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NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

We review the CEF market valuation and performance through the last week of February and highlight recent market action. Closed-end fund discounts remain tight, with Utilities and MLP funds leading performance for the week. CLO Equity CEF CCIF cut its distribution, likely to retain earnings and support NAV, despite core NII exceeding the previous payout.

NEW YORK--(BUSINESS WIRE)--Category: Financials.

Penserra Capital Management LLC grew its position in shares of Western Asset High Income Opportunity Fund Inc. (NYSE: HIO) by 16.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,429,226 shares of the closed-end fund's stock after acquiring an additional 200,675 shares during the quarter.

Western Asset High Income Opportunity Fund maintains a sell rating due to poor NAV growth and unsustainable dividend coverage. HIO trades at a 6.23% discount to NAV, yet remains expensive relative to its ten-year historical range and recent performance. The fund's high 11.3% yield is not supported by consistent net investment income, risking future dividend cuts.