Putnam Allstate Advisor Plus

George Putnam Balanced Fund Subaccount

The subaccount seeks to provide a balanced investment composed of a well diversified portfolio of stocks and bonds which produce both capital growth and current income.

Fund description

The subaccount seeks its dual objectives of capital growth and current income by investing in a combination of value stocks and fixed-income securities. The equity portion targets stocks of large companies that are currently undervalued and undergoing positive changes. The fixed-income portion includes government, corporate, and mortgage-backed securities. The subaccount typically has a 60%-70% allocation to stocks and a 30%-40% position in bonds.

Sales story

A prudent balance of stocks and bonds A balanced approach: The fund seeks conservative growth plus income through a mix of roughly 60% stocks and 40% bonds.Seeking reduced volatility: The fund's focus on undervalued stocks and primarily high-quality bonds is designed to reduce volatility for conservative and income-oriented investors.A rigorous process: The fund's experienced portfolio managers use rigorous fundamental investment research to find opportunities and manage risk.

Management team

Daily pricing as of 10/14/19

with optional enhanced death benefits
Unit Value $20.082651 $19.491064
Unit Value Change -0.018849 -0.018535

Lipper ranking ‡ as of 08/31/19

Category: BALANCED FUNDS

  Percentile ranking Rank/Funds in category
10 yrs. 15% 17/117
1 yr. 8% 12/156
3 yrs. 7% 9/137
5 yrs. 10% 13/131

Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts as of 09/30/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 409
Turnover (fiscal year end) 264%
Net Assets $176M
Inception Date 05/01/98

Performance

Performance as of 09/30/19

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 1.30% 15.55% 5.48% 7.98% 5.86% 7.43% 3.04%
Standardized -6.70% 7.55% -2.52% 5.64% 4.88% 7.43% 3.04%
With optional enhanced death benefit
Unit Value 1.26% 15.42% 5.32% 7.82% 5.70% 7.27% 2.88%
Standardized -6.74% 7.42% -2.68% 5.47% 4.72% 7.27% 2.88%
Actual performance
Unit Value 1.30% 15.55% 5.48% 7.98% 5.86% 7.43% 3.68%
Standardized -6.70% 7.55% -2.52% 5.64% 4.88% 7.43% 3.68%
With optional enhanced death benefit
Unit Value 1.26% 15.42% 5.32% 7.82% 5.70% 7.27% 3.53%
Standardized -6.74% 7.42% -2.68% 5.47% 4.72% 7.27% 3.53%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
23.62% 9.05% 1.13% 10.73% 16.21% 8.91% -2.71% 6.29% 13.25% -4.70%
With optional enhanced death benefit
23.43% 8.89% 0.97% 10.56% 16.03% 8.74% -2.86% 6.13% 13.08% -4.84%

Restated performance

Monthly as of 09/30/19

Unit Value 0.59%
Standardized -7.41%

YTD as of 10/14/19

Unit Value 15.20%
Standardized 7.20%

With optional enhanced death benefit

Monthly as of 09/30/19

Unit Value 0.58%
Standardized -7.42%

YTD as of 10/14/19

Unit Value 15.07%
Standardized 7.07%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Putnam Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., Simsbury, CT.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277.

Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.

Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Risk Characteristics as of 08/31/19

Avg. Eff. Maturity 7.78
Avg. Eff. Duration 5.46
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) 1.23
Beta 0.62
R Squared 0.95
Standard Deviation (3 yrs.) 7.59

Maturity Details

0 to 1 yr. 3.35%
1 to 5 yrs. 56.34%
5 to 10 yrs. 21.27%
10 to 15 yrs. 2.27%
Over 15 yrs. 16.77%

Quality Ratings

AAA 60.52%
AA 2.95%
A 12.12%
BBB 19.33%
BB 1.96%
CCC and Below 0.03%
Not Rated 3.09%

