# Karpus Investment Management

> Karpus Investment Management is an SEC-registered investment advisory firm in Pittsford, NY, registered since 1987, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 24, 2026.

- CRD: 110275
- Filed as: KARPUS INVESTMENT MANAGEMENT
- Legal name: Karpus Management Inc
- Also doing business as: KARPUS INVESTMENT MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Pittsford, NY
- Filing period: October 2026
- Form ADV filing dated: September 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110275
- AdvisorCensus page: https://advisorcensus.com/firm/karpus-investment-management-pittsford-ny-110275

## Quick answers

**How is Karpus Investment Management compensated?**
On its Form ADV (Item 5.E, October 2026), Karpus Investment Management reports these compensation arrangements: a percentage of assets under its management.

**Where is Karpus Investment Management located?**
Karpus Investment Management's principal office is in Pittsford, NY, according to its Form ADV; the July 2025 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Karpus Investment Management registered with the SEC or a state?**
Karpus Investment Management is an SEC-registered investment advisory firm, registered since 1987. Status as filed: Approved. CRD 110275.

**How much does Karpus Investment Management manage?**
Karpus Investment Management reports $4,295,380,885 in regulatory assets under management in its Form ADV filing dated September 24, 2026 (100% discretionary).

**How have Karpus Investment Management's assets and staff changed since 2021?**
In the Form ADV data for Karpus Investment Management: Regulatory assets under management: $4,094,689,639 in the October 2021 data and $4,295,380,885 in the October 2026 data, up 5%. Total employees: 37 in October 2021 and 35 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Karpus Investment Management serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (967); high net worth individuals (729); corporations or other businesses not listed above (75).

**Which custodians does Karpus Investment Management use?**
Karpus Investment Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists US Bancorp National Association as a custodian holding 10% or more of its separately managed account assets.

**Does Karpus Investment Management report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/110275

**What changed in Karpus Investment Management's recent Form ADV filings?**
In the October 2026 filing data: Employees performing advisory functions went from 19 to 21.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated May 18, 2026)

- Minimum annual fee: $2,000

> Karpus charges a minimum annual fee of $2,000, which can be reduced at the Adviser’s discretion.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- US Bancorp National Association

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $4,295,380,885
- Discretionary: $4,295,380,885
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 967 | $417,548,531 |
| High net worth individuals | 729 | $2,636,729,574 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 43 | $527,840,503 |
| Charitable organizations | 44 | $165,465,091 |
| State or municipal government entities (including government pension plans) | 1 | $66,378,418 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 75 | $481,418,768 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1987 (39 years)
- Employees: 35 total, 21 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MI, MN, MT, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2025 filing
- Naples, FL

### Websites listed on Form ADV (Item 1.I)
- [karpus.com](https://karpus.com)
- LinkedIn @karpus-investment-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,094,689,639 | 37 | September 28, 2021 |
| October 2022 | $3,454,919,881 | 41 | September 29, 2022 |
| October 2023 | $3,546,295,967 | 39 | September 27, 2023 |
| October 2024 | $3,951,184,737 | 38 | September 26, 2024 |
| October 2025 | $3,951,184,737 | 38 | July 1, 2025 |
| October 2026 | $4,295,380,885 | 35 | September 24, 2026 |

Regulatory assets under management: $4,094,689,639 in the October 2021 data and $4,295,380,885 in the October 2026 data, up 5%.
Total employees: 37 in October 2021 and 35 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Employees performing advisory functions went from 19 to 21.

### August 2026
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Employees performing advisory functions went from 21 to 19.

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Karpus Investment Management (CRD 110275): Form ADV filing data as of October 2026.