securities composite is April 1, 2006. Performance
prior to April 1, 2006 reflects Spectrum's IntermediateDuration Preferred
Securities institutional composite and does not reflect
any actual SMA portfolios. Performance ... geometrically linking Spectrum's SMA Preferred Securities composite
(effective April 1, 2006) and Spectrum's IntermediateDuration institutional
composite. Wrap fee schedules are provided by independent
wrap sponsors