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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

MGAM Moderate Focus List………………………………………………………………………………… Page 23

Disclosures

Disclosures …………………………………………………………………………………………………………… Page 25

2

WEEKLY ECONOMIC UPDATE

WEEKLY QUOTE “The world is full of people whose notion of a satisfactory future is, in fact, a return to the idealized past.” - Robertson Davies WEEKLY TIP If you’re wondering about going Roth with your IRA, talk with a financial professional to determine whether or not the move makes sense. If you are a younger IRA owner who anticipates retiring to a higher tax bracket, it might. WEEKLY RIDDLE I can certainly run, but I will never be able to walk by myself. Wherever I go, thoughts are close behind me. What am I?

April 14, 2014

HOUSEHOLD SENTIMENT REACHES 9-MONTH PEAK The University of Michigan’s index of consumer sentiment rose 2.6 points in its preliminary April reading, bouncing back from a 4-month low of 80.0 at the end of March to a high unseen since last July. From 2003-07, the index averaged a reading of 89.0; during the 2007-09 recession, its average mark was just 64.2.1

PRODUCER PRICES ROSE 0.5% IN MARCH You have to go back to last June (when wholesale inflation spiked 0.8%) to find such a sizable monthly advance in the Producer Price Index. The PPI had retreated 0.1% in February. A 1.1% monthly increase in wholesale food costs was a big factor. Annualized wholesale inflation rose to 1.4% in March, up from 0.9% for February.1,2

OIL, GAS, GOLD LOG NOTABLE GAINS NYMEX crude was worth $103.74 per barrel at Friday’s close thanks to a 2.6% advance during the week. On April 10, AAA’s weekly survey found a gallon of unleaded averaging $3.62 nationally, which was an 8-month peak. An ounce of gold was worth $1,319.00 as the COMEX trading week ended, with futures up 1.2% in five days; an ounce of palladium was worth $806.80, a high unseen since 2011.1,3

NASDAQ SETTLES BELOW 4,000 A 3.10% plunge across five trading days took the Nasdaq Composite to a Friday close of 3,999.73. The Dow and S&P 500 also went red on the week – the blue chips retreated 2.35% to 16,026.75 and the S&P fell 2.64% to 1,815.69.4,5

THIS WEEK Earnings from Citigroup, Capital One, Piper Jaffray, Overstock.com and American Airlines arrive Monday, complementing data on March retail sales and February business inventories. Yahoo!, Coca-Cola, Intel and Charles Schwab report quarterly results Tuesday, which is also when the March CPI and the April NAHB housing market index appear. Wednesday offers a new Beige Book and a report on March industrial output from the Federal Reserve, Census Bureau data on March housing starts and building permits, and earnings from IBM, Google, SanDisk, US Bancorp, American Express, Bank of America, First Republic Bank, PNC and Kinder Morgan. Thursday, earnings from Philip Morris, BlackRock, AutoNation, Mattel, Fifth Third, Chipotle, Morgan Stanley, General Electric, Honeywell, BB&T, UnitedHealth, Sherwin Williams, Union Pacific and PepsiCo appear along with new initial claims numbers; the bond market will close early. March 18 is Good Friday: U.S. financial markets will be closed, and no economic data or major earnings news will be released.

3

% CHANGE Y-T-D 1-YR CHG 5-YR AVG 10-YR AVG

DJIA -3.32 +7.81 +19.65 +5.24

NASDAQ -4.23 +21.20 +28.41 +9.36

S&P 500 -1.77 +13.95 +22.39 +5.85

REAL YIELD 4/11 RATE 1 YR AGO 5 YRS AGO 10 YRS AGO

10 YR TIPS 0.50% -0.65% 1.62% 1.81%

Sources: USATODAY.com, bigcharts.com, treasury.gov - 4/11/145,6,7,8

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.

Citations.

1 - bloomberg.com/news/2014-04-11/michigan-u-s-sentiment-index-increased-to-82-6-in-april-from-80.html [4/11/14] 2 - investing.com/economic-calendar/ [4/11/14] 3 - proactiveinvestors.com/companies/news/53395/gold-up-12-for-the-week-oil-picks-up-26-palladium-hits-2011-high-53395.html [4/11/14] 4 - google.com/finance?q=INDEXSP%3A.INX&ei=11VIU_C8JaXLiQKgzgE [4/11/14] 5 - usatoday.com/money/markets/overview/ [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F11%2F13&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F11%2F13&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F11%2F13&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F9%2F09&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F9%2F09&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F9%2F09&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F12%2F04&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F12%2F04&x=0&y=0 [4/11/14] 6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F12%2F04&x=0&y=0 [4/11/14] 7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [4/11/14] 8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [4/11/14]

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, 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.

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.

5

Tactical allocation provides a planning tool for adjusting portfolios for the economic cycle, but does not eliminate risk or assure future performance.

McGowanGroup Asset Management, Inc is a Federally Registered Investment Advisory Firm. Securities offered through independent firm, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA / SIPC.

McGowanGroup and Spire only transact business in states where it is properly registered or notice filed, or excluded or exempted from registration

requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and

investment adviser representative registration requirements, or an applicable exemption or exclusion.

03/2014

6

4/14/2014 Macro View: Wanting Work Makes a Difference | Guggenheim Partners

https://guggenheimpartners.com/perspectives/macroview/wanting-work-makes-a-difference 1/2

If the rise in U.S. labor force

participation proves to be

persistent, it could push back

when the #Fed would have to

raise rates.

8:31 AM - 8 Apr 2014

Scott Minerd @ScottMinerd

Follow

5 RETWEETS 2 FAVORITES

APRIL 09 2014

As the Fed considers the precise timing of tightening monetary policy, a key consideration

will be how many Americans want to get back to work. Monetary doves found an olive twig

amid the floodwaters last week when the labor force participation rate increased slightly.

Wanting Work Makes a Difference

MACRO VIEW

Global CIO Commentary by Scott Minerd

When exactly the Federal Reserve begins raising interest rates willunfold as a battle between monetary policy hawks and doves which willplay out over the coming year or more. Inflation appears now to be theFed’s primary consideration, but how quickly the American economyreaches full employment will also be of significance. On inflation,monetary hawks want to stay ahead of rising prices for fear of losingcontrol and having to raise interest rates even higher to regain pricestability, while doves do not want to act until inflation is evident. Onemployment, the current focus for Fed hawks and doves is the laborforce participation rate. Hawks believe the economy has fundamentallychanged, that the downward trend in labor force participation since 2007is structural and that frustrated long-term job seekers lack the neededskills. Doves believe roughly one third of the decline in the participationrate is cyclical, and that jobs will return as the economy heats up.

Looking at the economic data through that prism, the specifics of the March jobs report were certainly interesting.Beyond the unchanged 6.7 percent U.S. unemployment rate for March, the most important aspect of the report mayhave been the increasing labor force participation rate, which rose 0.2 percent to 63.2 percent. For doves, this was asmall olive twig, a sign that the flood of unemployment is finally receding. Paradoxically, however, as more Americansreturn to seeking employment and as the work force grows, the more time it will take for the economy to reach fullemployment.

