networth-radio-package-04-07-14 by McGowanGroup Asset Management

McGOWANGROUP ASSET MANAGEMENT

NetWorth Radio The CashFlow Revolution™

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

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

Page 23

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

April 7, 2014

PAYROLLS EXPAND BY 192,000 IN MARCH This gain almost met Wall Street’s expectations. Economists surveyed by Bloomberg had forecast 200,000 new jobs. March’s hiring didn’t move the Labor Department’s unemployment indicators much: the jobless rate remained at 6.7%, the labor force participation rate rose just slightly to 63.2, and the population of long-term unemployed still hovered at around 3.7 million. Revisions improved January and February hiring figures, however: the Labor Department now says 144,000 Americans found jobs in January, and that 197,000 new jobs were created in February.1,2 FACTORIES PICK UP THEIR PACE March saw the manufacturing sector expand for a ninth consecutive month. The Institute for Supply Management’s factory PMI rose half a point in March to a reading of 53.7. (A day later, the Commerce Department announced that factory orders had risen 1.6% for February.) The Institute’s non-manufacturing PMI came in at 53.1 for March, rising 1.5 points. Still, both readings were beneath Investing.com consensus forecasts, which predicted a manufacturing reading of 54.0 and a service sector reading of 53.5.3 GOLD REGAINS THE $1,300 LEVEL With a gain of 0.7% across five days, the precious metal settled at $1,303.50 on the COMEX Friday. Silver rose 0.8% across the week to finish at $19.95. In contrast, NYMEX crude slipped 0.5% from Monday to Friday, ending the week at $101.14.2 A TECH SELLOFF, A WEEKLY GAIN FOR THE S&P 500 Sharp drops Thursday and Friday took the NASDAQ down to 4,127.72 at week’s end. The techheavy benchmark lost 0.67% in five trading days as big-name tech and biotech shares stumbled. The week was better for the Dow (+0.55% to 16,412.71) and the S&P 500 (+0.40% to 1,865.09).4,5 THIS WEEK: No major economic releases are scheduled for Monday. Tuesday, a new earnings season kicks off with Q1 results from Alcoa. Wednesday, the March 19 Federal Reserve policy minutes are released, a report on February wholesale inventories appears and earnings arrive from Constellation Brands, Ruby Tuesday and Bed Bath & Beyond. Quarterly results from Family Dollar, Pier 1 Imports and Rite Aid come out on Thursday along with the latest initial jobless claims numbers. Friday, March’s Producer Price Index is released, the University of Michigan’s initial April consumer sentiment index appears, and Wells Fargo, JPMorgan Chase and Fastenal announce earnings.

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

Y-T-D -0.99 -1.17 +0.91 4/4 RATE 0.61%

1-YR CHG +12.37 +27.99 +19.56 1 YR AGO -0.70%

5-YR AVG +20.94 +30.90 +24.28 5 YRS AGO 1.53%

10-YR AVG +5.54 +9.85 +6.21 10 YRS AGO 1.75%

Sources: USATODAY.com, bigcharts.com, treasury.gov - 4/4/145,6,7,8 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.

Citations. 1 - kansascity.com/2014/04/04/4936580/march-gladness-hiring-turns-stronger.html [4/4/14] 2 - proactiveinvestors.com/companies/news/53231/gold-above-1300-oil-gains-09-for-the-day-but-down-05-for-the-week-53231.html [4/4/14] 3 - investing.com/economic-calendar/ [4/4/14] 4 - foxbusiness.com/markets/2014/04/04/wall-street-walloped-tech-plunge-ignites-selloff/ [4/4/14] 5 - usatoday.com/money/markets/overview/ [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F4%2F13&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F4%2F13&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F4%2F13&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F3%2F09&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F3%2F09&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F3%2F09&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F5%2F04&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F5%2F04&x=0&y=0 [4/4/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F5%2F04&x=0&y=0 [4/4/14] 7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [4/4/14] 8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [4/4/14] 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, marketweighted 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.

