m Employee Ownership (%) Inception Date Vehicle Assets ($B) 1/1/1987 17.9 3/31/1989 1.3 . . . . . . . . . . . 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