networth-radio-package-12-30-13

McGOWANGROUP ASSET MANAGEMENT

NetWorth Radio The CashFlow Revolution™

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

Page 3

JP Morgan – Weekly Market Recap ………………………………………………………………………

Page 5

Guggenheim – Market Perspectives ……………………………………………………………………..

Page 7

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

Page 13

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

Page 17

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

Page 21

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

Page 27

2

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WEEKLY ECONOMIC UPDATE December 30, 2013 A HOLIDAY SHOPPING SEASON TO CELEBRATE Good news from the Commerce Department: November brought a healthy 0.5% gain in personal spending (matching the consensus forecast of economists polled by Briefing.com) and a 0.2% rise in personal income that offset the 0.1% retreat in October. SpendingPulse, which tracks online and in-store retail purchases, says that retail sales increased 3.5% during the holiday season. It reports that 2013’s holiday spending was 2.3% greater than in 2012; the International Council of Shopping Centers puts the gain at 2.7%.1,2 NO CHANGE IN CONSUMER SENTIMENT Against expectations, the University of Michigan’s final December consumer sentiment index came in at 82.5 – exactly where it was at the end of November. Analysts surveyed by Briefing.com had projected the index to end 2013 at 83.3.1 NEW HOME SALES DOWN, BUT UP FROM SUMMER November’s 2.1% dip in new home buying seemed to reflect buyers adjusting to higher mortgage rates. Still, the pace of new home purchases (a seasonally adjusted annual rate of 464,000) was up nicely from July and August (when it was below 400,000). In November, new home sales were up 17% from a year ago; the Commerce Department noted a median price of $270,900, representing a 10.6% year-over-year gain.3 MORE DEMAND FOR DURABLES Orders for hard goods were up 3.5% in November, 1.2% with transportation orders removed. The Census Bureau revised its October durable goods report to show an 0.7% overall retreat.1 STOCKS POST WEEKLY GAINS A short trading week saw the S&P 500 advancing another 1.27% to 1,841.40, the Dow climbing 1.59% to 16,478.41 and the NASDAQ gaining 1.26% to 4,156.59.4,5,6 THIS WEEK: Monday, the National Association of Realtors puts out its November pending home sales report. October’s S&P/Case-Shiller Home Price Index and the Conference Board’s December consumer confidence index both appear on Tuesday; New Year’s Eve is a regular trading day for both the NYSE and NASDAQ, but the U.S. bond market should wrap things up at 2:00pm EST. U.S. financial markets are closed Wednesday (New Year’s Day). ISM’s December manufacturing PMI is the big news item on Thursday, with weekly jobless claims figures also being released. Friday, the Commerce Department issues data on December car and truck sales.

% CHANGE

Y-T-D

1-YR CHG

5-YR AVG

10-YR AVG

DJIA

+25.75

+25.82

+18.70

+5.96

NASDAQ

+37.66

+39.21

+34.33

+11.07

S&P 500

+29.11

+29.85

+22.20

+6.80

REAL YIELD

12/27 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.80%

-0.73%

2.03%

1.94% 4,5,6,7,8,9

Sources: CNNMoney.com, bigcharts.com, treasury.gov - 12/27/13 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.

Citations 1 - briefing.com/investor/calendars/economic/2013/12/23-27 [12/27/13] 2 - bloomberg.com/news/2013-12-26/u-s-holiday-sales-rise-3-5-spendingpulse-says.html [12/26/13] 3 - marketwatch.com/story/new-home-sales-approach-fastest-pace-since-2008-2013-12-24 [12/24/13] 4 - money.cnn.com/data/markets/dow [12/27/13] 5 - money.cnn.com/data/markets/nasdaq/ [12/27/13] 6 - money.cnn.com/data/markets/sandp/ [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F27%2F12&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F27%2F12&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F27%2F12&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F26%2F08&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F26%2F08&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F26%2F08&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F26%2F03&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F26%2F03&x=0&y=0 [12/27/13] 7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F26%2F03&x=0&y=0 [12/27/13] 8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [12/27/13] 9 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [12/27/13]

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. 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. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks.

The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.

NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. 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.

1 year 32.64 28.88 40.49 33.71 32.84 22.37 -2.23 41.02

3-yr. Cum. 56.25 54.06 52.81 57.00 56.08 29.05 -3.39 61.55

Yield 2.50 3.29 3.03 6.38

1 week -0.40 -0.52 -0.01 0.12

QTD -0.23 1.00 -0.13 3.45

1 year -2.20 -1.92 -2.08 7.30

3-yr. Cum. 10.46 17.56 16.10 30.95

12/27/13 0.40 3.02 3.94 1.96 0.25 0.30 N/A 4.64 3.25

12/20/13 0.37 2.89 3.82 1.87 0.25 0.30 N/A 4.64 3.25

9/30/13 0.33 2.64 3.69 1.78 0.25 0.23 N/A 4.49 3.25

YTD -2.11 -1.64 -2.20 7.31 Levels (%) 12/31/12 0.25 1.78 2.95 1.31 0.31 0.19 0.31 3.52 3.25

12/27/12 0.26 1.74 2.89 1.31 0.31 0.19 0.32 3.51 3.25

12/27/10 0.71 3.36 4.42 3.04 0.30 1.03 0.42 4.93 3.25

Commodities Oil (WTI) Gasoline Natural Gas Gold Silver Copper Corn DJ/UBS Idx

12/27/13 100.32 3.27 4.33 1215 19.92 7375 4.15 256.93

V

B

G

L 32.1

31.9

32.8

M 32.9

34.0

34.8

S 34.4

38.5

42.7

Financials 25.2

24.9

Materials

Energy

S&P 500

Consumer Discr.

27.7

25.8 Consumer Staples

Industrials

Technology

Technology

Telecom

YTD

0

YTD

15

Dividend Share of Return

Utilities

35.3

Energy Industrials

30

Earnings Expectations Share of Return

Cons. Disc.

-25%

31.9

Telecom 41.2

40.0

Health Care

45

Multiple Share of Return

S&P 500

Materials

60

41.9

15%

Consumer Discr.

1 week

0 -1

1 week

1.3

0.8

1.3

1

Utilities

1.4

-0.1

S

12.6

1.1

11.5

1.1

Utilities

1.2

Telecom

M

0.9

2

25%

-5%

12/27/12 90.87 3.26 3.33 1656 29.75 7872 7.04 279.94

Consumer Staples

1.3

0.9

1.3

45%

5%

12/27/12 1.32 1.61 85.93

Health Care

1.4

1.3

3

L

1.1

G

1.8

B

YTD, total return

35%

12/31/12 1.32 1.63 86.47 Levels 12/31/12 91.82 3.30 3.40 1658 29.95 7915 7.11 279.84

S&P 500 Sector Returns

V

Financials

Style Returns

Div. Yld. Mkt. Cap (bn) 1.99 116.03 2.12 N/A 1.24 1.76 1.58 97.19 2.26 110.31 3.00 0.00 2.58 0.00 1.17 6242 Levels

12/27/13 1.38 1.65 104.98

2.3

Chart of the Week Sources of S&P 500 Sector Returns

P/B 2.66 2.98 2.37 5.07 1.79 1.66 1.50 3.53

Currencies $ per € $ per £ ¥ per $

2.0

Key Rates 2-yr U.S. Treasuries 10-yr U.S. Treasuries 30-yr U.S. Treasuries 10-yr German Bund 3-mo. LIBOR 3-mo. EURIBOR 6-mo. CD rate 30-yr fixed mortgage Prime Rate

NTM P/E 15.39 14.61 22.29 18.10 13.86 13.79 10.41 20.66

2.4

Fixed Income U.S. Aggregate U.S. Corporates Municipals (10yr) High Yield

-15%

Please see important disclosure on next page.

