# EDGAR Filing Document

**Accession Number:** 0001048703
**File Stem:** 0001072613-26-000189
**Filing Date:** 2026-2
**Character Count:** 31014
**Document Hash:** 32be2d2def29f64f444d89622dbad96a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001072613-26-000189.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001072613-26-000189

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11445
- **FILM NUMBER:** 26638606

**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** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [x] 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  02-17-2026<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:** 214

**Form 13F Information Table Value Total:** $3256197474

      (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 ACQ CRP II; TNT ACQ DT: 5/16/2027; CASH: $10.00 | COM CL A | G0R38G104 |  | 5606400 | 547500 | SH |  | SOLE |  | 547500 | 0 | 0 |
| ARMADA CQ CRP UNIT II; TNT ACQ DT: 5/16/2027; CASH: $10.00 | UNIT 05/21/2030 | G0R38G120 |  | 3177880 | 299800 | SH |  | SOLE |  | 299800 | 0 | 0 |
| AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05 | ORD SHS CL A | G1000R101 |  | 61005853 | 5717512 | SH |  | SOLE |  | 5717512 | 0 | 0 |
| ABBVIE INC COM | COM | 00287Y109 |  | 239915 | 1050 | SH |  | SOLE |  | 1050 | 0 | 0 |
| ISHARES TR MSCI ACWI EX US | MSCI ACWI EX US | 464288240 |  | 398417 | 5935 | SH |  | SOLE |  | 5935 | 0 | 0 |
| ABERDEEN EMERGING MARKETS EQUITY INCOME FUND INC | COM | 00301w105 |  | 286629 | 40947 | SH |  | SOLE |  | 40947 | 0 | 0 |
| ALLIANCE NATIONAL MUNICIPAL INCOME FUND | COM | 01864u106 |  | 16659532 | 1539698 | SH |  | SOLE |  | 1539698 | 0 | 0 |
| AIMEI ACQ CRP; TNT ACQ DT: 12/02/2024; CASH: $10.10 | SHS | G01341109 |  | 887713 | 78075 | SH |  | SOLE |  | 78075 | 0 | 0 |
| ISHARES LEHMAN AGG BOND FUND | CORE US AGGBD ET | 464287226 |  | 343088 | 3435 | SH |  | SOLE |  | 3435 | 0 | 0 |
| AI INFRASTRUCTURE ACQ CRP; TNT ACQ DT: 4/3/2027; CASH: $10.00 | ORD SHS CL A | G01336109 |  | 12344715 | 1241923 | SH |  | SOLE |  | 1241923 | 0 | 0 |
| CALISA ACQ CRP; TNT ACQ DT: 4/22/2027; CASH: $10.00 | ORD SHS | G1771C101 |  | 4968724 | 500375 | SH |  | SOLE |  | 500375 | 0 | 0 |
| AMGEN INC COM | COM | 031162100 |  | 222571 | 680 | SH |  | SOLE |  | 680 | 0 | 0 |
| AGRICULTURE  NATURAL SOLUTIONS ACQ CRP; TNT ACQ DT: 11/10/2025; CASH: $10.00 | SHS CL A | G0131Y100 |  | 18865143 | 1685893 | SH |  | SOLE |  | 1685893 | 0 | 0 |
| ABERDEEN TOTAL DYNAMIC DIVID | COM SH BEN INT | 00326l100 |  | 133039 | 13645 | SH |  | SOLE |  | 13645 | 0 | 0 |
| STONEBRIDGE ACQ CRP II; TNT ACQ DT: 4/3/2027; CASH: $10.00 | CL A SHS | G85096108 |  | 962911 | 96775 | SH |  | SOLE |  | 96775 | 0 | 0 |
| A PARADISE ACQ CRP; TTNT ACQ DT: 7/30/2027; CASH: $10.00 | COM CL A | G04819101 |  | 6573313 | 654061 | SH |  | SOLE |  | 654061 | 0 | 0 |
| APEX TREASURY ACQ CRP UNIT; TNT ACQ DT: 10/28/2027; CASH: $10.00 | UNIT 10/07/2030 | G04104116 |  | 497247 | 49675 | SH |  | SOLE |  | 49675 | 0 | 0 |
| LIBERTY ALL-STAR GROWTH FD | COM | 529900102 |  | 18640517 | 3517079 | SH |  | SOLE |  | 3517079 | 0 | 0 |
| AXIOM INTELLGENCE ACQ CRP; TNT ACQ DT: 6/18/2027; CASH: $10.00 | ORD SHS CL A | G0750N104 |  | 1031150 | 102500 | SH |  | SOLE |  | 102500 | 0 | 0 |
| BLUE ACQ CRP; TNT ACQ DT: 03/13/2027; CASH: $10.00 | ORD SHS CL A | G1331A108 |  | 6661157 | 652415 | SH |  | SOLE |  | 652415 | 0 | 0 |
| JPMORGAN BETABUILDERS JAPAN ETF | BETABULDRS JAPAN | 46641Q217 |  | 14931449 | 226543 | SH |  | SOLE |  | 226543 | 0 | 0 |
