# EDGAR Filing Document

**Accession Number:** 0001048703
**File Stem:** 0001072613-25-000614
**Filing Date:** 2025-8
**Character Count:** 28760
**Document Hash:** d09af1499847d3bc2989c87a7e8eddcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001072613-25-000614.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001072613-25-000614

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Karpus Management, Inc.
- **CENTRAL INDEX KEY:** 0001048703

**ORGANIZATION NAME:**
- **EIN:** 161290550
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11445
- **FILM NUMBER:** 251219161

**BUSINESS ADDRESS:**
- **STREET 1:** 183 SULLY'S TRAIL
- **CITY:** PITTSFORD
- **STATE:** NY
- **ZIP:** 14534
- **BUSINESS PHONE:** 5855864680

**MAIL ADDRESS:**
- **STREET 1:** 183 SULLY'S TRAIL
- **CITY:** PITTSFORD
- **STATE:** NY
- **ZIP:** 14534

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KARPUS MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19971029

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Karpus Management Inc.<br>**Address:** 183 Sully's Trail<br>Pittsford, NY 14534

**Form 13F File Number:** 028-11445

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jodi Hedberg<br>**Title:** Chief Compliance Officer<br>**Phone:** 5855864680

**Signature, Place, and Date of Signing:**

/s/ Jodi Hedberg  Pittsford, NY  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 199

**Form 13F Information Table Value Total:** $3101242357

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ARMADA CQ CRP UNIT II; TNT ACQ DT: 5/16/2027; CASH: $10.00 | UNIT 05/21/2030 | G0R38G120 |  | 3063000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05 | ORD SHS CL A | G1000R101 |  | 62545883 | 6002484 | SH |  | SOLE |  | 6002484 | 0 | 0 |
| ISHARES TR MSCI ACWI EX US | MSCI ACWI EX US | 464288240 |  | 368078 | 6040 | SH |  | SOLE |  | 6040 | 0 | 0 |
| ABERDEEN EMERGING MARKETS EQUITY INCOME FUND INC | COM | 00301w105 |  | 3098072 | 521561 | SH |  | SOLE |  | 521561 | 0 | 0 |
| ALLIANCE NATIONAL MUNICIPAL INCOME FUND | COM | 01864u106 |  | 11804813 | 1144987 | SH |  | SOLE |  | 1144987 | 0 | 0 |
| AIMEI ACQ CRP; TNT ACQ DT: 12/02/2024; CASH: $10.10 | SHS | G01341109 |  | 11739294 | 1061419 | SH |  | SOLE |  | 1061419 | 0 | 0 |
| AIFEEX NEXUS ACQ CRP; TNT ACQ DT: 3/5/2026; CASH: $10.00 | ORD SHS CL A | G8089R100 |  | 10511868 | 1032600 | SH |  | SOLE |  | 1032600 | 0 | 0 |
| AI TRANSPORTATION ACQ CORP. TNT ACQ DT: 11/08/2024; CASH: $10.10 | ORD SHS | G01490112 |  | 10425789 | 947799 | SH |  | SOLE |  | 947799 | 0 | 0 |
| AGRICULTURE  NATURAL SOLUTIONS ACQ CRP; TNT ACQ DT: 11/10/2025; CASH: $10.00 | SHS CL A | G0131Y100 |  | 15379528 | 1417468 | SH |  | SOLE |  | 1417468 | 0 | 0 |
| ABERDEEN TOTAL DYNAMIC DIVID | COM SH BEN INT | 00326l100 |  | 17695758 | 1997264 | SH |  | SOLE |  | 1997264 | 0 | 0 |
| LIBERTY ALL-STAR GROWTH FD | COM | 529900102 |  | 17969868 | 3285168 | SH |  | SOLE |  | 3285168 | 0 | 0 |
| ALPHATIME ACQ CORP. TNT ACQ DT: 09/30/2023; CASH: $10.18 | ORDINARY SHARES | G0223V105 |  | 4002677 | 341817 | SH |  | SOLE |  | 341817 | 0 | 0 |
| ALPHAVEST ACQ CRP; TNT ACQ DT: 12/20/2023; CASH: $10.20 | ORDINARY SHARES | G0283A108 |  | 3070536 | 261100 | SH |  | SOLE |  | 261100 | 0 | 0 |
| BLEICHROEDER STREET ACQ CRP; TNT ACQ DT: 10/31/2026; CASH: $10.00 | SHS CL A | G1169T104 |  | 2004058 | 194380 | SH |  | SOLE |  | 194380 | 0 | 0 |
