. . . . . . . . . . . US Equity 96 Non-US Equity % Prof Stock % Cash % 14.07 3.85 75.91 6.t7 • nalyst Cornrnentar Spectrum underperformed the Bank of America Merrill Lynch Preferred Stock Fixed Rate Index (P0P1) in O1 (+1.0% vs. +1.6%). During the quarter, relative underperformance came from a variety of areas, including Domestic Banking,