ICI Letter Requesting Extension Of IRS Guidance For Auction Rate Preferred Stock

September 4, 2009 -- 2 -- -- 3 -- -- 4 -- -- 5 -- CEF Auction Rate Preferred Securites Summary of Redemption Activity (as of 8/28/09) Fund Sector $Bn % $Bn % $Bn % Municipal $30.55 100 $9.42 30.9 $21.13 69.1 Non-Municipal $33.33 100 $27.13 81.4 $6.20 18.6 Total $63.88 100% $36.55 57.2% $27.33 42.8% Source: Thomas J. Herzfeld Advisors, Inc. www.herzfeld.com February 1, 2008 Redeemed August 28, 2009