McGowan Group Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABERDEEN ASIA-PACIFIC INCOME FD INC COM	COM	003009107	1,892	414,095	SH		SOLE	N/A	414,095	0	0
ALLIANCEBERSTEIN GLOBAL HIGH INCOME FD INC	COM	01879R106	24,163	2,241,497	SH		SOLE	N/A	2,241,497	0	0
ALON USA PARTNERS LPUNIT LTD PARTNERSHIP	UT LTDPART INT	02052T109	8,957	385,267	SH		SOLE	N/A	385,267	0	0
ALPHABET INC CAP STK CL A	CAP STK CL A	02079K305	297	382	SH		SOLE	N/A	382	0	0
ALPINE GLOBAL PREMIER PPTYS FD COM SHS OF	COM SBI	02083A103	12,941	2,242,843	SH		SOLE	N/A	2,242,843	0	0
ALTRIA GROUP INC	COM	02209S103	772	13,260	SH		SOLE	N/A	13,260	0	0
AMAZON COM INC	COM	023135106	484	716	SH		SOLE	N/A	716	0	0
APPLE INC COM	COM	037833100	948	9,011	SH		SOLE	N/A	9,011	0	0
ARES CAP CORP COM	COM	04010L103	11,677	819,446	SH		SOLE	N/A	819,446	0	0
AT&T INC COM	COM	00206R102	1,176	34,182	SH		SOLE	N/A	34,182	0	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	CL B NEW	084670702	283	2,140	SH		SOLE	N/A	2,140	0	0
BLACKROCK CREDIT ALLOCATION INCOME TR IV I	COM	092508100	600	48,642	SH		SOLE	N/A	48,642	0	0
BLACKSTONE MTG TR INC COM CL A	COM CL A	09257W100	7,894	294,992	SH		SOLE	N/A	294,992	0	0
BRISTOL MYERS SQUIBB CO COM	COM	110122108	234	3,404	SH		SOLE	N/A	3,404	0	0
CALAMOS GLOBAL DYNAMIC INCOME FD COM SHS B	COM	12811L107	4,167	582,037	SH		SOLE	N/A	582,037	0	0
CALAMOS STRATEGIC TOTAL RETURN FD COM SH B	COM SH BEN INT	128125101	3,581	361,755	SH		SOLE	N/A	361,755	0	0
CBRE CLARION GLOBAL REAL ESTATE INCOME FD	COM	12504G100	14,995	1,962,680	SH		SOLE	N/A	1,962,680	0	0
COHEN & STEERS INFRASTRUCTURE FD INC COM	COM	19248A109	11,851	621,125	SH		SOLE	N/A	621,125	0	0
COHEN & STEERS QUALITY INCOME RLTY FD INC	COM	19247L106	21,619	1,769,130	SH		SOLE	N/A	1,769,130	0	0
COHEN & STEERS REIT & PFD INCOME FD INC CO	COM	19247X100	23,766	1,288,832	SH		SOLE	N/A	1,288,832	0	0
COMPASS DIVERSIFIED HLDGS	SH BEN INT	20451Q104	1,276	80,291	SH		SOLE	N/A	80,291	0	0
DOUBLELINE INCOME SOLUTIONS FD	COM	258622109	24,230	1,493,835	SH		SOLE	N/A	1,493,835	0	0
EATON VANCE TAX ADVANTAGED DIVID INCOME FU	COM	27828G107	360	18,608	SH		SOLE	N/A	18,608	0	0
ELI LILLY & CO COM	COM	532457108	1,811	21,492	SH		SOLE	N/A	21,492	0	0
ENERGY TRANSFER PARTNERS L P UNIT LTD PART	UNIT LTD PARTN	29273R109	444	13,169	SH		SOLE	N/A	13,169	0	0
