EFTA Document EFTA01375548

Au:vis Spectrum Asset Management! Principal o' Spectrum Preferred Securities is managed to an intermediate duration. and is predominantly comprised of $25 Par Preferred Securities that trade on the NYSE. Spectrum feels that because retail investors are the primary owners of $25 Par Preferred Securities, there is more inefficiency, and more trading opportunities that can be exploited than are usually found with other fixed income sectors that are owned primarily by institutional investors.