The Fed believes the natural rate of unemployment is somewhere around 5.5 percent and so an argument can be madethat policymakers will not raise rates until we reach that level. Getting to an unemployment level of 5.5 percent is highlydependent on how many people are actively participating in the labor force. If the participation rate returns to its previousdownward trend and job growth continues at about 200,000 jobs monthly, the unemployment rate would drop below 5.5percent during the second quarter of 2015. However, if the participation rate increases by a single percentage point, fullemployment is unlikely to be reached until 2016.

The pattern of recent months of a rebounding participation rate will add weight to the dovish position if it persists.Whatever happens, investors would be well advised to keep an eagle eye on the participation rate.

Chart of the Week

The U.S. Participation Rate and Employment

The U.S. labor force participation rate hit a 36-year low in December, but since then has turned around, rising 0.4percentage points, and is showing evidence of stabilization after a 3 percentage point decline over the last four years.Whether the recent increases are temporary or a sign of a broader trend are crucial for the outlook on monetary policy,since changes in participation have a large impact on unemployment. If the participation rate stabilizes or evenrebounds, the pace of decline in the unemployment rate could slow, pushing back the date when the Federal Reservebegins to increase interest rates.

UNEMPLOYMENT PROJECTIONS FOR VARIOUS U.S. LABOR FORCE PARTICIPATION RATES

EMAIL ALERTS FOLLOW SCOTT SHARE 1

7

4/14/2014 Macro View: Wanting Work Makes a Difference | Guggenheim Partners

https://guggenheimpartners.com/perspectives/macroview/wanting-work-makes-a-difference 2/2

© 2014 GUGGENHEIM PARTNERS, LLC. ALL RIGHTS RESERVED. GUGGENHEIM AND GUGGENHEIM PARTNERS ARETRADEMARKS 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.

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 lookingstatements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtainedfrom 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 writtenpermission of Guggenheim Partners, LLC. ©2014, Guggenheim Partners. Past performance is not indicative of future results. There is neither representation nor warranty as to the currentaccuracy of, nor l iabil ity for, decisions based on such information.

Source: Hav er Analy tics, Bloomberg, Guggenheim Inv estments. Data as of 3/31/2014. *Note: In our f lat participation rate scenario we assume the participation rateremains at 63.2 percent. The participation rate decline continues scenario assumes the participation rate f alls by .025 percentage points per month. The participationrate rebounds scenario assumes the participation rate increases by .02 percentage points per month. We assume monthly employ ment gains of 200,000.

Economic Data Releases

U.S. Labor Market Shows Signs of Firming

Non-farm payrolls increased by 192,000 in March, slightly under the consensus forecast of 200,000. However, theprior two months were revised by a combined 37,000. Gains were broad-based, with only manufacturing andfederal government employment falling.The unemployment rate remained at 6.7 percent, however, the participation rate continued to rebound fromDecember’s low.A gain in average weekly hours to 34.5 from 34.3 was offset by flat average hourly earnings.Job openings made a new high in the February JOLTs report, reaching 4.17 million, the highest in six years. Therates of hiring and quits were unchanged.Initial jobless claims rebounded, up to 326,000 for the last week of March, an increase of 16,000.The trade deficit widened more than expected in February to $42.3 billion as imports rose for a third straightmonth, led by autos.NFIB small business optimism rebounded in March to 93.4, led by expectations of higher sales.The ISM non-manufacturing index declined to 53.1 in March from 53.5 previously. Forecasts had expected a gain.Wholesale inventories were up for an eighth straight month in February, rising 0.5 percent.

Euro Zone Retail Sales Surprise, Data Mixed in Asia

Euro zone retail sales surprised in February with growth of 0.4 percent with only four countries posting negativefigures.Industrial production in Germany rose for a fourth consecutive month in February, up 0.4 percent.German exports fell more than expected in February, by1.3 percent, following January’s strong 2.2 percent gain.The U.K. services PMI decreased for a fifth consecutive month in March, down to 57.6 from 58.2.U.K. industrial production posted a strong 0.9 percent gain in February, the best since last June.China’s non-manufacturing PMIs were mixed in March. The official PMI fell to 54.5 from 55.0 and the HSBCservices PMI increased to 51.9.Japan’s economy watchers survey of current conditions jumped to 57.9 in March, the highest since the surveybegan in 2000. However, the outlook index continued its three-month plunge, reaching the lowest level since theaftermath of the 2011 earthquake.

EMAIL ALERTS FOLLOW SCOTT SHARE 1

8

Global/Domestic Real Estate Funds

30%

Cash 10%

Global Dividend Stocks 30%

MLP's, Royalty Trusts, Pipelines

10%

Senior Loan/Preferred/

Taxable Bond Funds 20%

Growth with Income (Aggressive)

CASH FLOW STRATEGIES

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

9

Discount Closed End Funds

36%

Cash and Limited Duration

3%

Global Dividend Companies

24%

Municpal Bonds 37%

Cash Flow (Moderate)