| JPMORGAN BETABUILDERS JAPAN ETF | BETABULDRS JAPAN | 46641Q217 |  | 12495067 | 202251 | SH |  | SOLE |  | 202251 | 0 | 0 |
| BLACKROCK ENHANCED EQT DIV TR COM | COM | 09251A104 |  | 1113953 | 125304 | SH |  | SOLE |  | 125304 | 0 | 0 |
| BLACKROCK MUNICIPAL INCOME TRUST | SH BEN INT | 09248F109 |  | 43198505 | 4504536 | SH |  | SOLE |  | 4504536 | 0 | 0 |
| BLACKROCK ENHANCED INTERNATIONAL DIVIDEND TRUST | COM BENE INTER | 092524107 |  | 20256557 | 3498542 | SH |  | SOLE |  | 3498542 | 0 | 0 |
| BLACKROCK CORE BD TR SHS BEN INT | SHS BEN INT | 09249E101 |  | 19306593 | 1986275 | SH |  | SOLE |  | 1986275 | 0 | 0 |
| SPDR BLOOMBERG 1-3 MONTH T-BILL ETF | BLOOMBERG 1-3 MO | 78468R663 |  | 668712 | 7290 | SH |  | SOLE |  | 7290 | 0 | 0 |
| BLACK HAWK ACQ CRP; TNT ACQ DT: 6/22/2025; CASH: $10.05 | USD CL A SHS | G1148A101 |  | 10782317 | 1014329 | SH |  | SOLE |  | 1014329 | 0 | 0 |
| BLACKROCK MINVESTMENT QALITY MUNICIPAL TRUST | COM | 09247d105 |  | 1348959 | 123531 | SH |  | SOLE |  | 123531 | 0 | 0 |
| BLACKROCK MUN INC TRUST II | COM | 09249N101 |  | 43049496 | 4287798 | SH |  | SOLE |  | 4287798 | 0 | 0 |
| VANGUARD BD INDEX FD INC LONG TERM BOND | LONG TERM BOND | 921937793 |  | 64759398 | 931254 | SH |  | SOLE |  | 931254 | 0 | 0 |
| BLACKROCK HEALTH SCIENCES | COM | 09250W107 |  | 1920421 | 52672 | SH |  | SOLE |  | 52672 | 0 | 0 |
| VANGUARD BD INDEX FD INC TOTAL BND MRKT | TOTAL BND MRKT | 921937835 |  | 25962749 | 352611 | SH |  | SOLE |  | 352611 | 0 | 0 |
| BLACKROCK NEW YORK MUNICIPAL INCOME TRUST | SH BEN INT | 09248l106 |  | 5895973 | 609718 | SH |  | SOLE |  | 609718 | 0 | 0 |
| BLACKROCK ENHANCED GLOBAL DIVIDEND TRUST | COM | 092501105 |  | 17766305 | 1565313 | SH |  | SOLE |  | 1565313 | 0 | 0 |
| BLACKROCK SCIENCE  TECH TR | SHS | 09258G104 |  | 12328257 | 322983 | SH |  | SOLE |  | 322983 | 0 | 0 |
| BLACKROCK SCIENCE AND TECHNOLOGY TRUST II | SHS BEN INT | 09260K101 |  | 9118769 | 439459 | SH |  | SOLE |  | 439459 | 0 | 0 |
| VANGUARD BD INDEX FD INC SHORT TRM BOND | SHORT TRM BOND | 921937827 |  | 4774729 | 60670 | SH |  | SOLE |  | 60670 | 0 | 0 |
| BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST | COM SHS BEN IN | 09257P105 |  | 78538669 | 3587879 | SH |  | SOLE |  | 3587879 | 0 | 0 |
| BLACKROCK TECHNOLOGY AND PRIVATE EQUITY TERM TRUST | SHS BEN INT | 09260Q108 |  | 10445563 | 1423101 | SH |  | SOLE |  | 1423101 | 0 | 0 |
| BLACKROCK CR ALLCTN INC TR COM | COM | 092508100 |  | 1384438 | 126780 | SH |  | SOLE |  | 126780 | 0 | 0 |
| BLACKROCK MUNICIPAL INCOME QUALITY TRUST | COM | 092479104 |  | 1131937 | 107191 | SH |  | SOLE |  | 107191 | 0 | 0 |
| MS CHINA A SHARE | COM | 617468103 |  | 8539558 | 619887 | SH |  | SOLE |  | 619887 | 0 | 0 |
| CAYSON ACQ CRP; TNT ACQ DT:9/20/2025; CASH: $10.00 | SHS | G1993W109 |  | 3006982 | 292508 | SH |  | SOLE |  | 292508 | 0 | 0 |
| CRANE HARBOR ACQ CRP; TNT AC DT: 4/24/2027; CASH: $10.00 | CL A | G24979109 |  | 18284603 | 1815750 | SH |  | SOLE |  | 1815750 | 0 | 0 |
| CHARLTON ASIA ACQ CRP; TNT ACQ DT: 04/24/2026; CASH: $10.025 | ORD SHS CL A | G9877L107 |  | 16142859 | 1570317 | SH |  | SOLE |  | 1570317 | 0 | 0 |
| CHENGHE ACQ CRP II; TNT ACQ DT: 6/11/2026; CASH: $10.00 | CL A ORD SHS | G20873108 |  | 7151477 | 688967 | SH |  | SOLE |  | 688967 | 0 | 0 |
