Mariana Bush, CFA, Head of CEF/ETP Research Joe Hussain, Research Analyst Dival Vroom, Research Analyst Adam Shah, CFA, Research Analyst

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1 Mariana Bush, CFA, Head of CEF/ETP Research Joe Hussain, Research Analyst Dival Vroom, Research Analyst Adam Shah, CFA, Research Analyst Rationale Codes V: Valuation D: Stability Closed-End Funds to Avoid 2/21/2018 The Avoid List is composed of closed-end funds (CEFs) that we currently recommend investors liquidate. attractive investments that may be used to implement a comparable strategy. CEFs are added to the Avoid List if we have concerns regarding: 1) Valuation: the CEF trades at a significant premium to NAV; and/or 2) Stability: We believe the distribution is not sustainable and will need to be reduced (or NAV erosion if the distribution is not cut) CEFs on the Avoid List are unavailable to solicit for purchase. Ticker Closed-end Funds to Avoid Price NAV Premium/ Discount Date of Price & NAV In many cases we believe there are more Rate Dividend Frequency Price NAV BHV BlackRock Virginia Municipal Bond Trust $15.89 $ % 2/20/2018 $0.063 Monthly 4.8% 5.0% D BNY BlackRock New York Municipal Income Trust $13.37 $ % 2/20/2018 $0.051 Monthly 4.5% 4.2% D CHI Calamos Convertible Opportunities and Income Fund $10.95 $ % 2/20/2018 $0.095 Monthly 10.3% 10.3% D CHY Calamos Convertible and High Income Fund $11.75 $ % 2/20/2018 $0.100 Monthly 10.2% 10.3% D CLM Cornerstone Strategic Value Fund Inc $15.35 $ % 2/16/2018 $0.237 Monthly 18.5% 21.1% D CRF Cornerstone Total Return Fund Inc $15.32 $ % 2/16/2018 $0.230 Monthly 18.0% 21.1% V D DBL DoubleLine Funds Trust - DoubleLine Opportunistic Credit Fund $21.24 $ % 2/20/2018 $0.167 Monthly 9.4% 9.7% V D DHY Credit Suisse High Yield Bond Fund $2.70 $ % 2/20/2018 $0.020 Monthly 8.9% 8.8% D DMO Western Asset Mortgage Defined Opportunity Fund Inc $24.61 $ % 2/20/2018 $0.205 Monthly 10.0% 11.7% V D DNP DNP Select Income Fund Inc $10.20 $ % 2/20/2018 $0.065 Monthly 7.7% 8.7% V DSE Duff & Phelps Select Energy MLP Fund Inc $5.95 $ % 2/20/2018 $0.220 Quarter 14.7% 15.3% V D DSM Dreyfus Strategic Municipal Bond Fund Inc $7.61 $ % 2/20/2018 $0.035 Monthly 5.5% 5.0% V D EDF Stone Harbor Emerging Markets Income Fund $15.80 $ % 2/20/2018 $0.180 Monthly 13.6% 14.8% D EDI Stone Harbor Emerging Markets Total Income Fund $14.96 $ % 2/20/2018 $0.151 Monthly 12.1% 11.9% D ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund $9.20 $ % 2/20/2018 $0.076 Monthly 9.9% 9.2% D ETO Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund $24.99 $ % 2/20/2018 $0.180 Monthly 8.6% 8.8% D ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund $15.21 $ % 2/20/2018 $0.111 Monthly 8.6% 8.9% D ETW Eaton Vance Tax Managed Global Buy Write Opportunities Fund $11.76 $ % 2/20/2018 $0.091 Monthly 9.2% 9.5% D EVG Eaton Vance Short Duration Diversified Income Fund $13.56 $ % 2/20/2018 $0.077 Monthly 6.7% 6.1% D EXD Eaton Vance Tax-Advantaged Bond and Options Strategies Fund $9.62 $ % 2/20/2018 $0.290 Quarter 11.9% 11.0% D EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund $9.10 $ % 2/20/2018 $0.076 Monthly 10.0% 9.8% D FEI First Trust MLP and Energy Income Fund $14.47 $ % 2/20/2018 $0.118 Monthly 9.8% 10.2% D FGB First Trust Specialty Finance and Financial Opportunities Fund $6.26 $ % 2/20/2018 $0.175 Quarter 11.1% 11.8% D FMO Fiduciary/Claymore MLP Opportunity Fund $12.98 $ % 2/20/2018 $0.431 Quarter 13.3% 13.4% D FPL First Trust New Opportunities MLP & Energy Fund $11.87 $ % 2/20/2018 $0.105 Monthly 10.6% 11.4% D GGM Guggenheim Credit Allocation Fund $22.60 $ % 2/20/2018 $0.181 Monthly 9.5% 9.9% V D GGN GAMCO Global Gold Natural Resources & Income Trust $5.08 $ % 2/20/2018 $0.050 Monthly 11.8% 11.7% D Please see page 5 of this report for Important Disclosures, Disclaimers, and Analyst Certification. Rationale Codes 2/21/ of 5

