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

Page 3

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

Page 5

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

Page 7

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

Page 9

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

Page 13

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

Page 17

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

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

WEEKLY ECONOMIC UPDATE March 17, 2014 RETAIL SALES UP 0.3% IN FEBRUARY Weather didn’t stop Americans from shopping last month. February’s headline gain in retail sales was the first in three months and represented a nice turnaround from the (revised) 0.6% drop measured by the Commerce Department for January. Minus car and truck buying, the February increase was still 0.3%. Sales at clothing and furniture retailers led the way, both improving 0.4% on the month.1 SENTIMENT COOLS AS WEATHER WARMS The preliminary March reading for the University of Michigan’s monthly consumer sentiment index was just 79.9, a 4-month low. February’s final mark was 81.6, and analysts polled by MarketWatch forecast an initial March reading of 80.8.2,3 PRODUCER PRICES RETREAT, AGAINST EXPECTATIONS After rising 0.2% for January, the Producer Price Index ticked down 0.1% in February; in a Bloomberg survey, economists projected a 0.2% increase. The core PPI (minus food and energy prices) dropped 0.2% last month. Over the past year, the headline PPI has risen just 0.9%. 2,3 OVERSEAS HEADLINES HAMPER STOCKS Would Crimeans vote to leave Ukraine and join Russia on March 16? To what degree was China’s economy cooling off? These questions preoccupied Wall Street last week, and the Dow, S&P 500 and Nasdaq all turned south. The 5-day performances: S&P, -1.97% to 1,841.13; Dow, -2.35% to 16,065.67; Nasdaq, -2.10% to 4,245.40.4,5 THIS WEEK Monday morning, Wall Street will react to the outcome of the Crimean referendum; the March NAHB housing market index and the Federal Reserve’s report on February industrial output also arrive. Tuesday, investors will consider February’s CPI, data on February housing starts and building permits, and earnings from Oracle, Perry Ellis, Adobe and Hertz. Wednesday brings a Federal Reserve policy announcement (and the potential for further tapering of QE3); Guess, KB Home, FedEx and General Mills announce quarterly results. On Thursday, NAR issues February existing home sales figures, the Conference Board puts out its February leading indicator index, a new round of initial jobless claims data arrives, and Nike, ConAgra and Lennar present earnings. No major economic releases are scheduled for Friday.

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

Y-T-D -3.08 +1.65 -0.39 3/14 RATE 0.49%

1-YR CHG +10.50 +30.27 +17.78 1 YR AGO -0.53%

5-YR AVG +24.48 +39.31 +28.67 5 YRS AGO 1.87%

10-YR AVG +5.90 +11.89 +6.67 10 YRS AGO 1.47% 5,6,7,8

Sources: USATODAY.com, bigcharts.com, treasury.gov - 3/14/14 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.

Citations. 1 - reuters.com/article/2014/03/13/us-retail-sales-idUSBREA2C0YK20140313 [3/13/14] 2 - marketwatch.com/economy-politics/calendars/economic [3/14/14] 3 - bloomberg.com/news/2014-03-14/wholesale-prices-in-u-s-unexpectedly-drop-on-cheaper-services.html [3/14/14] 4 - reuters.com/article/2014/03/14/markets-usa-stocks-idUSL2N0MB1ON20140314 [3/14/14] 5 - usatoday.com/money/markets/overview/ [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F14%2F13&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F14%2F13&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F14%2F13&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F13%2F09&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F13%2F09&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F13%2F09&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F15%2F04&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F15%2F04&x=0&y=0 [3/14/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F15%2F04&x=0&y=0 [3/14/14] 7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [3/14/14] 8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [3/14/14]

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

4


MGAM Tactical Dynamic Allocation Strategy

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

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

5

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. 02/2014 6


3/17/2014

Macro View: Fail to Prepare, Prepare to Fail | Guggenheim Partners

Fail to Prepare, Prepare to Fail MACRO VIEW

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MARCH 12 2014

Five years into the U.S. bull market this remains a “risk on” environment, but with monetary tightening on the horizon now is a time to become more cautious and start thinking about what comes next. Global CIO Commentary by Scott Minerd Having enjoyed investing in a “risk on” environment for the past five years, it is important for us to be cognizant that the excessive margin of safety, which made it easy to buy U.S. stocks and bonds over the last few years, will not exist forever. Now, we must become more cautious. Famed investor and author Benjamin Graham described a good investment as one which “upon thorough analysis, promises safety of principal and a satisfactory return.” We should remember Graham’s wisdom as we invest for the future and hope to avoid the pitfalls of an overvalued market. The reality is that U.S. securities are no longer fundamentally cheap and thorough due diligence is more important now than at any stage over the past few years. With the U.S. economy strong and monetary accommodation from the Federal Reserve set to continue for a while longer, we are clearly starting to pass into a realm of relative overvaluation. For example, last week spreads on CCC corporate bonds were 689 basis points over U.S. Treasuries. They could be headed back to the lows we saw in 2007 when they touched 500 basis points. After a very challenging winter where extreme weather dampened economic activity, pent-up consumer demand will likely spur a second quarter rebound in economic growth. This may push credit spreads even tighter. While I am not advocating an immediate change in direction or the sudden adoption of a more defensive investment approach, such a shift may be required as the economy gathers steam over the next 12-24 months. Now, we must guard against becoming complacent about the quality of investments we make and their inherent risks. What we buy today we own tomorrow and if we fail to prepare for every eventuality, then we should prepare to fail. We are entering a new era where interest rates are inevitably heading higher over the long term. Before we get there, however, there may be one more dip in rates, and a Fed-hike-induced U.S. economic slowdown may provide the catalyst. Additionally, there is a ceiling on how high rates U.S. interest rates can rise in advance of the inevitable monetary tightening. Given that we are still sometime away from that event, I see the likely upper bound for the 10-year U.S. Treasury yield at 3.25 percent in the near term. Chart of the Week Ceiling for U.S. Interest Rates Until Fed Tightens

