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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

Karpus Management, Inc.

Quarter ended Q1 2025 · Filed May 14, 2025 · Accession 0001072613-25-000398

Total Value
$3.09B
Positions
202
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (202)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD INDEX FDS S&P 500 ETF SH922908363461,800$237.3M7.69%
2NUVEEN NY AMT FREE MUN INCOME COMNU17,942,460$184.8M5.99%
3BLACKROCK MUNIHOLDINGS FUND INCBLK7,446,755$87.4M2.83%
4ISHARES CORE S&P500 ETF464287200140,091$78.7M2.55%
5BLACKROCK MUNIVEST FUNDBLK10,331,144$72.4M2.35%
6VANGUARD INDEX FDS SMALL CP ETF922908751326,238$72.3M2.34%
7EATON VANCE MUN BD FD COMETN7,013,648$69.9M2.27%
8NUVEEN AMT-FR QLTY MUNI INCNU6,131,607$68.7M2.23%
9WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT95766Q1067,805,355$65.1M2.11%
10BLACKROCK 2030 MUNICIPAL TARGET TERM TRUSTBLK3,012,742$64.0M2.07%
11AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05YCY-WT6,043,528$63.0M2.04%
12VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF9220428581,211,646$54.8M1.78%
13BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUNDBLK5,029,383$53.9M1.75%
14ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST03464A1003,542,306$47.8M1.55%
15NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUNDNBXG3,685,746$45.2M1.46%
16BLACKROCK MUNICIPAL INCOME TRUSTBLK4,408,579$43.6M1.41%
17NUVEEN NAS100 DYN OVERWRT FD6706991071,815,285$43.1M1.40%
18GABELLI DIVD & INCOME TR COM36242H1041,772,709$42.8M1.39%
19BLACKROCK MUN INC TRUST IIBLK3,952,989$41.1M1.33%
20LEGATO ACQ CRP III; TNT ACQ DT: 2/08/2026; CASH: $10.00LEGT-WT3,837,341$40.3M1.30%
21ISHARES LEHMAN 7-10YR TREAS464287440419,287$40.0M1.30%
22VANGUARD INDEX FDS TOTAL STK MKT922908769142,072$39.0M1.27%
23GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.00GPATW3,608,177$37.1M1.20%
24NUVEEN QUALITY MUNICIPAL INCOME FUNDNU3,188,063$36.7M1.19%
25SPDR SER TR NUVN BR SHT MUNI78468R739721,219$34.3M1.11%
26INVESCO TRUST FOR INVESTMENT GIVZ3,104,734$30.9M1.00%
27VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US922042775498,627$30.2M0.98%
28ISHARES TR CORE MSCI EURO46434V738470,998$28.3M0.92%
29IB ACQ CRP; TNT ACQ DT: 9/26/2025; CASH: $10.05IBACR2,618,457$27.0M0.87%
30VANGUARD BD INDEX FD INC TOTAL BND MRKT921937835364,581$26.8M0.87%
31RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05RFAIU2,483,225$25.8M0.83%
32BLACKROCK ENHANCED INTERNATIONAL DIVIDEND TRUSTBLK4,424,334$24.8M0.80%
33VANGUARD GROWTH ETF92290873666,366$24.6M0.80%
34VANGUARD FTSE PACIFIC ETF922042866339,211$24.6M0.80%
35TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05TAVIU2,342,800$23.5M0.76%
36DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05G2847J1042,324,034$23.3M0.75%
37DWS MUNICIPAL INCOME TRUST2333681092,373,160$22.3M0.72%
38EATON VANCE TAX-ADV GLOBAL DIV INCOME FUNDETN1,216,913$22.2M0.72%