EXXON MOBIL CORP COM	COM	30231G102	843	10,818	SH		SOLE	N/A	10,818	0	0
FACEBOOK INC CL A	CL A	30303M102	336	3,210	SH		SOLE	N/A	3,210	0	0
FIDELITY CASH RESERVES FUND	MONEY MARKET	316067107	734	733,749	SH		SOLE	N/A	733,749	0	0
FIRST TR ENHANCED EQUITY INCOME FD COM	COM	337318109	365	27,645	SH		SOLE	N/A	27,645	0	0
FIRST TR INTER DURATION PRD & INCOME FD	COM	33718W103	24,390	1,146,685	SH		SOLE	N/A	1,146,685	0	0
FLAHERTY & CRUMRINE DYNAMIC PFD & INCOME	SHS	33848W106	6,694	292,327	SH		SOLE	N/A	292,327	0	0
FORD MOTOR CO DEL COM PAR	COM PAR $0.01	345370860	208	14,793	SH		SOLE	N/A	14,793	0	0
GENERAL ELECTRIC CO COM	COM	369604103	295	9,467	SH		SOLE	N/A	9,467	0	0
GENERAL MILLS INC COM	COM	370334104	325	5,635	SH		SOLE	N/A	5,635	0	0
GENERAL MNY MKT FUND	MONEY MARKET	370990228	32,802	32,801,642	SH		SOLE	N/A	32,801,642	0	0
GILEAD SCIENCES INC	COM	375558103	620	6,132	SH		SOLE	N/A	6,132	0	0
GOLAR LNG PARTNERS LP PARTNERS	COM UNIT LPI	Y2745C102	3,931	293,778	SH		SOLE	N/A	293,778	0	0
INVESCO QUALITY MUN INCOME TR COM	COM	46133G107	272	21,417	SH		SOLE	N/A	21,417	0	0
JOHNSON & JOHNSON COM	COM	478160104	422	4,105	SH		SOLE	N/A	4,105	0	0
MEDICAL PROPERTIES TR INC	COM	58463J304	6,270	544,719	SH		SOLE	N/A	544,719	0	0
MERCK & CO INC NEW COM	COM	58933Y105	237	4,488	SH		SOLE	N/A	4,488	0	0
MICROSOFT CORP COM	COM	594918104	300	5,404	SH		SOLE	N/A	5,404	0	0
NESTLE SA SPONSORED ADRS REGISTERED	SPONSORED ADR	641069406	213	2,862	SH		SOLE	N/A	2,862	0	0
NEW YORK COMMUNITY BANCORP	COM	649445103	6,371	390,381	SH		SOLE	N/A	390,381	0	0
NUVEEN GLOBAL HIGH INCOME FD SHS	SHS	67075G103	5,626	409,477	SH		SOLE	N/A	409,477	0	0
NUVEEN INSURED TAX FREE ADVANTAGE	COM	670657105	4,849	350,080	SH		SOLE	N/A	350,080	0	0
NUVEEN MUNICIPAL ADVANTAGE FUND INC	COM	67062H106	7,130	514,805	SH		SOLE	N/A	514,805	0	0
NUVEEN PA INVT QUALITY MUN FUND	COM	670972108	2,846	207,713	SH		SOLE	N/A	207,713	0	0
NUVEEN PFD INCOME	COM	67073B106	22,109	2,413,605	SH		SOLE	N/A	2,413,605	0	0
NUVEEN QUALITY PREFERRED INCOME	COM	67071S101	3,942	476,115	SH		SOLE	N/A	476,115	0	0
OGE ENERGY CORP	COM	670837103	285	10,834	SH		SOLE	N/A	10,834	0	0
PHILIP MORRIS INTL INC COM	COM	718172109	565	6,428	SH		SOLE	N/A	6,428	0	0
PIMCO DYNAMIC CREDIT INCOME FD COM SHS	COM SHS	72202D106	30,141	1,671,717	SH		SOLE	N/A	1,671,717	0	0
