20. Disclosures 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. McGowanGroup Asset Management is not a legal or tax advisor, but will work with concurrently with your chosen professional and provide all information requested. All of the steps are meant to be informational and not a request for action. We recommend a meeting with your financial professional before any action is taken. 08/2011