Some investors believe that with 10-Year U.S. Treasury yields at about 2.72 percent and with the Federal Reserve expected to start hiking the federal funds rate by 2016, interest rates could move significantly higher. This is because, historically, the maximum spread between 10-Year Treasury yields and the fed funds target rate is about 400 basis points. With the fed funds rate now at 0-25 basis points, that suggests yields could top 4 percent. However, accounting for the current position in the monetary policy cycle tells a different story. The median spread between 10-Year Treasuries and fed funds is about 150 basis points when monetary tightening is 12-18 months away. This suggests Treasury yields are unlikely to go much higher since they are already pushing historical limits for this relative point in time.

TIMING OF FED TIGHTENING AND SPREAD BETWEEN 10-YEAR U.S. TREASURY AND FED FUNDS RATE

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3/17/2014

Macro View: Fail to Prepare, Prepare to Fail | Guggenheim Partners

Source: Haver, Bloomberg, Guggenheim Investments. Data as of 3/11/2014. Note: We use spread data from ten periods of the Federal Reserve beginning a sustained series of federal funds rate increases, since 1955.

Economic Data Releases U.S. Labor Market Appears Solid despite the Temporary Freeze

Non-farm payrolls were better than expected in February, adding 175,000 jobs. Gains were fairly well distributed across industries, and steady job growth occurred despite a high number of people unable to work during the survey week. Average hourly earnings rose a robust 0.4 percent in February, the best in eight months. Average weekly hours declined to 34.2, the lowest in over three years. The drop was due to cold and stormy weather conditions, which led to a near-record number of people not working a full week. The unemployment rate surprisingly ticked up to 6.7 percent from 6.6 percent, due to an increasing labor force and a weak household employment report. Job openings rose less than expected in January according to the Job Opening and Labor Turnover Survey. In a worrying sign, the level of both hirings and quits were lower than in December. Initial jobless claims dropped 26,000 to 323,000 for the week ended February 28th, the lowest level in three months. The NFIB Small Business Optimism Index dropped lower than expected in the February survey to 91.4, the lowest in nearly one year. Plans to hire and the business outlook recorded particularly large decreases. U.S. factory orders had a second consecutive month of decline in January, falling 0.7 percent. Factory Output Falls in Euro Zone, China’s Exports Plunge

Euro zone industrial production unexpectedly declined for a second consecutive month in January, down 0.2 percent. The decrease was led by a large drop in energy production. Germany’s exports rebounded 2.2 percent in January after falling the previous month. Industrial production in France decreased for a second consecutive month in January, down 0.2 percent. U.K. industrial production ticked up 0.1 percent in January, with another strong month of manufacturing output. Chinese exports plunged 18.1 percent in February, the largest drop since 2009. However, the decrease is difficult to interpret, due to the Chinese New Year and possible fake invoicing that previously inflated the trade data. China’s CPI slid further downward in February, reaching a 13-month low of 2.0 percent. Japan’s economy watchers survey was worse than expected in February, with an especially large drop in the outlook, which fell to the worst level since the 2011 tsunami, likely due to the looming tax increase.

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

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

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

MLP's, Royalty Trusts, Pipelines 10%

Discount Closed End Funds 30%

Global Dividend Companies 30%

Cash 10%

Disclosures: The allocation shown above is hypothetical in nature and for illustrative purposes only. It does not represent the actual account of any particular client. This material has been prepared and is distributed solely for informational purposes and is not a solicitation or an offer to buy any trading security or instrument or to participate in any trading strategy. Additional information is available upon request. Market values of both equity and fixed income investments will fluctuate due changes in market condition and other factors. Asset Allocation and diversification cannot eliminate the risk of fluctuating prices and uncertain returns. Stocks of small and mid-cap companies are typically more volatile than stocks of larger companies. They often involve higher risks because they may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Global/International investing may involve risks such as currency fluctuations, political instability, uncertain economic conditions, different accounting standards, and other risks that are not typically associated with domestic investments. Fixed income investments are subject to default and interest rate risk. High-yield, non-investment grade bonds are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Stock dividends are not guaranteed. Please contact us to discuss an appropriate allocation for your situation. McGowanGroup Asset Management 200 Crescent Court Suite 657 Dallas, TX 75201 (866) 550-8008 McGowanGroup Asset Management, Inc. is a Federally Registered Investment Advisory Firm. Securities offered through Spire Securities, LLC an independent broker-dealer, member FINRA/SIPC

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CASH FLOW STRATEGIES Cash Flow (Moderate)