PROCTER & GAMBLE CO COM	COM	742718109	466	5,872	SH		SOLE	N/A	5,872	0	0
PROSPECT CAP CORP COM	COM	74348T102	4,600	658,992	SH		SOLE	N/A	658,992	0	0
STARWOOD PPTY TR INC	COM	85571B105	6,337	308,228	SH		SOLE	N/A	308,228	0	0
TEXAS INSTRUMENTS INC	COM	882508104	2,704	49,325	SH		SOLE	N/A	49,325	0	0
TRIANGLE CAPITAL CORP	COM	895848109	10,510	549,971	SH		SOLE	N/A	549,971	0	0
VANGUARD PRIME MONEY MARKET FUND INVESTOR	MONEY MARKET	922906201	200	200,311	SH		SOLE	N/A	200,311	0	0
VISA INC COM CL A	COM CL A	92826C839	641	8,270	SH		SOLE	N/A	8,270	0	0
VOYA GLOBAL EQUITY DIVID & PREM OPPTY FD	COM	92912T100	4,702	671,763	SH		SOLE	N/A	671,763	0	0
ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE BEATITUDES CAMPUS PROJ	MUNICIPAL BOND	04050DAJ1	4,976	4,975,000	PRN		SOLE	N/A	4,975,000	0	0
BAY CNTY FLA EDL FAC REV BAY HAVEN CHARTER ACADEMY	MUNICIPAL BOND	072222AJ1	1,592	1,560,000	PRN		SOLE	N/A	1,560,000	0	0
CALIFORNIA ST STWD COMMUNITY DEV AUTH EDU FAC REVENUE INDEPENDENCE PROJ	MUNICIPAL BOND	13079HAG6	6,965	7,065,000	PRN		SOLE	N/A	7,065,000	0	0
CAMERON TX EDU CORP REVENUE FAITH FAMILY ACADEMY - SERIES A	MUNICIPAL BOND	133582AN6	1,966	1,965,000	PRN		SOLE	N/A	1,965,000	0	0
CAPITAL TR AGY FLA REV 1ST MTG-SILVER CREEK ST. AUGUSTINE PROJ	MUNICIPAL BOND	14052WBV8	2,476	2,700,000	PRN		SOLE	N/A	2,700,000	0	0
CAPITAL TR AGY FLA REV TAXABLE 1ST MTG-SILVER CREEK ST. AUGUSTINE PROJ	MUNICIPAL BOND	14052WBX4	883	975,000	PRN		SOLE	N/A	975,000	0	0
CHICAGO ILL OHARE INTL ARPT REV	MUNICIPAL BOND	167593HK1	506	500,000	PRN		SOLE	N/A	500,000	0	0
COLORADO ST EDUCATION & CULTURAL FACS AUTH - ATLAS PREP CHARTER SCHOOL	MUNICIPAL BOND	19645RC25	1,420	1,450,000	PRN		SOLE	N/A	1,450,000	0	0
DALLAS FT WORTH TX INTERNATIONAL ARPT REV AMT REF SER E	MUNICIPAL BOND	235036YE4	2,745	2,670,000	PRN		SOLE	N/A	2,670,000	0	0
DUTCHESS CNTY NY INDL DEV AGY-ELANT FISHKILL	MUNICIPAL BOND	267041FP1	4,123	4,345,000	PRN		SOLE	N/A	4,345,000	0	0
FANNIN CNTY TX PUBLIC FAC CORP REVENUE TXBLE	MUNICIPAL BOND	307149AM6	2,559	2,500,000	PRN		SOLE	N/A	2,500,000	0	0
FANNIN CNTY TX PUBLIC FAC CORP REVENUE TXBLE-REF	MUNICIPAL BOND	307149AN4	663	650,000	PRN		SOLE	N/A	650,000	0	0
FL CHARTER SCHOOL REVENUE RIVER CITY EDU SVCS INC PROJ- SER A	MUNICIPAL BOND	140539AC1	1,571	1,555,000	PRN		SOLE	N/A	1,555,000	0	0
