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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 Q2 2025 · Filed August 14, 2025 · Accession 0001072613-25-000614

Total Value
$3.10B
Positions
199
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (199)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD INDEX FDS S&P 500 ETF SH922908363457,002$259.6M8.37%
2NUVEEN NY AMT FREE MUN INCOME COMNU14,487,996$143.6M4.63%
3BLACKROCK MUNIHOLDINGS FUND INCBLK7,184,055$80.5M2.59%
4ISHARES CORE S&P500 ETF464287200127,960$79.5M2.56%
5BLACKROCK 2030 MUNICIPAL TARGET TERM TRUSTBLK3,587,879$78.5M2.53%
6VANGUARD INDEX FDS SMALL CP ETF922908751324,978$77.0M2.48%
7ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST03464A1005,531,335$71.8M2.32%
8EATON VANCE MUN BD FD COMETN7,294,955$70.5M2.27%
9WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT95766Q1068,077,278$67.8M2.19%
10VANGUARD BD INDEX FD INC LONG TERM BOND921937793931,254$64.8M2.09%
11AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05YCY-WT6,002,484$62.5M2.02%
12VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF9220428581,223,172$60.5M1.95%
13BLACKROCK MUNIVEST FUNDBLK9,074,236$59.7M1.93%
14NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUNDNBXG3,627,001$53.0M1.71%
15BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUNDBLK4,659,226$48.2M1.55%
16NUVEEN NAS100 DYN OVERWRT FD6706991071,803,255$47.7M1.54%
17GABELLI DIVD & INCOME TR COM36242H1041,788,008$46.5M1.50%
18SPDR SER TR NUVN BR SHT MUNI78468R739918,500$43.9M1.42%
19BLACKROCK MUNICIPAL INCOME TRUSTBLK4,504,536$43.2M1.39%
20BLACKROCK MUN INC TRUST IIBLK4,287,798$43.0M1.39%
21VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US922042775639,394$43.0M1.39%
22VANGUARD INDEX FDS TOTAL STK MKT922908769137,997$41.9M1.35%
23LEGATO ACQ CRP III; TNT ACQ DT: 2/08/2026; CASH: $10.00LEGT-WT3,495,104$37.3M1.20%
24ISHARES TR CORE MSCI EURO46434V738475,630$31.5M1.02%
25ISHARES LEHMAN 7-10YR TREAS464287440313,969$30.1M0.97%
26VANGUARD GROWTH ETF92290873667,753$29.7M0.96%
27ISHARES RUSSELL 1000 ETF46428762285,468$29.0M0.94%
28VANGUARD FTSE PACIFIC ETF922042866348,892$28.7M0.92%
29DRUGS MADE IN AMERICA ACQ CRP: 4/28/2026; CASH: $10.05G2847J1042,744,109$28.0M0.90%
30DWS MUNICIPAL INCOME TRUST2333681093,057,936$27.0M0.87%
31IB ACQ CRP; TNT ACQ DT: 9/26/2025; CASH: $10.05IBACR2,587,032$27.0M0.87%
32VANGUARD BD INDEX FD INC TOTAL BND MRKT921937835352,611$26.0M0.84%
33RF ACQUISITION CORP II. TNT ACQ DT: 11/21/2025; CASH: $10.05RFAIU2,421,042$25.5M0.82%
34GP-ACT III ACQ CRP; TNT ACQ DT: 5/10/2026; CASH: $10.00GPATW2,339,016$24.7M0.80%
35TAVIA ACQ CRP; TNT ACQ DT: 6/4/2026; CASH: $10.05TAVIU2,314,827$23.7M0.77%
36VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF921935870232,100$23.4M0.76%
37QUARTZSEA ACQ CRP; TNT ACQ DT: 6/18/2026; CASH: $10.00QSEAU2,300,475$23.1M0.75%