| CHINA FD INC COM | COM | 169373107 |  | 1059745 | 71172 | SH |  | SOLE |  | 71172 | 0 | 0 |
| CHAMPIONSGATE ACQ CRP; TNT ACQ DT: 11/27/2026; CASH: $10.05 | SHS CL A | G2124S108 |  | 124750 | 12475 | SH |  | SOLE |  | 12475 | 0 | 0 |
| CALAMOS GLOBAL DYNAMIC INCOME FUND | COM | 12811L107 |  | 11808607 | 1656186 | SH |  | SOLE |  | 1656186 | 0 | 0 |
| BLACKROCK ENH CAP  INC FD INC COM | COM | 09256A109 |  | 1680266 | 78701 | SH |  | SOLE |  | 78701 | 0 | 0 |
| COLUMBUS ACQ CRP; TNT ACQ DT: 1/22/2026; CASH: $10.00 | SHS | G2295P107 |  | 2041806 | 201437 | SH |  | SOLE |  | 201437 | 0 | 0 |
| COPLEY ACQ CRP; TNT ACQ DT: 4/30/2027; CASH: $10.05 | ORD SHS CL A | G24243100 |  | 7874629 | 781989 | SH |  | SOLE |  | 781989 | 0 | 0 |
| CALAMOS STRAT TOT RETURN FD | COM SH BEN INT | 128125101 |  | 1009274 | 55333 | SH |  | SOLE |  | 55333 | 0 | 0 |
| LIONHEART HOLDINGS ACQ CRP; TNT ACQ DT: 6/18/2026; CASH $10.00 | SHS CL A | G5501C109 |  | 11754488 | 1119475 | SH |  | SOLE |  | 1119475 | 0 | 0 |
| DISNEY WALT CO COM DISNEY | COM | 254687106 |  | 274682 | 2215 | SH |  | SOLE |  | 2215 | 0 | 0 |
| DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05 | ORD SHS | G2847J104 |  | 27989912 | 2744109 | SH |  | SOLE |  | 2744109 | 0 | 0 |
| Duff  Phelps Utility  Inc | COM | 26433C105 |  | 12045109 | 970597 | SH |  | SOLE |  | 970597 | 0 | 0 |
| ROMAN DBDR ACQ CRP II; TNT ACQ DT: 12/17/2026; CASH: $10.05 | ORD SHS CL A | G7633M104 |  | 911404 | 88400 | SH |  | SOLE |  | 88400 | 0 | 0 |
| BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | COM | 09662E109 |  | 4795857 | 856403 | SH |  | SOLE |  | 856403 | 0 | 0 |
| DT CLOUD STAR ACQ CRP; TNT ACQ DT: 10/25/2025;  CASH: $10.05 | SHS | G2853N106 |  | 3624675 | 349198 | SH |  | SOLE |  | 349198 | 0 | 0 |
| EATON VANCE MUN BD FD COM | COM | 27827X101 |  | 70542218 | 7294955 | SH |  | SOLE |  | 7294955 | 0 | 0 |
| ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUND | COM | 94987C103 |  | 4207116 | 780541 | SH |  | SOLE |  | 780541 | 0 | 0 |
| EQV VENTURES ACQ CRP V; TNT ACQ DT: 8/7/2026; CASH: $10.00 | CL A ORD SHS | G3106N109 |  | 691558 | 65800 | SH |  | SOLE |  | 65800 | 0 | 0 |
| EATON VANCE TAX-ADV GLOBAL DIV INCOME FUND | COM | 27828s101 |  | 16217170 | 774459 | SH |  | SOLE |  | 774459 | 0 | 0 |
| EATON VANCE TAX-ADV GLOBAL DIV OPP FUND | COM | 27828U106 |  | 17514574 | 644155 | SH |  | SOLE |  | 644155 | 0 | 0 |
| Eaton Vance Tax-Managed Buy-Write Opportunities Fund | COM | 27828Y108 |  | 2442784 | 176120 | SH |  | SOLE |  | 176120 | 0 | 0 |
| Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund | COM | 27829C105 |  | 14665997 | 1695491 | SH |  | SOLE |  | 1695491 | 0 | 0 |
| EUREKA ACQ CRP; TNT ACQ DT: 1/12/2026; CASH $10.00 | SHS CL A | G32168109 |  | 3404960 | 327400 | SH |  | SOLE |  | 327400 | 0 | 0 |
| EATON VANCE TAX-ADV DVD INC | COM | 27828G107 |  | 15168371 | 629393 | SH |  | SOLE |  | 629393 | 0 | 0 |
| ISHARES MSCI CDA ETF | MSCI CDA ETF | 464286509 |  | 9221460 | 199599 | SH |  | SOLE |  | 199599 | 0 | 0 |
| ISHARES MSCI SOUTH KOREA IND | MSCI STH KOR ETF | 464286772 |  | 5987744 | 83418 | SH |  | SOLE |  | 83418 | 0 | 0 |
| ISHARES BRAZIL ETF | MSCI BRAZIL ETF | 464286400 |  | 4776925 | 165578 | SH |  | SOLE |  | 165578 | 0 | 0 |
| EATON VANCE TAX-MAN GLOBAL EQUITY FUND | COM | 27829F108 |  | 16266140 | 1858987 | SH |  | SOLE |  | 1858987 | 0 | 0 |
