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Table of Contents Market Commentary MGAM Weekly Economic Update …………………………………………………………………………

Page 3

JP Morgan Guide to the Markets Excerpts .……………………………………………………………

Page 5

Guggenheim – The Core Conundrum …………………………………………………………………….

Page 15

Investment Information Cash Flow Strategies ………………………………………………………………………………………….…

Page 18

Candidate List ………………………………………………………………………………………………………

Page 22

Dividend Report …………………………………………………………………………………………………..

Page 26

Disclosures Disclosures ……………………………………………………………………………………………………………

Page 32

200 Crescent Court #657 Dallas, TX 75201 Phone: (214) 720-4400 Fax: (214) 720-4420 info@themcgowangroup.com

WEEKLY ECONOMIC UPDATE April 1, 2013 SOLID GAINS IN HOUSEHOLD SPENDING, INCOME According to the latest Commerce Department report, household spending was up 0.7% in February (the largest gain in five months) while consumer incomes jumped 1.1%. February’s 35cent climb in gasoline prices influenced the first number, while an 11.9% surge in dividends influenced the second. Still, consumer spending rose 0.3% in inflation-adjusted terms. The personal savings rate improved to 2.6%.1,2 CONSUMER POLLS TELL DIFFERENT STORIES The University of Michigan’s final consumer sentiment survey for March came in at 78.6, improving by a full point from the end of February. The Conference Board’s March survey of consumer confidence presented a strikingly different result: it dropped to 59.7 from February’s 68.0 mark. The CB said the sequester had a negative influence, while the University of Michigan cited stock market highs, March’s lower gas prices and the housing recovery as positive factors. 1,2 SMALLER INVENTORY MAY HAVE CURBED HOME SALES New home sales fell 4.6% in February, according to the Census Bureau; the National Association of Realtors noted a 0.4% decline in pending home sales for that month. Reduced inventory appears to have been a factor. The January S&P/Case-Shiller Home Price Index showed a one-month gain of 1.0%.2 FINAL Q4 GDP +0.4%; HARD GOODS ORDERS JUMP This last estimate from the Commerce Department still makes Q4 2012 growth the smallest in any quarter since 2011. More big ticket items were ordered in February: durable goods orders soared 5.7% in that month after falling 3.8% in January.2,3 A RECORD CLOSE FOR THE S&P 500 A terrific quarter wrapped up Thursday with the S&P settling at 1,569.19, the Dow at 14,578.54 and the NASDAQ at 3,267.52. March was the fifth straight positive month for both the S&P and NASDAQ. Last week’s gains: Dow, 0.46%; NASDAQ, 0.69%; S&P, 0.79%. Gold ended the quarter at $1,595.70, losing 4.8% in three months; oil settled Thursday at $97.23, rising 5.9% in the quarter. 4,5 THIS WEEK: Monday sees the release of the Institute for Supply Management’s March manufacturing PMI. Tuesday, the federal government presents data on March auto sales and February factory orders. ISM’s service sector PMI arrives Wednesday, along with earnings from ConAgra and Monsanto. Thursday, the European Central Bank and Bank of England make policy announcements. The Labor Department’s March employment report comes out on Friday.

% CHANGE DJIA NASDAQ

Y-T-D +11.25 +8.21

1-YR CHG +11.06 +5.24

5-YR AVG +3.87 +8.90

10-YR AVG +7.90 +13.86

S&P 500 REAL YIELD 10 YR TIPS

+10.03 3/28 RATE -0.64%

+11.64 1 YR AGO -0.11%

+3.86 5 YRS AGO 1.13%

+8.17 10 YRS AGO 2.09% 4,6,7,8

Sources: cnbc.com, bigcharts.com, treasury.gov - 3/28/13 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends. Citations. 1 - www.nytimes.com/reuters/2013/03/29/business/29reuters-consumer-spending.html [3/29/13] 2 - www.csmonitor.com/Business/2013/0329/Strong-rise-in-consumer-spending-caps-good-week-in-economic-news [3/29/13] 3 - www.foxbusiness.com/economy/2013/03/26/durable-goods-orders-big-ticket-items-durable-goods/ [3/26/13] 4 - www.cnbc.com/id/100600350 [3/28/13] 5 - www.proactiveinvestors.com/companies/news/42162/oil-caps-longest-winning-streak-of-2013-gold-drops-42162.html [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F28%2F12&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F28%2F12&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F28%2F12&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F28%2F08&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F28%2F08&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F28%2F08&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F28%2F03&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F28%2F03&x=0&y=0 [3/28/13] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F28%2F03&x=0&y=0 [3/28/13] 7 - www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [3/28/13] 8 - www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [3/28/13] This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Fixed Income Sector Returns 2004

2005

2006

2007

2008

2009

2010

2011

2012

4Q12

High Yield

EMD

High Yield

TIPS

Treas.

High Yield

TIPS

EMD

29.0%

11.9%

12.3%

11.8%

11.6%

13.7%

58.2%

15.1%

13.6%

17.9%

3.3%

200.3%

11.6%

EMD

Treas.

MBS

EMD

Muni

High Yield

9.0%

8.3%

34.2%

12.8%

10.7%

15.8%

3.3%

174.3%

10.6%

Barclays Agg 7.0%

Barclays Agg 5.2%

Corp.

Treas.

Corp.

18.7%

9.0%

9.8%

1.1%

Asset Alloc. 94.3%

Asset Alloc. 6.9%

Asset Alloc. -1.4%

Asset Alloc. 15.8%

Asset Alloc. 7.6%

Asset Alloc. 8.9%

Asset Alloc. 7.8%

Asset Alloc. 1.0%

TIPS

90.4%

6.7%

Corp.

TIPS

Corp.

8.1%

7.0%

0.7%

84.7%

6.3%

Muni

Barclays B l Agg 65.8%

Barclays B l Agg 5.2%

EMD

High Yield

26.9%

11.1%

Asset Alloc. 9.7%

Asset Alloc. 3.6%

10.0%

TIPS

Muni

MBS

8.5%

3.5%

5.2%

8.4%

Asset Alloc. 6.3%

Corp.

2.8%

Asset Alloc. 5.1%

Corp.

Treas.

Muni

8.2%

5.4%

2.8%

4.8%

Muni

MBS

High Yield

5.3%

4.7%

2.7%

TIPS

Fixed In ncome

10-yrs '03 - '12 Cum. Ann.

2003

Barclays Agg 4.1%

Muni

TIPS

Barclays B l Agg 4.3%

6.9% Asset Alloc. 6.2%

TIPS

Muni

-2.4%

12.9%

Barclays Agg 6.5%

EMD

Muni

TIPS

5.2%

-2.5%

11.4%

6.3%

MBS

Corp.

4.3%

4.6%

-4.9%

Barclays Agg 5.9%

Treas.

Muni

EMD

3.1%

3.4%

-14.7%

4.5%

2.6%

3.1%

Barclays Agg 4.3%

Barclays Agg 2.4%

Treas.

Corp.

TIPS

2.2%

3.5%

1.7%

0.4%

MBS

High Yield High Yield 1.9%

-26.2%

Barclays B l Agg 7.8%

6.8%

0.7% Barclays Agg 0.2%

Muni

64.5%

5.1%

Treas.

EMD

5.9%

7.0%

Barclays Agg 4.2%

MBS

Treas.

MBS

5.9%

5.4%

6.2%

2.6%

-0.1%

64.1%

5.1%

Treas.

Muni

High Yield

Treas.

MBS

Treas.

-3.6%

2.4%

5.0%

2.0%

-0.2%

59.0%

4.7%

Source: Barclays Capital, FactSet, J.P. Morgan Asset Management. Past performance is not indicative of future returns. Fixed income sectors shown above are provided by Barclays Capital and are represented by: Barclays Capital U.S. Aggregate Index; MBS: Fixed Rate MBS Index; Corporate: U.S. Corporates; Municipals: Muni Bond Index; Emerging Debt: Emerging Markets Index; High Yield: Corporate High Yield Index; Treasuries: Barclays Capital U.S. Treasury; TIPS: Barclays Capital TIPS. The “Asset Allocation” portfolio assumes the following weights: 10% in MBS, 20% in Corporate, 15% in Municipals, 10% in Emerging Debt, 10% in High Yield, 25% in Treasuries, 10% in TIPS. Asset allocation portfolio assumes annual rebalancing. 5

Data are as of 12/31/12.