YTD 31.87 28.78 38.50 32.76 32.13 22.80 -2.77 39.43

Energy

As we wind down into the last week of the year, we thought it would be good to recap what has turned out to be a strong year for U.S. equity markets. As shown in the chart of the week, while earnings expectations increased for most sectors in the S&P, multiple expansion was the driving force behind total returns this year. Furthermore, the more cyclical sectors of the market, namely consumer discretionary, industrials and financials led the pack in response to stronger economic growth, while the bond proxies fell under pressure reflecting rising yields. Nevertheless, although it will be difficult to repeat this year’s equity performance next year given fair valuations and only modest earnings growth, the trend of rising yields on the back of a recovery in the cyclical sectors is poised to continue in early 2014.

QTD 10.08 9.43 8.47 9.84 9.68 5.33 1.34 10.56

Materials

Thought of the Week

1 week 1.31 1.62 1.33 1.25 1.36 2.35 0.99 1.29

Cons. Stpl.

Markit PMIs Pending home sales Consumer confidence ISM manufacturing Jobless claims Vehicle sales

Index Characteristics

Level 1841 16478 2886 568.12 571.19 1908 997.56 4157

Info Tech

-

Index Returns (%)

Equities S&P 500 Dow Jones 30 Russell 2000 Russell 1000 Growth Russell 1000 Value MSCI EAFE MSCI EM NASDAQ

S&P 500

The Week Ahead

Weekly Data Center

Financials

Personal income increased by 0.2% Consumer spending increased by 0.5% Consumer sentiment held steady at 82.5 Durable goods orders increased 3.5% New home sales increased 464K

Industrials

-

Health Care

The Week in Review

December 30, 2013

1.5

Weekly Market Recap

Weekly Market Recap Chart of the Week: Source: Standard & Poor's, J.P. Morgan Asset Management.

Thought of the week: Source: Standard & Poor's, J.P. Morgan Asset Management.

Equity Price Levels and Returns: All returns represent total return for stated period. Index: S&P 500; provided by: Standard & Poor’s. Index: Dow Jones Industrial 30 (The Dow Jones is a price-weighted index composing of 30 widely-traded blue chip stocks.) ; provided by: S&P Dow Jones Indices LLC. Index: Russell 2000; provided by: Russell Investments. Index: Russell 1000 Growth; provided by: Russell Investments. Index: Russell 1000 Value; provided by: Russell Investments. Index: MSCI – EAFE; provided by: MSCI – gross official pricing. Index: MSCI – EM; provided by: MSCI – gross official pricing. Index: Nasdaq Composite; provided by: NASDAQ OMX Group.

MSCI EAFE is a Morgan Stanley Capital International Index that is designed to measure the performance of the developed stock markets of Europe, Australasia, and the Far East.

Bond Returns: All returns represent total return. Index: Barclays US Aggregate; provided by: Barclays Capital.

Index: Barclays Investment Grade Credit; provided by: Barclays Capital. Index: Barclays Municipal Bond 10 Yr; provided by: Barclays Capital. Index: Barclays Capital High Yield Index; provided by: Barclays Capital.

Key Interest Rates: 2 Year Treasury, FactSet; 10 Year Treasury, FactSet; 30 Year Treasury, FactSet; 10 Year German Bund, FactSet. 3 Month LIBOR, British Bankers’ Association; 3 Month EURIBOR, European Banking Federation; 6 Month CD, Federal Reserve; 30 Year Mortgage, Mortgage Bankers Association (MBA); Prime Rate: Federal Reserve.

Commodities: Gold, FactSet; Crude Oil (WTI), FactSet; Gasoline, FactSet; Natural Gas, FactSet; Silver, FactSet; Copper, FactSet; Corn, FactSet. Dow Jones UBS Commodity Index, S&P Dow Jones Indicies LLC. Currency: Dollar per Pound, FactSet; Dollar per Euro, FactSet; Yen per Dollar, FactSet. S&P Index Characteristics: Dividend yield provided by FactSet Pricing database. Fwd. P/E is a bottom-up weighted harmonic average using First Call Mean estimates for the "Next 12 Months" (NTM) period. Market cap is a bottomup weighted average based on share information from Compustat and price information from FactSet's Pricing database as provided by Standard & Poor's.

MSCI Index Characteristics: Dividend yield provided by FactSet Pricing database. Fwd. P/E is a bottom-up weighted harmonic average for the "Next 12 Months" (NTM) period. Market cap is a bottom- up weighted average based on share information from MSCI and Price information from FactSet's Pricing database as provided by MSCI. Russell 1000 Value Index, Russell 1000 Growth Index, and Russell 2000 Index Characteristics: Trailing P/E is provided directly by Russell. Fwd. P/E is a bottom-up weighted harmonic average using First Call Mean estimates for the "Next 12 Months" (NTM) period. Market cap is a bottom-up weighted average based on share information from Compustat and price information from FactSet's Pricing database as provided by Russell.

Sector Returns: Sectors are based on the GICS methodology. Return data are calculated by FactSet using constituents and weights as provided by Standard & Poor’s. Returns are cumulative total return for stated period, including reinvestment of dividends.

December 30, 2013 Style Returns: Style box returns based on Russell Indexes with the exception of the Large-Cap Blend box, which reflects the S&P 500 Index. All values are cumulative total return for stated period including the reinvestment of dividends. The Index used from L to R, top to bottom are: Russell 1000 Value Index (Measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values), S&P 500 Index (Index represents the 500 Large Cap portion of the stock market, and is comprised of 500 stocks as selected by the S&P Index Committee), Russell 1000 Growth Index (Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), Russell Mid Cap Value Index (Measures the performance of those Russell Mid Cap companies with lower price-to-book ratios and lower forecasted growth values), Russell Mid Cap Index (The Russell Midcap Index includes the smallest 800 securities in the Russell 1000), Russell Mid Cap Growth Index (Measures the performance of those Russell Mid Cap companies with higher price-to-book ratios and higher forecasted growth values), Russell 2000 Value Index (Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values), Russell 2000 Index (The Russell 2000 includes the smallest 2000 securities in the Russell 3000), Russell 2000 Growth Index (Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values).

Past performance does not guarantee future results.

Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

The price of equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. International investing involves a greater degree of risk and increased volatility. There is no guarantee that companies that can issue dividends will declare, continue to pay, or increase dividends. Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage.

JPMorgan Distribution Services, Inc., member of FINRA/SIPC. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. and JPMorgan Asset Management (Canada) Inc. ©JPMorgan Chase & Co., December 2013.

Unless otherwise stated, all data is as of December 27, 2013 or as of most recently available.

Market Perspectives

BY SCOTT MINERD | GLOBAL CHIEF INVESTMENT OFFICER

September 2013

Rising Interest Rates Must End Soon The yield on the benchmark 10-year U.S. Treasury bond has risen by more than 84 percent from May to early September, one of the most violent and rapid increases on record.

This spike has caused severe convulsions in the bond market, leading many investors to wonder how long the torment can last.

If history is our guide, the answer is that it may be over soon. Investors would be wise to remember that “soon” is a period of time, not a matter of degree. I make this point to be clear that while long-term interest rates still have room to increase in this historic bear market—maybe even significantly—now may be the most opportune time to purchase longer duration fixed-income securities in the past two years.

Largest Rise in 50 Years On June 19, Ben Bernanke amplified signals that the Federal Reserve was preparing to taper bond purchases as part of his roadmap to unwind quantitative easing. His words, intended to calm markets, did just the opposite, spurring an unprecedented rise in rates.

Rates began to move sharply higher in early May when the Fed turned hawkish and really took off after Bernanke’s comments.

