Closed-End Fund Weekly Update November 19, 2010

Closed-End Fund Weekly Update November 19, 2010

U.S. Equity Funds

Developments & Red Flags

Reaves Utility Income UTG announced the redemption of all of its outstanding Auction Rate Preferred Shares. The fund entered into a committed facility agreement to purchase the outstanding shares and intends to complete the redemption by Dec. 13.

Energy Income And Growth FEN announced a public offering of 1.5 million common shares. Underwriters have the ability to purchase up to 225,000 additional shares.

Gabelli Global Gold Natural Resources & Income GGN filed a preliminary prospectus with the SEC for an offering of up to 750 million shares of common or preferred shares.

Gabelli Equity Trust GAB announced a 42% increase to its quarterly distribution to $0.17 from $0.12 per share.

Tortoise Energy Capital TTY will redeem $20 million in outstanding Mandatory Redeemable Preferred Shares.

Neuberger Berman Real Estate Securities Income NRO announced a tender offer in accordance with its Tender Offer Plan as the fund's average daily discount over the measurement period was greater than 10%.

Weekly Performance Standouts

Fund Name

Current 1-Week Price 1-Week NAV Market Cap 3-Month Avg

Price Total Return Total Return

(mil)

Trading Vol (000)

Largest Price Gains

Gabelli Utility Trust

GUT $6.54

2.3%

0.4%

$211.2

118

Cornerstone Progressive Return Kayne Anderson MLP

CFP $7.07

1.7%

KYN $27.92

1.5%

-2.3%

$66.2

103

-2.8%

$1,919.2

368

Fid/Claymore MLP Opportunity

FMO $20.49

1.4%

-1.5%

$504.0

176

Kayne Anderson Energy TR

KYE $27.82

1.2%

-2.2%

$958.6

81

Largest Price Declines

Cornerstone Strategic Value

CLM $9.78

-7.3%

-1.3%

$69.0

38

Tortoise North American Energy

TYN $25.30

-5.6%

-1.5%

$160.0

15

Cornerstone Total Return

CRF $9.56

-4.9%

-1.6%

$27.9

20

SunAmerica Foc Alpha LargeCap

FGI $15.16

-4.4%

-2.0%

$147.8

44

SunAmerica Foc Alpha Growth

FGF $16.27

-4.2%

-2.2%

$335.7

73

Gabelli Utility Trust GUT is the largest price gainer this week, up 2.3%, despite a 17% cut to its monthly distribution to $0.05 from $0.06 per share.

Discount and Premium Outliers

Fund Name

Relatively Inexpensive EV Risk-Mgd Divers Equity Inc Wells Fargo Adv Util & High In Gabelli Equity Trust Royce Focus Trust Royce Value Trust

Relatively Expensive Cohen & Steers Dividend Majors BlackRock Strategic Dividend BlackRock Dividend Achievers ASA (Bermuda) Limited Cohen & Steers Tot Ret Realty

Current 6-Month

3-Year

Distribution Rate

Discount Avg Discount Avg Discount at Current Price

ETJ ERH GAB FUND RVT

-7.7% -2.5% -6.5% -12.1% -15.4%

1.1% -1.2% -5.2% -13.1% -15.8%

-0.1% 12.0% 0.6% -5.5% -11.7%

13.8% 7.6% 12.7% 0.0% 0.0%

DVM

-5.1%

-13.7%

-14.8%

7.2%

BDT

-8.0%

-11.8%

-14.1%

6.4%

BDV

-2.6%

-4.5%

-10.5%

6.7%

ASA

-5.2%

-7.6%

-10.3%

1.0%

RFI

11.9%

-7.7%

-4.1%

6.1%

While no Relatively Inexpensive funds are statistically undervalued, Cohen & Steers Dividend Majors DVM and BlackRock Strategic Dividend Achievers BDT are overvalued on a three-year view.

Morningstar Closed-End Fund Research

2

Closed-End Fund Weekly Update ? November 19, 2010

Global & International Equity Funds

Developments & Red Flags

Korea Equity KEF commenced a tender offer to purchase about 20% of its outstanding shares at 98% of net asset value on Dec. 17, 2010.

