Spectrum Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBOTT LABS	COM	002824100	1,731	17,887	SH		SOLE	Spectrum Asset Management Inc.	17,887	0	0
ABBVIE INC	COM	00287Y109	3,398	25,320	SH		SOLE	Spectrum Asset Management Inc.	25,320	0	0
ABRDN ASIA PACIFIC INCOME FU	COM	003009107	28	11,207	SH		SOLE	Spectrum Asset Management Inc.	11,207	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,140	12,204	SH		SOLE	Spectrum Asset Management Inc.	12,204	0	0
ALPHABET INC	CAP STK CL A	02079K305	461	4,820	SH		SOLE	Spectrum Asset Management Inc.	4,820	0	0
ALPHABET INC	CAP STK CL C	02079K107	240	2,496	SH		SOLE	Spectrum Asset Management Inc.	2,496	0	0
ALTRIA GROUP INC	COM	02209S103	286	6,914	SH		SOLE	Spectrum Asset Management Inc.	6,914	0	0
ALTRIA GROUP INC	COM	02209S103	8	199	SH		DFND	Spectrum Asset Management Inc.	0	0	199
AMERICOLD REALTY TRUST INC	COM	03064D108	2,599	104,710	SH		SOLE	Spectrum Asset Management Inc.	104,710	0	0
APPLE INC	COM	037833100	2,861	20,699	SH		SOLE	Spectrum Asset Management Inc.	20,699	0	0
APPLE INC	PUT	037833100	28	2,000	PRN	Put	SOLE	Spectrum Asset Management Inc.	2,000	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	444	1,069	SH		SOLE	Spectrum Asset Management Inc.	1,069	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	2,410	9,025	SH		SOLE	Spectrum Asset Management Inc.	9,025	0	0
BORGWARNER INC	COM	099724106	1,793	57,090	SH		SOLE	Spectrum Asset Management Inc.	57,090	0	0
BP PLC	SPONSORED ADR	055622104	298	10,427	SH		SOLE	Spectrum Asset Management Inc.	10,427	0	0
BUNGE LIMITED	COM	G16962105	2,451	29,680	SH		SOLE	Spectrum Asset Management Inc.	29,680	0	0
CF INDS HLDGS INC	COM	125269100	3,639	37,810	SH		SOLE	Spectrum Asset Management Inc.	37,810	0	0
CHESAPEAKE ENERGY CORP	COM	165167735	3,171	33,660	SH		SOLE	Spectrum Asset Management Inc.	33,660	0	0
CHEVRON CORP NEW	COM	166764100	7,572	52,705	SH		SOLE	Spectrum Asset Management Inc.	52,705	0	0
CHEVRON CORP NEW	COM	166764100	15	105	SH		DFND	Spectrum Asset Management Inc.	0	0	105
CISCO SYS INC	COM	17275R102	3,049	76,237	SH		SOLE	Spectrum Asset Management Inc.	76,237	0	0
CISCO SYS INC	COM	17275R102	10	256	SH		DFND	Spectrum Asset Management Inc.	0	0	256
COSTCO WHSL CORP NEW	COM	22160K105	920	1,947	SH		SOLE	Spectrum Asset Management Inc.	1,947	0	0
DANAHER CORPORATION	COM	235851102	791	3,060	SH		SOLE	Spectrum Asset Management Inc.	3,060	0	0
DEERE & CO	COM	244199105	1,059	3,161	SH		SOLE	Spectrum Asset Management Inc.	3,161	0	0
DISNEY WALT CO	COM	254687106	315	3,337	SH		SOLE	Spectrum Asset Management Inc.	3,337	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	2,786	29,950	SH		SOLE	Spectrum Asset Management Inc.	29,950	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	15	156	SH		DFND	Spectrum Asset Management Inc.	0	0	156
EDISON INTL	COM	281020107	262	4,572	SH		SOLE	Spectrum Asset Management Inc.	4,572	0	0
EDWARDS LIFESCIENCES CORP	COM	28176E108	226	2,736	SH		SOLE	Spectrum Asset Management Inc.	2,736	0	0
EMERSON ELEC CO	COM	291011104	2,048	27,970	SH		SOLE	Spectrum Asset Management Inc.	27,970	0	0
EOG RES INC	COM	26875P101	742	6,643	SH		SOLE	Spectrum Asset Management Inc.	6,643	0	0
EXXON MOBIL CORP	COM	30231G102	5,559	63,668	SH		SOLE	Spectrum Asset Management Inc.	63,668	0	0