Municpal Bonds 37%

Discount Closed End Funds 36%

Global Dividend Companies 24%

Cash and Limited Duration 3%

Disclosures: The allocation shown above is hypothetical in nature and for illustrative purposes only. It does not represent the actual account of any particular client. This material has been prepared and is distributed solely for informational purposes and is not a solicitation or an offer to buy any trading security or instrument or to participate in any trading strategy. Additional information is available upon request. Market values of both equity and fixed income investments will fluctuate due changes in market condition and other factors. Asset Allocation and diversification cannot eliminate the risk of fluctuating prices and uncertain returns. Stocks of small and mid-cap companies are typically more volatile than stocks of larger companies. They often involve higher risks because they may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Global/International investing may involve risks such as currency fluctuations, political instability, uncertain economic conditions, different accounting standards, and other risks that are not typically associated with domestic investments. Fixed income investments are subject to default and interest rate risk. High-yield, non-investment grade bonds are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Stock dividends are not guaranteed. Please contact us to discuss an appropriate allocation for your situation. McGowanGroup Asset Management 200 Crescent Court Suite 657 Dallas, TX 75201 (866) 550-8008 McGowanGroup Asset Management, Inc. is a Federally Registered Investment Advisory Firm. Securities offered through Spire Securities, LLC an independent broker-dealer, member FINRA/SIPC

10


CASH FLOW STRATEGIES Conservative

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

Disclosures: The allocation shown above is hypothetical in nature and for illustrative purposes only. It does not represent the actual account of any particular client. This material has been prepared and is distributed solely for informational purposes and is not a solicitation or an offer to buy any trading security or instrument or to participate in any trading strategy. Additional information is available upon request. Market values of both equity and fixed income investments will fluctuate due changes in market condition and other factors. Asset Allocation and diversification cannot eliminate the risk of fluctuating prices and uncertain returns. Stocks of small and mid-cap companies are typically more volatile than stocks of larger companies. They often involve higher risks because they may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Global/International investing may involve risks such as currency fluctuations, political instability, uncertain economic conditions, different accounting standards, and other risks that are not typically associated with domestic investments. Fixed income investments are subject to default and interest rate risk. High-yield, non-investment grade bonds are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Stock dividends are not guaranteed. Please contact us to discuss an appropriate allocation for your situation. McGowanGroup Asset Management 200 Crescent Court Suite 657 Dallas, TX 75201 (866) 550-8008 McGowanGroup Asset Management, Inc. is a Federally Registered Investment Advisory Firm. Securities offered through Spire Securities, LLC an independent broker-dealer, member FINRA/SIPC

11


CASH FLOW STRATEGIES Ultra Conservative

Cash 50%

Insured Municpal Bonds 50%

Disclosures: The allocation shown above is hypothetical in nature and for illustrative purposes only. It does not represent the actual account of any particular client. This material has been prepared and is distributed solely for informational purposes and is not a solicitation or an offer to buy any trading security or instrument or to participate in any trading strategy. Additional information is available upon request. Market values of both equity and fixed income investments will fluctuate due changes in market condition and other factors. Asset Allocation and diversification cannot eliminate the risk of fluctuating prices and uncertain returns. Stocks of small and mid-cap companies are typically more volatile than stocks of larger companies. They often involve higher risks because they may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Global/International investing may involve risks such as currency fluctuations, political instability, uncertain economic conditions, different accounting standards, and other risks that are not typically associated with domestic investments. Fixed income investments are subject to default and interest rate risk. High-yield, non-investment grade bonds are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Stock dividends are not guaranteed. Please contact us to discuss an appropriate allocation for your situation. McGowanGroup Asset Management 200 Crescent Court Suite 657 Dallas, TX 75201 (866) 550-8008 McGowanGroup Asset Management, Inc. is a Federally Registered Investment Advisory Firm. Securities offered through Spire Securities, LLC an independent broker-dealer, member FINRA/SIPC

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Cash Flow Strategy Closed End Funds US Bond Funds

CLOSED END FUND ADVENT CLAYMORE CVT SEC& INC NUVEEN PREFERRED INCOME OPPO NUVEEN CREDIT STRATEGIES INC FLAHERTY & CRUMRINE DYNAMIC DOUBLELINE INCOME SOLUTIONS FIRST TRUST INTERMEDIATE DUR BLACKROCK CORPORATE HIGH YIE INVESCO DYNAMIC CREDIT OPPO DWS HIGH INCOME OPPORTUNITIE BLACKROCK CREDIT ALLOCATION

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YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION ANNUALIZED