| ISHARES EMU ETF | MSCI EURZONE ETF | 464286608 |  | 8171997 | 137460 | SH |  | SOLE |  | 137460 | 0 | 0 |
| First Trust ENH Equity Inc | COM | 337318109 |  | 3286221 | 160460 | SH |  | SOLE |  | 160460 | 0 | 0 |
| ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST | COM BEN INT | 03464A100 |  | 71796730 | 5531335 | SH |  | SOLE |  | 5531335 | 0 | 0 |
| FOUR LEAF ACQ CRP; TNT ACQ DT: 3/17/2024; CASH: $10.30 | COM CL A | 35088F107 |  | 1978794 | 169721 | SH |  | SOLE |  | 169721 | 0 | 0 |
| FLAG SHIP ACQ CRP; TNT ACQ DT: 6/18/2025; CASH $10.00 | ORD SHS | G3530C109 |  | 8185502 | 787825 | SH |  | SOLE |  | 787825 | 0 | 0 |
| FUTURE VISION ACQ CRP II; TNT ACQ DT: 03/21/2026; CASH: $10.05 | SHS | G37068106 |  | 5484781 | 529419 | SH |  | SOLE |  | 529419 | 0 | 0 |
| PACER GLOBAL CASH COWS DIVIDEND | GLOBL CASH ETF | 69374H709 |  | 8980724 | 236522 | SH |  | SOLE |  | 236522 | 0 | 0 |
| GABELLI DIVD  INCOME TR COM | COM | 36242H104 |  | 46506101 | 1788008 | SH |  | SOLE |  | 1788008 | 0 | 0 |
| NEW GERMANY FUND | COM | 644465106 |  | 4452211 | 372882 | SH |  | SOLE |  | 372882 | 0 | 0 |
| GIGCAPITAL 7 ACQ CRP; TNT ACQ DT: 05/29/2026; CASH: $10.00 | ORD SHS CL A | G38648104 |  | 18083247 | 1742124 | SH |  | SOLE |  | 1742124 | 0 | 0 |
| GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.00 | CL A | G4035N103 |  | 24676619 | 2339016 | SH |  | SOLE |  | 2339016 | 0 | 0 |
| GRAF INDUSTRIAL ACQ CORP; TNT ACQ DT: 9/7/2020; CASH $10.00 | ORD SHS CL A | g4036c106 |  | 2280542 | 218025 | SH |  | SOLE |  | 218025 | 0 | 0 |
| GESHER ACQ CRP; TNT ACQ DT: 12/21/2026; CASH: $10.03 | USD CL A ORD SHS | G3852D107 |  | 1512350 | 149000 | SH |  | SOLE |  | 149000 | 0 | 0 |
| HOME DEPOT INC COM | COM | 437076102 |  | 513296 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| JOHN HANCOCK HEDGED EQUITY  INCOME FUND | COM | 47804L102 |  | 239034 | 22593 | SH |  | SOLE |  | 22593 | 0 | 0 |
| PIONEER DIVERSIFIED HIGH INCOME TRUST | COM | 723653101 |  | 11511678 | 920566 | SH |  | SOLE |  | 920566 | 0 | 0 |
| TEKLA LIFE SCIENCES INVESTORS | SH BEN INT | 87911k100 |  | 5517523 | 430720 | SH |  | SOLE |  | 430720 | 0 | 0 |
| JOHN HANCOCK T/A DVD INCOME | COM | 41013v100 |  | 5286982 | 226036 | SH |  | SOLE |  | 226036 | 0 | 0 |
| HAYMAKER 4 ACQ CRP; TNT ACQ DT: 7/25/2025; CASH: $10.10 | CLASS A | G4375F108 |  | 7448378 | 671025 | SH |  | SOLE |  | 671025 | 0 | 0 |
| IB ACQ CRP; TNT ACQ DT: 9/26/2025; CASH: $10.05 | COM SHS | 44934N108 |  | 27008614 | 2587032 | SH |  | SOLE |  | 2587032 | 0 | 0 |
| ISHARES LEHMAN 7-10YR TREAS | 7-10 YR TRSY BD | 464287440 |  | 30068830 | 313969 | SH |  | SOLE |  | 313969 | 0 | 0 |
| ISHARES CORE MSCI EMERGING MARKETS ETF | CORE MSCI EMKT | 46434G103 |  | 408804 | 6810 | SH |  | SOLE |  | 6810 | 0 | 0 |
| ISHARES TR CORE MSCI EURO | CORE MSCI EURO | 46434V738 |  | 31486734 | 475630 | SH |  | SOLE |  | 475630 | 0 | 0 |
| ISHARES EUROPE ETF | EUROPE ETF | 464287861 |  | 7611752 | 120344 | SH |  | SOLE |  | 120344 | 0 | 0 |
| VOYA GLBL EQTY DIV  PREM OPP COM | COM | 92912T100 |  | 10429629 | 1798212 | SH |  | SOLE |  | 1798212 | 0 | 0 |
| MORGAN STANLEY INDIA INVS FD COM | COM | 61745C105 |  | 6303025 | 223274 | SH |  | SOLE |  | 223274 | 0 | 0 |
| INVESCO QUALITY MUNI INC TRST COM | COM | 46133G107 |  | 4250980 | 453196 | SH |  | SOLE |  | 453196 | 0 | 0 |
