networth-radio-package-05-19-14 by McGowanGroup Asset Management

McGOWANGROUP ASSET MANAGEMENT

NetWorth Radio The CashFlow Revolution™

Table of Contents Market Commentary MGAM Tactical Dynamic Allocation Strategy…………………………………………………………

Page 3

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

Page 5

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

Page 7

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

Page 11

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

Page 15

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

Page 22

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

5/15/2014

Macro View: Forward into Broad, Sunlit Uplands | Guggenheim Partners

Forward into Broad, Sunlit Uplands MACRO VIEW

EMAIL ALERTS

FOLLOW SCOTT

MAY 07 2014

It’s topsy turvy season as U.S. interest rates are falling when they should normally be rising and because 2014 might be the year to ignore the age-old advice to sell in May and go away. Global CIO Commentary by Scott Minerd Last week’s first-quarter U.S. GDP data reflected weakness associated with the winter soft patch, however, with the effects of terrible weather now firmly in the rearview mirror we should enjoy a rebound in economic activity in the second quarter. Unlike in recent years, I expect the U.S. economy will strengthen as we move toward summer.

Scott Minerd

@ScottMinerd

2014 could be the exception to the “sell in May” strategy for US equities.

The great conundrum of course is U.S. interest rates. With the 1:48 PM - 6 May 2014 American economy adding jobs, consumer spending accelerating, and 3 RETWEETS economic data generally looking strong, interest rates should be rising rather than falling. Nevertheless, capital flows from overseas are playing a crucial role in keeping interest rates low. Firstly, we have the “Putin Put” -- as tensions escalate in Ukraine there is a flight to safety putting downward pressure on U.S. Treasury yields. Secondly, Japan’s first sales tax increase since 1997 will likely cause a slowdown in consumer spending, which could very well lead to an acceleration of monetary stimulus there. Such a move would likely prompt China to further devalue its renminbi currency, which would likely drive increased Chinese demand for U.S. Treasuries. So in the face of strong U.S. economic fundamentals, which should be pushing interest rates higher, technical factors at home and abroad have driven interest rates in the opposite direction. This only adds to already improving U.S. economic prospects. Low interest rates and increasing employment will have a positive impact on housing and on consumer confidence and spending. We will also likely see a pick-up in mergers and acquisitions activity, and U.S. first-quarter corporate earnings have beaten estimates -- factors which should help push equity prices even higher. In fact, 2014 may be a year where it is wise to ignore the old adage to sell in May and go away. Chart of the Week Increasing U.S. Capex Should Boost Growth

Despite weak first-quarter U.S. GDP, which will likely be revised lower after Tuesday’s trade figures, the American economy is on sound footing and looks set to accelerate over the rest of the year. Consumer demand was strong in the first quarter, and the economy is due for a surge in business investment. Rising business confidence, increased capacity utilization, and business surveys all point to increasing capex in the coming quarters. The most recent Senior Loan Officer Survey showed that bank lending standards continue to loosen, which should lead to a near-term jump in capex.

U.S. COMMERCIAL AND INDUSTRIAL LOAN LENDING STANDARDS AND CAPITAL EXPENDITURES

http://guggenheimpartners.com/perspectives/macroview/forward-into-broad,-sunlit-uplands

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5/15/2014

Macro View: Forward into Broad, Sunlit Uplands | Guggenheim Partners

Source: Haver, Guggenheim Investments. Data as of 5/5/2014.

Economic Data Releases U.S. Unemployment Drops as Consumer Spending Accelerates

Non-farm payrolls added 288,000 jobs in April, much better than the expected 218,000. The prior two months were revised up by 18,000, and the added jobs were spread across industries. The unemployment rate dropped to 6.3 percent from 6.7 percent. However, the change was entirely due to falling labor force participation, which dropped 0.4 percentage points. Both average hourly earnings and average weekly hours were flat in April, indicating little wage pressure. The ISM manufacturing index rose for a third consecutive month, reaching 54.9 in April -- the best reading this year. The employment subindex showed a large increase. The April ISM non-manufacturing index increased to 55.2, the highest level since August. The new orders index surged by the most in four years. Initial jobless claims jumped to 344,000 for the week ended April 25, a three-month high. The increase was likely a result of seasonal adjustments related to the timing of Easter. Consumer spending surged by 0.9 percent in March, nearly a five-year high. Spending on durable goods led gains. The core PCE deflator increased to 1.2 percent year-over-year in March, up from 1.1 percent in February. The trade deficit narrowed in March to $40.4 billion from $41.8 billion. Though the gap decreased, the deficit was still greater than the BEA had assumed in their first-quarter GDP estimate, meaning GDP will likely be revised to a negative figure. Euro Zone Retail Sales Strong, China PMI Data Mixed