CASH FLOW STRATEGIES

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

Insured Municpal Bonds 50%

Cash 25%

CD's, MTN's, MTP's 25%

Conservative

CASH FLOW STRATEGIES

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

Insured Municpal Bonds 50%

Cash 50%

Ultra Conservative

CASH FLOW STRATEGIES

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

12

US Bond Funds03/31/14 03/31/14 03/31/14 03/31/14 03/31/14 03/31/14

CLOSED END FUND SYMBOL ASSET CLASS12/31/13

NAV VALUEYIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION

ANNUALIZED

SHARE PRICE BEST

YEAR %

SHARE PRICE

WORST YEAR %

ADVENT CLAYMORE CVT SEC& INC

AVK CONVERTIBLE/HIGH YIELD $20.38 6.06% $18.58 $20.13 -7.70% 0.14% 6.98% 55.84% -47.04%

NUVEEN PREFERRED INCOME OPPO

JPC CORPORATE/PREFERRED $9.88 8.18% $9.29 $10.43 -10.93% 7.56% 5.82% 84.27% -51.74%

NUVEEN CREDIT STRATEGIES INC

JQC CORPORATE/PREFERRED $10.24 6.62% $9.51 $10.31 -7.76% 2.28% 5.34% 78.60% -49.30%

FLAHERTY & CRUMRINE DYNAMIC

DFP TAXABLE INCOME-PREFERREDS $22.46 8.84% $21.72 $23.72 -8.43% N/A 5.46% N/A N/A

DOUBLELINE INCOME SOLUTIONS

DSL TAXABLE INCOME-MULTI-SECTOR $22.45 8.48% $21.22 $22.98 -7.66% N/A 3.08% N/A N/A

FIRST TRUST INTERMEDIATE DUR

FPF TAXABLE INCOME-PREFERREDS $23.19 8.27% $22.14 $24.14 -8.29% N/A 7.01% N/A N/A

BLACKROCK CORPORATE HIGH YIE

HYT CORPORATE-HIGH YIELD $13.02 7.88% $12.26 $13.41 -8.58% 4.25% 9.83% 92.56% -38.43%

INVESCO DYNAMIC CREDIT OPPO

VTA TAXABLE INCOME-SENIOR LOAN $13.71 6.96% $12.94 $13.86 -6.64% 2.76% 3.87% 91.12% -49.58%

DWS HIGH INCOME OPPORTUNITIE

DHG TAXABLE INCOME-HIGH YIELD $16.37 6.98% $14.61 $16.68 -12.41% 3.47% -2.51% 65.62% -65.50%

BLACKROCK CREDIT ALLOCATION

BTZ TAXABLE INCOME-INVESTMENT GRADE

$14.84 7.14% $13.52 $15.31 -11.69% 4.27% 2.30% 57.51% -43.95%

Global Funds03/31/14 03/31/14 03/31/14 03/31/14 03/31/14 03/31/14

CLOSED END FUND SYMBOL ASSET CLASS12/31/13

NAV VALUEYIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION

ANNUALIZED

SHARE PRICE BEST

YEAR %

SHARE PRICE

WORST YEAR %

NUVEEN DIVERSIFIED CURRENCY

JGT GLOBAL HIGH YIELD/INVESTMENT GRADE

$12.08 8.05% $10.49 $12.38 -15.27% 4.30% 2.73% 22.94% -14.02%

ALLIANCEBERNSTEIN GL HI INC

AWF GLOBAL HIGH YIELD/INVESTMENT GRADE

$14.89 8.13% $14.76 $15.19 -2.83% 3.38% 12.04% 94.90% -31.02%

WESTERN ASSET EMERGING MARKE

ESD Non-US/Other-Emerging Market Income

$19.11 8.28% $17.40 $19.45 -10.54% 3.71% 8.66% 53.55% -20.62%

WESTERN ASSET EMERGING MARKE

EMD Non-US/Other-Emerging Market Income

$13.48 8.27% $12.34 $13.72 -10.06% 3.70% 12.82% 67.36% -26.94%

WESTERN ASSET GLOBAL HIGH IN

EHI Non-US/Other-Global Income $13.25 9.39% $12.30 $13.41 -8.28% 3.42% 8.48% 71.25% -30.71%

FIRST TRUST ABERDEEN GLOBAL

FAM GLOBAL HIGH YIELD/INVESTMENT GRADE

$15.32 9.46% $13.95 $15.36 -9.18% 2.76% 6.99% 74.64% -29.82%

MORGAN STANLEY EMERGING MARK

EDD GLOBAL INVESTMENT GRADE $14.77 7.62% $13.12 $14.62 -10.26% 0.70% 4.89% 42.03% -28.97%

Cash Flow Strategy Closed End Funds

13

03/31/14 03/31/14 03/31/14 03/31/14 03/31/14 03/31/14

CLOSED END FUND SYMBOL ASSET CLASS12/31/13 NAV

VALUEYIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION

ANNUALIZED

SHARE PRICE BEST

YEAR %

SHARE PRICE WORST YEAR

%

NUVEEN BUILD AMERICAN BOND

NBB MUNICIPAL NATIONAL $20.34 7.09% $19.62 $21.45 -8.53% 7.22% 9.92% 20.32% 9.88%

NUVEEN BUILD AMERICA BOND OP

NBD MUNICIPAL NATIONAL $21.40 6.67% $20.50 $22.68 -9.61% 7.63% 11.50% 25.08% 6.46%

BLACKROCK BUILD AMERICA BOND

BBN MUNICIPAL NATIONAL $20.54 7.81% $20.24 $21.99 -7.96% 8.38% 11.59% 32.81% 14.83%

GUGGENHEIM BUILD AMERICA BON

GBAB MUNICIPAL NATIONAL $21.49 8.00% $20.72 $22.29 -7.04% 5.70% 11.80% 26.43% 14.96%

NUVEEN DVD ADVANTAGE MUNI FD

NAD MUNICIPAL NATIONAL $14.05 6.63% $13.39 $14.82 -9.65% 7.10% 6.60% 45.78% -20.44%

NUVEEN MUNI ADVANTAGE FUND

NMA MUNICIPAL NATIONAL $13.66 6.19% $12.98 $14.51 -10.54% 7.73% 7.05% 47.34% -21.92%

NUVEEN QUALITY INCOME MUNI

NQU MUNICIPAL NATIONAL $13.79 6.19% $13.29 $14.73 -9.78% 8.35% 6.72% 28.78% -23.80%

NUVEEN MUNI MKT OPPORTUNITY

NMO MUNICIPAL NATIONAL $13.44 6.30% $12.76 $14.26 -10.52% 7.64% 6.73% 38.86% -20.56%

BLACKROCK MUNICIPAL INCOME I

BAF MUNICIPAL NATIONAL $14.28 5.98% $13.74 $15.10 -9.01% 7.22% 6.21% 47.20% -21.07%

BLACKROCK MUNIHOLDINGS QU II

MUE MUNICIPAL NATIONAL $13.18 6.64% $12.74 $13.97 -8.80% 7.65% 5.45% 46.84% -16.73%

BLACKROCK MUNIHOLDINGS CA QU

MUC MUNICIPAL SINGLE STATE $14.62 6.16% $13.92 $15.42 -9.73% 6.98% 6.09% 46.80% -24.57%

BLACKROCK MUNIYIELD NY QUALI

MYN MUNICIPAL SINGLE STATE $13.06 6.29% $12.98 $13.69 -5.19% 6.43% 6.05% 45.39% -26.21%

Cash Flow Strategy Closed End Funds

Municipal Bond Funds

14

Equity Funds03/31/14 03/31/14 03/31/14 03/31/14 03/31/14 03/31/14

CLOSED END FUND SYMBOL ASSET CLASS12/31/13

NAV VALUEYIELD

MARKET PRICE

NET ASSET VALUE

DISCOUNT/ PREMIUM

NAV YTD RETURN

NAV RETURN INCEPTION

ANNUALIZED

SHARE PRICE BEST YEAR %

SHARE PRICE WORST YEAR %

KAYNE ANDERSON ENERGY DEVELOPMENT KED ENERGY GROWTH/INCOME $29.96 6.60% $30.91 $29.96 3.17% 12.49% 12.28% 116.73% -64.88%

CUSHING MLP TOTAL RETURN FUND SRV ENERGY GROWTH/INCOME $7.02 10.96% $8.21 $6.63 23.83% -2.37% -3.12% 120.35% -69.28%

TORTOISE MLP FUND INC NTG ENERGY GROWTH/INCOME $28.29 6.31% $26.71 $28.20 -5.28% 1.15% 11.13% 18.64% 1.67%

BLACKROCK INTERNATIONAL GROWTH BGY US EQUITY COVERED CALL $9.18 8.33% $8.06 $8.97 -10.14% -0.48% 1.16% 63.67% -41.95%GABELLI DIVIDEND & INCOME TRUST GDV EQUITY TAX ADVANTAGED $24.18 5.46% $21.97 $24.36 -9.81% 1.94% 8.77% 44.59% -45.75%

EATON VANCE TAX ADV GLOBAL DIVIDEND OPPORTUNITY

ETO EQUITY TAX ADVANTAGED $26.35 7.44% $24.20 $26.41 -8.37% 1.97% 10.81% 49.68% -53.56%

EATON VANCE TAX-ADV DVD INC EVT EQUITY TAX ADVANTAGED $21.30 6.56% $19.66 $22.00 -10.64% 4.84% 8.56% 50.42% -53.43%JOHN HANCOCK T/A DVD INCOME HTD EQUITY TAX ADVANTAGED $20.02 6.63% $19.92 $22.21 -10.31% 12.10% 8.96% 42.82% -35.26%