38VANGUARD INTL EQUITY INDEX FD FTSE EUROPE ETF922042874273,082$21.2M0.68%
39FINANCIAL SELECT SECTOR SPDR81369Y605398,598$20.9M0.67%
40BLACKROCK ENHANCED INTERNATIONAL DIVIDEND TRUSTBLK3,498,542$20.3M0.65%
41BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND INCBLK2,050,570$20.1M0.65%
42INVESCO MUNICIPAL TRUSTVKQ2,185,216$20.0M0.64%
43SIM ACQ CRP; TNT ACQ DT8/30/2024 7/12/2026; CASH $10.00SIMAW1,917,889$20.0M0.64%
44BLACKROCK CORE BD TR SHS BEN INTBLK1,986,275$19.3M0.62%
45BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INCBLK1,997,155$19.0M0.61%
46CRANE HARBOR ACQ CRP; TNT AC DT: 4/24/2027; CASH: $10.00CR1,815,750$18.3M0.59%
47GIGCAPITAL 7 ACQ CRP; TNT ACQ DT: 05/29/2026; CASH: $10.00GIGGW1,742,124$18.1M0.58%
48LIBERTY ALL-STAR GROWTH FD5299001023,285,168$18.0M0.58%
49Virtus DVD Intrst & PRM STRNFJ1,437,371$17.8M0.57%
50BLACKROCK ENHANCED GLOBAL DIVIDEND TRUSTBLK1,565,313$17.8M0.57%
51ABERDEEN TOTAL DYNAMIC DIVID00326l1001,997,264$17.7M0.57%
52EATON VANCE TAX-ADV GLOBAL DIV OPP FUNDETN644,155$17.5M0.56%
53INVESCO TRUST FOR INVESTMENT GIVZ1,822,741$17.3M0.56%
54VANGUARD WORLD FDS INF TECH ETF92204A70225,630$17.0M0.55%
55EATON VANCE TAX-MAN GLOBAL EQUITY FUNDETN1,858,987$16.3M0.52%
56EATON VANCE TAX-ADV GLOBAL DIV INCOME FUNDETN774,459$16.2M0.52%
57CHARLTON ASIA ACQ CRP; TNT ACQ DT: 04/24/2026; CASH: $10.025CHARU1,570,317$16.1M0.52%
58AGRICULTURE & NATURAL SOLUTIONS ACQ CRP; TNT ACQ DT: 11/10/2025; CASH: $10.00G0131Y1001,417,468$15.4M0.50%
59TEXAS VENTURES ACQ CRP III; TNT ACQ DT: 10/23/2026; CASH: $10.05G8772L1051,519,975$15.3M0.49%
60EATON VANCE TAX-ADV DVD INCETN629,393$15.2M0.49%
61KEEN VISION ACQ CRP; TNT ACQ DT: 4/25/2024; CASH: $10.13KVACW1,305,735$14.8M0.48%
62Eaton Vance Tax-Managed Global Buy-Write Opportunities FundETN1,695,491$14.7M0.47%
63MFS INTER INCOME TR SH BEN INT55273C1075,108,866$13.8M0.45%
64MELAR ACQ CRP; TNT ACQ DT: 6/18/2025; CASH: $10.00MACIW1,272,538$13.4M0.43%
65LAUNCH ONE ACP CRP; TNT ACQ DT: 7/12/2026; CASH: $10.00LPAAW1,215,225$12.7M0.41%
66JPMORGAN BETABUILDERS JAPAN ETF46641Q217202,251$12.5M0.40%
67BLACKROCK SCIENCE & TECH TRBLK322,983$12.3M0.40%
68K&F GROWTH ACQ CRP; TNT ACQ DT: 11/05/2026; CASH: $10.05KFIIU1,185,425$12.1M0.39%
69Duff & Phelps Utility & Inc26433C105970,597$12.0M0.39%
70CALAMOS GLOBAL DYNAMIC INCOME FUND12811L1071,656,186$11.8M0.38%
71ALLIANCE NATIONAL MUNICIPAL INCOME FUND01864u1061,144,987$11.8M0.38%
72LIONHEART HOLDINGS ACQ CRP; TNT ACQ DT: 6/18/2026; CASH $10.00CUBWW1,119,475$11.8M0.38%
73AIMEI ACQ CRP; TNT ACQ DT: 12/02/2024; CASH: $10.10AFJKU1,061,419$11.7M0.38%
74PIONEER DIVERSIFIED HIGH INCOME TRUST723653101920,566$11.5M0.37%
75CARTESIAN GROWTH CORP II, INC; TNT ACQ DT: 11/10/2023; CASH: $10.30REEWF901,719$10.8M0.35%
76BLACK HAWK ACQ CRP; TNT ACQ DT: 6/22/2025; CASH: $10.05BKHAU1,014,329$10.8M0.35%