| IRON HORSE ACQ CRP; TNT ACQ DT: 12/29/2024; CASH; $10.00 | COM | 462837105 |  | 6572241 | 629525 | SH |  | SOLE |  | 629525 | 0 | 0 |
| ISHARES CORE S ETF | CORE S ETF | 464287200 |  | 79450082 | 127960 | SH |  | SOLE |  | 127960 | 0 | 0 |
| ISHARES RUSSELL 1000 ETF | RUS 1000 ETF | 464287622 |  | 29022413 | 85468 | SH |  | SOLE |  | 85468 | 0 | 0 |
| JOHN HANCOCK INCOME SECURITIES TRUST | COM | 410123103 |  | 1864415 | 165285 | SH |  | SOLE |  | 165285 | 0 | 0 |
| JAPAN SMALLER CAPTLZTN FD INC COM | COM | 47109U104 |  | 7978623 | 827658 | SH |  | SOLE |  | 827658 | 0 | 0 |
| K GROWTH ACQ CRP; TNT ACQ DT: 11/05/2026; CASH: $10.05 | SHS CL A | G52258111 |  | 12067627 | 1185425 | SH |  | SOLE |  | 1185425 | 0 | 0 |
| KKR INCOME OPPORTUNITIES FUND | COM | 48249T106 |  | 7176797 | 571401 | SH |  | SOLE |  | 571401 | 0 | 0 |
| DWS MUNICIPAL INCOME TRUST | COM | 233368109 |  | 27032151 | 3057936 | SH |  | SOLE |  | 3057936 | 0 | 0 |
| KEEN VISION ACQ CRP; TNT ACQ DT: 4/25/2024; CASH: $10.13 | SHS | G52443119 |  | 14846207 | 1305735 | SH |  | SOLE |  | 1305735 | 0 | 0 |
| LAKESHORE ACQ CRP III; TNT ACQ DT: 7/30/2026; CASH:$10.00 | USD ORD SHS | G5353S103 |  | 2741823 | 273575 | SH |  | SOLE |  | 273575 | 0 | 0 |
| LEGATO ACQ CRP III; TNT ACQ DT: 2/08/2026; CASH: $10.00 | ORD SHS | G5451A103 |  | 37327711 | 3495104 | SH |  | SOLE |  | 3495104 | 0 | 0 |
| LILLY ELI  CO COM | COM | 532457108 |  | 530080 | 680 | SH |  | SOLE |  | 680 | 0 | 0 |
| LAUNCH ONE ACP CRP; TNT ACQ DT: 7/12/2026; CASH: $10.00 | SHS CLASS A | G5S86M100 |  | 12656568 | 1215225 | SH |  | SOLE |  | 1215225 | 0 | 0 |
| LAUNCH TWO ACQ CRP; TNT ACQ DT: 01/7/2026; CASH: $10.05 | ORD SHS CL A | G5S87A105 |  | 2676898 | 256900 | SH |  | SOLE |  | 256900 | 0 | 0 |
| MELAR ACQ CRP; TNT ACQ DT: 6/18/2025; CASH: $10.00 | SHS CL A | G6004G100 |  | 13374374 | 1272538 | SH |  | SOLE |  | 1272538 | 0 | 0 |
| PIONEER MUNI HI INC ADV TRST | COM | 723762100 |  | 2482032 | 299040 | SH |  | SOLE |  | 299040 | 0 | 0 |
| MAYWOOD ACQ CRP; TNT ACQ DT: 5/13/2026; CASH: $10.00 | ORD SHS CL A | G6001J107 |  | 10416191 | 1030286 | SH |  | SOLE |  | 1030286 | 0 | 0 |
| MainStay CBRE GLOBAL INFRASTRUCTURE MEGATRENDS FUND | COM | 56064Q107 |  | 9798520 | 689551 | SH |  | SOLE |  | 689551 | 0 | 0 |
| MFS GOVT MKTS INCOME TR SH BEN INT | SH BEN INT | 552939100 |  | 5718261 | 1832776 | SH |  | SOLE |  | 1832776 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS FUND INC | COM | 09253N104 |  | 80461421 | 7184055 | SH |  | SOLE |  | 7184055 | 0 | 0 |
| PIONEER MUNICIPAL HIGH INCOME TRUST | COM SHS | 723763108 |  | 1201618 | 131181 | SH |  | SOLE |  | 131181 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INC | COM | 09255C106 |  | 20136597 | 2050570 | SH |  | SOLE |  | 2050570 | 0 | 0 |
| MFS INTER INCOME TR SH BEN INT | SH BEN INT | 55273C107 |  | 13845027 | 5108866 | SH |  | SOLE |  | 5108866 | 0 | 0 |
| PIONEER MUNICIPAL HIGH INCOME OPPORTUNITIES FUND | COMMON STOCK | 723760104 |  | 5857135 | 496367 | SH |  | SOLE |  | 496367 | 0 | 0 |
| MOUNTAIN LAKE ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.05 | SHS CL A | G6301B101 |  | 7431523 | 724320 | SH |  | SOLE |  | 724320 | 0 | 0 |
| WESTERN ASSET MANAGED MUNICI | COM | 95766M105 |  | 6848721 | 691790 | SH |  | SOLE |  | 691790 | 0 | 0 |
