Putnam Allstate Advisor Preferred

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 11/17/17

with optional enhanced death benefits
Unit Value $16.854574 $16.409292
Unit Value Change -0.029956 -0.029233

Lipper ranking ‡ as of 10/31/17

Category: BALANCED FUNDS

  Percentile ranking Rank/Funds in category
10 yrs. 91% 102/112
1 yr. 19% 29/152
3 yrs. 19% 26/141
5 yrs. 18% 24/133

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 10/31/17

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 468
Turnover (fiscal year end) 216%
Net Assets $141M
Inception Date 05/01/98

Performance

Performance as of 09/30/17

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 2.94% 9.71% 10.74% 5.31% 7.55% 1.94% 2.63%
Standardized 0.94% 7.71% 8.74% 5.31% 7.55% 1.94% 2.63%
With optional enhanced death benefit
Unit Value 2.90% 9.58% 10.58% 5.15% 7.39% 1.79% 2.47%
Standardized 0.90% 7.58% 8.58% 5.15% 7.39% 1.79% 2.47%
Actual performance
Unit Value 2.94% 9.71% 10.74% 5.31% 7.55% 1.94% 2.94%
Standardized 0.94% 7.71% 8.74% 5.31% 7.55% 1.94% 2.94%
With optional enhanced death benefit
Unit Value 2.90% 9.58% 10.58% 5.15% 7.39% 1.79% 2.17%
Standardized 0.90% 7.58% 8.58% 5.15% 7.39% 1.79% 2.17%

Annual Performance at NAV

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
-0.72% -41.70% 23.55% 9.00% 1.08% 10.67% 16.15% 8.85% -2.76% 6.23%
With optional enhanced death benefit
-0.87% -41.79% 23.37% 8.83% 0.92% 10.50% 15.97% 8.69% -2.91% 6.07%

Restated performance

Monthly as of 10/31/17

Unit Value 1.44%
Standardized -0.56%

YTD as of 11/17/17

Unit Value 11.19%
Standardized 9.19%

With optional enhanced death benefit

Monthly as of 10/31/17

Unit Value 1.42%
Standardized -0.58%

YTD as of 11/17/17

Unit Value 11.05%
Standardized 9.05%

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 Hartford products are flexible-premium variable annuities issued by Hartford Life and Annuity Insurance Company, 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 Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectus carefully before investing.

For the most recent month-end performance, please call Hartford 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 10/31/17

Avg. Eff. Maturity 9.04
Avg. Price --
Avg. Eff. Duration 5.92
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) -0.29
Beta 0.67
R Squared 0.95
Standard Deviation (3 yrs.) 6.85

Maturity Details

0 to 1 yr. 1.82%
1 to 5 yrs. 32.24%
5 to 10 yrs. 45.38%
10 to 15 yrs. 3.06%
Over 15 yrs. 17.50%

Quality Ratings

AAA 56.46%
AA 2.08%
A 13.10%
BBB 24.45%
BB 2.19%
CCC and Below 0.03%
Not Rated 1.69%

Holdings

Top 10 holdings as of 10/31/17

Fnma Fn30 Tba 04.5000 11/01/2047 3.04%
Fnma Fn30 Tba 03.5000 12/01/2047 2.91%
Us Treasury N/B 02.0000 11/30/2020 2.49%
Apple 2.10%
Microsoft 1.98%
Alphabet 1.90%
Us Treasury N/B 01.1250 03/31/2020 1.90%
Amazon 1.48%
Us Treasury N/B 02.7500 08/15/2042 1.37%
Bank Of America 1.33%
Top 10 holdings, total: 20.50%

