5-million-sample-review-complete

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017

200 Crescent Court, 6th Floor • Suite 657 • Dallas, TX 75201 Tel(214)720-4400 • www.themcgowangroup.com• Fax(214)720-4420 1

MCGOWAN GROUP ASSET MANAGEMENT

PERFORMANCE REPORT NET OF FEES

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance Inception to Date 08-29-01 to 08-31-17 0.00 0.00

Year to Date 12-31-16 to 08-31-17 5,656,402.22 19,716.88

Last Full Quarter 03-31-17 to 06-30-17 5,952,563.65 17,195.59

Net Deposits/Withdrawals

939,979.77

-249,197.97

-177,957.00

Realized Loss/Gains

180,743.90

-126,627.48

862.24

Unrealized Loss/Gains

898,351.43

470,645.41

79,994.93

Interest

1,053,171.15

42,232.97

11,632.31

Dividends

3,113,459.72

213,642.53

78,960.82

12,608.22

-7,108.66

2,400.42

Management Fees Portfolio Value Accrued Interest

-241,765.43 5,969,377.14 12,608.22

-37,720.53 5,969,377.14 12,608.22

-12,822.09 5,933,234.86 19,596.01

Total Loss/Gains after Fees

5,016,568.99

555,064.25

161,028.63

Beginning Portfolio Value Accrued Interest

Change in Accrued Interest

Time Weighted Return

219.00%

9.88%

2.72%

7.52%

15.20%

11.37%

Annualized Return

2

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance

MGAM Change in Portfolio Value by Year From 08-29-01 to 12-31-16

Date Range 08-29-01 to 12-31-01 12-31-01 to 12-31-02 12-31-02 to 12-31-03 12-31-03 to 12-31-04 12-31-04 to 12-31-05 12-31-05 to 12-31-06 12-31-06 to 12-31-07 12-31-07 to 12-31-08 12-31-08 to 12-31-09 12-31-09 to 12-31-10 12-31-10 to 12-31-11 12-31-11 to 12-31-12 12-31-12 to 12-31-13 12-31-13 to 12-31-14 12-31-14 to 12-31-15 12-31-15 to 12-31-16

Beginning Market Value 0.00 2,371,744.35 3,019,520.37 3,518,917.09 3,966,481.23 3,626,058.96 3,822,661.88 3,817,196.38 2,499,401.30 3,468,058.22 3,791,507.39 3,959,713.86 4,948,462.54 5,163,628.39 5,551,314.71 5,178,841.70

Grand Total

Additions Withdrawals

Interest Dividends Net of Fees

Gains Losses

Total Profit (Net of Fees)

2,373,162.10 597,902.51 -110,870.51 195,819.35 -303,326.37 -347,387.83 -221,522.45 -255,011.84 -164,993.76 -101,011.41 -135,952.84 441,856.03 -146,545.30 -336,721.96 -241,675.61 -54,542.37

30,412.89 187,402.36 189,411.54 218,311.10 257,513.88 252,039.19 283,776.61 289,530.50 248,284.37 202,344.91 204,486.91 203,549.72 238,065.71 280,549.23 290,624.74 350,123.69

-31,830.64 -137,528.84 416,005.75 33,433.70 -294,609.78 291,951.57 -67,719.67 -1,352,313.77 885,366.31 124,549.83 176,710.02 343,284.47 123,645.43 443,859.05 -421,422.13 201,696.08

-1,417.75 49,873.51 605,417.30 251,744.79 -37,095.90 543,990.76 216,056.95 -1,062,783.27 1,133,650.68 326,894.73 381,196.93 546,834.19 361,711.14 724,408.28 -130,797.40 551,819.77

1,189,177.74

3,726,427.35

735,077.36

4,461,504.70

Ending Market Value

% Gain Loss

2,371,744.35 3,019,520.37 3,518,917.09 3,966,481.23 3,626,058.96 3,822,661.88 3,817,196.38 2,499,401.30 3,468,058.22 3,791,507.39 3,959,713.86 4,948,462.54 5,163,628.39 5,551,314.71 5,178,841.70 5,676,119.10

-2.49 1.61 20.50 7.53 -1.01 15.60 5.72 -29.24 46.47 9.14 9.63 13.67 7.37 14.40 -2.40 10.61 7.20

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance

MGAM Change in Portfolio Value by Month From 12-31-16 to 08-31-17 12-31-16 to 01-31-17 01-31-17 to 02-28-17 02-28-17 to 03-31-17 03-31-17 to 04-30-17 04-30-17 to 05-31-17 05-31-17 to 06-30-17 06-30-17 to 07-31-17 07-31-17 to 08-31-17

5,676,119.10 5,805,043.82 5,916,328.40 5,969,759.24 6,017,700.13 5,983,452.71 5,952,830.87 6,026,914.14

Grand Total YTD

INCEPTION TO DATE TOTAL

-18,125.00 -9,150.00 10,872.83 -35,950.00 -83,500.00 -58,507.00 -15,000.00 -39,838.80

22,853.87 32,680.91 30,550.80 14,798.29 32,033.59 33,339.58 13,573.30 31,215.96

124,195.87 87,753.66 12,007.21 69,092.60 17,218.99 -5,454.42 75,509.96 -36,305.94

147,049.74 120,434.57 42,558.01 83,890.89 49,252.58 27,885.16 89,083.26 -5,089.98

