networth-radio-client-subscription-04-14-2014 by McGowanGroup Asset Management

McGOWANGROUP ASSET MANAGEMENT

NetWorth Radio The CashFlow Revolution™ Client Subscription

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

Page 3

MGAM Tactical Dynamic Allocation Strategy…………………………………………………………

Page 5

Guggenheim Macro View………………………………………………………………………………………

Page 7

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

Page 9

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

Page 13

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

Page 17

MGAM Moderate Focus List…………………………………………………………………………………

Page 23

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

Page 25

WEEKLY ECONOMIC UPDATE April 14, 2014 WEEKLY QUOTE “The world is full of people whose notion of a satisfactory future is, in fact, a return to the idealized past.” - Robertson Davies

WEEKLY TIP If you’re wondering about going Roth with your IRA, talk with a financial professional to determine whether or not the move makes sense. If you are a younger IRA owner who anticipates retiring to a higher tax bracket, it might.

WEEKLY RIDDLE I can certainly run, but I will never be able to walk by myself. Wherever I go, thoughts are close behind me. What am I?

HOUSEHOLD SENTIMENT REACHES 9-MONTH PEAK The University of Michigan’s index of consumer sentiment rose 2.6 points in its preliminary April reading, bouncing back from a 4-month low of 80.0 at the end of March to a high unseen since last July. From 2003-07, the index averaged a reading of 89.0; during the 2007-09 recession, its average mark was just 64.2.1 PRODUCER PRICES ROSE 0.5% IN MARCH You have to go back to last June (when wholesale inflation spiked 0.8%) to find such a sizable monthly advance in the Producer Price Index. The PPI had retreated 0.1% in February. A 1.1% monthly increase in wholesale food costs was a big factor. Annualized wholesale inflation rose to 1.4% in March, up from 0.9% for February.1,2 OIL, GAS, GOLD LOG NOTABLE GAINS NYMEX crude was worth $103.74 per barrel at Friday’s close thanks to a 2.6% advance during the week. On April 10, AAA’s weekly survey found a gallon of unleaded averaging $3.62 nationally, which was an 8-month peak. An ounce of gold was worth $1,319.00 as the COMEX trading week ended, with futures up 1.2% in five days; an ounce of palladium was worth $806.80, a high unseen since 2011.1,3 NASDAQ SETTLES BELOW 4,000 A 3.10% plunge across five trading days took the Nasdaq Composite to a Friday close of 3,999.73. The Dow and S&P 500 also went red on the week – the blue chips retreated 2.35% to 16,026.75 and the S&P fell 2.64% to 1,815.69.4,5 THIS WEEK Earnings from Citigroup, Capital One, Piper Jaffray, Overstock.com and American Airlines arrive Monday, complementing data on March retail sales and February business inventories. Yahoo!, Coca-Cola, Intel and Charles Schwab report quarterly results Tuesday, which is also when the March CPI and the April NAHB housing market index appear. Wednesday offers a new Beige Book and a report on March industrial output from the Federal Reserve, Census Bureau data on March housing starts and building permits, and earnings from IBM, Google, SanDisk, US Bancorp, American Express, Bank of America, First Republic Bank, PNC and Kinder Morgan. Thursday, earnings from Philip Morris, BlackRock, AutoNation, Mattel, Fifth Third, Chipotle, Morgan Stanley, General Electric, Honeywell, BB&T, UnitedHealth, Sherwin Williams, Union Pacific and PepsiCo appear along with new initial claims numbers; the bond market will close early. March 18 is Good Friday: U.S. financial markets will be closed, and no economic data or major earnings news will be released. 3

% CHANGE DJIA NASDAQ S&P 500 REAL YIELD 10 YR TIPS

Y-T-D -3.32 -4.23 -1.77 4/11 RATE 0.50%

1-YR CHG +7.81 +21.20 +13.95 1 YR AGO -0.65%

5-YR AVG +19.65 +28.41 +22.39 5 YRS AGO 1.62%

10-YR AVG +5.24 +9.36 +5.85 10 YRS AGO 1.81% 5,6,7,8

Sources: USATODAY.com, bigcharts.com, treasury.gov - 4/11/14 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.

Citations. 1 - bloomberg.com/news/2014-04-11/michigan-u-s-sentiment-index-increased-to-82-6-in-april-from-80.html [4/11/14] 2 - investing.com/economic-calendar/ [4/11/14] 3 - proactiveinvestors.com/companies/news/53395/gold-up-12-for-the-week-oil-picks-up-26-palladium-hits-2011-high-53395.html [4/11/14] 4 - google.com/finance?q=INDEXSP%3A.INX&ei=11VIU_C8JaXLiQKgzgE [4/11/14] 5 - usatoday.com/money/markets/overview/ [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F11%2F13&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F11%2F13&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F11%2F13&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F9%2F09&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F9%2F09&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F9%2F09&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F12%2F04&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F12%2F04&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F12%2F04&x=0&y=0 [4/11/14] 7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [4/11/14] 8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [4/11/14]

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note investing involves risk, and past performance is no guarantee of future results. 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. 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. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. 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. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. 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. 4

MGAM Tactical Dynamic Allocation Strategy

Opportunistic portfolios are created during market bottoms taking advantage of lower prices and higher cash flows. 2002 and 2009 are excellent examples.

As equity markets rise, the goal becomes scaling back risk toward a more moderate portfolio.

Following major stock market rallies, the goal is to protect gains by moving to a more conservative portfolio. 1999 and 2007 provided opportunities in more conservative fixed income instruments as the Federal Reserve tightened interest rates.

