Closed-End Fund Weekly Update October 29, 2010

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1 Closed-End Fund Weekly Update October 29, 2010 U.S. Equity Funds First Trust Specialty Finance FGB $ % 0.1% $ Cornerstone Progressive Return CFP $ % -0.2% $ Mac/First Glb Infrastructure MFD $ % 1.0% $ Tortoise Energy Infrastructure TYG $ % 0.3% $ Foxby Corp FXBY $ % 0.1% $2.8 3 Cornerstone Strategic Value CLM $ % 0.1% $ Cornerstone Total Return CRF $ % 0.3% $ Eagle Capital Growth GRF $ % 0.0% $ ASA (Bermuda) Limited ASA $ % 1.0% $ Boulder Growth & Income BIF $ % -1.3% $ Cornerstone Strategic Value CLM and Cornerstone Total Return CRF experienced the largest price declines this week, down 5.3% and 2.8%, respectively. This follows an announcement by both funds of a rights offering. Each fund will offer existing shareholders the right to purchase one share for every three owned at a price equal to the greater of 102% of net asset value or 90% of the market price. ASA (Bermuda) Limited ASA continued its decline this week, losing 1.8% (the fund lost 3.6% last week). This is after it appeared on the list for the past two weeks. This week's price decline was enough to place the fund within the range of being fairly valued, in our opinion. EV Risk-Mgd Divers Equity Inc ETJ -6.9% 2.6% -0.2% 13.7% Royce Focus Trust FUND -13.5% -13.0% -5.4% 0.0% Kayne Anderson MLP KYN 2.8% 9.3% 11.7% 7.3% Eagle Capital Growth GRF -19.1% -16.8% -12.8% 1.6% Gabelli Equity Trust GAB -5.6% -5.1% 0.6% 9.2% Cohen & Steers Dividend Majors DVM -6.4% -15.1% -15.0% 7.2% BlackRock Dividend Achievers BDV -1.5% -5.2% -10.6% 6.6% BlackRock Health Sciences BME -0.7% -4.3% -8.6% 5.7% BlackRock Strategic Dividend BDT -9.6% -12.2% -14.1% 6.5% Nuveen Core Equity Alpha JCE -4.7% -5.7% -12.4% 8.3% No funds are statistically undervalued on a three-year view, in our opinion. Cohen & Steers Dividend Majors DVM, BlackRock Dividend Achievers BDV, and BlackRock Health Sciences BME are statistically overvalued on a three-year view, in our opinion.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Taiwan Greater China TFC $ % 3.8% $ Mexico Fund MXF $ % 2.0% $ Thai Capital Fund Inc TF $ % 0.3% $ Korea Equity Fund KEF $ % 2.6% $ Aberdeen Indonesia Fund Inc IF $ % 2.1% $ India Fund Inc IFN $ % -1.1% $1, Turkish Investment Fund TKF $ % -1.9% $ Aberdeen Emg Mkt Tele Infras ETF $ % -0.4% $ MS India Investment IIF $ % -0.8% $ Riversource LaSalle Int Real E SLS $ % -0.4% $ Taiwan Greater China is the largest price gainer this week, up 4%, after last week's announcement to repurchase up to 5% of outstanding shares. Riversource LaSalle International Real Estate SLS lost 1.7% this week after appearing on the Relatively Expensive list last week. Alpine Total Dynamic Dividend AOD -3.6% 7.3% 9.9% 11.6% Alpine Global Dynamic Dividend AGD 2.1% 12.8% 16.4% 10.5% Herzfeld Caribbean Basin CUBA -7.3% -6.5% 2.3% 2.4% Templeton Russia & East Europe TRF -3.9% -4.3% 9.6% 0.0% Asia Pacific Fund APB -8.6% -8.9% -7.3% 0.0% BlackRock S&P Quality Rankings BQY -5.6% -10.9% -13.8% 7.4% Singapore Fund SGF -5.0% -10.0% -11.0% 1.6% New Germany Fund GF -8.2% -10.9% -16.3% 1.4% DWS RREEF World Real Estate DRP -5.2% -12.4% -16.5% 5.0% Riversource LaSalle Int Real E SLS -5.7% -10.9% -16.4% 7.2% All of the funds remain within the range of being fairly valued, in our opinion. BlackRock S&P Quality Ratings BQY and Singapore Fund SGF appear overvalued on a three-year statistical basis, in our view.