EATON VANCE T/A GL DVD INCM ETG GLOBAL EQUITY INCOME $18.09 7.33% $16.77 $18.17 -7.71% 2.17% 7.43% 44.72% -55.63%CALAMOS GLOBAL DYNAMIC INCOM CHW GLOBAL GROWTH & INCOME $10.24 9.33% $9.00 $10.31 -12.71% 1.91% 3.67% 53.56% -47.34%

MACQUARIE GLOBAL INFR TOT RT MGU GLOBAL INFRASTRUCTURE $25.24 5.96% $23.50 $26.66 -11.85% 7.05% 8.50% 51.16% -56.67%

MACQUARIE/FT GL INT/UT DV IN MFD GLOBAL INFRASTRUCTURE $17.12 8.17% $17.14 $18.07 -5.15% 7.68% 9.64% 36.92% -55.60%ALLIANZGI NFJ DIVIDEND INTER NFJ US EQUITY COVERED CALL $18.57 9.78% $18.40 $18.47 -0.38% 1.92% 5.61% 31.66% -37.77%

EATON VANCE TAX MAN GLBL BR ETW US EQUITY COVERED CALL $13.13 9.65% $12.10 $13.03 -7.14% 1.48% 5.94% 59.66% -33.23%EATON VANCE TAX-MANAGED GLOB EXG US EQUITY COVERED CALL $11.12 9.66% $10.10 $10.91 -7.42% 0.30% 3.86% 49.28% -30.87%

ING GLOBAL EQUITY & PR OPPT IGD US EQUITY COVERED CALL $10.04 9.91% $9.20 $10.15 -9.36% 2.69% 4.35% 48.24% -32.23%LIBERTY ALL STAR EQUITY FUND USA US EQUITY GENERAL EQUITY $6.71 6.80% $5.88 $6.67 -11.84% 0.90% 8.06% 57.28% -43.89%

CALAMOS STRAT TOT RETURN FD CSQ US EQUITY GROWTH & INCOME $12.29 8.90% $11.12 $12.39 -10.25% 1.97% 6.32% 56.82% -49.28%H & Q HEALTHCARE INVESTORS HQH US EQUITY-HEALTH/BIOTECH $26.29 7.79% $27.21 $27.22 -0.04% 5.35% 11.97% 68.07% -37.59%

H & Q LIFE SCIENCES INVSTRS HQL US EQUITY-HEALTH/BIOTECH $21.14 7.72% $21.75 $21.70 0.23% 4.41% 9.66% 80.78% -36.09%

COHEN & STEERS INFRASTRUCTUR UTF US EQUITY INFRASTRUCTURE $23.43 6.70% $22.08 $25.26 -12.59% 9.42% 18.70% 68.53% -57.19%

BLACKROCK UTILITY AND INFRAS BUI US EQUITY- UTILITIES $20.70 7.65% $18.96 $21.67 -12.51% 6.50% 13.09% 7.93% -3.50%

DUFF & PHELPS GLOBAL UTILITY DPG US EQUITY- UTILITIES $21.46 7.07% $19.79 $22.33 -11.36% 5.74% 13.33% 21.95% 0.64%

ALPINE GLOBAL PREMIER PROPER AWP GLOBAL REAL ESTATE $8.11 8.51% $7.05 $8.03 -12.20% 0.90% -2.93% 78.59% -63.64%

COHEN & STEERS REIT & PR RNP US EQUITY-REAL ESTATE $17.88 7.06% $17.00 $19.44 -12.55% 10.43% 8.27% 91.15% -60.58%

COHEN & STEERS QUAL INC RLTY RQI US EQUITY-REAL ESTATE $10.53 7.22% $10.53 $11.60 -9.22% 12.02% 8.66% 80.59% -68.43%

Cash Flow Strategy Closed End Funds

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

DESCRIPTION TICKER SYMBOL RATING INDUSTRY PRICE PAR

VALUEPERCENT DISCOUNT

% YIELD AS OF //2013

COUPON RATE CORPORATE WEBSITE

Nuveen Dvd Adv Muni Inco NVG2.95 Aaa AAA Financial $10.04 $10.00 0.40% 2.94% 2.95% http://www.nuveen.com/CEF/MTPPrices.aspxNuveen Md Premium Inc 2 NMY2.9 Aa2 AAA Financial $10.04 $10.00 0.40% 2.89% 2.90% http://www.nuveen.com/CEF/MTPPrices.aspxNuveen Texas Premium Inc NTX2.3 Aa2 AAA Financial $10.04 $10.00 0.40% 2.29% 2.30% http://www.nuveen.com/CEF/MTPPrices.aspxNuveen Ma Dvd Adv Muni NMB2.6 Aa2 AAA Financial $10.07 $10.00 0.70% 2.58% 2.60% http://www.nuveen.com/CEF/MTPPrices.aspxNuveen Amt-Free Adv Muni NEA2.85 Aa1 AAA Financial $10.00 $10.00 0.00% 2.85% 2.85% http://www.nuveen.com/CEF/MTPPrices.aspx

Watch List

DESCRIPTION TICKER SYMBOL RATING INDUSTRY PRICE PAR

VALUEPERCENT DISCOUNT

% YIELD AS OF //2013

COUPON RATE CORPORATE WEBSITE

Ford Motor Co F7.5 Baa3 BB+ Consumer Discretionary $25.27 $25.00 -1.08 7.42% 7.50% http://www.ford.com/

Ally Financial Inc ALLY7.375 B1 B+ Financials $25.44 $25.00 -1.76 7.25% 7.38% http://www.gmacfs.com

Exchange Traded Bonds/PreferredsAs of 03/31/2014

MUNIFUND TERM PREFERRED SHARES

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

Company Ticker Sector Price YTD Price/ Current Dividend AnnualSymbol % Chg Earnings Yield Frequency Dividend

Natural Resource Partners Lp NRP Mining 15.92 -20.16% 10.34 8.79% Quarterly 1.40Pvr Partners Lp PVR Mining 27.44 2.27% 43.56 8.02% Quarterly 2.20

Potash Corp Of Saskatchewan POT Chemicals 36.22 9.89% 17.41 3.87% Quarterly 1.40Southern Copper Corporation SCCO Industrial Metals & Mining 29.11 1.39% 15.19 1.65% Quarterly 0.48

Quimica Y Minera Chile-Spain Adr SQM Chemicals 31.74 22.64% 20.13 0.83% Semi-Annual 0.26United States Steel Corp X Industrial Metals & Mining 27.61 -6.41% 16.18 0.72% Quarterly 0.20

Aluminum Corp Of China-Adr ACH Industrial Metals & Mining 8.63 -0.80% n/a 0.00% Irregular 0.00

Telecom/UtilitiesCompany Ticker Sector Price YTD Price/ Current Dividend Annual

Symbol % Chg Earnings Yield Frequency DividendOi Sa-Adr OIBR Fixed Line Telecommunications 1.33 -16.35% 7.49 10.49% Irregular 0.14

