Closed-End Fund Weekly Update June 1, 2012

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1 Closed-End Fund Weekly Update June 1, 2012 U.S. Equity Funds Developments & Red Flags Source Capital SOR announced its intention to fully redeem its outstanding preferred shares. The fund will use its available cash and liquidate portfolio securities to pay for the redemption. Once the redemption occurs, Source Capital will no longer operate with any leverage. Reaves Utility Income UTG $ % 0.3% $ BlackRock Util & Infra Trust BUI $ % 0.1% $ H&Q Life Sciences Investors HQL $ % -0.1% $ Cohen & Steers Dividend Majors DVM $ % -0.5% $ ClearBridge Energy MLP CEM $ % -1.4% $1, Cushing MLP Total Return Fund SRV $ % -2.5% $ Tortoise Energy Infrastructure TYG $ % -2.9% $1, Mac/First Glb Infrastructure MFD $ % -1.4% $ Columbia Seligman Premium Tech STK $ % -0.1% $ Salient MLP & Energy Infra SMF $ % -1.5% $ BlackRock Global Opportunities BOE -8.9% -6.8% -1.8% 12.8% BlackRock Enhanced Equity Div BDJ -11.8% -11.0% -1.1% 9.6% Boulder Growth & Income BIF -21.7% -19.9% -17.7% 0.1% Neuberger Berman Real Est Sec NRO -14.8% -14.2% -10.8% 5.8% Cornerstone Total Return CRF 16.5% 17.8% 45.6% 19.1% Kayne Anderson Energy Dev Co KED 5.0% -0.2% -11.8% 7.7% Royce Value Trust RVT -11.1% -13.0% -14.6% 6.0% H&Q Life Sciences Investors HQL -2.0% -7.3% -13.3% 8.2% DH Financial Trends Fund DHFT -8.0% -10.6% -16.4% 0.4% Adams Express ADX -13.0% -14.9% -15.1% 6.3% All of the U.S. Equity funds are in the range of being statistically fairly valued. All of the U.S. Equity funds are statistically overvalued on a three-year view.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Developments & Red Flags Both European Equity EEA and New Germany GF have conducted discount tests pursuant to their discount management programs and concluded that they will have tender offers. Each fund will conduct a tender offer for up to 5% of their outstanding shares at a price equal to 98% of their NAV. Further details will be released in the coming weeks. Templeton Dragon Fund TDF $ % 1.2% $ Thai Fund Inc TTF $ % 0.6% $ Korea Fund KF $ % 0.9% $ Aberdeen Chile Fund CH $ % 1.6% $ JF China Region JFC $ % 1.0% $ Aberdeen Indonesia Fund Inc IF $ % -4.9% $ JH Tax Advantaged Global HTY $ % -0.4% $ New Ireland Fund IRL $ % -1.9% $ MS Eastern Europe RNE $ % -2.1% $ Mexico Equity & Income MXE $ % -2.8% $ Latin American Discovery Fund LDF -9.4% -8.4% -7.3% 7.9% MS China A Share CAF -11.8% -9.6% -3.1% 11.1% India Fund Inc IFN -12.2% -10.3% -5.3% 6.4% Templeton Emerging Markets EMF -7.4% -6.2% -3.7% 1.6% Aberdeen Latin America Equity LAQ -10.7% -9.0% -9.0% 2.2% MS Frontier Emerging Markets FFD -4.2% -11.3% -10.5% 1.8% Thai Capital Fund Inc TF -2.9% -9.2% -12.9% 1.4% Korea Fund KF -6.0% -8.2% -9.2% 0.8% Alpine Global Premier Property AWP -9.1% -13.0% -15.3% 9.9% New Ireland Fund IRL -7.4% -12.5% -13.0% 0.3% All of the Global & International Equity funds are in the range of being statistically fairly valued. All of the Global & International Equity funds are statistically overvalued on a three-year view.