# EDGAR Filing Document

**Accession Number:** 0001048703
**File Stem:** 0001072613-26-000174
**Filing Date:** 2026-2
**Character Count:** 15853
**Document Hash:** b0f7c4a5d9922ec1babb44909a396a04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001072613-26-000174.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001072613-26-000174

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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:** 26632958

**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:** 12-31-2025

**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  02-13-2026<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:** 100

**Form 13F Information Table Value Total:** $489030780

      (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 |
| ISHARES MSCI ACWI INDEX FUND | MSCI ACWI ETF | 464288257 |  | 36929 | 261 | SH |  | SOLE |  | 261 | 0 | 0 |
| CENTURION ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.00 | SHS CL A | G20315100 |  | 43665 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| CRANE HARBOR ACQ CRP; TNT AC DT: 4/24/2027; CASH: $10.00 | CL A | G24979109 |  | 32310 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CROWDSTRIKE HOLDINGS INC - A | CL A | 22788C105 |  | 14532 | 31 | SH |  | SOLE |  | 31 | 0 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 26672 | 175 | SH |  | SOLE |  | 175 | 0 | 0 |
| DELL TECHNOLOGIES -C | CL C | 24703L202 |  | 19008 | 151 | SH |  | SOLE |  | 151 | 0 | 0 |
| EASTMAN KODAK CO | COM NEW | 277461406 |  | 2233 | 264 | SH |  | SOLE |  | 264 | 0 | 0 |
| EATON VANCE ENHANCED EQ INC FD COM | COM | 278274105 |  | 4318 | 210 | SH |  | SOLE |  | 210 | 0 | 0 |
| EATON VANCE ENHANCED EQUITY IN | COM | 278277108 |  | 51549 | 2202 | SH |  | SOLE |  | 2202 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS | COM | 293792107 |  | 15902 | 496 | SH |  | SOLE |  | 496 | 0 | 0 |
| EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND | COM | 27828N102 |  | 1994 | 130 | SH |  | SOLE |  | 130 | 0 | 0 |
| ISHARES MSCI JAPAN ETF | MSCI JAPAN ETF | 46434G822 |  | 80740 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES INC | COMMON STOCK | 36266G107 |  | 82 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| TEKLA HEATHCARE INVESTORS | SH BEN INT | 87911J103 |  | 20266 | 1070 | SH |  | SOLE |  | 1070 | 0 | 0 |
| JOHN HANCOCK T/A DVD INCOME | COM | 41013v100 |  | 3549 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| ISHARES TR 3-7 YR TR BD ETF | 3 7 YR TREAS BD | 464288661 |  | 23512 | 197 | SH |  | SOLE |  | 197 | 0 | 0 |
| VOYA GLBL EQTY DIV  PREM OPP COM | COM | 92912T100 |  | 8271 | 1446 | SH |  | SOLE |  | 1446 | 0 | 0 |
| JANUS HENDERSON AAA CLO ETF | HENDRSON AAA CL | 47103U845 |  | 26453 | 523 | SH |  | SOLE |  | 523 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 63162 | 77 | SH |  | SOLE |  | 77 | 0 | 0 |
| BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | COM | 09255G107 |  | 17484 | 1578 | SH |  | SOLE |  | 1578 | 0 | 0 |
| ISHARES NAT AMT FREE BD | NATIONAL MUN ETF | 464288414 |  | 24951 | 233 | SH |  | SOLE |  | 233 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 26230 | 46 | SH |  | SOLE |  | 46 | 0 | 0 |
| WESTERN ASSET INCOME FD COM | COM | 95766T100 |  | 113331 | 9081 | SH |  | SOLE |  | 9081 | 0 | 0 |
