Closed-End Fund Weekly Update September 7, 2012

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1 Closed-End Fund Weekly Update September 7, 2012 U.S. Equity Funds BlackRock Enhanced Capital & Income CII cut its quarterly distribution 16.7%, to $0.30 per share from $0.36 BlackRock Real Asset Equity BCF cut its quarterly distribution 18.5%, to $ per share from $ per BlackRock EcoSolutions BQR cut its quarterly distribution 23.7%, to $ per share from $ per GAMCO Nat Res Gold & Income GNT $ % 3.0% $ ASA Gold and Precious Metals ASA $ % 5.3% $ DH Financial Trends Fund DHFT $ % 3.1% $ Cushing Royalty & Income Fund SRF $ % 0.5% $ Adams Express ADX $ % 2.3% $1, Gabelli Utility Trust GUT $ % 2.4% $ Salient Midstream & MLP Fund SMM $ % 0.3% $ Fid/Claymore MLP Opportunity FMO $ % 0.7% $ Tortoise Energy Independence F NDP $ % 0.2% $ Tortoise Pipeline & Energy TTP $ % 2.2% $ Cornerstone Progressive Return CFP 12.2% 18.8% 27.4% 19.6% Boulder Growth & Income BIF -23.8% -21.3% -18.0% 1.9% Boulder Total Return BTF -22.2% -20.9% -18.4% 0.0% BlackRock Global Opportunities BOE -9.7% -7.2% -2.3% 12.2% BlackRock Enhanced Equity Div BDJ -12.1% -11.3% -2.3% 9.2% RMR Real Estate Income Fund RIF -15.1% -17.6% -19.0% 5.6% Gabelli Glb Health & Wellness GRX -12.9% -14.0% -16.2% 2.2% Kayne Anderson Energy Dev Co KED 3.8% 2.4% -10.5% 6.1% DH Financial Trends Fund DHFT -8.6% -8.5% -15.2% 0.4% LMP Real Estate Income RIT -3.9% -10.1% -9.2% 6.1% Cornerstone Progressive Return CFP and Boulder Growth & Income appear statistically undervalued on a three-year basis. All of the U.S. equity funds are within the range of being fairly valued on a three-year statistical basis.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Thai Fund Inc TTF $ % 4.5% $ Herzfeld Caribbean Basin CUBA $ % 2.9% $ Aberdeen Chile Fund CH $ % 1.6% $ New Ireland Fund IRL $ % 4.5% $ European Equity Fund EEA $ % 4.5% $ Japan Equity Fund JEQ $ % -3.5% $ ING Intl High Div Equity Inc IID $ % 2.1% $ MS Asia Pacific APF $ % 0.4% $ ING Asia Pacific High Dividend IAE $ % 1.0% $ Japan Smaller Capitalization JOF $ % -3.7% $ Latin American Discovery Fund LDF -10.6% -8.6% -7.4% 1.3% Nuveen Global Value Opp JGV -9.3% -6.4% -3.7% 8.7% Turkish Investment Fund TKF -13.2% -10.3% -9.5% 2.1% Templeton Emerging Markets EMF -9.8% -7.6% -4.5% 1.6% Asia Pacific Fund APB -12.9% -10.1% -8.7% 0.0% Alpine Global Premier Property AWP -6.6% -9.9% -14.5% 8.4% MS Frontier Emerging Markets FFD -3.0% -7.3% -10.0% 1.6% Wells Fargo Adv Glo Div Opp EOD 1.6% -2.1% -2.9% 12.9% Thai Capital Fund Inc TF -6.8% -6.5% -12.5% 1.3% Gabelli Global MultiMedia GGT -7.6% -8.8% -11.8% 10.6% Latin American Discovery Fund LDF and Nuveen Global Value Opportunity JGV appear statistically undervalued on a three-year basis. Alpine Global Premier Property AWP and MS Frontier Emerging Markets FFD continue to appear statistically overvalued on a three-year basis. FFD is in the process of open-ending.