Closed-End Fund Weekly Update March 15, 2013

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1 Closed-End Fund Weekly Update March 15, 2013 U.S. Equity Funds Boulder Total Return BTF announced that it intends to redeem all of its taxable auction market preferred stock on April 10 at par value plus accumulated and unpaid dividends. The fund will finance the redemption via a credit facility. Cohen & Steers Tot Ret Realty RFI $ % 0.7% $ Eagle Capital Growth GRF $ % 1.1% $ First Trust Specialty Finance FGB $ % 1.8% $ First Trust Enhanced Equity In FFA $ % 1.4% $ Boulder Growth & Income BIF $ % 1.0% $ Foxby Corp FXBY $ % 0.5% $3.8 4 Cushing MLP Total Return Fund SRV $ % 0.6% $ Cushing Royalty & Income Fund SRF $ % 0.5% $ GAMCO Glb Gold Natural Res&Inc GGN $ % 1.1% $ Tortoise Energy Capital TYY $ % 0.1% $ Cushing MLP Total Return Fund SRV 10.6% 20.1% 22.1% 11.7% Central Securities Corporation CET -20.4% -19.2% -17.3% 3.2% BlackRock Energy & Resources BGR -8.7% -7.2% -4.7% 6.3% GAMCO Glb Gold Natural Res&Inc GGN -0.8% 1.2% 3.8% 11.8% BlackRock Global Opportunities BOE -11.5% -11.2% -4.3% 9.0% JH Financial Opportunities BTO -0.4% -4.9% -9.9% 5.8% RMR Real Estate Income Fund RIF -9.0% -12.2% -17.4% 6.0% Nuveen Core Equity Alpha JCE -1.4% -7.4% -6.7% 7.0% DH Financial Trends Fund DHFT 0.1% -4.0% -12.5% 0.4% Royce Focus Trust FUND -10.0% -11.7% -12.4% 9.6% Cushing MLP Total Return SRV appears undervalued on a three-year statistical basis. All of the U.S. equity CEFs appear overvalued on a three-year statistical basis.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Aberdeen Emerging Markets Telecommunications and Infrastructure ETF announced that as of March 15, the fund's investment policy will change such that it will no longer concentrate its investments in the telecom industry. In fact, several investment policy changes were announced and the press release can be found here. As a result of these changes, the fund's name will change to Aberdeen Emerging Markets Smaller Company Opportunities, but the ticker symbol will remain as ETF. Central Europe and Russia Fund CEE announced the preliminary results of its tender offer. The offer was for up to 5% of outstanding shares. Instead, about 73% of the fund's outstanding shares were tendered. The offer was for 98% of the fund's net asset value as determined on March 13; with the fund trading at a 10% discount, it is clear why investors were so keen on tendering shares. Mexico Fund MXF $ % 2.5% $ Herzfeld Caribbean Basin CUBA $ % 0.8% $ Alpine Global Premier Property AWP $ % 1.1% $ Thai Fund Inc TTF $ % 2.4% $ Aberdeen Australia Equity IAF $ % 0.0% $ MS China A Share CAF $ % -2.4% $ Greater China Fund GCH $ % -1.3% $ Korea Fund KF $ % -2.3% $ Aberdeen Indonesia Fund Inc IF $ % -1.9% $ China Fund Inc CHN $ % -1.3% $ Alpine Global Dynamic Dividend AGD -10.5% 3.2% 8.3% 7.6% Templeton Russia & East Europe TRF -9.8% -9.5% -6.1% 1.0% Nuveen Global Value Opp JGV -7.8% -7.6% -4.2% 7.9% Latin American Discovery Fund LDF -9.9% -9.1% -7.9% 1.0% MS India Investment IIF -11.1% -11.7% -8.6% 0.0% Mexico Fund MXF 8.3% -4.1% -8.8% 6.8% Herzfeld Caribbean Basin CUBA -2.8% -9.3% -8.7% 2.2% Alpine Global Premier Property AWP -4.2% -6.6% -12.7% 7.3% Gabelli Multimedia GGT -2.7% -3.8% -9.8% 9.1% Mexico Equity & Income MXE -7.9% -10.7% -11.2% 1.2% All of the global & international equity CEFs appear fairly valued on a three-year statistical basis. Mexico Fund MXF and Herzfeld Caribbean Basin CUBA appear overvalued on a three-year statistical basis.