-249,197.97

211,046.31

344,017.93

555,064.25

9.88

939,979.77

3,937,473.66

1,079,095.29

5,016,568.95

7.52

3

5,805,043.82 5,916,328.40 5,969,759.24 6,017,700.13 5,983,452.71 5,952,830.87 6,026,914.14 5,981,985.36

2.60 2.07 0.72 1.41 0.82 0.47 1.50 -0.08

MCGOWAN GROUP ASSET MANAGEMENT Portfolio Valuation

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017 Security Description

Unit Cost

12-18-15

14.33

75,891.33

21.98

116,428.06

40,536.73

10.24

11,918.25

1.95

Commercial Vehicles & Trucks 40.0000 CATERPILLAR INC

03-01-04

0.00

0.00

117.49

4,699.60

4,699.60

2.66

124.80

0.08

Delivery Services 20.0000

UNITED PARCEL SVC INC CL B

03-01-04

0.00

0.00

114.36

2,287.20

2,287.20

2.90

66.40

0.04

Food Products 17.0000 51.0000

KRAFT HEINZ CO COM STK MONDELEZ INTL INC CL A

03-01-04 03-01-04

0.00 0.00

0.00 0.00 0.00

80.75 40.66

1,372.75 2,073.66 3,446.41

1,372.75 2,073.66 3,446.41

2.85 1.67 2.14

39.10 34.68 73.78

0.02 0.03 0.06

Pharmaceuticals 154.0000 117.0000

ELI LILLY & CO COM JOHNSON & JOHNSON COM

08-11-11 04-19-04

35.24 55.79

5,426.52 6,527.02 11,953.54

81.29 132.37

12,518.66 15,487.29 28,005.95

7,092.14 8,960.27 16,052.41

2.56 2.54 2.55

320.32 393.12 713.44

0.21 0.26 0.47

Specialty REITs 1,856.0000

OMEGA HEALTHCARE INVS INC

08-30-17

31.51

58,484.84

31.87

59,150.72

665.88

7.91

4,677.12

0.99

Equity Investment Instruments 7,949.0000 ARES CAP CORP COM

12-05-14

16.71

132,854.03

16.06

127,660.94

-5,193.09

9.46

12,082.48

2.14

Computer Services 20.0000

INTERNATIONAL BUSINESS MACHS CORP COM

03-01-04

0.00

0.00

143.03

2,860.60

2,860.60

4.19

120.00

0.05

239.0000

FACEBOOK INC CL A

05-18-12

41.07

9,814.77

171.97

41,100.83

31,286.06

0.00

0.00

0.69

65.0000

ADOBE SYS INC COM

03-01-04

0.00

0.00

155.16

10,085.40

10,085.40

0.00

0.00

0.17

Quantity/Par Value COMMON STOCK Oil Equipment & Services 5,297.0000 GOLAR LNG PARTNERS LP PARTNERS

Total Cost

Market Price

Market Value

Unrealized Historical Gain/Loss Yield

Yield To Mat

Purchase Date

Annual Income

Pct Assets

Internet

Software

4

MCGOWAN GROUP ASSET MANAGEMENT Portfolio Valuation

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017 Security Description MICROSOFT CORP COM ORACLE CORP COM

Purchase Date 03-01-04 03-01-04

Unit Cost 0.00 0.00

Total Cost 0.00 0.00 0.00

Market Price 74.77 50.33

Market Value 2,616.95 5,033.00 17,735.35

Computer Hardware 420.0000

APPLE INC COM

03-01-04

0.00

0.00

164.00

68,880.00

68,880.00

Semiconductors 45.0000

TEXAS INSTRUMENTS INC

03-01-04

0.00

0.00

82.82

3,726.90

03-04-10

39.66

4,957.11 293,955.62

52.27

04-18-11

18.26

251,802.27

07-16-10

16.83

124,945.34

Quantity/Par Value 35.0000 100.0000

Telecommunications Equipment 125.0000 QUALCOMM INC

CLOSED-END EQUITY FUNDS Sector Fund-Real Estate 13,793.00000 COHEN & STEERS REIT & PFD INCOME FD INC CO Sector Fund-Utilities & Infrastructure 7,423.00000 COHEN & STEERS INFRASTRUCTURE FD INC COM

OPEN-END EQUITY FUNDS Growth and Income Funds 891.6660 VANGUARD GROWTH & INCOME FD INVESTOR SHARE 2,010.4010 VANGUARD INTERNATIONAL GROWTH FUND

