measured. Past performance is no guarantee
of future results. Spectrum Asset Management's
SMAPreferredSecurities Composite contains fully discretionary SMApreferredsecurities accounts. The composite may consist of accounts ... from
more than one SMA sponsor platform. Creation date of
Spectrum's SMApreferredsecurities composite is April 1, 2006. Performance
prior to April 1, 2006 reflects Spectrum's Intermediate ... actual SMA portfolios. Performance April 1, 2006 and thereafter reflects
Spectrum's SMAPreferredSecurities composite. Performance for time periods
of one-year and greater are generated by
geometrically linking