| D BORAL ARC ACQ CRP; TNT ACQ DT: 4/30/2027; CASH: $10.00 | SHS CL A | G2616F101 |  | 105315 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| BTC DEVELOPMENT ACQ CRP UNIT; TNT ACQ DT: 4/16/2027; CASH: $10.05 | UNIT 09/11/2030 | G0701G125 |  | 1487031 | 146650 | SH |  | SOLE |  | 146650 | 0 | 0 |
| BLACKROCK MUNICIPAL INCOME TRUST | SH BEN INT | 09248F109 |  | 49684520 | 4953591 | SH |  | SOLE |  | 4953591 | 0 | 0 |
| BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST | SH BEN INT | 09248E102 |  | 3069481 | 285799 | SH |  | SOLE |  | 285799 | 0 | 0 |
| BLACKROCK ENHANCED INTERNATIONAL DIVIDEND TRUST | COM BENE INTER | 092524107 |  | 14776651 | 2513036 | SH |  | SOLE |  | 2513036 | 0 | 0 |
| BLACKROCK CORE BD TR SHS BEN INT | SHS BEN INT | 09249E101 |  | 18061470 | 1883365 | SH |  | SOLE |  | 1883365 | 0 | 0 |
| SPDR BLOOMBERG 1-3 MONTH T-BILL ETF | STATE STREET SPD | 78468R663 |  | 574780 | 6290 | SH |  | SOLE |  | 6290 | 0 | 0 |
| BLACKROCK MINVESTMENT QALITY MUNICIPAL TRUST | COM | 09247d105 |  | 5528522 | 493618 | SH |  | SOLE |  | 493618 | 0 | 0 |
| BLACKROCK INCOME TR INC COM | COM NEW | 09247F209 |  | 20552726 | 1861660 | SH |  | SOLE |  | 1861660 | 0 | 0 |
| BLACKROCK MUN INC TRUST II | COM | 09249N101 |  | 51130385 | 4897546 | SH |  | SOLE |  | 4897546 | 0 | 0 |
| BLUE WATER ACQ CRP III; TNT ACQ DT: 06/10/2027; CASH: $10.00 | ORD SHS CL A | G1368E106 |  | 2681342 | 259820 | SH |  | SOLE |  | 259820 | 0 | 0 |
| VANGUARD BD INDEX FD INC LONG TERM BOND | LONG TERM BOND | 921937793 |  | 136583743 | 1964668 | SH |  | SOLE |  | 1964668 | 0 | 0 |
| BLACKROCK HEALTH SCIENCES | COM | 09250W107 |  | 5826394 | 141658 | SH |  | SOLE |  | 141658 | 0 | 0 |
| VANGUARD BD INDEX FD INC TOTAL BND MRKT | TOTAL BND MRKT | 921937835 |  | 49259107 | 665035 | SH |  | SOLE |  | 665035 | 0 | 0 |
| BLACKROCK NEW YORK MUNICIPAL INCOME TRUST | SH BEN INT | 09248l106 |  | 16765121 | 1653365 | SH |  | SOLE |  | 1653365 | 0 | 0 |
| BLACKROCK ENHANCED GLOBAL DIVIDEND TRUST | COM | 092501105 |  | 14318756 | 1222780 | SH |  | SOLE |  | 1222780 | 0 | 0 |
| BEST SPAC ACQ CRP; TNT ACQ DT: 12/13/2026; CASH: $10.00 | USD CL A ORD SHS | G1069P103 |  | 1729070 | 171195 | SH |  | SOLE |  | 171195 | 0 | 0 |
| BLACKROCK SCIENCE  TECH TR | SHS | 09258G104 |  | 22035391 | 543547 | SH |  | SOLE |  | 543547 | 0 | 0 |
| BLACKROCK SCIENCE AND TECHNOLOGY TRUST II | SHS BEN INT | 09260K101 |  | 4809729 | 212726 | SH |  | SOLE |  | 212726 | 0 | 0 |
| VANGUARD BD INDEX FD INC SHORT TRM BOND | SHORT TRM BOND | 921937827 |  | 4751849 | 60295 | SH |  | SOLE |  | 60295 | 0 | 0 |
| BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST | COM SHS BEN IN | 09257P105 |  | 105399310 | 4618725 | SH |  | SOLE |  | 4618725 | 0 | 0 |
| BLACKROCK MUNICIPAL INCOME QUALITY TRUST | COM | 092479104 |  | 5903946 | 539666 | SH |  | SOLE |  | 539666 | 0 | 0 |
| MS CHINA A SHARE | COM | 617468103 |  | 9664843 | 556731 | SH |  | SOLE |  | 556731 | 0 | 0 |
| CAYSON ACQ CRP; TNT ACQ DT:9/20/2025; CASH: $10.00 | SHS | G1993W109 |  | 3023771 | 284189 | SH |  | SOLE |  | 284189 | 0 | 0 |
| COHEN CIRCLE ACQ CRP UNIT II; TNT ACQ DT: 7/1/2027; CASH: $10.00 | UNIT 07/01/2030 | G2254C105 |  | 1826815 | 175150 | SH |  | SOLE |  | 175150 | 0 | 0 |
| CHARLTON ASIA ACQ CRP; TNT ACQ DT: 04/24/2026; CASH: $10.025 | ORD SHS CL A | G9877L107 |  | 14894695 | 1423967 | SH |  | SOLE |  | 1423967 | 0 | 0 |
| CHENGHE ACQ CRP III; TNT ACQ DT: 3/16/2027; CASH: $10.00 | ORD SHS CL A | G2086N105 |  | 7934625 | 795850 | SH |  | SOLE |  | 795850 | 0 | 0 |