Holdings

Top 10 holdings as of 08/31/19

Microsoft 2.70%
Fnma Fn30 Tba Umbs 04.0000 09/01/2049 2.40%
Us Treasury N/B 02.7500 08/15/2042 2.13%
Alphabet 2.01%
Us Treasury N/B 02.0000 02/15/2022 1.95%
Amazon 1.89%
Fnma Fn30 Tba Umbs 03.5000 09/01/2049 1.78%
Apple 1.64%
Us Treasury N/B 01.7500 06/30/2022 1.42%
Us Treasury N/B 02.2500 02/15/2021 1.33%
Top 10 holdings, total: 19.25%

Full Portfolio Holdings as of 09/30/19

MICROSOFT CORP SEDOL 2588173 2.68%
FNMA FN30 TBA UMBS 04.0000 10/01/2049 2.35%
S&P500 EMINI FUT DEC19 ESZ9 2.20%
US TREASURY N/B 02.7500 08/15/2042 2.04%
ALPHABET INC-CL A SEDOL BYVY8G0 2.03%
US TREASURY N/B 01.6250 10/31/2023 2.00%
US TREASURY N/B 02.0000 02/15/2022 1.91%
AMAZON.COM INC SEDOL 2000019 1.82%
FNMA FN30 TBA UMBS 03.5000 10/01/2049 1.74%
APPLE INC SEDOL 2046251 1.66%
US TREASURY N/B 02.1250 12/31/2022 1.51%
US TREASURY N/B 01.7500 06/30/2022 1.38%
US TREASURY N/B 02.2500 02/15/2021 1.31%
PROCTER & GAMBLE CO/THE SEDOL 2704407 1.29%
US TREASURY N/B 03.0000 02/15/2047 1.28%
BANK OF AMERICA CORP SEDOL 2295677 1.17%
FNMA FN30 BM5477 UMBS 04.5000 02/01/2049 1.16%
FACEBOOK INC-CLASS A SEDOL B7TL820 1.15%
HOME DEPOT INC SEDOL 2434209 1.13%
COCA-COLA CO/THE SEDOL 2206657 1.09%
US TREASURY N/B 02.6250 06/15/2021 1.04%
US TREASURY N/B 01.8750 11/30/2021 1.03%
CITIGROUP INC SEDOL 2297907 0.94%
ACTIVISION BLIZZARD INC SEDOL 2575818 0.88%
NXP SEMICONDUCTORS NV SEDOL B505PN7 0.86%
FIDELITY NATIONAL INFO SERV SEDOL 2769796 0.82%
VISA INC-CLASS A SHARES SEDOL B2PZN04 0.82%
WALMART INC SEDOL 2936921 0.80%
BP PLC SEDOL 0798059 0.79%
MASTERCARD INC - A SEDOL B121557 0.75%
CENOVUS ENERGY INC SEDOL B57FG04 0.74%
ASSURED GUARANTY LTD SEDOL B00V7H8 0.72%
MERCK & CO. INC. SEDOL 2778844 0.71%
GENERAL MOTORS CO SEDOL B665KZ5 0.70%
JOHNSON & JOHNSON SEDOL 2475833 0.68%
CIGNA CORP SEDOL BHJ0775 0.67%
TEXAS INSTRUMENTS INC SEDOL 2885409 0.65%
AMERICAN INTERNATIONAL GROUP SEDOL 2027342 0.65%
HONEYWELL INTERNATIONAL INC SEDOL 2020459 0.64%
AMERICAN ELECTRIC POWER SEDOL 2026242 0.62%
GOLDMAN SACHS GROUP INC SEDOL 2407966 0.62%
GNMA GII30 BI6858 04.5000 03/20/2049 0.60%
FNMA FN30 TBA UMBS 04.5000 10/01/2049 0.60%
CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 0.59%
GNMA GII30 TBA 03.5000 10/01/2049 0.59%
ADOBE INC SEDOL 2008154 0.59%
JPMORGAN CHASE & CO SEDOL 2190385 0.57%
US TREASURY N/B 02.2500 11/15/2027 0.56%
GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 0.55%
GNMA GII30 MA3802 03.0000 07/20/2046 0.54%
PNC FINANCIAL SERVICES GROUP SEDOL 2692665 0.53%
NETFLIX INC SEDOL 2857817 0.52%
NRG ENERGY INC SEDOL 2212922 0.52%
ON SEMICONDUCTOR CORP SEDOL 2583576 0.52%
FISERV INC SEDOL 2342034 0.51%
SALESFORCE.COM INC SEDOL 2310525 0.51%
ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 0.50%
SBA COMMUNICATIONS CORP SEDOL BZ6TS23 0.50%
WALT DISNEY CO/THE SEDOL 2270726 0.50%
PRUDENTIAL PLC SEDOL 0709954 0.49%
EXELON CORP SEDOL 2670519 0.49%
AT&T INC SEDOL 2831811 0.48%
BOOKING HOLDINGS INC SEDOL BDRXDB4 0.48%
EATON CORP PLC SEDOL B8KQN82 0.48%
UNITEDHEALTH GROUP INC SEDOL 2917766 0.44%