Tactical allocation provides a planning tool for adjusting portfolios for the economic cycle, but does not eliminate risk or assure future performance. 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. 03/2014 6

4/14/2014

Macro View: Wanting Work Makes a Difference | Guggenheim Partners

Wanting Work Makes a Difference MACRO VIEW

EMAIL ALERTS

FOLLOW SCOTT

APRIL 09 2014

As the Fed considers the precise timing of tightening monetary policy, a key consideration will be how many Americans want to get back to work. Monetary doves found an olive twig amid the floodwaters last week when the labor force participation rate increased slightly. Global CIO Commentary by Scott Minerd When exactly the Federal Reserve begins raising interest rates will unfold as a battle between monetary policy hawks and doves which will play out over the coming year or more. Inflation appears now to be the Fedâ&#x20AC;&#x2122;s primary consideration, but how quickly the American economy reaches full employment will also be of significance. On inflation, monetary hawks want to stay ahead of rising prices for fear of losing control and having to raise interest rates even higher to regain price stability, while doves do not want to act until inflation is evident. On employment, the current focus for Fed hawks and doves is the labor force participation rate. Hawks believe the economy has fundamentally changed, that the downward trend in labor force participation since 2007 is structural and that frustrated long-term job seekers lack the needed skills. Doves believe roughly one third of the decline in the participation rate is cyclical, and that jobs will return as the economy heats up.

Scott Minerd

@ScottMinerd

If the rise in U.S. labor force participation proves to be persistent, it could push back when the #Fed would have to raise rates. 8:31 AM - 8 Apr 2014 5 RETWEETS 2 FAVORITES

Looking at the economic data through that prism, the specifics of the March jobs report were certainly interesting. Beyond the unchanged 6.7 percent U.S. unemployment rate for March, the most important aspect of the report may have been the increasing labor force participation rate, which rose 0.2 percent to 63.2 percent. For doves, this was a small olive twig, a sign that the flood of unemployment is finally receding. Paradoxically, however, as more Americans return to seeking employment and as the work force grows, the more time it will take for the economy to reach full employment. The Fed believes the natural rate of unemployment is somewhere around 5.5 percent and so an argument can be made that policymakers will not raise rates until we reach that level. Getting to an unemployment level of 5.5 percent is highly dependent on how many people are actively participating in the labor force. If the participation rate returns to its previous downward trend and job growth continues at about 200,000 jobs monthly, the unemployment rate would drop below 5.5 percent during the second quarter of 2015. However, if the participation rate increases by a single percentage point, full employment is unlikely to be reached until 2016. The pattern of recent months of a rebounding participation rate will add weight to the dovish position if it persists. Whatever happens, investors would be well advised to keep an eagle eye on the participation rate. Chart of the Week The U.S. Participation Rate and Employment

The U.S. labor force participation rate hit a 36-year low in December, but since then has turned around, rising 0.4 percentage points, and is showing evidence of stabilization after a 3 percentage point decline over the last four years. Whether the recent increases are temporary or a sign of a broader trend are crucial for the outlook on monetary policy, since changes in participation have a large impact on unemployment. If the participation rate stabilizes or even rebounds, the pace of decline in the unemployment rate could slow, pushing back the date when the Federal Reserve begins to increase interest rates.

UNEMPLOYMENT PROJECTIONS FOR VARIOUS U.S. LABOR FORCE PARTICIPATION RATES

7 https://guggenheimpartners.com/perspectives/macroview/wanting-work-makes-a-difference

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4/14/2014

Macro View: Wanting Work Makes a Difference | Guggenheim Partners

Source: Hav er Analy tics, Bloomberg, Guggenheim Inv estments. Data as of 3/31/2014. *Note: In our f lat participation rate scenario we assume the participation rate remains at 63.2 percent. The participation rate decline continues scenario assumes the participation rate f alls by .025 percentage points per month. The participation rate rebounds scenario assumes the participation rate increases by .02 percentage points per month. We assume monthly employ ment gains of 200,000.

Economic Data Releases U.S. Labor Market Show s Signs of Firming

Non-farm payrolls increased by 192,000 in March, slightly under the consensus forecast of 200,000. However, the prior two months were revised by a combined 37,000. Gains were broad-based, with only manufacturing and federal government employment falling. The unemployment rate remained at 6.7 percent, however, the participation rate continued to rebound from December’s low. A gain in average weekly hours to 34.5 from 34.3 was offset by flat average hourly earnings. Job openings made a new high in the February JOLTs report, reaching 4.17 million, the highest in six years. The rates of hiring and quits were unchanged. Initial jobless claims rebounded, up to 326,000 for the last week of March, an increase of 16,000. The trade deficit widened more than expected in February to $42.3 billion as imports rose for a third straight month, led by autos. NFIB small business optimism rebounded in March to 93.4, led by expectations of higher sales. The ISM non-manufacturing index declined to 53.1 in March from 53.5 previously. Forecasts had expected a gain. Wholesale inventories were up for an eighth straight month in February, rising 0.5 percent. Euro Zone Retail Sales Surprise, Data Mixed in Asia

Euro zone retail sales surprised in February with growth of 0.4 percent with only four countries posting negative figures. Industrial production in Germany rose for a fourth consecutive month in February, up 0.4 percent. German exports fell more than expected in February, by1.3 percent, following January’s strong 2.2 percent gain. The U.K. services PMI decreased for a fifth consecutive month in March, down to 57.6 from 58.2. U.K. industrial production posted a strong 0.9 percent gain in February, the best since last June. China’s non-manufacturing PMIs were mixed in March. The official PMI fell to 54.5 from 55.0 and the HSBC services PMI increased to 51.9. Japan’s economy watchers survey of current conditions jumped to 57.9 in March, the highest since the survey began in 2000. However, the outlook index continued its three-month plunge, reaching the lowest level since the aftermath of the 2011 earthquake.

EMAIL ALERTS

FOLLOW SCOTT

This article is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. This article contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. ©2014, Guggenheim Partners. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

© 2014 GUGGENHEIM PARTNERS, LLC. ALL RIGHTS RESERVED. GUGGENHEIM AND GUGGENHEIM PARTNERS ARE TRADEMARKS OR REGISTERED TRADEMARKS OF GUGGENHEIM CAPITAL, LLC. *ASSETS UNDER MANAGEMENT ARE AS OF DECEMBER 31, 2013 AND INCLUDE CONSULTING SERVICES FOR CLIENTS WHOSE ASSETS ARE VALUED AT APPROXIMATELY $36 BILLION.