| PEPSICO INC COM | COM | 713448108 |  | 143520 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| PROCTER  GAMBLE CO COM | COM | 742718109 |  | 147609 | 1030 | SH |  | SOLE |  | 1030 | 0 | 0 |
| PUTNAM MASTER INTERMEDIATE INCOME TRUST | SH BEN INT | 746909100 |  | 16700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| LMP CAPITAL AND INCOME FUND INC | COM | 50208A102 |  | 43704 | 2951 | SH |  | SOLE |  | 2951 | 0 | 0 |
| ISHARES SHORT TREASURY BOND | TRUST ISHARE 0-1 | 464288679 |  | 110150 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| VANECK VECTORS ETF TR AMT FREE SHORT M | VANECK SHRT MUNI | 92189f528 |  | 60935 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| SWISS HELVETIA FD INC COM | COM | 870875101 |  | 809 | 130 | SH |  | SOLE |  | 130 | 0 | 0 |
| ISHARES LEHMAN 20plus YR TREAS | 20 YR TR BD ETF | 464287432 |  | 13510 | 155 | SH |  | SOLE |  | 155 | 0 | 0 |
| VANGUARD INTERM-TERM CORP BD ETF | INT-TERM CORP | 92206c870 |  | 9799 | 117 | SH |  | SOLE |  | 117 | 0 | 0 |
| VANGUARD SHORT-TERM CORPORATE COND ETF | SHRT TRM CORP BD | 92206C409 |  | 19055 | 239 | SH |  | SOLE |  | 239 | 0 | 0 |
| VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF | VAN FTSE DEV MKT | 921943858 |  | 687 | 11 | SH |  | SOLE |  | 11 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 29 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| WEYERHAEUSER COMPANY | COM NEW | 962166104 |  | 948 | 40 | SH |  | SOLE |  | 40 | 0 | 0 |
| SELECT SECTOR SPDR TR COMMUNICATION | STATE STREET COM | 81369Y852 |  | 27546 | 234 | SH |  | SOLE |  | 234 | 0 | 0 |
| INDUSTRIAL SELECT SECT SPDR | STATE STREET IND | 81369y704 |  | 12410 | 80 | SH |  | SOLE |  | 80 | 0 | 0 |
| TECHNOLOGY SELECT SECTOR SPDR | STATE STREET TEC | 81369Y803 |  | 18716 | 130 | SH |  | SOLE |  | 130 | 0 | 0 |
| SELECT SECTOR SPDR TR SBI HEALTHCARE | STATE STREET HEA | 81369y209 |  | 20124 | 130 | SH |  | SOLE |  | 130 | 0 | 0 |
| AMER FNDS NEW ECONOMY-A | Common | 643822109 |  | 698 | 10 | SH |  | SOLE |  | 10 | 0 | 0 |
| BINAH CAPITAL GROUP INC | Warrant | 09032H113 |  | 664 | 4425 | SH |  | SOLE |  | 4425 | 0 | 0 |
| CARLYLE CREDIT INCOME FUND 7.375 percent DUE 10/30/2028 | Preferred | 92535C609 |  | 6685610 | 264150 | SH |  | SOLE |  | 264150 | 0 | 0 |
| CION INVESTMENT CORP 7.5 percent DUE 12/30/2029 | Preferred | 17259U303 |  | 6115681 | 242975 | SH |  | SOLE |  | 242975 | 0 | 0 |
| EAGLE POINT CREDIT CO 6.5 percent DUE 6/30/31 | Preferred | 269809703 |  | 1523216 | 61395 | SH |  | SOLE |  | 61395 | 0 | 0 |
| EAGLE POINT CREDIT CO 6.75 percent PERPETUAL PFD | Preferred | 269809802 |  | 3358618 | 169456 | SH |  | SOLE |  | 169456 | 0 | 0 |
| EAGLE POINT CREDIT 8 percent DUE 01/31/2029 | Preferred | 269809877 |  | 1923902 | 76710 | SH |  | SOLE |  | 76710 | 0 | 0 |
| EAGLE POINT CREDIT 7.75 percent DUE 06/30/2030 | Preferred | 269809414 |  | 64606471 | 2573963 | SH |  | SOLE |  | 2573963 | 0 | 0 |
| EAGLE POINT CREDIT 5.375 percent DUE 1/31/2029 | Preferred | 269809885 |  | 10604884 | 443719 | SH |  | SOLE |  | 443719 | 0 | 0 |
| EAGLE POINT CREDIT CORP 6.75 percent DUE 3/31/2031 | Preferred | 269809604 |  | 182100 | 7325 | SH |  | SOLE |  | 7325 | 0 | 0 |
| EAGLE POINT CREDIT CO 6.6875 percent 04/30/28 | Preferred | 269809505 |  | 227401 | 9031 | SH |  | SOLE |  | 9031 | 0 | 0 |