Yield To Mat

Annual Income 50.40 76.00 126.40

Pct Assets 0.04 0.08 0.30

1.54

1,058.40

1.15

3,726.90

2.41

90.00

0.06

6,533.75 482,516.31

1,576.64 188,560.69

4.36 6.49

285.00 31,336.07

0.11 8.08

20.94

288,825.42

37,023.15

7.07

20,413.64

4.84

23.53

174,663.19

49,717.85

6.80

11,876.80

2.92

463,488.61

86,741.00

6.97

32,290.44

7.76

376,747.61

Unrealized Historical Gain/Loss Yield 2,616.95 1.93 5,033.00 1.51 17,735.35 0.71

03-01-04

2.29

2,040.58

45.49

40,561.89

38,521.31

1.76

712.44

0.68

03-01-04

0.27

550.30

28.38

57,055.18

56,504.88

0.94

538.79

0.96

97,617.07 97,617.07

95,026.19 95,026.19

1.28 1.28

1,251.23 1,251.23

1.63 1.63

2,590.88 2,590.88

5

MCGOWAN GROUP ASSET MANAGEMENT Portfolio Valuation

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017

Quantity/Par Value PREFERRED NOTES Automobiles 3,023 18,350

Security Description

ESCROW GENERAL MOTORS CORP SR NTS GENERAL MTRS CORP SR NT 07/15/41

Purchase Date

Unit Cost

Total Cost

Market Price

Unrealized Historical Gain/Loss Yield

Yield To Mat

Annual Income

Pct Assets

01-31-06

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

01-31-06

0.70

12,780.73

0.00

0.00

-12,780.73

0.00

0.00

0.00

0.00 0.00

-12,780.73 -12,780.73

0.00 0.00

0.00 0.00

0.00 0.00

12,780.73 12,780.73 CLOSED-END DEBT FUNDS High Yield - Corporate Debt 24,848.00000 ALLIANCEBERSTEIN GLOBAL HIGH INCOME FD INC 17,330.00000 DOUBLELINE INCOME SOLUTIONS FD 4,856.00000 NUVEEN GLOBAL HIGH INCOME FD SHS

Market Value

07-29-15

11.36

282,165.40

12.93

321,284.64

39,119.24

6.49

20,842.50

5.38

11-22-13

17.85

309,366.67

20.87

361,677.10

52,310.43

8.62

31,194.00

6.05

05-06-15

17.07

82,915.38

17.26

83,814.56

899.18

8.34

6,992.64

1.40

766,776.30

92,328.85

7.70

59,029.14

12.84

674,447.45 High Yield - ABS/CMO/CLO 21,787.00000 PIMCO DYNAMIC CREDIT INCOME FD COM SHS

04-29-15

19.59

426,852.28

22.63

493,039.81

66,187.53

8.70

42,893.29

8.25

Investment Grade - Sovereign 107,948.00000 ABERDEEN ASIA-PACIFIC INCOME FD INC COM

05-06-15

4.83

521,135.67

5.13

553,773.24

32,637.57

8.19

45,338.16

9.27

05-04-16

12.65

123,363.26

13.45

131,177.85

7,814.59

6.29

8,251.04

2.20

05-04-16

16.78

25,672.48

18.16

27,784.80

2,112.32

7.67

2,129.76

0.47

158,962.65

9,926.91

6.53

10,380.80

2.66

Investment Grade - Corporate Debt 9,753.00000 BLACKROCK CREDIT ALLOCATION INCOME TR IV I 1,530.00000 WESTERN ASSET GLOBAL CORP DEFINED OPPTNTY

149,035.74

6

MCGOWAN GROUP ASSET MANAGEMENT Portfolio Valuation

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017 Security Description

Quantity/Par Value Equity Investment Instruments 32,194.00000 WESTERN ASSET EMERGING MKTS DEBT FD INC

Purchase Date

Unit Cost

Total Cost

07-13-16

15.39

495,472.93

Market Price 15.63

2,266,944.07 OPEN-END DEBT FUNDS High Yield - Structured Products & Loans 38,589.8310 EATON VANCE FLOATING RATE ADVANTAGE CL I 51,597.2010 OPPENHEIMER SEN FLOATING RATE FD CLASS Y 48,085.1780 THE HARTFORD FLOATING RATE FD CL I

Yield To Mat

Annual Income

Pct Assets

503,192.22

7,719.29

7.68

38,632.80

8.42

2,475,744.22

208,800.15

7.93

196,274.19

41.45

10.60

408,947.90

10.86

419,085.56

10,137.66

4.67

19,582.73

7.02

09-28-16

7.97

411,121.28

8.09

417,421.36

6,300.08

4.55

18,978.10

6.99

09-28-16

8.54

410,820.23

8.70

418,341.05

7,520.82

4.03

16,857.89

7.00

1,254,847.97 1,254,847.97

23,958.56 23,958.56

4.42 4.42

55,418.72 55,418.72

21.01 21.01

170,170.00

170.00

7.99

7.80

13,600.00

2.85

170,170.00

170.00

7.99

7.80

13,600.00

2.85

03-30-16

100.00

170,000.00

100.10

170,000.00 MUNICIPAL BONDS Municipal - Investment Grade-Taxable 50,000 FANNIN CNTY TX PUBLIC FAC CORP REVENUE TXBLE 7.00% due 10-01-32(BB||) 25,000 PRAIRIELAND DETENTION CENTER PROJ - PUB FAC CORP TEXAS PROJ REV TAXABLE 6.95% due 12-01-35(BB||)

Unrealized Historical Gain/Loss Yield

08-05-16

1,230,889.41 1,230,889.41 CORPORATE BONDS Municipal - High Yield/Non-Rated 170,000 HARNETT HEALTH SYS INC ADJ RATE HOSPITAL BD SER 2011A 8.00% due 04-01-32(||)

Market Value

07-22-14

96.51

48,256.00

73.40

36,698.50

-11,557.50

9.54

10.56

3,500.00

0.61

07-13-15

98.38

24,596.25

80.15

20,037.25

-4,559.00

8.67

9.21

1,737.50

0.34

56,735.75

-16,116.50

9.23

10.08

5,237.50

0.95

72,852.25

7

MCGOWAN GROUP ASSET MANAGEMENT Portfolio Valuation

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017 Security Description

Quantity/Par Value Municipal - CCRC/Senior Living 25,000 RED RIVER TX HLTH FAC DEV CORP FIRST MTGE REV TXBL PARKVIEW HOLLYBROOK 0.00% due 07-01-33(NR|NR|) 50,000 ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE BEATITUDES CAMPUS PROJ 5.20% due 10-01-37(NR|NR|) 50,000 RED RIVER TX HLTH FAC DEV CORP FIRST MTGE REV PARKVIEW HOLLYBROOK 0.00% due 07-01-43(NR|NR|) 25,000 CAPITAL TR AGY FLA REV 1ST MTG-SILVER CREEK ST. AUGUSTINE PROJ 8.25% due 01-01-44(NR|NR|)

Market Price

Unit Cost

Total Cost

06-21-13

37.86

9,465.59

0.00

0.00

-9,465.59

0.00

?

