Closed-End Fund Weekly Update June 11, 2010

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1 Closed-End Fund Weekly Update June 11, 2010 U.S. Equity Funds Engex EGX $ % -10.9% $8.9 2 Cornerstone Total Return CRF $ % -1.7% $ ASA (Bermuda) Limited ASA $ % 1.2% $ Kayne Anderson MLP KYN $ % 1.9% $1, Neuberger Berman Real Est Sec NRO $ % -0.5% $ First Trust Specialty Finance FGB $ % -1.8% $ Nuveen Core Equity Alpha JCE $ % -1.5% $ Royce Value Trust RVT $ % -3.0% $ BlackRock Strategic Dividend BDT $ % -1.9% $ RENN Glb. Entrepreneurs Fund RCG $ % -6.4% $ With volatility continuing as the only apparent trend across the broad U.S. equity markets, most U.S. equity focused CEFs posted negative NAV returns for the week. Engex EGX, the most illiquid CEF outside of state municipal CEFs, saw a large price gain relative to its NAV decline. The move was enough to send the fund to an 81% premium to its shares. Cornerstone Total Return CRF is back to trading at a 57% premium to its underlying NAV. Evergreen Utilities & High Inc ERH -4.8% 14.6% 13.7% 8.7% Royce Value Trust RVT -17.2% -15.9% -10.2% 0.0% Royce Focus Trust FUND -13.2% -11.4% -3.7% 0.0% Cohen & Steers Infrastructure UTF -15.5% -12.0% -11.8% 7.4% First Opportunity Fund, Inc. FOFI -23.5% -17.8% -15.4% 0.5% BlackRock Real Asset Equity BCF -0.7% -2.3% -11.2% 9.3% Engex EGX 81.3% 6.0% 10.1% 0.0% BlackRock Enhanced Cap & Inc CII 7.8% 2.1% -7.2% 13.1% DWS Enhanced Commodity Strtgy GCS -1.7% -6.3% -11.2% 1.7% SunAmerica Foc Alpha LargeCap FGI -6.6% -7.7% -12.9% 1.5% No funds are statistically undervalued on a three-year view. BlackRock Real Asset Equity BCF, Engex EGX, and BlackRock Enhanced Capital and Income CII are the only three U.S. equity funds that are statistically overvalued on a three-year basis.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds ING Asia Pacific High Dividend IAE $ % 0.2% $ Asia Tigers Fund GRR $ % -2.4% $ Aberdeen Australia Equity IAF $ % 2.1% $ Swiss Helvetia Fund SWZ $ % 0.9% $ Aberdeen Latin America Equity LAQ $ % 0.9% $ ING Intl High Div Equity Inc IID $ % -0.1% $ JH Tax Advantaged Global HTY $ % 1.4% $ Templeton Russia & East Europe TRF $ % -2.6% $ Evergreen Global Dividend Opp EOD $ % 0.0% $ Gabelli Global MultiMedia GGT $ % -3.1% $ The two largest price gainers this week, ING Asia Pacific High Dividend IAE and Asia Tigers GRR, had enough relative outperformance to land them on the list (below). Neither fund is statistically overvalued, in our view. Aberdeen Australia Equity IAF increased its quarterly distribution amount by 8.0% to $0.27 per share. Swiss Helvetia SWZ had some price outperformance relative to NAV this week. At the annual meeting next week (June 16), shareholders will vote on a proposal to convert the fund to an interval fund. The fund continues to trade at a nearly 15% discount to NAV, near its three-year average. MS Eastern Europe RNE -13.1% -10.7% -8.7% 0.0% Taiwan Fund TWN -14.1% -12.7% -9.2% 0.6% Thai Fund Inc TTF -17.9% -16.1% -9.6% 2.1% Korea Fund KF -11.1% -10.3% -8.0% 0.0% Aberdeen Emerging Markets Tele ETF -14.6% -12.6% -11.3% 0.8% ING Asia Pacific High Dividend IAE -0.5% 2.7% -7.3% 10.9% Nuveen Global Value Opp JGV -1.9% -3.0% -9.0% 6.8% EV Tax Advantage Dividend Inc EVT -7.1% -7.2% -12.3% 9.0% EV Tax Adv Global Dividend Inc ETG -6.0% -5.8% -11.7% 9.9% Asia Tigers Fund GRR -4.8% -6.0% -7.1% 1.0% All of the and funds remain within the range of being fairly valued.