| EAGLE POINT INCOME CO 5 percent 10/30/26 | Preferred | 269817201 |  | 4275643 | 173736 | SH |  | SOLE |  | 173736 | 0 | 0 |
| EAGLE POINT INCOME COMPANY 8 percent 04/30/2029 | Preferred | 269817409 |  | 2522552 | 100141 | SH |  | SOLE |  | 100141 | 0 | 0 |
| EAGLE POINT INST INCOME FUND 8.125 percent DUE 10/31/29 | Preferred | 269819207 |  | 6092400 | 241666 | SH |  | SOLE |  | 241666 | 0 | 0 |
| ERHC ENERGY INC | Common | 26884J203 |  | 2 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| CRESCENT CAPITAL BDC INC | Preferred | 225655208 |  | 7957734 | 317674 | SH |  | SOLE |  | 317674 | 0 | 0 |
| GLADSTONE INVESTMENT CORP 7.875 percent 02/01/2023 | Preferred | 376546867 |  | 12307841 | 480025 | SH |  | SOLE |  | 480025 | 0 | 0 |
| GLADSTONE INVESTMENT CORP 5 percent DUE 5/1/2026 | Preferred | 376546800 |  | 13526802 | 537845 | SH |  | SOLE |  | 537845 | 0 | 0 |
| GLADSTONE INVESTMENT CORP 4.875 percent DUE 11/1/2028 | Preferred | 376546883 |  | 50106 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| GREAT ELM CAPITAL CORP 7.75 percent DUE 12/31/2030 | Preferred | 390320869 |  | 12034349 | 480605 | SH |  | SOLE |  | 480605 | 0 | 0 |
| GREAT ELM CAPITAL CORP 8.125 percent DUE 12/31/2029 | Preferred | 390320877 |  | 8098717 | 322014 | SH |  | SOLE |  | 322014 | 0 | 0 |
| GREAT ELM CAPITAL CORP. 8.5 percent 04/30/2029 | Preferred | 390320885 |  | 2922643 | 116338 | SH |  | SOLE |  | 116338 | 0 | 0 |
| GREAT ELM CAPITAL CORP 5 7/8 percent DUE 6/30/2026 | Preferred | 390320604 |  | 14818125 | 592725 | SH |  | SOLE |  | 592725 | 0 | 0 |
| GREAT ELM GROUP INC 7.25 percent 6/30/2027 | Preferred | 39037G208 |  | 1460720 | 58900 | SH |  | SOLE |  | 58900 | 0 | 0 |
| HORIZON TECHNOLOGY FINANCE 4 7/8 percent DUE 3/30/2026 | Preferred | 44045A409 |  | 4024458 | 160657 | SH |  | SOLE |  | 160657 | 0 | 0 |
| HORIZON TECHNOLOGY FINANCE CORP 6.25 percent 6/15/2027 | Preferred | 44045A508 |  | 1833408 | 73779 | SH |  | SOLE |  | 73779 | 0 | 0 |
| BLACKROCK MUNICIPAL CREDIT ALPHA  PORTFOLIO INC | Common | 09262J102 |  | 28570 | 2304 | SH |  | SOLE |  | 2304 | 0 | 0 |
| NEWTEK BUSINESS SERVICES 5.5 percent DUE 2/1/2026 | Preferred | 652526708 |  | 14992861 | 595191 | SH |  | SOLE |  | 595191 | 0 | 0 |
| OFS CREDIT CO 7 7/8 percent DUE 10/31/2029 | Preferred | 67111Q503 |  | 6774459 | 269146 | SH |  | SOLE |  | 269146 | 0 | 0 |
| OFS CREDIT CO 5.25 percent DUE 12/31/2026 | Preferred | 67111Q404 |  | 11171564 | 452345 | SH |  | SOLE |  | 452345 | 0 | 0 |
| OFS CREDIT 6.125 percent DUE 4/30/2026 | Preferred | 67111Q305 |  | 1959086 | 78615 | SH |  | SOLE |  | 78615 | 0 | 0 |
| OFS CAPITAL CORP 4.95 percent DUE 10/31/2028 | Preferred | 67103B704 |  | 11368381 | 479881 | SH |  | SOLE |  | 479881 | 0 | 0 |
| OFS CAPITAL CORP 7.5 percent DUE 7/31/2058 | Preferred | 67103B803 |  | 32331890 | 1259030 | SH |  | SOLE |  | 1259030 | 0 | 0 |
| OPPORTUNISTIC VALUE FUND D SUB-SERIES | Common | 95MSENTF6 |  | 6483545 | 577234 | SH |  | SOLE |  | 577234 | 0 | 0 |
| OXFORD LANE CAPITAL CORP. 7.95 percent 2/29/2032 | Preferred | 691543854 |  | 21572569 | 853683 | SH |  | SOLE |  | 853683 | 0 | 0 |
| OXFORD LANE CAPITAL CORP 8.75 percent DUE 06/30/2030 | Preferred | 691543862 |  | 3870697 | 150975 | SH |  | SOLE |  | 150975 | 0 | 0 |