2 Rationale Codes V: Valuation D: Stability CEFs on the Avoid List are unavailable to solicit for purchase. Ticker Closed-end Funds to Avoid Price NAV Premium/ Discount Date of Price & NAV Rate Dividend Frequency Price NAV GOF Guggenheim Strategic Opportunities Fund $20.13 $ % 2/20/2018 $0.182 Monthly 10.9% 11.3% D GPM Guggenheim Enhanced Equity Income Fund $8.71 $ % 2/20/2018 $0.240 Quarter 10.9% 10.8% D GUT Gabelli Utility Trust $7.00 $ % 2/20/2018 $0.050 Monthly 8.5% 12.5% D HIE Miller/Howard High Dividend Fund $12.59 $ % 2/20/2018 $0.116 Monthly 11.2% 11.3% V D HTY John Hancock Tax-Advantaged Global Shareholder Yield Fund $9.54 $ % 2/20/2018 $0.220 Quarter 9.2% 10.3% D IAF Aberdeen Australia Equity Fund Inc $6.40 $ % 2/20/2018 $0.160 Quarter 10.0% 9.8% V D IID Voya International High Dividend Equity Income Fund $7.16 $ % 2/20/2018 $0.052 Monthly 8.6% 8.7% D JMF Nuveen Energy MLP Total Return Fund $11.39 $ % 2/20/2018 $0.300 Quarter 10.5% 10.3% V D JMLP Nuveen All Cap Energy MLP Opportunities Fund $8.50 $ % 2/20/2018 $0.225 Quarter 10.6% 10.7% V D KYN Kayne Anderson MLP Investment Co $18.14 $ % 2/20/2018 $0.450 Quarter 10.0% 9.7% V D LDP Cohen & Steers Limited Duration Preferred and Income Fund Inc $25.19 $ % 2/20/2018 $0.156 Monthly 7.4% 7.0% V D MFL BlackRock MuniHoldings Investment Quality Fund $13.86 $ % 2/20/2018 $0.072 Monthly 6.2% 6.0% V D MFV MFS Special Value Trust $6.04 $ % 2/20/2018 $0.051 Monthly 10.0% 10.3% V D MGF MFS Government Markets Income Trust $4.60 $ % 2/20/2018 $0.030 Monthly 7.9% 7.4% D MIN MFS Intermediate Income Trust $3.94 $ % 2/20/2018 $0.031 Monthly 9.4% 8.7% D MMU Western Asset Managed Municipals Fund Inc $13.10 $ % 2/20/2018 $0.063 Monthly 5.8% 5.6% V D MNP Western Asset Municipal Partners Fund Inc $14.41 $ % 2/20/2018 $0.063 Monthly 5.2% 4.7% D MYF BlackRock MuniYield Investment Fund $14.05 $ % 2/20/2018 $0.070 Monthly 5.9% 5.8% V MZA BlackRock MuniYield Arizona Fund Inc $16.20 $ % 2/20/2018 $0.062 Monthly 4.6% 5.3% V D NBH Neuberger Berman Intermediate Municipal Fund Inc $14.04 $ % 2/20/2018 $0.068 Monthly 5.8% 5.4% D NDP Tortoise Energy Independence Fund Inc $12.32 $ % 2/20/2018 $0.438 Quarter 14.5% 14.7% V D NCV AllianzGI Convertible & Income Fund $6.88 $ % 2/20/2018 $0.065 Monthly 11.2% 12.0% V D NCZ AllianzGI Convertible & Income Fund II $6.04 $ % 2/20/2018 $0.058 Monthly 11.3% 11.8% V D NOM Nuveen Missouri Quality Municipal Income Fund $13.98 $ % 2/16/2018 $0.053 Monthly 4.5% 4.7% V D PCK PIMCO California Municipal Income Fund II $8.16 $ % 2/20/2018 $0.035 Monthly 5.1% 5.0% V PCN PIMCO Corporate & Income Strategy Fund $16.59 $ % 2/20/2018 $0.113 Monthly 8.1% 9.0% D PCQ PIMCO California Municipal Income Fund $14.70 $ % 2/20/2018 $0.077 Monthly 6.2% 6.8% V D PFL PIMCO Income Strategy Fund $11.33 $ % 2/20/2018 $0.090 Monthly 9.5% 9.5% D PFN PIMCO Income Strategy Fund II $10.12 $ % 2/20/2018 $0.080 Monthly 9.4% 9.4% D PGP PIMCO Global StocksPLUS & Income Fund $13.81 $ % 2/20/2018 $0.122 Monthly 10.6% 13.1% D PHK PIMCO High Income Fund $7.45 $ % 2/20/2018 $0.081 Monthly 12.9% 14.5% V D PML PIMCO Municipal Income Fund II $12.26 $ % 2/20/2018 $0.065 Monthly 6.3% 6.6% V D PSF Cohen & Steers Select Preferred and Income Fund Inc $26.16 $ % 2/20/2018 $0.172 Monthly 7.8% 7.6% V D PTY PIMCO Corporate & Income Opportunity Fund $16.22 $ % 2/20/2018 $0.130 Monthly 9.5% 10.5% V D RCS PIMCO Strategic Income Fund Inc $8.91 $ % 2/20/2018 $0.072 Monthly 9.6% 11.5% D RIV RiverNorth Opportunities Fund Inc $20.66 $ % 2/20/2018 $0.210 Monthly 12.1% 12.9% D SBI Western Asset Intermediate Muni Fund Inc $9.01 $ % 2/20/2018 $0.030 Monthly 3.9% 3.6% V D STK Columbia Seligman Premium Technology Growth Fund Inc $21.81 $ % 2/20/2018 $0.063 Quarter 8.4% 1.2% D VGI Virtus Global Multi-Sector Income Fund $14.43 $ % 2/20/2018 $0.156 Monthly 12.7% 12.2% D Sources: Wells Fargo Advisors and Bloomberg, L.P. Rationale Codes 2/21/ of 5