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

SYMBOL

ASSET CLASS

12/31/13 NAV VALUE

AVK

CONVERTIBLE/HIGH YIELD

$20.38

5.98%

$19.01

$20.97

-9.35%

3.84%

7.40%

55.84%

-47.04%

JPC

CORPORATE/PREFERRED

$9.88

8.22%

$9.27

$10.27

-9.74%

5.26%

5.66%

84.27%

-51.74%

JQC

CORPORATE/PREFERRED

$10.24

6.84%

$9.61

$10.34

-7.06%

2.05%

5.36%

78.60%

-49.30%

DFP

TAXABLE INCOME-PREFERREDS

$22.46

8.76%

$21.91

$23.47

-6.65%

N/A

4.35%

N/A

N/A

DSL

TAXABLE INCOME-MULTI-SECTOR

$22.45

8.35%

$21.55

$23.00

-6.30%

N/A

2.31%

N/A

N/A

FPF

TAXABLE INCOME-PREFERREDS

$23.19

8.33%

$22.12

$23.96

-7.68%

N/A

5.54%

N/A

N/A

HYT

CORPORATE-HIGH YIELD

$13.02

7.72%

$12.51

$13.43

-6.85%

3.78%

9.86%

92.56%

-38.43%

VTA

TAXABLE INCOME-SENIOR LOAN

$13.71

6.98%

$12.94

$13.82

-6.37%

1.91%

3.79%

91.12%

-49.58%

DHG

TAXABLE INCOME-HIGH YIELD

$16.37

7.02%

$14.63

$16.70

-12.40%

3.07%

-2.59%

65.62%

-65.50%

BTZ

TAXABLE INCOME-INVESTMENT GRADE

$14.84

7.16%

$13.50

$15.33

-11.94%

3.86%

2.27%

57.51%

-43.95%

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02/28/14

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

9.14%

$10.35

$12.11

-14.53%

0.25%

2.17%

22.94%

-14.02%

$14.89

8.07%

$14.84

$15.17

-2.18%

2.57%

12.05%

94.90%

-31.02%

$19.11

8.45%

$17.19

$19.37

-11.25%

2.64%

8.62%

53.55%

-20.62%

$13.48

8.46%

$12.19

$13.84

-11.92%

2.67%

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

9.37%

$12.36

$13.41

-7.83%

2.68%

8.47%

71.25%

-30.71%

FAM

GLOBAL HIGH YIELD/INVESTMENT GRADE

$15.32

9.58%

$14.02

$15.18

-7.64%

0.82%

6.83%

74.64%

-29.82%

EDD

GLOBAL INVESTMENT GRADE

$14.77

12.29%

$12.91 13

$14.37

-10.16%

-2.71%

4.43%

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

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SYMBOL

ASSET CLASS

12/31/13 NAV VALUE

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION ANNUALIZED

NBB

MUNICIPAL NATIONAL

$20.34

7.12%

$19.34

$21.26

-9.03%

5.69%

9.73%

20.32%

9.88%

NBD

MUNICIPAL NATIONAL

$21.40

6.69%

$20.36

$22.46

-9.35%

6.05%

11.29%

25.08%

6.46%

BBN

MUNICIPAL NATIONAL

$20.54

7.92%

$19.86

$21.80

-8.90%

6.79%

11.40%

32.81%

14.83%

GBAB

MUNICIPAL NATIONAL

$21.49

7.97%

$20.69

$22.29

-7.18%

5.04%

11.88%

26.43%

14.96%

NAD

MUNICIPAL NATIONAL

$14.05

6.58%

$13.50

$14.84

-9.03%

6.71%

6.62%

45.78%

-20.44%

NMA

MUNICIPAL NATIONAL

$13.66

6.15%

$13.08

$14.53

-9.98%

7.38%

7.07%

47.34%

-21.92%

NQU

MUNICIPAL NATIONAL

$13.79

6.17%

$13.30

$14.71

-9.59%

7.70%

6.72%

28.78%

-23.80%

NMO

MUNICIPAL NATIONAL

$13.44

6.26%

$12.80

$14.24

-10.11%

6.98%

6.72%

38.86%

-20.56%

BAF

MUNICIPAL NATIONAL

$14.28

6.01%

$13.64

$15.03

-9.25%

6.24%

6.17%

47.20%

-21.07%

MUE

MUNICIPAL NATIONAL

$13.18

6.65%

$12.71

$13.89

-8.50%

6.49%

5.41%

46.84%

-16.73%

MUC

MUNICIPAL SINGLE STATE

$14.62

6.09%

$14.02

$15.39

-8.90%

6.27%

6.08%

46.80%

-24.57%

MYN

MUNICIPAL SINGLE STATE

$13.06

6.40%

$12.66

$13.65

-7.25%

5.58%

6.03%

45.39%

-26.21%

14

SHARE SHARE PRICE PRICE BEST WORST YEAR YEAR % %


Cash Flow Strategy Closed End Funds Equity Funds 02/28/14

02/28/14

02/28/14

02/28/14

02/28/14

YIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

$30.54

$28.46

7.31%

11.14%

02/28/14 NAV RETURN INCEPTION ANNUALIZED 11.23%

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

116.73%

-64.88% -69.28%

CLOSED END FUND

SYMBOL

ASSET CLASS

12/31/13 NAV VALUE

KAYNE ANDERSON ENERGY DEVELO

KED

ENERGY GROWTH/INCOME

$28.46

6.56%

CUSHING MLP TOTAL RETURN FUN

SRV

ENERGY GROWTH/INCOME

$7.02

11.07%

$8.17

$6.67

22.46%

-1.78%

-3.25%

120.35%

TORTOISE MLP FUND INC

NTG

ENERGY GROWTH/INCOME

$28.29

6.11%

$27.63

$27.95

-1.14%

0.25%

11.05%

18.64%

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

$9.18 $24.18 $26.35 $21.30 $20.02

8.11% 5.50% 7.43% 6.66% 6.78%

$8.37 $21.98 $24.46 $19.46 $19.50

$9.36 $24.13 $26.63 $21.77 $21.67

-10.58% -8.91% -8.15% -10.61% -10.01%

1.96% 0.55% 2.23% 3.24% 8.81%

0.79% 8.23% 10.93% 8.00% 8.71%

63.67% 44.59% 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

$18.09 $10.24 $25.24

7.30% 8.21% 6.02%