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds RENN Glb. Entrepreneurs Fund RCG $ % -0.4% $9.1 3 Claymore/Guggenheim Strat Opps GOF $ % 0.2% $ DWS Dreman Value Income Edge DHG $ % 1.1% $ Delaware Inv Global Div & Inc DGF $ % 0.3% $ Flah&Crum Pref Income Opps PFO $ % 0.1% $ Flah&Crum Preferred Income PFD $ % 0.2% $ Lazard World Dividend & Income LOR $ % -0.4% $ MFS Special Value Trust MFV $ % 0.6% $ Flah&Crum Claymore Tot Return FLC $ % 0.2% $ JH Preferred Income HPI $ % 0.4% $ DWS Dreman Value Income DHG is among the largest price gainers this week after announcing a tender offer. The fund will repurchase up to 25% of outstanding shares at 99% of net asset value (as of the close of trading Nov. 19). In addition, previously announced fund name, manager, and strategy changes will take effect Nov. 5. The fund's new name will be DWS High Income Opportunities. The ticker will remain unchanged. MFS Special Value MFV finds itself among the largest price decliners this week, down 1.5%. This is after the fund appeared on the list last week. JH Preferred Income HPI -4.9% -4.9% -2.6% 7.6% JH Preferred Income II HPF -4.9% -4.9% -3.3% 7.7% DCA Total Return Fund DCA -18.1% -18.1% -16.5% 5.2% Gabelli Convertible & Income GCV -0.5% -0.7% 0.1% 7.4% Calamos Strategic Total Return CSQ -12.4% -12.3% -12.2% 7.0% DWS Dreman Value Income Edge DHG -4.1% -10.1% -16.2% 6.5% Claymore/Guggenheim Strat Opps GOF 8.9% 3.4% -3.9% 8.9% First Trust/Aberdeen Emerging FEO -4.2% -4.8% -12.7% 6.4% MFS Special Value Trust MFV 10.5% 13.4% -6.3% 8.8% Advent Claymore Global Convert AGC 0.9% 0.7% -9.1% 8.6% No funds are statistically undervalued on a three-year view, in our opinion Statistically, DWS Dreman Value Income Edge DHG is the only overvalued CEF on the list, in our opinion.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Developments & Red Flags Guggenheim launched its Build America Bonds Managed Duration GBAB on Wednesday. The fund sold 17 million shares for $20 per share, raising $340 million in capital. This does not include $51 million in overallotments to brokers. Western Asset launched its High Yield Defined Opportunities HYI on Wednesday. The fund raised $400 million. This does not include $80 million in overallotments to brokers. DWS Global High Income LBF commenced a tender offer to repurchase up to 25% of outstanding shares at 99% of net asset value (at the close of trading Nov. 19). BlackRock Enhanced Government EGF announced board approval of a repurchase offer. The fund will repurchase 5% of outstanding shares at a price equal to net asset value (as of the close of trading Dec. 10), less a fee of 2%. Helios Advantage Income HAV $ % 7.7% $ First Trust/FIDAC Mortgage Inc FMY $ % 0.9% $ Western Asset Worldwide Income SBW $ % 0.3% $ DWS Multi-Market Income KMM $ % 0.8% $ BlackRock High Income Shares HIS $ % 0.9% $ BlackRock Floating Rate Inc Tr BGT $ % 0.6% $ Western Asset IG Defined Opp IGI $ % 0.0% $ Nuveen Build America Bond NBB $ % -0.8% $ MFS Government Markets Income MGF $ % -0.3% $ PCM Fund PCM $ % -1.0% $ PIMCO Strategic Global Govt RCS 4.4% 10.3% 12.8% 8.2% AllianceBernstein Income Fund ACG -7.1% -6.2% -4.5% 5.7% PIMCO Corporate Income PCN 4.1% 8.1% 10.7% 7.9% Central Fund of Canada CEF 7.0% 7.9% 9.2% 0.1% First Trust Strategic HighInc3 FHO -12.5% -12.2% -2.2% 6.9% DWS Multi-Market Income KMM 5.5% -1.6% -9.9% 8.4% First Trust/FIDAC Mortgage Inc FMY 4.7% -0.5% -7.0% 9.4% Western Asset Global High Inc EHI -1.1% -6.2% -12.9% 8.4% American Income Fund MRF 5.4% 1.9% -5.3% 8.0% Fort Dearborn Income FDI -3.7% -7.8% -9.4% 6.0% No funds are statistically undervalued on a three-year view, in our opinion. All funds are statistically overvalued on a three-year view, in our opinion.