3 Estimated Tax Composition of the Most Recently Announced Symbol Income Short-term Long-term Return of Capital BHV Yes No No No BNY Yes No No No CHI Yes No No Yes CHY Yes No No Yes CLM Yes Yes Yes Yes CRF Yes Yes Yes Yes DBL Yes No No Yes DHY Yes No No Yes DMO Yes Yes Yes No DNP Yes No Yes Yes DSE No No No Yes DSM Yes No No No EDF Yes No No Yes EDI Yes No No Yes ETJ Yes No No Yes ETO Yes Yes Yes No ETV Yes No No Yes ETW Yes No No Yes EVG Yes No No Yes EXD Yes No No Yes EXG Yes No No Yes FEI Yes Yes No Yes FGB Yes No No Yes FMO No No No Yes FPL Yes No No Yes GGM Yes No No No GGN Yes Yes No Yes GOF Yes No Yes No GPM Yes No Yes No GUT Yes No Yes Yes HIE Yes No No No HTY Yes No No Yes IAF Yes No Yes Yes IID Yes No No Yes JMF No No No Yes JMLP No No No Yes KYN Yes No No Yes LDP Yes No Yes No MFL Yes No No No MFV Yes No No Yes MGF Yes No No Yes MIN Yes No Yes Yes MMU Yes No No No MNP Yes No No No MYF Yes No No No MZA Yes No No No NBH Yes No No No NCV Yes No No No NCZ Yes No No No NDP Yes No No Yes NOM Yes No No No Sources: Bloomberg, Morningstar, and Wells Fargo Advisors. 3 of 5

4 Estimated Tax Composition of the Most Recently Announced Symbol Income Short-term Long-term Return of Capital PCK Yes No No No PCN Yes No No No PCQ Yes No No No PFL Yes No No No PFN Yes No No No PGP Yes No No Yes PHK Yes No No Yes PML Yes No No No PSF Yes No Yes No PTY Yes No No Yes RCS Yes No No Yes RIV Yes Yes No No SBI Yes No No No STK No Yes Yes No VGI Yes Yes Yes Yes We would like to highlight the fact that these tax compositions are purely estimates. The final determination of the tax composition of a CEF's annual distribution will be published in the 1099-DIV form after the end of the calendar year. Most importantly, note that the estimate of the tax composition for a given monthly/quarterly distribution may be quite different from the actual tax composition for the calendar year's distribution. Therefore, we recommend that investors take the estimated tax composition with a grain of salt. A more prudent approach is to focus on the trend of the actual tax composition of the calendar distributions over the past few years. We have added this page because regulators require that this document includes the tax composition estimates in order to be able to publish distribution rates. Sources: Bloomberg, Morningstar, and Wells Fargo Advisors. 4 of 5

5 IMPORTANT DISCLOSURES Disclosure Information. t For important e disclosures information, please contact, Wells Fargo Advisors, Attn: Advisory Services (Disclosure Information), One North Jefferson, St. Louis, MO 63101, Or call by phone: (888) s t Please remember to specify the issuer(s) with respect to which you would like to receive disclosure information. ANALYST CERTIFICATION: The Analysts who prepared the report hereby certifies that the views expressed in this report accurately reflect his/her personal views about the subject companies and their securities. The Analysts also certify that he/she has not been, is not, and will not be receiving direct or indirect compensation for expressing the specific