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Principal Global Investors offers specialized expertise in the management of high yield fixed income through our affiliate, Post Advisory Group, LLC ("Post"). With $9.3 billion in assets under management* as of December 31, 2009**, Post is a leading manager of high yield fixed income. The firm's predecessor, Post Advisory Group, Inc., was founded in 1992 by Larry Post and is based in Los Angeles. Its clients include a wide range of public and private retirement funds, corporations, endowments, foundations and high net worth individuals. Post believes the fixed income market in general, and the high yield market in particular, is a continuum. Accordingly, Post believes opportunities exist through all market environments and cycles. The firm offers two products with different risk/return profiles; Traditional High Yield and High Yield Plus. Traditional high yield securities are considered the safest in the high yield universe with the lowest credit risk. The typical average credit rating is BB to B+. Post applies a consistent investment philosophy that is based on the belief that superior performance is achieved by identifying three specific attributes: (1) value identification, (2) downside protection, and (3) risk diversification. In value identification, Post's experienced investment team concentrates on complex, under followed and misunderstood credits, which have the highest probability of being mispriced by the consensus view. Another cornerstone is downside protection based on qualitative analysis. The third cornerstone is portfolio diversification by issue, issuer, security type, duration, maturity and credit rating. The disciplined process used to implement this philosophy has been enhanced and refined over the past 30 years to meet changing capital market conditions. Post has experience navigating through both up and down market cycles, which Post believes provides a competitive advantage in analyzing the potential downside risk of each investment. Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®. We manage $215.4 billion* in assets primarily for retirement plans and other institutional clients. Our investment capabilities encompass an extensive range of equity, fixed income and real estate investments as well as specialized overlay and advisory services. **The asset total does not include Post’s former alternative investments business (approximately $3 billion in assets), which was spun-off effective January 1, 2009, to Beach Point Capital Management LP (“Beach Point”). Beach Point is 100% owned by portfolio managers Carl Goldsmith and Scott Klein. A shared services arrangement between Post and Beach Point is in place.
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