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds Flah&Crum Pref Income Opps PFO $ % 0.4% $ Flah&Crum Claymore Tot Return FLC $ % 0.6% $ Flah&Crum Claymore Pref Secs FFC $ % 0.8% $ Clough Global Opportunities GLO $ % -1.9% $ Nuveen Quality Preferred Inc JTP $ % -0.8% $ MFS Special Value Trust MFV $ % -1.0% $ Delaware Inv Global Div & Inc DGF $ % -0.3% $ Lazard Glb Total Return & Inc LGI $ % -2.0% $ Nuveen Tax-Adv Total Return JTA $ % -1.4% $ Delaware Inv Div & Inc DDF $ % -0.7% $ JH Preferred Income II HPF -6.3% -6.4% -3.0% 8.7% JH Preferred Income HPI -6.6% -6.2% -2.3% 8.7% Lazard World Dividend & Income LOR -13.3% -12.8% -11.2% 8.4% Bancroft Fund BCV -13.9% -13.8% -12.5% 4.1% LMP Capital & Income SCD -17.4% -16.8% -16.7% 5.2% MFS Special Value Trust MFV 12.5% 1.6% -7.4% 9.2% Flah&Crum Claymore Tot Return FLC 5.8% -0.4% -9.5% 8.4% DNP Select Income DNP 38.0% 30.7% 20.0% 8.5% First Trust/Aberdeen Emerging FEO -6.7% -8.7% -13.9% 7.5% TS&W/Claymore Tax-Adv Balanced TYW -7.1% -11.2% -13.1% 7.2% No funds are statistically undervalued on a three-year view. All of the funds are statistically overvalued.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Developments & Red Flags There were a couple of large distribution rate increases this week. o Fort Dearborn Income FDI increased its quarterly distribution amount by 25% to $0.25 per share. o DWS Global High Income LBF increased its quarterly distribution amount by 20% to $0.12 per share. Western Asset High Income HIF $ % -0.8% $ MFS Intermediate High Income CIF $ % -1.8% $ JH Income Securities JHS $ % -0.4% $ Western Asset Managed High Inc MHY $ % -0.7% $ BlackRock Float Rate Strat FRA $ % -0.6% $ Western Asset Income Fund PAI $ % -0.6% $ Nuveen Multi-Currency Short JGT $ % 0.5% $ Nuveen Mort Opp Term Fund 2 JMT $ % 0.0% $ Invesco VK Dynamic Cred Opps VTA $ % -0.7% $ Nicholas-Applegate Conv & Inc NCV $ % -1.2% $ BlackRock Credit Alloc III BPP -10.9% -9.1% -5.1% 7.9% First Trust Strategic HighInc3 FHO -12.6% -8.4% -1.0% 9.2% AllianceBernstein Income Fund ACG -6.4% -5.5% -4.3% 6.1% Hartford Income Shares Fund HSF -8.9% -8.3% -6.4% 6.7% First Trust Strategic High Inc FHI -10.5% -8.7% 0.8% 10.0% JH Investors Trust JHI 12.4% 3.4% -3.3% 10.7% Dreyfus High Yield Strategies DHF 8.5% -0.3% -11.5% 12.7% Invesco VK High Income II VLT 8.5% 1.2% -9.6% 10.8% Transamerica Income Shares TAI 0.1% -2.6% -8.8% 7.4% Invesco High Yield Investments MSY -0.7% -3.1% -11.5% 9.6% No funds are statistically undervalued on a three-year view. All five funds are statistically overvalued on a three-year view. Reflecting the relatively quiet week among taxable fixed-income CEFs, the constituents of both the Relatively Inexpensive and lists did not change from the prior week.