Weekly Performance Standouts

Fund Name

Largest Price Gains New Ireland Fund Alpine Total Dynamic Dividend Japan Equity Fund BlackRock S&P Quality Rankings Nuveen Global Value Opp

Largest Price Declines MS China A Share Thai Fund Inc MS India Investment China Fund Inc India Fund Inc

Current 1-Week Price Price Total Return

IRL

$6.81

3.8%

AOD $5.79

1.4%

JEQ $5.66

1.1%

BQY $13.23

1.0%

JGV $19.80

1.0%

CAF $28.67

TTF $13.21

IIF

$27.14

CHN $32.75

IFN $36.42

-7.2% -6.1% -5.8% -5.5% -5.5%

1-Week NAV Market Cap 3-Month Avg

Total Return

(mil)

Trading Vol (000)

1.6%

$45.5

26

-1.0%

$1,306.6

993

0.3%

$82.5

53

-0.8%

$80.2

29

-0.9%

$384.7

59

-9.8%

$629.1

185

-2.5%

$210.7

85

-5.1%

$622.1

85

-4.2%

$752.9

153

-5.2%

$1,663.3

243

Discount and Premium Outliers

Fund Name

Relatively Inexpensive Herzfeld Caribbean Basin Latin American Discovery Fund Alpine Total Dynamic Dividend Alpine Global Dynamic Dividend Greater China Fund

Relatively Expensive BlackRock S&P Quality Rankings Singapore Fund Mexico Equity & Income Swiss Helvetia Fund DWS RREEF World Real Estate

Current 6-Month

3-Year

Distribution Rate

Discount Avg Discount Avg Discount at Current Price

CUBA LDF AOD AGD GCH

-8.7% -8.7% -3.5% 2.6% -12.6%

-6.7% -7.0% 2.8% 7.7% -10.7%

2.0% -6.6% 9.9% 16.4% -8.3%

2.4% 1.4% 11.4% 10.2% 0.7%

BQY

-5.5%

-10.3%

-13.7%

7.6%

SGF

-4.3%

-9.1%

-10.9%

1.6%

MXE

-9.8%

-12.2%

-14.4%

0.0%

SWZ -10.3%

-13.4%

-15.0%

2.0%

DRP

-5.0%

-11.6%

-16.4%

5.1%

All of the Relatively Inexpensive funds remain within the range of being fairly valued, in our opinion.

BlackRock S&P Quality Rankings BQY and Singapore Fund SGF continue to appear overvalued on a three-year statistical basis, in our view.

?2010 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.

Morningstar Closed-End Fund Research

3

Closed-End Fund Weekly Update ? November 19, 2010

Hybrid Funds

Developments & Red Flags

Gabelli Convertible Income Securities GCV announced a 27% increase to its quarterly distribution to $0.14 from $0.11 per share.

Zweig Total Return ZTR declared Nov. 29 the record date for a proposed rights offering. For every five shares owned, each shareholder will receive one nontransferrable right to purchase a single share.

Delaware Investments Dividend & Income DDF announced that shareholders have approved an amendment to the fund's discount and premium mechanism. The board is now required to conduct a tender offer annually if the fund trades at an average discount of 10% or higher during a 12-week measurement period.

John Hancock announced the rejection of demand letters received by multiple funds regarding the redemption of Auction Rate Preferred Shares. The funds affected were John Hancock Preferred Income III HPS, John Hancock Premium Dividend PDT, and John Hancock Tax-Advantaged Dividend Income HTD.

Bancroft Fund BCV announced a 44% increase to its quarterly distribution to $0.216 from $0.15 per share.