| CHAMPIONSGATE ACQ CRP; TNT ACQ DT: 11/27/2026; CASH: $10.05 | SHS CL A | G2124S108 |  | 1406016 | 137980 | SH |  | SOLE |  | 137980 | 0 | 0 |
| CALAMOS GLOBAL DYNAMIC INCOME FUND | COM | 12811L107 |  | 14389391 | 1941888 | SH |  | SOLE |  | 1941888 | 0 | 0 |
| COLUMBUS ACQ CRP; TNT ACQ DT: 1/22/2026; CASH: $10.00 | SHS | G2295P107 |  | 315785 | 30399 | SH |  | SOLE |  | 30399 | 0 | 0 |
| COPLEY ACQ CRP; TNT ACQ DT: 4/30/2027; CASH: $10.05 | ORD SHS CL A | G24243100 |  | 15657031 | 1535003 | SH |  | SOLE |  | 1535003 | 0 | 0 |
| CROWN RESERVE ACQUSITION CORP | ORD SHS CL A | G2574F119 |  | 7095421 | 713825 | SH |  | SOLE |  | 713825 | 0 | 0 |
| CAL REDWOOD ACQ CRP; TNT ACQ DT: 5/23/2027; CASH:$10.00 | COM CL A | G17564108 |  | 3504094 | 346940 | SH |  | SOLE |  | 346940 | 0 | 0 |
| CALAMOS STRAT TOT RETURN FD | COM SH BEN INT | 128125101 |  | 25839432 | 1345804 | SH |  | SOLE |  | 1345804 | 0 | 0 |
| LIONHEART HOLDINGS ACQ CRP; TNT ACQ DT: 6/18/2026; CASH $10.00 | SHS CL A | G5501C109 |  | 11445163 | 1076675 | SH |  | SOLE |  | 1076675 | 0 | 0 |
| ISHARES CORE DIVIDEND GROWTH ETF | CORE DIV GRWTH | 46434v621 |  | 7109858 | 102418 | SH |  | SOLE |  | 102418 | 0 | 0 |
| DISNEY WALT CO COM DISNEY | COM | 254687106 |  | 252001 | 2215 | SH |  | SOLE |  | 2215 | 0 | 0 |
| DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05 | ORD SHS | G2847J104 |  | 26325718 | 2538642 | SH |  | SOLE |  | 2538642 | 0 | 0 |
| DRUGS MADE IN AMERICA ACQ CRP II; TNT ACQ DT: 9/25/2027; CASH: $10.00 | USD ORD SHS | G2851K104 |  | 11321888 | 1143625 | SH |  | SOLE |  | 1143625 | 0 | 0 |
| Duff  Phelps Utility  Inc | COM | 26433C105 |  | 8283654 | 651743 | SH |  | SOLE |  | 651743 | 0 | 0 |
| ROMAN DBDR ACQ CRP II; TNT ACQ DT: 12/17/2026; CASH: $10.05 | ORD SHS CL A | G7633M104 |  | 910800 | 87325 | SH |  | SOLE |  | 87325 | 0 | 0 |
| BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | COM | 09662E109 |  | 5869348 | 951272 | SH |  | SOLE |  | 951272 | 0 | 0 |
| DTF TAX-FREE INCOME INC COM | COM | 23334J107 |  | 240174 | 21031 | SH |  | SOLE |  | 21031 | 0 | 0 |
| DT CLOUD STAR ACQ CRP; TNT ACQ DT: 10/25/2025;  CASH: $10.05 | SHS | G2853N106 |  | 1038585 | 96600 | SH |  | SOLE |  | 96600 | 0 | 0 |
| INSIGHT DIGITAL PARTNERS ACQ CRP II UNIT; TNT ACQ DT: 10/29/2027; CASH: $10.00 | UNIT 10/28/2030 | G4814G121 |  | 196869 | 19550 | SH |  | SOLE |  | 19550 | 0 | 0 |
| ISHARES MSCI DENMARK ETF | MSCI DENMARK ETF | 46429B523 |  | 8873272 | 77516 | SH |  | SOLE |  | 77516 | 0 | 0 |
| EATON VANCE MUN BD FD COM | COM | 27827X101 |  | 34119081 | 3506586 | SH |  | SOLE |  | 3506586 | 0 | 0 |
| EMMIS ACQ CRP; TNT ACQ DT: 3/25/2027; CASH: $10.00 | SHS CL A | G3037D105 |  | 9074391 | 913836 | SH |  | SOLE |  | 913836 | 0 | 0 |
| ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUND | COM | 94987C103 |  | 9569175 | 1641368 | SH |  | SOLE |  | 1641368 | 0 | 0 |
| EATON VANCE TAX-ADV GLOBAL DIV INCOME FUND | COM | 27828s101 |  | 9637988 | 417229 | SH |  | SOLE |  | 417229 | 0 | 0 |
| EATON VANCE TAX-ADV GLOBAL DIV OPP FUND | COM | 27828U106 |  | 18596295 | 612728 | SH |  | SOLE |  | 612728 | 0 | 0 |
| Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund | COM | 27829C105 |  | 15074829 | 1635014 | SH |  | SOLE |  | 1635014 | 0 | 0 |
| EUREKA ACQ CRP; TNT ACQ DT: 1/12/2026; CASH $10.00 | SHS CL A | G32168109 |  | 3566186 | 326275 | SH |  | SOLE |  | 326275 | 0 | 0 |
| EATON VANCE TAX-ADV DVD INC | COM | 27828G107 |  | 10834350 | 430276 | SH |  | SOLE |  | 430276 | 0 | 0 |