Frontier Communications Corp FTR Fixed Line Telecommunications 5.71 22.69% 23.00 7.01% Quarterly 0.40Centurylink Inc CTL Fixed Line Telecommunications 32.84 3.11% 20.26 6.58% Quarterly 2.16

Cpfl Energia Sa-Adr CPL Electricity 16.33 2.00% 14.75 6.41% Semi-Annual 1.05Telecom New Zealand-Sp Adr NZTCY Fixed Line Telecommunications 10.59 12.24% 13.80 6.33% Semi-Annual 0.670

Telefonica Sa-Spon Adr TEF Fixed Line Telecommunications 15.79 -3.37% 16.14 5.97% Semi-Annual 0.94Chunghwa Telecom Ltd-Adr CHT Fixed Line Telecommunications 30.68 -0.90% n/a 5.79% Annual 1.78

At&T Inc T Fixed Line Telecommunications 35.07 -0.26% 14.04 5.25% Quarterly 1.84Hawaiian Electric Inds HE Electricity 25.42 -2.46% 15.69 4.88% Quarterly 1.24

Veolia Environnement-Adr VE Gas, Water & Multiutilities 19.88 21.52% 43.80 4.69% Annual 0.93Verizon Communications Inc VZ Fixed Line Telecommunications 47.57 -3.20% 16.76 4.46% Quarterly 2.12

P G & E Corp PCG Electricity 43.20 7.25% 43.19 4.21% Quarterly 1.82Telekomunik Indonesia-Sp Adr TLK Fixed Line Telecommunications 39.37 9.82% 17.12 3.73% Irregular 1.47Huaneng Power Intl-Spons Adr HNP Electricity 38.31 5.68% 7.40 3.50% Annual 1.34

Vodafone Group Plc-Sp Adr VOD Mobile Telecommunications 36.81 -7.95% 15.51 3.18% Semi-Annual 1.17California Water Service Grp CWT Gas, Water & Multiutilities 23.94 3.77% 24.43 2.72% Quarterly 0.65

Telefonica Brasil-Adr VIV Fixed Line Telecommunications 21.24 10.51% 14.19 1.98% Irregular 0.42America Movil-Adr Series L AMX Mobile Telecommunications 19.88 -14.93% 10.73 1.71% Semi-Annual 0.34

Xylem Inc XYL Industrial Engineering 36.42 5.26% 21.87 1.41% Quarterly 0.51Itt Corp ITT General Industrials 42.76 -1.52% 6.99 1.03% Quarterly 0.44

Mining, Materials, and Chemicals

EQUITY OPPORTUNITIES as of March 31, 2014

17

Company Ticker Industry Price YTD Price/ Current Dividend AnnualSymbol % Chg Earnings Yield Frequency Dividend

Prospect Capital Corp PSEC Equity Investment Instruments 10.80 -3.74% 8.38 12.28% Monthly 1.33Ticc Capital Corp TICC Equity Investment Instruments 9.78 -5.42% 13.77 11.86% Quarterly 1.16

Apollo Investment Corp AINV Equity Investment Instruments 8.31 -1.95% 6.23 9.63% Quarterly 0.80Ares Capital Corp ARCC Equity Investment Instruments 17.62 -0.56% 10.81 8.63% Quarterly 1.52

Triangle Capital Corp TCAP Equity Investment Instruments 25.89 -5.86% 10.36 8.34% Quarterly 2.16Compass Diversified Holdings CODI Financial Services 18.91 -3.67% 14.89 7.62% Quarterly 1.44

Main Street Capital Corp MAIN Equity Investment Instruments 32.86 0.52% 18.05 6.03% Monthly 1.98Cheviot Financial Corp CHEV Banks 10.33 0.29% 49.19 3.48% Quarterly 0.36

Westwood Holdings Group Inc WHG Financial Services 62.69 1.26% 26.42 2.81% Quarterly 1.76California First Natl Bancor CFNB Banks 15.35 1.66% 19.94 2.61% Annual 0.40

Company Ticker Industry Price YTD Price/ Current Dividend AnnualSymbol % Chg Earnings Yield Frequency Dividend

Bp Prudhoe Bay Royalty Trust BPT Oil & Gas Producers 84.44 6.04% 9.35 11.97% Quarterly 10.11Calumet Specialty Products CLMT Chemicals 25.84 -0.69% 18.34 10.60% Quarterly 2.74

Linn Energy Llc-Units LINE Oil & Gas Producers 28.32 -8.02% 17.54 10.24% Monthly 2.90Breitburn Energy Partners Lp BBEP Oil & Gas Producers 19.97 -1.82% 133.13 9.87% Monthly 1.97Permian Basin Royalty Trust PBT Oil & Gas Producers 13.20 2.64% 15.17 9.87% Monthly 1.30

Legacy Reserves Lp LGCY Oil & Gas Producers 24.84 -11.79% 28.23 9.50% Quarterly 2.36Ev Energy Partners Lp EVEP Oil & Gas Producers 33.49 -1.30% 26.69 9.21% Quarterly 3.08Ship Finance Intl Ltd SFL Industrial Transportation 17.97 9.71% 24.28 8.90% Quarterly 1.60

Suburban Propane Partners Lp SPH General Retailers 41.54 -11.43% 25.99 8.43% Quarterly 3.50Nustar Energy Lp NS Oil Equipment, Services & Distribution 54.95 7.77% 27.52 7.97% Quarterly 4.38

Enbridge Energy Partners Lp EEP Oil Equipment, Services & Distribution 27.41 -8.24% 62.30 7.93% Quarterly 2.17Kinder Morgan Energy Prtnrs KMP Oil Equipment, Services & Distribution 73.95 -8.32% 22.01 7.36% Quarterly 5.44

Williams Partners Lp WPZ Oil & Gas Producers 50.94 0.16% 29.81 7.01% Quarterly 3.57Regency Energy Partners Lp RGP Oil & Gas Producers 27.22 3.66% 523.46 6.98% Quarterly 1.90Energy Transfer Partners Lp ETP Oil Equipment, Services & Distribution 53.79 -6.04% 59.31 6.84% Quarterly 3.68

Teekay Lng Partners Lp TGP Oil Equipment, Services & Distribution 41.33 -3.23% 14.94 6.70% Quarterly 2.77Cheniere Energy Partners Lp CQP Oil Equipment, Services & Distribution 30.00 4.71% n/a 5.67% Quarterly 1.70

Earthlink Holdings Corp ELNK Fixed Line Telecommunications 3.61 -28.78% n/a 5.54% Quarterly 0.20Oneok Partners Lp OKS Oil Equipment, Services & Distribution 53.55 1.71% 23.08 5.45% Quarterly 2.92

Markwest Energy Partners Lp MWE Oil Equipment, Services & Distribution 65.32 -1.22% 241.93 5.27% Quarterly 3.44Sabine Royalty Trust SBR Oil & Gas Producers 49.50 -2.10% 12.28 4.82% Monthly 2.39

Golar Lng Ltd GLNG Oil Equipment, Services & Distribution 41.69 14.88% 24.73 4.32% Quarterly 1.80Enterprise Products Partners EPD Oil Equipment, Services & Distribution 69.36 4.62% 24.80 4.04% Quarterly 2.80