Federal Finances: Outlays and Revenues The 2012 Federal Budget

Federal Outlays and Receipts

1960 â&#x20AC;&#x201C; 2012, % of GDP

CBO Baseline forecast, trillions USD

26%

$4.0

T t l Spending: Total S di $3.6tn $3 6t $3.5

Econom my

$3.0

$2.5

$2.0

Other $482bn (14%) Net Int.: $220bn (6%) Non-defense Non defense Discretionary: $620bn (17%) Defense: $669bn (19%)

24%

Borrowing: $1,158bn (32%) 2012: 22.8%

% 22%

Other: $226bn (6%) Average: 20.5%

20%

Social Insurance: $ $841bn (23%)

$1.5

Social Security: $768bn (22%)

Corp.: $237bn (7%)

18%

Average: 17.9%

$1.0

$0.5

Medicare & Medicaid: $804bn (23%)

Income: $1,165bn (32%)

$0.0 Total Government Spending

Sources of Financing

16%

14% 1960

Revenues Outlays

1970

1980

1990

2000

2012: 15.8%

2010

Source: U.S. Treasury, BEA, OMB, CBO, J.P. Morgan Asset Management. 2012 Federal Budget is based on the CBOâ&#x20AC;&#x2122;s August 2012 Baseline Scenario. Note: Years shown are fiscal years (Oct. 1 through Sep. 30). Revenue breakout is based on 2012 tax revenue estimates from the Office of Management and Budget. Data are as of 12/31/12.

Economic Growth and the Composition of GDP Components of GDP

Real GDP % chg at annual rate

20-yr avg. 3Q12

10%

Real GDP:

2.5%

3Q12 nominal GDP, billions USD

3.1%

2.5% Housing $16,000

10.7% Investment ex-housing

Econom my

$18,000

$14,000 $625 bn of output p lost

$12 000 $12,000

19.6% Govâ&#x20AC;&#x2122;tt Spending Gov

$10,000

$8,000

-2% 2%

$951 bn b off output recovered

-4%

$6,000

71.0% Consumption

$4,000

-6% $2,000

-8% $0

- 3.3% Net Exports

-10% '04

'06

'08

'10

'12

-$2,000

Source: BEA, FactSet, J.P. Morgan Asset Management. GDP values l shown h iin llegend d are % change h vs. prior i quarter t annualized li d and d reflect fl t 3Q12 GDP. GDP Data are as of 12/31/12.

Corporate Profits Adjusted After-Tax Corporate Profits (% of GDP)

S&P 500 Earnings Per Share

Operating basis, quarterly

2Q07: $24.06

$26

Equities

3Q12: $24.36

$23

Includes inventory and capital consumption adjustments 3Q12: 9 6% 9.6%

11%

10%

$20

$17 8% $14 7% $11

50-yr. avg.: 6.2% 6%

$8 5%

$2 -$1 '02

'04

'06

'08

'10

'12

3% '65

'70

'75

'80

'85

'90

'95

'00

'05

'10

Source: Standard & Poorâ&#x20AC;&#x2122;s, Compustat, BEA, J.P. Morgan Asset Management. EPS levels are based on operating earnings per share. Most recently available data is 3Q12. Past performance is not indicative of future returns. Data are as of 12/31/12.

Consumer Finances Consumer Balance Sheet Trillions of dollars outstanding, not seasonally adjusted $80

Econom my

$70

Total Assets: $78.2tn $78 2tn

2Q-â&#x20AC;&#x2122;07 Peak: $81.5tn 1Q-â&#x20AC;&#x2122;09 Low: $65.2tn

Household Debt Service Ratio Debt payments as % of disposable personal income, seasonally adjusted 15%

3Q07: 14.1%

Homes: 25%

14%

$60

Other Tangible: 7% $50

$40

13%

Deposits: 10%

Pension Funds: 18% 12%

$30

$20

Revolving (e.g.: credit cards): 6% Non-revolving: 14% Other Liabilities: 8% Other Financial Assets: 41%

1Q80: 11.1% 11%

Total Liabilities: $13.4tn

$10

4Q12*: 10.4%

Mortgages: 72% $0

10% '80

'85

'90

'95

'00

'05

'10

Source: (Left) FRB, J.P. Morgan Asset Management. Data includes households and nonprofit organizations. (Right) BEA, FRB, J.P. Morgan Asset Management. *4Q12 Household Debt Service Ratio is a J.P. Morgan Asset Management estimate. Data are as of 12/31/12.

The Aftermath of the Housing Bubble Home Prices

Monthly Rent vs. Monthly Mortgage Payment

Indexed to 100, seasonally adjusted 160

$1,100

Vacant properties Case Shiller 20-city FHFA Purchase Only Average Existing Home

150

M thl Monthly Mortgage Payment

$950 $800

4Q12*: $718

Econom my

$650 $500

140

4Q12*: $481

Monthly Rent

$350 $200

130

'88

'90

'92

'94

'96

'98

'00

'02

'04

'06

'08

'10

'12

Home Inventories Milli Millions, annuall rate, t seasonally ll adjusted dj t d

120

4.5 4.0

110

3.5 30 3.0

100

2.5

Nov. 2012: 2.2

2.0

90 '03

'04

'05

'06

'07

'08

'09

'10

'11

'12

1.5

'94

'96

'98

'00

'02

'04

'06

'08

'10

'12

Sources: (Left) National Association of Realtors, Standard & Poorâ&#x20AC;&#x2122;s, FHFA, FactSet, J.P. Morgan Asset Management. (Top right) Census Bureau, J.P. Morgan Asset Management. Monthly mortgage payment assumes a 20% down payment at prevailing 30-year fixed-rate mortgage rates; analysis based on median asking rent and median mortgage payment based on asking price. (Bottom right) Census Bureau, National Association of Realtors, J.P. Morgan Asset Management. *4Q12 rent and mortgage payment values are J.P. Morgan Asset Management estimates. 10 Data are as of 12/31/12.

Domestic Natural Gas U.S. Natural Gas Reserves and Prices

U.S. Natural Gas Production

Trillions of cubic meters, USD

Trillions of cubic feet per year

EIA forecast

Natural Gas Price

Reserves

$10

$8 $7

Econom my

Shale Gas

$0 '90

'92

'94

'96

'98

'00

'02

'04

'06

'08

'10

Natural Gas Prices by Country USD per mmBTU* BTU* $16 $14

$12

Other

$10

China

Japan p

$6 $4 $2

0 1990

$14.10

$10.11

$8 5

$13.70

$4.03

$0 1995

2000

2005

2010

2015

2020

United States

United Kingdom g

Source: EIA, BP, Federal Energy Regulatory Commission, J.P. Morgan Asset Management. *mmBTU represents 10,000 million British thermal units. Data are as of 12/31/12.