Euro zone retail sales beat expectations in March, rising for a third consecutive month by 0.3 percent. The unemployment rate in the euro zone remained at 11.8 percent for the fourth month in a row in March. The U.K. manufacturing PMI bounced up to a five-month high in April of 57.3. China’s official manufacturing PMI inched up for a second consecutive month in April, increasing to 50.4 from 50.3 on the back of a rebound in new orders. China’s HSBC manufacturing PMI was revised down to 48.1 for April, adding to evidence of slowing economic growth. The HSBC China services PMI ticked up but remained in contractionary territory in April at 49.5.

EMAIL ALERTS

FOLLOW SCOTT

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

© 2014 GUGGENHEIM PARTNERS, LLC. ALL RIGHTS RESERVED. GUGGENHEIM AND GUGGENHEIM PARTNERS ARE TRADEMARKS OR REGISTERED TRADEMARKS OF GUGGENHEIM CAPITAL, LLC. *ASSETS UNDER MANAGEMENT ARE AS OF MARCH 31, 2014 AND INCLUDE CONSULTING SERVICES FOR CLIENTS WHOSE ASSETS ARE VALUED AT APPROXIMATELY $39 BILLION.

http://guggenheimpartners.com/perspectives/macroview/forward-into-broad,-sunlit-uplands

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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 04/30/14