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds Delaware Invest Dividend & Income DDF cut its monthly distribution 8.7%, to $ per share from $ Nuveen Tax-Adv Div Growth JTD $ % 1.8% $ Nuveen Tax-Adv Total Return JTA $ % 3.0% $ Lazard Glb Total Return & Inc LGI $ % 2.6% $ Virtus Total Return Fund DCA $ % 1.6% $ Clough Global Opportunities GLO $ % 1.6% $ DNP Select Income DNP $ % -- $2, Delaware Enhanced Gbl Div&Inc DEX $ % 1.8% $ JH Preferred Income HPI $ % 0.3% $ Cohen & Steers Select Pref&Inc PSF $ % 0.3% $ JH Preferred Income II HPF $ % 0.3% $ Delaware Enhanced Global Dividend & Income DEX cut its monthly distribution 26.8%, to $0.075 per share from $ Shares are down 3.7% for the week, topping the Largest Price Decliners list. DNP Select Income DNP 15.7% 30.5% 29.8% 7.9% Advent Claymore Enh Grth & Inc LCM -11.3% -9.7% -7.4% 9.0% Ellsworth Fund ECF -14.7% -13.5% -13.0% 3.5% RENN Glb. Entrepreneurs Fund RCG -34.5% -28.9% -26.5% 0.0% AGIC Gbl Equity & Conv Income NGZ -10.9% -10.4% -6.7% 8.9% Nuveen Tax-Adv Div Growth JTD -2.7% -7.1% -9.5% 7.1% Nuveen Diversified Div & Inc JDD -0.6% -3.9% -8.8% 7.9% Nuveen Pref Income Opps Fund JPC -1.4% -3.6% -10.7% 7.8% Calamos Strategic Total Return CSQ -5.0% -6.6% -11.6% 8.4% Nuveen Quality Preferred Inc 3 JHP 2.9% 0.2% -3.7% 6.8% After topping this week s largest price decliners list, DNP Select Income DNP now appears statistically undervalued on a three-year basis. Nuveen Tax-Advantage Dividend Growth JTD, Nuveen Diversified Dividend & Income JDD, Nuveen Preferred Income Opportunity Fund JPC, and Calamos Strategic Total Return CSQ appear statistically overvalued on a three-year basis.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds MFS Intermarket Income Trust CMK raised its monthly distribution 5.3%, to $0.04 per share from $0.038 per John Hancock Income Securities JHS cut its quarterly distribution 7.0%, to $ per share from $ Sprott Physical Silver Trust PSLV $ % 7.0% $ Oxford Lane Capital Corp OXLC $ % 0.0% $ Central Fund of Canada CEF $ % 4.5% $5, Central GoldTrust GTU $ % 2.4% $1, LeggMason BW Global Inc Opps BWG $ % 1.9% $ Templeton Global Income GIM $ % 0.8% $1, Templeton Emerging Mkts Income TEI $ % 1.2% $ Managed High Yield Plus HYF $ % 0.9% $ PIMCO Corporate & Income Opps PTY $ % 0.8% $1, Western Asset Income Fund PAI $ % 0.0% $ Templeton Global Income GIM cut its monthly distribution 22.2%, to $0.035 per share from $0.045 Shares are down 3.7% for the week, topping the Largest Price Decliners list. Sister fund Templeton Emerging Markets Income TEI is also down 3.2%. Sprott Physical Silver SPLV announced another follow-on offering for its common shares. The fund plans to raise $341 million by issuing 23 million shares at a price of $14.84 each. Shares are up 8.1% for the week, topping the Largest Price Gainers list. Central GoldTrust GTU 3.7% 2.7% 3.8% 0.0% Templeton Global Income GIM 0.9% 5.2% 4.6% 4.6% Western/Claymore Infl-Lnkd Sec WIA -10.6% -10.8% -6.6% 2.9% Western Asset High Income HIF 1.7% 4.2% 4.7% 7.5% Western/Claymore Infl-Lnk Opps WIW -10.4% -11.0% -8.6% 3.0% MFS Intermarket Income Trust I CMK -5.0% -8.8% -9.5% 5.3% Western Asset Emerg Mkts Inc EMD 1.1% -4.0% -8.4% 6.4% BlackRock Core Bond BHK 1.5% -2.8% -5.5% 5.7% BlackRock High Yield BHY 9.1% 5.2% -2.7% 6.7% New America High Income Fund HYB 10.1% 4.6% -0.9% 6.8% Central Gold Trust GTU appears statistically undervalued on a three-year basis. All of the taxable fixed-income funds continue to appear overvalued on a three-year statistical basis.