| BLACKROCK MUNIYELD QUALITY FUND II | COM | 09254G108 |  | 3355308 | 348061 | SH |  | SOLE |  | 348061 | 0 | 0 |
| MICROSOFT CORP COM | COM | 594918104 |  | 845597 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND | COM | 09254L107 |  | 48222990 | 4659226 | SH |  | SOLE |  | 4659226 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | COM | 09254C107 |  | 174596 | 18225 | SH |  | SOLE |  | 18225 | 0 | 0 |
| BlackRock MuniHoldings New Jersey Quality Fund | COM | 09254X101 |  | 3320916 | 303280 | SH |  | SOLE |  | 303280 | 0 | 0 |
| BLACKROCK MUNIVEST FUND | COM | 09253R105 |  | 59708473 | 9074236 | SH |  | SOLE |  | 9074236 | 0 | 0 |
| BLACKROCK MUNIVEST FUND II | COM | 09253T101 |  | 4109063 | 398165 | SH |  | SOLE |  | 398165 | 0 | 0 |
| BLACKROCK MUNIYIELD FUND INC. | COM | 09253W104 |  | 1870432 | 186298 | SH |  | SOLE |  | 186298 | 0 | 0 |
| BlackRock MuniYield Quality Fund III | COM | 09254E103 |  | 3438627 | 327800 | SH |  | SOLE |  | 327800 | 0 | 0 |
| BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC | COM | 09255E102 |  | 19032892 | 1997155 | SH |  | SOLE |  | 1997155 | 0 | 0 |
| NUVEEN QUALITY MUNICIPAL INCOME FUND | COM | 67066V101 |  | 963038 | 85300 | SH |  | SOLE |  | 85300 | 0 | 0 |
| NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND | COMMON STOCK | 64133Q108 |  | 52954213 | 3627001 | SH |  | SOLE |  | 3627001 | 0 | 0 |
| NUVEEN AMT-FR QLTY MUNI INC | COM | 670657105 |  | 5467989 | 500732 | SH |  | SOLE |  | 500732 | 0 | 0 |
| NABORS ENERGY ACQ CRP II; TNT ACQ DT: 7/14/2024; CASH: $10.15 | CL A | G6363K106 |  | 5969336 | 537778 | SH |  | SOLE |  | 537778 | 0 | 0 |
| Virtus DVD Intrst  PRM STR | COM | 92840R101 |  | 17823405 | 1437371 | SH |  | SOLE |  | 1437371 | 0 | 0 |
| NEWHOLD INVESTMENT ACQ CRP III; TNT ACQ DT: 2/28/2027; CASH: $10.05 | ORD SHS CL A | G6486E102 |  | 1207179 | 118700 | SH |  | SOLE |  | 118700 | 0 | 0 |
| CO2 ENERGY TRANSITION ACQ CRP; TNT ACQ DT: 5/21/2026; CASH: $10.05 | COM | 12664M103 |  | 7890056 | 783521 | SH |  | SOLE |  | 783521 | 0 | 0 |
| NUVEEN NY AMT FREE MUN INCOME COM | COM | 670656107 |  | 143576039 | 14487996 | SH |  | SOLE |  | 14487996 | 0 | 0 |
| NEWBURY STREET ACQ CRP II; TNT ACQ DT: 10/31/2026; CASH: $10.05 | ORD SHS CL A | G6439S109 |  | 5837898 | 567337 | SH |  | SOLE |  | 567337 | 0 | 0 |
| NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | COM | 67071L106 |  | 2813094 | 235800 | SH |  | SOLE |  | 235800 | 0 | 0 |
| NUVEEN NJ DIV ADVANTAGE MUN FD COM | COM | 67069Y102 |  | 329377 | 29020 | SH |  | SOLE |  | 29020 | 0 | 0 |
| NUVEEN MUNICIPAL CREDIT INCOME FUND | COM SH BEN INT | 67070X101 |  | 300416 | 25203 | SH |  | SOLE |  | 25203 | 0 | 0 |
| OAK WOODS ACQ CRP; TNT ACQ DT: 3/24/2024; CASH: $10.175 | CL A | 67190B104 |  | 4759888 | 406828 | SH |  | SOLE |  | 406828 | 0 | 0 |
| ORACLE CORP COM | COM | 68389X105 |  | 776137 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| PIMCO CALIFORNIA MUNICIPAL INCOME FUND II | COM | 72200M108 |  | 1116997 | 208395 | SH |  | SOLE |  | 208395 | 0 | 0 |
| PELICAN ACQ CRP; TNT ACQ DT: 8/23/2026; CASH: $10.00 | SHS | G6993G103 |  | 3513008 | 350250 | SH |  | SOLE |  | 350250 | 0 | 0 |
| PLUM ACQ CRP IV; TNT ACQ DT: 7/15/2026; CASH: $10.10 | SHS CL A | G7134A104 |  | 7037261 | 685225 | SH |  | SOLE |  | 685225 | 0 | 0 |