Asset Class Returns 2003 MS CI EME 56.3%

Asset Class

2005

2006

2007

2008

2009

Ba rc la ys Agg 5.2%

MS CI EME 79.0% MS CI EAFE 32.5%

2010

2011

2012

REITs

27.9%

8.3%

19 . 7 %

MS CI EAFE 6.6%

Russe ll 2000 26.9%

Ba rc la ys Agg 7.8%

MS CI EME 18 . 6 %

MS CI EME 5.6%

Ma rke t Ne utra l 4.5%

MS CI EAFE 17 . 9 %

S &P 500 2 . 1%

Russe ll 2000 16 . 3 %

3 1. 6 %

MS CI EME 34.5%

3 5 . 1%

MS CI EME 39.8%

Russe ll 2000 47.3%

MS CI EME 26.0%

DJ UBS Cmdty 2 1. 4 %

MS CI EME 32.6%

DJ UBS Cmdty 16 . 2 %

MS CI EAFE 39.2%

MS CI EAFE 20.7%

MS CI EAFE 14 . 0 %

MS CI EAFE 26.9%

MS CI EAFE 11. 6 %

Ma rke t Ne utra l 1. 1%

28.0%

MS CI EME 19 . 2 %

Ma rke t Ne utra l 9.3%

Asse t Alloc . - 24.0%

Russe ll 2000 27.2%

DJ UBS Cmdty 16 . 8 %

REITs

Ca sh 1. 8 %

REITs

3 7 . 1%

Russe ll 2000 18 . 3 %

12 . 2 %

Russe ll 2000 18 . 4 %

S &P 500 28.7%

Asse t Alloc . 12 . 5 %

Asse t Alloc . 8.3%

S &P 500 15 . 8 %

Asse t Alloc . 7.4%

Russe ll 2000 - 33.8%

S &P 500 26.5%

S &P 500 15 . 1%

0 . 1%

S &P 500 16 . 0 %

Asse t Alloc . 2 5 . 1%

S &P 500 10 . 9 %

Ma rke t Ne utra l 6 . 1%

Asse t Alloc . 15 . 2 %

Ba rc la ys Agg gg 7.0%

DJ UBS y Cmdty - 35.6%

Asse t Alloc . 22.2%

Asse t Alloc . 12 . 5 %

Asse t Alloc . - 0.6%

Asse t Alloc . 11. 2 %

DJ UBS Cmdty 23.9%

DJ UBS Cmdty 9 . 1%

S &P 500 4.9%

Ma rke t Ne utra l 11. 2 %

S &P 500 5.5%

S &P 500 - 37.0%

DJ UBS Cmdty 18 . 9 %

MS CI EAFE 8.2%

Russe ll 2000 - 4.2%

Ba rc la ys Agg 4.2%

Ma rke t Ne utra l 7 . 1%

Ma rke t Ne utra l 6.5%

Russe ll 2000 4.6%

Ca sh

REITs

4.8%

- 37.7%

Russe ll 2000 - 1. 6 %

MS CI EAFE - 4 3 . 1%

REIT REITs

2004

Ba rc la ys Ba rc la ys Agg Agg 4 . 1% 4.3%

REIT REITs

3.0%

Ba rc la ys Agg 4.3% DJ UBS Cmdty

REITs

MS CI EME

2 . 1%

- 15 . 7 %

- 53.2%

Ca sh

Ba rc la ys Agg

1. 0 %

1. 2 %

2.4%

Ba rc la ys Ba rc la ys Agg Agg 5.9% 6.5%

Ca sh

MS CI EAFE - 11. 7 %

4Q12

10-yrs '03 - '12 Cum. Ann. MS CI EME 376.0%

MS CI EME 16 . 9 %

REITs

204.6%

11. 8 %

3 . 1%

Russe ll 2000 15 2 . 8 %

Russe ll 2000 9.7%

Russe ll 2000 1. 9 %

MS CI EAFE 13 0 . 3 %

MS CI EAFE 8.7%

Asse t Alloc . 1. 3 %

Asse t Alloc . 117 . 7 %

Asse t Alloc . 8 . 1%

Ba rc la ys Agg gg 0.2%

S &P 500 98.6%

S &P 500 7 . 1%

0.0%

Ba rc la ys Agg 65.8%

Ba rc la ys Agg 5.2%

Ma rke t Ne utra l 60.2%

Ma rke t Ne utra l 4.8%

REITs

Ca sh

0 . 1%

Ma rke t Ne utra l 0.0%

0 . 1%

DJ UBS Cmdty - 13 . 3 %

Ma rke t Ne utra l 0.0%

S &P 500 - 0.4%

DJ UBS Cmdty 49.3%

DJ UBS Cmdty 4 . 1%

Ca sh

Ma rke t Ne utra l

MS CI EME

DJ UBS Cmdty

Ca sh

0 . 1%

- 0.8%

- 18 . 2 %

- 1. 1%

- 6.3%

18 . 2 %

1. 7 %

Ma rke t Ne utra l 4 . 1%

Ca sh

Source: Russell,, MSCI,, Dow Jones,, Standard & Poor’s,, Credit Suisse,, Barclays y Capital, p , NAREIT,, FactSet,, J.P. Morgan g Asset Management. g The “Asset Allocation” portfolio assumes the following weights: 25% in the S&P 500, 10% in the Russell 2000, 15% in the MSCI EAFE, 5% in the MSCI EMI, 25% in the Barclays Capital Aggregate, 5% in the Barclays 1-3m Treasury, 5% in the CS/Tremont Equity Market Neutral Index, 5% in the DJ UBS Commodity Index and 5% in the NAREIT Equity REIT Index. Balanced portfolio assumes annual rebalancing. All data represents total return for stated period. Past performance is not indicative of future returns. Data are as of 12/31/12, except for the CS/Tremont Equity Market Neutral Index, which reflects data through 11/30/12. “10-yrs” returns represent period of 1/1/03 – 12/31/12 showing both cumulative (Cum.) and annualized (Ann.) over the period. Please see disclosure page at end for index definitions. *Market Neutral returns include estimates found in disclosures. Data are as of 12/31/12.

Stock Valuation Measures: S&P 500 Index

Equities

S&P 500 Index: Valuation Measures Valuation Measure P/E / P/B P/CF P/S PEG Div. Yield

Description Price to Earnings Price to Book Price to Cash Flow Price to Sales Price/Earnings to Growth Dividend Yield

Historical Averages 3-year 5-year avg. avg.

Latest*

1-year ago

10-year avg.

15-year avg.

12.5x

11.8x

12.6x

12.8x

14.2x

16.7x

2.3

2.1

2.2

2.5

3.0

8.5

8.1

8.4

9.7

11.0

1.2

1.1

1.2

1.1

1.3

1.5

1.3

1.2

0.9

1.7

1.5

2.4%

2.3%

2.2%

2.3%

2.1%

1.9%

S&P 500 Shiller Cyclically Adjusted P/E

S&P 500 Earnings Yield vs. Baa Bond Yield

Adjusted using trailing 10-yr. avg. inflation adjusted earnings

10%

S&P 500 Earnings Yield: ((Inverse of fwd. P/E)) 8.0%

50x 9%

40x

4Q12: 21.1x

30x

Average: 19.0x

20x

10x 0x

Moody’s Baa Yield: 4.6%

'55

'60

'65

'70

'75

'80

'85

'90

'95

'00

'05

'10

3% '94

'96

'98

'00

'02

'04

'06

'08

'10

'12

Source: (Top) Standard & Poor’s, FactSet, Robert Shiller Data, J.P. Morgan Asset Management. Price to Earnings is price divided by consensus analyst estimates of earnings per share for the next 12 months. Price to Book is price divided by book value per share. Data post-1992 post 1992 include intangibles and are provided by Standard & Poor’s Poor s. Price to Cash Flow is price divided by consensus analyst estimates of cash flow per share for the next 12 months. Price to Sales is calculated as price divided by consensus analyst estimates of sales per share for the next 12 months. PEG Ratio is calculated as NTM P/E divided by NTM earnings growth. Dividend Yield is calculated as consensus analyst estimates of dividends for the next 12 months divided by price. All consensus analyst estimates are provided by FactSet. (Bottom left) Cyclically adjusted P/E uses as reported earnings throughout. *Latest reflects data as of 12/31/2012. (Bottom right) Standard & Poor’s, Moody’s, FactSet, J.P. Morgan Asset Management. 13 Data are as of 12/31/12.

Mutual Fund Flows Fund Flows Billions, USD

AUM

YTD 2012

2011

2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998

World Equity

4,290 4 290 1,562

(130) 7

(132) 4

(81) 58

(28) 28

Taxable Bond Tax-exempt Bond

2,832 590

244 53

136 (12)

230 11

311 69

22 8

980

(26)

2,617

(77)

(124)

Domestic Equity

Hybrid Money Market

(525) (539) 637

Cumulative Flows into Stock & Bond Funds Includes both mutual funds and ETFs, $ billions

(0) 149

18 106

101 71

120 24

(26) (3)

55 (22)

261 53

176 11

149 8

97 11

45 15

26 5

5 (15)

40 (7)

125 17

76 11

(36) (14)

8 (12)

59 15

(36)

(14)

654

245

375

159

194

235

Nov. ’12: 12: $1,390 billion into bond funds and fixed income ETFs since ’07

(157) (263) (46)

Difference Between Flows Into Stock and Bond Funds Billions, USD, U.S. and international funds, monthly $40

$1,600 $ $1,400

(148) (65) (80) 139

Bond flows exceeded equity flows b $47 billion by billi iin November N b 2012

$20

$1,200 $1,000

$800

Nov. ’12: $193 billion into stock funds and equity ETFs since ’07

Asset Class

$600

$400 $200 $0

Bonds

-$20 $20

-$40

Stocks -$60 Jun '08 08

Apr '09 09 Feb '10 10 Dec '10 10 '07 '08 '09 '10 '11 '12 Source: Investment Company Institute, J.P. Morgan Asset Management. Data include flows through November 2012 and exclude ETFs. ICI data are subject to periodic revisions. World equity flows are inclusive of emerging market, global equity and regional equity flows. Hybrid flows include asset allocation, balanced fund, flexible portfolio and mixed income flows. Data are as of 12/31/12.

Oct '11 11

Aug '12 12

CASH FLOW STRATEGIES Moderate (Cash Flow)

SENIOR LOAN/PREFERRED/TA XABLE BOND FUNDS, 25.00%

CASH AND CD's, 10.00%

GLOBAL DIVIDEND STOCKS, 15.00%

INSURED MUNICIPAL BONDS, 25.00%

GLOBAL/DOMESTIC REAL ESTATE FUNDS, 25.00%

Disclosures: The allocations shown above are hypothetical in nature and for illustrative purposes only. They do not represent the actual account of any particular client. This material has been prepared and is distributed solely for informational purposes and is not a solicitation or an offer to buy any trading security or instrument or to participate in any trading strategy. Additional information is available upon request. Market values of both equity and fixed income investments will fluctuate due changes in market condition and other factors. Asset Allocation and diversification cannot eliminate the risk of fluctuating prices and uncertain returns. Stocks of small and mid-cap companies are typically more volatile than stocks of larger companies. They often involve higher risks because they may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions.Global/International investing may involve risks such as currency fluctuations, political instability, uncertain economic conditions, different accounting standards, and other risks that are not typically associated with domestic investments. Fixed income investments are subject to default and interest rate risk. High-yield, non-investment grade bonds are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Stock dividends are not guaranteed. Please contact us to discuss an appropriate allocation for your situation. 18