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds RENN Glb. Entrepreneurs Fund RCG $ % 3.5% $7.6 8 Nuveen Diversified Div & Inc JDD $ % 1.2% $ AGIC Gbl Equity & Conv Income NGZ $ % 1.3% $ Guggenheim Enhanced Eq. Strtgy GGE $ % 0.4% $ Guggenheim Strategic Opp Fund GOF $ % 0.4% $ Flah&Crum Pref Income Opps PFO $ % 0.2% $ First Trust/Aberdeen Emerging FEO $ % -0.2% $ JH Preferred Income II HPF $ % 0.2% $ JH Preferred Income HPI $ % 0.1% $ Flah&Crum Preferred Income PFD $ % 0.2% $ DNP Select Income DNP 14.0% 15.4% 27.6% 7.7% Delaware Enhanced Gbl Div&Inc DEX -6.3% -5.9% -1.4% 7.5% Ellsworth Fund ECF -15.1% -14.4% -13.0% 3.3% Bancroft Fund BCV -14.7% -14.3% -13.4% 2.8% Gabelli Convertible & Income GCV -5.6% -3.9% -0.8% 8.4% Guggenheim Enhanced Eq. Strtgy GGE -3.8% -8.2% -11.9% 10.3% Nuveen Diversified Div & Inc JDD 0.2% -3.2% -7.2% 7.7% Calamos Global Dynamic Income CHW -8.0% -9.3% -11.3% 8.3% Calamos Strategic Total Return CSQ -5.6% -5.2% -10.5% 7.9% Nuveen Pref Income Opps Fund JPC -3.2% -4.0% -8.8% 7.4% All of the hybrid CEFs appear fairly valued on a three-year statistical basis. Guggenheim Enhanced Equity Strategy GGE and Nuveen Diversified Dividend and Income JDD appear overvalued on a three-year statistical basis.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Nuveen Long/Short Commodity Total Return CTF announced that the fund may repurchase up to 10% of its common shares at management's discretion in the open market. This repurchase program is in addition to the one instituted in December. The fund is currently trading at a roughly 4% discount. Federated Enhanced Treasury Income reduced its monthly distribution 27.8% to $0.052 per share. Western Asset Mortgage Def Opp DMO $ % 0.3% $ Nuveen Mort Opp Term Fund 2 JMT $ % 0.1% $ Nuveen Mortgage Opp Term Trust JLS $ % 0.1% $ PCM Fund PCM $ % 0.3% $ NexPoint Credit Strategies Fun NHF $ % 1.4% $ PIMCO Strategic Global Govt RCS $ % 0.4% $ Transamerica Income Shares TAI $ % 0.2% $ Oxford Lane Capital Corp OXLC $ % 0.0% $ AllianceBernstein Glb High Inc AWF $ % 0.4% $1, ING Prime Rate Trust PPR $ % 0.5% $ Putnam High Income Securities PCF -8.2% -4.1% -1.3% 5.8% Transamerica Income Shares TAI -9.4% 3.0% -0.5% 4.8% Neuberger Berman High Yield St NHS -3.2% -0.7% 2.5% 7.7% Managed High Yield Plus HYF -4.8% -3.0% 2.7% 8.3% Western Asset High Income HIF -1.2% -1.0% 4.2% 7.4% MS Emerging Markets Debt MSD -4.2% -6.4% -8.5% 5.9% Western Asset Variable Rate GFY 0.9% -2.0% -6.3% 4.6% Nuveen Credit Strat. Income JQC 2.6% -0.4% -9.0% 8.0% Western Asset Emerg Mkts Debt ESD 0.7% -1.6% -7.1% 6.6% Nuveen Mortgage Opp Term Trust JLS 8.7% 4.7% -0.6% 6.9% Putnam High Income Securities PCF and Transamerica Income Shares TAI appear undervalued on a three-year statistical basis. All of the taxable fixed-income CEFs appear overvalued on a three-year statistical basis.