| PUTNAM MUNI OPPORTUNITIES | SH BEN INT | 746922103 |  | 2294401 | 231992 | SH |  | SOLE |  | 231992 | 0 | 0 |
| PIMCO MUNICIPAL INCOME FUND III | COM | 72201A103 |  | 410043 | 59773 | SH |  | SOLE |  | 59773 | 0 | 0 |
| ANDRETTI ACQ CRP II; TNT ACQ DT: 9/6/2026; CASH: $10.05 | ORD SHS CL A | G26745102 |  | 2863323 | 275850 | SH |  | SOLE |  | 275850 | 0 | 0 |
| PIMCO NEW YORK MUNICIPAL FUND III | COM | 72201E105 |  | 450572 | 85987 | SH |  | SOLE |  | 85987 | 0 | 0 |
| NUVEEN NAS100 DYN OVERWRT FD | COM SHS | 670699107 |  | 47732149 | 1803255 | SH |  | SOLE |  | 1803255 | 0 | 0 |
| QUARTZSEA ACQ CRP; TNT ACQ DT: 6/18/2026; CASH: $10.00 | ORD SHS | G7314B104 |  | 23108271 | 2300475 | SH |  | SOLE |  | 2300475 | 0 | 0 |
| ISHARES EDGE MSCI USA QUALITY | MSCI USA QLT FCT | 46432F339 |  | 417744 | 2285 | SH |  | SOLE |  | 2285 | 0 | 0 |
| RANGE CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.05 | ORD SHS | G7375C108 |  | 3007572 | 294860 | SH |  | SOLE |  | 294860 | 0 | 0 |
| Rising Dragon Acquisition Corp | SHS | G7576K107 |  | 7790148 | 756325 | SH |  | SOLE |  | 756325 | 0 | 0 |
| CARTESIAN GROWTH CORP II INC; TNT ACQ DT: 11/10/2023; CASH: $10.30 | CLASS A ORD | G19305112 |  | 10784559 | 901719 | SH |  | SOLE |  | 901719 | 0 | 0 |
| RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05 | SHS | G75389109 |  | 25493572 | 2421042 | SH |  | SOLE |  | 2421042 | 0 | 0 |
| RIVERNORTH FLEXIBLE MUNICIPAL INCOME FUND II | COM | 76883Y107 |  | 3518041 | 278326 | SH |  | SOLE |  | 278326 | 0 | 0 |
| RIBBON ACQ CRP; TNT ACQ DT: 1/15/2026; CASH: $10.00 | ORD SHS CL A | G7552W109 |  | 2284437 | 225512 | SH |  | SOLE |  | 225512 | 0 | 0 |
| RIVERNORTH MANAGED DURATION MUNICIPAL INCOME FUND II | COM | 76882M104 |  | 1040468 | 74002 | SH |  | SOLE |  | 74002 | 0 | 0 |
| RENATUS TACTICAL ACQ CRP UNIT; TNT ACQ DT: 5/15/2027; CASH: $10.025 | UNIT 05/15/2030 | G7490F119 |  | 2219476 | 174350 | SH |  | SOLE |  | 174350 | 0 | 0 |
| SPDR SER TR NUVN BR SHT MUNI | NUVEEN ICE SHORT | 78468R739 |  | 43931878 | 918500 | SH |  | SOLE |  | 918500 | 0 | 0 |
| ISHARES SHORT TREASURY BOND | SHORT TREAS BD | 464288679 |  | 662520 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SIM ACQ CRP; TNT ACQ DT8/30/2024 7/12/2026; CASH $10.00 | SHS CL A | G8431T101 |  | 19988431 | 1917889 | SH |  | SOLE |  | 1917889 | 0 | 0 |
| SOULPOWER ACQ CRP; TNT ACQ DT: 4/2/2027; CASH: $10.00 | USD CL A ORD SHS | G82745103 |  | 5882938 | 585950 | SH |  | SOLE |  | 585950 | 0 | 0 |
| SPDR S 500 ETF TR TR UNIT | TR UNIT | 78462F103 |  | 1624946 | 2630 | SH |  | SOLE |  | 2630 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 6586965 | 372566 | SH |  | SOLE |  | 372566 | 0 | 0 |
| STELLAR V CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.07 | SHS CL A | G8475V103 |  | 3202025 | 314850 | SH |  | SOLE |  | 314850 | 0 | 0 |
| SWISS HELVETIA FD INC COM | COM | 870875101 |  | 1504767 | 237345 | SH |  | SOLE |  | 237345 | 0 | 0 |
| SIZZLE ACQ CRP II; TNT ACQ DT: 4/2/2027; CASH: $10.00 | USD CL A ORD SHS | G8193F109 |  | 1869129 | 185983 | SH |  | SOLE |  | 185983 | 0 | 0 |
| TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05 | SHS | G86880104 |  | 23726977 | 2314827 | SH |  | SOLE |  | 2314827 | 0 | 0 |
| TRIDENT ACQ CORP; TNT ACQ DATE: 11/30/19; CASH $10.20 | COM CL A | G9008W105 |  | 6334279 | 616775 | SH |  | SOLE |  | 616775 | 0 | 0 |