8 https://guggenheimpartners.com/perspectives/macroview/wanting-work-makes-a-difference

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CASH FLOW STRATEGIES Growth with Income (Aggressive) Senior Loan/Preferred/ Taxable Bond Funds 20%

MLP's, Royalty Trusts, Pipelines 10%

Global/Domestic Real Estate Funds 30%

Global Dividend Stocks 30%

Cash 10%

Disclosures: The allocation shown above is hypothetical in nature and for illustrative purposes only. It does 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. McGowanGroup Asset Management 200 Crescent Court Suite 657 Dallas, TX 75201 (866) 550-8008 McGowanGroup Asset Management, Inc. is a Federally Registered Investment Advisory Firm. Securities offered through Spire Securities, LLC an independent broker-dealer, member FINRA/SIPC

CASH FLOW STRATEGIES Cash Flow (Moderate)

Municpal Bonds 37%

Discount Closed End Funds 36%

Global Dividend Companies 24%

Cash and Limited Duration 3%

CASH FLOW STRATEGIES Conservative

CD's, MTN's, MTP's 25% Insured Municpal Bonds 50% Cash 25%

CASH FLOW STRATEGIES Ultra Conservative

Cash 50%

Insured Municpal Bonds 50%

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 FLAHERTY & CRUMRINE DYNAMIC DOUBLELINE INCOME SOLUTIONS FIRST TRUST INTERMEDIATE DUR BLACKROCK CORPORATE HIGH YIE INVESCO DYNAMIC CREDIT OPPO DWS HIGH INCOME OPPORTUNITIE BLACKROCK CREDIT ALLOCATION

03/31/14

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION ANNUALIZED

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

SYMBOL

ASSET CLASS

12/31/13 NAV VALUE

AVK

CONVERTIBLE/HIGH YIELD

$20.38

6.06%

$18.58

$20.13

-7.70%

0.14%

6.98%

55.84%

-47.04%

JPC

CORPORATE/PREFERRED

$9.88

8.18%

$9.29

$10.43

-10.93%

7.56%

5.82%

84.27%

-51.74%

JQC

CORPORATE/PREFERRED

$10.24

6.62%

$9.51

$10.31

-7.76%

2.28%

5.34%

78.60%

-49.30%

DFP

TAXABLE INCOME-PREFERREDS

$22.46

8.84%

$21.72

$23.72

-8.43%

N/A

5.46%

N/A

DSL

TAXABLE INCOME-MULTI-SECTOR

$22.45

8.48%

$21.22

$22.98

-7.66%

N/A

3.08%

N/A

FPF

TAXABLE INCOME-PREFERREDS

$23.19

8.27%

$22.14

$24.14

-8.29%

N/A

7.01%

N/A

HYT

CORPORATE-HIGH YIELD

$13.02

7.88%

$12.26

$13.41

-8.58%

4.25%

9.83%

92.56%

-38.43%

VTA

TAXABLE INCOME-SENIOR LOAN

$13.71

6.96%

$12.94

$13.86

-6.64%

2.76%

3.87%

91.12%

-49.58%

DHG

TAXABLE INCOME-HIGH YIELD

$16.37

6.98%

$14.61

$16.68

-12.41%

3.47%

-2.51%

65.62%

-65.50%

BTZ

TAXABLE INCOME-INVESTMENT GRADE

$14.84

7.14%

$13.52

$15.31

-11.69%

4.27%

2.30%

57.51%

-43.95%

03/31/14

12/31/13 NAV VALUE

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION ANNUALIZED

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

$12.08

8.05%

$10.49

$12.38

-15.27%

4.30%

2.73%

22.94%

-14.02%

$14.89

8.13%

$14.76

$15.19

-2.83%

3.38%

12.04%

94.90%

-31.02%

$19.11

8.28%

$17.40

$19.45

-10.54%

3.71%

8.66%

53.55%

-20.62%

$13.48

8.27%

$12.34

$13.72

-10.06%

3.70%

12.82%

67.36%

-26.94%

Global Funds

CLOSED END FUND NUVEEN DIVERSIFIED CURRENCY ALLIANCEBERNSTEIN GL HI INC WESTERN ASSET EMERGING MARKE WESTERN ASSET EMERGING MARKE WESTERN ASSET GLOBAL HIGH IN FIRST TRUST ABERDEEN GLOBAL MORGAN STANLEY EMERGING MARK

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

EHI

Non-US/Other-Global Income

$13.25

9.39%

$12.30

$13.41

-8.28%

3.42%

8.48%

71.25%

-30.71%

FAM

GLOBAL HIGH YIELD/INVESTMENT GRADE

$15.32

9.46%

$13.95

$15.36

-9.18%

2.76%

6.99%

74.64%

-29.82%

EDD

GLOBAL INVESTMENT GRADE

$14.77

7.62%

$13.12 13

$14.62

-10.26%

0.70%

4.89%

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 GUGGENHEIM BUILD AMERICA BON NUVEEN DVD ADVANTAGE MUNI FD NUVEEN MUNI ADVANTAGE FUND NUVEEN QUALITY INCOME MUNI NUVEEN MUNI MKT OPPORTUNITY BLACKROCK MUNICIPAL INCOME I BLACKROCK MUNIHOLDINGS QU II BLACKROCK MUNIHOLDINGS CA QU BLACKROCK MUNIYIELD NY QUALI