| ISHARES MSCI CDA ETF | MSCI CDA ETF | 464286509 |  | 15470236 | 286858 | SH |  | SOLE |  | 286858 | 0 | 0 |
| ISHARES MSCI SOUTH KOREA IND | MSCI STH KOR ETF | 464286772 |  | 8661038 | 89087 | SH |  | SOLE |  | 89087 | 0 | 0 |
| ISHARES BRAZIL ETF | MSCI BRAZIL ETF | 464286400 |  | 6918235 | 217760 | SH |  | SOLE |  | 217760 | 0 | 0 |
| EATON VANCE TAX-MAN GLOBAL EQUITY FUND | COM | 27829F108 |  | 13988491 | 1467837 | SH |  | SOLE |  | 1467837 | 0 | 0 |
| ISHARES EMU ETF | MSCI EURZONE ETF | 464286608 |  | 13462218 | 210019 | SH |  | SOLE |  | 210019 | 0 | 0 |
| First Trust ENH Equity Inc | COM | 337318109 |  | 3130804 | 142180 | SH |  | SOLE |  | 142180 | 0 | 0 |
| FIGX CAPITAL ACQ CRP; TNT ACQ DT: 6/27/2027; CASH: $10.00 | USD CL A ORD SHS | G3473K100 |  | 1134426 | 112766 | SH |  | SOLE |  | 112766 | 0 | 0 |
| ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST | COM BEN INT | 03464A100 |  | 68045249 | 5151041 | SH |  | SOLE |  | 5151041 | 0 | 0 |
| FOUR LEAF ACQ CRP; TNT ACQ DT: 3/17/2024; CASH: $10.30 | COM CL A | 35088F107 |  | 843702 | 73238 | SH |  | SOLE |  | 73238 | 0 | 0 |
| FLAG SHIP ACQ CRP; TNT ACQ DT: 6/18/2025; CASH $10.00 | ORD SHS | G3530C109 |  | 7915763 | 736350 | SH |  | SOLE |  | 736350 | 0 | 0 |
| EQV VENTURES ACQ CRPV; TNT ACQ DT: 8/7/2026; CASH: $10.00 | CL A ORD SHS | G3106N109 |  | 690242 | 65800 | SH |  | SOLE |  | 65800 | 0 | 0 |
| FUTURE VISION ACQ CRP II; TNT ACQ DT: 03/21/2026; CASH: $10.05 | SHS | G37068106 |  | 5070794 | 480644 | SH |  | SOLE |  | 480644 | 0 | 0 |
| PACER GLOBAL CASH COWS DIVIDEND | GLOBL CASH ETF | 69374H709 |  | 14565152 | 353352 | SH |  | SOLE |  | 353352 | 0 | 0 |
| GABELLI DIVD  INCOME TR COM | COM | 36242H104 |  | 45862613 | 1651516 | SH |  | SOLE |  | 1651516 | 0 | 0 |
| NEW GERMANY FUND | COM | 644465106 |  | 4213957 | 368998 | SH |  | SOLE |  | 368998 | 0 | 0 |
| GIGCAPITAL8 ACQ CRP ; TNT ACQ DT: 10/6/2027; CASH: $10.00 | ORD CL A | G3864J100 |  | 889606 | 89950 | SH |  | SOLE |  | 89950 | 0 | 0 |
| GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.00 | CL A | G4035N103 |  | 24927648 | 2331866 | SH |  | SOLE |  | 2331866 | 0 | 0 |
| GRAF INDUSTRIAL ACQ CORP; TNT ACQ DT: 9/7/2020; CASH $10.00 | ORD SHS CL A | g4036c106 |  | 2101527 | 195400 | SH |  | SOLE |  | 195400 | 0 | 0 |
| GESHER ACQ CRP; TNT ACQ DT: 12/21/2026; CASH: $10.03 | USD CL A ORD SHS | G3852D107 |  | 1529813 | 149000 | SH |  | SOLE |  | 149000 | 0 | 0 |
| GLOBA TERRA ACQ CRP; TNT ACQ DT: 10/08/2026; CASH: $10.00 | CL A ORD SHS | G3933N116 |  | 9663296 | 956762 | SH |  | SOLE |  | 956762 | 0 | 0 |
| HARVARD AVE ACQ CRP; TNT ACQ DT: 4/30/2027; CASH:$10.00 | USD CL A ORD SHS | G4330A103 |  | 984560 | 99150 | SH |  | SOLE |  | 99150 | 0 | 0 |
| HOME DEPOT INC COM | COM | 437076102 |  | 481740 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| ABRDN AUSTRALIA EQUITY FUND | COM | 003011111 |  | 3255349 | 251962 | SH |  | SOLE |  | 251962 | 0 | 0 |
| ISHARES LEHMAN 7-10YR TREAS | 7-10 YR TRSY BD | 464287440 |  | 45793408 | 476221 | SH |  | SOLE |  | 476221 | 0 | 0 |
| ISHARES CORE MSCI EMERGING MARKETS ETF | CORE MSCI EMKT | 46434G103 |  | 443988 | 6605 | SH |  | SOLE |  | 6605 | 0 | 0 |
| ISHARES TR CORE MSCI EURO | CORE MSCI EURO | 46434V738 |  | 34641961 | 488052 | SH |  | SOLE |  | 488052 | 0 | 0 |
| ISHARES EUROPE ETF | EUROPE ETF | 464287861 |  | 7920275 | 115456 | SH |  | SOLE |  | 115456 | 0 | 0 |
| WESTERN ASSET INV GRA DEF OP | COM | 95790A101 |  | 1813895 | 109933 | SH |  | SOLE |  | 109933 | 0 | 0 |