CASH FLOW STRATEGIES Aggressive (Growth with Income) SENIOR LOAN/PREFERRED/ TAXABLE BOND FUNDS, 20.00%

MLP'S, ROYALTY TRUSTS, PIPELINES, 10.00%

Cash 10.00%

GLOBAL DIVIDEND STOCKS, 30.00%

GLOBAL/DOMESTIC REAL ESTATE FUNDS, 30.00%

CASH FLOW STRATEGIES Conservative

CASH, 25.00%

INSURED MUNICIPAL BONDS, 50.00%

CD'S, MTN'S, MTP'S, 25.00%

CASH FLOW STRATEGIES Ultra Conservative

INSURED MUNICIPAL BONDS, 50.00%

CASH, 50.00%

Cash Flow Strategy Closed End Funds US Bond Funds

CLOSED END FUND ADVENT CLAYMORE CVT SEC& INC NUVEEN PREFERRED INCOME OPPO NUVEEN CREDIT STRATEGIES INC BLACKROCK CORPORATE HY FD VI BLACKROCK CORPORATE HY FD 5 INVESCO VAN KAMPEN DYNAMIC C DWS HIGH INCOME OPPORTUNITIE BLACKROCK CREDIT ALLOC IV

03/31/13

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

03/31/13 NAV RETURN SHARE INCEPTION PRICE BEST ANNUALIZED YEAR %

SHARE PRICE WORST YEAR %

SYMBOL

ASSET CLASS

12/31/12 NAV VALUE

AVK

CONVERTIBLE/HIGH YIELD

$17.67

6.70%

$16.95

$18.38

‐7.78%

5.63%

6.09%

55.84%

‐47.04%

JPC

CORPORATE/PREFERRED

$10.28

7.42%

$10.27

$10.60

‐3.11%

4.99%

5.79%

84.27%

‐51.74%

JQC

CORPORATE/PREFERRED

$9.88

7.93%

$10.45

$10.14

3.06%

4.78%

4.96%

78.60%

‐49.30%

HYT

CORPORATE‐HIGH YIELD

$12.61

8.12%

$12.90

$13.00

‐0.77%

4.50%

9.61%

92.56%

‐38.43%

HYV

CORPORATE‐HIGH YIELD

$12.92

8.14%

$13.24

$13.34

‐0.75%

4.67%

10.84%

98.15%

‐40.19%

VTA

TAXABLE INCOME‐SENIOR LOAN

$12.99

6.72%

$13.47

$13.26

1.58%

3.84%

2.56%

91.12%

‐49.58%

DHG

TAXABLE INCOME‐HIGH YIELD

$16.23

7.86%

$15.51

$16.40

‐5.43%

2.90%

‐4.14%

65.62%

‐65.50%

BTZ

TAXABLE INCOME‐INVESTMENT GRADE

$15.27

6.74%

$14.00

$15.40

‐9.09%

1.89%

1.72%

57.51%

‐43.95%

03/31/13

12/31/12 NAV VALUE

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

$14.69

9.18%

$12.96

$14.31

‐9.43%

‐0.56%

4.38%

22.94%

‐8.03%

$15.36

7.32%

$16.33

$15.71

3.95%

3.60%

12.29%

94.90%

‐31.02%

$22.42

6.79%

$21.22

$21.68

‐2.12%

‐1.71%

10.06%

53.55%

‐20.62%

$15.83

6.60%

$15.45

$15.30

0.98%

‐1.74%

13.71%

67.36%

‐26.94%

Global Funds

CLOSED END FUND NUVEEN MULTI‐CURRENCY SHORT ALLIANCEBERNSTEIN GLOBAL HIGH INCOME WESTERN ASSET EMERGING MARKET WESTERN ASSET EMERGING MARKET WESTERN ASSET GLOBAL HIGH INCOME MORGAN STANLEY EMERGING MARKET

SYMBOL

JGT AWF ESD EMD

ASSET CLASS GLOBAL HIGH YIELD/INVESTMENT GRADE GLOBAL HIGH YIELD/INVESTMENT GRADE Non‐US/Other‐Emerging Market Income Non‐US/Other‐Emerging Market Income

NAV RETURN SHARE INCEPTION PRICE BEST ANNUALIZED YEAR %

SHARE PRICE WORST YEAR %

EHI

Non‐US/Other‐Global Income

$13.93

8.34%

$13.86

$13.91

‐0.36%

1.94%

8.83%

71.25%

‐30.71%

EDD

GLOBAL INVESTMENT GRADE

$18.54

6.02%

$16.65

$18.22

‐8.62%

‐0.37%

7.78%

42.03%

‐28.97%

Cash Flow Strategy Closed End Funds Municipal Bond Funds

CLOSED END FUND NUVEEN BUILD AMERICAN BOND NUVEEN BUILD AMERICA BOND OP BLACKROCK BUILD AMERICA BOND NUVEEN DIVIDEND ADV MUNI 3 BLACKROCK MUNICIPAL INCOME GUGGENHEIM BUILD AMERICA BOND BLACKROCK MUNI HOLDINGS QU II BLACKROCK MUNI HOLDINGS CA BLACKROCK MUNI YIELD NY

