Closed-End Fund Weekly Update June 15, 2012

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1 Closed-End Fund Weekly Update June 15, 2012 U.S. Equity Funds Developments & Red Flags RMR Real Estate Income RIF announced that it has entered into a $50 million revolving credit facility with BNP Paribas Prime Brokerage. The interest rate on the facility will be pegged to Libor plus 95 basis points. Fid/Claymore MLP Opportunity FMO $ % -0.3% $ Duff&Phelps Global Utility Inc DPG $ % 1.7% $ Cushing MLP Total Return Fund SRV $ % -0.5% $ Tortoise Pipeline & Energy TTP $ % 0.0% $ Reaves Utility Income UTG $ % 2.5% $ Foxby Corp FXBY $ % -1.0% $3.7 3 ClearBridge Energy MLP CEM $ % 0.0% $1, Columbia Seligman Premium Tech STK $ % -0.7% $ BlackRock Health Sciences BME $ % 1.4% $ Guggenheim EW Enhanced Equity GEQ $ % 0.8% $ Petroleum & Resources PEO -14.0% -13.6% -12.5% 8.5% BlackRock Global Opportunities BOE -10.0% -6.8% -1.9% 12.8% Boulder Growth & Income BIF -22.8% -20.0% -17.7% 0.1% Boulder Total Return BTF -22.7% -20.0% -18.4% 0.0% Denali Fund DNY -22.4% -19.1% -16.7% 9.3% Kayne Anderson Energy Dev Co KED 4.5% 1.4% -11.4% 7.6% Tortoise Energy Infrastructure TYG 20.8% 14.6% 13.2% 5.7% Royce Value Trust RVT -11.4% -12.9% -14.6% 6.2% AGIC Intl & Premium Strategy NAI 9.8% -2.9% 0.6% 15.2% DH Financial Trends Fund DHFT -9.1% -10.0% -16.2% 0.4% Petroleum & Resources PEO, BlackRock Global Opportunities BOE, Boulder Growth & Income BIF, and Boulder Total Return BTF appear undervalued on a three-year statistical basis. Kayne Anderson Energy Infrastructure KED, Tortoise Energy Infrastructure TYG, and Royce Value Trust RVT appear overvalued on a three-year statistical basis.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Developments & Red Flags MS Eastern Europe RNE, MS Emerging Markets MSF, and MS India Investment IIF each commenced a tender offer on June 13, The funds can tender up to 15% of outstanding shares at a price equal to 98.5% of net asset value through July 10, Latin America Discovery Fund LDF commenced a tender offer on June 13, 2012, which will last until July 10, The fund can tender up to 15% of outstanding shares at a price equal to 98.5% of net asset value. Turkish Investment Fund TKF $ % 3.4% $ Thai Capital Fund Inc TF $ % 2.5% $ Thai Fund Inc TTF $ % 3.2% $ Central Europe and Russia Fund CEE $ % 0.1% $ Aberdeen Chile Fund CH $ % -0.7% $ Taiwan Fund TWN $ % -1.0% $ ING Asia Pacific High Dividend IAE $ % 0.6% $ Nuveen Real Asset Inc and Grwt JRI $ % 2.5% $ Aberdeen Israel ISL $ % -2.0% $ ING Intl High Div Equity Inc IID $ % 0.2% $ Turkish Investment Fund TKF commenced a tender offer on June 13, 2012, which ends July 10, The fund can tender up to 15% of outstanding shares at a price equal to 98.5% of net asset value. Shares are up 4.5% this week. Taiwan Fund TWN ended its tender offer this week to purchase up to 50% of outstanding shares. About 85.5% of outstanding shares were tendered, and shares will be bought back on a pro rata basis