Hollyfrontier Corp HFC Oil & Gas Producers 47.58 -3.18% 12.69 2.52% Quarterly 1.20

Business Development Corportations & Financials

Royalty Trusts, Pipelines, & Transportation

EQUITY OPPORTUNITIES as of March 31, 2014

18

Medical/Health Care

Company Ticker Sector Price YTD Price/ Current Dividend AnnualSymbol % Chg Earnings Yield Frequency Dividend

Pdl Biopharma Inc PDLI Pharmaceuticals & Biotechnology 8.31 -1.54% 4.80 7.22% Quarterly 0.600Universal Health Rlty Income UHT Real Estate Investment Trusts 42.24 5.44% 41.01 5.92% Quarterly 2.500

Astrazeneca Plc-Spons Adr AZN Pharmaceuticals & Biotechnology 64.88 9.28% 14.94 5.86% Semi-Annual 3.800Omega Healthcare Investors OHI Real Estate Investment Trusts 33.52 12.48% 22.96 5.85% Quarterly 1.960Glaxosmithkline Plc-Spon Adr GSK Pharmaceuticals & Biotechnology 53.43 0.07% 14.52 5.61% Quarterly 2.998

Health Care Reit Inc HCN Real Estate Investment Trusts 59.60 11.26% 642.73 5.34% Quarterly 3.180Healthcare Realty Trust Inc HR Real Estate Investment Trusts 24.15 13.33% 120.75 4.97% Quarterly 1.200

Sanofi-Adr SNY Pharmaceuticals & Biotechnology 52.28 -2.52% 14.82 3.65% Annual 1.910Eli Lilly & Co LLY Pharmaceuticals & Biotechnology 58.86 15.41% 13.32 3.33% Quarterly 1.960

Pfizer Inc PFE Pharmaceuticals & Biotechnology 32.12 4.86% 13.90 3.24% Quarterly 1.040Merck & Co. Inc. MRK Pharmaceuticals & Biotechnology 56.77 13.43% 16.32 3.10% Quarterly 1.760

Johnson & Johnson JNJ Pharmaceuticals & Biotechnology 98.23 7.25% 17.93 2.69% Quarterly 2.640Teva Pharmaceutical-Sp Adr TEVA Pharmaceuticals & Biotechnology 52.84 31.84% 11.57 2.61% Quarterly 1.379Healthcare Services Group HCSG Health Care Equipment & Services 29.06 2.43% 42.12 2.36% Quarterly 0.685

Quest Diagnostics Inc DGX Health Care Equipment & Services 57.92 8.18% 15.46 2.28% Quarterly 1.320Amgen Inc AMGN Pharmaceuticals & Biotechnology 123.34 8.12% 16.87 1.98% Quarterly 2.440Steris Corp STE Health Care Equipment & Services 47.75 -0.62% 23.17 1.76% Quarterly 0.840

Covidien Plc COV Health Care Equipment & Services 73.66 8.16% 18.67 1.74% Quarterly 1.280St Jude Medical Inc STJ Health Care Equipment & Services 65.39 5.55% 17.31 1.65% Quarterly 1.080

Stryker Corp SYK Health Care Equipment & Services 81.47 8.42% 19.44 1.50% Quarterly 1.220Unitedhealth Group Inc UNH Health Care Equipment & Services 81.99 8.88% 14.91 1.37% Quarterly 1.120

Aetna Inc AET Health Care Equipment & Services 74.97 9.30% 12.80 1.20% Quarterly 0.900Humana Inc HUM Health Care Equipment & Services 112.72 9.20% 15.15 0.96% Quarterly 1.080

Atrion Corporation ATRI Health Care Equipment & Services 306.14 3.34% 23.23 0.84% Quarterly 2.560Shire Plc-Adr SHPG Pharmaceuticals & Biotechnology 148.53 5.12% 15.76 0.68% Semi-Annual 1.016

Dentsply International Inc XRAY Health Care Equipment & Services 46.04 -5.03% 20.40 0.58% Quarterly 0.265Doctor Reddy'S Lab-Adr RDY Pharmaceuticals & Biotechnology 43.90 6.99% 21.10 0.56% Annual 0.245

Perrigo Co Plc PRGO Pharmaceuticals & Biotechnology 154.66 0.78% 36.31 0.27% Quarterly 0.420Cantel Medical Corp CMN Health Care Equipment & Services 33.72 -0.56% 33.12 0.27% Semi-Annual 0.090

Cigna Corp CI Health Care Equipment & Services 83.73 -4.29% 12.36 0.05% Annual 0.040Valeant Pharmaceuticals Inte VRX Pharmaceuticals & Biotechnology 131.83 12.29% 15.11 0.00% Irregular 0.000

Salix Pharmaceuticals Ltd SLXP Pharmaceuticals & Biotechnology 103.61 15.20% 47.25 0.00% None 0.000Actavis Plc ACT Pharmaceuticals & Biotechnology 205.85 22.53% 59.57 0.00% None 0.000Mylan Inc MYL Pharmaceuticals & Biotechnology 48.83 12.51% 26.45 0.00% Irregular 0.000

Alexion Pharmaceuticals Inc ALXN Pharmaceuticals & Biotechnology 152.13 14.48% 106.58 0.00% None 0.000Regeneron Pharmaceuticals REGN Pharmaceuticals & Biotechnology 300.28 9.10% 79.02 0.00% None 0.000

EQUITY OPPORTUNITIES as of March 31, 2014

19

Company Ticker Sector Price YTD Price/ Relative EPS 50-DaySymbol % Chg Earnings Strength Growth % Moving Avg

Invesco Mortgage Capital IVR Real Estate Investment Trusts 16.47 12.19% 8.05 0.12 -65.74 16.41Cedar Fair Lp FUN Travel & Leisure 50.93 2.72% 22.44 0.06 7.14 51.54

Southern Co/The SO Electricity 43.94 6.88% 16.21 0.05 -30.37 42.15Sturm Ruger & Co Inc RGR Aerospace & Defense 59.80 -18.18% 10.70 0.04 56.10 68.40

General Electric Co GE General Industrials 25.89 -7.63% 15.65 0.03 6.47 25.46Mcdonald'S Corp MCD Travel & Leisure 98.03 1.03% 17.63 0.03 3.33 95.59Coca-Cola Co/The KO Beverages 38.66 -6.41% 18.70 0.03 -3.00 38.33

Seagate Technology STX Technology Hardware & Equipment 56.16 0.00% 12.48 0.03 -26.04 52.50Procter & Gamble Co/The PG Household Goods & Home Construction 80.60 -1.00% 20.15 0.03 24.69 78.41

Kohls Corp KSS General Retailers 56.80 0.09% 13.96 0.03 -2.63 53.24Lyondellbasell Indu-Cl A LYB Chemicals 88.94 10.79% 13.04 0.03 35.93 85.01

3M Co MMM General Industrials 135.66 -3.27% 19.98 0.03 6.72 131.89Caterpillar Inc CAT Industrial Engineering 99.37 9.43% 18.08 0.02 -32.61 95.23

Home Depot Inc HD General Retailers 79.13 -3.90% 21.10 0.02 24.75 79.12Dell Inc DELL Technology Hardware & Equipment 13.73 0.02 -28.42 13.70 13.70