$16.99 $9.13 $23.36

$18.28 $10.49 $26.31

-7.06% -12.97% -11.21%

2.21% 3.08% 4.24%

6.88% 3.00% 8.25%

44.72% 53.56% 51.16%

-55.63% -47.34% -56.67%

MACQUARIE/FT GL INT/UT DV IN

MFD

GLOBAL INFRASTRUCTURE

$17.12

8.21%

$17.13

$17.52

-2.23%

4.40%

9.38%

36.92%

-55.60%

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

NFJ ETW EXG

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

$18.57 $13.13 $11.12

9.97% 9.73% 9.61%

$18.18 $12.12 $10.23

$18.77 $13.13 $11.21

-3.14% -7.69% -8.74%

1.08% 1.50% 2.30%

5.57% 5.99% 4.20%

31.66% 59.66% 49.28%

-37.77% -33.23% -30.87%

ING GLOBAL EQUITY & PR OPPT

IGD

US EQUITY COVERED CALL

$10.04

10.18%

$9.08

$10.05

-9.65%

0.90%

4.19%

48.24%

-32.23%

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

USA CSQ HQH

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

$6.71 $12.29 $26.29

6.76% 7.60% 7.18%

$5.99 $11.15 $30.12

$6.70 $12.48 $29.75

-10.60% -10.66% 1.24%

1.35% 2.14% 15.14%

8.11% 6.39% 12.38%

57.28% 56.82% 68.07%

-43.89% -49.28% -37.59%

H & Q LIFE SCIENCES INVSTRS

HQL

US EQUITY-HEALTH/BIOTECH

$21.14

7.03%

$24.37

$23.93

1.84%

15.14%

10.19%

80.78%

-36.09%

COHEN & STEERS INFRASTRUCTUR

UTF

US EQUITY INFRASTRUCTURE

$23.43

6.70%

$21.62

$25.03

-13.62%

6.83%

18.41%

68.53%

-57.19%

BLACKROCK UTILITY AND INFRAS

BUI

US EQUITY- UTILITIES

$20.70

7.75%

$18.75

$21.25

-11.76%

4.44%

12.64%

7.93%

-3.50%

DUFF & PHELPS GLOBAL UTILITY

DPG

US EQUITY- UTILITIES

$21.46

7.29%

$19.44

$22.13

-12.16%

3.12%

12.67%

21.95%

0.64%

ALPINE GLOBAL PREMIER PROPER

AWP

GLOBAL REAL ESTATE

$8.11

8.46%

$7.18

$7.99

-10.14%

-0.24%

-3.13%

78.59%

-63.64%

COHEN & STEERS REIT & PR

RNP

US EQUITY-REAL ESTATE

$17.88

7.08%

$17.02

$19.50

-12.72%

9.06%

8.21%

91.15%

-60.58%

COHEN & STEERS QUAL INC RLTY

RQI

US EQUITY-REAL ESTATE

$10.53

6.91%

$10.44

$11.68

-10.62%

10.92%

8.64%

80.59%

-68.43%

Performance data quoted reflects past performance which cannot guarantee future results. Current performance may be lower or higher than quoted. Investment return and principal value is subject to fluctuations with changes in market conditions such that shares may be worth more or less than original cost when sold. Returns are calculated by subtracting the value of a share at the beginning of the period from the value at the end and dividing the difference by the initial value expressing the result as a percentage change. The calculation assumes that all distributions during the period have been reinvested on the payable dates, at NAV or at market price according to how the returns are labeled. The returns do not reflect broker sales charges or commissions. Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding. Pease see final page fopr important information on risks of investing in these funds and other important disclosure.

15


Exchange Traded Bonds/Preferreds As of 02/28/2014

MUNIFUND TERM PREFERRED SHARES TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF 02/28/2014

COUPON RATE

CORPORATE WEBSITE

Nuveen Az Dvd Adv Muni 3

NXE2.9

Aaa AAA

Financial

$10.04

$10.00

0.40%

2.94%

2.95%

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

Nuveen Md Premium Inc 2

NMY2.9

Aa2 AAA

Financial

$10.10

$10.00

1.00%

2.87%

2.90%

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

Nuveen Texas Premium Inc

NTX2.3

Aa2 AAA

Financial

$10.03

$10.00

0.30%

2.29%

2.30%

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

Nuveen Ma Dvd Adv Muni

NMB2.6

Aa2 AAA

Financial

$10.03

$10.00

0.30%

2.59%

2.60%

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

Nuveen Oh Div Adv Muni 2

NBJ2.35

Aa2 AAA

Financial

$10.00

$10.00

0.00%

2.85%

2.85%

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

TICKER SYMBOL

RATING

INDUSTRY

PRICE

PAR VALUE

PERCENT DISCOUNT

% YIELD AS OF 02/28/2014

COUPON RATE

CORPORATE WEBSITE

$25.27

$25.00

-1.08

7.42%

7.50%

$25.43

$25.00

-1.72

7.25%

7.38%

DESCRIPTION

Watch List DESCRIPTION Ford Motor Co Ally Financial Inc

F7.5 ALLY7.375

Baa3 BB+ B1 B+

Consumer Discretionary Financials

Yields and market value will fluctuate so that your investment, if sold prior to maturity, may be worth more or less than its original cost.

