t, as a quick introduction, I'm an investment specialist on Stew Oldfield's team. I look forward to working with you. I've attached a factsheet for Spectrum, the SMA manager of preferred equities Stew referenced. We took a look at the loan-to-value available on a portfolio of preferreds (including the SM

rity, and call differences. Only issuers whose senior unsecured debt is rated BBB-. or above by at least two credit rating agencies are included in Spectrum's investment universe. Key drivers in the security selection process are credit strength and yield. For a security to be considered for investment,

e SMA sponsor platform. Creation date of Spectrum's SMA preferred securities composite is April 1. 2O36. Performance prior to April 1. 2006 reflects Spectrum's Intermediate Duration Preferred Securities institutional composite and does not reflect any actual SMA portfolios. Performance April 1. 2006 and t

e SMA sponsor platform. Creation date of Spectrum's SMA preferred securities composite is April 1. 2O36. Performance prior to April 1. 2006 reflects Spectrum's Intermediate Duration Preferred Securities institutional composite and does not reflect any actual SMA portfolios. Performance April 1. 2006 and t