Karpus Management, in a newly amended filing with the Securities and Exchange Commission, disclosed a letter sent to the Secretary and Chief Legal Officer of Western Asset Inflation Management Fund Inc. (NYSE:IMF), Robert Frenkel. According to the letter, Karpus intends to have three nominees to be elected to the board of the Wester Asset Inflation’s Board of Directors.
The nominees should be elected at the next year’s shareholders meeting scheduled for April 2014.
At the same time, Karpus revealed reducing slightly its holding in the company. The fund currently holds around 1.627 million shares, versus 1.629 million revealed in an earlier filing a couple of weeks ago. Karpus still holds about 23% of Western Asset Inflation Management Fund.
Western Asset Inflation Management Fund is a closed-end management investment company, managed by Legg Mason Partners. The fund mainly invests focusing on total return. Its investment targets are inflation-protected securities issued by the governments, as well as corporate securities.
In its latest 13F, Karpus revealed its equity portfolio as at the end of the third quarter of the year. As follows, many of its largest holdings in term of value represent exchange-traded funds such as: Vanguard 500 Index Fund (NYSEARCA:VOO), and SPDR S&P 500 ETF Trust (NYSEARCA:SPY), among others. At the same time, the fund revealed holding a $77.7 million stake in AllianceBernstein Income Fund Inc. (NYSE:ACG), which amasses over 11 million shares. In Adams Express Company (NYSE:ADX), Karpus revealed holding 2.2 million shares, worth $27.2 million.