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds Nuveen Tax-Adv Floating Rate JFP $ % -0.4% $ Guggenheim Enhanced Eq. Strtgy GGE $ % 0.2% $ Cohen & Steers Select Pref&Inc PSF $ % 0.3% $ Nuveen Tax-Adv Div Growth JTD $ % -0.7% $ Nuveen Diversified Div & Inc JDD $ % -0.7% $ RENN Glb. Entrepreneurs Fund RCG $ % 0.0% $ JH Preferred Income III HPS $ % -0.4% $ Calamos Global Total Return CGO $ % -1.0% $ First Opportunity Fund Inc. FOFI $ % -0.9% $ JH Preferred Income II HPF $ % -0.1% $ AGIC Gbl Equity & Conv Income NGZ -11.9% -10.0% -6.8% 9.6% Clough Global Allocation GLV -15.1% -14.3% -12.1% 9.6% Zweig Total Return ZTR -13.2% -13.1% -9.0% 8.3% Clough Global Opportunities GLO -15.2% -15.4% -13.2% 10.2% Gabelli Convertible & Income GCV -3.3% -3.1% -0.8% 9.0% Calamos Strategic Total Return CSQ -6.1% -10.7% -12.0% 9.1% JH Preferred Income III HPS 4.3% 0.6% -3.1% 7.8% Calamos Global Dynamic Income CHW -7.0% -11.0% -11.9% 9.3% Nuveen Pref Income Opps Fund JPC -3.9% -6.8% -12.1% 8.6% Nuveen Tax-Adv Div Growth JTD -3.8% -9.2% -10.5% 7.8% All of the hybrid funds are within the range of being fairly valued on a three-year statistical basis. All of the Hybrid funds are statistically overvalued on a three-year view.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Developments & Red Flags The biggest news for closed-end funds over the past week has been the launch of PIMCO Dynamic Income PDI. The fund successfully raised gross proceeds of $1.015 billion on 40.6 million shares. More information can be found here. Nuveen Tax-Advantaged Floating Rate JFP provided additional details on its planned delisting on June 22 and its subsequent liquidation on June 27. Click here. Blackrock Build America Bond BBN $ % 1.6% $1, BlackRock Debt Strategies Fund DSU $ % 0.0% $ Guggenheim Build America Mngd GBAB $ % 1.4% $ Doubleline Opportunistic Cred DBL $ % 0.0% $ BlackRock Credit Allocation I PSW $ % 0.8% $ Franklin Limited Duration Inc FTF $ % -0.7% $ BlackRock Strategic Bond BHD $ % 0.3% $ Wells Fargo Adv Inc Opp EAD $ % 0.0% $ LeggMason BW Global Inc Opps BWG $ % -0.1% $ Western Asset Worldwide Income SBW $ % -0.3% $ Western/Claymore Infl-Lnkd Sec WIA -11.5% -10.7% -6.0% 3.0% Central Fund of Canada CEF -2.5% 3.0% 5.9% 0.1% Western/Claymore Infl-Lnk Opps WIW -12.0% -11.2% -8.3% 3.1% Putnam Master Intermediate Inc PIM -6.9% -5.8% 0.2% 7.0% Central GoldTrust GTU -2.2% 2.3% 4.0% 0.0% Helios Multi-Sector High Incom HMH 1.0% -3.9% -8.5% 8.4% Helios High Income HIH 4.1% -0.6% -5.8% 8.4% BlackRock Income Trust BKT -4.7% -6.3% -10.4% 6.4% Nuveen Credit Strat. Income JQC -5.3% -8.8% -12.9% 8.9% BlackRock Corp High Yield III CYE 5.0% 2.7% -2.1% 8.1% All of the taxable fixed-income funds are within the range of being fairly valued on a three-year statistical basis. All of the taxable fixed-income funds appear overvalued on a three-year statistical basis.