UNION PACIFIC CORP SEDOL 2914734 0.44%
SHERWIN-WILLIAMS CO/THE SEDOL 2804211 0.44%
DANAHER CORP SEDOL 2250870 0.42%
FNMA FN30 BC1155 UMBS 03.0000 06/01/2046 0.42%
NEXTERA ENERGY INC SEDOL 2328915 0.42%
PFIZER INC SEDOL 2684703 0.40%
ABBVIE INC SEDOL B92SR70 0.40%
AMGEN INC SEDOL 2023607 0.39%
ABBOTT LABORATORIES SEDOL 2002305 0.39%
FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 0.38%
NIKE INC -CL B SEDOL 2640147 0.38%
HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 0.34%
NETEASE INC-ADR SEDOL 2606440 0.34%
E*TRADE FINANCIAL CORPORATION 0.33%
WELLS FARGO & CO SEDOL 2649100 0.32%
FREEPORT-MCMORAN INC SEDOL 2352118 0.32%
THERMO FISHER SCIENTIFIC INC SEDOL 2886907 0.32%
CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 0.32%
HERSHEY CO/THE SEDOL 2422806 0.31%
LINDE PLC SEDOL BZ12WP8 0.31%
RAYMOND JAMES FINANCIAL INC SEDOL 2718992 0.31%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.31%
BLACKROCK INC SEDOL 2494504 0.30%
BOEING CO/THE SEDOL 2108601 0.30%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.30%
DASSAULT SYSTEMES SA SEDOL 5330047 0.29%
BOSTON SCIENTIFIC CORP SEDOL 2113434 0.28%
YUM CHINA HOLDINGS INC SEDOL BYW4289 0.28%
GENERAL DYNAMICS CORP SEDOL 2365161 0.28%
COSTCO WHOLESALE CORP SEDOL 2701271 0.27%
INTERCONTINENTAL EXCHANGE IN SEDOL BFSSDS9 0.27%
KKR & CO INC -A SEDOL BG1FRR1 0.27%
UNITED TECHNOLOGIES CORP SEDOL 2915500 0.27%
WYNN RESORTS LTD SEDOL 2963811 0.27%
DUKE ENERGY CORP SEDOL B7VD3F2 0.26%
MEDTRONIC PLC SEDOL BTN1Y11 0.26%
AMEREN CORPORATION SEDOL 2050832 0.26%
CARMAX INC SEDOL 2983563 0.26%
NORTHROP GRUMMAN CORP SEDOL 2648806 0.26%
BECTON DICKINSON AND CO SEDOL 2087807 0.26%
ELI LILLY & CO SEDOL 2516152 0.25%
RAYTHEON COMPANY SEDOL 2758051 0.25%
NORFOLK SOUTHERN CORP SEDOL 2641894 0.25%
MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 0.24%
TJX COMPANIES INC SEDOL 2989301 0.24%
JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 0.24%
PEPSICO INC SEDOL 2681511 0.23%
BAXTER INTERNATIONAL INC SEDOL 2085102 0.23%
US BANCORP 03.0000 07/30/2029 0.22%
UBS AG REGS 05.1250 05/15/2024 0.22%
ILLUMINA INC SEDOL 2613990 0.22%
ZOETIS INC SEDOL B95WG16 0.22%
VERIZON COMM 04.3290 09/21/2028 0.22%
APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 0.22%
TYSON FOODS INC-CL A SEDOL 2909730 0.21%
STANLEY BLACK & DECKER INC SEDOL B3Q2FJ4 0.21%
EDWARDS LIFESCIENCES CORP SEDOL 2567116 0.20%
ANGLO AMER PLC SEDOL B1XZS82 0.20%
CIGNA CORP 03.7500 07/15/2023 0.19%
MEDICINES COMPANY SEDOL 2616773 0.19%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.18%
UNITED RENTALS INC SEDOL 2134781 0.18%
ROPER TECHNOLOGIES INC SEDOL 2749602 0.18%
VERTEX PHARMACEUTICALS INC SEDOL 2931034 0.18%
DEERE & CO SEDOL 2261203 0.18%
ENCANA CORP SEDOL 2793193 0.18%
BRISTOL-MYERS P/P 144A 03.4000 07/26/2029 0.18%
CITIGROUP INC 04.7500 05/18/2046 0.18%
KOSMOS ENERGY LTD SEDOL BHK15K6 0.17%
EDISON INTERNATIONAL SEDOL 2829515 0.17%
GNMA GII30 OBD1715 03.5000 11/20/2047 0.17%
BALL CORP SEDOL 2073022 0.16%
DOUYU INTERNATIONAL HOLD-ADR SEDOL BJVJP36 0.16%