39SIM ACQ CRP; TNT ACQ DT8/30/2024 7/12/2026; CASH $10.00SIMAW2,103,425$21.5M0.70%
40INVESCO MUNICIPAL TRUSTVKQ2,219,715$21.4M0.69%
41BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INCBLK2,062,999$20.9M0.68%
42BLACKROCK ENHANCED GLOBAL DIVIDEND TRUSTBLK1,899,146$20.6M0.67%
43EATON VANCE TAX-MAN GLOBAL EQUITY FUNDETN2,485,763$20.2M0.66%
44BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INCBLK2,017,756$20.0M0.65%
45GIGCAPITAL 7 ACQ CRP; TNT ACQ DT: 05/29/2026; CASH: $10.00GIGGW1,890,424$19.1M0.62%
46VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF922042874271,231$19.0M0.62%
47MFS INTER INCOME TR SH BEN INT55273C1077,049,977$19.0M0.61%
48FINANCIAL SELECT SECTOR SPDR81369Y605374,200$18.6M0.60%
49Virtus DVD Intrst & PRM STRNFJ1,483,588$18.0M0.58%
50BNY MELLON MUNICIPAL INCOME INC05589T1042,501,319$18.0M0.58%
51ABERDEEN TOTAL DYNAMIC DIVID00326l1002,125,320$17.8M0.58%
52MELAR ACQ CRP; TNT ACQ DT: 6/18/2025; CASH: $10.00MACIW1,633,263$16.7M0.54%
53CENTURION ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.00ALFUW1,607,039$16.5M0.53%
54EATON VANCE TAX-ADV GLOBAL DIV OPP FUNDETN659,449$16.2M0.53%
55LIBERTY ALL-STAR GROWTH FD5299001023,287,465$16.1M0.52%
56LIONHEART HOLDINGS ACQ CRP; TNT ACQ DT: 6/18/2026; CASH $10.00CUBWW1,524,050$15.7M0.51%
57NABORS ENERGY ACQ CRP II; TNT ACQ DT: 7/14/2024; CASH: $10.15G6363K1061,428,492$15.6M0.51%
58KEEN VISION ACQ CRP; TNT ACQ DT: 4/25/2024; CASH: $10.13KVACW1,332,985$15.0M0.49%
59EATON VANCE TAX-ADV DVD INCETN635,312$14.8M0.48%
60LAUNCH ONE ACP CRP; TNT ACQ DT: 7/12/2026; CASH: $10.00LPAAW1,409,675$14.4M0.47%
61CHARLTON ASIA ACQ CRP; TNT ACQ DT: 04/24/2026; CASH: $10.025CHARU1,423,492$14.3M0.46%
62Eaton Vance Tax-Managed Global Buy-Write Opportunities FundETN1,727,970$14.3M0.46%
63VANGUARD WORLD FDS INF TECH ETF92204A70225,814$14.0M0.45%
64BLACKROCK HEALTH SCIENCES TRUST IIBLK919,646$13.7M0.44%
65AGRICULTURE & NATURAL SOLUTIONS ACQ CRP; TNT ACQ DT: 11/10/2025; CASH: $10.00G0131Y1001,266,493$13.5M0.44%
66Duff & Phelps Utility & Inc26433C1051,023,720$12.5M0.41%
67VOYA GLBL EQTY DIV & PREM OPP COM92912T1002,154,853$12.4M0.40%
68SPARK ACQ CRP; TNT ACQ DT: 7/5/2025; CASH: $10.05SPKLW1,138,800$12.2M0.40%
69BLACKROCK SCIENCE AND TECHNOLOGY TRUST IIBLK683,781$12.1M0.39%
70AIMEI ACQ CRP; TNT ACQ DT: 12/02/2024; CASH: $10.10AFJKU1,079,107$11.9M0.38%
71K&F GROWTH ACQ CRP; TNT ACQ DT: 11/05/2026; CASH: $10.05KFIIU1,179,650$11.7M0.38%
72INVESCO MUNICIPAL OPPORTUNITYIVZ1,188,432$11.3M0.37%
73ISHARES RUSSELL 1000 ETF46428762236,450$11.2M0.36%
74PIONEER DIVERSIFIED HIGH INCOME TRUST723653101934,903$11.2M0.36%
75BLACK HAWK ACQ CRP; TNT ACQ DT: 6/22/2025; CASH: $10.05BKHAU1,058,929$11.2M0.36%
76GLOBAL LIGHTS ACQ CRP; TNT ACQ DT: 11/16/2024; CASH: $10.05G3937F1011,006,135$10.9M0.35%
77CARTESIAN GROWTH CORP II, INC; TNT ACQ DT: 11/10/2023; CASH: $10.30REEWF914,894$10.9M0.35%