Weekly Performance Standouts

Fund Name

Largest Price Gains RENN Glb. Entrepreneurs Fund Flah&Crum Claymore Pref Secs Flah&Crum Claymore Tot Return Chartwell Dividend & Income Nuveen Quality Preferred Inc

Largest Price Declines First Trust/Aberdeen Emerging MFS Special Value Trust Flah&Crum Pref Income Opps Advent Claymore Global Convert TS&W/Claymore Tax-Adv Balanced

Current 1-Week Price 1-Week NAV Market Cap 3-Month Avg

Price Total Return Total Return

(mil)

Trading Vol (000)

RCG $2.01

1.0%

7.1%

$9.0

4

FFC $16.65

0.0%

0.5%

$716.4

135

FLC $17.50

-0.1%

0.8%

$172.1

37

CWF $4.21

-0.1%

-0.4%

$71.1

48

JTP $7.65

-0.1%

-0.5%

$495.7

197

FEO $21.98

-6.2%

-1.5%

$117.6

53

MFV $7.33

-5.7%

-1.0%

$49.4

20

PFO $9.91

-4.1%

0.7%

$117.4

-

AGC $9.23

-4.0%

-1.8%

$295.5

87

TYW $10.63

-3.7%

-3.9%

$163.3

27

Discount and Premium Outliers

Fund Name

Relatively Inexpensive JH Preferred Income II JH Preferred Income RENN Glb. Entrepreneurs Fund Nuveen Quality Preferred Inc 2 Nuveen Quality Preferred Inc 3

Relatively Expensive First Trust/Aberdeen Emerging TS&W/Claymore Tax-Adv Balanced Advent Claymore Global Convert LMP Capital & Income Nuveen Tax-Adv Div Growth

Current 6-Month

3-Year

Distribution Rate

Discount Avg Discount Avg Discount at Current Price

HPF

-7.2%

-4.8%

-3.2%

7.9%

HPI

-7.1%

-4.8%

-2.5%

7.8%

RCG

-29.7%

-24.0%

-26.9%

0.0%

JPS

-6.2%

-4.0%

-4.4%

8.1%

JHP

-6.1%

-3.2%

-4.7%

7.9%

FEO

-4.3%

-4.3%

-12.4%

6.4%

TYW

-7.2%

-7.9%

-12.7%

8.6%

AGC

-0.4%

1.0%

-8.8%

8.6%

SCD

-10.3%

-14.8%

-17.1%

5.0%

JTD

-6.9%

-7.7%

-14.0%

8.1%

No Relatively Inexpensive funds are statistically undervalued on a three-year view, in our opinion. No Relatively Expensive funds are statistically overvalued on a three-year view, in our opinion.

?2010 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.

Morningstar Closed-End Fund Research

4

Closed-End Fund Weekly Update ? November 19, 2010

Taxable Fixed-Income Funds

Developments & Red Flags

Five BlackRock taxable fixed-income funds announced the redemption of Auction Rate Preferred Shares: BlackRock Credit Allocation I PSW, BlackRock Credit Allocation 2 PSY, BlackRock Credit Allocation 3 BPP, BlackRock Credit Allocation 4 BTZ, and BlackRock Floating Rate Income BGT. The ARPS will be replaced with either reverse repurchase agreements or credit facility financing.

Weekly Performance Standouts

Fund Name

Largest Price Gains

MassMutual Corporate Investors

MCI

American Strategic Income II

BSP

American Strategic Income I

ASP

American Strategic Income III

CSP

American Income Fund

MRF

Largest Price Declines

JH Investors Trust

JHI

Invesco VK High Income II

VLT

First Trust High Inc Long/Shrt

FSD

Putnam Master Intermediate Inc

PIM

Nuveen Build America Bond

NBB

Current 1-Week Price Price Total Return

$31.89

6.6%

$9.29

4.0%

$12.10

3.2%

$7.61

2.4%

$8.60

1.7%

$20.04 $16.31 $19.00 $5.86 $18.46

-7.3% -5.8% -5.7% -5.7% -5.4%

1-Week NAV Market Cap 3-Month Avg

Total Return

(mil)

Trading Vol (000)

0.0%

$300.9

7

-0.2%

$148.4

87

-0.3%

$51.2

25

-0.1%

$163.5

164

-0.8%

$80.8

53

-1.2%

$169.3

26

-1.2%

$61.5

46

-1.3%

$639.9

--

-0.7%

$390.8

215

0.1%

$483.1

120

Putnam Master Intermediate Income PIM is among the week's largest price decliners, down 5.7%. The fund announced an 18.9% cut to its monthly distribution rate to $0.053 to $0.043 per share.