03/31/13

SYMBOL

ASSET CLASS

12/31/12 NAV VALUE

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION ANNUALIZED

SHARE SHARE PRICE PRICE BEST WORST YEAR YEAR % %

NBB

MUNICIPAL NATIONAL

$22.28

6.46%

$20.97

$22.65

‐7.42%

3.21%

13.04%

20.32%

9.88%

NBD

MUNICIPAL NATIONAL

$23.44

6.01%

$22.12

$23.98

‐7.76%

3.74%

17.12%

25.08%

6.46%

BBN

MUNICIPAL NATIONAL

$23.41

7.02%

$22.52

$23.74

‐5.14%

2.56%

16.42%

32.81%

14.83%

NZF

MUNICIPAL NATIONAL

$16.03

5.05%

$14.95

$15.83

‐5.56%

‐0.04%

7.03%

44.33%

‐21.18%

BAF

MUNICIPAL NATIONAL

$16.65

5.29%

$15.61

$16.36

‐4.58%

‐0.52%

7.09%

47.20%

‐21.07%

GBAB

MUNICIPAL NATIONAL

$23.81

7.10%

$22.62

$23.91

‐5.40%

2.19%

16.85%

26.43%

14.96%

MUE

MUNICIPAL NATIONAL

$15.27

5.50%

$15.32

$15.07

1.66%

0.07%

5.96%

46.84%

‐16.73%

MUC

MUNICIPAL SINGLE STATE

$16.37

5.93%

$16.06

$16.31

‐1.53%

1.08%

6.49%

46.80%

‐24.57%

MYN

MUNICIPAL SINGLE STATE

$14.95

5.75%

$14.85

$14.77

0.54%

0.21%

6.41%

45.39%

‐26.21%

Cash Flow Strategy Closed End Funds Equity Funds ASSET CLASS

12/31/12 NAV VALUE

KED

ENERGY GROWTH/INCOME

$23.74

6.50%

$26.21

$23.74

10.40%

9.12%

03/31/13 NAV RETURN INCEPTION ANNUALIZED 9.39%

SRV

ENERGY GROWTH/INCOME

$6.25

11.08%

$8.13

$7.33

10.91%

21.00%

‐4.50%

CLOSED END FUND

SYMBOL

KAYNE ANDERSON ENERGY DEVELOPMENT CUSHING MLP TOTAL RETURN FUND

03/31/13

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

116.73%

‐64.88%

120.35%

‐69.28%

GABELLI DIVIDEND & INCOME TRUST

GDV

EQUITY TAX ADVANTAGED

$18.58

5.70%

$18.96

$20.92

‐9.37%

13.96%

7.43%

40.24%

‐45.75%

EATON VANCE TAX ADV GLOBAL DIVIDEND

ETO

EQUITY TAX ADVANTAGED

$22.74

7.02%

$23.20

$23.97

‐3.21%

6.60%

9.90%

49.68%

‐53.56%

EATON VANCE TAX‐ADV DIVIDEND INCOME

EVT

EQUITY TAX ADVANTAGED

$18.47

6.92%

$18.66

$19.80

‐5.76%

8.37%

7.65%

50.42%

‐53.43%

JOHN HANCOCK T/A DIVIDEND INCOME EATON VANCE T/A GLOBAL DIVIDEND INCOME

HTD ETG

EQUITY TAX ADVANTAGED GLOBAL EQUITY INCOME

$19.79 $14.98

5.91% 7.81%

$20.00 $15.88

$21.67 $15.92

‐7.71% ‐0.25%

11.08% 7.65%

9.49% 5.89%

42.82% 44.72%

‐35.26% ‐55.63%

CALAMOS GLOBAL DYNAMIC INCOME

CHW

GLOBAL GROWTH & INCOME

$9.38

8.29%

$8.96

$9.59

‐6.57%

3.56%

1.67%

53.56%

‐47.34%

MACQUARIE GLOBAL INFR TOTAL RETURN MACQUARIE/FT GLOBAL INT/UT DIVIDEND INCOME NFJ DVD INTEREST & PR STRATEGY

MGU MFD

GLOBAL INFRASTRUCTURE GLOBAL INFRASTRUCTURE

$21.72 $16.11

6.06% 8.71%

$21.17 $16.12

$23.32 $16.64

‐9.22% ‐3.13%

8.86% 5.53%

6.96% 8.73%

51.16% 36.92%

‐56.67% ‐55.60%

NFJ

US EQUITY COVERED CALL

$17.26

10.70%

$16.82

$17.81

‐5.56%

5.80%

4.57%

31.66%

‐37.77%

FIRST TRUST ENHANCED EQUITY INCOME EATON VANCE TAX MAN GLOBAL BUYRIGHT

FFA ETW

US EQUITY COVERED CALL US EQUITY COVERED CALL

$13.27 $12.37

7.03% 10.43%

$12.83 $11.20

$14.11 $12.49

‐9.07% ‐10.33%

8.02% 3.34%

4.70% 4.97%

45.22% 59.66%

‐37.06% ‐33.23%

EATON VANCE TAX‐MANAGED GLOBAL

EXG

US EQUITY COVERED CALL

$10.33

10.47%

$9.32

$10.42

‐10.56%

3.24%

2.19%

49.28%

‐30.87%

ING GLOBAL EQUITY & PROPRETY

IGD

US EQUITY COVERED CALL

$9.61

11.06%

$9.26

$9.73

‐4.83%

3.88%

3.21%

48.24%

‐32.23%

GUGGENHEIM ENHANCED EQUITY I LIBERTY ALL STAR EQUITY FUND CALAMOS STRAT TOT RETURN FUND

GPM USA CSQ

US EQUITY COVERED CALL US EQUITY GENERAL EQUITY US EQUITY GROWTH & INCOME

$8.93 $5.35 $10.52

10.61% 6.19% 7.97%

$8.95 $5.17 $10.61

$9.33 $5.75 $11.00

‐4.07% ‐10.09% ‐3.55%

7.19% 9.01% 5.90%

0.76% 7.65% 4.77%

23.62% 57.28% 56.82%

‐39.98% ‐43.89% ‐49.28%

BLACKROCK HEALTH SCIENCES TRUST

BME

US EQUITY‐HEALTH/BIOTECH

$27.88

4.97%

$31.02

$31.25

‐0.74%

13.50%

11.17%

41.81%

‐20.71%

GABELLI HEALTHCARE&WELLNESS

GRX

US EQUITY‐HEALTH/BIOTECH

$9.55

3.02%

$9.95

$10.79

‐7.78%

13.86%

10.52%

36.80%

‐28.55%

H & Q HEALTHCARE INVESTORS

HQH

US EQUITY‐HEALTH/BIOTECH

$18.44

7.41%

$19.98

$20.82

‐4.03%

15.03%

10.98%

59.91%

‐37.59%

H & Q LIFE SCIENCES INVESTORS

HQL

US EQUITY‐HEALTH/BIOTECH

$14.99

6.88%

$17.44

$16.83

3.62%

14.38%

8.42%

80.78%

‐36.09%

COHEN & STEERS INFRASTRUCTURE

UTF

US EQUITY INFRASTRUCTURE

$20.58

6.99%

$20.69

$21.94

‐5.70%

8.39%

9.42%

68.53%

‐57.19%

ING INFRASTRUCTURE INDUSTRIAL

IDE

US EQUITY INFRASTRUCTURE

$17.94

9.67%

$17.37

$17.71

‐1.92%

0.98%

6.72%

17.60%

‐13.67%

BLACKROCK UTILITY AND INFRASTRUCTURE

BUI

US EQUITY‐ UTILITIES

$19.79

7.47%

$19.58

$20.68

‐5.32%

6.36%

13.55%

‐3.50%

DUFF & PHELPS GLOBAL UTILITY

DPG

US EQUITY‐ UTILITIES

$18.56

7.37%

$19.08

$20.37

‐6.33%

11.70%

12.27%

0.64%

ALPINE GLOBAL PREMIER PROPERTY

AWP

GLOBAL REAL ESTATE

$8.01

7.26%

$8.29

$8.52

‐2.70%

8.29%

‐3.66%

78.59%

‐63.64%

COHEN & STEERS REIT & PR COHEN & STEERS QUAL INCOME REALTY

RNP RQI

US EQUITY‐REAL ESTATE US EQUITY‐REAL ESTATE

$18.37 $10.91

6.39% 6.28%

$18.88 $11.59

$19.50 $11.80

‐3.18% ‐1.78%

7.80% 9.83%

8.47% 9.00%

91.15% 80.59%

‐60.58% ‐68.43%

NEUBERGER BERMAN REAL ESTATE

NRO

US EQUITY‐REAL ESTATE

$5.29

4.64%

$5.16

$5.79

‐10.88%

10.64%

2.05%

101.73%

‐78.23%

Performance data quoted reflects past performance which cannot guarantee future results. Current performance may be lower or higher than quoted. Investment return and principal value is subject to fluctuations with changes in market conditions such that shares may be worth more or less than original cost when sold. Returns are calculated by subtracting the value of a share at the beginning of the period from the value at the end and dividing the difference by the initial value expressing the result as a percentage change. The calculation assumes that all distributions during the period have been reinvested on the payable dates, at NAV or at market price according to how the returns are labeled. The returns do not reflect broker sales charges or commissions. Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding. Pease see final page fopr important information on risks of investing in these funds and other important disclosure.

Exchange Traded Bonds/Preferreds As of 03/31/2013

MUNIFUND TERM PREFERRED SHARES DESCRIPTION Nuveen Az Dvd Adv Muni 3 Nuveen Md Premium Inc 2 Nuveen Texas Premium Inc Nuveen Ma Dvd Adv Muni Nuveen Oh Div Adv Muni 2

TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF 03/31/2013

COUPON RATE

CORPORATE WEBSITE

NXE2.9 NMY2.9 NTX2.3 NMB2.6 NBJ2.35

Aaa AAA Aa2 AAA Aa2 AAA Aa2 AAA Aa2 AAA

Financial Financial Financial Financial Financial

$10.16 $10.22 $10.05 $10.07 $10.05

$10.00 $10.00 $10.00 $10.00 $10.00

1.60% 2.20% 0.50% 0.70% 0.50%

2.85% 2.84% 2.29% 2.58% 2.34%

2.90% 2.90% 2.30% 2.60% 2.35%

http://www.nuveen.com/CEF/MTPPrices.aspx http://www.nuveen.com/CEF/MTPPrices.aspx http://www.nuveen.com/CEF/MTPPrices.aspx http://www.nuveen.com/CEF/MTPPrices.aspx http://www.nuveen.com/CEF/MTPPrices.aspx

TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF 03/31/2013

COUPON RATE

CORPORATE WEBSITE

$25.27

$25.00

-1.08

7.42%

7.50%

$25.22

$25.00

-0.88

7.31%

7.38%

Watch List DESCRIPTION Ford Motor Co Ally Financial Inc

F7.5 ALLY7.375

Baa3 BB+ B1 B+

Consumer Discretionary Financials

http://www.ford.com/ http://www.gmacfs.com

Yields and market value will fluctuate so that your investment, if sold prior to maturity, may be worth more or less than its original cost.

EQUITY OPPORTUNITIES as of March 31, 2013 Mining, Materials, and Chemicals Company Natural Resource Partners Lp Pvr Partners Lp Quimica Y Minera Chile‐Spain Adr Potash Corp Of Saskatchewan Southern Copper Corporation United States Steel Corp Aluminum Corp Of China‐Adr

Ticker Symbol NRP PVR SQM POT SCCO X ACH

Sector

Price

Mining Mining Chemicals Chemicals Industrial Metals & Mining Industrial Metals & Mining Industrial Metals & Mining

23.40 24.11 55.45 39.25 37.57 19.50 9.73

Sector

Price

Fixed Line Telecommunications Fixed Line Telecommunications Gas, Water & Multiutilities Fixed Line Telecommunications Fixed Line Telecommunications Fixed Line Telecommunications Fixed Line Telecommunications Fixed Line Telecommunications Fixed Line Telecommunications Electricity Electricity Fixed Line Telecommunications Electricity Mobile Telecommunications Gas, Water & Multiutilities Industrial Engineering Mobile Telecommunications General Industrials Electricity Fixed Line Telecommunications

3.99 3.04 12.70 9.59 35.13 45.08 31.10 26.68 36.69 20.94 27.71 49.15 44.53 28.40 19.90 27.56 20.96 28.43 42.24 13.51