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

4/8/2014

Macro View: Plans are Nothing; Planning is Everything | Guggenheim Partners

Plans are Nothing; Planning is Everything MACRO VIEW

EMAIL ALERTS

FOLLOW SCOTT

APRIL 02 2014

U.S. investors are largely convinced that the Fed will raise interest rates in the middle of 2015 but sluggish inflation could push that eventuality back into 2016. Global CIO Commentary by Scott Minerd Federal Reserve Chairwoman Janet Yellen made quite an impression at her inaugural press conference when she indicated that interest rates could begin to rise no sooner than six months after the Fed’s asset purchases end. But, perhaps of greater interest were her statements making clear that U.S. inflation has replaced unemployment as the primary factor she will consider when choosing the specific timing of the first increase in interest rates. Now, financial markets are getting more sensitive to inflation expectations and announcements. While investors will likely debate ad nauseam the level of inflation which will compel the Fed to act, the timing of hiking the federal funds target rate will depend largely on the balance of power between Fed hawks and doves. The hawks believe policy must stay ahead of inflation for fear of losing control and having to raise rates even higher, while the doves are unlikely to act until they can see the whites of inflation’s eyes. In reality, the slow progress toward the Fed’s 2 percent inflation target could see the whole debate being deferred late into 2015 or even the beginning of 2016. History, as shown in the chart below, suggests that equities should outperform fixed-income assets in the year leading up to the eventual rise in interest rates. The Fed’s “dots” chart anonymously plots where Fed officials believe short-term rates will be over a three to four year horizon. Today, the majority of dots predict a longer-run federal funds target rate of 4 percent or above, with some dots reaching 4.5 percent. Historically, as the Fed raises rates, the Treasury yield curve becomes flatter, and in time, the 10year U.S. Treasury yield drops below the fed funds rate. So, if the “dots” are correct, and the fed funds rate is headed to as high as 4.5 percent, it is possible that the 10-year U.S. Treasury note will reach 4-4.25 percent. This means that floating-rate assets, particularly bank loans and collateralized loan obligations, will likely continue to outperform. Flows into bank loans should continue as interest rates rise and there is likely some spread tightening left in the sector. The bad news is that securities in the three to seven year area, called the belly of the curve, will likely underperform. Credit spreads should not start to widen until we see an increase in defaults, which start to tick up usually about one to two years after the Fed begins to tighten. So, even if you believe Dr. Janet Yellen will begin raising interest rates in 2015, credit spreads are unlikely to meaningfully widen until late in 2016 or 2017. Chart of the Week U.S. Equities Outperform in 12 Months Before Fed Tightens

Federal Reserve Chairwoman Janet Yellen has made it clear that she could raise interest rates as early as June 2015, although we do not see that as likely. During the 12 months before a Fed tightening cycle begins -- a period we could now be entering -- U.S. equities have typically outperformed fixed income by a wide margin. In the last five periods leading up to Fed tightening, the S&P 500 has gained 22 percent on average in the year before the Fed began raising rates, compared to 4.2 percent or less for fixed-income assets.

PRICE PERFORMANCE DURING THE YEAR BEFORE FED TIGHTENING*

https://guggenheimpartners.com/perspectives/macroview/plans-are-nothing;-planning-is-everything

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4/8/2014

Macro View: Plans are Nothing; Planning is Everything | Guggenheim Partners

Source: Credit Suisse, Barclays, Bloomberg, Guggenheim Investments. Data as of 3/31/2014. *Note: Average price performance in the 12 months prior to Fed tightening cycles in 1983, 1986, 1994, 1999, and 2004.

Economic Data Releases U.S. Data Emerging from Winter Slowdown

The ISM manufacturing index rose in March to 53.7, rebounding from the winter slowdown. The index indicated that production surged while gains in employment slowed. University of Michigan consumer confidence was revised slightly higher in the final March release, but remains at the lowest levels since November. The ADP Employment Report showed 191,400 jobs added in March, slightly below expectations for Friday’s nonfarm payroll release. Pending home sales unexpectedly fell by 0.8 percent in February. Sales have now dropped for eight straight months. Personal income rose 0.3 percent in February, in line with estimates. Personal consumption expenditures grew 0.3 percent in February, the 10th straight monthly increase. The core PCE price deflator was largely flat in February at 1.1 percent year-over-year. Unemployment claims fell to 311,000 from 321,000 for the week ended March 21st, the lowest level this year. Construction spending increased 0.1 percent in February after a 0.2 percent February decline. Non-residential building was responsible for the increase. U.S. factory orders increased 1.6 percent in February after falling the previous two months. Euro Zone Prices Head Lower, Abenomics Momentum Slows

Euro zone economic confidence increased for an 11th straight month in March, reaching the highest level since July 2011. The euro zone wide CPI ticked lower in March to 0.5 percent in the preliminary release, the lowest since October 2009. The euro zone producer price index fell in February, reaching -1.7 percent year-over-year, more than four-year low. Retail sales in Germany were strong in February, rising for a second straight month at 1.3 percent. Germany’s unemployment rate reached a record low of 6.7 percent in March as unemployment decreased by 12,000 people. The U.K. manufacturing PMI continued cooling in March, falling for a fourth consecutive month to 55.3. U.K. retail sales jumped more than expected in February, up 1.7 percent, driven by strong food sales. China’s official manufacturing PMI ticked up to 50.3 in March from 50.2. The report was partly offset by a small downward revision to the HSBC manufacturing PMI, which decreased to 48.0. Japan’s Tankan Survey of large manufacturers rose less than expected in the first quarter, inching up to 17 from 16. The outlook for manufacturers and non-manufacturers dropped after increasing the previous four quarters. Japan’s CPI ticked up in February to 1.5 percent from 1.4 percent, while core CPI was flat at 1.3 percent. Japanese industrial production was worse than expected in February, dropping 2.3 percent, the largest monthly decrease in eight months.

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.

https://guggenheimpartners.com/perspectives/macroview/plans-are-nothing;-planning-is-everything

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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

$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

SHARE SHARE PRICE PRICE BEST WORST YEAR YEAR % %

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%

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

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 come 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 2014 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.