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We review the CEF market valuation and performance through the second week of May and highlight recent market action. CEF market showed mixed performance; equity sectors outperformed while MLP and Utility funds lagged, with discounts remaining weak despite NAV strength. Loan CEFs underperformed due to distribution cuts from Fed rate moves and AI disruption concerns, widening their discounts after prior expensive levels.

BOSTON--(BUSINESS WIRE)--MFS Announces Special Distribution for Certain Closed-End Funds in Connection with Reorganizations.

BOSTON--(BUSINESS WIRE)--MFS High Yield Municipal Trust (NYSE: CMU) Announces Final Results of Tender Offer.

BOSTON--(BUSINESS WIRE)--MFS High Yield Municipal Trust Announces Preliminary Results of Tender Offer.

We review the CEF market valuation and performance through the second week of April and highlight recent market action. CEFs rallied broadly with tightening discounts, now trading near historic averages, signaling improved sentiment across most sectors except MLPs. Saba's canceled BRW-SABA merger preserves relative value opportunities and maintains SABA's appeal due to its low fee structure and wider discount.

BOSTON--(BUSINESS WIRE)--MFS High Yield Trust Announces Optional Partial Redemption of Preferred Shares.

Almitas Capital LLC grew its holdings in shares of Mfs Hi Yld (NYSE: CMU) by 131.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,507,168 shares of the company's stock after buying an additional 855,533 shares during the period. Mfs Hi