The increase in U.S. Treasury yields of more than 115 percent since their bottom in July 2012 is greater on a percentage basis than any cyclical increase from trough to peak in the past 50 years. Previously, the largest such increase was 94 percent between CONTINUED ON NEXT PAGE MARKET PERSPECTIVES BY SCOT T MINERD

GUGGENHEIMPARTNERS.COM

7

Market Perspectives - September 2013

Page 2

THE GREATEST RISE Over the past 50 years, 10-year Treasury yields have increased more than 20 percent over 200 days a total of 17 times. Studying these cycles, the increase of more than 115 percent since July 2012 is greater on a percentage basis than any other cyclical increase from trough to peak in the past 50 years. The largest cyclical uptrend within the previous 16 cycles was 94 percent between December 2008 and April 2010.

PERCENTAGE INCREASE IN YIELD FROM CYCLICAL TROUGH TO TOP

120% CURRENT CYCLE (JULY 2012-PRESENT)

100%

PREVIOUS 16 CYCLES

80%

60%

40%

20%

0% 0

200

400

600 800 1000 1200 DAYS FROM CYCLICAL TROUGH TO TOP

1400

1600

1800

Source: Bloomberg, Guggenheim Investments. Data as of 9/16/2013.

December 2008 and April 2010. With history as our guide, we are now only days from the average length of such bear markets. The average time from trough to peak is 423 days.

Now as Fed policymakers meet to discuss tapering asset purchases, it has been 420 days since rates last bottomed in July 2012.

Once rates peak, the average decline of the previous 16 interest rate cycles is 35 percent.

That means, if 3 percent was the top of the current interest rate cycle we could expect rates to fall below 2 percent before another meaningful sell-off. Similarly, if rates continue to rise and top out at 3.5 percent, the trough could be 2.25 percent if averages hold. Whether rates on 10-year Treasury notes continue to rise from here or not, this could be a relatively good entry point to purchase long-duration bonds.

MARKET PERSPECTIVES BY SCOT T MINERD

GUGGENHEIMPARTNERS.COM

8

Market Perspectives - September 2013

Page 3

HOW FAR CAN RATES FALL? Historically, once interest rates fall, the average drawdown from peak to trough is a decline in rates of 35 percent.

PERCENTAGE DECREASE IN YIELD FROM CYCLICAL TOP TO TROUGH

0% -10% -20% -30% AVERAGE DRAWDOWN = -35% -40% -50% -60% 70%

0

500

1000

1500

2000

2500

DAYS FROM CYCLICAL TOP TO TROUGH Source: Bloomberg, Guggenheim Investments. Data as of 9/16/2013.

Buying Opportunity Near The reality of how badly higher interest rates are hurting the economy is slowly becoming apparent and may soon prompt a reversal of fortune for bond investors.

So, what should an investor do? Now may be the time to consider adding to fixed-income assets, especially longer-duration bonds. Given the strong, negative sentiment, history tells us that a buying opportunity cannot be far away. While there is additional downside risk, no one can pick a top or bottom in markets with complete precision. But if history is any indication, 10-year rates may be heading back to 2.25 percent or lower, meaning the bet may pay off.

Why should interest rates decline? Since the Fed turned hawkish in May, higher interest rates have sent mortgage rates skyward. The abrupt rise in mortgage rates is having a material impact on housing activity. With mortgage applications declining, the critical tailwind of housing in the current expansion may soon become a headwind. More than half of all economic growth since last year came from housing-related activity.

MARKET PERSPECTIVES BY SCOT T MINERD

GUGGENHEIMPARTNERS.COM

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Market Perspectives - September 2013

Page 4

HIGHER INTEREST RATES DETER MORTGAGE APPLICATIONS As interest rates for U.S. 30-year mortgages decline, mortgage applications rise and as interest rates rise, applications for mortgages decline.

100%

QUARTERLY CHANGE IN U.S. MORTGAGE APPLICATION VOLUME

CORRELATI0N COEFFICIENT = -0.76 80% 60% 40% 20% 0% -20%

3Q2013*

-40% -60% -80% -90

-60

-30 0 30 60 QUARTERLY CHANGE IN U.S. 30-YEAR MORTGAGE RATE (Bps)

90

120

Source: Mortgage Banks Association, Bloomberg, Guggenheim Investments. Data as of 9/16/2013. *Note: Data for 3Q2013 is based on latest available data.

Additionally, aggregate wages have begun to stagnate, leading to poor retail sales with autos and home suppliers being the sole bright spots. Without the wealth effect from housing to fuel consumption, it will be hard for the economy to overcome increasing challenges associated with the contracting fiscal reality.

It is safe to say that if rates move significantly over 3 percent it would be devastating for an already struggling American economy, prompting policymakers and investors to realize the growth the Fed hoped for is nothing more than a mirage.

Adding impetus for rates to move lower will be fiscal developments that should translate into lower-than-expected new U.S. Treasury debt issuance. The U.S. federal budget is shrinking, and tax receipts in 2014 are expected to rise thanks to higher taxes and strong capital gains receipts following strong 2013 stock market gains, thus reducing the supply of government debt.

MARKET PERSPECTIVES BY SCOT T MINERD

GUGGENHEIMPARTNERS.COM

10

Market Perspectives - September 2013

Page 5

Could recent market convulsions have been avoided? The simple answer is yes.

Dr. Bernanke’s expected January 2014 departure as chairman after eight years overseeing unprecedented growth of the Fed’s balance sheet may have left him with an urgent desire to show an exit strategy. Were it not for his impending exit, I suspect he would have otherwise let the economic data unfold for another three or six months before considering tapering.

Investment Implications There has been much talk in recent months of the end of the 30-year bull market in bonds, but the coming bear market likely remains several years away. I believe rates will stay low and hover in a trading pattern for the next three to five years, similar to the 1940s, the period most analogous to today. During the 1940s and early 1950s, interest rates remained artificially low and oscillated between bear and bull markets for nine years. If I am correct, U.S. bond investors should expect yields to similarly remain low for the foreseeable future, but volatility like that seen this year could become a more regular occurrence.

In the near-term, if these dynamics play out as I expect, investors might begin planning to add longer duration, high-quality assets such as investment-grade corporate bonds to their portfolios. If rates peak in the near-term and reverse course, these assets, in particular, will be the primary beneficiaries.

As we move through the turbulence of tapering and look at the fundamental factors on the horizon, investors must have their antennae up to monitor the timing of these changing dynamics. While I see relief from rising rates soon, now is a time for bond investors to have patience, a watchful eye, and a strong resolve.

This year, equities have stolen the spotlight with strong returns, but are now badly in need of consolidation. Meanwhile, fixed-income investors seem overwhelmed with fatigue and have begun to throw in the towel after a discouraging year marked by poor performance and negative returns. This may just be the time to dust off this unloved asset class and consider history. Now may be the best time to buy bonds in years.

MARKET PERSPECTIVES BY SCOT T MINERD

GUGGENHEIMPARTNERS.COM

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Market Perspectives - September 2013

Page 6

ABOUT THE AUTHOR Scott Minerd joined Guggenheim in 1998. In his role as Global Chief Investment Officer, Mr. Minerd guides the firm’s investment strategies and oversees client accounts across a broad range of fixed-income and equity securities. Previously, Mr. Minerd was a Managing Director with Credit Suisse First Boston in charge of trading and risk management for the Fixed Income Credit Trading Group. In this position, he was responsible for the corporate bond, preferred stock, money markets, U.S. government agency and sovereign debt, derivatives securities, structured debt and interest rate swaps trading business units. Prior to that, Mr. Minerd was Morgan Stanley’s London based European Capital Markets Products Trading and Risk Manager responsible for Eurobonds, Euro-MTNs, domestic European Bonds, FRNs, derivative securities and money market products in 12 European currencies and Asian markets. Mr. Minerd has also held capital markets positions with Merrill Lynch and Continental Bank. Prior to that, he was a Certified Public Accountant and worked for the public accounting firm of Price Waterhouse. Mr. Minerd is a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets, helping advise the NY Fed President and senior management at the bank about the current financial markets and ways the public and private sectors can better understand and mitigate systematic risks. Mr. Minerd also works with the Organization for Economic Cooperation and Development (OECD), advising on research and analysis of private sector infrastructure investment, and is a contributing member of the World Economic Forum (WEF). He is a regularly featured guest and contributor to leading financial media outlets, including The Wall Street Journal, The Financial Times, Bloomberg, and CNBC, where he shares insights on today’s financial climate. Mr. Minerd holds a B.S. degree in Economics from the Wharton School, University of Pennsylvania, Philadelphia, and has completed graduate work at the University of Chicago Graduate School of Business and the Wharton School, University of Pennsylvania. *Assets under management are as of June 30, 2013 and include consulting services for clients whose assets are valued at approximately $39 billion. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy or, nor liability for, decisions based on such information.

