Closed-End Fund Weekly Update January 14, 2014

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1 Closed-End Fund Weekly Update January 14, 2014 U.S. Equity Funds Kayne Anderson MidstreamEnergy KMF $ % 0.5% $ H&Q Healthcare Investors HQH $ % 4.2% $ Nuveen Real Estate Income JRS $ % 2.2% $ Cohen & Steers Dividend Majors DVM $ % 1.1% $ H&Q Life Sciences Investors HQL $ % 4.1% $ Eagle Capital Growth GRF $ % 0.1% $ Tortoise Pipeline & Energy TTP $ % 1.3% $ Tortoise Energy Infrastructure TYG $ % -0.6% $1, Tortoise Energy Capital TYY $ % -0.5% $ Cohen & Steers MLP Inc&Energy MIE $ % -0.7% $ Tortoise Pipeline & Energy TTP -12.5% -7.3% -4.3% 5.9% ClearBridge Energy MLP CEM -1.9% 2.5% 2.8% 6.1% Tortoise Energy Capital TYY -4.6% 0.5% 3.2% 5.5% GAMCO Glb Gold Natural Res&Inc GGN -6.2% -1.5% 2.2% 11.6% Kayne Anderson Energy TR KYE -6.0% -0.8% 2.3% 7.1% Gabelli Equity Trust GAB 7.4% 2.6% 0.9% 10.4% Royce Micro Cap Trust RMT -10.6% -12.7% -12.9% 30.7% ASA Gold and Precious Metals ASA -3.0% -5.6% -7.5% 1.5% EV Tax-Managed Buy-Write Opps ETV -6.0% -7.1% -9.8% 9.5% Liberty All-Star Growth ASG -4.2% -8.5% -8.6% 6.5% All of the U.S. Equity CEFs appear undervalued on a three-year statistical basis. Gabelli Equity GAB, Royce Micro Cap RMT, and ASA Gold & Precious Metals ASA appear overvalued on a three-year statistical basis.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Aberdeen Chile Fund CH $ % -2.3% $ European Equity Fund EEA $ % 2.3% $ New Ireland Fund IRL $ % 3.3% $ EV Tax Adv Global Div Opps ETO $ % 0.8% $ Nuveen Real Asset Inc & Growth JRI $ % 0.9% $ Turkish Investment Fund TKF $ % -20.9% $ Aberdeen Latin America Equity LAQ $ % -1.8% $ Templeton Dragon Fund TDF $ % -2.0% $ Korea Equity Fund KEF $ % -1.2% $ Central Europe Russia & Turkey CEE $ % -1.4% $ Royce Global Value Fund RGT -13.4% -12.0% -12.0% 0.0% Wells Fargo Adv Glo Div Opp EOD -11.8% -10.1% -4.5% 9.8% ING Asia Pacific High Dividend IAE -8.6% -7.5% -0.5% 10.4% ING Intl High Div Equity Inc IID -3.1% -1.4% 3.8% 9.0% Brookfield Glo List Infr Inc INF -12.5% -8.4% -7.2% 7.2% Thai Fund Inc TTF -8.7% -11.6% -13.1% 8.5% Turkish Investment Fund TKF -5.1% -11.0% -10.7% 2.1% Gabelli Multimedia GGT 7.2% 1.0% -6.9% 11.0% Templeton Emerging Markets EMF -3.9% -6.2% -6.6% 2.6% Gabelli Dividend & Income GDV -9.0% -10.0% -11.1% 4.9% Royce Global Value RGT appears undervalued on a three-year statistical basis. Thai Fund TTF, Turkish Investment Fund TKF, and Gabelli Multimedia GGT appear overvalued on a three-year statistical basis.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds Advent Claymore Cnvt Secs&Inc AGC $ % 1.6% $ RENN Glb. Entrepreneurs Fund RCG $ % 0.0% $6.4 6 Clough Global Allocation GLV $ % 1.3% $ Clough Global Opportunities GLO $ % 1.3% $ JH Premium Dividend Fund PDT $ % 2.3% $ Nuveen Tax-Adv Total Return JTA $ % 0.5% $ Tortoise Power & Energy Infra TPZ $ % 0.0% $ First Trust/Aberdeen Emerging FEO $ % 0.2% $ AGIC Gbl Equity & Conv Income NGZ $ % 1.1% $ LMP Capital & Income SCD $ % 0.3% $ Virtus Total Return Fund DCA -16.4% -15.1% -12.9% 6.1% Cohen & Steers Select Pref&Inc PSF -8.2% -7.6% -1.0% 8.5% LMP Capital & Income SCD -11.2% -10.0% -6.9% 7.2% Tortoise Power & Energy Infra TPZ -11.0% -10.3% -5.0% 6.0% Flah&Crum Claymore Pref Secs FFC -2.7% -2.0% 3.4% 9.1% Lazard World Dividend & Income LOR -4.7% -9.3% -9.0% 6.9% Zweig Total Return ZTR -9.6% -10.5% -11.5% 7.8% Guggenheim Enhanced Eq. Strtgy GGE -7.9% -6.6% -9.5% 10.5% Nuveen Tax-Adv Total Return JTA -8.3% -6.9% -8.5% 7.1% First Opportunity Fund Inc. FOFI -21.5% -24.4% -23.3% 2.8% All of the Hybrid CEFs appear fairly valued on a three-year statistical basis. All of the Hybrid CEFs appear fairly valued on a three-year statistical basis.