GENERAL ELECTRIC CO SEDOL 2380498 0.16%
ALLERGAN PLC SEDOL BY9D546 0.16%
BRISTOL-MYERS SQUIBB CO SEDOL 2126335 0.16%
DOW INC SEDOL BHXCF84 0.16%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.16%
YELLOW CAKE PLC 144A SEDOL BF50RG4 0.16%
GNMA GII30 OBD1716 03.5000 11/20/2047 0.16%
CAIRN ENERGY PLC SEDOL B74CDH8 0.16%
AIR CANADA SEDOL BSDHYK1 0.16%
TOTAL CAPITAL INTL SA USD 02.8290 01/10/2030 0.15%
SALESFORCE.COM INC 03.7000 04/11/2028 0.15%
TRANSDIGM GROUP INC SEDOL B11FJK3 0.15%
CIT GROUP INC. 05.2500 03/07/2025 0.15%
LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 0.14%
WEC ENERGY GROUP INC 04.2706 05/15/2067 0.14%
3M CO 0.14%
COOPER COS INC/THE SEDOL 2222631 0.14%
CVS HEALTH CORP SEDOL 2577609 0.14%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.14%
GILEAD SCIENCES INC SEDOL 2369174 0.14%
MCKESSON CORP SEDOL 2378534 0.14%
AON PLC USD 04.2500 12/12/2042 0.13%
ARAMARK SEDOL BH3XG17 0.13%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.13%
INTERPUBLIC GROUP COS 04.6500 10/01/2028 0.12%
BPCE SA P/P 144A 05.1500 07/21/2024 0.12%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.12%
MSC 2012-C4 D P/P 144A 05.6001 03/15/2045 0.12%
BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 0.12%
COSTAR GROUP INC SEDOL 2262864 0.12%
ECOLAB INC SEDOL 2304227 0.12%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.12%
WILLIAMS COMPANIES INC 04.3000 03/04/2024 0.12%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.12%
AT&T INC 04.3500 03/01/2029 0.12%
DIGITAL REALTY TRUST LP 04.4500 07/15/2028 0.12%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.12%
UNITEDHEALTH GROUP INC 03.8500 06/15/2028 0.12%
GOLDMAN SACHS GROUP INC 04.2230 05/01/2029 0.11%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.11%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.11%
KEURIG DR PEPPER INC 04.5970 05/25/2028 0.11%
AT&T INC 04.1000 02/15/2028 0.11%
AXA SA SEDOL 7088429 0.11%
WESTROCK MWV LLC 08.2000 01/15/2030 0.11%
ADVANCE AUTO PARTS 0.11%
DUPONT DE NEMOURS INC SEDOL BK0VN47 0.11%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.10%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.10%
WASTE CONNECTIONS INC SEDOL BYVG1F6 0.10%
APPLE INC 04.3750 05/13/2045 0.10%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.10%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.10%
BRDCOM CRP / FIN 03.8750 01/15/2027 0.10%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.10%
FISERV INC 04.2000 10/01/2028 0.10%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.10%
GSMS 2014-GC22 C 04.8474 06/10/2047 0.10%
NRG ENERGY INC P/P 144A 04.4500 06/15/2029 0.10%
TELEFONICA EMISIONES SAU USD 04.8950 03/06/2048 0.10%
CISCO SYSTEMS INC SEDOL 2198163 0.09%
WALT DISNEY COMP P/P 144A 07.7500 01/20/2024 0.09%
SUMMIT MATERIALS INC -CL A SEDOL BW9JPS4 0.09%
EOG RESOURCES INC 04.1500 01/15/2026 0.09%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.09%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.09%
ORACLE CORP 02.6500 07/15/2026 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