| OXFORD LANE CAPITAL CORP 6.75 percent DUE 3/31/2031 | Preferred | 691543706 |  | 924165 | 38367 | SH |  | SOLE |  | 38367 | 0 | 0 |
| OXFORD LANE CAPITAL CORP. 7.125 percent 6/30/2029 | Preferred | 691543870 |  | 14659412 | 603268 | SH |  | SOLE |  | 603268 | 0 | 0 |
| OXFORD LANE CAPITAL CORP 6 percent DUE 8/31/2029 | Preferred | 691543805 |  | 12086028 | 516391 | SH |  | SOLE |  | 516391 | 0 | 0 |
| OXFORD LANE CAPITAL CORP 6.375 percent 2027 | Preferred | 691543607 |  | 4731952 | 192355 | SH |  | SOLE |  | 192355 | 0 | 0 |
| OXFORD LANE CAPITAL CORP 5 percent DUE 1/31/2027 | Preferred | 691543888 |  | 16314061 | 669336 | SH |  | SOLE |  | 669336 | 0 | 0 |
| OXFORD SQUARE CAPITAL CO 5.5 percent DUE 7/31/2028 | Preferred | 69181V503 |  | 4141882 | 171471 | SH |  | SOLE |  | 171471 | 0 | 0 |
| OXFORD SQUARE CAPITAL CORP 7.75 percent DUE 7/31/2030 | Preferred | 69181V602 |  | 22094269 | 867122 | SH |  | SOLE |  | 867122 | 0 | 0 |
| PEARL DIVER CREDIT COMPANY INC. 8 percent 12/31/2029 | Preferred | 70476Q209 |  | 9147574 | 362372 | SH |  | SOLE |  | 362372 | 0 | 0 |
| PHENIXFIN CORPORATION 5.25 percent DUE 11/1/28 | Preferred | 71742W301 |  | 180196 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| PIMCO NEW YORK MUNICIPAL II | Common | 72200Y102 |  | 4509202 | 654456 | SH |  | SOLE |  | 654456 | 0 | 0 |
| PRIORITY INCOME FUND SERIES J 6 percent DUE 12/31/2028 | Preferred | 74274W772 |  | 1388338 | 58070 | SH |  | SOLE |  | 58070 | 0 | 0 |
| PRIORITY INCOME FUND 6.375 percent DUE 3/31/2029 | Preferred | 74274W756 |  | 529881 | 22060 | SH |  | SOLE |  | 22060 | 0 | 0 |
| RUNWAY FINANCE CORP 7.5 percent DUE 7/28/2027 | Preferred | 78163D209 |  | 3679285 | 145772 | SH |  | SOLE |  | 145772 | 0 | 0 |
| RUNWAY FINANCE CORP 8 percent DUE 12/31/2027 | Preferred | 78163D308 |  | 1221382 | 48362 | SH |  | SOLE |  | 48362 | 0 | 0 |
| SARATOGA INVESTMENT CORP 8.00 percent DUE 10/31/2027 | Preferred | 80349A885 |  | 743776 | 29225 | SH |  | SOLE |  | 29225 | 0 | 0 |
| SARATOGA INVESTMENT CORP 6.00 percent DUE 04/30/2027 | Preferred | 80349A802 |  | 25113994 | 1014297 | SH |  | SOLE |  | 1014297 | 0 | 0 |
| SARATOGA INVESTMENT CORP 8 1/8 percent DUE 12/31/2027 | Preferred | 80349a877 |  | 2107690 | 83275 | SH |  | SOLE |  | 83275 | 0 | 0 |
| SARATOGA INVESTMENT CORP 8.50 percent DUE 04/15/2028 | Preferred | 80349A869 |  | 7994275 | 315605 | SH |  | SOLE |  | 315605 | 0 | 0 |
| SOUND POINT MERIDIAN CAPITAL INC. 8 percent 11/30/2029 | Preferred | 83617A207 |  | 10147983 | 402904 | SH |  | SOLE |  | 402904 | 0 | 0 |
| SOUND POINT MERIDIAN CAPITAL 7.875 percent DUE 7/31/2030 | Preferred | 83617A306 |  | 31103984 | 1232329 | SH |  | SOLE |  | 1232329 | 0 | 0 |
| TERRA INCOME 6 7 percent DUE 3/31/2026 | Preferred | 88104C202 |  | 14779989 | 594051 | SH |  | SOLE |  | 594051 | 0 | 0 |
| TRINITY CAPITAL 7.875 percent DUE 3/30/2029 | Preferred | 896442605 |  | 30878 | 1225 | SH |  | SOLE |  | 1225 | 0 | 0 |
| VALUENCE ACQ CRP; TNT ACQ DT: 6/1/2023; CASH: $10.30 | Common | G9R16L100 |  | 294500 | 23750 | SH |  | SOLE |  | 23750 | 0 | 0 |
| INTEGRATED WELLNESS ACQ CRP UNIT; TNT ACQ DT: 09/13/2023; CASH: $10.20 | Unit | G4828B100 |  | 2094323 | 163875 | SH |  | SOLE |  | 163875 | 0 | 0 |

---