03/31/14

SYMBOL

ASSET CLASS

12/31/13 NAV VALUE

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION ANNUALIZED

NBB

MUNICIPAL NATIONAL

$20.34

7.09%

$19.62

$21.45

-8.53%

7.22%

9.92%

20.32%

9.88%

NBD

MUNICIPAL NATIONAL

$21.40

6.67%

$20.50

$22.68

-9.61%

7.63%

11.50%

25.08%

6.46%

BBN

MUNICIPAL NATIONAL

$20.54

7.81%

$20.24

$21.99

-7.96%

8.38%

11.59%

32.81%

14.83%

GBAB

MUNICIPAL NATIONAL

$21.49

8.00%

$20.72

$22.29

-7.04%

5.70%

11.80%

26.43%

14.96%

NAD

MUNICIPAL NATIONAL

$14.05

6.63%

$13.39

$14.82

-9.65%

7.10%

6.60%

45.78%

-20.44%

NMA

MUNICIPAL NATIONAL

$13.66

6.19%

$12.98

$14.51

-10.54%

7.73%

7.05%

47.34%

-21.92%

NQU

MUNICIPAL NATIONAL

$13.79

6.19%

$13.29

$14.73

-9.78%

8.35%

6.72%

28.78%

-23.80%

NMO

MUNICIPAL NATIONAL

$13.44

6.30%

$12.76

$14.26

-10.52%

7.64%

6.73%

38.86%

-20.56%

BAF

MUNICIPAL NATIONAL

$14.28

5.98%

$13.74

$15.10

-9.01%

7.22%

6.21%

47.20%

-21.07%

MUE

MUNICIPAL NATIONAL

$13.18

6.64%

$12.74

$13.97

-8.80%

7.65%

5.45%

46.84%

-16.73%

MUC

MUNICIPAL SINGLE STATE

$14.62

6.16%

$13.92

$15.42

-9.73%

6.98%

6.09%

46.80%

-24.57%

MYN

MUNICIPAL SINGLE STATE

$13.06

6.29%

$12.98

$13.69

-5.19%

6.43%

6.05%

45.39%

-26.21%

SHARE SHARE PRICE PRICE BEST WORST YEAR YEAR % %

Cash Flow Strategy Closed End Funds Equity Funds 03/31/14

03/31/14

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

$30.91

$29.96

3.17%

12.49%

03/31/14 NAV RETURN INCEPTION ANNUALIZED 12.28%

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

116.73%

-64.88% -69.28%

CLOSED END FUND

SYMBOL

ASSET CLASS

12/31/13 NAV VALUE

KAYNE ANDERSON ENERGY DEVELOPMENT

KED

ENERGY GROWTH/INCOME

$29.96

6.60%

CUSHING MLP TOTAL RETURN FUND

SRV

ENERGY GROWTH/INCOME

$7.02

10.96%

$8.21

$6.63

23.83%

-2.37%

-3.12%

120.35%

TORTOISE MLP FUND INC

NTG

ENERGY GROWTH/INCOME

$28.29

6.31%

$26.71

$28.20

-5.28%

1.15%

11.13%

18.64%

1.67%

BLACKROCK INTERNATIONAL GROWTH GABELLI DIVIDEND & INCOME TRUST EATON VANCE TAX ADV GLOBAL DIVIDEND OPPORTUNITY EATON VANCE TAX-ADV DVD INC JOHN HANCOCK T/A DVD INCOME