FL CHARTER SCHOOL REVENUE RIVER CITY EDU SVCS INC PROJ-SER A	MUNICIPAL BOND	140539AB3	743	735,000	PRN		SOLE	N/A	735,000	0	0
FL CHARTER SCHOOL REVENUE TAXABLE RIVER CITY EDY SVCS INC PROJ -SER B	MUNICIPAL BOND	140539AD9	796	810,000	PRN		SOLE	N/A	810,000	0	0
FLORIDA DEV RENAISSANCE CHARTER SCH INC PROJS-SER A 6.125% 06/15/46	MUNICIPAL BOND	34061UBV9	1,007	1,000,000	PRN		SOLE	N/A	1,000,000	0	0
FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE TXBL-TUSCAB ISLE OBLIG GRP	MUNICIPAL BOND	34061WAD6	587	600,000	PRN		SOLE	N/A	600,000	0	0
FORT BEND CNTY TX MUNI UTILITY DIST #134C	MUNICIPAL BOND	34682JDQ2	280	285,000	PRN		SOLE	N/A	285,000	0	0
GREATER PHILADELPHIA HEALTH ACTION INC-SERIES B	MUNICIPAL BOND	71781PBN9	7,205	7,525,000	PRN		SOLE	N/A	7,525,000	0	0
GREATER PHILADELPHIA HEALTH ACTION INC-SERIES B TAXABLE	MUNICIPAL BOND	71781PBM1	2,791	2,975,000	PRN		SOLE	N/A	2,975,000	0	0
HARRIS CNTY TX CULTURAL ED FACS FIN CORP REV FIRST MTG SER A	MUNICIPAL BOND	414009FG0	476	470,000	PRN		SOLE	N/A	470,000	0	0
HENDERSON NV LOCAL IMPT DISTS NO T-18	MUNICIPAL BOND	425208RN7	3,515	4,065,000	PRN		SOLE	N/A	4,065,000	0	0
HLTH CARE AUTH FOR BAPTIST HLTH AL TAXABLE SER A	MUNICIPAL BOND	42219UBQ4	605	600,000	PRN		SOLE	N/A	600,000	0	0
HUDSON CNTY NJ IMPT AUTH REV TAXABLE	MUNICIPAL BOND	44372RCY2	1,275	1,225,000	PRN		SOLE	N/A	1,225,000	0	0
HUDSON CNTY NJ IMPT AUTH SOLID WST REV	MUNICIPAL BOND	443731CP7	445	465,000	PRN		SOLE	N/A	465,000	0	0
ILLINOIS ST FIN AUTH REVENUE RIVERSIDE HLTH SYS	MUNICIPAL BOND	45203HRS3	600	600,000	PRN		SOLE	N/A	600,000	0	0
IRVING TX HOTEL OCCUPANCY TAX REV TXBL SER A	MUNICIPAL BOND	463805BQ3	1,998	1,900,000	PRN		SOLE	N/A	1,900,000	0	0
LA VERNIA TX HIGHER EDU FIN CORP REVENUE SOUTHWEST WINNERS FNDTN INC - A	MUNICIPAL BOND	505237AH0	1,885	1,890,000	PRN		SOLE	N/A	1,890,000	0	0
LAKE CNTY FL INDL DEV REVEBYE CRANES VIEW LODGE PROJ SR A	MUNICIPAL BOND	508328AC5	4,428	4,480,000	PRN		SOLE	N/A	4,480,000	0	0
LOUISIANA ST LOCAL GOVT ENVIRONMENTAL FACS & COMMMNTY DEV AUTH REF-SER A	MUNICIPAL BOND	546282H98	1,109	1,100,000	PRN		SOLE	N/A	1,100,000	0	0
LOUISIANA ST LOCAL GOVT ENVIRONMENTAL FACS & COMMMNTY DEV AUTH REF-SER A	MUNICIPAL BOND	546282H80	1,177	1,175,000	PRN		SOLE	N/A	1,175,000	0	0
