McGOWANGROUP ASSET MANAGEMENT
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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 ………………………………………………………………………………………….…
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Candidate List ………………………………………………………………………………………………………
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Dividend Report …………………………………………………………………………………………………..
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Disclosures Disclosures ……………………………………………………………………………………………………………
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200 Crescent Court #657 Dallas, TX 75201 Phone: (214) 720-4400 Fax: (214) 720-4420 info@themcgowangroup.com WEEKLY ECONOMIC UPDATE
April 28, 2014
CONSUMER OPTIMISM INCREASES At a final April mark of 84.1, the University of Michigan’s consumer sentiment index hit a 9-month high. It climbed 4.1 points above the final March reading. The survey’s sub-index of current economic conditions came in at a 7-year high of 98.7.1 HOME SALES TAIL OFF While the National Association of Realtors announced only a 0.2% retreat in existing home sales for March, the Census Bureau noted a 14.5% plunge in new home sales on the month. Shrinking inventory, rising mortgage rates and less groundbreaking have helped cool the housing market. Existing home sales have increased in only one month out of the last eight.2 RISING DEMAND FOR BIG-TICKET ITEMS Hard goods orders were up 2.6% in March, the Census Bureau announced; this was on the heels of a 2.1% rise in February. Minus transportation orders, the gain was still 2.0%. Analysts polled by Briefing.com had forecast merely a 2.0% improvement in the headline number.3 UKRAINE TENSIONS WEIGH ON STOCKS Standard & Poor’s cut Russia’s debt rating to BBB- on Friday. As investors weren’t terribly thrilled by earnings last week to begin with, minor weekly declines came for the Dow (0.28% to 16,361.46), Nasdaq (0.49% to 4,075.56) and S&P 500 (0.08% to 1,863.40).4,5,6 THIS WEEK Monday brings earnings from Buffalo Wild Wings, HealthSouth, Denny’s and Herbalife along with NAR’s report on March pending home sales. On Tuesday, the latest Conference Board consumer confidence index arrives, plus the February S&P/Case-Shiller home price index and quarterly results from eBay, Valero Energy, MGM Resorts, Hertz, Marriott, Merck, Sprint, Twitter, U.S. Steel and Archer-Daniels-Midland and Deutsche Bank. The Federal Reserve makes a policy statement Wednesday; before that, Wall Street gets the March ADP employment report, the first estimate of Q1 GDP from the BEA and earnings from Coca-Cola, First Solar, GlaxoSmithKline, Royal Dutch Shell, Western Digital, Yelp, Zillow, Barrick Gold, Thomson Reuters and Time Warner. Thursday, Fed chair Janet Yellen speaks in Washington, the ISM April factory PMI and March personal spending report appear, new initial claims numbers are out, and Clorox, Cigna, Viacom, ConocoPhillips, Domino’s, Kraft Foods, Expedia, Exxon Mobil, Fluor, Kellogg and LinkedIn post earnings. Friday, the April jobs report and March factory orders report arrive from Washington and China’s official April service sector PMI appears.
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% CHANGE DJIA NASDAQ S&P 500 REAL YIELD 10 YR TIPS
Y-T-D -1.30 -2.42 +0.81 4/25 RATE 0.48%
1-YR CHG +11.30 +23.88 +17.55 1 YR AGO -0.66%
5-YR AVG +20.52 +28.11 +23.02 5 YRS AGO 1.53%
10-YR AVG +5.66 +10.01 +6.41 10 YRS AGO 2.03%
Sources: USATODAY.com, bigcharts.com, treasury.gov - 4/25/146,7,8,9 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.
Citations. 1 - tinyurl.com/n2hh8eh [4/25/14] 2 - denverpost.com/realestatenews/ci_25625267/new-home-sales-fall-14-5-march [4/24/14] 3 - briefing.com/investor/calendars/economic/2014/04/21-25 [4/25/14] 4 - bloomberg.com/news/print/2014-04-25/russia-s-rating-cut-to-bbb-by-standard-poor-s.html [4/25/14] 5 - google.com/finance?q=INDEXDJX:.DJI&ei=KdtaU9iDEe_ZigKvpgE&client=news [4/25/14] 6 - usatoday.com/money/markets/overview/ [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F25%2F13&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F25%2F13&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F25%2F13&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F24%2F09&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F24%2F09&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F24%2F09&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F26%2F04&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F26%2F04&x=0&y=0 [4/25/14] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F26%2F04&x=0&y=0 [4/25/14] 8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [4/25/14] 9 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [4/25/14]
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.
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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.