ABOUT GUGGENHEIM

This article is distributed for informational purposes only and should not be considered as investment advice, a recommendation of any particular security, strategy or investment product or as an offer of solicitation with respect to the purchase or sale of any investment. This article should not be considered research nor is the article intended to provide a sufficient basis on which to make an investment decision.

privately held global financial

Guggenheim Partners, LLC, is a services firm with more than $180 billion in assets under management*.

Investing involves risk, including the possible loss of principal. Fixed income investments are subject to credit, liquidity, interest rate and, depending on the instrument, counterparty risk. These risks may be increased to the extent fixed income investments are concentrated in any one issuer, industry, region or country. The market value of fixed income investments generally will fluctuate with, among other things, the financial condition of the obligors on the underlying debt obligations, general economic conditions, the condition of certain financial markets, political events, developments or trends in any particular industry and changes in prevailing interest rates. In general, any interest rate increases can cause the price of a debt security to decrease and vice versa.

The firm provides asset management,

The article contains opinions of the author but not necessarily those of Guggenheim Partners, LLC, its subsidiaries, or its affiliates. The author’s opinions are subject to change without notice. Forward looking statements, estimates, and certain information contained herein are based upon proprietary and nonproprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed as to accuracy. The value of any financial instruments or markets mentioned in the article can fall as well as rise. Securities mentioned are for illustrative purposes only and are neither a recommendation nor an endorsement.

institutions, governments and

Individuals and institutions outside of the United States are subject to securities and tax regulations within their applicable jurisdictions and should consult with their advisors as appropriate.

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. ©2013, Guggenheim Partners, LLC.

investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 25 offices in eight countries.

GPIM10164 MARKET PERSPECTIVES BY SCOT T MINERD

GUGGENHEIMPARTNERS.COM

12

CASH FLOW STRATEGIES DISCOUNTED CLOSED END FUNDS 36.00%

CASH FLOW (MODERATE)

MUNICIPAL BONDS 37.00%

Disclosures:

GLOBAL DIVIDEND COMPANIES 24.00% CASH AND LIMITED DURATION 3.00% 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 assoicated 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

13

GROWTH WITH INCOME (AGGRESSIVE) GLOBAL/DOMESTIC REAL ESTATE FUNDS 30%

MLP'S, ROYALTY TRUSTS, PIPELINES 10%

GLOBAL DIVIDEND STOCKS 30%

SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS

20%

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 assoicated 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

14

CONSERVATIVE

CD'S, MTN'S, MTP'S 25%

INSURED MUNICIPAL 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 assoicated 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

15

ULTRA CONSERVATIVE

INSURED MUNICIPAL BONDS 50%

CASH 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 assoicated 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

16

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 HY FD VI INVESCO DYNAMIC CREDIT OPPO DWS HIGH INCOME OPPORTUNITIE BLACKROCK CREDIT ALLOCATION

11/30/13

11/30/13

11/30/13

11/30/13

11/30/13

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

11/30/13 NAV RETURN SHARE INCEPTION PRICE BEST ANNUALIZED YEAR %

SHARE PRICE WORST YEAR %

SYMBOL

ASSET CLASS

12/31/12 NAV VALUE

AVK

CONVERTIBLE/HIGH YIELD

$17.67

6.20%

$18.17

$19.97

‐9.01%

19.35%

6.94%

55.84%

‐47.04%

JPC

CORPORATE/PREFERRED

$10.28

8.76%

$8.70

$9.98

‐12.83%

3.87%

5.32%

84.27%

‐51.74%

JQC

CORPORATE/PREFERRED

$9.88

7.44%

$9.38

$10.20

‐8.04%

10.64%

5.19%

78.60%

‐49.30%

DFP

TAXABLE INCOME‐PREFERREDS

N/A

9.41%

$19.90

$22.75

‐12.53%

N/A

‐1.85%

N/A

N/A

DSL

TAXABLE INCOME‐MULTI‐SECTOR

N/A

8.85%

$20.35

$22.62

‐10.04%

N/A

‐1.85%

N/A

N/A

FPF

TAXABLE INCOME‐PREFERREDS

N/A

8.95%

$20.53

$23.50

‐12.64%

N/A

1.19%

N/A

N/A

HYT

CORPORATE‐HIGH YIELD

$12.46

8.24%

$11.74

$13.06

‐10.11%

11.22%

9.62%

92.56%

‐38.43%

VTA

TAXABLE INCOME‐SENIOR LOAN

$12.99

7.17%

$12.54

$13.66

‐8.20%

11.90%

3.49%

91.12%

‐49.58%

DHG

TAXABLE INCOME‐HIGH YIELD

$16.23

7.90%

$14.15

$16.35

‐13.46%

7.52%

‐3.18%

65.62%

‐65.50%

BTZ

TAXABLE INCOME‐INVESTMENT GRADE

$15.27

7.62%

$12.64

$14.91

‐15.22%

2.92%

1.70%

57.51%

‐43.95%

11/30/13

11/30/13

11/30/13

11/30/13

11/30/13

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 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

12/31/12 NAV VALUE

11/30/13 NAV RETURN SHARE INCEPTION PRICE BEST ANNUALIZED YEAR %

SHARE PRICE WORST YEAR %

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

$14.69

10.17%

$10.43

$12.35

‐15.55%

‐10.63%

2.26%

22.94%

‐8.03%

$15.36

7.98%

$14.97

$15.39

‐2.73%

6.91%

12.04%

94.90%

‐31.02%

$22.42

8.55%

$16.96

$19.16

‐11.48%

‐8.91%

8.52%

53.55%

‐20.62%

$15.83

8.56%

$11.98

$13.68

‐12.43%

‐8.92%

12.82%

67.36%

‐26.94%

EHI

Non‐US/Other‐Global Income

$13.93

9.37%

$12.44

$13.26

‐6.18%

2.92%

8.34%

71.25%

‐30.71%

EDD

GLOBAL INVESTMENT GRADE

$18.54

7.47%

$13.44

$15.74

‐14.61%

‐11.22%

5.12%

42.03%

‐28.97% 17

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 NUVEEN DIVIDEND ADV MUNI 3 BLACKROCK MUNICIPAL INCOME I BLACKROCK MUNIHOLDINGS QU II BLACKROCK MUNIHOLDINGS CA QU BLACKROCK MUNIYIELD NY QUALI

