Karpus Investment Management

Karpus Management as of Dec. 31, 2025

Portfolio Holdings for Karpus Management

Karpus Management holds 100 positions in its portfolio as reported in the December 2025 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
EAGLE POINT CREDIT 7.75 percent DUE 06/30/2030 Preferred 13.2 $65M 2.6M 25.10
OFS CAPITAL CORP 7.5 percent DUE 7/31/2058 Preferred 6.6 $32M 1.3M 25.68
SOUND POINT MERIDIAN CAPITAL 7.875 percent DUE 7/31/2030 Preferred 6.4 $31M 1.2M 25.24
SARATOGA INVESTMENT CORP 6.00 percent DUE 04/30/2027 Preferred (SAT) 5.1 $25M 1.0M 24.76
OXFORD SQUARE CAPITAL CORP 7.75 percent DUE 7/31/2030 Preferred 4.5 $22M 867k 25.48
OXFORD LANE CAPITAL CORP. 7.95 percent 2/29/2032 Preferred (OXLCG) 4.4 $22M 854k 25.27
OXFORD LANE CAPITAL CORP, 5 percent, DUE 1/31/2027 Preferred 3.3 $16M 669k 24.37
NEWTEK BUSINESS SERVICES 5.5 percent DUE 2/1/2026 Preferred (NEWTZ) 3.1 $15M 595k 25.19
GREAT ELM CAPITAL CORP 5 7/8 percent DUE 6/30/2026 Preferred 3.0 $15M 593k 25.00
TERRA INCOME 6 7 percent DUE 3/31/2026 Preferred 3.0 $15M 594k 24.88
OXFORD LANE CAPITAL CORP. 7.125 percent 6/30/2029 Preferred 3.0 $15M 603k 24.30
GLADSTONE INVESTMENT CORP 5 percent DUE 5/1/2026 Preferred (GAINN) 2.8 $14M 538k 25.15
GLADSTONE INVESTMENT CORP 7.875 percent 02/01/2023 Preferred 2.5 $12M 480k 25.64
OXFORD LANE CAPITAL CORP 6 percent DUE 8/31/2029 Preferred 2.5 $12M 516k 23.40
GREAT ELM CAPITAL CORP 7.75 percent DUE 12/31/2030 Preferred 2.5 $12M 481k 25.04
OFS CAPITAL CORP 4.95 percent DUE 10/31/2028 Preferred 2.3 $11M 480k 23.69
OFS CREDIT CO 5.25 percent DUE 12/31/2026 Preferred 2.3 $11M 452k 24.70
EAGLE POINT CREDIT 5.375 percent DUE 1/31/2029 Preferred (ECCV) 2.2 $11M 444k 23.90
SOUND POINT MERIDIAN CAPITAL, INC. 8 percent 11/30/2029 Preferred (SPMA) 2.1 $10M 403k 25.19
PEARL DIVER CREDIT COMPANY INC. 8 percent 12/31/2029 Preferred 1.9 $9.1M 362k 25.24
GREAT ELM CAPITAL CORP 8.125 percent DUE 12/31/2029 Preferred 1.7 $8.1M 322k 25.15
SARATOGA INVESTMENT CORP 8.50 percent DUE 04/15/2028 Preferred 1.6 $8.0M 316k 25.33
Crescent Capital Bdc Preferred 1.6 $8.0M 318k 25.05
OFS CREDIT CO 7 7/8 percent DUE 10/31/2029 Preferred 1.4 $6.8M 269k 25.17
CARLYLE CREDIT INCOME FUND 7.375 percent DUE 10/30/2028 Preferred 1.4 $6.7M 264k 25.31
Opportunistic Value Fund, D Sub-series Common 1.3 $6.5M 577k 11.23
CION INVESTMENT CORP 7.5 percent DUE 12/30/2029 Preferred 1.3 $6.1M 243k 25.17
EAGLE POINT INST INCOME FUND 8.125 percent DUE 10/31/29 Preferred (EIIA) 1.2 $6.1M 242k 25.21
OXFORD LANE CAPITAL CORP 6.375 percent 2027 Preferred (OXLCP) 1.0 $4.7M 192k 24.60