0.00

0.00

02-03-15

99.72

49,862.50

100.01

50,004.50

142.00

5.20

5.20

2,600.00

0.84

06-21-13

36.06

18,028.05

0.00

0.00

-18,028.05

0.00

?

0.00

0.00

05-27-14

100.64

25,160.50

83.04

20,760.00

-4,400.50

9.93

10.10

2,062.50

0.35

70,764.50

-31,752.14

6.59

6.63

4,662.50

1.18

102,516.64 Municipal - Charter School 25,000 PUBLIC FIN AUTH WIS ED REV TAX-CORNERSTONE CHRTR ACADEMY 6.5% 2/1/26 DTD 6.50% due 02-01-26(N/A|N/A|) 75,000 CAMERON TX EDU CORP REVENUE FAITH FAMILY ACADEMY - SERIES A 5.25% due 08-15-36(BB+||) 150,000 PIMA CNTY AZ INDL DEV AUTH EDU REVENUE GRIFFIN FNDTN PROJ SER A 6.62% due 07-01-38(NR|NR|) 190,000 LA PAZ CNTY ARIZ ED FAC LEASE REV CHARTER SCH SOLUTIONS 5% 02/15/46 5.00% due 02-15-46(BB|NR|)

Market Value

Unrealized Historical Gain/Loss Yield

Yield To Mat

Purchase Date

Annual Income

Pct Assets

02-26-16

100.00

25,000.00

99.88

24,971.00

-29.00

6.51

6.51

1,625.00

0.42

04-29-15

100.00

75,000.00

100.02

75,013.50

13.50

5.25

5.25

3,937.50

1.26

10-30-14

95.12

142,687.50

95.81

143,719.50

1,032.00

6.91

7.01

9,937.50

2.41

04-19-17

93.91

178,429.00

96.76

183,851.60

5,422.60

5.17

5.22

9,500.00

3.08

8

MCGOWAN GROUP ASSET MANAGEMENT Portfolio Valuation

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017

Quantity/Par Value 50,000

Security Description BAY CNTY FLA EDL FAC REV BAY HAVEN CHARTER ACADEMY 5.00% due 09-01-48(BBB-||)

Purchase Date 04-18-13

Unit Cost 99.57

ZERO COUPON BONDS Municipal - Investment Grade-Tax-Free 25,000 PUERTO RICO SALES TAX FING CORP 0.00% due 08-01-35(D|CA|) Municipal - High Yield/Non-Rated 500,000 TOBACCO SETTLEMENT FING CORP VA RFDG-FIRST SUB-SER C 0.00% due 06-01-47(CCC+||) 525,000 1,240,000 MONEY MARKET FUNDS Taxable Govt/Agency-MMkt 49,886.8100 VANGUARD FEDERAL MONEY MARKET FUND

CASH AND EQUIVALENTS GENERAL MNY MKT FUND

Market Price 101.97

470,902.00 646,270.89

715,000 ASSET BACKED SECURITIES 950.88 GNMA GTD REMIC PASSTHRU 2003-062 REMIC PASSTHRU CTF CL 5.00% due 07-20-33(NR|NR|)

Total Cost 49,785.50

Market Value 50,985.50

Unrealized Historical Gain/Loss Yield 1,200.00 4.90

Yield To Mat 4.88

Annual Income 2,500.00

Pct Assets 0.85

478,541.10 606,041.35

7,639.10 -40,229.54

5.75 6.17

5.79 6.29

27,500.00 37,400.00

8.01 10.15

08-27-03

93.00

884.32

110.22

1,048.05

163.73

4.54

?

47.54

0.02

06-04-10

21.89

5,471.50

7.55

1,888.75

-3,582.75

0.00

14.95

0.00

0.03

02-08-11

3.64

18,209.00

8.60

43,015.00

24,806.00

0.00

8.42

0.00

0.72

44,903.75 650,945.10

21,223.25 -19,006.29

0.00 5.75

8.69 6.46

0.00 37,400.00

0.75 10.91

49,886.81

49,886.81

0.73

361.76

0.84

0.00

49,886.81

49,886.81

0.73

361.76

0.84

327,113.50

327,113.50

0.00

0.00

0.00

5.48

23,680.50 669,951.39

03-01-04

0.00

0.00

9

1.00

MCGOWAN GROUP ASSET MANAGEMENT Portfolio Valuation

$5 MILLION SAMPLE REVIEW This is a sample not an assurance of performance August 31, 2017

Quantity/Par Value TOTAL PORTFOLIO

Security Description

Purchase Date

Unit Cost

Total Cost 5,351,857.53

10

Market Price

Market Value 5,973,377.64

Unrealized Historical Gain/Loss Yield 621,520.10

6.16

Yield To Mat

Annual Income

6.73 367,979.95

Pct Assets 100.00

PERFORMANCE BY SECURITY INCLUDING ACCRUED INTEREST Discounted Cash Flow Method From 01-01-17 To 08-31-17 Security