BGY GDV ETO

US EQUITY COVERED CALL EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED

$9.18 $24.18 $26.35

8.33% 5.46% 7.44%

$8.06 $21.97 $24.20

$8.97 $24.36 $26.41

-10.14% -9.81% -8.37%

-0.48% 1.94% 1.97%

1.16% 8.77% 10.81%

63.67% 44.59% 49.68%

-41.95% -45.75% -53.56%

EVT HTD

EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED

$21.30 $20.02

6.56% 6.63%

$19.66 $19.92

$22.00 $22.21

-10.64% -10.31%

4.84% 12.10%

8.56% 8.96%

50.42% 42.82%

-53.43% -35.26%

EATON VANCE T/A GL DVD INCM CALAMOS GLOBAL DYNAMIC INCOM MACQUARIE GLOBAL INFR TOT RT

ETG CHW MGU

GLOBAL EQUITY INCOME GLOBAL GROWTH & INCOME GLOBAL INFRASTRUCTURE

$18.09 $10.24 $25.24

7.33% 9.33% 5.96%

$16.77 $9.00 $23.50

$18.17 $10.31 $26.66

-7.71% -12.71% -11.85%

2.17% 1.91% 7.05%

7.43% 3.67% 8.50%

44.72% 53.56% 51.16%

-55.63% -47.34% -56.67%

MACQUARIE/FT GL INT/UT DV IN

MFD

GLOBAL INFRASTRUCTURE

$17.12

8.17%

$17.14

$18.07

-5.15%

7.68%

9.64%

36.92%

-55.60%

ALLIANZGI NFJ DIVIDEND INTER EATON VANCE TAX MAN GLBL BR EATON VANCE TAX-MANAGED GLOB

NFJ ETW EXG

US EQUITY COVERED CALL US EQUITY COVERED CALL US EQUITY COVERED CALL

$18.57 $13.13 $11.12

9.78% 9.65% 9.66%

$18.40 $12.10 $10.10

$18.47 $13.03 $10.91

-0.38% -7.14% -7.42%

1.92% 1.48% 0.30%

5.61% 5.94% 3.86%

31.66% 59.66% 49.28%

-37.77% -33.23% -30.87%

ING GLOBAL EQUITY & PR OPPT

IGD

US EQUITY COVERED CALL

$10.04

9.91%

$9.20

$10.15

-9.36%

2.69%

4.35%

48.24%

-32.23%

LIBERTY ALL STAR EQUITY FUND CALAMOS STRAT TOT RETURN FD H & Q HEALTHCARE INVESTORS

USA CSQ HQH

US EQUITY GENERAL EQUITY US EQUITY GROWTH & INCOME US EQUITY-HEALTH/BIOTECH

$6.71 $12.29 $26.29

.80% 6 8.90% 7.79%

$5.88 $11.12 $27.21

$6.67 $12.39 $27.22

-11.84% -10.25% -0.04%

0.90% 1.97% 5.35%

8.06% 6.32% 11.97%

57.28% 56.82% 68.07%

-43.89% -49.28% -37.59%

H & Q LIFE SCIENCES INVSTRS

HQL

US EQUITY-HEALTH/BIOTECH

$21.14

7.72%

$21.75

$21.70

0.23%

4.41%

9.66%

80.78%

-36.09%

COHEN & STEERS INFRASTRUCTUR

UTF

US EQUITY INFRASTRUCTURE

$23.43

6.70%

$22.08

$25.26

-12.59%

9.42%

18.70%

68.53%

-57.19%

BLACKROCK UTILITY AND INFRAS

BUI

US EQUITY- UTILITIES

$20.70

7.65%

$18.96

$21.67

-12.51%

6.50%

13.09%

7.93%

-3.50%

DUFF & PHELPS GLOBAL UTILITY

DPG

US EQUITY- UTILITIES

$21.46

7.07%

$19.79

$22.33

-11.36%

5.74%

13.33%

21.95%

0.64%

ALPINE GLOBAL PREMIER PROPER

AWP

GLOBAL REAL ESTATE

$8.11

8.51%

$7.05

$8.03

-12.20%

0.90%

-2.93%

78.59%

-63.64%

COHEN & STEERS REIT & PR

RNP

US EQUITY-REAL ESTATE

$17.88

7.06%

$17.00

$19.44

-12.55%

10.43%

8.27%

91.15%

-60.58%

COHEN & STEERS QUAL INC RLTY

RQI

US EQUITY-REAL ESTATE

$10.53

7.22%

$10.53

$11.60

-9.22%

12.02%

8.66%

80.59%

-68.43%

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 03/31/2014

MUNIFUND TERM PREFERRED SHARES DESCRIPTION

TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF //2013

COUPON RATE

CORPORATE WEBSITE

Nuveen Dvd Adv Muni Inco

NVG2.95

Aaa AAA

Financial

$10.04

$10.00

0.40%

2.94%

2.95%

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

Nuveen Md Premium Inc 2

NMY2.9

Aa2 AAA

Financial

$10.04

$10.00

0.40%

2.89%

2.90%

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

Nuveen Texas Premium Inc

NTX2.3

Aa2 AAA

Financial

$10.04

$10.00

0.40%

2.29%

2.30%

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

Nuveen Ma Dvd Adv Muni

NMB2.6

Aa2 AAA

Financial

$10.07

$10.00

0.70%

2.58%

2.60%

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

Nuveen Amt-Free Adv Muni

NEA2.85

Aa1 AAA

Financial

$10.00

0.00%

2.85%

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

TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF //2013

COUPON RATE

CORPORATE WEBSITE

$25.27

$25.00

-1.08

7.42%

7.50%

$25.44

$25.00

-1.76

7.25%

7.38%

Watch List DESCRIPTION Ford Motor Co Ally Financial Inc

F7.5 ALLY7.375

Baa3 BB+ B1 B+

Consumer Discretionary Financials

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.

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

EQUITY OPPORTUNITIES as of March 31, 2014 Mining, Materials, and Chemicals Company Natural Resource Partners Lp Pvr Partners Lp Potash Corp Of Saskatchewan Southern Copper Corporation Quimica Y Minera Chile-Spain Adr United States Steel Corp Aluminum Corp Of China-Adr

Ticker Symbol NRP PVR POT SCCO SQM X ACH

Sector

Price

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

15.92 27.44 36.22 29.11 31.74 27.61 8.63

Sector

Price

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

1.33 5.71 32.84 16.33 10.59 15.79 30.68 35.07 25.42 19.88 47.57 43.20 39.37 38.31 36.81 23.94 21.24 19.88 36.42 42.76

YTD % Chg -20.16% 2.27% 9.89% 1.39% 22.64% -6.41% -0.80%

Price/ Earnings 10.34 43.56 17.41 15.19 20.13 16.18 n/a

Current Yield 8.79% 8.02% 3.87% 1.65% 0.83% 0.72% 0.00%

Dividend Frequency Quarterly Quarterly Quarterly Quarterly Semi-Annual Quarterly Irregular

Annual Dividend 1.40 2.20 1.40 0.48 0.26 0.20 0.00

YTD % Chg -16.35% 22.69% 3.11% 2.00% 12.24% -3.37% -0.90% -0.26% -2.46% 21.52% -3.20% 7.25% 9.82% 5.68% -7.95% 3.77% 10.51% -14.93% 5.26% -1.52%

Price/ Earnings 7.49 23.00 20.26 14.75 13.80 16.14 n/a 14.04 15.69 43.80 16.76 43.19 17.12 7.40 15.51 24.43 14.19 10.73 21.87 6.99

Current Yield 10.49% 7.01% 6.58% 6.41% 6.33% 5.97% 5.79% 5.25% 4.88% 4.69% 4.46% 4.21% 3.73% 3.50% 3.18% 2.72% 1.98% 1.71% 1.41% 1.03%

Dividend Frequency Irregular Quarterly Quarterly Semi-Annual Semi-Annual Semi-Annual Annual Quarterly Quarterly Annual Quarterly Quarterly Irregular Annual Semi-Annual Quarterly Irregular Semi-Annual Quarterly Quarterly

Annual Dividend 0.14 0.40 2.16 1.05 0.670 0.94 1.78 1.84 1.24 0.93 2.12 1.82 1.47 1.34 1.17 0.65 0.42 0.34 0.51 0.44

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

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

EQUITY OPPORTUNITIES as of March 31, 2014 Business Development Corportations & Financials Company Prospect Capital Corp Ticc Capital Corp Apollo Investment Corp Ares Capital Corp Triangle Capital Corp Compass Diversified Holdings Main Street Capital Corp Cheviot Financial Corp Westwood Holdings Group Inc California First Natl Bancor

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

Industry

Price

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

10.80 9.78 8.31 17.62 25.89 18.91 32.86 10.33 62.69 15.35

Industry

Price

Oil & Gas Producers Chemicals Oil & Gas Producers Oil & Gas Producers Oil & Gas Producers Oil & Gas Producers Oil & Gas Producers Industrial Transportation General Retailers Oil Equipment, Services & Distribution Oil Equipment, Services & Distribution Oil Equipment, Services & Distribution Oil & Gas Producers Oil & Gas Producers Oil Equipment, Services & Distribution Oil Equipment, Services & Distribution Oil Equipment, Services & Distribution Fixed Line Telecommunications Oil Equipment, Services & Distribution Oil Equipment, Services & Distribution Oil & Gas Producers Oil Equipment, Services & Distribution Oil Equipment, Services & Distribution Oil & Gas Producers

84.44 25.84 28.32 19.97 13.20 24.84 33.49 17.97 41.54 54.95 27.41 73.95 50.94 27.22 53.79 41.33 30.00 3.61 53.55 65.32 49.50 41.69 69.36 47.58