Pimco New York Municipal Ii Common (PNI) 0.9 $4.5M 655k 6.89
EAGLE POINT INCOME CO 5 percent 10/30/26 Preferred 0.9 $4.3M 174k 24.61
OXFORD SQUARE CAPITAL CO 5.5 percent DUE 7/31/2028 Preferred (OXSQG) 0.8 $4.1M 172k 24.16
HORIZON TECHNOLOGY FINANCE 4 7/8 percent DUE 3/30/2026 Preferred 0.8 $4.0M 161k 25.05
OXFORD LANE CAPITAL CORP 8.75 percent DUE 06/30/2030 Preferred (OXLCI) 0.8 $3.9M 151k 25.64
RUNWAY FINANCE CORP, 7.5 percent DUE 7/28/2027 Preferred 0.8 $3.7M 146k 25.24
EAGLE POINT CREDIT CO 6.75 percent PERPETUA Preferred 0.7 $3.4M 170k 19.82
GREAT ELM CAPITAL CORP. 8.5 percent 04/30/2029 Preferred (GECCI) 0.6 $2.9M 116k 25.12
EAGLE POINT INCOME COMPANY 8 percent 04/30/2029 Preferred 0.5 $2.5M 100k 25.19
SARATOGA INVESTMENT CORP 8 1/8 percent DUE 12/31/2027 Preferred 0.4 $2.1M 83k 25.31
Integrated Wellness Acq Crp Unit; Tnt Acq Dt: 09/13/2023; Cash: $10.20 Unit (WELNF) 0.4 $2.1M 164k 12.78
OFS CREDIT 6.125 percent DUE 4/30/2026 Preferred (OCCIO) 0.4 $2.0M 79k 24.92
EAGLE POINT CREDIT 8 percent DUE 01/31/2029 Preferred 0.4 $1.9M 77k 25.08
HORIZON TECHNOLOGY FINANCE CORP 6.25 percent 6/15/2027 Preferred 0.4 $1.8M 74k 24.85
EAGLE POINT CREDIT CO 6.5 percent DUE 6/30/31 Preferred (ECCC) 0.3 $1.5M 61k 24.81
GREAT ELM GROUP INC 7.25 percent 6/30/2027 Preferred 0.3 $1.5M 59k 24.80
PRIORITY INCOME FUND SERIES J 6 percent DUE 12/31/2028 Preferred (PRIF.PJ) 0.3 $1.4M 58k 23.91
RUNWAY FINANCE CORP, 8 percent DUE 12/31/2027 Preferred (RWAYZ) 0.2 $1.2M 48k 25.25
OXFORD LANE CAPITAL CORP 6.75 percent DUE 3/31/2031 Preferred (OXLCL) 0.2 $924k 38k 24.09
SARATOGA INVESTMENT CORP 8.00 percent DUE 10/31/2027 Preferred 0.2 $744k 29k 25.45
PRIORITY INCOME FUND 6.375 percent DUE 3/31/2029 Preferred (PRIF.PL) 0.1 $530k 22k 24.02
Valuence Acq Crp; Tnt Acq Dt: 6/1/2023; Cash: $10.30 Common (VMCAF) 0.1 $295k 24k 12.40
EAGLE POINT CREDIT CO 6.6875 percent 04/30/28 Preferred 0.0 $227k 9.0k 25.18
EAGLE POINT CREDIT CORP 6.75 percent DUE 3/31/2031 Preferred (ECCW) 0.0 $182k 7.3k 24.86
PHENIXFIN CORPORATION 5.25 percent DUE 11/1/28 Preferred 0.0 $180k 7.6k 23.71
Procter & Gamble Company (PG) 0.0 $148k 1.0k 143.31
Pepsi (PEP) 0.0 $144k 1.0k 143.52
Western Asset Income Fund (PAI) 0.0 $113k 9.1k 12.48
Ishares Short Treasury Bond Trust Ishare 0-1 (SHV) 0.0 $110k 1.0k 110.15
Ishares Msci Japan Etf Msci Japan Etf (EWJ) 0.0 $81k 1.0k 80.74
McKesson Corporation (MCK) 0.0 $63k 77.00 820.29
Vaneck Vectors Etf Tr Amt Free Short M Vaneck Shrt Muni (SMB) 0.0 $61k 3.5k 17.41
Eaton Vance Enhanced Equity Incm. Fd. II (EOS) 0.0 $52k 2.2k 23.41
GLADSTONE INVESTMENT CORP 4.875 percent DUE 11/1/2028 Preferred 0.0 $50k 2.1k 23.86