recommendation(s) or view(s) in this report. Disclaimers Past performance is no guarantee of future results. You should be aware that investments can fluctuate in price, value and/or income, and you may get back less than you invested. We recommend that existing shareholders consider their objectives, their risk tolerance, and the size of their positions relative to their portfolios when evaluating their holdings. Not all closed-end funds calculate their NAV on a daily basis. The table includes the most recent NAVs available at the time of publication. Premium/Discount to NAV is calculated using the most recent NAV and the respective market price of the security as of the same date. *The distribution rate is calculated by annualizing the most recent dividend and dividing that figure by the applicable market price or NAV quoted. s can be sourced from net investment income, short-term capital gains, long-term capital gains or return of capital. s are not guaranteed and are subject to change or elimination. Closed-end funds must distribute most realized gains to shareholders. Closed-end fund transactions will result in brokerage commissions and will generate tax consequences. Closed-End Funds (CEFs) are actively managed and can employ a number of investment strategies in pursuit of the fund s objectives. Some strategies may increase the overall risk of the fund and there is no assurance that any investment strategy will be successful or that the fund will achieve its intended objective. A CEF has both a market price and net asset value (NAV), and these two values and their respective performances may differ. Changes in investor demand for a particular fund may cause the fund to trade at a price that is greater (lower) than it s NAV, creating a share price premium (discount) to its NAV. CEFs are subject to different risks, volatility, fees and expenses. Many CEFs can leverage their assets to enhance yields. Leverage is a speculative technique that exposes a portfolio to increased risk of loss, may cause fluctuations in the market value of the fund s portfolio which could have a disproportionately large effect on the fund s NAV or cause the NAV of the fund generally to decline faster than it would otherwise. The use of leverage and other risk factors are more fully described in each closed-end fund s prospectus under the heading Risks. This communication is not an offer to sell or solicitation of offers to buy any securities mentioned herein. This report is not a complete analysis of every material fact in respect to any fund or fund type. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Information has been obtained from sources believed to be reliable but its accuracy is not guaranteed. 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Each correspondent research report reflects the different assumptions, opinions, and the methods of the analysts who prepare them. Any opinions, prices or estimates contained in this report is as of the date of this publication and is subject to change without notice. Additional information available upon request. Past performance is not a guide to future performance. The material contained herein has been prepared from sources and data we believe to be reliable but we make no guarantee as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or investment product. Opinions and estimates are as of a certain date and subject to change without notice. Wells Fargo Advisors is registered with the U.S. Securities Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company Wells Fargo Clearing Services, LLC. All rights reserved # 2/21/ of 5