04/30/14

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION ANNUALIZED

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

CLOSED END FUND

SYMBOL

ASSET CLASS

12/31/13 NAV VALUE

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

AVK

CONVERTIBLE/HIGH YIELD

$20.38

6.11%

$18.24

$19.96

-8.62%

-0.23%

6.88%

55.84%

-47.04%

JPC

CORPORATE/PREFERRED

$9.88

7.95%

$9.51

$10.56

-9.94%

9.57%

5.82%

84.27%

-51.74%

JQC

CORPORATE/PREFERRED

$10.24

6.70%

$9.42

$10.29

-8.45%

2.60%

5.34%

78.60%

-49.30%

DFP

TAXABLE INCOME-PREFERREDS

$22.46

8.42%

$22.76

$24.30

-6.34%

N/A

5.46%

N/A

DSL

TAXABLE INCOME-MULTI-SECTOR

$22.45

8.17%

$21.95

$23.31

-5.83%

N/A

3.08%

N/A

FPF

TAXABLE INCOME-PREFERREDS

$23.19

8.10%

$22.67

$24.38

-7.01%

N/A

7.01%

N/A

HYT

CORPORATE-HIGH YIELD

$13.02

7.90%

$12.22

$13.43

-9.01%

5.04%

9.83%

92.56%

-38.43%

VTA

TAXABLE INCOME-SENIOR LOAN

$13.71

6.92%

$13.07

$13.91

-6.04%

3.68%

3.87%

91.12%

-49.58%

DHG

TAXABLE INCOME-HIGH YIELD

$16.37

6.95%

$14.61

$16.70

-12.51%

4.13%

-2.39%

65.62%

-65.50%

BTZ

TAXABLE INCOME-INVESTMENT GRADE

$14.84

7.05%

$13.68

$15.51

-11.80%

6.19%

2.30%

57.51%

-43.95%

04/30/14

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

7.74%

$10.77

$12.53

-14.05%

5.56%

2.86%

22.94%

-14.02%

$14.89

8.02%

$14.89

$15.19

-1.97%

4.75%

12.04%

94.90%

-31.02%

$19.11

7.93%

$17.80

$19.90

-10.55%

6.76%

8.88%

53.55%

-20.62%

$13.48

7.97%

$12.70

$14.12

-10.06%

6.72%

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

9.01%

$12.75

$13.52

-5.70%

5.02%

8.55%

71.25%

-30.71%

FAM

GLOBAL HIGH YIELD/INVESTMENT GRADE

$15.32

9.32%

$14.23

$15.55

-8.49%

5.54%

6.99%

74.64%

-29.82%

EDD

GLOBAL INVESTMENT GRADE

$14.77

7.51%

$13.13

$15.04

-12.68%

3.59%

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

04/30/14

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

6.93%

$19.98

$21.99

-9.14%

10.51%

10.49%

20.32%

9.88%

NBD

MUNICIPAL NATIONAL

$21.40

6.45%

$20.95

$23.27

-9.97%

10.98%

12.14%

25.08%

6.46%

BBN

MUNICIPAL NATIONAL

$20.54

7.62%

$20.45

$22.53

-9.23%

11.70%

12.17%

32.81%

14.83%

GBAB

MUNICIPAL NATIONAL

$21.49

7.78%

$20.97

$22.53

-6.92%

8.21%

12.18%

26.43%

14.96%

NAD

MUNICIPAL NATIONAL

$14.05

6.40%

$13.78

$15.20

-9.34%

10.39%

6.60%

45.78%

-20.44%

NMA

MUNICIPAL NATIONAL

$13.66

6.01%

$13.28

$14.89

-10.81%

11.06%

7.05%

47.34%

-21.92%

NQU

MUNICIPAL NATIONAL

$13.79

5.99%

$13.75

$15.12

-9.06%

11.73%

6.72%

28.78%

-23.80%

NMO

MUNICIPAL NATIONAL

$13.44

6.07%

$13.21

$14.63

-9.71%

10.95%

6.73%

38.86%

-20.56%

BAF

MUNICIPAL NATIONAL

$14.28

5.80%

$14.04

$15.50

-9.42%

10.56%

6.44%

47.20%

-21.07%

MUE

MUNICIPAL NATIONAL

$13.18

6.38%

$13.13

$14.33

-8.37%

10.97%

5.45%

46.84%

-16.73%

MUC

MUNICIPAL SINGLE STATE

$14.62

5.91%

$14.38

$15.82

-9.07%

10.26%

6.09%

46.80%

-24.57%

MYN

MUNICIPAL SINGLE STATE

$13.06

6.16%

$13.29

$14.01

-5.14%

9.45%

6.05%

45.39%

-26.21%

Cash Flow Strategy Closed End Funds Equity Funds 4/30/2014 CLOSED END FUND

SYMBOL

ASSET CLASS

KAYNE ANDERSON ENERGY DEVELO

KED SRV NTG BGY GDV ETO EVT HTD ETG CHW MGU MFD NFJ ETW EXG IGD USA CSQ HQH HQL UTF BUI DPG AWP RNP RQI

ENERGY GROWTH/INCOME

CUSHING MLP TOTAL RETURN FUN TORTOISE MLP FUND INC BLACKROCK INTERNATIONAL GROW GABELLI DIVIDEND & INCOME TR EATON VANCE TAX ADV GL DVD O EATON VANCE TAX-ADV DVD INC JOHN HANCOCK T/A DVD INCOME EATON VANCE T/A GL DVD INCM CALAMOS GLOBAL DYNAMIC INCOM MACQUARIE GLOBAL INFR TOT RT MACQUARIE/FT GL INT/UT DV IN ALLIANZGI NFJ DIVIDEND INTER EATON VANCE TAX MAN GLBL BR EATON VANCE TAX-MANAGED GLOB VOYA GLOBAL EQUITY DIVIDEND LIBERTY ALL STAR EQUITY FUND CALAMOS STRAT TOT RETURN FD H & Q HEALTHCARE INVESTORS H & Q LIFE SCIENCES INVSTRS COHEN & STEERS INFRASTRUCTUR BLACKROCK UTILITY AND INFRAS DUFF & PHELPS GLOBAL UTILITY ALPINE GLOBAL PREMIER PROPER COHEN & STEERS REIT & PR COHEN & STEERS QUAL INC RLTY

ENERGY GROWTH/INCOME ENERGY GROWTH/INCOME US EQUITY COVERED CALL EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED GLOBAL EQUITY INCOME GLOBAL GROWTH & INCOME GLOBAL INFRASTRUCTURE GLOBAL INFRASTRUCTURE US EQUITY COVERED CALL US EQUITY COVERED CALL US EQUITY COVERED CALL US EQUITY COVERED CALL US EQUITY GENERAL EQUITY US EQUITY GROWTH & INCOME US EQUITY-HEALTH/BIOTECH US EQUITY-HEALTH/BIOTECH US EQUITY INFRASTRUCTURE US EQUITY- UTILITIES US EQUITY- UTILITIES GLOBAL REAL ESTATE US EQUITY-REAL ESTATE US EQUITY-REAL ESTATE