MOBILE AL SPRING HILL COLLEGE EDUCATIONAL BUILDING AUTH HGR EDU REVENUE	MUNICIPAL BOND	60720PAB3	1,316	1,400,000	PRN		SOLE	N/A	1,400,000	0	0
MONTGOMERY CNTY PA INDL DEV AUTH REF-WHITEMARSH CCRC	MUNICIPAL BOND	613609B96	981	975,000	PRN		SOLE	N/A	975,000	0	0
MOUNT ORAB OH PORT AUTH AUTOMALL PROJECT - 6.750% TAXABLE 12/01/36	MUNICIPAL BOND	622266AA2	5,499	5,610,000	PRN		SOLE	N/A	5,610,000	0	0
NEW JERSEY ST TRANSPORTATION TRUST FUND AUTH PROGRAM - SERIES AA	MUNICIPAL BOND	646136R29	5,085	4,900,000	PRN		SOLE	N/A	4,900,000	0	0
OHIO CNTY W VA CNTY COMMN SPL DIST EXCISE TAX RE V TAXABLE-FORT HENRY	MUNICIPAL BOND	67732PAV0	1,662	1,575,000	PRN		SOLE	N/A	1,575,000	0	0
OHIO CNTY WV CNTY COMMISSIN SPL DIST EXCISE TAX REVENUE	MUNICIPAL BOND	67732PCP1	1,233	1,200,000	PRN		SOLE	N/A	1,200,000	0	0
PIMA CNTY AX INDL DEV AUTH EDU REVENUE AMERICAN CHARTER SCH FDNT A	MUNICIPAL BOND	72177MJP3	6,149	6,550,000	PRN		SOLE	N/A	6,550,000	0	0
PIMA CNTY AZ INDL DEV AUTH EDU REVENUE GRIFFIN FNDTN PROJ SER A	MUNICIPAL BOND	72177MJQ1	4,678	4,845,000	PRN		SOLE	N/A	4,845,000	0	0
PIMA CNTY AZ INDL DEV AUTH EDU REVENUE GRIFFIN FNDTN PROJ SER B	MUNICIPAL BOND	72177MJR9	695	720,000	PRN		SOLE	N/A	720,000	0	0
PIMA CNTY AZ INDL DEV AUTH EDU REVENUE ODYSSEY PREP	MUNICIPAL BOND	72177PAZ3	2,009	2,000,000	PRN		SOLE	N/A	2,000,000	0	0
PRAIRIELAND DETENTION CENTER PROJ - PUB FAC CORP TEXAS PROJ REV TAXABLE	MUNICIPAL BOND	73972CAN4	6,408	6,505,000	PRN		SOLE	N/A	6,505,000	0	0
PUBLIC FIN AITH WIS ED REV TRIAD EDUCATION SERVICES INC-TXBL SER B	MUNICIPAL BOND	74442EAY6	510	515,000	PRN		SOLE	N/A	515,000	0	0
PUBLIC FIN AUTH WI REVENUE 1ST MTGE-VISTA GRANDE VILLA PROJ-SER A	MUNICIPAL BOND	74442PBG9	873	875,000	PRN		SOLE	N/A	875,000	0	0
PUBLIC FIN AUTH WI REVENUE 1ST MTGE-VISTA GRANDE VILLA VILLA PROJ-SER B	MUNICIPAL BOND	74442PBS3	969	1,000,000	PRN		SOLE	N/A	1,000,000	0	0
PUBLIC FIN AUTH WIS ED REV TRIAD EDUCATION SERVICES INC	MUNICIPAL BOND	74442EAX8	1,917	1,925,000	PRN		SOLE	N/A	1,925,000	0	0
RED RIVER TX HLTH FAC DEV CORP FIRST MTGE REV PARKVIEW HOLLYBROOK	MUNICIPAL BOND	75687RAH5	2,401	3,400,000	PRN		SOLE	N/A	3,400,000	0	0
RED RIVER TX HLTH FAC DEV CORP FIRST MTGE REV TXBL PARKVIEW HOLLYBROOK	MUNICIPAL BOND	75687RAL6	4,053	5,810,000	PRN		SOLE	N/A	5,810,000	0	0