11/30/13

11/30/13

11/30/13

11/30/13

11/30/13

11/30/13

SYMBOL

ASSET CLASS

12/31/12 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

$22.28

7.61%

$18.24

$20.39

‐10.54%

‐2.95%

8.62%

20.32%

9.88%

NBD

MUNICIPAL NATIONAL

$23.44

7.19%

$18.98

$21.55

‐11.93%

‐2.91%

10.18%

25.08%

6.46%

BBN

MUNICIPAL NATIONAL

$23.41

8.55%

$18.41

$20.94

‐12.08%

‐5.01%

10.31%

32.81%

14.83%

GBAB

MUNICIPAL NATIONAL

$23.81

8.64%

$19.19

$21.82

‐12.05%

‐2.09%

11.44%

26.43%

14.96%

NAD

MUNICIPAL NATIONAL

$16.13

7.00%

$12.51

$14.26

‐12.27%

‐6.79%

6.31%

45.78%

‐20.44%

NMA

MUNICIPAL NATIONAL

$15.76

6.69%

$12.05

$13.89

‐13.25%

‐7.32%

6.87%

47.34%

‐21.92%

NQU

MUNICIPAL NATIONAL

$16.16

6.50%

$12.14

$14.03

‐13.47%

‐8.87%

6.49%

28.78%

‐23.80%

NMO

MUNICIPAL NATIONAL

$15.31

6.59%

$11.75

$13.60

‐13.60%

‐6.65%

6.52%

38.86%

‐20.56%

NZF

MUNICIPAL NATIONAL

$16.03

5.72%

$12.17

$14.21

‐14.36%

‐7.33%

6.25%

44.33%

‐21.18%

BAF

MUNICIPAL NATIONAL

$16.65

6.58%

$12.54

$14.37

‐12.73%

‐9.35%

5.75%

47.20%

‐21.07%

MUE

MUNICIPAL NATIONAL

$15.27

7.20%

$11.73

$13.26

‐11.54%

‐8.27%

5.06%

46.84%

‐16.73%

MUC

MUNICIPAL SINGLE STATE

$16.37

6.59%

$13.05

$14.75

‐11.53%

‐4.97%

5.79%

46.80%

‐24.57%

MYN

MUNICIPAL SINGLE STATE

$14.95

7.11%

$12.01

$13.16

‐8.74%

‐6.90%

5.85%

45.39%

‐26.21%

18

Cash Flow Strategy Closed End Funds Equity Funds CLOSED END FUND

SYMBOL

ASSET CLASS

12/31/12 NAV VALUE

11/30/13

11/30/13

11/30/13

11/30/13

11/30/13

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

KAYNE ANDERSON ENERGY DEVELO

KED

ENERGY GROWTH/INCOME

$28.46

6.46%

$28.70

$28.46

0.84%

25.50%

11/30/13 NAV RETURN INCEPTION ANNUALIZED 10.90%

CUSHING MLP TOTAL RETURN FUN

SRV

ENERGY GROWTH/INCOME

$6.25

11.09%

$8.09

$6.97

16.07%

22.55%

‐4.80%

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

116.73%

‐64.88%

120.35%

‐69.28%

TORTOISE MLP FUND INC

NTG

ENERGY GROWTH/INCOME

$23.91

6.19%

$27.22

$27.96

‐2.65%

24.13%

11.47%

13.68%

1.67%

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

BGY GDV ETO EVT HTD

US EQUITY COVERED CALL EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED EQUITY TAX ADVANTAGED

$8.50 $18.58 $22.74 $18.47 $19.79

8.37% 5.62% 7.31% 6.91% 6.72%

$8.03 $21.45 $24.69 $18.72 $17.68

$9.11 $23.64 $26.31 $21.02 $20.16

‐11.86% ‐9.26% ‐6.16% ‐10.94% ‐12.30%

13.66% 32.90% 22.44% 20.02% 7.35%

0.89% 8.58% 10.66% 8.14% 7.96%

63.67% 40.24% 49.68% 50.42% 42.82%

‐41.95% ‐45.75% ‐53.56% ‐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

$14.98 $9.38 $21.72

7.54% 8.34% 5.82%

$16.40 $8.92 $21.95

$17.70 $10.16 $24.98

‐7.34% ‐12.20% ‐12.13%

25.69% 15.51% 19.77%

7.15% 3.24% 7.64%

44.72% 53.56% 51.16%

‐55.63% ‐47.34% ‐56.67%

MACQUARIE/FT GL INT/UT DV IN

MFD

GLOBAL INFRASTRUCTURE

$16.11

8.64%

$16.02

$16.66

‐3.84%

12.48%

8.84%

36.92%

‐55.60%

ALLIANZGI NFJ DIVIDEND INTER FIRST TRUST ENH EQUITY INC EATON VANCE TAX MAN GLBL BR

NFJ FFA ETW

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

$17.26 $13.27 $12.37

10.12% 6.80% 9.75%

$17.84 $13.22 $11.98

$18.70 $15.09 $13.04

‐4.60% ‐12.39% ‐8.13%

16.72% 19.17% 14.76%

5.39% 5.46% 5.80%

31.66% 45.22% 59.66%

‐37.77% ‐37.06% ‐33.23%

EATON VANCE TAX‐MANAGED GLOB

EXG

US EQUITY COVERED CALL

$10.33

9.85%

$9.90

$10.96

‐9.67%

15.47%

3.67%

49.28%

‐30.87%

ING GLOBAL EQUITY & PR OPPT GUGGENHEIM ENHANCED EQUITY I LIBERTY ALL STAR EQUITY FUND

IGD GPM USA

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

$9.61 $8.93 $5.35

10.21% 10.50% 6.96%

$9.03 $9.16 $5.74

$10.05 $9.50 $6.55

‐10.15% ‐3.58% ‐12.37%

13.67% 15.03% 29.77%

4.04% 1.57% 8.03%

48.24% 23.62% 57.28%

‐32.23% ‐39.98% ‐43.89%

CALAMOS STRAT TOT RETURN FD

CSQ

US EQUITY GROWTH & INCOME

$10.52

7.84%

$10.74

$12.13

‐11.46%

22.74%

6.05%

56.82%

‐49.28%

BLACKROCK HEALTH SCIENCES TR

BME

US EQUITY‐HEALTH/BIOTECH

$27.88

4.51%

$34.15

$36.07

‐5.32%

34.10%

12.41%

41.81%

‐20.71%

GABELLI HEALTHCARE&WELLNESS

GRX

US EQUITY‐HEALTH/BIOTECH

$9.22

3.79%

$10.70

$11.81

‐9.40%

31.61%

11.11%

36.80%

‐28.55%

H & Q HEALTHCARE INVESTORS

HQH

US EQUITY‐HEALTH/BIOTECH

$18.44

7.74%

$26.05

$25.60

1.76%

49.64%

11.79%

59.91%

‐37.59%

H & Q LIFE SCIENCES INVSTRS

HQL

US EQUITY‐HEALTH/BIOTECH

$14.99

8.13%

$19.77

$20.55

‐3.80%

47.74%

9.45%

80.78%

‐36.09%

COHEN & STEERS INFRASTRUCTUR

UTF

US EQUITY INFRASTRUCTURE

$20.58

7.21%

$20.13

$23.16

‐13.08%

18.18%

9.69%

68.53%

‐57.19%

ING INFRASTRUCTURE INDUSTRIA

IDE

US EQUITY INFRASTRUCTURE

$17.94

9.57%

$16.97

$19.02

‐10.78%

13.44%

8.76%

17.60%

‐13.67%

BLACKROCK UTILITY AND INFRAS

BUI

US EQUITY‐ UTILITIES

$19.79

8.28%

$17.55

$20.31

‐13.59%

10.16%

10.79%

‐3.50%

‐3.50%

DUFF & PHELPS GLOBAL UTILITY

DPG

US EQUITY‐ UTILITIES

$18.56

7.29%

$19.24

$21.28

‐9.59%

20.75%

11.41%

0.64%

0.64%

ALPINE GLOBAL PREMIER PROPER

AWP

GLOBAL REAL ESTATE

$8.01

8.43%

$7.13

$7.96

‐10.43%

6.24%

‐3.58%

78.59%

‐63.64%

COHEN & STEERS REIT & PR

RNP

US EQUITY‐REAL ESTATE

$18.37

7.66%

$15.72

$18.12

‐13.25%

3.40%

7.48%

91.15%

‐60.58%

COHEN & STEERS QUAL INC RLTY

RQI

US EQUITY‐REAL ESTATE

$10.91

7.52%

$9.66

$10.65

‐9.30%

2.29%

7.81%

80.59%

‐68.43%

NEUBERGER BERMAN REAL ESTATE

NRO

US EQUITY‐REAL ESTATE

$5.29

5.45%

$4.42

$5.17

‐14.51%

1.69%

1.02%

101.73%

‐78.23%

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.