KELLOGG CO SEDOL 2486813 0.09%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.09%
BIOGEN INC SEDOL 2455965 0.09%
AMAZON.COM INC 04.0500 08/22/2047 0.08%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.08%
AVERY DENNISON CORP SEDOL 2066408 0.08%
BURLINGTON STORES INC SEDOL BF311Y5 0.08%
PACKAGING CORP OF AMERICA SEDOL 2504566 0.08%
MICROCHIP TECH INC 04.3330 06/01/2023 0.08%
FIDELITY NATL INFO SERV 03.7500 05/21/2029 0.08%
WESTERN DIGITAL CORPORATION 04.7500 02/15/2026 0.08%
CROWN CASTLE INTL CORP 03.8000 02/15/2028 0.08%
DUKE ENERGY OHIO INC 03.6500 02/01/2029 0.08%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.08%
COMCAST CORP 03.1500 03/01/2026 0.08%
WASTE CONNECTIONS INC 03.5000 05/01/2029 0.08%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.08%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.08%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.08%
NUTRIEN LTD. USD 04.2000 04/01/2029 0.08%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.08%
FEDEX CORP SEDOL 2142784 0.08%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.07%
ECOLAB INC 03.2500 12/01/2027 0.07%
OSHKOSH CORP 04.6000 05/15/2028 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.07%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.07%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.07%
AIR LEASE CORP 03.0000 09/15/2023 0.07%
OPORTUN FIN CORP P/P 0.07%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.07%
WEYERHAEUSER CO 07.3750 03/15/2032 0.06%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.06%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.06%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.06%
NORTHROP GRUMMAN CORP 03.2500 01/15/2028 0.06%
ULTA BEAUTY INC SEDOL B28TS42 0.06%
COMM 2013-CR13 AM 04.4490 11/10/2046 0.06%
L3HARRIS TECH INC P/P 144A 03.8500 12/15/2026 0.06%
WFRBS 2013-UBS1 AS 04.3060 03/15/2046 0.06%
AMAZON.COM INC 03.1500 08/22/2027 0.06%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.06%
EQUINOR ASA USD 05.1000 08/17/2040 0.06%
S&P GLOBAL INC 04.4000 02/15/2026 0.06%
GNMA GII30 OBD1714 03.5000 11/20/2047 0.06%
EQUINIX INC 05.3750 05/15/2027 0.06%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.06%
BANK OF AMERICA CORP 05.1250 06/17/2049 0.06%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.06%
AMGEN INC 04.6630 06/15/2051 0.06%
ARCHER-DANIELS-MIDLAND CO SEDOL 2047317 0.06%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.06%
BP CAP MARKETS AMERICA 03.9370 09/21/2028 0.06%
MARSH & MCLENNAN COS INC 04.3750 03/15/2029 0.06%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.05%
COMCAST CORP 03.9990 11/01/2049 0.05%
AUTONATION INC. 05.5000 02/01/2020 0.05%
WESTPAC BANKING CORP USD 04.4210 07/24/2039 0.05%
CITIGROUP INC 04.4500 09/29/2027 0.05%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.05%
ZOETIS INC 03.9000 08/20/2028 0.05%
FISERV INC 03.5000 07/01/2029 0.05%
N TX HWY-TXB-B 06.7180 01/01/2049 0.05%
INTL FLAVOR & FRAGRANCES 04.4500 09/26/2028 0.05%
PENSKE TRUCK LE P/P 144A 03.4000 11/15/2026 0.05%