YTD % Chg -3.74% -5.42% -1.95% -0.56% -5.86% -3.67% 0.52% 0.29% 1.26% 1.66%

Price/ Earnings 8.38 13.77 6.23 10.81 10.36 14.89 18.05 49.19 26.42 19.94

Current Yield 12.28% 11.86% 9.63% 8.63% 8.34% 7.62% 6.03% 3.48% 2.81% 2.61%

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

Annual Dividend 1.33 1.16 0.80 1.52 2.16 1.44 1.98 0.36 1.76 0.40

YTD % Chg 6.04% -0.69% -8.02% -1.82% 2.64% -11.79% -1.30% 9.71% -11.43% 7.77% -8.24% -8.32% 0.16% 3.66% -6.04% -3.23% 4.71% -28.78% 1.71% -1.22% -2.10% 14.88% 4.62% -3.18%

Price/ Earnings 9.35 18.34 17.54 133.13 15.17 28.23 26.69 24.28 25.99 27.52 62.30 22.01 29.81 523.46 59.31 14.94 n/a n/a 23.08 241.93 12.28 24.73 24.80 12.69

Current Yield 11.97% 10.60% 10.24% 9.87% 9.87% 9.50% 9.21% 8.90% 8.43% 7.97% 7.93% 7.36% 7.01% 6.98% 6.84% 6.70% 5.67% 5.54% 5.45% 5.27% 4.82% 4.32% 4.04% 2.52%

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

Annual Dividend 10.11 2.74 2.90 1.97 1.30 2.36 3.08 1.60 3.50 4.38 2.17 5.44 3.57 1.90 3.68 2.77 1.70 0.20 2.92 3.44 2.39 1.80 2.80 1.20

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

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

EQUITY OPPORTUNITIES as of March 31, 2014 Medical/Health Care Company Pdl Biopharma Inc Universal Health Rlty Income Astrazeneca Plc-Spons Adr Omega Healthcare Investors Glaxosmithkline Plc-Spon Adr Health Care Reit Inc Healthcare Realty Trust Inc Sanofi-Adr Eli Lilly & Co Pfizer Inc Merck & Co. Inc. Johnson & Johnson Teva Pharmaceutical-Sp Adr Healthcare Services Group Quest Diagnostics Inc Amgen Inc Steris Corp Covidien Plc St Jude Medical Inc Stryker Corp Unitedhealth Group Inc Aetna Inc Humana Inc Atrion Corporation Shire Plc-Adr Dentsply International Inc Doctor Reddy'S Lab-Adr Perrigo Co Plc Cantel Medical Corp Cigna Corp Valeant Pharmaceuticals Inte Salix Pharmaceuticals Ltd Actavis Plc Mylan Inc Alexion Pharmaceuticals Inc Regeneron Pharmaceuticals

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

Sector

Price

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

8.31 42.24 64.88 33.52 53.43 59.60 24.15 52.28 58.86 32.12 56.77 98.23 52.84 29.06 57.92 123.34 47.75 73.66 65.39 81.47 81.99 74.97 112.72 306.14 148.53 46.04 43.90 154.66 33.72 83.73 131.83 103.61 205.85 48.83 152.13 300.28

YTD % Chg -1.54% 5.44% 9.28% 12.48% 0.07% 11.26% 13.33% -2.52% 15.41% 4.86% 13.43% 7.25% 31.84% 2.43% 8.18% 8.12% -0.62% 8.16% 5.55% 8.42% 8.88% 9.30% 9.20% 3.34% 5.12% -5.03% 6.99% 0.78% -0.56% -4.29% 12.29% 15.20% 22.53% 12.51% 14.48% 9.10%

Price/ Earnings 4.80 41.01 14.94 22.96 14.52 642.73 120.75 14.82 13.32 13.90 16.32 17.93 11.57 42.12 15.46 16.87 23.17 18.67 17.31 19.44 14.91 12.80 15.15 23.23 15.76 20.40 21.10 36.31 33.12 12.36 15.11 47.25 59.57 26.45 106.58 79.02

Current Yield 7.22% 5.92% 5.86% 5.85% 5.61% 5.34% 4.97% 3.65% 3.33% 3.24% 3.10% 2.69% 2.61% 2.36% 2.28% 1.98% 1.76% 1.74% 1.65% 1.50% 1.37% 1.20% 0.96% 0.84% 0.68% 0.58% 0.56% 0.27% 0.27% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Dividend Frequency Quarterly Quarterly Semi-Annual Quarterly Quarterly Quarterly Quarterly Annual Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Semi-Annual Quarterly Annual Quarterly Semi-Annual Annual Irregular None None Irregular None None

Annual Dividend 0.600 2.500 3.800 1.960 2.998 3.180 1.200 1.910 1.960 1.040 1.760 2.640 1.379 0.685 1.320 2.440 0.840 1.280 1.080 1.220 1.120 0.900 1.080 2.560 1.016 0.265 0.245 0.420 0.090 0.040 0.000 0.000 0.000 0.000 0.000 0.000

EQUITY OPPORTUNITIES as of March 31, 2014 Global Growth Leaders & Technology Company ďťżInvesco Mortgage Capital Cedar Fair Lp Southern Co/The Sturm Ruger & Co Inc General Electric Co Mcdonald'S Corp Coca-Cola Co/The Seagate Technology Procter & Gamble Co/The Kohls Corp Lyondellbasell Indu-Cl A 3M Co Caterpillar Inc Home Depot Inc Dell Inc Apple Inc Qualcomm Inc Oracle Corp Hewlett-Packard Co Intl Business Machines Corp Dover Corp Altera Corp Broadcom Corp-Cl A Marvell Technology Group Ltd Emc Corp/Ma Joy Global Inc Infosys Ltd-Sp Adr Whole Foods Market Inc Visa Inc-Class A Shares Arm Holdings Plc-Spons Adr Titan International Inc Roundy'S Inc Weight Watchers Intl Inc Cirrus Logic Inc Corelogic Inc Zillow Inc-Class A Mwi Veterinary Supply Inc Wageworks Inc Broadsoft Inc Cerner Corp Darling International Inc Netflix Inc Fossil Group Inc Tempur Sealy International I