19

Exchange Traded Bonds/Preferreds As of 11/30/2013

MUNIFUND TERM PREFERRED SHARES DESCRIPTION Nuveen Dvd Adv Muni Inco Nuveen Md Premium Inc 2 Nuveen Texas Premium Inc Nuveen Ma Dvd Adv Muni Nuveen Amt-Free Adv Muni

TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF //2013

COUPON RATE

CORPORATE WEBSITE

NVG2.95 NMY2.9 NTX2.3 NMB2.6 NEA2.85

Aaa AAA Aa2 AAA Aa2 AAA Aa2 AAA Aa1 AAA

Financial Financial Financial Financial Financial

$10.00 $10.10 $10.03 $10.02 $10.01

$10.00 $10.00 $10.00 $10.00 $10.00

0.00% 1.00% 0.30% 0.20% 0.06%

2.95% 2.87% 2.29% 2.59% 2.85%

2.95% 2.90% 2.30% 2.60% 2.85%

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

TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF //2013

COUPON RATE

CORPORATE WEBSITE

Baa3 BBB-

Consumer Discretionary

$25.27

$25.00

-1.08

7.42%

7.50%

B1 /*+ B+ /*+

Financials

$25.07

$25.00

7.35%

7.38%

Watch List DESCRIPTION Ford Motor Co Ally Financial Inc

F7.5 ALLY7.375

-0.28

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

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.

20

EQUITY OPPORTUNITIES as of November 30, 2013 Mining, Materials, and Chemicals Company Natural Resource Partners Lp Pvr Partners Lp Quimica Y Minera Chil‐Sp Adr Potash Corp Of Saskatchewan Southern Copper Corp United States Steel Corp Aluminum Corp Of China‐Adr

Ticker Symbol NRP PVR SQM POT SCCO X ACH

Sector

Price

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

20.09 24.70 25.01 31.65 25.10 26.81 9.28

Sector

Price

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

1.58 4.68 9.25 30.70 16.10 16.43 31.12 35.21 25.31 40.37 49.62 16.57 36.54 38.36 37.09 22.86 19.46 23.24 34.56 40.82

YTD % Chg 8.36% ‐4.93% ‐56.61% ‐22.22% ‐33.70% 12.41% ‐22.75%

Price/ Earnings 11.78 88.36 13.66 13.77 12.04 n/a n/a

Current Yield 10.95% 8.91% 6.05% 4.42% 1.91% 0.75% 0.00%

Dividend Frequency Quarterly Quarterly Semi‐Anl Quarterly Quarterly Quarterly Irregular

Annual Dividend 2.20 2.20 1.51 1.40 0.48 0.20 0.00

YTD % Chg ‐59.97% 9.35% 0.81% ‐22.03% 31.54% 21.79% ‐3.24% 4.45% 0.68% 0.47% 14.68% ‐22.14% ‐0.57% 3.26% 47.24% 22.67% ‐19.12% ‐0.17% 27.53% 74.00%

Price/ Earnings 7.30 21.30 11.95 18.91 56.66 n/a 18.72 14.55 15.66 13.91 19.27 19.95 15.61 6.96 15.54 22.97 13.15 13.36 22.38 6.73

Current Yield 8.83% 8.55% 7.17% 7.04% 5.79% 5.74% 5.71% 5.11% 4.90% 4.51% 4.27% 4.11% 4.01% 3.49% 3.03% 2.80% 1.53% 1.46% 1.35% 0.98%

Dividend Frequency Irregular Quarterly Semi‐Annual Quarterly Annual Semi‐Annual Annual Quarterly Quarterly Quarterly Quarterly Semi‐Annual Irregular Annual Semi‐Annual Quarterly Irregular Semi‐Annual Quarterly Quarterly

Annual Dividend 0.14 0.40 0.66 2.16 0.933 0.94 1.78 1.80 1.24 1.82 2.12 0.68 1.47 1.34 1.12 0.64 0.30 0.34 0.47 0.40

Telecom/Utilities Company Oi Sa‐Adr Frontier Communications Corp Telecom New Zealand‐Sp Adr Centurylink Inc Veolia Environnement‐Adr Telefonica Sa‐Spon Adr Chunghwa Telecom Ltd‐Adr At&T Inc Hawaiian Electric Inds P G & E Corp Verizon Communications Inc Cpfl Energia Sa‐Adr 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 NZTCY CTL VE TEF CHT T HE PCG VZ CPL TLK HNP VOD CWT VIV AMX XYL ITT

21

EQUITY OPPORTUNITIES as of November 30, 2013 Business Development Corportations & Financials Company Prospect Capital Corp Ticc Capital Corp Apollo Investment Corp Ares Capital Corp Compass Diversified Holdings Triangle Capital Corp Main Street Capital Corp Cheviot Financial Corp Westwood Holdings Group Inc California First Natl Bancor

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

Industry

Price

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

11.41 10.81 9.02 18.38 19.09 29.76 32.95 10.06 57.28 16.37

Industry

Price

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

76.04 18.91 28.59 30.42 32.70 16.90 26.99 51.69 53.35 24.38 45.89 30.09 51.39 54.16 81.97 41.10 29.72 13.89 53.56 26.64 36.33 69.07 62.97 47.98

YTD % Chg 4.97% 6.82% 7.43% 4.37% 29.23% 16.75% 9.97% 8.17% 40.05% 6.22%

Price/ Earnings 12.08 13.46 10.74 11.07 13.20 12.36 18.54 40.24 26.84 21.75

Current Yield 11.62% 10.73% 8.87% 8.27% 7.54% 7.26% 6.01% 3.58% 3.07% 2.44%

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

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

YTD % Chg 11.00% 2.60% ‐6.05% ‐13.68% ‐41.80% 1.62% 13.40% 29.91% 25.59% 12.45% 18.09% 7.31% 5.61% 25.53% 2.73% 8.79% 39.28% 13.30% ‐0.80% 83.10% ‐1.22% 35.40% 24.70% 7.36%

Price/ Earnings 8.75 75.80 32.44 18.78 363.33 18.52 29.89 13.39 74.31 658.92 27.39 46.29 29.82 26.55 25.13 13.36 41.13 16.46 23.00 n/a 2.88 126.85 23.07 8.98

Current Yield 11.40% 10.31% 9.58% 9.53% 9.42% 9.23% 8.67% 8.43% 8.21% 7.71% 7.63% 7.22% 6.83% 6.68% 6.59% 6.57% 5.72% 5.47% 5.41% 5.11% 4.95% 4.92% 4.38% 2.50%

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

Annual Dividend 8.67 1.95 2.74 2.90 3.08 1.56 2.34 4.36 4.38 1.88 3.50 2.17 3.51 3.62 5.40 2.70 1.70 0.76 2.90 1.36 1.80 3.40 2.76 1.20