RIVERHEAD NY ECONOMIC JOB DEV CORP EDL REV RIVERHEAD CHARTER 7% 08/1/48	MUNICIPAL BOND	76876RAM3	922	1,050,000	PRN		SOLE	N/A	1,050,000	0	0
RIVERHEAD NY ECONOMIC JOB DEV CORP REV RIVERHEAD CHARTER 7.000% 08/01/43	MUNICIPAL BOND	76876RAL5	1,573	1,755,000	PRN		SOLE	N/A	1,755,000	0	0
RIVERHEAD NY IDA ECONOMIC JOB DEV CORP EDL REV TAXABLE 7.65% 08/01/34	MUNICIPAL BOND	76876RAN1	4,366	4,740,000	PRN		SOLE	N/A	4,740,000	0	0
RIVERHEAD NY INDL DEV AGY 6.5% 8/1/2033 TAX EXEMPT	MUNICIPAL BOND	76876RAK7	826	910,000	PRN		SOLE	N/A	910,000	0	0
SAN ANTONIO TEX CONVENTION CTR HOTEL FIN CORP CO NTRACT REV EMPOWERMENT	MUNICIPAL BOND	796245AC2	612	610,000	PRN		SOLE	N/A	610,000	0	0
SAN ANTONIO TX CONVENTION CTR	MUNICIPAL BOND	796245AB4	216	215,000	PRN		SOLE	N/A	215,000	0	0
SHELBY CNTY TN HEALTH EDL & HSG FACS BRD REV RFDG-TREZEVANT MANOR	MUNICIPAL BOND	821697H77	463	455,000	PRN		SOLE	N/A	455,000	0	0
TANGIPAHOA PARISH LA HOSP SVC DIST NO 1 HOSP REV TAXABLE-NORTH OAKS	MUNICIPAL BOND	875518EL2	801	750,000	PRN		SOLE	N/A	750,000	0	0
TULANE UNIV LA RFDG-TULANE UNIV-C 0.523% 02/15/36 B/E DTD 05/31/07 CLB	MUNICIPAL BOND	899062BQ5	876	975,000	PRN		SOLE	N/A	975,000	0	0
TUSCAN GARDENS SENIOR LIVING CMNTY PROJ-SER A FL REVENUE CPAITAL TR AGY	MUNICIPAL BOND	14052WCC9	5,357	5,350,000	PRN		SOLE	N/A	5,350,000	0	0
WARREN CNTY KY HOTEL TAX REV BUILD AMER BDS-DIRECT PMT	MUNICIPAL BOND	934866BF0	550	520,000	PRN		SOLE	N/A	520,000	0	0
WASHINGTON ST HSG FIN COM NONPFT RVN SKYLINE AT FIRST HILL PJ-SER A	MUNICIPAL BOND	93978LDD5	1,959	1,950,000	PRN		SOLE	N/A	1,950,000	0	0
WEST HARRIS CNTY TX MUNI UTILITY DIST #7	MUNICIPAL BOND	953084FK1	501	500,000	PRN		SOLE	N/A	500,000	0	0
WHEELING JESUIT UNIV INC WV SER 2006-C 7.75% 6/1/32 TAXABLE REF BD	MUNICIPAL BOND	963131AA5	250	250,000	PRN		SOLE	N/A	250,000	0	0
WHEELING JESUIT UNIV INC WV SER 2006-C TAXABLE REF BD	MUNICIPAL BOND	963131AM9	235	235,000	PRN		SOLE	N/A	235,000	0	0
WHEELING JESUIT UNIV INC WV SER 2006-C TAXABLE REF BD	MUNICIPAL BOND	963131AL1	446	445,000	PRN		SOLE	N/A	445,000	0	0
WHEELING JESUIT UNIV INC WV SER 2006-C TAXABLE REF BD	MUNICIPAL BOND	963131AQ0	1,127	1,125,000	PRN		SOLE	N/A	1,125,000	0	0
WISCONSIN ST HEALTH & EDL FACS AUTH REV RFDG ASPIRUS INC OBLIG GROUP	MUNICIPAL BOND	97710B7W6	623	610,000	PRN		SOLE	N/A	610,000	0	0