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

Sector

Price

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

16.47 50.93 43.94 59.80 25.89 98.03 38.66 56.16 80.60 56.80 88.94 135.66 99.37 79.13 13.73 536.74 78.86 23.64 32.36 192.49 81.75 36.24 31.47 15.75 27.41 58.00 54.18 50.71 215.86 50.97 18.99 6.88 20.54 19.87 30.04 88.10 155.62 56.11 26.73 56.25 20.02 352.03 116.57 50.67

YTD % Chg 12.19% 2.72% 6.88% -18.18% -7.63% 1.03% -6.41% 0.00% -1.00% 0.09% 10.79% -3.27% 9.43% -3.90% -4.33% 6.21% 6.93% 15.65% 2.62% 2.08% 11.45% 6.16% 9.53% 8.99% -0.84% -4.28% -12.31% -3.06% -6.87% 5.62% -30.22% -37.63% -2.72% -15.45% 7.79% -8.44% -5.60% -2.16% 0.92% -4.12% -4.38% -2.81% -6.10%

Price/ Earnings 8.05 22.44 16.21 10.70 15.65 17.63 18.70 12.48 20.15 13.96 13.04 19.98 18.08 21.10 0.02 13.31 20.08 17.60 10.48 11.76 15.59 26.64 24.81 24.08 19.78 11.99 19.66 33.81 27.50 42.35 36.49 8.53 5.31 10.77 12.60 1762.00 30.34 90.50 19.08 44.64 19.57 147.10 17.58 25.35

Relative Strength 0.12 0.06 0.05 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 -28.42 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 0.00 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 % -65.74 7.14 -30.37 56.10 6.47 3.33 -3.00 -26.04 24.69 -2.63 35.93 6.72 -32.61 24.75 13.70 -10.33 27.07 15.08 n/a 3.65 22.88 -21.26 -42.64 16.36 6.11 -30.62 13.16 16.08 140.06 -35.82 -71.14 n/a -14.52 57.04 14.17 n/a 16.98 44.44 n/a 0.00 -18.02 522.58 17.05 -25.29

50-Day Moving Avg 16.41 51.54 42.15 68.40 25.46 95.59 38.33 52.50 78.41 53.24 85.01 131.89 95.23 79.12 13.70 530.08 75.69 38.10 29.91 183.53 76.64 34.89 30.32 15.36 26.11 55.48 58.15 53.10 222.49 48.12 18.01 7.04 23.80 18.91 32.40 85.16 165.69 59.85 29.11 58.32 19.89 413.57 116.15 49.35

Exchange Traded Funds

Sectors

3/31/2014

12/31/12 NAV

Current % Yield

MARKET PRICE

3/31/2014 YTD MARKET RETURN

3/31/2014

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

ETF

SYMBOL

ASSET CLASS

FUND INCEPTION DATE

Financial Select Sector Spdr

XLF

Financial

12/22/98

22.32

1.53

22.34

2.57

22.30

-0.57

0.17

SSgA Funds Management Inc

Consumer Discretionary Selt Consumer Staples Spdr Industrial Select Sect Spdr Energy Select Sector Spdr Health Care Select Sector

XLY XLP XLI XLE XLV

Consumer Discretionary Consumer Staples Industrials Energy Health Care

12/22/98 12/22/98 12/22/98 12/22/98 12/22/98

64.73 43.04 52.31 89.04 58.46

1.28 2.45 1.75 1.79 1.46

64.72 43.06 52.33 89.06 58.49

-2.85 0.70 0.57 1.11 5.87

28.84 18.62 25.81 18.04 21.58

8.82 9.17 9.22 13.49 8.79

0.17 0.17 0.17 0.17 0.17

SSgA Funds Management Inc SSgA Funds Management Inc SSgA Funds Management Inc SSgA Funds Management Inc SSgA Funds Management Inc

Materials Select Sector Spdr

XLB

Materials

12/22/98

47.27

2.08

47.28

2.70

19.15

8.66

0.17

SSgA Funds Management Inc

Technology Select Sect Spdr Utilities Select Sector Spdr

XLK XLU

Technology Utilities

12/22/98 12/22/98

36.33 41.45

1.77 3.55

36.35 41.46

2.15 10.09

20.33 14.73

7.56 9.43

0.17 0.17

SSgA Funds Management Inc SSgA Funds Management Inc

3/31/2014

12/31/12 NAV

Current % Yield

MARKET PRICE

3/31/2014 YTD MARKET RETURN

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

MANAGER NAME

Indexes ETF

SYMBOL

ASSET CLASS

FUND INCEPTION DATE

Ishares S&P Small-Cap 600 Va Vanguard Mid-Cap Etf Ishares S&P Mid-Cap 400 Valu Ishares Core S&P 500 Etf

IJS VO

Small Cap Mid Cap

07/28/00 01/30/04

113.41 84.34

0.30 0.10

113.45 113.58

2.31 3.26

25.71 25.09

13.99 9.91

0.30 0.10

BlackRock Fund Advisors Vanguard Group Inc/The

IJJ IVV

Mid Cap Large Cap

07/28/00 05/19/00

120.40 188.12

0.27 0.07

120.42 188.14

3.98 1.79

24.50 21.17

9.63 7.32

0.27 0.07

PRF

Large Cap

12/19/05

84.64

0.39

84.64

2.34

25.98

n/a

0.39

PID

International

09/15/05

18.20

0.56

18.23

0.61

19.47

n/a

0.56

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

EEM EFA

Emerging Markets International

04/11/03 08/17/01

40.98 67.16

0.67 0.34

41.01 67.20

-1.88 0.16

12.59 15.73

9.51 6.33

0.67 0.34

BlackRock Fund Advisors BlackRock Fund Advisors

DIM EZU

International International

06/16/06 07/31/00

59.71 42.21

0.58 0.50

60.23 42.27

2.34 2.15

17.68 15.05

n/a 6.35

0.58 0.50

WisdomTree Asset Management Inc BlackRock Fund Advisors

Powershares Ftse Rafi Us 1K Powershares Inter Dvd Achiev Ishares Msci Emerging Market Ishares Msci Eafe Etf Wisdomtree Intl M/C Dvd Fund Ishares Msci Emu Etf