78AI TRANSPORTATION ACQ CORP. TNT ACQ DT: 11/08/2024; CASH: $10.10G01490112952,824$10.5M0.34%
79JPMORGAN BETABUILDERS JAPAN ETF46641Q217186,185$10.5M0.34%
80MainStay CBRE GLOBAL INFRASTRUCTURE MEGATRENDS FUND56064Q107782,006$10.4M0.34%
81BlackRock ESG Capital Allocation TrustBLK645,959$10.2M0.33%
82BLACKROCK SCIENCE & TECH TRBLK300,768$9.9M0.32%
83BLACKROCK TECHNOLOGY AND PRIVATE EQUITY TERM TRUSTBLK1,487,902$9.3M0.30%
84MOUNTAIN LAKE ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.05MLACU919,800$9.2M0.30%
85HAYMAKER 4 ACQ CRP; TNT ACQ DT: 7/25/2025; CASH: $10.10G4375F108838,525$9.2M0.30%
86AIFEEX NEXUS ACQ CRP; TNT ACQ DT: 3/5/2026; CASH: $10.00PGACU902,825$9.0M0.29%
87FLAG SHIP ACQ CRP; TNT ACQ DT: 6/18/2025; CASH $10.00FSHPR869,121$9.0M0.29%
88TEMPLETON DRAGON FD INC COM88018T101916,056$8.9M0.29%
89YHN ACQ CRP; TNT ACQ DT: 12/18/2025; CASH: $10.05YHNAU864,522$8.8M0.29%
90SRH TOTAL RETURN FUND INCSTEW509,215$8.8M0.28%
91CALAMOS GLOBAL DYNAMIC INCOME FUND12811L1071,346,031$8.6M0.28%
92MAYWOOD ACQ CRP; TNT ACQ DT: 5/13/2026; CASH: $10.00MYXXU854,761$8.5M0.27%
93JAPAN SMALLER CAPTLZTN FD INC COMJOF994,595$8.3M0.27%
94KKR INCOME OPPORTUNITIES FUNDKKRT676,301$8.3M0.27%
95CHENGHE ACQ CRP II; TNT ACQ DT: 6/11/2026; CASH: $10.00CHECW793,767$8.1M0.26%
96ISHARES EUROPE ETF464287861139,266$8.1M0.26%
97MS CHINA A SHAREMS-PQ617,811$8.1M0.26%
98Rising Dragon Acquisition CorpRDACU775,400$7.9M0.26%
99VANGUARD BD INDEX FD INC LONG TERM BOND921937793111,580$7.9M0.25%
100ALLIANCE NATIONAL MUNICIPAL INCOME FUND01864u106718,077$7.8M0.25%
101EUREKA ACQ CRP; TNT ACQ DT: 1/12/2026; CASH $10.00EURKU740,200$7.6M0.25%
102VOYAGER ACQ CRP; TNT ACQ DT: 8/9/2026; CASH: $10.05G93A7H104739,325$7.5M0.24%
103GSR ACQ CRP III; TNT ACQ DT: 8/7/2026; CASH: $10.00G4R103107716,696$7.2M0.23%
104CO2 ENERGY TRANSITION ACQ CRP; TNT ACQ DT: 5/21/2026; CASH: $10.05NOEMW721,246$7.2M0.23%
105WESTERN ASSET MANAGED MUNICI95766M105693,040$7.1M0.23%
106EQV VENTURES ACQ CRP V; TNT ACQ DT: 8/7/2026; CASH: $10.00G3106N109701,500$7.1M0.23%
107VIRTUS GLOBAL DIVIDEND & INCOME FUND92835W1071,158,709$6.9M0.22%
108IRON HORSE ACQ CRP; TNT ACQ DT: 12/29/2024; CASH; $10.00UCFIW635,475$6.7M0.22%
109NUVEEN CALIFORNIA QUALITY MUNICIPAL INCOME FUNDNU591,389$6.6M0.22%
110MORGAN STANLEY INDIA INVS FD COMMS-PQ269,488$6.6M0.21%
111M3-BRIGADE ACQ CRO V; TNT ACQ DT: 8/1/2026; CASH: $10.05G63212107607,597$6.2M0.20%
112MFS GOVT MKTS INCOME TR SH BEN INT5529391001,936,879$6.1M0.20%
113ISHARES MSCI CDA ETF464286509150,158$6.1M0.20%
114TRIDENT ACQ CORP; TNT ACQ DATE: 11/30/19; CASH $10.20G9008W105606,925$6.1M0.20%
115INVESCO QUALITY MUNI INC TRST COMIVZ631,564$6.1M0.20%
116NEWBURY STREET ACQ CRP II; TNT ACQ DT: 10/31/2026; CASH: $10.05G6439S109590,599$5.9M0.19%
117TEKLA LIFE SCIENCES INVESTORS87911k100467,691$5.9M0.19%
118BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTBLK580,390$5.9M0.19%