VODAFONE GROUP PLC USD 04.3750 05/30/2028 0.05%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.05%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.05%
ALPHABET INC 01.9980 08/15/2026 0.05%
BMW US CAPITAL LLC P/P 144A 03.9500 08/14/2028 0.05%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.05%
BP CAP MARKETS AMERICA 03.1190 05/04/2026 0.05%
CBS CORP 04.6000 01/15/2045 0.05%
NRG P/P 144A 03.7500 06/15/2024 0.05%
CHARTER COMM OPT LLC 05.3750 05/01/2047 0.05%
MICROSOFT CORP 03.7000 08/08/2046 0.05%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.05%
KINDER MORGAN INC 03.1500 01/15/2023 0.04%
LEAR CORP 03.8000 09/15/2027 0.04%
WFRBS 2011-C3 D P/P 144A 05.8556 03/15/2044 0.04%
APPALACHIAN POWER CO 05.8000 10/01/2035 0.04%
BB&T CORPORATION 04.8000 12/31/2099 0.04%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.04%
CELANESE US HOLDINGS LLC 04.6250 11/15/2022 0.04%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.04%
L3HARRIS TECH INC P/P 144A 04.4000 06/15/2028 0.04%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 0.04%
AMERICAN ELECTRIC POWER 04.3000 12/01/2028 0.04%
HCA INC 05.2500 06/15/2026 0.04%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.04%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.04%
ENTERPRISE PRODUCTS OPER 04.2500 02/15/2048 0.04%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.04%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.04%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.04%
HCA INC 04.1250 06/15/2029 0.04%
ONCOR ELECTRIC DELI 05.7500 03/15/2029 0.04%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.04%
MICROSOFT CORP 02.4000 08/08/2026 0.04%
VISTRA OPERATION P/P 144A 03.5500 07/15/2024 0.04%
CBS CORP 04.2000 06/01/2029 0.04%
FIDELITY NATIONAL INFORM 04.2500 05/15/2028 0.04%
TARGA RESOURCES PART 05.0000 01/15/2028 0.04%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.04%
AES CORP/THE 05.1250 09/01/2027 0.04%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.04%
CBRE SERVICES INC 04.8750 03/01/2026 0.04%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.04%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.04%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.03%
FNMA FN30 734836 05.0000 08/01/2033 0.03%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.03%
VISTRA OPERATION P/P 144A 04.3000 07/15/2029 0.03%
FOX CORP P/P 144A 04.0300 01/25/2024 0.03%
ANHEUSER-BUSCH INBEV WOR 04.7500 01/23/2029 0.03%
QVC INC 04.8500 04/01/2024 0.03%
ANHEUSER-BUSCH INBEV WOR 05.5500 01/23/2049 0.03%
FNMA FN30 995023 05.5000 08/01/2037 0.03%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.03%
GENERAL MOTORS FINL CO 04.3000 07/13/2025 0.03%
PRUDENTIAL FINANCIAL INC 06.6250 06/21/2040 0.03%
CBS CORP 02.9000 01/15/2027 0.03%
EQT AB SEDOL BJ7W9K4 0.03%
BANK OF MONTREAL USD 03.8030 12/15/2032 0.03%
BMW US CAPITAL LLC P/P 144A 03.4000 08/13/2021 0.03%
CA TXB-VAR PURP 07.5000 04/01/2034 0.03%
CELANESE US HOLDINGS LLC 03.5000 05/08/2024 0.03%
CON EDISON CO OF NY INC 04.2000 03/15/2042 0.03%