Apple Inc AAPL Technology Hardware & Equipment 536.74 -4.33% 13.31 0.02 -10.33 530.08Qualcomm Inc QCOM Technology Hardware & Equipment 78.86 6.21% 20.08 0.02 27.07 75.69

Oracle Corp ORCL Software & Computer Services 23.64 6.93% 17.60 0.02 15.08 38.10Hewlett-Packard Co HPQ Technology Hardware & Equipment 32.36 15.65% 10.48 0.02 n/a 29.91

Intl Business Machines Corp IBM Software & Computer Services 192.49 2.62% 11.76 0.02 3.65 183.53Dover Corp DOV Industrial Engineering 81.75 2.08% 15.59 0.02 22.88 76.64Altera Corp ALTR Technology Hardware & Equipment 36.24 11.45% 26.64 0.02 -21.26 34.89

Broadcom Corp-Cl A BRCM Technology Hardware & Equipment 31.47 6.16% 24.81 0.02 -42.64 30.32Marvell Technology Group Ltd MRVL Technology Hardware & Equipment 15.75 9.53% 24.08 0.02 16.36 15.36

Emc Corp/Ma EMC Technology Hardware & Equipment 27.41 8.99% 19.78 0.01 6.11 26.11Joy Global Inc JOY Industrial Engineering 58.00 -0.84% 11.99 0.01 -30.62 55.48

Infosys Ltd-Sp Adr INFY Software & Computer Services 54.18 -4.28% 19.66 0.01 13.16 58.15Whole Foods Market Inc WFM Food & Drug Retailers 50.71 -12.31% 33.81 0.01 16.08 53.10Visa Inc-Class A Shares V Financial Services 215.86 -3.06% 27.50 0.01 140.06 222.49

Arm Holdings Plc-Spons Adr ARMH Technology Hardware & Equipment 50.97 -6.87% 42.35 0.01 -35.82 48.12Titan International Inc TWI Automobiles & Parts 18.99 5.62% 36.49 0.00 -71.14 18.01

Roundy'S Inc RNDY Food & Drug Retailers 6.88 -30.22% 8.53 0.00 n/a 7.04Weight Watchers Intl Inc WTW General Retailers 20.54 -37.63% 5.31 0.00 -14.52 23.80

Cirrus Logic Inc CRUS Technology Hardware & Equipment 19.87 -2.72% 10.77 0.00 57.04 18.91Corelogic Inc CLGX Support Services 30.04 -15.45% 12.60 0.00 14.17 32.40

Zillow Inc-Class A Z Real Estate Investment & Services 88.10 7.79% 1762.00 0.00 n/a 85.16Mwi Veterinary Supply Inc MWIV Support Services 155.62 -8.44% 30.34 0.00 16.98 165.69

Wageworks Inc WAGE Support Services 56.11 -5.60% 90.50 0.00 44.44 59.85Broadsoft Inc BSFT Software & Computer Services 26.73 -2.16% 19.08 0.00 n/a 29.11Cerner Corp CERN Software & Computer Services 56.25 0.92% 44.64 0.00 0.00 58.32

Darling International Inc DAR Food Producers 20.02 -4.12% 19.57 0.00 -18.02 19.89Netflix Inc NFLX General Retailers 352.03 -4.38% 147.10 0.00 522.58 413.57

Fossil Group Inc FOSL Personal Goods 116.57 -2.81% 17.58 0.00 17.05 116.15Tempur Sealy International I TPX Household Goods & Home Construction 50.67 -6.10% 25.35 0.00 -25.29 49.35

Global Growth Leaders & Technology

EQUITY OPPORTUNITIES as of March 31, 2014

20

Sectors3/31/2014 3/31/2014 3/31/2014 3/31/2014 3/31/2014

ETF SYMBOL ASSET CLASSFUND

INCEPTION DATE

12/31/12 NAV

Current % Yield

MARKET PRICE

YTD MARKET RETURN

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

MANAGER NAME

Financial Select Sector Spdr XLF Financial 12/22/98 22.32 1.53 22.34 2.57 22.30 -0.57 0.17 SSgA Funds Management Inc

Consumer Discretionary Selt XLY Consumer Discretionary 12/22/98 64.73 1.28 64.72 -2.85 28.84 8.82 0.17 SSgA Funds Management IncConsumer Staples Spdr XLP Consumer Staples 12/22/98 43.04 2.45 43.06 0.70 18.62 9.17 0.17 SSgA Funds Management Inc

Industrial Select Sect Spdr XLI Industrials 12/22/98 52.31 1.75 52.33 0.57 25.81 9.22 0.17 SSgA Funds Management IncEnergy Select Sector Spdr XLE Energy 12/22/98 89.04 1.79 89.06 1.11 18.04 13.49 0.17 SSgA Funds Management IncHealth Care Select Sector XLV Health Care 12/22/98 58.46 1.46 58.49 5.87 21.58 8.79 0.17 SSgA Funds Management Inc

Materials Select Sector Spdr XLB Materials 12/22/98 47.27 2.08 47.28 2.70 19.15 8.66 0.17 SSgA Funds Management Inc

Technology Select Sect Spdr XLK Technology 12/22/98 36.33 1.77 36.35 2.15 20.33 7.56 0.17 SSgA Funds Management IncUtilities Select Sector Spdr XLU Utilities 12/22/98 41.45 3.55 41.46 10.09 14.73 9.43 0.17 SSgA Funds Management Inc

Indexes3/31/2014 3/31/2014 3/31/2014 3/31/2014 3/31/2014

ETF SYMBOL ASSET CLASSFUND

INCEPTION DATE

12/31/12 NAV

Current % Yield

MARKET PRICE

YTD MARKET RETURN

5 YR MKT RETURN

10 YR MKT RETURN

EXP. RATIO

MANAGER NAME

Ishares S&P Small-Cap 600 Va IJS Small Cap 07/28/00 113.41 0.30 113.45 2.31 25.71 13.99 0.30 BlackRock Fund AdvisorsVanguard Mid-Cap Etf VO Mid Cap 01/30/04 84.34 0.10 113.58 3.26 25.09 9.91 0.10 Vanguard Group Inc/The

Ishares S&P Mid-Cap 400 Valu IJJ Mid Cap 07/28/00 120.40 0.27 120.42 3.98 24.50 9.63 0.27 BlackRock Fund Advisors

Ishares Core S&P 500 Etf IVV Large Cap 05/19/00 188.12 0.07 188.14 1.79 21.17 7.32 0.07 BlackRock Fund Advisors

Powershares Ftse Rafi Us 1K PRF Large Cap 12/19/05 84.64 0.39 84.64 2.34 25.98 n/a 0.39Invesco PowerShares Capital Management LLC

Powershares Inter Dvd Achiev PID International 09/15/05 18.20 0.56 18.23 0.61 19.47 n/a 0.56

Invesco PowerShares Capital Management LLC

Ishares Msci Emerging Market EEM Emerging Markets 04/11/03 40.98 0.67 41.01 -1.88 12.59 9.51 0.67 BlackRock Fund Advisors

Ishares Msci Eafe Etf EFA International 08/17/01 67.16 0.34 67.20 0.16 15.73 6.33 0.34 BlackRock Fund AdvisorsWisdomtree Intl M/C Dvd