EXXON MOBIL CORP	COM	30231G102	14	165	SH		DFND	Spectrum Asset Management Inc.	0	0	165
GENERAL DYNAMICS CORP	COM	369550108	3,092	14,575	SH		SOLE	Spectrum Asset Management Inc.	14,575	0	0
GENERAL DYNAMICS CORP	COM	369550108	11	50	SH		DFND	Spectrum Asset Management Inc.	0	0	50
GLOBAL X FDS	GLBL X MLP ETF	37954Y343	407	10,317	SH		SOLE	Spectrum Asset Management Inc.	10,317	0	0
HONEYWELL INTL INC	COM	438516106	3,775	22,607	SH		SOLE	Spectrum Asset Management Inc.	22,607	0	0
INTEL CORP	COM	458140100	1,920	74,523	SH		SOLE	Spectrum Asset Management Inc.	74,523	0	0
INTEL CORP	COM	458140100	7	260	SH		DFND	Spectrum Asset Management Inc.	0	0	260
INTUIT	COM	461202103	670	1,731	SH		SOLE	Spectrum Asset Management Inc.	1,731	0	0
ISHARES GOLD TR	ISHARES NEW	464285204	6,015	190,772	SH		SOLE	Spectrum Asset Management Inc.	190,772	0	0
ISHARES TR	US TREAS BD ETF	46429B267	26,553	1,166,652	SH		SOLE	Spectrum Asset Management Inc.	1,166,652	0	0
ISHARES TR	ESG AWR MSCI USA	46435G425	7,515	94,640	SH		SOLE	Spectrum Asset Management Inc.	94,640	0	0
ISHARES TR	MSCI USA MIN VOL	46429B697	1,670	25,258	SH		SOLE	Spectrum Asset Management Inc.	25,258	0	0
ISHARES TR	CORE TOTAL USD	46434V613	1,606	36,099	SH		SOLE	Spectrum Asset Management Inc.	36,099	0	0
ISHARES TR	IBONDS 23 TRM TS	46436E882	900	36,322	SH		SOLE	Spectrum Asset Management Inc.	36,322	0	0
ISHARES TR	CORE S&P500 ETF	464287200	495	1,380	SH		SOLE	Spectrum Asset Management Inc.	1,380	0	0
ISHARES TR	RUS 1000 ETF	464287622	485	2,457	SH		SOLE	Spectrum Asset Management Inc.	2,457	0	0
ISHARES TR	1 3 YR TREAS BD	464287457	244	3,000	SH		SOLE	Spectrum Asset Management Inc.	3,000	0	0
ISHARES TR	EAFE VALUE ETF	464288877	232	6,030	SH		SOLE	Spectrum Asset Management Inc.	6,030	0	0
ISHARES TR	EAFE GRWTH ETF	464288885	230	3,174	SH		SOLE	Spectrum Asset Management Inc.	3,174	0	0
ISHARES TR	TIPS BD ETF	464287176	205	1,954	SH		SOLE	Spectrum Asset Management Inc.	1,954	0	0
KINDER MORGAN INC DEL	COM	49456B101	2,281	137,049	SH		SOLE	Spectrum Asset Management Inc.	137,049	0	0
M & T BK CORP	COM	55261F104	220	1,245	SH		SOLE	Spectrum Asset Management Inc.	1,245	0	0
MARRIOTT INTL INC NEW	CL A	571903202	283	2,020	SH		SOLE	Spectrum Asset Management Inc.	2,020	0	0
MCDONALDS CORP	COM	580135101	332	1,438	SH		SOLE	Spectrum Asset Management Inc.	1,438	0	0
MCKESSON CORP	COM	58155Q103	204	600	SH		SOLE	Spectrum Asset Management Inc.	600	0	0
MEDTRONIC PLC	SHS	G5960L103	3,516	43,181	SH		SOLE	Spectrum Asset Management Inc.	43,181	0	0
MEDTRONIC PLC	SHS	G5960L103	13	154	SH		DFND	Spectrum Asset Management Inc.	0	0	154
MICROSOFT CORP	COM	594918104	2,914	12,511	SH		SOLE	Spectrum Asset Management Inc.	12,511	0	0
MICROSOFT CORP	COM	594918104	8	34	SH		DFND	Spectrum Asset Management Inc.	0	0	34
MORNINGSTAR INC	COM	617700109	382	1,800	SH		SOLE	Spectrum Asset Management Inc.	1,800	0	0
NIKE INC	CL B	654106103	372	4,454	SH		SOLE	Spectrum Asset Management Inc.	4,454	0	0
NORTHROP GRUMMAN CORP	COM	666807102	270	574	SH		SOLE	Spectrum Asset Management Inc.	574	0	0
NVIDIA CORPORATION	COM	67066G104	381	3,136	SH		SOLE	Spectrum Asset Management Inc.	3,136	0	0
ORACLE CORP	COM	68389X105	1,875	30,700	SH		SOLE	Spectrum Asset Management Inc.	30,700	0	0
PEPSICO INC	COM	713448108	532	3,260	SH		SOLE	Spectrum Asset Management Inc.	3,260	0	0