| MORGAN STANLEY INDIA INVS FD COM | COM | 61745C105 |  | 4339026 | 173700 | SH |  | SOLE |  | 173700 | 0 | 0 |
| INDIGO ACQ CRP; TNT ACQ DT: 03/30/2027; CASH: $10.00 | ORD SHS | G4791J106 |  | 6607483 | 658772 | SH |  | SOLE |  | 658772 | 0 | 0 |
| INFLECTION POINT ACQUISITION CORP. V | ORD SHS CL A | G6001J107 |  | 10450062 | 1016543 | SH |  | SOLE |  | 1016543 | 0 | 0 |
| DUNE ACQ CRP; TNT ACQ DT: 8/7/2026; CASH:$10.02 | SHS CL A | G2867S109 |  | 1487740 | 146000 | SH |  | SOLE |  | 146000 | 0 | 0 |
| ISHARES CORE S ETF | CORE S ETF | 464287200 |  | 72512917 | 105868 | SH |  | SOLE |  | 105868 | 0 | 0 |
| ISHARES RUSSELL 1000 ETF | RUS 1000 ETF | 464287622 |  | 31741701 | 84998 | SH |  | SOLE |  | 84998 | 0 | 0 |
| NUVEEN CORE EQUITY ALPHA FUND COM | COM | 67090X107 |  | 782287 | 49077 | SH |  | SOLE |  | 49077 | 0 | 0 |
| JOHN HANCOCK INCOME SECURITIES TRUST | COM | 410123103 |  | 4328110 | 369608 | SH |  | SOLE |  | 369608 | 0 | 0 |
| JAPAN SMALLER CAPTLZTN FD INC COM | COM | 47109U104 |  | 6275878 | 566415 | SH |  | SOLE |  | 566415 | 0 | 0 |
| KOCHAV DEFENSE ACQ CRP; TNT ACQ DT: 11/28/2026; CASH: $10.00 | SHS CL A | G5304D106 |  | 7747153 | 764019 | SH |  | SOLE |  | 764019 | 0 | 0 |
| K GROWTH ACQ CRP; TNT ACQ DT: 11/05/2026; CASH: $10.05 | SHS CL A | G52258111 |  | 13708954 | 1328387 | SH |  | SOLE |  | 1328387 | 0 | 0 |
| KKR INCOME OPPORTUNITIES FUND | COM | 48249T106 |  | 2032747 | 175388 | SH |  | SOLE |  | 175388 | 0 | 0 |
| DWS MUNICIPAL INCOME TRUST | COM | 233368109 |  | 33774337 | 3715549 | SH |  | SOLE |  | 3715549 | 0 | 0 |
| KEEN VISION ACQ CRP; TNT ACQ DT: 4/25/2024; CASH: $10.13 | SHS | G52443119 |  | 14387405 | 1224460 | SH |  | SOLE |  | 1224460 | 0 | 0 |
| LAFAYETTE ACQUISTION CORP | ORD SHS | G53426105 |  | 273141 | 27590 | SH |  | SOLE |  | 27590 | 0 | 0 |
| GALATA ACQ CRP II; TNT ACQ DT: 9/19/2027; CASH: $10.00 | ORD SHS CL A | G3R25N108 |  | 148800 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| LAKESHORE ACQ CRP III; TNT ACQ DT: 7/30/2026; CASH:$10.00 | USD ORD SHS | G5353S103 |  | 3070757 | 301350 | SH |  | SOLE |  | 301350 | 0 | 0 |
| LEGATO ACQ CRP III; TNT ACQ DT: 2/08/2026; CASH: $10.00 | ORD SHS | G5451A103 |  | 36268926 | 3333541 | SH |  | SOLE |  | 3333541 | 0 | 0 |
| LAKE SUPERIOR ACQ CRP; TNT ACQ DT: 4/7/2027; CASH: $10.00 | USD CL A ORD SHS | G5354C107 |  | 17680991 | 1782358 | SH |  | SOLE |  | 1782358 | 0 | 0 |
| LILLY ELI  CO COM | COM | 532457108 |  | 730782 | 680 | SH |  | SOLE |  | 680 | 0 | 0 |
| LAUNCH ONE ACP CRP; TNT ACQ DT: 7/12/2026; CASH: $10.00 | SHS CLASS A | G5S86M100 |  | 11816322 | 1115800 | SH |  | SOLE |  | 1115800 | 0 | 0 |
| LAUNCH TWO ACQ CRP; TNT ACQ DT: 01/7/2026; CASH: $10.05 | ORD SHS CL A | G5S87A105 |  | 2680260 | 255750 | SH |  | SOLE |  | 255750 | 0 | 0 |
| MELAR ACQ CRP; TNT ACQ DT: 6/18/2025; CASH: $10.00 | SHS CL A | G6004G100 |  | 12172998 | 1145155 | SH |  | SOLE |  | 1145155 | 0 | 0 |
| MainStay CBRE GLOBAL INFRASTRUCTURE MEGATRENDS FUND | COM | 56064Q107 |  | 7691042 | 558942 | SH |  | SOLE |  | 558942 | 0 | 0 |
| MFS GOVT MKTS INCOME TR SH BEN INT | SH BEN INT | 552939100 |  | 5100419 | 1686089 | SH |  | SOLE |  | 1686089 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS FUND INC | COM | 09253N104 |  | 99679053 | 8490550 | SH |  | SOLE |  | 8490550 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INC | COM | 09255C106 |  | 37480281 | 3663762 | SH |  | SOLE |  | 3663762 | 0 | 0 |
| MFS INTER INCOME TR SH BEN INT | SH BEN INT | 55273C107 |  | 11446740 | 4385724 | SH |  | SOLE |  | 4385724 | 0 | 0 |