77AIFEEX NEXUS ACQ CRP; TNT ACQ DT: 3/5/2026; CASH: $10.00PGACU1,032,600$10.5M0.34%
78BLACKROCK TECHNOLOGY AND PRIVATE EQUITY TERM TRUSTBLK1,423,101$10.4M0.34%
79VOYA GLBL EQTY DIV & PREM OPP COM92912T1001,798,212$10.4M0.34%
80AI TRANSPORTATION ACQ CORP. TNT ACQ DT: 11/08/2024; CASH: $10.10G01490112947,799$10.4M0.34%
81MAYWOOD ACQ CRP; TNT ACQ DT: 5/13/2026; CASH: $10.00MYXXU1,030,286$10.4M0.34%
82MainStay CBRE GLOBAL INFRASTRUCTURE MEGATRENDS FUND56064Q107689,551$9.8M0.32%
83ISHARES MSCI CDA ETF464286509199,599$9.2M0.30%
84BLACKROCK SCIENCE AND TECHNOLOGY TRUST IIBLK439,459$9.1M0.29%
85TEMPLETON DRAGON FD INC COM88018T101903,273$9.0M0.29%
86PACER GLOBAL CASH COWS DIVIDEND69374H709236,522$9.0M0.29%
87YHN ACQ CRP; TNT ACQ DT: 12/18/2025; CASH: $10.05YHNAU842,051$8.7M0.28%
88MS CHINA A SHAREMS-PQ619,887$8.5M0.28%
89FLAG SHIP ACQ CRP; TNT ACQ DT: 6/18/2025; CASH $10.00FSHPR787,825$8.2M0.26%
90ISHARES EMU ETF464286608137,460$8.2M0.26%
91JAPAN SMALLER CAPTLZTN FD INC COMJOF827,658$8.0M0.26%
92CO2 ENERGY TRANSITION ACQ CRP; TNT ACQ DT: 5/21/2026; CASH: $10.05NOEMW783,521$7.9M0.25%
93COPLEY ACQ CRP; TNT ACQ DT: 4/30/2027; CASH: $10.05COPL-WT781,989$7.9M0.25%
94Rising Dragon Acquisition CorpRDACU756,325$7.8M0.25%
95ISHARES EUROPE ETF464287861120,344$7.6M0.25%
96VOYAGER ACQ CRP; TNT ACQ DT: 8/9/2026; CASH: $10.05G93A7H104717,325$7.5M0.24%
97HAYMAKER 4 ACQ CRP; TNT ACQ DT: 7/25/2025; CASH: $10.10G4375F108671,025$7.4M0.24%
98MOUNTAIN LAKE ACQ CRP; TNT ACQ DT: 6/13/2026; CASH: $10.05MLACU724,320$7.4M0.24%
99INVESCO MUNICIPAL OPPORTUNITYIVZ807,808$7.4M0.24%
100KKR INCOME OPPORTUNITIES FUNDKKRT571,401$7.2M0.23%
101CHENGHE ACQ CRP II; TNT ACQ DT: 6/11/2026; CASH: $10.00CHECW688,967$7.2M0.23%
102PLUM ACQ CRP IV; TNT ACQ DT: 7/15/2026; CASH: $10.10PLMKW685,225$7.0M0.23%
103VIRTUS GLOBAL DIVIDEND & INCOME FUND92835W1071,123,948$7.0M0.23%
104WESTERN ASSET MANAGED MUNICI95766M105691,790$6.8M0.22%
105SRH TOTAL RETURN FUND INCSTEW372,566$6.6M0.21%
106IRON HORSE ACQ CRP; TNT ACQ DT: 12/29/2024; CASH; $10.00UCFIW629,525$6.6M0.21%
107TRIDENT ACQ CORP; TNT ACQ DATE: 11/30/19; CASH $10.20G9008W105616,775$6.3M0.20%
108MORGAN STANLEY INDIA INVS FD COMMS-PQ223,274$6.3M0.20%
109ISHARES MSCI SOUTH KOREA IND46428677283,418$6.0M0.19%
110NABORS ENERGY ACQ CRP II; TNT ACQ DT: 7/14/2024; CASH: $10.15G6363K106537,778$6.0M0.19%
111BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTBLK609,718$5.9M0.19%
112SOULPOWER ACQ CRP; TNT ACQ DT: 4/2/2027; CASH: $10.00SOUL-UN585,950$5.9M0.19%
113PIONEER MUNICIPAL HIGH INCOME OPPORTUNITIES FUND723760104496,367$5.9M0.19%
114NEWBURY STREET ACQ CRP II; TNT ACQ DT: 10/31/2026; CASH: $10.05G6439S109567,337$5.8M0.19%
115MFS GOVT MKTS INCOME TR SH BEN INT5529391001,832,776$5.7M0.18%
116TEKLA LIFE SCIENCES INVESTORS87911k100430,720$5.5M0.18%