at a price equal to 99% of net asset value. The fund was this week s largest price decliner, losing 6.1%. MS China A Share CAF -13.6% -9.9% -3.6% 11.4% EV Tax Adv Global Div Opps ETO -13.6% -12.6% -9.9% 8.0% India Fund Inc IFN -14.8% -10.5% -5.6% 6.2% Aberdeen Israel ISL -13.5% -12.7% -10.6% 2.5% Templeton Emerging Markets EMF -8.6% -6.3% -3.9% 1.6% Thai Capital Fund Inc TF -4.8% -8.5% -12.8% 1.4% Alpine Global Premier Property AWP -8.6% -12.4% -15.1% 9.7% MS Frontier Emerging Markets FFD -5.8% -10.8% -10.5% 1.9% Central Europe and Russia Fund CEE -9.5% -9.0% -9.9% 8.5% Malaysia Fund MAY -5.3% -6.3% -10.6% 3.2% All of the Global & International Equity funds are in the range of being fairly valued on a three-year statistical basis. Thai Capital Fund TF, Alpine Global Premier Property AWP, MS Frontier Emerging Markets FFD, and Central Europe and Russia Fund CEE appear overvalued on a three-year statistical basis.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds Dividend and Income Fund DNI $ % 1.1% $ MFS Special Value Trust MFV $ % 0.3% $ Ellsworth Fund ECF $ % 0.1% $ DNP Select Income DNP $ % 1.5% $2, LMP Capital & Income SCD $ % 1.6% $ RENN Glb. Entrepreneurs Fund RCG $ % 1.2% $7.7 9 Nuveen Quality Preferred Inc 2 JPS $ % 0.6% $1, JH Preferred Income III HPS $ % 0.7% $ Nuveen Tax-Adv Floating Rate JFP $ % -1.5% $ JH Preferred Income II HPF $ % 0.5% $ AGIC Gbl Equity & Conv Income NGZ -11.2% -10.2% -6.8% 9.6% Zweig Total Return ZTR -13.7% -13.0% -8.9% 8.0% Delaware Inv Div & Inc DDF -7.6% -6.7% -4.2% 9.2% Dividend and Income Fund DNI -13.0% -13.2% -8.9% 12.4% RENN Glb. Entrepreneurs Fund RCG -32.4% -25.9% -26.4% 0.0% Nuveen Pref Income Opps Fund JPC -2.9% -6.2% -11.9% 8.5% JH Preferred Income III HPS 3.5% 1.0% -3.0% 7.8% Calamos Global Dynamic Income CHW -8.1% -10.5% -12.0% 9.3% Guggenheim Strategic Opp Fund GOF 11.2% 7.9% 4.7% 8.8% Nuveen Tax-Adv Div Growth JTD -5.6% -8.6% -10.3% 8.0% All of the hybrid funds are within the range of being fairly valued on a three-year statistical basis. Nuveen Preferred Income Opportunities JPC and John Hancock Preferred Income III HPS continue to appear overvalued on a three-year statistical basis.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Nuveen Senior Income NSL $ % 0.4% $ Western Asset High Yld Def Opp HYI $ % 0.1% $ Guggenheim Build America Mngd GBAB $ % 0.2% $ Central GoldTrust GTU $ % 0.5% $1, First Trust High Inc Long/Shrt FSD $ % 0.0% $ Strategic Global Income SGL $ % 0.2% $ Nuveen Global Gov Enhanced Inc JGG $ % 0.2% $ BlackRock High Income Shares HIS $ % 0.7% $ Credit Suisse High Yield Bond DHY $ % -0.7% $ Western Asset High Income HIF $ % 0.2% $ Western/Claymore Infl-Lnkd Sec WIA -11.6% -10.8% -6.1% 3.0% Western/Claymore Infl-Lnk Opps WIW -11.6% -11.2% -8.3% 3.1% American Strategic Income II BSP -17.2% -16.2% -12.7% 8.7% Putnam Master Intermediate Inc PIM -5.6% -5.8% 0.2% 6.9% Global High Income Fund Inc. GHI -6.5% -1.6% -2.2% 7.3% BlackRock High Yield BHY 6.2% 1.3% -3.4% 7.2% Helios