[SCHEDULE 13G/A] Legato Merger Corp. III SEC Filing

Rhea-AI Filing Summary

Legato Merger Corp. III is reported as having 3,495,104 common shares beneficially owned by Karpus Management, Inc., representing 13.55% of the class under CUSIP G5451A103. Karpus states it has sole voting and dispositive power over these shares and that the shares are held in accounts it manages. The filing identifies Karpus as a registered investment adviser organized in New York and notes informational barriers with its parent, City of London Investment Group plc, so that Karpus exercises independent voting and investment power. The filing asserts the shares were acquired in the ordinary course of business and not to influence control of the issuer.

Positive

• 13.55% beneficial ownership disclosed, providing transparency on a significant shareholder position
• Sole voting and dispositive power clearly stated for 3,495,104 shares, simplifying governance analysis
• Clear statement of passive intent (acquired in ordinary course; not to influence control), consistent with Schedule 13G

Negative

• None.

Insights

Institutional Ownership Analyst

TL;DR: Karpus holds a material passive stake of 13.55% with sole voting and dispositive power, disclosed under Schedule 13G/A.

Karpus' disclosure documents a significant passive stake in Legato Merger Corp. III via managed accounts, with full voting and disposition authority over 3,495,104 shares. Classification as an investment adviser filing under Schedule 13G indicates the position is reported as passive rather than an activist intent. The statement also describes implemented informational barriers with its parent to avoid attribution, which is relevant for ownership attribution analysis. This is a routine, transparent ownership disclosure material to cap table and shareholder concentration assessments.

Corporate Governance Specialist

TL;DR: The filing signals a concentrated shareholder but affirms no intent to change control, consistent with Schedule 13G treatment.

The disclosure confirms sole voting and dispositive power by Karpus over a >5% stake, which is notable for governance monitoring and proxy considerations. The filing explicitly states the stake was not acquired to influence control and that shares are held in the ordinary course of business, reducing immediate governance-change concerns. No group attribution or shared power is reported, simplifying ownership structure analysis for the issuer's board and compliance teams.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Legato Merger Corp. III

(Name of Issuer)

Common

(Title of Class of Securities)

G5451A103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G5451A103

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,495,104.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,495,104.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,495,104.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.55 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Legato Merger Corp. III
(b)	Address of issuer's principal executive offices: 777 Third Ave 37th Floor, New York, NY 10017
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: G5451A103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,495,104.00
(b)	Percent of class: 13.55 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,495,104.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 3,495,104.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	08/14/2025

FAQ

How many Legato Merger Corp. III (LEGT) shares does Karpus Management own?

Karpus Management beneficially owns 3,495,104 shares of Legato Merger Corp. III.

What percentage of LEGT does Karpus Management hold?

Karpus Management holds 13.55% of the class of common shares reported in this filing.

Does Karpus Management have voting control over these LEGT shares?

Yes. The filing states Karpus has sole voting power and sole dispositive power over the 3,495,104 shares.

Is Karpus Management filing as an activist intending to change control of LEGT?

No. The filing certifies the shares were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

Is the ownership attributed to any group or parent company?

No group attribution is reported; the filing notes informational barriers with its parent and states attribution to the parent is not required.