9AT: SPECTRUM ASSET MANAGEMENT, INC.

other names

SPECTRUM ASSET MANAGEMENT, INC.
PRINCIPAL GLOBAL INVESTORS
PRINCIPAL GLOBAL INVESTORS DBA PRINCIPAL ASSET MANAGEMENT

Adviser Profile

As of Date	03/20/2026
ADV Location	STAMFORD, CT, United States
Adviser Type - Large advisory firm
Number of Employees	27 8%
of those in investment advisory functions	14 17%
Registration	SEC, Approved, 09/28/1987

AUM^*	18,296,351,612 -4%
of that, discretionary	13,912,453,814 -4%
Private Fund GAV^*	33,311,645 -16%
Avg Account Size	247,247,995 5%
% High Net Worth	1.35% 9%
SMA’s	Yes
Private Funds	1
Contact Info	203 xxxxxxx
Websites

Client Types

- High net worth individuals
- Investment companies
- Pooled investment vehicles
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Fund Type	Count	GAV
Fund TypeOther Private Fund	Count1	GAV$33,311,645

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser PEMBERTON CAPITAL ADVISORS LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund922.0m	Total Private Fund GAV922.0m	AUM25.1b	#Funds5
Adviser WASATCH ADVISORS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund188.0m	Total Private Fund GAV188.0m	AUM23.3b	#Funds5
Adviser T. ROWE PRICE JAPAN, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM29.9b	#Funds-
Adviser KUVARE ASSET MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM27.6b	#Funds-
Adviser BARING INTERNATIONAL INVESTMENT LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.8b	Total Private Fund GAV1.8b	AUM17.1b	#Funds1
Adviser VONTOBEL ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund33.7m	Total Private Fund GAV33.7m	AUM20.3b	#Funds1
Adviser BRANDES INVESTMENT PARTNERS, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.4b	Total Private Fund GAV2.4b	AUM40.6b	#Funds18
Adviser HIGHLAND ASSOCIATES INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.4b	Total Private Fund GAV1.4b	AUM20.1b	#Funds5
Adviser GABELLI FUNDS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund497.8m	Total Private Fund GAV497.8m	AUM22.0b	#Funds4
Adviser PGIM PRIVATE PLACEMENT INVESTORS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM24.4b	#Funds-

Brochure Summary

Overview

Spectrum was founded in 1987 and specializes in the management of portfolios of preferred securities and other junior subordinated capital securities including contingent convertible capital securities (collectively referred to herein as junior subordinated capital securities). These are generally some of the highest-yielding investment grade and below investment grade securities in the U.S. and E.U. capital markets. Spectrum also manages portfolios that include various derivatives-based volatility mitigation strategies relative to interest rate, credit, and broad market volatility. Spectrum manages portfolios for a global universe of corporate, pension fund, insurance and endowment clients, open-end mutual funds and exchange traded funds, including those distributed by Principal Funds, and closed-end mutual funds domiciled in the United States, Ireland (“UCITS”) and Japan, and separately managed account programs for high- net-worth individual investors sponsored by a variety of broker-dealers, and distributed by Principal Asset Management. Spectrum is one of the largest investment advisers in the world specializing in the preferred securities and other junior subordinated capital securities market with $19,017,299,092 in assets under management

as of 12/31/23. Of this amount, discretionary assets totaled $14,552,307,023 and non-discretionary assets totaled $4,464,992,069. Spectrum was acquired in 2001 by PGI, (which as of 4Q 2022 does business as Principal Asset Management) the asset management arm of The Principal Financial Group® (“PFG”). Spectrum is wholly owned by Principal Global Investors Holding Company (US), LLC, which is wholly owned by Principal Financial Services, Inc. (“PFSI”). PFSI is wholly owned by PFG. The Principal Financial Group was established in 1879 and became a public company listed on the New York Stock Exchange in 2001 under the ticker symbol PFG. Spectrum is an investment adviser registered with the SEC and is the 100% owner of SAMI Brokerage LLC, its affiliated broker/dealer member firm of the Financial Industry Regulatory Authority (“FINRA”). Spectrum is an investment manager for the separately managed account/wrap fee programs ("wrap programs") listed in Schedule D, Section 5.I(2) of Spectrum's Form ADV Part 1, including wrap programs created and/or serviced by the financial institutions listed in Schedule D, Section 5.I(2) of Spectrum's Form ADV Part 1 that are "private-labeled" by third parties. (See Item 5 below for a description of these services.)

SPECTRUM ASSET MANAGEMENT, INC.

Adviser Profile

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