01-01-17 Market Value

Realized Gains

Unrealized Gains

Interest Dividends

Ann. IRR 08-31-17 Pct. of yes Market Value Assets

US EQUITY Oil & Gas Oil Equipment & Services GOLAR LNG PARTNERS LP PARTNERS

Oil & Gas Total

156,428.28

-4,893.68

-10,076.72

10,574.63

-4.72

116,428.06

1.95

156,428.28

-4,893.68

-10,076.72

10,574.63

-4.72

116,428.06

1.95

156,428.28

-4,893.68

-10,076.72

10,574.63

-4.72

116,428.06

1.95

3,709.60 3,709.60

0.00 0.00

990.00 990.00

92.80 92.80

47.66 47.66

4,699.60 4,699.60

0.08 0.08

2,292.80

0.00

-5.60

49.80

2.95

2,287.20

0.04

2,292.80

0.00

-5.60

49.80

2.95

2,287.20

0.04

6,002.40

0.00

984.40

142.60

29.92

6,986.80

0.12

1,484.44 2,260.83 3,745.27

0.00 0.00 0.00

-111.69 -187.17 -298.86

20.40 29.07 49.47

-9.19 -10.44 -9.94

1,372.75 2,073.66 3,446.41

0.02 0.03 0.06

3,745.27

0.00

-298.86

49.47

-9.94

3,446.41

0.06

11,326.70 13,479.57

0.00 0.00

1,191.96 2,007.72

160.16 191.88

18.68 25.80

12,518.66 15,487.29

0.21 0.26

24,806.27

0.00

3,199.68

352.04

22.53

28,005.95

0.47

24,806.27

0.00

3,199.68

352.04

22.53

28,005.95

0.47

2,153.20

386.64

0.00

19.60

69.50

0.00

0.00

2,153.20

386.64

0.00

19.60

69.50

0.00

0.00

2,153.20

386.64

0.00

19.60

69.50

0.00

0.00

0.00

0.00

665.88

0.00

688.72

59,150.72

0.99

0.00

0.00

665.88

0.00

688.72

59,150.72

0.99

0.00

0.00

665.88

0.00

688.72

59,150.72

0.99

Industrial Goods & Services Commercial Vehicles & Trucks CATERPILLAR INC

Delivery Services UNITED PARCEL SVC INC CL B

Industrial Goods & Ser Total Food & Beverage Food Products KRAFT HEINZ CO COM STK MONDELEZ INTL INC CL A

Food & Beverage Total Health Care Pharmaceuticals ELI LILLY & CO COM JOHNSON & JOHNSON COM

Health Care Total Retail Food Retailers & Wholesalers WHOLE FOODS MKT INC COM

Retail Total Real Estate Specialty REITs OMEGA HEALTHCARE INVS INC

Real Estate Total

11

PERFORMANCE BY SECURITY INCLUDING ACCRUED INTEREST Discounted Cash Flow Method From 01-01-17 To 08-31-17 Security

01-01-17 Market Value

Realized Gains

Unrealized Gains

Interest Dividends

Ann. IRR 08-31-17 Pct. of yes Market Value Assets

Financial Services Equity Investment Instruments ARES CAP CORP COM TRIANGLE CAPITAL CORP

Financial Services Total

131,079.01 88,013.66 219,092.67

0.00 -16,683.67 -16,683.67

-3,418.07 0.00 -3,418.07

6,041.24 4,319.10 10,360.34

3.10 -23.20 -7.05

127,660.94 0.00 127,660.94

2.13 0.00 2.13

219,092.67

-16,683.67

-3,418.07

10,360.34

-7.05

127,660.94

2.13

3,319.80

0.00

-459.20

58.00

-17.82

2,860.60

0.05

3,319.80

0.00

-459.20

58.00

-17.82

2,860.60

0.05

27,496.95 27,496.95

0.00 0.00

13,603.88 13,603.88

0.00 0.00

83.35 83.35

41,100.83 41,100.83

0.69 0.69

6,691.75 2,174.90 3,845.00

0.00 0.00 0.00

3,393.65 442.05 1,188.00

0.00 27.30 53.00

85.65 34.51 52.85

10,085.40 2,616.95 5,033.00

0.17 0.04 0.08

12,711.65

0.00

5,023.70

80.30

66.60

17,735.35

0.30

48,644.40 48,644.40

0.00 0.00

20,235.60 20,235.60

768.60 768.60

72.33 72.33

68,880.00 68,880.00

1.15 1.15

Technology Computer Services INTERNATIONAL BUSINESS MACHS CORP COM

Internet FACEBOOK INC CL A

Software ADOBE SYS INC COM MICROSOFT CORP COM ORACLE CORP COM

Computer Hardware APPLE INC COM

Semiconductors TEXAS INSTRUMENTS INC

3,283.65

0.00

443.25

67.50

24.60

3,726.90

0.06

3,283.65

0.00

443.25

67.50

24.60

3,726.90

0.06

8,150.00 8,150.00

0.00 0.00

-1,616.25 -1,616.25

137.50 137.50

-26.27 -26.27

6,533.75 6,533.75

0.11 0.11

Technology Total

103,606.45

0.00

37,230.98

1,111.90

61.08

140,837.43

2.35

US EQUITY Total

515,834.54

-21,190.71

28,287.29

22,610.58

9.38

482,516.31

8.07

312,339.36

0.00

8,945.28

14,170.79

11.64

321,284.64

5.37

43,778.57

-116,407.84

123,876.00

1,758.68

80.29

0.00

0.00

329,096.70

0.00

32,580.40

20,796.00

26.19

361,677.10

6.05

77,647.44

0.00

6,167.12

4,079.04

21.12

83,814.56

1.40

762,862.07

-116,407.84

171,568.80

40,804.51

20.81

766,776.30

12.82

440,533.14

0.00

52,506.67

28,590.68

30.15

493,039.81

8.24

440,533.14

0.00

52,506.67

28,590.68

30.15

493,039.81

8.24

Telecommunications Equipment QUALCOMM INC

CLOSED END MUTUAL FUNDS High Yield - Corporate Debt ALLIANCEBERSTEIN GLOBAL HIGH INCOME FD INC CALAMOS GLOBAL DYNAMIC INCOME FD COM SHS B DOUBLELINE INCOME SOLUTIONS FD NUVEEN GLOBAL HIGH INCOME FD SHS