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

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

22

EQUITY OPPORTUNITIES as of November 30, 2013 Medical/Health Care Company Pdl Biopharma Inc Universal Health Rlty Income Omega Healthcare Investors Health Care Reit Inc Healthcare Realty Trust Inc Glaxosmithkline Plc‐Spon Adr Eli Lilly & Co Merck & Co. Inc. Sanofi‐Adr Teva Pharmaceutical‐Sp Adr Astrazeneca Plc‐Spons Adr Pfizer Inc Johnson & Johnson Healthcare Services Group Quest Diagnostics Inc Covidien Plc Steris Corp St Jude Medical Inc Amgen Inc Unitedhealth Group Inc Stryker Corp Aetna Inc Humana Inc Atrion Corporation Doctor Reddy'S Lab‐Adr Dentsply International Inc Cantel Medical Corp Perrigo Co Shire Plc‐Adr Cigna Corp Valeant Pharmaceuticals Inte Assisted Living Concepts I‐A Salix Pharmaceuticals Ltd Actavis Plc Mylan Inc Alexion Pharmaceuticals Inc Regeneron Pharmaceuticals

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

Sector

Price

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

9.77 42.38 32.69 55.99 22.13 52.92 50.22 49.83 52.83 40.76 57.19 31.73 94.66 28.99 60.94 68.26 46.14 58.42 114.08 74.48 74.42 68.93 103.99 281.48 40.75 47.56 37.32 155.89 135.81 87.45 109.63 12.00 84.81 163.07 44.13 124.50 293.86

YTD % Chg 38.78% ‐16.26% 37.07% ‐8.65% ‐7.83% 21.74% 1.82% 21.71% 11.50% 9.16% 21.28% 26.52% 35.04% 24.80% 4.22% 29.36% 32.85% 61.65% 32.51% 37.32% 35.75% 48.95% 51.52% 43.61% 22.41% 20.07% 87.36% 49.85% 47.33% 64.20% 83.42% n/a 109.55% 89.53% 60.77% 31.14% 71.78%

Price/ Earnings 5.86 37.36 23.63 277.55 210.70 14.25 10.99 14.51 14.79 8.16 11.36 14.73 17.55 36.05 16.28 16.68 20.47 16.21 17.46 14.01 18.03 12.64 11.84 22.11 20.50 17.98 37.93 30.92 18.54 12.67 17.76 n/a 46.36 54.00 25.74 67.05 70.13

Current Yield 6.14% 5.90% 5.87% 5.47% 5.42% 4.66% 3.90% 3.53% 3.39% 3.20% 3.15% 3.03% 2.79% 2.35% 1.97% 1.88% 1.82% 1.71% 1.65% 1.50% 1.42% 1.16% 1.04% 0.91% 0.60% 0.53% 0.24% 0.23% 0.13% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Dividend Frequency Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Annual Quarterly Semi‐Annual Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Annual Quarterly Semi‐Annual Quarterly Semi‐Annual Annual Irregular Quarterly None None Irregular None None

Annual Dividend 0.600 2.500 1.920 3.060 1.200 2.464 1.960 1.760 1.793 1.306 1.800 0.960 2.640 0.680 1.200 1.280 0.840 1.000 1.880 1.120 1.060 0.800 1.080 2.560 0.245 0.250 0.090 0.360 0.180 0.040 0.000 0.000 0.000 0.000 0.000 0.000 0.000

23

EQUITY OPPORTUNITIES as of November 30, 2013 Global Growth Leaders & Technology Company Invesco Mortgage Capital Cedar Fair Lp Roundy'S Inc Southern Co/The Seagate Technology Mcdonald'S Corp Lyondellbasell Indu‐Cl A Sturm Ruger & Co Inc Procter & Gamble Co/The General Electric Co Caterpillar Inc Coca‐Cola Co/The Kohls Corp Dell Inc Apple Inc Hewlett‐Packard Co Intl Business Machines Corp Oracle Corp Home Depot Inc Qualcomm Inc 3M Co Altera Corp Marvell Technology Group Ltd Emc Corp/Ma Dover Corp Broadcom Corp‐Cl A Joy Global Inc Infosys Ltd‐Sp Adr Whole Foods Market Inc Visa Inc‐Class A Shares Arm Holdings Plc‐Spons Adr Titan International 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 RNDY SO STX MCD LYB RGR PG GE CAT KO KSS DELL AAPL HPQ IBM ORCL HD QCOM MMM ALTR MRVL EMC DOV BRCM JOY INFY WFM V ARMH TWI WTW CRUS CLGX Z MWIV WAGE BSFT CERN DAR NFLX FOSL TPX

Sector

Price

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

15.10 49.80 8.71 40.63 49.04 97.37 77.18 76.93 84.22 26.66 84.60 40.19 55.28 13.73 556.07 27.35 179.68 23.64 80.67 73.58 133.51 32.25 14.23 23.85 90.74 26.69 56.56 54.02 56.60 203.46 49.90 17.25 32.41 20.18 35.23 78.62 182.17 57.30 26.57 57.47 20.73 365.80 127.27 51.02

YTD % Chg ‐23.39% 48.88% 95.73% ‐5.09% 61.21% 10.38% 35.19% 69.45% 24.05% 27.01% ‐5.25% 10.87% 28.62% 37.98% 4.38% 91.93% ‐6.20% 5.91% 30.43% 18.95% 43.79% ‐7.91% 95.99% ‐5.81% 36.46% ‐19.48% ‐11.32% 27.71% 24.18% 34.23% 31.35% ‐20.58% ‐38.10% ‐30.38% 31.39% 183.32% 65.61% 221.91% ‐27.64% 49.14% 26.47% 295.08% 36.70% 62.02%

Price/ Earnings 7.01 20.13 11.41 15.17 10.91 17.46 13.36 14.45 20.68 16.90 14.34 19.46 13.13 14.71 14.03 9.26 11.41 17.60 21.66 18.47 19.84 22.33 25.54 18.35 17.92 19.52 8.37 20.44 38.25 26.99 49.89 20.27 7.30 8.96 23.17 1941.67 36.29 102.98 21.80 45.33 20.05 207.52 20.37 23.71

Relative Strength 0.13 0.06 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 0.02 0.02 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 0.00 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 % ‐11.46 42.19 n/a 5.06 ‐26.04 1.50 15.44 74.06 24.69 12.10 14.01 ‐29.08 ‐3.23 ‐28.42 ‐10.33 n/a 9.66 15.08 21.69 27.07 5.79 ‐27.20 ‐45.54 9.17 10.34 ‐25.00 20.63 13.16 16.08 140.06 39.54 57.14 2.64 57.04 150.00 259.62 16.75 ‐97.45 ‐63.64 27.47 ‐24.49 ‐92.76 20.82 ‐46.79

50‐Day Moving Avg 15.39 45.28 8.83 41.53 47.22 96.33 75.72 68.61 80.53 25.61 84.41 39.04 54.30 13.70 509.52 23.76 182.12 33.76 76.85 69.11 124.50 34.73 12.43 24.56 90.71 26.67 54.52 52.37 60.14 196.91 47.61 15.25 36.25 22.38 30.76 81.39 161.16 52.85 32.23 55.38 21.66 328.36 123.35 43.28

24

Exchange Traded Funds Sectors 11/30/2013 11/30/2013 11/30/2013 11/30/2013 11/30/2013 YTD Current % MARKET 5 YR MKT 10 YR MKT MARKET Yield PRICE RETURN RETURN RETURN

ETF

SYMBOL

ASSET CLASS

FUND INCEPTION DATE

Ishares Msci Mexico Capped

EWW

Emerging Markets

03/18/96

70.53

0.52

67.22

‐4.01

19.67

16.88

0.52

Powershares Dyn Healthcare Ipath Msci India Index Etn

PTH INP

Health India

10/12/06 12/19/06

32.82 58.85

0.65 0.89

47.54 55.27

45.28 ‐6.84

21.16 14.22

n/a n/a

0.65 0.89

Ishares Msci Hong Kong Etf

EWH

Asia

03/18/96

19.42

0.52

20.75

9.34

18.97

10.71

0.52

Morgan Stanley India Invest

IIF

India

02/25/94

20.79

1.38

16.65

‐10.15

12.54

10.06

1.38

Powershares Gld Drg China

PGJ

Asia

12/09/04

N/A

0.70

29.31

53.93

17.95

n/a

0.70

BlackRock Fund Advisors Morgan Stanley Investment Management Inc/USA Invesco PowerShares Capital Management LLC