5 Morningstar Closed-End Fund Research 5 National Municipal Funds Nuveen Select TaxFree Income 3 NXR $ % 0.3% $ DWS Strategic Muni Income KSM $ % 0.4% $ EV National Muni Opps Trust EOT $ % 0.3% $ DWS Municipal Income KTF $ % 0.5% $ EV Municipal Income EVN $ % 0.0% $ Neuberger Berman Inter Muni NBH $ % 0.4% $ Managed Duration InvGrade Muni MZF $ % 0.3% $ BlackRock MuniYield Quality MQY $ % 0.4% $ BlackRock MuniHoldings Quality MUS $ % 0.5% $ Western Asset Muni High Income MHF $ % 0.3% $ EV Municipal Bond EIM -2.3% -1.9% 2.7% 6.0% BlackRock Municipal 2020 BKK -1.3% -1.0% 1.7% 4.6% Nuveen Muni High Inc Opp 2 NMD -1.9% -0.3% 3.8% 6.4% Nuveen Quality Municipal Fund NQI -3.6% -1.3% -1.2% 6.2% BlackRock Muni 2018 Term Trust BPK 4.7% 5.3% 7.1% 5.6% Western Asset Municipal Part MNP 1.8% -1.3% -5.3% 5.0% DTF Tax-Free Income DTF 1.9% -0.9% -5.5% 4.8% EV National Muni Opps Trust EOT 1.8% -0.9% -3.7% 4.8% DWS Strategic Muni Income KSM 9.1% 7.0% 3.6% 6.2% DWS Municipal Income KTF 6.2% 3.2% -0.8% 5.8% All of the national-municipal funds continue to be within the range of being fairly valued on a three-year statistical basis. Western Asset Muni MNP, DTF Tax-Free Income DTF, and Eaton Vance National Municipal Opportunities EOT appear statistically overvalued on a three-year basis.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds EV OH Municipal Bond EIO $ % 0.4% $ Nuveen MO Premium Income Mun NOM $ % 0.4% $ Nuveen NC Div Adv Muni Fund NRB $ % 0.3% $ BlackRock NJ Municipal Income BNJ $ % 0.4% $ EV MA Municipal Bond MAB $ % 0.6% $ Nuveen GA Div Adv Muni Fund NZX $ % 0.3% $ Nuveen GA Div Adv Muni Fund 2 NKG $ % 0.2% $ Nuveen CT Div Adv Muni Fund 2 NGK $ % 0.3% $ PIMCO CA Municipal Income III PZC $ % 0.3% $ BlackRock MuniYield MI Quality MIY $ % 0.3% $ Nuveen CT Div Adv Muni Fund NFC -7.3% -4.3% -1.4% 4.8% Nuveen CT Div Adv Muni Fund 2 NGK -6.7% -2.8% 0.4% 5.0% EV CA Municipal Bond EVM -2.5% 1.6% 2.3% 5.3% Nuveen CT Premium Income Muni NTC -7.5% -5.5% -4.7% 5.0% Nuveen PA Municipal Value Fund NPN -6.3% -4.7% -2.4% 4.1% Nuveen NY Municipal Value 2 NYV 0.0% -4.4% -5.5% 4.2% Delaware Invest CO Muni Income VCF 1.2% -3.7% -5.5% 4.4% Invesco Cali Muni Securities ICS -1.5% -3.5% -8.4% 4.3% BlackRock MD Muni Bond BZM 18.6% 12.8% 7.3% 5.2% Nuveen AZ Div Adv Muni 2 NKR -1.7% -4.6% -6.6% 5.3% All of the state municipal funds continue to be within the range of being fairly valued on a three-year statistical basis. Note that Nuveen CT Dividend Advantaged Municipal NCF and Nuveen CT Dividend Advantaged Municipal 2 NGK are slated to be acquired soon by Nuveen CT Premium Income Municipal NTC. All of the state municipal funds continue to appear overvalued on a three-year statistical basis. Note that, pending shareholder approval, Nuveen AZ Dividend Advantaged Municipal 2 along with two other Nuveen Arizona state municipal funds could soon be acquired into Nuveen AZ Premium Income Municipal NAZ.

7 Morningstar Closed-End Fund Research 7 * All data in the accompanying tables is as of the market close Thursday, May 31, 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."