High Income HIH 5.6% 0.1% -5.6% 8.3% Nuveen Credit Strat. Income JQC -4.5% -8.2% -12.8% 8.9% Helios Multi-Sector High Incom HMH -0.3% -3.4% -8.4% 8.6% BlackRock Strategic Bond BHD 2.4% -0.5% -4.9% 7.2% 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 Invesco Value Muni Income IIM $ % 0.2% $ Federated Premier Muni Income FMN $ % 0.2% $ Western Asset Managed Muni MMU $ % 0.1% $ Nuveen Municipal Value Fund 2 NUW $ % 0.2% $ Invesco Muni Income Opp III OIC $ % 0.3% $ Invesco VK Adv Muni Inc II VKI $ % 0.2% $ Pioneer Muni High Inc Adv MAV $ % 0.5% $ Invesco VK Municipal Trust VKQ $ % 0.2% $ Dreyfus Strategic Municipals LEO $ % 0.2% $ Invesco VK Muni Invst. Grade T VGM $ % 0.2% $ EV Municipal Bond II EIV 3.9% 11.8% 11.6% 5.7% EV Municipal Bond EIM -2.1% -2.0% 2.6% 5.8% Nuveen Muni High Inc Opp NMZ 1.7% 3.2% 6.9% 6.7% BlackRock Municipal 2020 BKK -1.5% -1.1% 1.6% 4.6% BlackRock Muni 2018 Term Trust BPK 4.3% 5.3% 7.1% 5.5% Invesco VK Trust Value Muni VIM 6.5% 1.3% -0.6% 5.9% Western Asset Municipal Part MNP 1.0% -0.9% -5.2% 5.1% Western Asset Muni Defined Opp MTT 4.0% 1.8% -0.8% 4.3% BlackRock Muni Inter Duration MUI 1.7% -0.1% -4.0% 5.2% BlackRock MuniYield MYD 5.6% 2.6% 0.5% 6.2% Eaton Vance Municipal Bond II EIV continues to appear undervalued on a three-year statistical basis. Invesco VK Trust Value Municipal VIM and Western Asset Municipal MNP appear overvalued on a three-year statistical basis.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds Developments & Red Flags BlackRock MD Municipal Bond BZM, BlackRock NJ Municipal Bond BLJ, BlackRock PA Strategic Municipal BPS, BlackRock VA Municipal Bond BHV, and MA Health & Education MHE each announced the issuance of private preferred shares. The proceeds from these offerings will be used to redeem the funds respective auction rate preferred shares. EV NJ Municipal Income EVJ $ % 0.1% $ Nuveen NJ Premium Income Muni NNJ $ % 0.1% $ Nuveen OH Quality Income Muni NUO $ % 0.1% $ Nuveen NJ Div Adv Muni 2 NUJ $ % 0.2% $ Delaware Invest CO Muni Income VCF $ % 0.1% $ Nuveen CA Quality Income Muni NUC $ % 0.1% $ EV MI Municipal Bond MIW $ % 0.2% $ BlackRock Muni NY Intermed. Du MNE $ % 0.2% $ Nuveen CA Select Quality Muni NVC $ % 0.2% $ Invesco VK CA Value Muni VCV $ % 0.3% $ BlackRock CA Muni 2018 Term BJZ 0.6% 5.5% 5.7% 4.4% BlackRock NY Muni 2018 Term BLH 3.2% 6.5% 5.8% 4.5% Nuveen CT Div Adv Muni Fund 2 NGK -5.9% -3.1% 0.3% 4.8% EV CA Municipal Bond EVM -2.3% 1.1% 2.2% 5.3% Nuveen PA Municipal Value Fund NPN -6.5% -4.9% -2.5% 4.1% Delaware MN Muni Income II VMM -1.9% -5.9% -8.9% 4.7% Delaware Invest CO Muni Income VCF 2.6% -3.2% -5.3% 4.4% Invesco Cali Muni Securities ICS -0.8% -3.2% -8.3% 4.3% Nuveen NJ Premium Income Muni NNJ 2.4% -1.4% -4.6% 5.4% Nuveen AZ Div Adv Muni 2 NKR -1.7% -4.3% -6.6% 5.3% BlackRock CA Muni 2018 BJZ appears undervalued on a three-year statistical 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, June 14, 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."