| MCKINLEY ACQ CRP; TNT ACQ DT: 8/12/2027; CASH: $10.00 | SHS CL A | G6005T101 |  | 12231046 | 1226785 | SH |  | SOLE |  | 1226785 | 0 | 0 |
| MOUNTAIN LAKE ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.05 | SHS CL A | G6301B101 |  | 6450288 | 620220 | SH |  | SOLE |  | 620220 | 0 | 0 |
| BLACKROCK MUNIYELD QUALITY FUND II | COM | 09254G108 |  | 7505752 | 746841 | SH |  | SOLE |  | 746841 | 0 | 0 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254F100 |  | 7727076 | 683812 | SH |  | SOLE |  | 683812 | 0 | 0 |
| MICROSOFT CORP COM | COM | 594918104 |  | 822154 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND | COM | 09254L107 |  | 57128791 | 5389509 | SH |  | SOLE |  | 5389509 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | COM | 09254C107 |  | 7291121 | 726931 | SH |  | SOLE |  | 726931 | 0 | 0 |
| BLACKROCK MUNIVEST FUND | COM | 09253R105 |  | 57872118 | 8350955 | SH |  | SOLE |  | 8350955 | 0 | 0 |
| BLACKROCK MUNIVEST FUND II | COM | 09253T101 |  | 4734985 | 438019 | SH |  | SOLE |  | 438019 | 0 | 0 |
| BLACKROCK MUNIYIELD FUND INC. | COM | 09253W104 |  | 8558298 | 815853 | SH |  | SOLE |  | 815853 | 0 | 0 |
| BlackRock MuniYield Quality Fund III | COM | 09254E103 |  | 4083951 | 375708 | SH |  | SOLE |  | 375708 | 0 | 0 |
| BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC | COM | 09255E102 |  | 24337444 | 2455847 | SH |  | SOLE |  | 2455847 | 0 | 0 |
| NUEBERGER BERMAN MUNICIPAL FUND INC | COM | 64124P101 |  | 690174 | 68199 | SH |  | SOLE |  | 68199 | 0 | 0 |
| NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND | COMMON STOCK | 64133Q108 |  | 44415186 | 3075844 | SH |  | SOLE |  | 3075844 | 0 | 0 |
| Virtus DVD Intrst  PRM STR | COM | 92840R101 |  | 5324142 | 413044 | SH |  | SOLE |  | 413044 | 0 | 0 |
| NEWHOLD INVESTMENT ACQ CRP III; TNT ACQ DT: 2/28/2027; CASH: $10.05 | ORD SHS CL A | G6486E102 |  | 1051594 | 101800 | SH |  | SOLE |  | 101800 | 0 | 0 |
| NMP ACQ CRP; TNT ACQ DT: 1/2/2027; CASH: $10.00 | CL A | G6375X104 |  | 7688246 | 767290 | SH |  | SOLE |  | 767290 | 0 | 0 |
| CO2 ENERGY TRANSITION ACQ CRP; TNT ACQ DT: 5/21/2026; CASH: $10.05 | COM | 12664M103 |  | 8028731 | 780246 | SH |  | SOLE |  | 780246 | 0 | 0 |
| NUVEEN NY AMT FREE MUN INCOME COM | COM | 670656107 |  | 35685747 | 3536744 | SH |  | SOLE |  | 3536744 | 0 | 0 |
| NEWBURY STREET ACQ CRP II; TNT ACQ DT: 10/31/2026; CASH: $10.05 | ORD SHS CL A | G6439S109 |  | 6032576 | 578387 | SH |  | SOLE |  | 578387 | 0 | 0 |
| OAK WOODS ACQ CRP; TNT ACQ DT: 3/24/2024; CASH: $10.175 | CL A | 67190B104 |  | 928070 | 76700 | SH |  | SOLE |  | 76700 | 0 | 0 |
| OXLEY BRIDGE ACQ CRP; TNT ACQ DT: 6/25/2027; CASH: $10.00 | USD CL A ORD SHS | G6858G107 |  | 7725312 | 766400 | SH |  | SOLE |  | 766400 | 0 | 0 |
| ORACLE CORP COM | COM | 68389X105 |  | 691931 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| ORIGIN ACQ CRP; TNT ACQ DT: 7/1/2027; CASH: $10.10 | ORD SHS | G67751100 |  | 8284579 | 819444 | SH |  | SOLE |  | 819444 | 0 | 0 |
| OYSTER ENTERPRICES ACQ CRP II; TNT ACQ DT: 5/22/2027; CASH: $10.00 | ORD SHS CL A | G6861F104 |  | 6784959 | 673111 | SH |  | SOLE |  | 673111 | 0 | 0 |
| PIONEER ACQ CRP; TNT ACQ DT: 6/18/2027; CASH: $10.00 | CL A ORD SHS | G7117W107 |  | 4834934 | 481088 | SH |  | SOLE |  | 481088 | 0 | 0 |
| PYROPHYTE ACQ CRP; TNT ACQ DT: 7/17/2027; CASH: $10.00 | CL A SHS | G7309T102 |  | 503000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 369072 | 3290 | SH |  | SOLE |  | 3290 | 0 | 0 |
| PIMCO CALIFORNIA MUNICIPAL INC | COM | 72200N106 |  | 13569411 | 1554343 | SH |  | SOLE |  | 1554343 | 0 | 0 |