Fund DIM International 06/16/06 59.71 0.58 60.23 2.34 17.68 n/a 0.58 WisdomTree Asset Management IncIshares Msci Emu Etf EZU International 07/31/00 42.21 0.50 42.27 2.15 15.05 6.35 0.50 BlackRock Fund Advisors

Exchange Traded Funds

21

CASH FLOW ALLOCATION STRATEGIES ALLOCATION %

SAMPLE PORTFOLIO STRATEGIES GUIDED TRADING PORTFOLIO GROWTH WITH INCOME (AGGRESSIVE) CASH 10.00% GLOBAL DIVIDEND STOCKS 30.00% GLOBAL DOMESTIC REAL ESTATE 30.00% MLP'S, ROYALTY TRUSTS, PIPELINES 10.00% SENIOR LOAN/PREFERRED/TAXABLE BOND FUNDS 20.00% TOTAL 100.00% ************************************************* CASH FLOW (MODERATE) CASH AND LIMITED DURATION 3.00% GLOBAL DIVIDEND STOCKS 24.00% INSURED MUNICIPAL BONDS 37.00% DISCOUNT CLOSED END FUNDS 36.00% TOTAL 100.0% ************************************************* CONSERVATIVE CASH 25.00% CD'S, MTN'S, MTP'S 25.00% INSURED MUNICIPAL BONDS 50.00% TOTAL 100.00% ************************************************* ULTRA CONSERVATIVE CASH 50.00% INSURED MUNICIPAL BONDS 50.00% TOTAL 100.00%

McGowanGroup Asset Management, Inc. 03/31/2014 UPDATE

22

CATEGORY: 24%

Symbol Description Yield Last % Change MTD % Change YTD % ChangePFE Pfizer Inc 3.37 30.87 0.00% -3.90% 0.80%

Symbol Description Yield Last % Change MTD % Change YTD % ChangeMBT Mobile Telesystems Ojsc 5.99 16.79 0.00% -4.00% -22.40%

Symbol Description Yield Last % Change MTD % Change YTD % ChangeOHI Omega Healthcare Invs Inc 5.69 34.47 0.00% 2.80% 15.70% MPW Medical Pptys Trust Inc 6.43 13.07 0.00% 2.20% 7.00% NYCB New York Cmnty Bancorp Inc 6.28 15.92 0.00% -0.90% -5.50% STWD Starwood Ppty Tr Inc 8.53 22.52 0.00% -4.50%

Symbol Description Yield Last % Change MTD % Change YTD % ChangeEPD Enterprise Prods Partners L P 3.94 71.05 0.00% 2.40% 7.20% EPB El Paso Pipeline Partners L P 8.23 31.61 0.00% 4.00% -12.20% ETP Energy Transfer Prtnrs L P 6.76 54.42 0.00% 1.20% -4.90% LINE Linn Energy Llc 10.37 27.96 0.00% -1.30% -9.20% QRE Qr Energy Lp 10.89 17.91 0.00% 0.20% 4.60%

Symbol Description Yield Last % Change MTD % Change YTD % ChangeGMLP Golar Lng Partners Lp 6.88 30.37 0.00% 1.60% 0.40% TGP Teekay Lng Partners L P 6.33 43.68 0.00% 5.70% 2.30%

Symbol Description Yield Last % Change MTD % Change YTD % ChangeCODI Compass Diversified Holdings 7.87 18.3 0.00% -3.20% -6.80% AINV Apollo Invt Corp 9.71 8.24 0.00% -0.80% -2.80%

CATEGORY: 43%

Symbol Description Yield Discount % ChangeNAV YTD % Change

Price YTD % Change

EVT Eaton Vance Tax Advt Div Incm 6.63 -10.70% 0.00% -1.00% 2.40% UTF Cohen & Steers Infrastructure 6.75 -13.60% 0.00% -0.70% 6.40% CHW Calamos Gbl Dyn Income Fund 9.38 -11.50% 0.00% -0.40% -0.10% CSQ Calamos Strategic Totl Retn Fd 9.04 -9.40% 0.00% -1.50% 0.60% KED Kayne Anderson Energy Dev Co 6.45 0.00% 2.40% 13.10% AWP Alpine Global Premier Pptys Fd 8.37 -11.00% 0.00% 1.70% -0.30% RQI Cohen & Steers Quality Rlty Fd 7.26 -11.30% 0.00% -0.60% 10.40% IGR Cbre Clarion Global Real Estat 6.45 -12.60% 0.00% 0.20% 5.70% RNP Cohen & Steers Reit & Pfd Incm 7.03 -13.30% 0.00% 0.50% 8.80% IQI Invesco Quality Muni Inc Trst 6.6 -9.80% 0.00% 0.00% 6.20% NMA Nuveen Mun Advantage Fd Inc 6.18 -11.00% 0.00% 0.20% 6.90% NMO Nuveen Mun Mkt Opportunity Fd 6.27 -10.70% 0.00% 0.50% 6.80% NQU Nuveen Quality Income Mun Fd 6.19 -10.40% 0.00% 0.00% 8.50% NAD Nuveen Divid Advantage Mun Fd 6.59 -9.70% 0.00% 0.60% 7.00% NQP Nuveen Pa Invt Quality Mun Fd 6.57 -11.10% 0.00% 0.00% 8.00% JPC Nuveen Pfd Income Opprtny Fd 8.15 -10.80% 0.00% 0.30% 5.10% DFP Flaherty & Crumrine Dyn Pfd 8.75 -8.00% 0.00% 1.10% 6.90% FPF First Tr Inter Dur Pfd & In Fd 8.28 -8.40% 0.00% -0.10% 4.00% DSL Doubleline Income Solutions Fd 8.28 -5.80% 0.00% 2.40% 3.00%

CATEGORY: 33%

33%

Limited Duration Bond Package

CATEGORY: Growth with Income 24%CATEGORY: High Cash Flow 43%CATEGORY: Safety and Income 33%

100%

Updated 04/09/2014

Growth with Income

INVESTMENT STRATEGY: REITS & Finance

INVESTMENT STRATEGY: Equity - Energy

INVESTMENT STRATEGY: Medical

Operating Cash

PORTFOLIO TOTAL:

MGAM Investment Committee

Investment Grade Municipals

Telecom & Utility

MGAM Moderate Focus List

Description

INVESTMENT STRATEGY: Closed End Funds

Safety and Income

INVESTMENT STRATEGY: Safety and Income

INVESTMENT STRATEGY: Infrastructure and Materials

INVESTMENT STRATEGY: Business Development Companies

High Cash Flow

INVESTMENT STRATEGY:

23

The preceding list of candidate investments is not constructed to guide portfolios outside of MGAM. Deletions and additions occur without notice and the actively managed portfolios of MGAM will vary from the preceding list. 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. 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 percent change. The returns do not reflect broker sales charges or commissions. Net asset value (NAV) is total assets divided by the less total liabilities number of shares outstanding. 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 municipal’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. 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. This and/or the accompanying information was prepared by or obtained from sources that Spire Securities, LLC believes to be reliable, but Spire Securities, LLC 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.

24

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 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.