High Yield - ABS/CMO/CLO PIMCO DYNAMIC CREDIT INCOME FD COM SHS

12

PERFORMANCE BY SECURITY INCLUDING ACCRUED INTEREST Discounted Cash Flow Method From 01-01-17 To 08-31-17 Security Investment Grade - Sovereign ABERDEEN ASIA-PACIFIC INCOME FD INC COM

Investment Grade - Corporate Debt BLACKROCK CREDIT ALLOCATION INCOME TR IV I WESTERN ASSET GLOBAL CORP DEFINED OPPTNTY

Investment Grade - Preferred/Hybrids NUVEEN PFD INCOME

01-01-17 Market Value

Realized Gains

Unrealized Gains

Interest Dividends

Ann. IRR 08-31-17 Pct. of yes Market Value Assets

499,799.24

0.00

53,974.00

34,003.80

28.72

553,773.24

9.26

499,799.24

0.00

53,974.00

34,003.80

28.72

553,773.24

9.26

126,496.41

0.00

4,681.44

5,500.72

12.64

131,177.85

2.19

26,193.60

0.00

1,591.20

1,215.62

17.00

27,784.80

0.46

152,690.01

0.00

6,272.64

6,716.34

13.38

158,962.65

2.66

136,579.20

-591.49

0.00

1,776.66

5.51

0.00

0.00

136,579.20

-591.49

0.00

1,776.66

5.51

0.00

0.00

34,342.88

937.18

1,805.76

551.78

75.50

0.00

0.00

34,342.88

937.18

1,805.76

551.78

75.50

0.00

0.00

263,666.99

0.00

25,158.43

13,682.64

23.58

288,825.42

4.83

263,666.99

0.00

25,158.43

13,682.64

23.58

288,825.42

4.83

143,709.28

0.00

30,953.91

11,164.09

49.66

174,663.19

2.92

143,709.28

0.00

30,953.91

11,164.09

49.66

174,663.19

2.92

473,573.74

0.00

29,618.50

22,857.78

17.62

503,192.22

8.41

473,573.74

0.00

29,618.50

22,857.78

17.62

503,192.22

8.41

CLOSED END MUTUAL FUND Total 2,907,756.55

-116,062.15

371,858.71

160,148.28

24.37

2,939,232.83

49.13

Growth and Income Funds CALAMOS STRATEGIC TOTAL RETURN FD COM SH B

Sector Fund-Real Estate COHEN & STEERS REIT & PFD INCOME FD INC CO

Sector Fund-Utilities & Infrastructure COHEN & STEERS INFRASTRUCTURE FD INC COM

Equity Investment Instruments WESTERN ASSET EMERGING MKTS DEBT FD INC

MUTUAL FUNDS High Yield - Structured Products & Loans EATON VANCE FLOATING 361,448.98 RATE ADVANTAGE CL I OPPENHEIMER SEN 336,042.08 FLOATING RATE FD CLASS Y THE HARTFORD FLOATING 335,421.77 RATE FD CL I

0.00

867.27

11,022.47

4.81

419,085.56

7.01

0.00

-2,122.13

10,022.42

3.27

417,421.36

6.98

0.00

576.38

9,329.19

4.11

418,341.05

6.99

1,032,912.82

0.00

-678.48

30,374.08

4.07

1,254,847.97

20.98

36,650.61

0.00

3,607.78

303.50

16.53

40,561.89

0.68

42,600.40

0.00

14,454.78

0.00

55.37

57,055.18

0.95

79,251.01

0.00

18,062.56

303.50

36.94

97,617.07

1.63

Growth and Income Funds VANGUARD GROWTH & INCOME FD INVESTOR SHARE VANGUARD INTERNATIONAL GROWTH FUND

13

PERFORMANCE BY SECURITY INCLUDING ACCRUED INTEREST Discounted Cash Flow Method From 01-01-17 To 08-31-17 Security Taxable Govt/Agency-MMkt VANGUARD FEDERAL MONEY MARKET FUND

01-01-17 Market Value

Realized Gains

Unrealized Gains

Interest Dividends

Ann. IRR 08-31-17 Pct. of yes Market Value Assets

49,680.72

0.00

0.00

206.09

0.63

49,886.81

0.83

49,680.72

0.00

0.00

206.09

0.63

49,886.81

0.83

1,161,844.55

0.00

17,384.07

30,883.67

5.95

1,402,351.85

23.44

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

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Automobiles & Parts Total

0.00

0.00

0.00

0.00

0.00

0.00

0.00

PREFERRED NOTES Total

0.00

0.00

0.00

0.00

0.00

0.00

0.00

178,713.46

-5.00

0.00

9,080.82

8.10

175,818.09

2.94

178,713.46

-5.00

0.00

9,080.82

8.10

175,818.09

2.94

Revenue Bonds Total

178,713.46

-5.00

0.00

9,080.82

8.10

175,818.09

2.94

US CORPORATE BONDS Total

178,713.46

-5.00

0.00

9,080.82

8.10

175,818.09

2.94

31,407.50

0.00

6,166.00

2,333.33

45.09

38,156.83

0.64

21,031.04

0.00

-849.00

1,158.33

2.26

20,471.62

0.34

52,438.54

0.00

5,317.00

3,491.67

27.13

58,628.46

0.98

0.00

0.00

0.00

0.00

0.00

0.00

0.00

93,784.00

1,216.00

0.00

4,558.02

16.33

0.00

0.00

MUTUAL FUNDS Total

PREFERRED NOTES Automobiles & Parts Automobiles ESCROW GENERAL MOTORS CORP SR NTS GENERAL MTRS CORP SR NT 07/15/41