16

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


EQUITY OPPORTUNITIES as of February 28, 2014 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

15.12 26.84 30.80 33.29 30.51 24.22 8.93

Sector

Price

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

1.52 4.88 31.26 10.42 15.22 30.25 31.93 18.98 25.41 14.38 47.58 44.06 35.47 39.23 41.57 23.51 18.65 19.37 39.35 43.90

YTD % Chg -24.83% 0.26% 20.52% 2.24% 6.13% -18.56% 2.41%

Price/ Earnings 9.73 44.83 16.28 16.20 15.90 15.54 28.27

Current Yield 9.26% 8.20% 4.94% 4.21% 1.57% 0.83% 0.00%

Dividend Frequency Quarterly Quarterly Semi-Annual Quarterly Quarterly Quarterly Irregular

Annual Dividend 1.40 2.20 1.52 1.40 0.48 0.20 0.00

YTD % Chg -7.55% 4.41% -2.39% 9.86% -8.29% -3.10% -9.47% 13.69% -3.45% -12.12% -3.54% 8.79% -0.79% 9.54% 1.90% 0.43% -3.90% -17.67% 11.91% -0.12%

Price/ Earnings 10.76 19.57 19.21 13.83 11.82 17.72 12.75 41.11 15.53 16.64 16.70 43.81 6.81 16.81 15.96 23.64 12.24 10.15 23.25 7.09

Current Yield 9.18% 8.20% 6.91% 6.44% 6.19% 5.87% 5.76% 4.91% 4.88% 4.73% 4.46% 4.13% 3.78% 3.74% 2.82% 2.76% 2.19% 1.75% 1.30% 1.00%

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

Annual Dividend 0.14 0.40 2.16 0.67 0.940 1.78 1.84 0.93 1.24 0.68 2.12 1.82 1.34 1.47 1.17 0.65 0.41 0.34 0.51 0.44

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

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

17


EQUITY OPPORTUNITIES as of February 28, 2014 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

11.04 10.40 8.56 18.03 18.74 28.11 35.10 10.36 56.91 14.98

Industry

Price

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

80.50 25.47 19.99 31.87 26.40 35.08 49.92 18.82 13.24 43.08 27.52 74.27 26.25 49.61 41.67 55.53 50.84 28.44 53.11 63.85 36.60 30.89 67.11 45.57

YTD % Chg -1.35% -0.19% 2.83% 1.01% -4.84% 1.52% 6.94% 0.60% -8.58% -2.05%

Price/ Earnings 8.59 12.90 6.53 11.01 12.97 11.23 19.21 49.34 23.85 19.21

Current Yield 12.01% 11.15% 9.35% 8.43% 7.68% 7.68% 5.64% 3.47% 3.09% 2.67%

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 1.75% -2.13% -0.39% 3.90% -6.32% 1.44% -1.51% 15.20% 2.82% -7.48% -7.80% -7.77% 0.50% -2.25% -2.20% -3.09% 1.17% -0.14% 0.84% -2.71% 1.02% 11.16% 1.31% -8.33%

Price/ Earnings 9.32 18.44 135.07 39.49 29.98 23.15 51.83 25.50 15.76 27.15 62.59 22.14 463.00 29.10 15.10 61.17 13.22 n/a 22.88 238.30 21.75 84.52 24.16 12.15

Current Yield 12.56% 10.76% 9.86% 9.10% 8.94% 8.79% 8.77% 8.50% 8.31% 8.12% 7.90% 7.32% 7.24% 7.20% 6.64% 6.63% 6.42% 5.98% 5.50% 5.39% 4.92% 4.66% 4.17% 2.63%

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

Annual Dividend 10.11 2.74 1.97 2.90 2.36 3.08 4.38 1.60 1.10 3.50 2.17 5.44 1.90 3.57 2.77 3.68 3.26 1.70 2.92 3.44 1.80 1.44 2.80 1.20

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

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

18


EQUITY OPPORTUNITIES as of February 28, 2014 Medical/Health Care Company Pdl Biopharma Inc Omega Healthcare Investors Universal Health Rlty Income Astrazeneca Plc-Spons Adr Health Care Reit Inc Glaxosmithkline Plc-Spon Adr Healthcare Realty Trust Inc Sanofi-Adr Eli Lilly & Co Pfizer Inc Merck & Co. Inc. Johnson & Johnson Teva Pharmaceutical-Sp Adr Healthcare Services Group Quest Diagnostics Inc Amgen Inc Steris Corp Covidien Plc St Jude Medical Inc Stryker Corp Unitedhealth Group Inc Aetna Inc Humana Inc Atrion Corporation Shire Plc-Adr Dentsply International Inc Doctor Reddy'S Lab-Adr Cantel Medical Corp Perrigo Co Plc Cigna Corp Valeant Pharmaceuticals Inte Salix Pharmaceuticals Ltd Actavis Plc Mylan Inc Alexion Pharmaceuticals Inc Regeneron Pharmaceuticals