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Developments & Red Flags An activist shareholder has submitted a proposal to the board of AllianceBernstein Income ACG to open-end the fund. The board will submit this proposal to all shareholders for approval. This fund s persistently wide discount is likely the catalyst for the proposal and shares jumped on the news, landing it on top of the biggest price gainers list this week. Read the press release here. AllianceBernstein Income Fund ACG $ % 0.8% $1, NexPoint Credit Strategies Fun NHF $ % 5.5% $ BlackRock Income Opportunity BNA $ % 1.3% $ Invesco Bond Fund VBF $ % 1.0% $ AGIC Convertible & Income NCV $ % 0.9% $ Central Fund of Canada CEF $ % -0.4% $3, MFS Multi-Market Income MMT $ % 0.6% $ Western Asset High Income Opp HIO $ % 0.5% $ JH Income Securities JHS $ % 0.9% $ MS Emerging Markets Domestic EDD $ % 0.8% $ DWS Multi-Market Income KMM -7.2% -0.3% 4.4% 7.7% Stone Harbor Emerging Mkts FI EDF -5.8% -3.4% 1.6% 11.8% Nuveen Global Income Opp JGG -13.8% -13.3% -8.0% 8.6% Invesco High Income II VLT -7.8% -7.5% 0.9% 8.2% Pacholder High Yield Fund PHF -8.2% -4.0% 5.8% 8.6% Oxford Lane Capital Corp OXLC 10.9% 0.7% -4.6% 13.7% KKR Income Opportunities Fund KIO -5.5% -8.4% -8.4% 8.2% Western Asset Inflation Manage IMF -5.5% -9.5% -8.3% 3.5% PIMCO Dynamic Credit Income PCI -6.6% -8.3% -8.3% 8.3% Apollo Tactical Income Fund In AIF -9.2% -10.6% -10.6% 7.9% DWS Multi-Market Income KMM, Stone Harbor Emerging Markets EDF, and Nuveen Global Income Opportunities JGG appear undervalued on a three-year statistical basis. Oxford Lane Capital Corp OXLC appears overvalued on a three-year statistical basis.

5 Morningstar Closed-End Fund Research 5 National Municipal Funds Pioneer Muni High Inc Adv MAV $ % 1.7% $ BlackRock MuniHoldings Inv Qty MFL $ % 2.0% $ EV Municipal Income Term Trust ETX $ % 3.1% $ Federated Premier Muni Income FMN $ % 1.6% $ Nuveen Premier Muni Income NPF $ % 1.9% $ Neuberger Berman Inter Muni NBH $ % 1.5% $ Western Asset Muni Defined Opp MTT $ % 0.7% $ Mainstay DefTerm Muni Opps MMD $ % 2.4% $ Nuveen AMT-Free Muni Value NUW $ % 1.1% $ BlackRock Muni 2018 Term Trust BPK $ % 0.5% $ EV Municipal Income EVN 2.6% 3.7% 10.4% 8.2% Invesco Adv Muni Inc II VKI -7.7% -8.9% -0.3% 7.0% Invesco Muni Invst. Grade T VGM -7.4% -9.0% -0.2% 7.0% BlackRock Muni Inc Qty Trust BYM -7.0% -7.3% -1.2% 7.0% Nuveen Quality Municipal Fund NQI -10.0% -11.1% -3.7% 6.0% EV Municipal Income Term Trust ETX -6.5% -9.5% -9.5% 5.5% Pioneer Municipal High Income MHI 9.4% 6.3% 6.7% 8.1% Pioneer Muni High Inc Adv MAV 15.6% 11.9% 12.8% 8.4% Nuveen Inter Dur Quality Muni NIQ -9.1% -10.3% -10.3% 5.1% Dreyfus Muni Bond Infrastructu DMB -7.9% -9.0% -9.0% 7.0% All of the National Municipal CEFs appear fairly valued on a three-year statistical basis. All of the National Municipal CEFs appear fairly valued on a three-year statistical basis.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds PIMCO NY Municipal Income II PNI $ % 2.1% $ Nuveen NY Div Adv Muni Fund 2 NXK $ % 1.6% $ BlackRock PA Strategic Muni BPS $ % 2.0% $ BlackRock MuniHoldings NY Qty MHN $ % 2.0% $ EV CA Muni Bond II EIA $ % 2.2% $ BlackRock MuniYield NJ MYJ $ % 1.8% $ BlackRock FL Municipal 2020 BFO $ % 0.8% $ BlackRock MuniYield Arizona MZA $ % 2.0% $ Nuveen MD Premium Income Muni NMY $ % 1.3% $ BlackRock MuniYield MI Qty II MYM $ % 1.9% $ BlackRock NY Municipal Income BNY -6.1% -3.2% 3.7% 6.5% Nuveen MO Premium Income Mun NOM -1.8% 2.0% 11.8% 5.6% MA Health & Education MHE -7.1% -6.3% 3.6% 6.3% Nuveen CT Premium Income Muni NTC -12.3% -12.3% -7.6% 5.8% Minnesota Muni Inc II MXN -4.8% -1.7% 4.7% 5.7% BlackRock FL Municipal 2020 BFO -0.7% -0.7% -2.3% 4.0% Nuveen NY Select Tax Free NXN -1.4% -5.1% -2.5% 4.7% Nuveen CA Muni Value NCA -3.6% -5.3% -3.5% 5.0% Neuberger Berman CA Inter Muni NBW -1.2% -1.8% -0.6% 5.7% BlackRock CA Muni 2018 Term BJZ 3.2% 1.9% 3.7% 3.9% BlackRock NY Municipal Income BNY, Nuveen MO Premium Income Muni NOM, and MA Health & Education MHE appear undervalued on a three-year statistical basis. All of the State Municipal CEFs appear fairly valued 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 Friday, January 10, One-week total price return percentages are calculated from the prior Friday'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 Weekly Performance Standouts tables are ranked according to their one-week price total return. *** The funds listed in the Discount and Premium Outliers 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."