US CORPORATE BONDS Revenue Bonds Municipal - High Yield/Non-Rated HARNETT HEALTH SYS INC ADJ RATE HOSPITAL BD SER 2011A 8.00% due 04-01-32(||)

MUNICIPAL BONDS Municipal - Investment Grade-Taxable FANNIN CNTY TX PUBLIC FAC CORP REVENUE TXBLE 7.00% due 10-01-32(BB||) PRAIRIELAND DETENTION CENTER PROJ - PUB FAC CORP TEXAS PROJ REV TAXABLE 6.95% due 12-01-35(BB||)

Municipal - CCRC/Senior Living RED RIVER TX HLTH FAC DEV CORP FIRST MTGE REV TXBL PARKVIEW HOLLYBROOK 0.00% due 07-01-33(NR|NR|) DUTCHESS CNTY NY INDL DEV AGY-ELANT FISHKILL 5.25% due 01-01-37(NR|NR|)

14

PERFORMANCE BY SECURITY INCLUDING ACCRUED INTEREST Discounted Cash Flow Method From 01-01-17 To 08-31-17 Security ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE BEATITUDES CAMPUS PROJ 5.20% due 10-01-37(NR|NR|) RED RIVER TX HLTH FAC DEV CORP FIRST MTGE REV PARKVIEW HOLLYBROOK 0.00% due 07-01-43(NR|NR|) CAPITAL TR AGY FLA REV 1ST MTG-SILVER CREEK ST. AUGUSTINE PROJ 8.25% due 01-01-44(NR|NR|)

Municipal - Charter School PUBLIC FIN AUTH WIS ED REV TAX-CORNERSTONE CHRTR ACADEMY 6.5% 2/1/26 DTD 6.50% due 02-01-26(N/A|N/A|) LA VERNIA TX HIGHER EDU FIN CORP REVENUE SOUTHWEST WINNERS FNDTN INC - A 5.00% due 02-15-31(NR|NR|) CAMERON TX EDU CORP REVENUE FAITH FAMILY ACADEMY - SERIES A 5.25% due 08-15-36(BB+||) PIMA CNTY AZ INDL DEV AUTH EDU REVENUE AMERICAN CHARTER SCH FDNT A 5.62% due 07-01-38(NR|NR|) PIMA CNTY AZ INDL DEV AUTH EDU REVENUE GRIFFIN FNDTN PROJ SER A 6.62% due 07-01-38(NR|NR|) LA PAZ CNTY ARIZ ED FAC LEASE REV CHARTER SCH SOLUTIONS 5% 02/15/46 5.00% due 02-15-46(BB|NR|) BAY CNTY FLA EDL FAC REV BAY HAVEN CHARTER ACADEMY 5.00% due 09-01-48(BBB-||)

MUNICIPAL BONDS Total

01-01-17 Market Value

Realized Gains

Unrealized Gains

Interest Dividends

Ann. IRR 08-31-17 Pct. of yes Market Value Assets

49,152.00

0.00

1,502.50

1,733.33

10.26

51,087.83

0.85

0.00

0.00

0.00

0.00

0.00

0.00

0.00

20,246.75

0.00

513.25

1,375.00

15.18

21,103.75

0.35

163,182.75

1,216.00

2,015.75

7,666.35

13.76

72,191.58

1.21

25,008.33

0.00

639.75

1,083.33

10.93

25,106.42

0.42

48,905.94

2,038.50

0.00

791.68

20.26

0.00

0.00

75,220.75

0.00

1,280.25

2,625.00

8.12

75,188.50

1.26

67,615.50

7,384.50

0.00

4,218.78

38.68

0.00

0.00

138,489.00

0.00

5,230.50

11,593.77

19.78

145,375.75

2.43

0.00

0.00

5,422.60

3,351.39

13.76

184,273.82

3.08

50,013.83

0.00

1,805.00

1,666.67

10.86

52,235.50

0.87

405,253.36

9,423.00

14,378.10

25,330.62

17.08

482,179.99

8.06

620,874.65

10,639.00

21,710.85

36,488.64

17.23

613,000.03

10.25

1,142.54

-8.62

12.24

33.96

5.21

1,049.50

0.02

1,142.54

-8.62

12.24

33.96

5.21

1,049.50

0.02

US GOVERNMENT BONDS GNMA GTD REMIC PASSTHRU 2003-062 REMIC PASSTHRU CTF CL 5.00% due 07-20-33(NR|NR|)

15

PERFORMANCE BY SECURITY INCLUDING ACCRUED INTEREST Discounted Cash Flow Method From 01-01-17 To 08-31-17 Security