ENBRIDGE INC USD 04.2500 12/01/2026 0.03%
FNMA FN30 555591 05.5000 07/01/2033 0.02%
OMNICOM GP/OMNICOM CAP 03.6000 04/15/2026 0.02%
ANHEUSER-BUSCH INBEV WOR 04.1500 01/23/2025 0.02%
CVS HEALTH CORP 04.7800 03/25/2038 0.02%
ENERGY TRANSFER OPERATNG 05.2000 02/01/2022 0.02%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 0.02%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.02%
VMWARE INC 03.9000 08/21/2027 0.02%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 0.02%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.02%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 0.02%
BMIR 2017-1 M1 P/P 144A 03.7184 10/25/2027 0.02%
HCA INC 05.5000 06/15/2047 0.02%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.02%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.02%
COMCAST CORP 06.5000 11/15/2035 0.02%
DIAMOND 1 FIN/DIAMON P/P 144A 08.3500 07/15/2046 0.02%
IPALCO ENTPRS IN 03.7000 09/01/2024 0.02%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.02%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
ENERGY TRAN PTNR 07.6000 02/01/2024 0.02%
AMGEN INC 02.6000 08/19/2026 0.02%
FNMA FN30 995018 05.5000 06/01/2038 0.02%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
MARATHON PETRO CORP 06.5000 03/01/2041 0.02%
SERVICE CORPORATION INTL 04.6250 12/15/2027 0.02%
AIR LEASE CORP 04.6250 10/01/2028 0.02%
CAS 2017-C01 1EB1 03.2684 07/25/2029 0.02%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.02%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FNMA FN30 889982 05.5000 11/01/2038 0.02%
WILLIAMS COMPANIES INC 03.6000 03/15/2022 0.02%
JPMORGAN CHASE & CO 06.1000 02/01/2049 0.02%
SUNOCO LOGISTICS PARTNER 05.9500 12/01/2025 0.02%
KKR GR FIN CO P/P 144A 03.7500 07/01/2029 0.02%
SERVICE PROPERTIES TRUST 04.3750 02/15/2030 0.02%
AUTONATION INC 04.5000 10/01/2025 0.01%
CBRE SERVICES INC 05.2500 03/15/2025 0.01%
ENERGY TRANSFER OPERATNG 06.2500 04/15/2049 0.01%
KEURIG DR PEPPER INC 04.4170 05/25/2025 0.01%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.01%
CNH/USD 11/20/2019 HSBCB 0.01%
AIR LEASE CORP 03.6250 04/01/2027 0.01%
COMM 2014-UBS6 C 04.6006 12/10/2047 0.01%
HILTON DOMESTIC OPERATIN 04.2500 09/01/2024 0.01%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.01%
ANHEUSER-BUSCH CO/IN 03.6500 02/01/2026 0.01%
CBS CORP 04.0000 01/15/2026 0.01%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.01%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.01%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 0.01%
AT&T INC 04.7500 05/15/2046 0.01%
CVS PASS-THROUGH P/P 144A 04.7040 01/10/2036 0.01%
INTERNATIONAL PAPER CO 08.7000 06/15/2038 0.01%
MIDAMERICAN FUNDING LLC 06.9270 03/01/2029 0.01%
ROGERS COMMUNICATIONS IN USD 08.7500 05/01/2032 0.01%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.01%
WESTROCK MWV LLC 07.9500 02/15/2031 0.01%
AIR LEASE CORP 03.2500 10/01/2029 0.01%
BGC PARTNERS INC 05.1250 05/27/2021 0.01%
CITIGROUP INC 03.6680 07/24/2028 0.01%
CROWN CASTLE INTL CORP 04.8750 04/15/2022 0.01%
HCA INC 05.0000 03/15/2024 0.01%