India Fund Inc Energy Select Sector Spdr Aberdeen Chile Fund Inc

IFN XLE CH

India Natural Resources Chile

02/23/94 12/24/98 09/27/89

N/A 71.42 15.06

1.16 0.18 1.53

20.26 86.44 10.85

‐2.80 22.73 ‐22.16

10.20 13.45 16.07

10.98 15.20 11.49

1.16 0.18 1.53

Aberdeen Asset Management Asia Ltd SSgA Funds Management Inc Aberdeen Asset Managers Ltd

Ishares Msci Brazil Capped E Ishares Msci Germany Etf

EWZ EWG

Emerging Markets Communications

07/14/00 03/18/96

55.14 24.43

0.59 0.53

46.95 30.57

‐14.45 25.93

10.15 15.78

15.56 9.92

0.59 0.53

BlackRock Fund Advisors BlackRock Fund Advisors

12/31/12 NAV

12/31/12 NAV

EXP. RATIO

MANAGER NAME

BlackRock Fund Advisors Invesco PowerShares Capital Management LLC Barclays Capital Inc

Indexes 11/30/2013 11/30/2013 11/30/2013 11/30/2013 11/30/2013 YTD Current % MARKET 5 YR MKT 10 YR MKT MARKET Yield PRICE RETURN RETURN RETURN

ETF

SYMBOL

ASSET CLASS

FUND INCEPTION DATE

Ishares Russell 2000 Value E

IWN

Small Cap

07/28/00

75.48

0.25

98.15

31.67

18.29

8.59

0.25

BlackRock Fund Advisors

Ishares S&P Small‐Cap 600 Va

IJS

Small Cap

07/28/00

80.91

0.25

110.28

37.56

21.04

14.61

0.25

Powershares Ftse Rafi Us 1K

PRF

Large Cap

12/19/05

62.43

0.39

81.37

31.92

21.41

n/a

0.39

BlackRock Fund Advisors Invesco PowerShares Capital Management LLC

Ishares Core S&P Small‐Cap E Ishares Russell 2000 Etf Vanguard Mid‐Cap Etf Ishares S&P Mid‐Cap 400 Valu

IJR IWM VO

Small Cap Small Cap Mid Cap

05/26/00 05/26/00 01/30/04

78.13 84.23 63.35

0.17 0.20 0.10

108.00 113.51 108.09

39.41 35.95 31.14

22.28 20.96 22.53

10.53 9.00 n/a

0.17 0.20 0.10

BlackRock Fund Advisors BlackRock Fund Advisors Vanguard Group Inc/The

IJJ

Mid Cap

07/28/00

88.14

0.25

113.66

30.46

20.92

9.83

0.25

Powershares Dyn L/C Value Ishares Core S&P 500 Etf Powershares Inter Dvd Achiev Ishares Msci Emerging Market Ishares Msci Eafe Etf Wisdomtree Intl M/C Dvd Fund Ishares Msci Emu Etf

PWV IVV

Large Cap Large Cap

03/03/05 05/19/00

N/A 143.14

0.59 0.07

28.01 181.96

30.07 29.00

17.89 17.52

n/a 7.60

0.59 0.07

PID

International

09/15/05

15.83

0.56

18.00

15.91

15.45

n/a

0.56

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

EEM EFA

Emerging Markets International

04/11/03 08/17/01

44.35 56.86

0.66 0.34

42.35 66.24

‐3.28 18.83

15.21 13.10

11.46 7.31

0.66 0.34

BlackRock Fund Advisors BlackRock Fund Advisors

DIM EZU

International International

06/16/06 07/31/00

50.29 33.46

0.58 0.50

57.98 40.36

19.30 23.55

15.67 11.53

n/a 6.65

0.58 0.50

WisdomTree Asset Management Inc BlackRock Fund Advisors

EXP. RATIO

MANAGER NAME

25

CASH FLOW ALLOCATION STRATEGIES

ALLOCATION %

SAMPLE PORTFOLIO STRATEGIES

GUIDED TRADING PORTFOLIO GROWTH WITH INCOME (AGGRESSIVE)

CASH GLOBAL DIVIDEND STOCKS GLOBAL/DOMESTIC REAL ESTATE FUNDS MLP'S, ROYALTY TRUSTS, PIPELINES SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS

TOTAL *************************************************

10.00% 30.00% 30.00% 10.00% 20.00%

100.00%

CASH FLOW (MODERATE)

CASH AND CD's GLOBAL DIVIDEND STOCKS GLOBAL/DOMESTIC REAL ESTATE FUNDS INSURED MUNICIPAL BONDS SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS

10.00% 15.00% 25.00% 25.00% 25.00%

TOTAL *************************************************

100.0%

CONSERVATIVE CASH CD'S, MTN'S, MTP'S CORPORATE BOND FUNDS GLOBAL BOND FUNDS INSURED MUNICIPAL BONDS

TOTAL

25.00% 25.00% 0.00% 0.00% 50.00%

100.00%

*************************************************

ULTRA CONSERVATIVE CASH INSURED MUNICIPAL BONDS TOTAL

50.00% 50.00% 100.00%

McGowanGroup Asset Management, Inc. 11/30/2013 UPDATE

26

Closed End Fund Disclosures This is not a complete list of available closed-end funds. Depending on your needs, objectives, goals, time horizon, and risk tolerance there may be other investment products that are more suitable for your particular situation. The listed funds may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Additional information is available upon request.

Prices and yields are as of the date indicated only and are subject to availability and market fluctuation/change. Closed -end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Holding municipal bonds within a closed-end fund could result in taxable capital gains. An insured fund guarantees only the timely payment of interest and principal on the bonds in the fund's portfolio. Insurance or escrow does not guarantee the market value of the municpal's securities or the value of the fund's shares Global/International investing involves risks not typically associated with US investing, including currency fluctuations, political instability, uncertain economic conditions and different accounting standards. Investments in high yield, non-investment grade securities are generally only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments.

Investing in Closed-End Funds may also involve the following risks: Market Risk - General stock market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of the issuers change. Investor perceptions can be based on various and unpredictable factors including expectations regarding government economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction and political climates. The value of any security can rise or fall and when liquidated , may be worth more or less than the original investment.

Price Risk - Refers to the fact that shares of closed-end funds frequently trade at a discount from their net asset value.

Interest rate risk - The risk that arise in interest rates will cause the value of an investment to decline.

Credit Risk - Refers to a bond issuer's ability to meet its obligation to make interest and principal payments, or a decline in the market's assessment of the issuer's ability to pay. Generally, lower rated securities provide higher current income but are considered to carry greater credit risk than higher rated securities.

Leverage Risk - The risk of higher share price volatility and that the cost to a fund of its leveraged capital, such as preferred stock or debt, will exceed the earnings on the related assets.

These securities are not suitable for all investors and should not be purchased on the basis of yield alone. The market price of these securities may decline. Dividend yields are not guaranteed and may be reduced, which may negatively impact the price of the security. Price changes may be amplified by portfolio leverage. The performance provided is past performance , which does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate when sold and may be worth more or less than the original cost.

Visit www.cefconnect.com and www.morningstar.com for more current monthly performance information.

This and/or the accompanying information was prepared by or obtained from sources that McGowan Group Asset Management, Inc. believes to be reliable, but McGowan Group Asset Management, Inc. does not guarantee its accuracy or completeness. The material has been prepared and is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.

McGowan Group Asset Management, Inc. is a Federally Registered Investment Advisory Firm. Securities offered through Spire Securities, LLC an independent broker-dealer, member FINRA/SIPC.

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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 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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