119JOHN HANCOCK T/A DVD INCOME41013v100230,311$5.5M0.18%
120FUTURE VISION ACQ CRP II; TNT ACQ DT: 03/21/2026; CASH: $10.05FVNNU534,994$5.4M0.18%
121BLACKROCK ENHANCED EQT DIV TR COMBLK610,555$5.3M0.17%
122VANGUARD BD INDEX FD INC SHORT TRM BOND92193782765,620$5.1M0.17%
123GOLDENSTONE ACQ CRP; TNT ACQ DT: 12/21/2023; CASH: $10.15GDSTW438,691$5.0M0.16%
124OAK WOODS ACQ CRP; TNT ACQ DT: 3/24/2024; CASH: $10.17567190B104410,703$4.8M0.15%
125PLUM ACQ CRP IV; TNT ACQ DT: 7/15/2026; CASH: $10.10PLMKW450,600$4.5M0.15%
126NEW GERMANY FUND644465106446,429$4.4M0.14%
127COLUMBUS ACQ CRP; TNT ACQ DT: 1/22/2026; CASH: $10.00COLAU407,712$4.1M0.13%
128ALPHATIME ACQ CORP. TNT ACQ DT: 09/30/2023; CASH: $10.18G0223V105342,567$4.0M0.13%
129DT CLOUD STAR ACQ CRP; TNT ACQ DT: 10/25/2025; CASH: $10.05DTSQU387,248$4.0M0.13%
130ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUNDEOD778,373$3.9M0.12%
131RIVERNORTH FLEXIBLE MUNICIPAL INCOME FUND II76883Y107277,395$3.7M0.12%
132ISHARES BRAZIL ETF464286400136,897$3.5M0.11%
133BLACKROCK MUNIVEST FUND IIBLK333,128$3.5M0.11%
134BlackRock MuniYield Quality Fund IIIBLK318,200$3.5M0.11%
135BlackRock MuniHoldings New Jersey Quality FundBLK303,280$3.4M0.11%
136First Trust ENH Equity Inc337318109174,631$3.4M0.11%
137ANDRETTI ACQ CRP II; TNT ACQ DT: 9/6/2026; CASH: $10.05POLEW326,850$3.3M0.11%
138Eaton Vance Tax-Managed Buy-Write Opportunities FundETN242,724$3.2M0.10%
139PUTNAM PREMIET INCOME TRUSTPPT852,316$3.1M0.10%
140ALPHAVEST ACQ CRP; TNT ACQ DT: 12/20/2023; CASH: $10.20G0283A108261,725$3.0M0.10%
141LAUNCH TWO ACQ CRP; TNT ACQ DT: 01/7/2026; CASH: $10.05LPBBW276,761$2.8M0.09%
142CAYSON ACQ CRP; TNT ACQ DT:9/20/2025; CASH: $10.00CAPNU264,406$2.7M0.09%
143TRAILBLAZER ACQ CRP; TNT ACQ DT: 3/29/2024; CASH: $10.20TBMC237,890$2.7M0.09%
144ABERDEEN EMERGING MARKETS EQUITY INCOME FUND INC00301w105521,791$2.6M0.08%
145GRAF INDUSTRIAL ACQ CORP; TNT ACQ DT: 9/7/2020; CASH $10.00g4036c106245,975$2.5M0.08%
146RANGE CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.05G7375C108236,689$2.4M0.08%
147BLACK SPADE ACQ CRP II; TNT ACQ DT: 08/28/2026; CASH: $10.00G1153L109231,235$2.3M0.08%
148SWISS HELVETIA FD INC COMSWZ247,460$2.3M0.07%
149CONSILIUM ACQ CRP; TNT ACQ DT: 7/13/2023; CASH: $10.15G2365L101185,050$2.2M0.07%
150STELLAR V CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.07SVCCW215,350$2.2M0.07%
151RIBBON ACQ CRP; TNT ACQ DT: 1/15/2026; CASH: $10.00RIBBU214,691$2.1M0.07%
152BLEICHROEDER STREET ACQ CRP; TNT ACQ DT: 10/31/2026; CASH: $10.00G1169T104206,130$2.1M0.07%
153VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF92193587020,050$2.0M0.07%
154BLACKROCK HEALTH SCIENCESBLK51,715$2.0M0.06%
155FOUR LEAF ACQ CRP; TNT ACQ DT: 3/17/2024; CASH: $10.3035088F107173,321$2.0M0.06%
156AQUARON ACQ CRP; TNT ACQ DT: 7/4/2023; CASH: $10.1503842W105163,746$1.9M0.06%
157JOHN HANCOCK INCOME SECURITIES TRUST410123103165,285$1.9M0.06%
