EFTA Document EFTA01421840

Spectrum Asset Management / Principal Adviser Select Preferred Securities Investment Philosophy 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