| PELICAN ACQ CRP; TNT ACQ DT: 8/23/2026; CASH: $10.00 | SHS | G6993G103 |  | 3492026 | 344025 | SH |  | SOLE |  | 344025 | 0 | 0 |
| PANTAGES CAPITAL ACQUISITION C | ORD SHS CL A | G8089R100 |  | 8751092 | 844700 | SH |  | SOLE |  | 844700 | 0 | 0 |
| PLUM ACQ CRP IV; TNT ACQ DT: 7/15/2026; CASH: $10.10 | SHS CL A | G7134A104 |  | 7011046 | 672200 | SH |  | SOLE |  | 672200 | 0 | 0 |
| PUTNAM MUNI OPPORTUNITIES | SH BEN INT | 746922103 |  | 1728756 | 161566 | SH |  | SOLE |  | 161566 | 0 | 0 |
| ANDRETTI ACQ CRP II; TNT ACQ DT: 9/6/2026; CASH: $10.05 | ORD SHS CL A | G26745102 |  | 2511365 | 238950 | SH |  | SOLE |  | 238950 | 0 | 0 |
| PUTNAM PREMIER INCOME TRUST | SH BEN INT | 746853100 |  | 154032 | 43512 | SH |  | SOLE |  | 43512 | 0 | 0 |
| NUVEEN NAS100 DYN OVERWRT FD | COM SHS | 670699107 |  | 47650604 | 1670779 | SH |  | SOLE |  | 1670779 | 0 | 0 |
| QUARTZSEA ACQ CRP; TNT ACQ DT: 6/18/2026; CASH: $10.00 | ORD SHS | G7314B104 |  | 23159492 | 2263880 | SH |  | SOLE |  | 2263880 | 0 | 0 |
| QUANTUMSPHERE ACQ CRP; TNT ACQ DT: 2/6/2027; CASH: $10.00 | ORD SHS | G7387B106 |  | 4948444 | 494350 | SH |  | SOLE |  | 494350 | 0 | 0 |
| RANGE CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.05 | ORD SHS | G7375C108 |  | 2766927 | 265540 | SH |  | SOLE |  | 265540 | 0 | 0 |
| Rising Dragon Acquisition Corp | SHS | G7576K107 |  | 7689582 | 736550 | SH |  | SOLE |  | 736550 | 0 | 0 |
| RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05 | SHS | G75389109 |  | 25720164 | 2397033 | SH |  | SOLE |  | 2397033 | 0 | 0 |
| RIVERNORTH FLEXIBLE MUNICIPAL INCOME FUND II | COM | 76883Y107 |  | 3336986 | 263585 | SH |  | SOLE |  | 263585 | 0 | 0 |
| RIBBON ACQ CRP; TNT ACQ DT: 1/15/2026; CASH: $10.00 | ORD SHS CL A | G7552W109 |  | 2265819 | 218287 | SH |  | SOLE |  | 218287 | 0 | 0 |
| RENATUS TACTICAL ACQ CRP UNIT; TNT ACQ DT: 5/15/2027; CASH: $10.025 | UNIT 05/15/2030 | G7490F119 |  | 1612074 | 145494 | SH |  | SOLE |  | 145494 | 0 | 0 |
| SIDDHI ACQ CRP; TNT ACQ DT: 4/1/2027; CASH: $10.05 | CL A SHS | G8118C124 |  | 2782282 | 270650 | SH |  | SOLE |  | 270650 | 0 | 0 |
| SPDR SER TR NUVN BR SHT MUNI | STATE STREET SPD | 78468R739 |  | 19133883 | 398706 | SH |  | SOLE |  | 398706 | 0 | 0 |
| SIM ACQ CRP; TNT ACQ DT8/30/2024 7/12/2026; CASH $10.00 | SHS CL A | G8431T101 |  | 18378913 | 1735497 | SH |  | SOLE |  | 1735497 | 0 | 0 |
| SOLARIUS ACQ CRP; TNT ACQ DT: 4/16/2027; CASH: $10.05 | SHS CL A | G82617104 |  | 2699581 | 268615 | SH |  | SOLE |  | 268615 | 0 | 0 |
| SOULPOWER ACQ CRP; TNT ACQ DT: 4/2/2027; CASH: $10.00 | USD CL A ORD SHS | G82745103 |  | 5913796 | 582640 | SH |  | SOLE |  | 582640 | 0 | 0 |
| SILVER PEGASUS ACQ CRP; TNT ACQ DT: 1/15/2027; CASH: $10.00 | SHS CL A | G8192J102 |  | 4069693 | 404542 | SH |  | SOLE |  | 404542 | 0 | 0 |
| SPDR S 500 ETF TR TR UNIT | TR UNIT | 78462F103 |  | 1629789 | 2390 | SH |  | SOLE |  | 2390 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 5096830 | 274910 | SH |  | SOLE |  | 274910 | 0 | 0 |
| COLUMBIA SELIGMAN PREMIUM TECH | COM | 19842X109 |  | 3810708 | 103580 | SH |  | SOLE |  | 103580 | 0 | 0 |
| STELLAR V CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.07 | SHS CL A | G8475V103 |  | 3062858 | 295500 | SH |  | SOLE |  | 295500 | 0 | 0 |
| SIZZLE ACQ CRP II; TNT ACQ DT: 4/2/2027; CASH: $10.00 | USD CL A ORD SHS | G8193F109 |  | 1826087 | 179733 | SH |  | SOLE |  | 179733 | 0 | 0 |
| TITAN ACQ CRP; TNT ACQ DT: 4/8/2027; CASH: $10.05 | CL A | G8901A103 |  | 3650381 | 356100 | SH |  | SOLE |  | 356100 | 0 | 0 |
| TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05 | SHS | G86880104 |  | 22880312 | 2193702 | SH |  | SOLE |  | 2193702 | 0 | 0 |
| TRIDENT ACQ CORP; TNT ACQ DATE: 11/30/19; CASH $10.20 | COM CL A | G9008W105 |  | 6416426 | 613425 | SH |  | SOLE |  | 613425 | 0 | 0 |
| TEMPLETON DRAGON FD INC COM | COM | 88018T101 |  | 9638505 | 855995 | SH |  | SOLE |  | 855995 | 0 | 0 |
| THAYER VENTURES ACQ CRP II; TNT ACQ DT:3/15/2027; CASH:$10.00 | CL A | G87890102 |  | 5298832 | 523600 | SH |  | SOLE |  | 523600 | 0 | 0 |
| TAIWAN FD INC COM | COM | 874036106 |  | 4147626 | 77700 | SH |  | SOLE |  | 77700 | 0 | 0 |
| LIBERTY ALL-STAR EQUITY FUND | SH BEN INT | 530158104 |  | 11495603 | 1830510 | SH |  | SOLE |  | 1830510 | 0 | 0 |
| UY SCUTI ACQ CRP; TNT ACQ DT: 9/30/2026; CASH: $10.00 | ORD SHS | G93Y0A104 |  | 3063274 | 298856 | SH |  | SOLE |  | 298856 | 0 | 0 |
| VOYAGER ACQ CRP; TNT ACQ DT: 8/9/2026; CASH: $10.05 | CL A | G93A7H104 |  | 7124530 | 667716 | SH |  | SOLE |  | 667716 | 0 | 0 |
| VANGUARD INDEX FDS SMALL CP ETF | SMALL CP ETF | 922908751 |  | 86337372 | 334706 | SH |  | SOLE |  | 334706 | 0 | 0 |
| VANGUARD CORE TAX EXEMPT BOND ETF | CORE TAX EXEMPT | 922907712 |  | 41876664 | 554144 | SH |  | SOLE |  | 554144 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US | ALLWRLD EX US | 922042775 |  | 67914535 | 923254 | SH |  | SOLE |  | 923254 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF | FTSE EUROPE ETF | 922042874 |  | 23026194 | 275400 | SH |  | SOLE |  | 275400 | 0 | 0 |
| VANGUARD WORLD FDS INF TECH ETF | INF TECH ETF | 92204A702 |  | 18827163 | 24977 | SH |  | SOLE |  | 24977 | 0 | 0 |
| VENDOME ACQ CRP; TNT ACQ DT: 7/1/2027; CASH: $10.00 | COM CL A | G9580A109 |  | 6416723 | 639753 | SH |  | SOLE |  | 639753 | 0 | 0 |
| VANGUARD INDEX FDS S 500 ETF SH | S 500 ETF SHS | 922908363 |  | 265218162 | 422908 | SH |  | SOLE |  | 422908 | 0 | 0 |
| VANGUARD FTSE PACIFIC ETF | FTSE PACIFIC ETF | 922042866 |  | 34338353 | 379849 | SH |  | SOLE |  | 379849 | 0 | 0 |
| VANGUARD TOTAL WORLD STOCK ETF | TT WRLD ST ETF | 922042742 |  | 261666 | 1855 | SH |  | SOLE |  | 1855 | 0 | 0 |
| VANGUARD TAX-EXEMPT BOND ETF | TAX EXEMPT BD | 922907746 |  | 1705935 | 33922 | SH |  | SOLE |  | 33922 | 0 | 0 |
| VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF | SHORT TRM TAX EX | 921935870 |  | 26693910 | 262800 | SH |  | SOLE |  | 262800 | 0 | 0 |
| VANGUARD INDEX FDS TOTAL STK MKT | TOTAL STK MKT | 922908769 |  | 31634777 | 94356 | SH |  | SOLE |  | 94356 | 0 | 0 |
| VANGUARD GROWTH ETF | GROWTH ETF | 922908736 |  | 35593290 | 72958 | SH |  | SOLE |  | 72958 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF | FTSE EMR MKT ETF | 922042858 |  | 69571789 | 1294118 | SH |  | SOLE |  | 1294118 | 0 | 0 |
| WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT | COM SH BEN INT | 95766Q106 |  | 67347538 | 8143596 | SH |  | SOLE |  | 8143596 | 0 | 0 |
| FINANCIAL SELECT SECTOR SPDR | STATE STREET FIN | 81369Y605 |  | 21895400 | 399770 | SH |  | SOLE |  | 399770 | 0 | 0 |
| AA MISSION ACQ CRP II; TNT ACQ DT: 10/1/2027; CASH: $10.00 | ORD SHS CL A | G1000S109 |  | 664489 | 66850 | SH |  | SOLE |  | 66850 | 0 | 0 |
| YHN ACQ CRP; TNT ACQ DT: 12/18/2025; CASH: $10.05 | SHS | G1514D101 |  | 8138146 | 767026 | SH |  | SOLE |  | 767026 | 0 | 0 |
| VIRTUS GLOBAL DIVIDEND  INCOME FUND | COM | 92835W107 |  | 4266518 | 677225 | SH |  | SOLE |  | 677225 | 0 | 0 |

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