJul 7, 2026SEC
EICAEagle Point Income Co13G11.18%170.0K shares+8.19 ppfrom 2.99%Nov 10, 202110 filingsMay 7, 2026SEC

Showing the 25 largest of 62 stakes.

Latest filings

774 filings on file made by Karpus Management, Inc. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Karpus Management, Inc.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
YHNAYHN Acquisition I LtdSep 4, 20264:07 PM ET13G/A2.26%97.0K shares−15.64 ppfrom 17.90%Below 5%Aug 31, 2026SEC
SSACSPACSphere Acquisition Corp.Sep 4, 20264:06 PM ET13G/A4.99%1.20M shares−0.09 ppfrom 5.08%Below 5%Aug 31, 2026SEC
RFAIRF Acquisition Corp IISep 4, 20264:06 PM ET13G/A24.75%989.4K shares+5.09 ppfrom 19.66%Aug 31, 2026SEC
PGACPantages Capital Acquisition CorpSep 4, 20264:05 PM ET13G/A15.97%820.3K shares+7.92 ppfrom 8.05%Aug 31, 2026SEC
IPEXInflection Point Acquisition Corp. VSep 4, 20264:05 PM ET13G/A0.00%0 shares−8.54 ppfrom 8.54%Below 5%Aug 31, 2026SEC
TRADAPEX Tech Acquisition Inc.Aug 14, 20264:10 PM ET13G8.22%1.17M sharesNewJun 30, 2026SEC
QSEAQuartzsea Acquisition CorpAug 14, 20264:09 PM ET13G/A9.62%974.8K shares+1.08 ppfrom 8.54%Jun 30, 2026SEC
PECEPeace Acquisition Corp.Aug 14, 20264:09 PM ET13G8.40%733.7K sharesNewJun 30, 2026SEC
OXLCOOxford Lane Capital Corp.Aug 14, 20264:08 PM ET13G/A3.62%528.6K shares−17.90 ppfrom 21.52%Below 5%Jun 30, 2026SEC
OXLCNOxford Lane Capital Corp.Aug 14, 20264:08 PM ET13G/A4.30%628.3K shares−20.84 ppfrom 25.14%Below 5%Jun 30, 2026SEC
OXLCOxford Lane Capital Corp.Aug 14, 20264:07 PM ET13G/A1.98%288.7K shares–Below 5%Jun 30, 2026SEC
OXLCGOxford Lane Capital Corp.Aug 14, 20264:07 PM ET13G/A6.08%887.2K shares−5.46 ppfrom 11.54%Jun 30, 2026SEC
NMPNMP Acquisition Corp.Aug 14, 20264:07 PM ET13G/A5.32%849.1K shares−1.00 ppfrom 6.32%Jun 30, 2026SEC
LKSPLake Superior Acquisition CorpAug 14, 20264:06 PM ET13G/A6.40%1.25M shares−2.73 ppfrom 9.13%Jun 30, 2026SEC
KTFDWS Municipal Income TrustAug 14, 20264:05 PM ET13G/A7.05%2.76M shares−1.35 ppfrom 8.40%Jun 30, 2026SEC
JHSJohn Hancock Income Securities TrustAug 14, 20264:05 PM ET13G7.27%846.2K sharesNewJun 30, 2026SEC
IIFMorgan Stanley India Investment Fund, Inc.Aug 14, 20264:04 PM ET13G5.09%477.6K sharesNewJun 30, 2026SEC
IGIWestern Asset Investment Grade Opportunity Trust Inc.Aug 14, 20264:04 PM ET13G/A8.83%529.0K shares+2.43 ppfrom 6.40%Jun 30, 2026SEC
IAFAbrdn Australia Equity Fund, Inc.Aug 14, 20264:03 PM ET13G/A8.51%822.9K shares+1.09 ppfrom 7.42%Jun 30, 2026SEC
HEQJohn Hancock Diversified Income FundAug 14, 20264:03 PM ET13G7.52%909.6K sharesNewJun 30, 2026SEC