CNH/USD 11/20/2019 CITI 0.00%
FIDELITY NATIONAL INFORM 03.0000 08/15/2026 0.00%
FIRSTENERGY CORP 04.8500 07/15/2047 0.00%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.00%
CAD/USD 10/16/2019 BCAP-FX 0.00%
CAD/USD 10/16/2019 JPMCB 0.00%
CAD/USD 10/16/2019 SSBT 0.00%
GLENCORE FIN CANADA P/P 144A 06.0000 11/15/2041 0.00%
CAD/USD 10/16/2019 CITI 0.00%
EUR/USD 12/18/2019 CITI 0.00%
FIRSTENERGY CORP 03.9000 07/15/2027 0.00%
CAD/USD 10/16/2019 GSFX 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
GBP/USD 12/18/2019 BANKAM -0.00%
GBP/USD 12/18/2019 CITI -0.00%
GBP/USD 12/18/2019 BCAP-FX -0.00%
GBP/USD 12/18/2019 GSFX -0.00%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
1: Microsoft 2.70%
2: Fnma Fn30 Tba Umbs 04.0000 09/01/2049 2.40%
3: Us Treasury N/B 02.7500 08/15/2042 2.13%
4: Alphabet 2.01%
5: Us Treasury N/B 02.0000 02/15/2022 1.95%
6: Amazon 1.89%
7: Fnma Fn30 Tba Umbs 03.5000 09/01/2049 1.78%
8: Apple 1.64%
9: Us Treasury N/B 01.7500 06/30/2022 1.42%
10: Us Treasury N/B 02.2500 02/15/2021 1.33%
Holdings represent 19.25% of portfolio
Top 10 holdings as of 07/31/19
1: Microsoft 2.77%
2: Fnma Fn30 Tba Umbs 04.0000 08/01/2049 2.45%
3: Alphabet 2.10%
4: Amazon 2.04%
5: Us Treasury N/B 02.7500 08/15/2042 2.01%
6: Apple 1.78%
7: Us Treasury N/B 02.2500 02/15/2021 1.38%
8: Us Treasury N/B 01.6250 10/31/2023 1.33%
9: Facebook 1.32%
10: Procter & Gamble 1.29%
Holdings represent 18.47% of portfolio
Top 10 holdings as of 06/30/19
1: Microsoft 2.78%
2: Amazon 2.06%
3: Us Treasury N/B 02.7500 08/15/2042 2.05%
4: Alphabet 1.91%
5: Fnma Fn30 Tba Umbs 04.0000 08/01/2049 1.87%
6: Apple 1.69%
7: Us Treasury N/B 02.2500 02/15/2021 1.40%
8: Us Treasury N/B 01.6250 10/31/2023 1.36%
9: Fnma Fn30 Bm5477 Umbs 04.5000 02/01/2049 1.27%
10: Facebook 1.26%
Holdings represent 17.65% of portfolio
Top 10 holdings as of 05/31/19
1: Microsoft 2.71%
2: Alphabet 2.05%
3: Amazon 2.04%
4: Us Treasury N/B 02.7500 08/15/2042 1.83%
5: Apple 1.58%
6: Us Treasury N/B 02.2500 02/15/2021 1.48%
7: Us Treasury N/B 01.6250 10/31/2023 1.42%
8: Fnma Fn30 Bm5477 04.5000 02/01/2049 1.35%
9: Fnma Fn30 Tba Umbs 04.0000 06/01/2049 1.32%
10: Fnma Fn30 Tba Umbs 04.0000 07/01/2049 1.32%
Holdings represent 17.10% of portfolio

Portfolio Composition as of 08/31/19

Common stock 58.59%
Treasury 14.31%
Corporate bonds and notes 13.59%
Agency pass-through 8.71%
Cash and net other assets 4.10%
Commercial MBS 0.55%
Municipal bonds 0.11%
Residential MBS (non-agency) 0.04%

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 08/31/19

Information technology 18.26%
Health care 13.43%
Financials 12.54%
Consumer discretionary 11.13%
Communication services 10.90%
Industrials 8.97%
Consumer staples 7.55%
Cash and net other assets 4.10%
Utilities 4.03%
 
Other
9.09%
Energy 3.82%
Materials 3.47%
Real estate 1.80%

Expenses

Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N

Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

CDSC

Year Percent
1 8.00%
2 8.00%
3 8.00%
4 7.00%
5 6.00%
6 5.00%
7 4.00%
8 3.00%
9+ 0.00%