LMP Capital and Income Fund (SCD) 0.0 $44k 3.0k 14.81
Centurion Acq Crp; Tnt Acq Dt: 6/13/2026; Cash: $10.00 Shs Cl A (ALF) 0.0 $44k 4.1k 10.65
Ishares Msci Acwi Index Fund Msci Acwi Etf (ACWI) 0.0 $37k 261.00 141.49
Crane Harbor Acq Crp; Tnt Ac Dt: 4/24/2027; Cash: $10.00 Cl A (CHAC) 0.0 $32k 3.0k 10.77
TRINITY CAPITAL 7.875 percent DUE 3/30/2029 Preferred (TRINZ) 0.0 $31k 1.2k 25.21
Blackrock Municipal Credit Alpha Portfolio Common (MUNEX) 0.0 $29k 2.3k 12.40
Select Sector Spdr Tr Communication State Street Com (XLC) 0.0 $28k 234.00 117.72
Chevron Corporation (CVX) 0.0 $27k 175.00 152.41
Janus Henderson Aaa Clo Etf Hendrson Aaa Cl (JAAA) 0.0 $27k 523.00 50.58
Northrop Grumman Corporation (NOC) 0.0 $26k 46.00 570.22
Ishares Nat Amt Free Bd National Mun Etf (MUB) 0.0 $25k 233.00 107.09
Ishares Tr 3-7 Yr Tr Bd Etf 3 7 Yr Treas Bd (IEI) 0.0 $24k 197.00 119.35
Tekla Heathcare Investors Sh Ben Int (HQH) 0.0 $20k 1.1k 18.94
Select Sector Spdr Tr Sbi Healthcare State Street Hea (XLV) 0.0 $20k 130.00 154.80
Vanguard Short-term Corporate Cond Etf Shrt Trm Corp Bd (VCSH) 0.0 $19k 239.00 79.73
Dell Technologies -c CL C (DELL) 0.0 $19k 151.00 125.88
Technology Select Sector Spdr State Street Tec (XLK) 0.0 $19k 130.00 143.97
BlackRock MuniYield Pennsylvania Insured (MPA) 0.0 $18k 1.6k 11.08
Putnam Master Intermediate Income Trust Sh Ben Int (PIM) 0.0 $17k 5.0k 3.34
Enterprise Products Partners (EPD) 0.0 $16k 496.00 32.06
Crowdstrike Holdings Inc - A Cl A (CRWD) 0.0 $15k 31.00 468.77
ISHARES LEHMAN 20plus YR TREAS 20 Yr Tr Bd Etf (TLT) 0.0 $14k 155.00 87.16
Industrial Select Sect Spdr State Street Ind (XLI) 0.0 $12k 80.00 155.12
Vanguard Interm-term Corp Bd Etf Int-term Corp (VCIT) 0.0 $9.8k 117.00 83.75
Voya Global Eq Div & Pr Opp (IGD) 0.0 $8.3k 1.4k 5.72
Eaton Vance Enhanced Equity Income Fund (EOI) 0.0 $4.3k 210.00 20.56
John Hancock Tax-Advantage Dvd Incom (HTD) 0.0 $3.5k 150.00 23.66
Eastman Kodak Com New (KODK) 0.0 $2.2k 264.00 8.46
Eaton Vance Tax Managed Diversified Eq. (ETY) 0.0 $2.0k 130.00 15.34
Weyerhaeuser Company Com New (WY) 0.0 $948.000000 40.00 23.70
Swiss Helvetia Fund (SWZ) 0.0 $809.003000 130.00 6.22
Amer Fnds New Economy-a Common (ANEFX) 0.0 $698.000000 10.00 69.80
Vanguard Tax Managed Intl Fd Ftse Dev Mkt Etf Van Ftse Dev Mkt (VEA) 0.0 $686.999500 11.00 62.45
Binah Capital Group Warrant (BCGWW) 0.0 $664.192500 4.4k 0.15
Ge Healthcare Technologies Common Stock (GEHC) 0.0 $82.000000 1.00 82.00
Warner Bros Discovery Com Ser A (WBD) 0.0 $29.000000 1.00 29.00
Erhc Energy Common 0.0 $2.000000 800.00 0.00