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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
4/28/2014
Macro View: Resistance is Futile, for Now | Guggenheim Partners
Resistance is Futile, for Now MACRO VIEW
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APRIL 23 2014
The U.S. “risk-on” trade is still in place, even as some leveraged credit is showing signs of overheating. Global CIO Commentary by Scott Minerd The U.S. economy is on solid ground as the effects of the difficult winter soft patch fade in the rear view mirror. While some may argue that U.S. financial markets are past due for a correction, all indicators remain strong, and so for now, the great “risk-on” trade continues. In fact, with optimism over corporate earnings rising and the New York Stock Exchange Advance/Decline Line reaching a new high last week; the U.S. equity market looks poised to continue its rally. The reversal of flows into loan funds last week was disturbing, but, it is not reason enough to be overly anxious for the moment. Our research indicates that certain sectors of the credit market are showing signs of overheating, with triple-C corporate debt particularly overvalued. Against this backdrop, I look forward to attending the annual Milken Institute Global Conference next week, where credit market conditions will likely be a topic of hot debate. Beyond the U.S. economy, monetary policy and credit markets, I look forward to discussing issues as diverse as the economic emergence of sub-Saharan Africa, rising geopolitical risk in Asia, and slowing economic growth in China. As I noted during my trip to Davos in January, the big cat is out of the bag about the opportunity in Africa. Sub-Saharan African nations have made significant political and structural advances. Nigeria has recently overtaken South Africa as the continent’s largest economy. Indeed, the opportunities are now so great that it is no longer reasonable for long-term investors to ignore the growth opportunity the continent represents. In the coming days, I will be writing about these and other issues on Guggenheim’s Milken Institute Global Conference blog.
Chart of the Week Afr ica Poised for Demographic Boom
The countries of sub-Saharan Africa have been among the fastest growing economies in the world over the past decade, a trend set to continue over the next decade. In addition to improved governance and stability, a primary reason for Africa’s acceleration has been, and likely will be even more so in the future, the demographic dividend from a booming working-age population. This economically active population is set to double in the next 25 years, and within 30 years, the African workforce will likely have surpassed that of China or India. If managed effectively, Africa could reap many of the same economic benefits that Asia has enjoyed over the last several decades during its own demographic surge.
WORKING AGE POPULATION: 2000-2050
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4/28/2014
Macro View: Resistance is Futile, for Now | Guggenheim Partners
Source: Haver, Guggenheim Investments. Data as of 4/23/2014. *Note: Regions follow the U.N. Statistics Division definitions.
Economic Data Releases Housing Weakness May Be More than Just Weather
Existing home sales were mostly flat in March, inching down to 4.59 million from 4.6 million, slightly above expectations. Sales have fallen for three straight months. New home sales plunged in March from 449,000 to 384,000, an eight-month low. The median sales price reached a record high. The FHFA House Price Index rose 0.6 percent in February from January. On a year-over-year basis, prices were up 6.9 percent, the smallest annual increase in a year. The Leading Economic Index was better than anticipated in March, rising 0.8 percent, the most in four months. Financial indicators and the manufacturing workweek added the bulk of the increase. Initial jobless claims were mostly flat for the week ended April 12, rising by 2,000 to 304,000. The Philadelphia Fed Business Outlook Survey rose for a second consecutive month in April, reaching the highest level in seven months at 16.6. Faster European Expansion in April, China Slow dow n Persisting
Euro zone consumer confidence climbed to a six-and-a-half year high in April at -8.7, up from -9.3. The euro zone manufacturing PMI accelerated in April to 53.3, up from 53.0. Services also rose to 53.1, the fastest pace of expansion in nearly three years. Germany’s manufacturing PMI rebounded in April to 54.2, after falling the previous two months. France’s manufacturing PMI fell for the first time this year in April, showing a slower pace of expansion at 50.9 versus 52.1 in March. China’s HSBC manufacturing PMI showed a fourth straight month of contraction in April at 48.3, up slightly from 48.0. Japanese export growth slowed sharply in March, rising just 1.8 percent from a year ago after a 9.8 percent gain in February. Imports jumped due to increased consumption before the sales tax increase, resulting in a significantly wider trade balance.
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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 MARCH 31, 2014 AND INCLUDE CONSULTING SERVICES FOR CLIENTS WHOSE ASSETS ARE VALUED AT APPROXIMATELY $39 BILLION.
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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
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CASH FLOW STRATEGIES Cash Flow (Moderate)
Municpal Bonds 37%
Discount Closed End Funds 36%
Global Dividend Companies 24%
Cash and Limited Duration 3%
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
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CASH FLOW STRATEGIES Conservative
CD's, MTN's, MTP's 25% Insured Municpal Bonds 50% Cash 25%
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
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CASH FLOW STRATEGIES Ultra Conservative
Cash 50%
Insured Municpal Bonds 50%
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
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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
03/31/14
03/31/14
03/31/14
03/31/14
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
N/A
DSL
TAXABLE INCOME-MULTI-SECTOR
$22.45
8.48%
$21.22
$22.98
-7.66%
N/A
3.08%
N/A
N/A
FPF
TAXABLE INCOME-PREFERREDS
$23.19
8.27%
$22.14
$24.14
-8.29%
N/A
7.01%
N/A
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
03/31/14
03/31/14
03/31/14
03/31/14
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
03/31/14
03/31/14
03/31/14
03/31/14
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%
14
SHARE SHARE PRICE PRICE BEST WORST YEAR YEAR % %
Cash Flow Strategy Closed End Funds Equity Funds 03/31/14
03/31/14
03/31/14
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.
15
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
$10.00
0.00%
2.85%
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.
16
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
17
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
18
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
19
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
20
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
3/31/2014
12/31/12 NAV
Current % Yield
MARKET PRICE
3/31/2014 YTD MARKET RETURN
3/31/2014
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
3/31/2014
3/31/2014
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
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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
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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.
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