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 MLP'S, ROYALTY TRUSTS, PIPELINES SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS

10.00% 30.00% 30.00% 10.00% 20.00%

TOTAL

100.00%

************************************************* CASH FLOW (MODERATE) CASH AND LIMITED DURATION GLOBAL DIVIDEND STOCKS INSURED MUNICIPAL BONDS DISCOUNT CLOSED END FUNDS

3.00% 24.00% 37.00% 36.00%

TOTAL

100.0%

************************************************* CONSERVATIVE CASH CD'S, MTN'S, MTP'S INSURED MUNICIPAL BONDS

25.00% 25.00% 50.00%

TOTAL

100.00%

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

50.00% 50.00%

TOTAL

100.00%

McGowanGroup Asset Management, Inc. 03/31/2014 UPDATE

MGAM Moderate Focus List CATEGORY:

Growth with Income

24%

INVESTMENT STRATEGY: Symbol PFE

Description Pfizer Inc

Medical Yield 3.37

Last 30.87

Yield 5.99

Last 16.79

INVESTMENT STRATEGY: Symbol MBT

Description Mobile Telesystems Ojsc

Description Omega Healthcare Invs Inc Medical Pptys Trust Inc New York Cmnty Bancorp Inc Starwood Ppty Tr Inc

Description Enterprise Prods Partners L P El Paso Pipeline Partners L P Energy Transfer Prtnrs L P Linn Energy Llc Qr Energy Lp

Yield 5.69 6.43 6.28 8.53

Description Golar Lng Partners Lp Teekay Lng Partners L P

Yield 3.94 8.23 6.76 10.37 10.89

Description Compass Diversified Holdings Apollo Invt Corp

CATEGORY:

Last 34.47 13.07 15.92 22.52

Last 71.05 31.61 54.42 27.96 17.91

Yield 6.88 6.33

Last 30.37 43.68

YTD % Change -22.40%

% Change 0.00% 0.00% 0.00% 0.00%

MTD % Change 2.80% 2.20% -0.90% -4.50%

YTD % Change 15.70% 7.00% -5.50%

% Change 0.00% 0.00% 0.00% 0.00% 0.00%

MTD % Change 2.40% 4.00% 1.20% -1.30% 0.20%

YTD % Change 7.20% -12.20% -4.90% -9.20% 4.60%

% Change 0.00% 0.00%

MTD % Change 1.60% 5.70%

YTD % Change 0.40% 2.30%

MTD % Change -3.20% -0.80%

YTD % Change -6.80% -2.80%

Business Development Companies Yield 7.87 9.71

Last 18.3 8.24

% Change 0.00% 0.00%

High Cash Flow

INVESTMENT STRATEGY: Symbol EVT UTF CHW CSQ KED AWP RQI IGR RNP IQI NMA NMO NQU NAD NQP JPC DFP FPF DSL

MTD % Change -4.00%

Infrastructure and Materials

INVESTMENT STRATEGY: Symbol CODI AINV

% Change 0.00%

Equity - Energy

INVESTMENT STRATEGY: Symbol GMLP TGP

YTD % Change 0.80%

REITS & Finance

INVESTMENT STRATEGY: Symbol EPD EPB ETP LINE QRE

MTD % Change -3.90%

Telecom & Utility

INVESTMENT STRATEGY: Symbol OHI MPW NYCB STWD

% Change 0.00%

Description Eaton Vance Tax Advt Div Incm Cohen & Steers Infrastructure Calamos Gbl Dyn Income Fund Calamos Strategic Totl Retn Fd Kayne Anderson Energy Dev Co Alpine Global Premier Pptys Fd Cohen & Steers Quality Rlty Fd Cbre Clarion Global Real Estat Cohen & Steers Reit & Pfd Incm Invesco Quality Muni Inc Trst Nuveen Mun Advantage Fd Inc Nuveen Mun Mkt Opportunity Fd Nuveen Quality Income Mun Fd Nuveen Divid Advantage Mun Fd Nuveen Pa Invt Quality Mun Fd Nuveen Pfd Income Opprtny Fd Flaherty & Crumrine Dyn Pfd First Tr Inter Dur Pfd & In Fd Doubleline Income Solutions Fd

CATEGORY:

43% Closed End Funds

Yield 6.63 6.75 9.38 9.04 6.45 8.37 7.26 6.45 7.03 6.6 6.18 6.27 6.19 6.59 6.57 8.15 8.75 8.28 8.28

Discount -10.70% -13.60% -11.50% -9.40% -11.00% -11.30% -12.60% -13.30% -9.80% -11.00% -10.70% -10.40% -9.70% -11.10% -10.80% -8.00% -8.40% -5.80%

% Change 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%

Safety and Income

INVESTMENT STRATEGY:

NAV YTD % Change -1.00% -0.70% -0.40% -1.50% 2.40% 1.70% -0.60% 0.20% 0.50% 0.00% 0.20% 0.50% 0.00% 0.60% 0.00% 0.30% 1.10% -0.10% 2.40%

Price YTD % Change 2.40% 6.40% -0.10% 0.60% 13.10% -0.30% 10.40% 5.70% 8.80% 6.20% 6.90% 6.80% 8.50% 7.00% 8.00% 5.10% 6.90% 4.00% 3.00% 33%

Safety and Income

33%

Description Investment Grade Municipals Limited Duration Bond Package Operating Cash CATEGORY: CATEGORY: CATEGORY: PORTFOLIO TOTAL:

Growth with Income High Cash Flow Safety and Income

24% 43% 33% 100% MGAM Investment Committee

Updated 04/09/2014

The preceding list of candidate investments is not constructed to guide portfolios outside of MGAM. Deletions and additions occur without notice and the actively managed portfolios of MGAM will vary from the preceding list. 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. 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 percent change. The returns do not reflect broker sales charges or commissions. Net asset value (NAV) is total assets divided by the less total liabilities number of shares outstanding. 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 municipalâ&#x20AC;&#x2122;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. 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. This and/or the accompanying information was prepared by or obtained from sources that Spire Securities, LLC believes to be reliable, but Spire Securities, LLC 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

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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.