YTD % Chg 25.73% ‐7.51% ‐4.68% ‐2.58% ‐1.69% ‐21.51% ‐20.07%

Price/ Earnings 11.71 35.13 21.39 14.85 14.83 14.74 n/a

Current Yield 9.40% 9.12% 3.47% 2.85% 2.56% 1.03% 0.00%

Dividend Frequency Quarterly Quarterly Semi‐Annual Quarterly Quarterly Quarterly Irregular

Annual Dividend 2.20 2.20 1.92 1.12 0.96 0.20 0.00

YTD % Chg ‐8.88% ‐22.22% 2.78% 4.24% ‐10.89% 19.92% ‐4.21% 9.43% 10.50% ‐1.05% 9.27% 13.75% 11.32% 12.51% 6.98% 0.55% ‐9.59% 19.74% 13.89% ‐1.04%

Price/ Earnings 16.44 14.92 18.02 12.70 23.24 n/a 19.15 12.75 15.99 15.24 16.35 21.88 13.89 11.48 17.07 15.47 10.25 16.72 9.21 9.95

Current Yield 10.03% 8.32% 7.19% 6.89% 6.15% 5.86% 5.85% 5.78% 4.91% 4.50% 4.47% 4.19% 4.09% 3.65% 3.22% 1.69% 1.44% 1.41% 0.75% 0.00%

Dividend Frequency Quarterly Annual Annual Semi‐Annual Quarterly Semi‐Annual Annual Semi‐Annual Quarterly Semi‐Annual Quarterly Quarterly Quarterly Semi‐Annual Quarterly Quarterly Semi‐Annual Quarterly Annual Semi‐Annual

Annual Dividend 0.40 0.25 0.91 0.66 2.160 2.64 1.82 1.54 1.80 0.94 1.24 2.06 1.82 1.04 0.64 0.47 0.30 0.40 0.32 0.00

Telecom/Utilities Company Frontier Communications Corp Oi Sa‐Adr Veolia Environnement‐Adr Telecom New Zealand‐Sp Adr Centurylink Inc Telekomunik Indonesia‐Sp Adr Chunghwa Telecom Ltd‐Adr Telefonica Brasil‐Adr At&T Inc Cpfl Energia Sa‐Adr Hawaiian Electric Inds Verizon Communications Inc P G & E Corp Vodafone Group Plc‐Sp Adr California Water Service Grp Xylem Inc America Movil‐Adr Series L Itt Corp Huaneng Power Intl‐Spons Adr Telefonica Sa‐Spon Adr

Ticker Symbol FTR OIBR VE NZTCY CTL TLK CHT VIV T CPL HE VZ PCG VOD CWT XYL AMX ITT HNP TEF

EQUITY OPPORTUNITIES as of March 31, 2013 Business Development Corportations & Financials Company California First Natl Bancor Prospect Capital Corp Ticc Capital Corp Apollo Investment Corp Compass Diversified Holdings Ares Capital Corp Triangle Capital Corp Main Street Capital Corp Westwood Holdings Group Inc Cheviot Financial Corp

Ticker Symbol CFNB PSEC TICC AINV CODI ARCC TCAP MAIN WHG CHEV

Industry

Price

Banks Equity Investment Instruments Equity Investment Instruments Equity Investment Instruments Financial Services Equity Investment Instruments Equity Investment Instruments Equity Investment Instruments Financial Services Banks

17.29 10.91 9.95 8.36 15.87 18.10 27.99 32.09 44.43 11.47

Industry

Price

Oil & Gas Producers Oil & Gas Producers Industrial Transportation Oil & Gas Producers Oil Equipment, Services & Dist General Retailers Oil & Gas Producers Oil & Gas Producers Oil Equipment, Services & Dist Oil Equipment, Services & Dist Oil Equipment, Services & Dist Chemicals Oil & Gas Producers Oil Equipment, Services & Dist Oil & Gas Producers Oil Equipment, Services & Dist Oil Equipment, Services & Dist Oil & Gas Producers Oil & Gas Producers Oil Equipment, Services & Dist Oil Equipment, Services & Dist Oil Equipment, Services & Dist Oil Equipment, Services & Dist Oil & Gas Producers

83.49 20.04 17.64 27.62 53.34 44.50 37.97 25.08 30.14 18.40 50.69 37.25 46.64 41.43 51.80 27.37 89.77 54.57 12.45 60.75 57.40 36.99 60.29 51.45

YTD % Chg 14.78% 0.00% ‐3.06% ‐0.96% 7.89% 2.57% 7.41% 6.10% 5.13% 23.66%

Price/ Earnings 23.51 8.49 11.07 25.09 22.20 8.16 12.56 12.96 24.16 25.56

Current Yield 12.72% 12.11% 11.66% 9.57% 9.07% 8.40% 7.72% 5.80% 3.60% 3.14%

Dividend Frequency Annual Monthly Quarterly Quarterly Quarterly Quarterly Quarterly Monthly Quarterly Quarterly

Annual Dividend 2.20 1.32 1.16 0.80 1.44 1.52 2.16 1.86 1.60 0.36

YTD % Chg 20.28% 8.66% 6.31% 16.64% 25.82% 15.47% 8.97% 16.84% 7.92% 27.91% 18.15% 23.30% 17.04% 8.36% 7.44% 28.74% 12.48% ‐4.44% 1.96% 16.74% 5.67% ‐0.19% 21.19% 11.28%

Price/ Earnings 8.87 27.57 10.65 19.41 25.92 34.78 17.22 133.32 35.42 n/a 20.37 10.61 12.97 17.65 25.63 24.44 51.58 51.48 10.79 34.42 18.89 20.35 22.23 6.10

Current Yield 11.09% 9.38% 8.84% 8.26% 8.21% 7.87% 7.64% 7.34% 7.21% 7.17% 7.05% 6.98% 6.55% 6.52% 6.39% 6.21% 5.75% 5.62% 5.59% 5.40% 4.95% 4.60% 4.38% 2.33%

Dividend Frequency Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Monthly Quarterly Quarterly Quarterly Quarterly Quarterly Monthly Quarterly Quarterly Quarterly Quarterly Quarterly

Annual Dividend 9.26 1.88 1.56 2.28 4.38 3.50 2.90 1.84 2.17 1.32 3.58 2.60 3.05 2.70 3.31 1.70 5.16 3.07 0.70 3.28 2.84 1.70 2.64 1.20

Royalty Trusts, Pipelines, & Transportation Company Bp Prudhoe Bay Royalty Trust Breitburn Energy Partners Lp Ship Finance Intl Ltd Legacy Reserves Lp Nustar Energy Lp Suburban Propane Partners Lp Linn Energy Llc‐Units Regency Energy Partners Lp Enbridge Energy Partners Lp Crosstex Energy Lp Energy Transfer Partners Lp Calumet Specialty Products Sabine Royalty Trust Teekay Lng Partners Lp Williams Partners Lp Cheniere Energy Partners Lp Kinder Morgan Energy Prtnrs Ev Energy Partners Lp Permian Basin Royalty Trust Markwest Energy Partners Lp Oneok Partners Lp Golar Lng Ltd Enterprise Products Partners Hollyfrontier Corp

Ticker Symbol BPT BBEP SFL LGCY NS SPH LINE RGP EEP XTEX ETP CLMT SBR TGP WPZ CQP KMP EVEP PBT MWE OKS GLNG EPD HFC

EQUITY OPPORTUNITIES as of March 31, 2013 Medical/Health Care Company Pdl Biopharma Inc Astrazeneca Plc‐Spons Adr Omega Healthcare Investors Glaxosmithkline Plc‐Spon Adr Health Care Reit Inc Universal Health Rlty Income Healthcare Realty Trust Inc Merck & Co. Inc. Sanofi‐Adr Eli Lilly & Co Pfizer Inc Teva Pharmaceutical‐Sp Adr Johnson & Johnson Healthcare Services Group St Jude Medical Inc Quest Diagnostics Inc Amgen Inc Steris Corp Stryker Corp Aetna Inc Covidien Plc Humana Inc Unitedhealth Group Inc Atrion Corporation Shire Plc‐Adr Medicis Pharmaceutical Corp Doctor Reddy'S Lab‐Adr Dentsply International Inc Cantel Medical Corp Perrigo Co Cigna Corp Assisted Living Concepts I‐A Salix Pharmaceuticals Ltd Actavis Inc Mylan Inc Alexion Pharmaceuticals Inc Regeneron Pharmaceuticals

Ticker Symbol PDLI AZN OHI GSK HCN UHT HR MRK SNY LLY PFE TEVA JNJ HCSG STJ DGX AMGN STE SYK AET COV HUM UNH ATRI SHPG MRX RDY XRAY CMN PRGO CI ALC SLXP ACT MYL ALXN REGN

Sector

Price

Pharmaceuticals & Biotechnologyy Pharmaceuticals & Biotechnology Real Estate Investment Trusts Pharmaceuticals & Biotechnology Real Estate Investment Trusts Real Estate Investment Trusts Real Estate Investment Trusts Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Health Care Equipment & Services Health Care Equipment & Services Health Care Equipment & Services Pharmaceuticals & Biotechnology Health Care Equipment & Services Health Care Equipment & Services Health Care Equipment & Services Health Care Equipment & Services Health Care Equipment & Services Health Care Equipment & Services Health Care Equipment & Services Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Health Care Equipment & Services Health Care Equipment & Services Pharmaceuticals & Biotechnology Health Care Equipment & Services Health Care Equipment & Services Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology

6.88 48.18 25.56 45.61 62.84 55.13 25.48 43.25 48.68 53.69 27.28 37.99 73.92 24.15 40.70 57.95 85.46 37.73 62.65 48.23 62.34 74.36 55.21 200.51 100.14 43.98 35.94 41.76 31.41 100.51 58.34 9.82 47.90 86.39 28.27 93.99 173.94

YTD % Chg ‐2.34% 2.43% 8.47% 5.08% 1.88% 9.37% 7.04% 2.17% 4.03% 9.89% 10.17% 1.10% 5.82% 6.11% 13.92% ‐0.27% 0.12% 9.33% 14.99% 4.69% 8.50% 9.79% 2.82% 2.24% 10.25% n/a 9.85% 7.22% 7.20% 1.20% 10.14% 2.67% 19.71% 2.19% 5.25% 4.41% 1.06%

Price/ Earnings 4.95 8.68 25.36 12.79 75.23 8.45 285.56 10.95 12.05 15.99 12.50 7.04 14.52 39.13 11.28 13.12 14.43 17.74 15.45 10.21 14.71 9.86 10.56 16.83 16.73 19.13 19.42 21.89 25.91 21.06 10.65 12.06 26.92 24.90 16.23 82.94 88.66

Current Yield 8.72% 7.89% 7.04% 5.08% 4.87% 4.50% 4.71% 3.98% 3.47% 3.65% 3.52% 2.69% 3.30% 2.75% 2.26% 2.07% 2.20% 2.01% 1.69% 1.66% 1.67% 1.40% 1.54% 1.12% 0.16% 0.91% 0.69% 0.53% 0.35% 0.36% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Dividend Frequency Quarterly Semi‐Annual Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Annual Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Semi‐Annual Quarterly Annual Quarterly Semi‐Annual Quarterly Annual Quarterly None None Irregular None None

Annual Dividend 0.600 3.800 1.800 2.316 3.060 2.480 1.200 1.720 1.689 1.960 0.960 1.021 2.440 0.665 0.920 1.200 1.880 0.760 1.060 0.800 1.040 1.040 0.850 2.240 0.164 0.400 0.248 0.220 0.110 0.360 0.040 0.000 0.000 0.000 0.000 0.000 0.000

EQUITY OPPORTUNITIES as of March 31, 2013 Global Growth Leaders & Technology Company Invesco Mortgage Capital Roundy'S Inc Cedar Fair Lp Southern Co/The Seagate Technology General Electric Co Sturm Ruger & Co Inc Mcdonald'S Corp Kohls Corp Procter & Gamble Co/The Coca‐Cola Co/The Lyondellbasell Indu‐Cl A Hewlett‐Packard Co Apple Inc Caterpillar Inc 3M Co Marvell Technology Group Ltd Home Depot Inc Dell Inc Qualcomm Inc Dover Corp Weight Watchers Intl Inc Intl Business Machines Corp Broadcom Corp‐Cl A Joy Global Inc Altera Corp Infosys Ltd‐Sp Adr Oracle Corp Whole Foods Market Inc Visa Inc‐Class A Shares Arm Holdings Plc‐Spons Adr Titan International Inc Cirrus Logic Inc Corelogic Inc Nationstar Mortgage Holdings Zillow Inc‐Class A Mwi Veterinary Supply Inc Wageworks Inc Broadsoft Inc Cerner Corp Darling International Inc Netflix Inc Emc Corp/Ma Fossil Inc Tempur‐Pedic International

Ticker Symbol IVR RNDY FUN SO STX GE RGR MCD KSS PG KO LYB HPQ AAPL CAT MMM MRVL HD DELL QCOM DOV WTW IBM BRCM JOY ALTR INFY ORCL WFM V ARMH TWI CRUS CLGX NSM Z MWIV WAGE BSFT CERN DAR NFLX EMC FOSL TPX

Sector

Price

Real Estate Investment Trusts Food & Drug Retailers Travel & Leisure Electricity Technology Hardware & Equipment General Industrials Aerospace & Defense Travel & Leisure General Retailers Household Goods & Home Construction Beverages Chemicals Technology Hardware & Equipment Technology Hardware & Equipment Industrial Engineering General Industrials Technology Hardware & Equipment General Retailers Technology Hardware & Equipment Technology Hardware & Equipment Industrial Engineering General Retailers Software & Computer Services Technology Hardware & Equipment Industrial Engineering Technology Hardware & Equipment Software & Computer Services Software & Computer Services Food & Drug Retailers Financial Services Technology Hardware & Equipment Automobiles & Parts Technology Hardware & Equipment Support Services Real Estate Investment & Services Real Estate Investment & Services Support Services Support Services Software & Computer Services Software & Computer Services Food Producers General Retailers Technology Hardware & Equipment Personal Goods Household Goods & Home Construction

21.39 6.57 39.77 46.92 36.56 23.12 50.73 99.69 46.13 77.06 40.44 63.29 23.84 442.66 86.97 106.31 10.58 69.78 14.33 66.94 72.88 42.11 213.30 34.68 59.52 35.46 53.91 23.64 86.75 169.84 42.37 21.08 22.75 25.86 36.90 54.67 132.26 25.03 26.47 94.74 17.96 189.28 23.89 96.60 49.63

YTD % Chg 8.02% 47.42% 19.22% 9.18% 20.71% 9.96% 9.19% 12.29% 5.96% 14.45% 11.59% 8.16% 63.58% ‐19.40% ‐4.43% 13.79% 43.10% 12.64% 41.03% 6.69% 9.22% ‐20.84% 10.87% 3.04% ‐9.45% 1.05% 25.98% ‐2.73% ‐6.38% 10.40% 10.12% ‐4.05% ‐23.89% ‐5.53% 15.66% 90.67% 20.79% 36.29% ‐28.57% 21.57% 10.04% 97.03% ‐6.84% 0.78% 55.76%

Price/ Earnings 7.37 6.02 18.90 17.57 4.85 15.18 13.81 18.48 10.84 19.62 20.23 11.78 111.00 9.73 9.92 16.64 17.96 22.69 9.60 17.19 15.70 9.71 13.88 23.76 8.23 20.32 19.87 17.60 29.94 25.67 45.39 11.20 9.26 19.56 15.65 264.55 29.53 83.66 61.79 41.69 16.05 629.07 18.71 17.34 19.78

Relative Strength 0.12 0.07 0.06 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS Growth % ‐11.62 n/a 42.19 5.06 494.69 12.10 74.06 1.50 ‐3.23 ‐21.36 6.38 15.44 n/a 59.14 14.01 5.79 ‐45.54 21.69 ‐28.42 13.77 10.34 2.64 9.66 ‐25.00 20.63 ‐27.20 21.86 17.75 30.10 ‐38.80 39.54 57.14 ‐55.00 150.00 904.17 300.00 23.98 ‐97.45 ‐63.64 27.47 ‐24.49 ‐92.76 9.17 20.82 ‐46.79

50‐Day Moving Avg 21.28 6.01 38.05 44.78 34.38 22.97 53.49 96.05 46.19 75.81 38.45 61.86 19.29 453.55 92.77 103.24 9.86 68.06 13.82 65.74 71.63 47.02 205.19 34.05 62.21 34.96 52.91 34.77 89.36 159.29 42.26 23.28 25.55 26.81 37.31 43.97 126.00 22.46 31.05 88.14 17.21 174.43 24.25 102.84 41.31

Exchange Traded Funds Sectors 3/31/2013

3/31/2013

12/31/12 NAV

Current % Yield

MARKET PRICE

3/31/2013 YTD MARKET RETURN

3/31/2013

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

ETF

SYMBOL

ASSET CLASS

FUND INCEPTION DATE

Ishares Msci Mexico Investab

EWW

Emerging Markets

03/12/96

70.53

0.52

74.59

5.03

5.22

22.09

0.52

Powershares Dyn Healthcare Ipath Msci India Index Etn

PTH INP

Health India

10/12/06 12/19/06

32.82 58.85

0.65 0.89

38.48 57.20

16.36 ‐3.99

8.29 ‐3.77

n/a n/a

0.65 0.89

Ishares Msci Hong Kong Index

EWH

Asia

03/12/96

19.42

0.52

19.84

1.24

4.25

14.18

0.52

Morgan Stanley India Invest

IIF

India

02/25/94

20.79

1.38

17.75

‐4.64

‐4.11

19.76

1.38

Powershares Gld Drg China

PGJ

Asia

12/09/04

19.16

0.69

19.13

‐1.25

‐5.18

n/a

0.69

India Fund Inc Energy Select Sector Spdr

IFN XLE

India Natural Resources

02/23/94 12/16/98

23.79 71.42

1.16 0.18

21.24 79.31

0.86 11.32

‐4.96 2.71

18.67 15.29

1.16 0.18

Aberdeen Chile Fund Inc Ishares Msci Brazil

CH EWZ

Chile Emerging Markets

09/27/89 07/10/00

15.06 55.14

1.50 0.59

15.78 54.48

5.44 ‐3.52

7.80 ‐4.10

22.10 23.96

1.50 0.59

Aberdeen Asset Management Asia Ltd SSGA Funds Management Inc Aberdeen Asset Managers Ltd/United Kingdom BlackRock Fund Advisors