5 Morningstar Closed-End Fund Research 5 National Municipal Funds BlackRock Ins Muni Inc Inv Tr BAF $ % -0.1% $ BlackRock MuniYield Ins Invest MFT $ % -0.1% $ PIMCO Municipal Income III PMX $ % -0.1% $ BlackRock Muniholdings Ins Inv MFL $ % -0.2% $ Pioneer Muni High Inc Adv MAV $ % -0.2% $ MFS High Yield Municipal Trust CMU $ % -0.5% $ MFS High Income Municipal CXE $ % -0.4% $ MFS Investment Grade Muni CXH $ % -0.4% $ BlackRock Municipal Income Inv BBF $ % -0.2% $ BlackRock Invst. Quality Muni BKN $ % -0.2% $ Invesco Muni Income Opp III OIC -5.7% -5.0% -2.9% 6.7% Invesco Muni Income Opps Trust OIA -4.7% -5.0% -0.6% 6.5% Invesco Ins Muni Securities IMS -6.0% -4.1% -3.9% 4.2% BlackRock Apex Municipal APX -2.5% -1.7% -1.0% 5.9% BlackRock MuniAssets Fund MUA -0.7% 0.0% 0.6% 6.0% Western Asset Intermediate Mun SBI 0.7% -3.9% -8.5% 4.9% Nuveen Premier Ins Muni Inc NIF 3.0% -1.8% -8.6% 5.9% BlackRock MuniHoldings Insured MUS 3.4% -0.8% -9.4% 6.4% BlackRock Ins Muni Inc Inv Tr BAF 2.8% -1.9% -10.1% 5.9% BlackRock MuniYield Ins Invest MFT 2.3% -2.8% -11.0% 6.0% None of the national municipals is statistically significantly undervalued. All of the National Municipal CEFs are statistically significantly overvalued on a threeyear view.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds BlackRock CA Inv Quality Muni RAA $ % -0.2% $ BlackRock NY Inv Quality Muni RNY $ % -0.1% $ EV CA Muni Bond II EIA $ % -0.7% $ Nuveen Ins CA Div Adv Muni NKL $ % -0.2% $ Nuveen MD Div Adv Muni Fund 2 NZR $ % -0.1% $ Nuveen Ins MA Tax Free Adv NGX $ % -0.3% $ Nuveen MO Premium Income Mun NOM $ % -0.3% $ Nuveen CA Select Tax-Free NXC $ % -0.2% $ Nuveen PA Municipal Value Fund NPN $ % -0.2% $ Nuveen CT Div Adv Muni Fund NFC $ % -0.2% $ Shareholders of BlackRock CA Investment Quality Municipal RAA will vote on a proposal to liquidate the fund at the annual meeting scheduled for September 2. Shares advanced in heavy volume, narrowing the discount to 2.3%. Nuveen CA Select Tax-Free NXC -7.7% -7.0% -4.2% 5.1% Invesco Insured CA Muni Secu ICS -10.0% -9.8% -7.9% 4.4% Delaware Invest CO Muni Income VCF -5.3% -4.4% -1.9% 4.3% BlackRock MD Muni Bond BZM 4.8% 2.2% 8.0% 6.1% PIMCO CA Municipal Income PCQ 4.7% 3.5% 7.6% 7.0% MFS California Insured Muni CCA 10.0% 3.6% -5.0% 6.8% Nuveen MO Premium Income Mun NOM 21.5% 16.4% 6.5% 4.8% Nuveen OH Div Adv Muni 2 NBJ 1.1% -4.1% -9.2% 5.6% Nuveen OH Div Adv Muni 3 NVJ 4.8% -1.0% -7.4% 5.6% MA Health & Education MHE 4.6% 0.3% -6.6% 6.2% None of the state municipal CEFs is statistically significantly undervalued. All of the state municipal CEFs are statistically significantly overvalued on a three-year view, in our opinion.

7 Morningstar Closed-End Fund Research 7 * All data in the accompanying tables is as of the market close on Thursday, June 10, 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.