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

Sector

Price

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

8.57 31.96 42.58 67.76 58.74 55.94 23.97 51.84 59.61 32.11 56.99 92.12 49.89 26.93 53.00 124.02 46.15 71.95 67.32 80.24 77.27 72.71 112.46 289.43 165.15 45.38 45.90 32.35 164.44 79.59 144.86 107.92 220.82 55.57 176.80 332.50

19

YTD % Chg 0.95% 6.77% 6.39% 12.38% 9.31% 4.31% 11.83% -5.37% 16.25% 4.70% 13.00% 0.13% 23.12% -6.24% -0.88% 8.62% -4.02% 5.32% 8.47% 6.24% 2.42% 5.18% 9.06% -2.78% 16.17% -6.89% 10.09% -6.19% 6.22% -9.72% 21.89% 19.58% 30.45% 27.67% 32.06% 23.56%

Price/ Earnings 5.10 21.79 41.38 15.77 881.77 15.02 119.15 14.28 13.41 13.88 16.25 16.74 11.02 38.55 14.17 16.95 22.37 18.18 17.79 19.05 14.02 12.32 15.13 21.85 17.51 20.00 22.56 31.32 38.27 11.66 16.48 48.94 50.50 30.01 122.94 89.50

Current Yield 7.00% 6.13% 5.87% 5.61% 5.41% 5.36% 5.01% 3.68% 3.29% 3.24% 3.09% 2.87% 2.73% 2.54% 2.49% 1.97% 1.82% 1.78% 1.60% 1.52% 1.45% 1.24% 0.96% 0.88% 0.62% 0.58% 0.53% 0.28% 0.26% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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

Annual Dividend 0.600 1.960 2.500 3.800 3.180 2.998 1.200 1.910 1.960 1.040 1.760 2.640 1.360 0.685 1.320 2.440 0.840 1.280 1.080 1.220 1.120 0.900 1.080 2.560 1.016 0.265 0.245 0.090 0.420 0.040 0.000 0.000 0.000 0.000 0.000 0.000


EQUITY OPPORTUNITIES as of February 28, 2014 Global Growth Leaders & Technology Company Invesco Mortgage Capital Cedar Fair Lp Southern Co/The General Electric Co Mcdonald'S Corp Sturm Ruger & Co Inc Seagate Technology Coca-Cola Co/The Procter & Gamble Co/The Kohls Corp Lyondellbasell Indu-Cl A 3M Co Caterpillar Inc Dell Inc Apple Inc Home Depot Inc Intl Business Machines Corp Oracle Corp Hewlett-Packard Co Dover Corp Qualcomm Inc Altera Corp Broadcom Corp-Cl A Marvell Technology Group Ltd Emc Corp/Ma Joy Global Inc Infosys Ltd-Sp Adr Whole Foods Market Inc Visa Inc-Class A Shares Arm Holdings Plc-Spons Adr Titan International Inc Roundy'S Inc Weight Watchers Intl Inc Cirrus Logic Inc Corelogic Inc Zillow Inc-Class A Mwi Veterinary Supply Inc Wageworks Inc Broadsoft Inc Cerner Corp Darling International Inc Netflix Inc Fossil Group Inc Tempur Sealy International I

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

Sector

Price

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

16.83 53.20 42.35 25.47 95.15 63.74 52.19 38.20 78.66 56.19 88.08 134.73 96.97 13.73 526.24 82.03 185.17 23.64 29.88 78.23 75.29 36.31 29.71 15.29 26.37 55.00 61.67 54.05 225.94 50.20 18.96 6.14 21.26 19.25 32.60 83.60 162.92 59.15 30.01 61.37 20.18 445.63 114.91 51.87

20

YTD % Chg 15.46% 5.55% 2.92% -10.52% -2.50% -13.52% -7.46% -7.84% -4.35% -1.44% 9.14% -5.21% 5.89% -5.63% -1.48% -2.02% 1.40% 5.75% -1.85% -0.12% 11.10% 0.76% 7.10% 4.16% -6.58% 6.77% -7.19% 0.29% -9.63% 4.67% -38.84% -35.68% -5.65% -8.19% 0.89% -4.47% -2.00% 9.04% 9.04% -4.17% 20.08% -5.83% -4.17%

Price/ Earnings 8.24 23.05 15.67 15.16 17.02 11.29 11.55 18.42 19.47 13.74 12.84 19.58 17.49 14.79 13.13 21.63 11.23 17.60 9.58 15.00 18.88 26.56 23.55 23.20 18.90 9.66 22.73 35.78 28.45 41.19 36.16 7.48 5.47 10.44 16.10 1585.77 31.65 93.95 20.54 48.24 21.00 184.74 17.09 25.87

Relative Strength 0.12 0.05 0.05 0.03 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 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS Growth % -65.74 7.14 -30.37 6.47 3.33 56.10 -26.04 -3.00 24.69 -2.63 35.93 6.72 -32.61 -28.42 -10.33 24.75 3.65 15.08 n/a 22.88 27.07 -21.26 -42.64 18.18 6.11 -30.62 13.16 16.08 140.06 -35.82 -71.14 n/a -14.52 57.04 14.17 n/a 16.98 44.44 n/a 0.00 -18.02 522.58 17.05 -25.29