117FUTURE VISION ACQ CRP II; TNT ACQ DT: 03/21/2026; CASH: $10.05FVNNU529,419$5.5M0.18%
118NUVEEN AMT-FR QLTY MUNI INCNU500,732$5.5M0.18%
119JOHN HANCOCK T/A DVD INCOME41013v100226,036$5.3M0.17%
120BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC09662E109856,403$4.8M0.15%
121ISHARES BRAZIL ETF464286400165,578$4.8M0.15%
122VANGUARD BD INDEX FD INC SHORT TRM BOND92193782760,670$4.8M0.15%
123OAK WOODS ACQ CRP; TNT ACQ DT: 3/24/2024; CASH: $10.17567190B104406,828$4.8M0.15%
124NEW GERMANY FUND644465106372,882$4.5M0.14%
125INVESCO QUALITY MUNI INC TRST COMIVZ453,196$4.3M0.14%
126ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUNDEOD780,541$4.2M0.14%
127BLACKROCK MUNIVEST FUND IIBLK398,165$4.1M0.13%
128TAIWAN FD INC COM87403610691,145$4.1M0.13%
129ALPHATIME ACQ CORP. TNT ACQ DT: 09/30/2023; CASH: $10.18G0223V105341,817$4.0M0.13%
130DT CLOUD STAR ACQ CRP; TNT ACQ DT: 10/25/2025; CASH: $10.05DTSQU349,198$3.6M0.12%
131RIVERNORTH FLEXIBLE MUNICIPAL INCOME FUND II76883Y107278,326$3.5M0.11%
132PELICAN ACQ CRP; TNT ACQ DT: 8/23/2026; CASH: $10.00PELI350,250$3.5M0.11%
133BlackRock MuniYield Quality Fund IIIBLK327,800$3.4M0.11%
134EUREKA ACQ CRP; TNT ACQ DT: 1/12/2026; CASH $10.00EURKU327,400$3.4M0.11%
135BLACKROCK MUNIYELD QUALITY FUND IIBLK348,061$3.4M0.11%
136BlackRock MuniHoldings New Jersey Quality FundBLK303,280$3.3M0.11%
137First Trust ENH Equity Inc337318109160,460$3.3M0.11%
138STELLAR V CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.07SVCCW314,850$3.2M0.10%
139ABERDEEN EMERGING MARKETS EQUITY INCOME FUND INC00301w105521,561$3.1M0.10%
140ALPHAVEST ACQ CRP; TNT ACQ DT: 12/20/2023; CASH: $10.20G0283A108261,100$3.1M0.10%
141ARMADA CQ CRP UNIT II; TNT ACQ DT: 5/16/2027; CASH: $10.00XRPNW300,000$3.1M0.10%
142RANGE CAPITAL ACQ CRP; TNT ACQ DT: 6/20/2026; CASH: $10.05G7375C108294,860$3.0M0.10%
143CAYSON ACQ CRP; TNT ACQ DT:9/20/2025; CASH: $10.00CAPNU292,508$3.0M0.10%
144UY SCUTI ACQ CRP; TNT ACQ DT: 9/30/2026; CASH: $10.00UYSCU296,561$3.0M0.10%
145ANDRETTI ACQ CRP II; TNT ACQ DT: 9/6/2026; CASH: $10.05POLEW275,850$2.9M0.09%
146NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUNDNU235,800$2.8M0.09%
147LAKESHORE ACQ CRP III; TNT ACQ DT: 7/30/2026; CASH:$10.00LCCCU273,575$2.7M0.09%
148LAUNCH TWO ACQ CRP; TNT ACQ DT: 01/7/2026; CASH: $10.05LPBBW256,900$2.7M0.09%
149PIONEER MUNI HI INC ADV TRST723762100299,040$2.5M0.08%
150Eaton Vance Tax-Managed Buy-Write Opportunities FundETN176,120$2.4M0.08%
151PUTNAM MUNI OPPORTUNITIES746922103231,992$2.3M0.07%
152RIBBON ACQ CRP; TNT ACQ DT: 1/15/2026; CASH: $10.00RIBBU225,512$2.3M0.07%
153GRAF INDUSTRIAL ACQ CORP; TNT ACQ DT: 9/7/2020; CASH $10.00g4036c106218,025$2.3M0.07%
154RENATUS TACTICAL ACQ CRP UNIT; TNT ACQ DT: 5/15/2027; CASH: $10.025RTACW174,350$2.2M0.07%
155COLUMBUS ACQ CRP; TNT ACQ DT: 1/22/2026; CASH: $10.00COLAU201,437$2.0M0.07%