01-01-17 Market Value

Realized Gains

Unrealized Gains

Interest Dividends

Ann. IRR 08-31-17 Pct. of yes Market Value Assets

ZERO COUPON BONDS Municipal - Investment Grade-Tax-Free PUERTO RICO SALES TAX FING CORP 0.00% due 08-01-35(D|CA|)

Municipal - High Yield/Non-Rated TOBACCO SETTLEMENT FING CORP VA RFDG-FIRST SUB-SER C 0.00% due 06-01-47(CCC+||)

ZERO COUPON BONDS Total

2,761.50

0.00

-872.75

0.00

-43.61

1,888.75

0.03

2,761.50

0.00

-872.75

0.00

-43.61

1,888.75

0.03

10,750.00

0.00

32,265.00

0.00

709.64

43,015.00

0.72

10,750.00

0.00

32,265.00

0.00

709.64

43,015.00

0.72

13,511.50

0.00

31,392.25

0.00

511.90

44,903.75

0.75

CASH AND EQUIVALENTS Fund reinvestment GENERAL MNY MKT FUND

TOTAL PORTFOLIO

[Fees] 0.00 265,876.64

0.00 -37,720.53

0.00 85.56

0.00 -14.63

-4,000.50 327,113.50

-0.07 5.47

265,876.64

-37,720.53

85.56

-14.64

323,113.00

5.40

5,665,554.44

-164,348.01

15.70 5,981,985.36

100.00

470,645.41

259,331.51

The Total Portfolio realized gains includes a fee of -37,720.53

Prices and projected income amounts indicated above are obtained from outside sources and are believed to be reliable but are not guaranteed. Please report any discrepancies to the Director of Compliance 214.720.4400.

16

PERFORMANCE HISTORY NET OF FEES From 08-29-01 to 08-31-17

Time Period

08-29-01 08-29-01 to 12-31-01 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Percent Return Per Period Portfolio Barclays NASDAQ Aggregate 100 Bond Index

-2.49 1.61 20.50 7.53 -1.01 15.60 5.72 -29.24 46.47 9.14 9.63 13.67 7.37 14.40 -2.40 10.61 9.88

1.02 12.10 5.07 4.54 2.55 4.07 7.75 6.09 4.81 6.99 9.24 5.07 -2.47 6.32 0.15 3.19 4.27

3.59 -37.37 49.61 9.48 1.25 6.80 18.67 -41.94 53.83 19.04 2.52 16.66 35.05 17.38 8.34 5.92 23.40

17

S&P 500 Total Return Index

0.43 -22.10 28.68 10.88 4.91 15.80 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 11.93

Cumulative TWR Basis = 100 Portfolio Barclays NASDAQ Aggregate 100 Bond Index

100.00 97.51 99.08 119.40 128.39 127.10 146.92 155.32 109.90 160.97 175.68 192.61 218.94 235.08 268.93 262.49 290.32 319.00

100.00 101.02 113.24 118.98 124.38 127.55 132.74 143.03 151.74 159.04 170.17 185.88 195.31 190.48 202.51 202.82 209.29 218.24

100.00 103.59 64.88 97.07 106.27 107.59 114.91 136.37 79.18 121.81 144.99 148.64 173.40 234.19 274.89 297.82 315.44 389.24

S&P 500 Total Return Index 100.00 100.43 78.23 100.68 111.63 117.11 135.61 143.06 90.13 113.99 131.16 133.93 155.36 205.68 233.83 237.07 265.42 297.09

PERFORMANCE HISTORY NET OF FEES From 08-29-01 to 08-31-17

Time Period

Date to Date 08-29-01 to 08-31-17 Annualized

Percent Return Per Period Portfolio Barclays NASDAQ Aggregate 100 Bond Index

219.00 7.52

118.24 5.00

289.24 8.86

18

S&P 500 Total Return Index

197.09 7.04

Cumulative TWR Basis = 100 Portfolio Barclays NASDAQ Aggregate 100 Bond Index

S&P 500 Total Return Index

Sample Report Disclosures: This sample document is provided for the sole purpose of illustrating the type of report that clients receive from McGowanGroup Asset Management. Although the report is from one of our clients with all identifying information removed, it should not be construed as an advertisement. It does not reflect the performance of any accounts other than the one held by this particular client. Returns provided are net of management fees and expenses.

Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by the adviser), or product made reference to directly or indirectly, will be profitable or equal to past performance levels.

All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may materially alter the performance, strategy and results of your portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client’s investment portfolio. Additionally, economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark.

Definitions: The indexes are presented to provide you with an understanding of their historic long-term performance and are not present to illustrate the performance of any security. Investors cannot directly purchase any index. The NASDAQ Composite and the S&P 500 are unmanaged indexes of common stocks. The Barclays Aggregate Bond Index is composed of securities from Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. The Index’s total return consists of price appreciation/depreciation plus income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.

Discounted Cash Flow Method: A method of evaluating an investment by estimating future cash flows and taking into consideration the time value of money.

Internal Rate of Return (IRR): The discount rate at which the present value of the future cash flows of an investment equals the cost of the investment.

Total Weighted Return (TWR): A measure of the growth of an investment portfolio. It calculates the compounded rate of return, and the calculations are performed in a way to equally weigh the different periods.

Historical Yield: Yield based on the last 12 months of distributions and prices as of the date shown.

McGowanGroup Asset Management, Inc. 200 Crescent Court Suite 657 Dallas, Texas 75201 (214) 720-4400 (866) 550-8008 McGowanGroup Asset Management, Inc. is a Federally Registered Investment Advisory Firm utilizing Pershing LLC, a BNY Mellon Company for asset custody.

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