…1, 2006) and Spectrum's Intermediate Duration institutional composite. Wrap fee schedules are provided by independent wrap sponsors and are available upon request from the representative wrap sponsor. The SMA Preferred Securities composite consists of portfolios that invest in listed securities, primarily $25 par hybrid preferred securities. The historical Spectrum Intermediate Duration institutional composite consists of portfolios that invest in various securities including $25 par securities, $1,000 par preferred securities, corporate bonds, Treasuries, government securities, and potentially other securities…