PFIZER INC	COM	717081103	299	6,835	SH		SOLE	Spectrum Asset Management Inc.	6,835	0	0
PFIZER INC	COM	717081103	14	330	SH		DFND	Spectrum Asset Management Inc.	0	0	330
PIONEER NAT RES CO	COM	723787107	201	927	SH		SOLE	Spectrum Asset Management Inc.	927	0	0
PROSHARES TR	SHORT S&P 500 NE	74347B425	16,861	975,768	SH		SOLE	Spectrum Asset Management Inc.	975,768	0	0
PUBLIC STORAGE	COM	74460D109	1,234	4,215	SH		SOLE	Spectrum Asset Management Inc.	4,215	0	0
QUALCOMM INC	COM	747525103	1,473	13,036	SH		SOLE	Spectrum Asset Management Inc.	13,036	0	0
RAYTHEON TECHNOLOGIES CORP	COM	75513E101	295	3,601	SH		SOLE	Spectrum Asset Management Inc.	3,601	0	0
RAYTHEON TECHNOLOGIES CORP	COM	75513E101	14	175	SH		DFND	Spectrum Asset Management Inc.	0	0	175
ROCKWELL AUTOMATION INC	COM	773903109	798	3,710	SH		SOLE	Spectrum Asset Management Inc.	3,710	0	0
SCHWAB CHARLES CORP	COM	808513105	2,997	41,696	SH		SOLE	Spectrum Asset Management Inc.	41,696	0	0
SCHWAB STRATEGIC TR	US LCAP VA ETF	808524409	14,277	244,011	SH		SOLE	Spectrum Asset Management Inc.	244,011	0	0
SCHWAB STRATEGIC TR	US LCAP GR ETF	808524300	6,254	112,055	SH		SOLE	Spectrum Asset Management Inc.	112,055	0	0
SCHWAB STRATEGIC TR	INTL EQTY ETF	808524805	1,738	61,782	SH		SOLE	Spectrum Asset Management Inc.	61,782	0	0
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	1,521	36,228	SH		SOLE	Spectrum Asset Management Inc.	36,228	0	0
SCHWAB STRATEGIC TR	INT-TRM U.S TRES	808524854	397	8,080	SH		SOLE	Spectrum Asset Management Inc.	8,080	0	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	7,348	102,028	SH		SOLE	Spectrum Asset Management Inc.	102,028	0	0
SEMPRA	COM	816851109	2,967	19,639	SH		SOLE	Spectrum Asset Management Inc.	19,639	0	0
SHELL PLC	SPON ADS	780259305	313	6,300	SH		SOLE	Spectrum Asset Management Inc.	6,300	0	0
SPDR INDEX SHS FDS	PORTFOLIO DEVLPD	78463X889	203	7,885	SH		SOLE	Spectrum Asset Management Inc.	7,885	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	1,020	2,843	SH		SOLE	Spectrum Asset Management Inc.	2,843	0	0
STRYKER CORPORATION	COM	863667101	695	3,421	SH		SOLE	Spectrum Asset Management Inc.	3,421	0	0
TESLA INC	COM	88160R101	1,478	5,573	SH		SOLE	Spectrum Asset Management Inc.	5,573	0	0
TEXAS INSTRS INC	COM	882508104	263	1,700	SH		SOLE	Spectrum Asset Management Inc.	1,700	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	508	1,005	SH		SOLE	Spectrum Asset Management Inc.	1,005	0	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	2,648	12,376	SH		SOLE	Spectrum Asset Management Inc.	12,376	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	349	1,944	SH		SOLE	Spectrum Asset Management Inc.	1,944	0	0
VANGUARD SCOTTSDALE FDS	VNG RUS1000IDX	92206C730	720	4,385	SH		SOLE	Spectrum Asset Management Inc.	4,385	0	0
VANGUARD TAX-MANAGED FDS	VAN FTSE DEV MKT	921943858	734	20,175	SH		SOLE	Spectrum Asset Management Inc.	20,175	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	2,236	58,900	SH		SOLE	Spectrum Asset Management Inc.	58,900	0	0
VISA INC	COM CL A	92826C839	326	1,833	SH		SOLE	Spectrum Asset Management Inc.	1,833	0	0
WALMART INC	COM	931142103	1,022	7,876	SH		SOLE	Spectrum Asset Management Inc.	7,876	0	0
WELLS FARGO CO NEW	COM	949746101	248	6,163	SH		SOLE	Spectrum Asset Management Inc.	6,163	0	0