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Closed-End Fund News
Morningstar Commentaries
The Indianapolis Colts aren’t alone in their angst over deflation.
Feb. 19, 2015 - Morningstar, Inc. -  The Indianapolis Colts aren’t alone in their angst over deflation.
Oil, Cuba, and Russia, Oh My!
Jan. 15, 2015 - Morningstar, Inc. -  A surprising December capped off a decent year for most CEFs.
Market Commentaries
The Surge In The U.S.Dollar Is Noteworthy…But Not Rare
Feb. 19, 2015 - First Trust -  View from the Observation Deck 1. From 6/30/14 through 12/31/14,the U.S.Dollar Index rose by 13.15% to an index reading of 90.27, according to Bloomberg. 2. That surge essentially brought the index back in line with its 20-year average (year-end values).
QE and Currency Wars A Theory With No Evidence 

Feb. 17, 2015 - First Trust -  Some analysts think that central bank policy (specifically, quantitative easing) is the only thing that matters.
Recent Commentaries
CLOSED-END FUND review - Fourth Quarter 2014
Jan. 26, 2015 - First Trust -  2014 was a solid year for diversified closed-end fund (CEF) investors. I specifically use the term “diversified” because whether I am writing about CEFs or giving a presentation about the CEF structure, I always encourage investors to diversify across several different categories of the CEF structure in order to attain proper diversification and exposure to many different asset classes. According to Morningstar, the average CEF was up 7.88% last year on a share price total return basis. As always, performance varied significantly depending on the category.
Senior Loan & High Yield Review – 4th Quarter 2014
Jan. 21, 2015 - First Trust -  2014 proved to be far more eventful than most predicted. Consider the nearly certain prognostication that rates would increase in 2014, the surprising impact the polar vortex had on economic activity early in the year, geopolitical headlines (Russia/Ukraine, Middle East [Gaza, ISIS], Europe [Greece], etc.), Ebola fears, and last, but most certainly not least, the nearly 50% drop in the price of oil (more on this in a moment). As a result, while sentiment was relatively positive in the early part of the year, investor sentiment for credit risk reversed course and was relatively weak throughout the second half of the year.
CEF Industry Reports
Preferred Securities: High Income with Attractive Relative Value

Feb. 24, 2015 - Cohen & Steers -  Preferred securities began 2015 on a positive note, benefiting from a continuation of what they experienced in 2014. Over the past year, conditions have been hospitable for most fixed income asset classes amid low and declining interest rates. Preferreds offered investors solid returns in 2014, offering high income rates but avoiding the pressure experienced in high yield. In our view, preferreds appear to continue to offer a good income choice for the months ahead.
Outlook 2015
Feb. 10, 2015 - Aberdeen Asset Management -  In 2015, the markets will continue testing our stamina. Fed rates, the U.S. dollar and wage growth top the core trends we expect to be monitoring over the next year. Volatility is another one. Investors worry that the financial markets could lag because interest rate uncertainty has triggered higher than normal volatility.
Featured CEF Fund Reports
Nuveen Global Value Opportunities Fund (JGV) - Fourth Quarter 2014
Feb. 06, 2015 - Nuveen Asset Management -  Market volatility rose considerably in the fourth quarter, particularly in October and November. The CBOE Market Volatility Index (VIX), a common proxy for market volatility, reached multi-year highs in October. Investors were concerned about the Ebola scare, continued upheaval in Ukraine, ISIS violence and weak global economic growth.
Nuveen Real Estate Income Fund (JRS) - Fourth Quarter 2014
Feb. 06, 2015 - Nuveen Asset Management -  REIT common equities, as measured by the Wilshire U.S. Real Estate Securities Index (“WILRESI”), surged in the fourth quarter and the year, generating highly attractive returns amid easing long-term interest rates, advancing U.S. equity markets and a steady U.S. economic rebound—all against the backdrop of simmering global economic and political risks. Interest rate trends were also evident in the healthy returns of REIT senior fixed-income securities for the year. In particular, REIT perpetual preferred securities, as measured by the Wells Fargo Hybrid and Preferred Securities REIT Index (“WHPSR”) performed well due to their extended duration profile.
Recent Event

Capital Link's MLP Investing Forum is the only industry event that will focus both on the institutional investor and the financial advisor community.

The Forum will address major topics of interest to the industry featuring sector panels, institutional investor and analyst panel, individual MLP presentations, 1x1 meetings with investors and financial media. The Forum combines an informational and marketing platform with unique visibility and networking opportunities.

Limited seating avaliable and will fill up quickly.