5 Morningstar Closed-End Fund Research 5 National Municipal Funds Nuveen Municipal Income NMI $ % -0.5% $ Nuveen Inter Dur Quality Muni NIQ $ % -1.0% $ BlackRock MuniHoldings Qty II MUE $ % -1.3% $ Neuberger Berman Inter Muni NBH $ % -0.7% $ BlackRock MuniEnhanced MEN $ % -1.0% $ BlackRock MuniYield Inv Fund MYF $ % -1.2% $ BlackRock MuniVest Fund II MVT $ % -1.1% $ BlackRock Municipal Bond BBK $ % -1.1% $ Federated Premier Inter Muni FPT $ % -0.7% $ American Municipal Income XAA $ % -0.6% $ Nuveen Select Quality Muni NQS -7.5% -0.3% 1.6% 5.3% BlackRock Muni 2018 Term Trust BPK 0.1% 5.0% 5.8% 4.5% Nuveen Municipal Advantage NMA -7.8% -2.4% -1.0% 5.6% Nuveen Dividend Advantage 3 NZF -8.8% -3.7% -2.6% 5.2% Invesco VK Muni Opps. Trust VMO -3.8% 3.2% 4.0% 7.0% BlackRock MuniEnhanced MEN 1.8% 0.9% -1.2% 5.5% Nuveen Municipal Income NMI 8.0% 6.9% 3.4% 4.6% BlackRock MuniHoldings Qty II MUE 2.3% 0.7% -0.5% 5.6% Delaware Invest National Muni VFL -3.8% -4.0% -5.2% 4.6% Pioneer Muni High Inc Adv MAV 15.0% 15.9% 11.1% 7.3% All of the national municipal CEFs appear undervalued on a three-year statistical basis. None of the national municipal CEFs appear overvalued on a three-year statistical basis.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds Nuveen fund consolidations continue. o Prior to the opening of business on March 11, the consolidation of five New York state municipal CEFs into Nuveen NY AMT Free Municipal Income NRK was completed. The press release can be found here. o Effective April 8, Nuveen OH Quality Income Municipals NUO will acquire Nuveen Ohio Dividend Advantage Municipal NXI, Nuveen Ohio Dividend Advantage Municipal 2 NBJ, and Nuveen Ohio Dividend Advantage Municipal 3 NVJ. The press release can be found here. o Also effective April 8, Nuveen AZ Premium Income Municipal NAZ will acquire Nuveen Arizona Dividend Advantage Municipal NFZ, Nuveen Arizona Dividend Advantage Municipal 2 NKR, and Nuveen Arizona Dividend Advantage Municipal 3 NXE. The press release can be found here. BlackRock CA Muni 2018 Term BJZ $ % -0.4% $ MA Health & Education MHE $ % -1.1% $ Neuberger Berman CA Inter Muni NBW $ % -0.7% $ BlackRock VA Municipal Bond BHV $ % -1.1% $ PIMCO NY Municipal Income III PYN $ % -0.8% $ EV NJ Municipal Income EVJ $ % -0.9% $ BlackRock NJ Municipal Bond BLJ $ % -1.2% $ Nuveen AZ Premium Income Muni NAZ $ % -0.8% $ Nuveen NY AMT-Free Muni Inc NRK $ % -0.9% $ BlackRock MuniYield MI Quality MIY $ % -0.8% $ EV NJ Municipal Bond EMJ -4.9% 4.3% 4.5% 5.1% Nuveen CA Div Adv Muni 3 NZH -7.0% -1.5% -1.8% 6.0% Nuveen TX Quality Income Muni NTX -0.6% 3.2% 6.8% 4.5% Invesco VK CA Value Muni VCV -3.4% 0.3% 2.8% 6.1% Nuveen NC Premium Income Muni NNC -6.7% -1.2% 0.8% 4.3% Delaware MN Muni Income II VMM 1.6% 1.0% -6.0% 4.5% BlackRock VA Municipal Bond BHV 29.2% 24.0% 21.4% 4.1% EV CA Municipal Income CEV 2.8% 2.1% 0.3% 5.7% BlackRock MuniYield NY Quality MYN 0.3% 1.3% -2.9% 5.8% Minnesota Muni Income Port MXA 10.6% 10.7% 6.9% 5.0% All of the state municipal CEFs appear undervalued on a three-year statistical basis. None of the state municipal CEFs 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, March 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."