5 Morningstar Closed-End Fund Research 5 National Municipal Funds Invesco Insured Municipal Trus IMT $ % -1.0% $ BlackRock Municipal Bond BBK $ % -0.6% $ EV Municipal Bond II EIV $ % -1.3% $ BlackRock MuniVest MVF $ % -0.6% $ Invesco VK Muni Opps. Trust VMO $ % -0.7% $ BlackRock Muni 2018 Term Trust BPK $ % -0.5% $ Western Asset Intermediate Mun SBI $ % -0.4% $ PIMCO Municipal Income III PMX $ % -0.4% $ Neuberger Berman Inter Muni NBH $ % -0.6% $ Dreyfus Strategic Muni Bond DSM $ % -0.5% $ BlackRock Municipal Bond BKK gained 2.1% this week after appearing on the list last week. Neuberger Berman Intermediate Muni NBH lost 1.3% this week after it was on the list last week. BlackRock Muni 2018 Term Trust BPK 3.2% 7.3% 8.2% 6.0% Nuveen Muni High Inc Opp NMZ 6.2% 8.8% 9.4% 7.8% BlackRock MuniAssets Fund MUA -1.4% -0.3% 0.2% 5.8% Invesco Muni Income Opps Trust OIA -3.4% -2.8% -2.1% 6.2% BlackRock Municipal 2020 BKK 1.1% 1.5% 2.0% 4.9% Putnam Managed Muni Income PMM 2.4% 1.2% -6.0% 6.8% Putnam Municipal Opportunities PMO -1.1% -3.4% -7.3% 6.5% Invesco Insured Municipal Trus IMT 1.1% -1.3% -8.8% 5.9% DTF Tax-Free Income DTF -2.4% -4.7% -11.3% 4.9% Nuveen Premier Ins Muni Inc NIF 2.8% 2.2% -7.4% 5.8% Statistically, none of the national municipal CEFs is undervalued, in our opinion. Statistically, Putnam Municipal Opportunities PMM is the only overvalued fund on a three-year view, in our opinion.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds Developments & Red Flags After announcing last week that it would issue MuniFund Preferred Shares, Nuveen California Advantage 2 NVX redeemed $50 million in auction-rate preferred shares this week. BlackRock VA Municipal Bond BHV $ % -0.5% $ Nuveen VA Premium Income Muni NPV $ % -0.5% $ BlackRock NY Inv Quality Muni RNY $ % -0.5% $ EV MA Municipal Bond MAB $ % -1.2% $ Nuveen MO Premium Income Mun NOM $ % -0.6% $ EV OH Municipal Bond EIO $ % -1.3% $ Nuveen MA Div Adv Muni Fund NMB $ % -0.7% $ Nuveen GA Div Adv Muni Fund 2 NKG $ % -0.6% $ PIMCO NY Municipal Income PNF $ % -0.7% $ Nuveen PA Div Adv Muni Fund 2 NVY $ % -0.5% $ Nuveen PA Dividend Advantage Municipal 2 NVY lost 2.2% this week. The fund also announced that it filed registration with the SEC to issue MuniFund Term Preferred Shares. The fund anticipates these shares will trade on the NYSE. Nuveen CA Muni Value NCA -4.5% -3.3% -3.3% 4.9% PIMCO CA Municipal Income PCQ 4.5% 5.2% 7.2% 6.6% Invesco VK MA Value Muni Inc VMV 3.5% 8.2% 4.9% 6.4% Delaware Invest CO Muni Income VCF -4.1% -4.6% -2.9% 4.2% BlackRock MD Muni Bond BZM 6.7% 6.7% 7.6% 5.9% Nuveen AZ Premium Income Muni NAZ 4.2% -4.0% -5.6% 5.0% EV OH Municipal Income EVO 7.9% 0.6% -6.0% 5.9% Nuveen NJ Div Advantage Muni NXJ -0.4% -4.4% -9.8% 5.7% Nuveen PA Premium Income Muni2 NPY -2.1% -5.3% -12.1% 5.9% Nuveen AZ Div Adv Muni NFZ 1.7% -3.9% -7.6% 5.3% Statistically, none of the national municipal CEFs is undervalued, in our opinion. Statistically, Nuveen AZ Premium Income Muni NAZ, Eaton Vance Ohio Municipal Income EVO, and Nuveen NJ Dividend Advantage Muni NXJ are 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 Thursday, Oct. 28, 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."