Closed-end funds rebounded strongly through early April as market discounts tightened to historic averages. All sectors finished positive except MLPs in this week's CEF market activity. Gabelli Equity CEF executed an unusual 10:1 rights offering with a fixed subscription price initially set higher but later reduced to $5, resulting in widened discounts for the fund. Meanwhile, Nuveen completed a merger consolidating three covered call CEFs into SPXX, though the strategy continues underperforming the S&P 500 due to the inherent yield tax from covered call approaches. Municipal bond CEF AFB demonstrated strength with a solid net investment income yield of 6.6 percent and improved income metrics.
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