5 Morningstar Closed-End Fund Research 5 National Municipal Funds Delaware Invest National Municipal raised its monthly distribution 22.2%, to $0.055 per share from $0.045 Nuveen Dividend Advantage 2 NXZ cut its monthly distribution 6.3%, to $0.075 per share from $0.080 per Nuveen Premium Income Municipal NPM cut its monthly distribution 6.3%, to $ per share from $ Nuveen Quality Income Municipal NQU cut its monthly distribution 6.3%, to $0.074 per share from $0.079 Nuveen Municipal Value NUV cut its monthly distribution 5.1%, to $0.037 per share from $0.039 Nuveen Select TaxFree Income NXP cut its monthly distribution 5.0%, to $ per share from $ per Western Asset Muni Defined Opp MTT $ % 0.1% $ Western Asset Muni High Income MHF $ % 0.1% $ Nuveen Select TaxFree Income NXP $ % -0.1% $ EV National Muni Opps Trust EOT $ % 0.0% $ BlackRock Municipal 2020 BKK $ % -0.1% $ Western Asset Municipal Part MNP $ % -0.1% $ DWS Municipal Income KTF $ % -0.1% $ EV Municipal Income EVN $ % 0.1% $ BlackRock Long-Term Muni Adv BTA $ % 0.0% $ DWS Strategic Muni Income KSM $ % -0.1% $ EV Municipal Bond II EIV 3.7% 7.8% 10.8% 5.5% Nuveen Muni Mkt Opportunities NMO -3.8% -3.1% -0.8% 5.8% Delaware Invest National Muni VFL -6.8% -6.0% -5.5% 4.8% Nuveen Muni High Inc Opp NMZ 3.2% 3.2% 6.4% 6.4% EV Municipal Bond EIM -0.5% -1.6% 2.1% 5.5% EV National Muni Opps Trust EOT 2.0% -0.5% -3.6% 4.6% BlackRock MuniYield Quality MQY 4.0% 0.3% -2.0% 5.5% Dreyfus Strategic Municipals LEO 7.4% 3.6% 1.1% 5.9% Nuveen Municipal Income NMI 9.5% 4.7% 2.8% 4.5% PIMCO Municipal Income III PMX 20.8% 15.8% 13.5% 6.3% All of the national municipal funds appear to be within the range of being fairly valued on a three-year statistical basis. Eaton Vance Municipal Opportunities EOT, BlackRock MuniYield Quality MQY, and Dreyfus Strategic Municipals LEO appear statistically overvalued on a three-year basis.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds Nuveen New Jersey Municipal Value NJV cut its monthly distribution 6.9%, to $0.054 per share from $0.058 Nuveen New Jersey Dividend Advantage Municipal 2 NUJ cut its monthly distribution 7.0%, to $ per share from $ EV OH Municipal Bond EIO $ % -0.2% $ Nuveen NJ Premium Income Muni NNJ $ % -0.2% $ BlackRock MuniYield NJ MYJ $ % -0.3% $ Nuveen OH Div Adv Muni 3 NVJ $ % -0.4% $ MA Health & Education MHE $ % -0.1% $ BlackRock CA Muni 2018 Term BJZ $ % 0.0% $ PIMCO NY Municipal Income III PYN $ % -0.2% $ Nuveen AZ Div Adv Muni 2 NKR $ % -0.3% $ Invesco VK CA Value Muni VCV $ % -0.2% $ EV NY Municipal Bond ENX $ % -0.1% $ BlackRock CA Muni 2018 Term BJZ 0.4% 3.9% 5.2% 4.4% EV CA Municipal Bond EVM -5.4% -2.6% 1.8% 5.4% BlackRock NY Muni 2018 Term BLH 2.1% 4.7% 5.6% 4.5% Invesco VK CA Value Muni VCV 0.1% 4.4% 3.2% 6.7% Nuveen CT Premium Income Muni NTC -7.5% -6.4% -5.0% 5.0% Nuveen NY Div Adv Muni Fund NAN -1.4% -5.2% -7.3% 5.0% Nuveen NY PerformancePlus Muni NNP 2.1% -2.6% -5.1% 5.2% Delaware MN Muni Income II VMM 0.0% -3.3% -8.1% 4.5% Nuveen OH Quality Income Muni NUO 7.1% 3.1% -2.3% 5.2% PIMCO NY Municipal Income II PNI 13.6% 10.7% 7.8% 6.0% Eaton Vance CA Municipal Bond EVM and BlackRock California Municipal 2018 Term BJZ appear statistically undervalued on a three-year basis. All of the state municipal funds appear overvalued on a three-year statistical basis.

7 Morningstar Closed-End Fund Research 7 * All data in the accompanying tables is as of the market close Thursday, Sept. 6, One-week total price return percentages are calculated from the prior Thursday's market close. In some limited cases, funds do not disclose their daily NAV values, and in such cases their estimated NAV (based on the performance of their most recently published holdings) is used. ** The funds listed in the tables are ranked according to their one-week price total return. *** The funds listed in the tables are ranked using three-year z-scores that are not shown. This statistic measures how many standard deviations a fund's discount/premium is from its three-year average discount/premium. For instance, in these tables, a fund with a z-score of -2 would be two standard deviations below its three-year average discount/premium. Over a long period of time, a fund would be expected, statistically speaking, to have a z-score of -2 or lower only 2.14% of the time. Funds with the lowest z-scores are considered to be relatively cheap, while those with the highest z- scores are considered to be relatively expensive. We consider funds with a z-score of -2 or lower to be "statistically undervalued" and those with a z-score of +2 or higher to be "statistically overvalued."