| TEMPLETON DRAGON FD INC COM | COM | 88018T101 |  | 9023699 | 903273 | SH |  | SOLE |  | 903273 | 0 | 0 |
| TEXAS VENTURES ACQ CRP III; TNT ACQ DT: 10/23/2026; CASH: $10.05 | USD CL A ORD SHS | G8772L105 |  | 15336548 | 1519975 | SH |  | SOLE |  | 1519975 | 0 | 0 |
| TAIWAN FD INC COM | COM | 874036106 |  | 4084207 | 91145 | SH |  | SOLE |  | 91145 | 0 | 0 |
| UY SCUTI ACQ CRP; TNT ACQ DT: 9/30/2026; CASH: $10.00 | ORD SHS | G93Y0A104 |  | 2980438 | 296561 | SH |  | SOLE |  | 296561 | 0 | 0 |
| VOYAGER ACQ CRP; TNT ACQ DT: 8/9/2026; CASH: $10.05 | CL A | G93A7H104 |  | 7450711 | 717325 | SH |  | SOLE |  | 717325 | 0 | 0 |
| VANGUARD INDEX FDS SMALL CP ETF | SMALL CP ETF | 922908751 |  | 77013249 | 324978 | SH |  | SOLE |  | 324978 | 0 | 0 |
| VINE HILL CAPITAL ACQ CRP; TNT ACQ DT: 6/26/2026; CASH: $10.05 | ORD SHS CL A | G93Y09107 |  | 880516 | 84665 | SH |  | SOLE |  | 84665 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US | ALLWRLD EX US | 922042775 |  | 42980038 | 639394 | SH |  | SOLE |  | 639394 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF | FTSE EUROPE ETF | 922042874 |  | 21163855 | 273082 | SH |  | SOLE |  | 273082 | 0 | 0 |
| INVESCO TRUST FOR INVESTMENT G | COM | 46131M106 |  | 17297813 | 1822741 | SH |  | SOLE |  | 1822741 | 0 | 0 |
| VANGUARD WORLD FDS INF TECH ETF | INF TECH ETF | 92204A702 |  | 16999866 | 25630 | SH |  | SOLE |  | 25630 | 0 | 0 |
| INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | SH BEN INT | 46132E103 |  | 577530 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| INVESCO MUNICIPAL TRUST | COM | 46131J103 |  | 19994724 | 2185216 | SH |  | SOLE |  | 2185216 | 0 | 0 |
| INVESCO MUNICIPAL OPPORTUNITY | COM | 46132C107 |  | 7415673 | 807808 | SH |  | SOLE |  | 807808 | 0 | 0 |
| VANGUARD INDEX FDS S 500 ETF SH | S 500 ETF SHS | 922908363 |  | 259590584 | 457002 | SH |  | SOLE |  | 457002 | 0 | 0 |
| VANGUARD FTSE PACIFIC ETF | FTSE PACIFIC ETF | 922042866 |  | 28671947 | 348892 | SH |  | SOLE |  | 348892 | 0 | 0 |
| VANGUARD TOTAL WORLD STOCK ETF | TT WRLD ST ETF | 922042742 |  | 258968 | 2015 | SH |  | SOLE |  | 2015 | 0 | 0 |
| VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF | SHORT TRM TAX EX | 921935870 |  | 23425853 | 232100 | SH |  | SOLE |  | 232100 | 0 | 0 |
| VANGUARD INDEX FDS TOTAL STK MKT | TOTAL STK MKT | 922908769 |  | 41941355 | 137997 | SH |  | SOLE |  | 137997 | 0 | 0 |
| VANGUARD GROWTH ETF | GROWTH ETF | 922908736 |  | 29702915 | 67753 | SH |  | SOLE |  | 67753 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF | FTSE EMR MKT ETF | 922042858 |  | 60498067 | 1223172 | SH |  | SOLE |  | 1223172 | 0 | 0 |
| WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT | COM SH BEN INT | 95766Q106 |  | 67849137 | 8077278 | SH |  | SOLE |  | 8077278 | 0 | 0 |
| WILLOW LANE ACQ CRP; TNT ACQ DT: 11/08/2026; CASH: $10.03 | ORD SHS CL A | G9675P102 |  | 230175 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| FINANCIAL SELECT SECTOR SPDR | FINANCIAL | 81369Y605 |  | 20874575 | 398598 | SH |  | SOLE |  | 398598 | 0 | 0 |
| YHN ACQ CRP; TNT ACQ DT: 12/18/2025; CASH: $10.05 | SHS | G1514D101 |  | 8703439 | 842051 | SH |  | SOLE |  | 842051 | 0 | 0 |
| VIRTUS GLOBAL DIVIDEND  INCOME FUND | COM | 92835W107 |  | 7002196 | 1123948 | SH |  | SOLE |  | 1123948 | 0 | 0 |

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