Discount and Premium Outliers

Fund Name

Relatively Inexpensive PIMCO Strategic Global Govt AllianceBernstein Income Fund PIMCO Corporate Income Central GoldTrust First Trust Strategic HighInc3

Relatively Expensive DWS High Income Opportunities Western Asset Inflation Manage Western Asset Global High Inc DWS Global High Income MassMutual Corporate Investors

Current 6-Month

3-Year

Distribution Rate

Discount Avg Discount Avg Discount at Current Price

RCS

3.4%

10.1%

12.9%

8.3%

ACG

-8.3%

-6.3%

-4.5%

5.9%

PCN

3.3%

8.0%

10.8%

8.1%

GTU

1.0%

4.5%

6.9%

0.0%

FHO

-13.6%

-12.3%

-2.3%

7.1%

DHG

-5.5%

-9.4%

-16.1%

6.6%

IMF

-5.2%

-7.8%

-9.3%

3.5%

EHI

-2.6%

-5.5%

-12.7%

9.0%

LBF

-3.6%

-9.3%

-12.3%

6.2%

MCI

26.6%

17.6%

4.8%

6.8%

No Relatively Inexpensive funds are statistically undervalued on a three-year view, in our opinion. No Relatively Expensive funds are statistically overvalued on a three-year view, in our opinion.

?2010 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.

Morningstar Closed-End Fund Research

5

Closed-End Fund Weekly Update ? November 19, 2010

National Municipal Funds

Developments & Red Flags

Western Asset Managed High Income MHY announced a 5% decrease in its monthly distribution to $0.0475 per share from $0.05.

Weekly Performance Standouts

Fund Name

Largest Price Gains Nuveen Select Quality Muni Western Asset Intermediate Mun BlackRock MuniEnhanced Nuveen Performance Plus Muni BlackRock MuniHoldings Fund

Largest Price Declines MFS High Yield Municipal Trust BlackRock Municipal Bond Inv BlackRock Invst. Quality Muni PIMCO Municipal Income Dreyfus Strategic Municipals

Current 1-Week Price 1-Week NAV Market Cap 3-Month Avg

Price Total Return Total Return

(mil)

Trading Vol (000)

NQS $14.64

2.4%

-5.3%

$502.5

74

SBI $9.47

1.7%

-2.4%

$131.5

30

MEN $10.56

1.5%

-5.0%

$309.1

65

NPP $14.34

1.4%

-4.9%

$853.5

129

MHD $15.55

1.3%

-5.1%

$215.8

30

CMU $4.31

-7.6%

-4.8%

$119.3

74

BIE $13.61

-6.8%

-5.5%

$45.1

8

BKN $13.32

-6.4%

-5.8%

$222.7

34

PMF $12.42

-6.3%

-6.5%

$306.8

74

LEO $8.01

-6.3%

-5.0%

$482.9

104

Each of the 110 National Municipal CEFs posted negative net asset value returns this week as the municipal market continued to sell off.

Discount and Premium Outliers

Fund Name

Relatively Inexpensive BlackRock Muni 2018 Term Trust Nuveen Municipal Income Nuveen Select TaxFree Income 2 PIMCO Municipal Income BlackRock MuniAssets Fund

Relatively Expensive Nuveen Select Quality Muni Nuveen Performance Plus Muni BlackRock MuniEnhanced Nuveen Muni Mkt Opportunities Western Asset Municipal Part

Current 6-Month

3-Year

Distribution Rate

Discount Avg Discount Avg Discount at Current Price

BPK

3.8%

6.8%

8.3%

6.1%

NMI

-0.3%

5.1%

3.0%

5.5%

NXQ

-2.2%

2.7%

1.2%

5.1%

PMF

9.9%

18.8%

17.8%

7.9%

MUA -3.4%

-0.6%

0.2%

6.3%

NQS

8.0%

3.3%

-2.5%

7.1%

NPP

0.4%

-1.5%

-7.6%

6.6%

MEN

1.1%

-0.5%

-5.9%

6.5%

NMO

4.2%

2.6%

-5.1%

7.2%

MNP -3.2%

-4.2%

-10.3%

5.9%

Statistically, none of the Relatively Inexpensive national municipal CEFs is undervalued, in our opinion.