158BLACKROCK CR ALLCTN INC TR COMBLK163,139$1.7M0.06%
159TAIWAN FD INC COM87403610648,889$1.6M0.05%
160BLACKROCK ENH CAP & INC FD INC COMBLK85,160$1.6M0.05%
161BAYVIEW ACQ CRP; TNT ACQ DT: 9/18/2024; CASH: $10.00BAYAU128,125$1.4M0.05%
162BLACKROCK MUNIYIELD FUND, INC.BLK128,498$1.4M0.04%
163RIVERNORTH MANAGED DURATION MUNICIPAL INCOME FUND II76882M10480,023$1.2M0.04%
164ABERDEEN JAPAN EQUITY FUND INCJEQ180,685$1.2M0.04%
165ROMAN DBDR ACQ CRP II; TNT ACQ DT: 12/17/2026; CASH: $10.05DRDBW114,950$1.2M0.04%
166INVESCO ADVANTAGE MUNICIPAL INCOME TRUST IIIVZ122,380$1.0M0.03%
167PUTNAM MUNI OPPORTUNITIES74692210399,548$1.0M0.03%
168CHINA FD INC COM16937310775,191$965,4470.03%
169VINE HILL CAPITAL ACQ CRP; TNT ACQ DT: 6/26/2026; CASH: $10.05G93Y0910785,890$871,7840.03%
170CALAMOS STRAT TOT RETURN FDCSQ53,343$863,0900.03%
171BLACKROCK MUNIYELD QUALITY FUND IIBLK85,333$853,3300.03%
172SPDR S&P 500 ETF TR TR UNITSPY1,500$839,0850.03%
173BLACKROCK MUNICIPAL INCOME QUALITY TRUSTBLK76,709$826,9230.03%
174ABERDEEN GLOBAL INFRA INCOME FUND00326W10638,540$708,7510.02%
175ISHARES SHORT TREASURY BOND4642886796,250$690,3750.02%
176VOYA GLOBAL ADVANTAGE PREMIUM OPP FUND92912R10468,957$677,1530.02%
177NUVEEN MUNICIPAL CREDIT INCOME FUNDNU53,525$654,6130.02%
178CHURCHILL CAPTIAL ACQ CRP IX; TNT ACQ DT: 05/03/2026; CASH: $10.00CCIXW60,000$647,4000.02%
179MICROSOFT CORP COMMSFT1,700$638,1630.02%
180ABERDEEN GLOBAL DYNAMIC DIVIDEND FUNDAGD64,029$637,7290.02%
181SPDR BLOOMBERG 1-3 MONTH T-BILL ETF78468R6636,525$598,5380.02%
182LILLY ELI & CO COMLLY680$561,6190.02%
183PIONEER MUNI HI INC ADV TRST72376210063,579$530,8850.02%
184HOME DEPOT INC COMHD1,400$513,0860.02%
185EVERGREEN CORP; TNT ACQ DT: 08/11/2023; CASH: $10.15EVEX-WT42,100$509,4100.02%
186VOYA INFRASTRUCTURE INDUST AND MATER FUND92912X10147,006$497,3230.02%
187ORACLE CORP COMORCL-PD3,550$496,3260.02%
188NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUNDNU39,500$489,0100.02%
189ISHARES EDGE MSCI USA QUALITY46432F3392,425$414,4080.01%
190ISHARES TR MSCI ACWI EX US4642882406,640$368,1880.01%
191ISHARES CORE MSCI EMERGING MARKETS ETF46434G1036,810$367,5360.01%
192NUVEEN NJ DIV ADVANTAGE MUN FD COMNU29,020$341,5650.01%
193BLACKROCK MINVESTMENT QALITY MUNICIPAL TRUSTBLK26,327$302,4970.01%
194VALUENCE ACQ CRP; TNT ACQ DT: 6/1/2023; CASH: $10.30VMCWF23,750$279,0630.01%
195JOHN HANCOCK HEDGED EQUITY & INCOME FUNDHEQ22,593$234,9670.01%
196WILLOW LANE ACQ CRP; TNT ACQ DT: 11/08/2026; CASH: $10.03WLACW22,500$225,4500.01%
197ABBVIE INC COMABBV1,050$219,9960.01%
198DISNEY WALT CO COM DISNEY2546871062,215$218,6210.01%
199AMGEN INC COMAMGN680$211,8540.01%
200BLACKROCK MUNIHOLDINGS QUALITY FUND II INCBLK18,225$182,2500.01%
201BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC09662E10925,793$148,8260.00%
202JVSPAC ACQ CRP; TNT ACQ DT: 1/18/2025; CASH: $10.00G5212E10513,200$140,8440.00%