Ishares Msci Germany Index

EWG

Communications

03/12/96

24.43

0.53

24.47

‐1.42

‐2.76

13.20

0.53

BlackRock Fund Advisors

3/31/2013

12/31/12 NAV

Current % Yield

MARKET PRICE

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

75.48

0.25

83.81

3/31/2013 YTD MARKET RETURN 10.22

6.24

11.11

0.25

BlackRock Fund Advisors

MANAGER NAME

BlackRock Fund Advisors Invesco PowerShares Capital Management LLC Barclays Capital Inc BlackRock Fund Advisors Morgan Stanley Investment Management Inc/USA Invesco PowerShares Capital Management LLC

Indexes ETF

SYMBOL

ASSET CLASS

Ishares Russell 2000 Value

IWN

Small Cap

FUND INCEPTION DATE 07/24/00

Ishares S&P Smallcap 600/Val

IJS

Small Cap

07/24/00

80.91

0.25

89.93

10.35

7.38

16.76

0.25

Powershares Ftse Rafi Us 1K

PRF

Large Cap

12/19/05

62.43

0.39

70.09

12.09

7.12

n/a

0.39

BlackRock Fund Advisors Invesco PowerShares Capital Management LLC

Ishares Core S&P Small‐Cap E Ishares Russell 2000 Vanguard Mid‐Cap Etf Ishares S&P Midcap 400/Value

IJR IWM VO

Small Cap Small Cap Mid Cap

05/22/00 05/22/00 01/30/04

78.13 84.23 63.35

0.20 0.25 0.10

87.06 94.43 92.89

10.58 10.80 11.66

8.11 7.28 7.07

12.25 11.57 n/a

0.20 0.25 0.10

BlackRock Fund Advisors BlackRock Fund Advisors Vanguard Group Inc/The

IJJ

Mid Cap

07/24/00

88.14

0.25

100.89

13.78

8.11

12.40

0.25

Powershares Dyn L/C Value Ishares Core S&P 500 Etf Powershares Inter Dvd Achiev

PWV IVV

Large Cap Large Cap

03/03/05 05/15/00

21.84 143.14

0.59 0.07

24.57 157.36

12.85 10.09

7.69 4.92

n/a 8.48

0.59 0.07

PID

International

09/15/05

15.83

0.56

16.88

6.66

0.75

n/a

0.56

BlackRock Fund Advisors Invesco PowerShares Capital Management LLC BlackRock Fund Advisors Invesco PowerShares Capital Management LLC

Ishares Msci Emerging Mkt In

EEM

Emerging Markets

04/11/03

44.35

0.66

42.77

‐4.60

‐0.01

n/a

0.66

BlackRock Fund Advisors

Ishares Msci Eafe Index Fund Wisdomtree Intl M/C Dvd Fund Ishares Msci Emu

EFA

International

08/14/01

56.86

0.34

58.98

2.30

‐1.78

9.57

0.34

BlackRock Fund Advisors

DIM EZU

International International

06/16/06 07/25/00

50.29 33.46

0.58 0.53

51.96 32.65

3.04 ‐2.96

‐0.34 ‐7.01

n/a 8.32

0.58 0.53

WisdomTree Asset Management Inc BlackRock Fund Advisors

MANAGER NAME

CASH FLOW ALLOCATION STRATEGIES

ALLOCATION %

SAMPLE PORTFOLIO STRATEGIES GUIDED TRADING PORTFOLIO GROWTH WITH INCOME (AGGRESSIVE) CASH GLOBAL DIVIDEND STOCKS GLOBAL/DOMESTIC REAL ESTATE FUNDS MLP'S, ROYALTY TRUSTS, PIPELINES SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS TOTAL *************************************************

10.00% 30.00% 30.00% 10.00% 20.00% 100.00%

CASH FLOW (MODERATE) CASH AND CD's GLOBAL DIVIDEND STOCKS GLOBAL/DOMESTIC REAL ESTATE FUNDS INSURED MUNICIPAL BONDS SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS

10.00% 15.00% 25.00% 25.00% 25.00%

TOTAL *************************************************

100.0%

CONSERVATIVE CASH CD'S, MTN'S, MTP'S CORPORATE BOND FUNDS GLOBAL BOND FUNDS INSURED MUNICIPAL BONDS

25.00% 25.00% 0.00% 0.00% 50.00%

TOTAL

100.00%

************************************************* ULTRA CONSERVATIVE CASH INSURED MUNICIPAL BONDS TOTAL

50.00% 50.00% 100.00% McGowanGroup Asset Management, Inc. 03/31/2013 UPDATE

Closed End Fund Disclosures This is not a complete list of available closed-end funds. Depending on your needs, objectives, goals, time horizon, and risk tolerance there may be other investment products that are more suitable for your particular situation. The listed funds may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Additional information is available upon request. Prices and yields are as of the date indicated only and are subject to availability and market fluctuation/change. Closed -end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Holding municipal bonds within a closed-end fund could result in taxable capital gains. An insured fund guarantees only the timely payment of interest and principal on the bonds in the fund's portfolio. Insurance or escrow does not guarantee the market value of the municpal's securities or the value of the fund's shares Global/International investing involves risks not typically associated with US investing, including currency fluctuations, political instability, uncertain economic conditions and different accounting standards. Investments in high yield, non-investment grade securities are generally only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Investing in Closed-End Funds may also involve the following risks: Market Risk - General stock market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of the issuers change. Investor perceptions can be based on various and unpredictable factors including expectations regarding government economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction and political climates. The value of any security can rise or fall and when liquidated , may be worth more or less than the original investment. Price Risk - Refers to the fact that shares of closed-end funds frequently trade at a discount from their net asset value. Interest rate risk - The risk that arise in interest rates will cause the value of an investment to decline. Credit Risk - Refers to a bond issuer's ability to meet its obligation to make interest and principal payments, or a decline in the market's assessment of the issuer's ability to pay. Generally, lower rated securities provide higher current income but are considered to carry greater credit risk than higher rated securities. Leverage Risk - The risk of higher share price volatility and that the cost to a fund of its leveraged capital, such as preferred stock or debt, will exceed the earnings on the related assets. These securities are not suitable for all investors and should not be purchased on the basis of yield alone. The market price of these securities may decline. Dividend yields are not guaranteed and may be reduced, which may negatively impact the price of the security. Price changes may be amplified by portfolio leverage. The performance provided is past performance , which does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate when sold and may be worth more or less than the original cost. Visit www.cefconnect.com and www.morningstar.com for more current monthly performance information. This and/or the accompanying information was prepared by or obtained from sources that McGowan Group Asset Management, Inc. believes to be reliable, but McGowan Group Asset Management, Inc. does not guarantee its accuracy or completeness. The material has been prepared and is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. McGowan Group Asset Management, Inc. is a Federally Registered Investment Advisory Firm. Securities offered through Spire Securities, LLC an independent broker-dealer, member FINRA/SIPC.

200 Crescent Court #657 Dallas, TX 75201 Phone: (214) 720-4400 Fax: (214) 720-4420 info@themcgowangroup.com

Thank you for listening to NetWorth Radio with Spencer McGowan on 570 KLIF! If you need anything in addition to the materials or have any questions, please give us a call at (214) 720-4400. Also if you missed any of the show or would like to listen to past shows, we now have podcasts available on our site at www.themcgowangroup.com If you would like to meet the team and upgrade your investment plan, please call us, (214) 720-4400. The consolidation process is surprisingly easy and we will walk you through every step. Schedule your 2012 planning meeting today! Our minimum consolidation is $500,000 per family. Please remember that if you are out of range of the station, you can listen live via the KLIF website at www.klif.com. Just click the green listen live icon and you should be connected. McGowanGroup Asset Management, Inc is a Federally Registered Investment Advisory Firm. Securities offered through independent firm, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA / SIPC McGowanGroup and Spire only transact business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion. All the materials presented in this guide are meant to be informational and used for educational purposes. Each situation is different and requires customization based on individual goals and risk tolerance. We recommend meeting with a financial professional before any action is taken. All articles used with permission. All trademarks are the property of their respective owners. No part of the information in this guide can be redistributed, copied, or reproduced without prior written consent of McGowan Group Asset Managemen and JPMorgan Asset Management.