Statistically, Nuveen Select Quality Municipal NQS is the only Relatively Expensive fund that appears overvalued on a three-year view, in our opinion.

?2010 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.

Morningstar Closed-End Fund Research

6

Closed-End Fund Weekly Update ? November 19, 2010

State Municipal Funds

Developments & Red Flags

Two Nuveen funds completed public offerings of MuniFund Term Preferred shares: Nuveen Michigan Dividend Advantage Municipal NZW raised $14.83 million and Nuveen Ohio Dividend Advantage NXI raised $18 million. The proceeds will be used to refinance its outstanding Auction Rate Preferred Shares.

Weekly Performance Standouts

Fund Name

Largest Price Gains MA Health & Education EV OH Municipal Bond Nuveen NC Div Adv Muni Fund 2 BlackRock Muni NY Intermed. Du Nuveen CA Select Tax-Free

Largest Price Declines Nuveen Ins MA Tax Free Adv Nuveen AZ Premium Income Muni BlackRock NJ Municipal Income Nuveen AZ Div Adv Muni Nuveen NC Div Adv Muni Fund

Current 1-Week Price 1-Week NAV Market Cap 3-Month Avg

Price Total Return Total Return

(mil)

Trading Vol (000)

MHE $13.89

5.0%

-5.2%

$32.4

4

EIO $13.34

3.0%

-6.1%

$33.4

3

NNO $14.75

1.8%

-3.0%

$55.3

6

MNE $13.44

1.6%

-3.7%

$56.2

12

NXC $13.17

1.0%

-2.6%

$82.2

13

NGX $14.13

-9.7%

-3.7%

$38.5

3

NAZ $13.22

-9.2%

-3.9%

$59.0

6

BNJ $14.07

-8.6%

-4.3%

$107.1

12

NFZ $12.91

-8.4%

-4.2%

$20.0

3

NRB $14.75

-8.1%

-2.9%

$33.5

3

Each of the 143 National Municipal CEFs posted negative net asset value returns this week as the overall bond market took a hit.

Discount and Premium Outliers

Fund Name

Relatively Inexpensive Nuveen CA Muni Value BlackRock NJ Municipal Income PIMCO CA Municipal Income BlackRock MD Muni Bond Nuveen NY Select Tax Free

Relatively Expensive MA Health & Education EV OH Municipal Bond BlackRock MuniYield NY Quality Invesco VK OH Quality Muni Nuveen MO Premium Income Mun

Current 6-Month

3-Year

Distribution Rate

Discount Avg Discount Avg Discount at Current Price

NCA

-5.7%

-3.4%

-3.3%

5.2%

BNJ

2.5%

4.5%

6.3%

6.6%

PCQ

1.3%

5.1%

7.0%

7.6%

BZM

3.8%

6.6%

7.6%

6.3%

NXN

-4.0%

-0.9%

-2.3%

4.5%

MHE 12.2%

4.1%

-4.8%

6.1%

EIO

13.7%

7.2%

0.2%

5.8%

MYN -1.1%

-3.5%

-11.0%

6.5%

VOQ

3.5%

0.7%

-2.6%

6.9%

NOM 20.4%

17.7%

8.4%

4.9%

Statistically, none of the Relatively Inexpensive national municipal CEFs is undervalued, in our opinion.

Statistically, MA Health & Education MHE and Eaton Vance Ohio Municipal Bond EIO appear overvalued on a three-year view, in our opinion.

?2010 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.

Morningstar Closed-End Fund Research

7

Closed-End Fund Weekly Update ? November 19, 2010

* All data in the accompanying tables is as of the market close Thursday, November 18, 2010. 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 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 zscores 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."

?2010 Morningstar, Inc. All rights reserved. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.

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