12/31/12 NAV VALUE

$29.96 $7.02 $28.29 $9.18 $24.18 $26.35 $21.30 $20.02 $18.09 $10.24 $25.24 $17.12 $18.57 $13.13 $11.12 $10.04 $6.71 $12.29 $26.29 $21.14 $23.43 $20.70 $21.46 $8.11 $17.88 $10.53

4/30/2014

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

$34.21 $8.30 $27.21 $8.08 $22.30 $24.42 $19.92 $20.72 $17.08 $9.16 $24.25 $17.76 $18.47 $12.28 $10.20 $9.47 $5.76 $11.28 $26.57 $20.79 $22.55 $19.35 $20.44 $7.12 $17.42 $10.76

$29.96 $6.97 $30.04 $8.85 $24.60 $26.51 $22.15 $23.34 $18.29 $10.22 $27.75 $18.70 $18.73 $13.14 $10.91 $10.15 $6.48 $12.30 $26.92 $20.86 $26.42 $22.43 $23.73 $8.03 $20.33 $12.26

14.19% 19.08% -9.42% -8.70% -9.35% -7.88% -10.07% -11.23% -6.62% -10.37% -12.61% -5.03% -1.39% -6.54% -6.51% -6.70% -11.11% -8.29% -1.30% -0.34% -14.65% -13.73% -13.86% -11.33% -14.31% -12.23%

28.07% 2.64% 7.75% -1.81% 3.38% 2.94% 6.08% 18.38% 3.44% 1.72% 11.42% 11.43% 3.36% 3.11% 1.06% 4.24% -0.47% 1.92% 4.19% 0.37% 14.45% 10.24% 12.37% 1.54% 15.49% 18.39%

5.89% 10.65% 5.95% 8.25% 5.42% 7.32% 6.46% 6.42% 7.16% 9.12% 5.70% 7.83% 9.69% 9.48% 9.54% 9.66% 6.97% 8.79% 7.97% 8.22% 6.42% 7.39% 6.75%

8.38% 6.87% 6.99%

4/30/2014 NAV RETURN INCEPTION ANNUALIZED

12.28% -3.12% 11.13% 1.16% 8.77% 10.80% 8.56% 9.45% 7.43% 3.67% 8.90% 9.91% 5.61% 6.06% 3.86% 4.35% 8.06% 6.25% 11.97% 9.66% 19.43% 13.09% 15.31% -2.93% 8.27% 8.66%

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

116.73% 120.35% 18.64% 63.67% 44.59% 49.68% 50.42% 42.82% 44.72% 53.56% 51.16% 36.92% 31.66% 59.66% 49.28% 48.24% 57.28% 56.82% 68.07% 80.78% 68.53% 7.93% 21.95% 78.59% 91.15% 80.59%

-64.88% -69.28% 1.67% -41.95% -45.75% -53.56% -53.43% -35.26% -55.63% -47.34% -56.67% -55.60% -37.77% -33.23% -30.87% -32.23% -43.89% -49.28% -37.59% -36.09% -57.19% -3.50% 0.64% -63.64% -60.58% -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 04/30/2014

MUNIFUND TERM PREFERRED SHARES TICKER SYMBOL

RATING

Nuveen Dvd Adv Muni Inco Nuveen Md Premium Inc 2

NVG2.95

Aaa AAA

Financial

$10.04

$10.00

0.40%

NMY2.9

Aa2 NR

Financial

$10.05

$10.00

0.50%

Nuveen Texas Premium Inc

NTX2.3

Aa2 NR

Financial

$10.06

$10.00

0.60%

Nuveen Ma Dvd Adv Muni

NMB2.6

Aa2 NR

Financial

$10.02

$10.00

Nuveen Amt-Free Adv Muni

NEA2.85

WR NR

Financial

$10.00

TICKER SYMBOL

RATING

INDUSTRY

DESCRIPTION

INDUSTRY

COUPON RATE

CORPORATE WEBSITE

2.94%

2.95%