50-Day Moving Avg 15.60 50.47 41.31 26.19 95.40 74.10 54.41 39.04 79.30 53.19 80.69 133.71 92.22 13.70 537.36 79.41 182.38 37.50 28.80 75.62 74.11 33.15 29.61 14.76 25.17 55.24 58.53 54.11 221.68 49.29 17.63 8.51 28.70 19.15 33.96 83.56 171.77 60.37 28.53 56.63 20.21 389.61 117.46 49.85


Exchange Traded Funds Sectors 2/28/2014

2/28/2014

12/31/13 NAV

Current % Yield

MARKET PRICE

2/28/2014 YTD MARKET RETURN

2/28/2014

2/28/2014

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

ETF

SYMBOL

ASSET CLASS

FUND INCEPTION DATE

Financial Select Sector Spdr

XLF

Financial

12/22/98

21.71

1.49

21.70

-0.73

25.39

-1.01

0.17

SSgA Funds Management Inc

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

XLY XLP XLI XLE XLV

Consumer Discretionary Consumer Staples Industrials Energy Health Care

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

66.79 42.33 52.08 87.60 59.41

1.17 2.44 1.70 1.74 1.43

66.84 42.35 52.06 87.65 59.44

0.02 -1.47 -0.38 -0.97 7.22

32.71 19.08 27.70 18.41 23.30

9.06 8.90 8.97 13.17 8.46

0.17 0.17 0.17 0.17 0.17

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

Materials Select Sector Spdr

XLB

Materials

12/22/98

47.09

2.04

47.08

1.86

22.39

8.31

0.17

SSgA Funds Management Inc

Technology Select Sect Spdr Utilities Select Sector Spdr

XLK XLU

Technology Utilities

12/22/98 12/22/98

36.23 40.43

1.69 3.64

36.35 40.45

1.71 6.53

22.79 14.40

7.22 9.18

0.17 0.17

SSgA Funds Management Inc SSgA Funds Management Inc

2/28/2014

2/28/2014

2/28/2014

Current % Yield

MARKET PRICE

2/28/2014 YTD MARKET RETURN

2/28/2014

12/31/13 NAV

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

MANAGER NAME

Indexes ETF

SYMBOL

ASSET CLASS

FUND INCEPTION DATE

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

IJS VO

Small Cap Mid Cap

07/28/00 01/30/04

112.38 82.77

0.30 0.10

112.32 113.90

0.95 3.53

27.20 27.19

14.04 9.90

0.30 0.10

BlackRock Fund Advisors Vanguard Group Inc/The

IJJ IVV

Mid Cap Large Cap

07/28/00 05/19/00

119.37 187.39

0.27 0.07

119.34 187.34

2.68 0.91

26.02 22.82

9.52 7.09

0.27 0.07

PRF

Large Cap

12/19/05

83.22

0.39

83.25

0.37

27.57

n/a

0.39

PID

International

09/15/05

18.35

0.56

18.36

-0.33

21.21

n/a

0.56

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

EEM EFA

Emerging Markets International

04/11/03 08/17/01

39.77 67.58

0.67 0.34

39.48 67.51

-5.54 0.62

15.26 17.71

9.15 6.38

0.67 0.34

BlackRock Fund Advisors BlackRock Fund Advisors

DIM EZU

International International

06/16/06 07/31/00

60.36 42.18

0.58 0.50

60.54 42.01

2.38 1.52

19.66 17.09

n/a 5.82

0.58 0.50

WisdomTree Asset Management Inc BlackRock Fund Advisors

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

21

MANAGER NAME


CASH FLOW ALLOCATION STRATEGIES

ALLOCATION %

SAMPLE PORTFOLIO STRATEGIES GUIDED TRADING PORTFOLIO GROWTH WITH INCOME (AGGRESSIVE) CASH GLOBAL DIVIDEND STOCKS DISCOUNT CLOSED END FUNDS MLP'S, ROYALTY TRUSTS, PIPELINES SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS

10.00% 30.00% 30.00% 10.00% 20.00%

TOTAL

100.00%

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

3.00% 24.00% 37.00% 36.00%

TOTAL

100.0%

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

25.00% 25.00% 50.00%

TOTAL

100.00%

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

50.00% 50.00%

TOTAL

100.00%

McGowanGroup Asset Management, Inc. 02/28/2014 UPDATE

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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 come meet the team and upgrade your investment plan, please call us, 214-720-4400. The consolidation process is surprisingly easy and we will walk you through every step. Schedule your 2014 planning meeting today! Our minimum consolidation is $500,000 per family. Please remember that if you are out of range of the station, you can listen live via the KLIF website at www.klif.com. Just click the green listen live icon and you should be connected. McGowanGroup Asset Management, Inc is a Federally Registered Investment Advisory Firm. Securities offered through independent firm, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA / SIPC McGowanGroup and Spire only transact business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion. All the materials presented in this guide are meant to be informational and used for educational purposes. Each situation is different and requires customization based on individual goals and risk tolerance. We recommend meeting with a financial professional before any action is taken. All articles used with permission. All trademarks are the property of their respective owners. No part of the information in this guide can be redistributed, copied, or reproduced without prior written consent of McGowan Group Asset Managemen and JPMorgan Asset Management.

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