156BLEICHROEDER STREET ACQ CRP; TNT ACQ DT: 10/31/2026; CASH: $10.00G1169T104194,380$2.0M0.06%
157FOUR LEAF ACQ CRP; TNT ACQ DT: 3/17/2024; CASH: $10.3035088F107169,721$2.0M0.06%
158BLACKROCK HEALTH SCIENCESBLK52,672$1.9M0.06%
159BLACKROCK MUNIYIELD FUND, INC.BLK186,298$1.9M0.06%
160SIZZLE ACQ CRP II; TNT ACQ DT: 4/2/2027; CASH: $10.00SZZLU185,983$1.9M0.06%
161JOHN HANCOCK INCOME SECURITIES TRUST410123103165,285$1.9M0.06%
162BLACKROCK ENH CAP & INC FD INC COMBLK78,701$1.7M0.05%
163SPDR S&P 500 ETF TR TR UNITSPY2,630$1.6M0.05%
164GESHER ACQ CRP; TNT ACQ DT: 12/21/2026; CASH: $10.03GSHRW149,000$1.5M0.05%
165SWISS HELVETIA FD INC COMSWZ237,345$1.5M0.05%
166BLACKROCK CR ALLCTN INC TR COMBLK126,780$1.4M0.04%
167BLACKROCK MINVESTMENT QALITY MUNICIPAL TRUSTBLK123,531$1.3M0.04%
168NEWHOLD INVESTMENT ACQ CRP III; TNT ACQ DT: 2/28/2027; CASH: $10.05G6486E102118,700$1.2M0.04%
169PIONEER MUNICIPAL HIGH INCOME TRUST723763108131,181$1.2M0.04%
170BLACKROCK MUNICIPAL INCOME QUALITY TRUSTBLK107,191$1.1M0.04%
171PIMCO CALIFORNIA MUNICIPAL INCOME FUND II72200M108208,395$1.1M0.04%
172BLACKROCK ENHANCED EQT DIV TR COMBLK125,304$1.1M0.04%
173CHINA FD INC COM16937310771,172$1.1M0.03%
174RIVERNORTH MANAGED DURATION MUNICIPAL INCOME FUND II76882M10474,002$1.0M0.03%
175CALAMOS STRAT TOT RETURN FDCSQ55,333$1.0M0.03%
176NUVEEN QUALITY MUNICIPAL INCOME FUNDNU85,300$963,0380.03%
177ROMAN DBDR ACQ CRP II; TNT ACQ DT: 12/17/2026; CASH: $10.05DRDBW88,400$911,4040.03%
178VINE HILL CAPITAL ACQ CRP; TNT ACQ DT: 6/26/2026; CASH: $10.05G93Y0910784,665$880,5160.03%
179MICROSOFT CORP COMMSFT1,700$845,5970.03%
180ORACLE CORP COMORCL-PD3,550$776,1370.03%
181EQV VENTURES ACQ CRP V; TNT ACQ DT: 8/7/2026; CASH: $10.00G3106N10965,800$691,5580.02%
182SPDR BLOOMBERG 1-3 MONTH T-BILL ETF78468R6637,290$668,7120.02%
183ISHARES SHORT TREASURY BOND4642886796,000$662,5200.02%
184INVESCO ADVANTAGE MUNICIPAL INCOME TRUST IIIVZ69,000$577,5300.02%
185LILLY ELI & CO COMLLY680$530,0800.02%
186HOME DEPOT INC COMHD1,400$513,2960.02%
187PIMCO NEW YORK MUNICIPAL FUND III72201E10585,987$450,5720.01%
188ISHARES EDGE MSCI USA QUALITY46432F3392,285$417,7440.01%
189PIMCO MUNICIPAL INCOME FUND III72201A10359,773$410,0430.01%
190ISHARES CORE MSCI EMERGING MARKETS ETF46434G1036,810$408,8040.01%
191ISHARES TR MSCI ACWI EX US4642882406,040$368,0780.01%
192NUVEEN NJ DIV ADVANTAGE MUN FD COMNU29,020$329,3770.01%
193NUVEEN MUNICIPAL CREDIT INCOME FUNDNU25,203$300,4160.01%
194DISNEY WALT CO COM DISNEY2546871062,215$274,6820.01%
195VANGUARD TOTAL WORLD STOCK ETF9220427422,015$258,9680.01%
196JOHN HANCOCK HEDGED EQUITY & INCOME FUNDHEQ22,593$239,0340.01%
197WILLOW LANE ACQ CRP; TNT ACQ DT: 11/08/2026; CASH: $10.03WLACW22,500$230,1750.01%
198BLACKROCK MUNIHOLDINGS QUALITY FUND II INCBLK18,225$174,5960.01%
199CHAMPIONSGATE ACQ CRP; TNT ACQ DT: 11/27/2026; CASH: $10.05CHPGU12,475$124,7500.00%