Equity Holdings as of 09/30/17

APPLE INC 1.94%
ALPHABET INC-CL A 1.81%
MICROSOFT CORP 1.79%
AMAZON.COM INC 1.30%
BANK OF AMERICA CORP 1.25%
FACEBOOK INC-A 1.23%
HOME DEPOT INC 1.10%
JOHNSON & JOHNSON 1.06%
CITIGROUP INC 1.00%
COMCAST CORP-CLASS A 0.72%
KRAFT HEINZ CO/THE 0.72%
PEPSICO INC 0.70%
VISA INC-CLASS A SHARES 0.69%
JPMORGAN CHASE & CO 0.67%
UNITEDHEALTH GROUP INC 0.65%
BROADCOM LTD 0.62%
DOWDUPONT INC 0.62%
RAYTHEON COMPANY 0.62%
BECTON DICKINSON AND CO 0.61%
CHUBB LTD 0.61%
DANAHER CORP 0.57%
AT&T INC 0.56%
PHILIP MORRIS INTERNATIONAL 0.56%
AMGEN INC 0.55%
CHARTER COMMUNICATIONS INC-A 0.54%
GOLDMAN SACHS GROUP INC 0.54%
GILEAD SCIENCES INC 0.53%
TEXAS INSTRUMENTS INC 0.52%
ACTIVISION BLIZZARD INC 0.50%
MCCORMICK & CO-NON VTG SHRS 0.49%
JAZZ PHARMACEUTICALS PLC 0.48%
SHERWIN-WILLIAMS CO/THE 0.48%
CATERPILLAR INC 0.47%
NCSOFT CORP 0.47%
BLACKROCK INC 0.45%
CONSTELLATION BRANDS INC-A 0.45%
NORTHROP GRUMMAN CORP 0.45%
APPLIED MATERIALS INC 0.44%
PRICELINE GROUP INC/THE 0.44%
QORVO INC 0.44%
BIOGEN INC 0.42%
BOSTON SCIENTIFIC CORP 0.42%
CAVIUM INC 0.42%
FORTIVE CORP 0.42%
JOHNSON CONTROLS INTERNATION 0.42%
CELGENE CORP 0.41%
DXC TECHNOLOGY CO 0.41%
NORFOLK SOUTHERN CORP 0.41%
PRUDENTIAL PLC 0.41%
AMERICAN INTERNATIONAL GROUP 0.40%
CONOCOPHILLIPS 0.40%
DENTSPLY SIRONA INC 0.39%
HILTON WORLDWIDE HOLDINGS IN 0.39%
ALIBABA GROUP HOLDING-SP ADR 0.38%
ASSURED GUARANTY LTD 0.38%
MONDELEZ INTERNATIONAL INC-A 0.38%
COSTCO WHOLESALE CORP 0.37%
INVESCO LTD 0.37%
MASTERCARD INC - A 0.37%
ORACLE CORP 0.36%
ADOBE SYSTEMS INC 0.35%
CUMMINS INC 0.35%
DOVER CORP 0.34%
EOG RESOURCES INC 0.34%
INTERCONTINENTAL EXCHANGE IN 0.34%
PIONEER NAT RES CO 0.34%
REALPAGE INC 0.34%
ROCKWELL AUTOMATION INC 0.34%
TOTAL SA 0.34%
VERTEX PHARMACEUTICALS INC 0.34%
L3 TECHNOLOGIES INC 0.33%
MERCK & CO. INC. 0.33%
NEXTERA ENERGY INC 0.33%
AMERICAN AIRLINES GROUP INC 0.31%
AMERICAN TOWER CORP 0.31%
KKR & CO LP 0.31%
TJX COMPANIES INC 0.31%
W.R. GRACE & CO 0.31%
KION GROUP AG 0.30%
INTUITIVE SURGICAL INC 0.29%
WYNN RESORTS LTD 0.29%
EXPEDIA INC 0.28%
SUNCOR ENERGY INC 0.28%
TENCENT HOLDINGS LTD 0.28%
BLUE BUFFALO PET PRODUCTS IN 0.27%
FORTUNE BRANDS HOME & SECURI 0.27%
HALLIBURTON CO 0.27%
AMERICAN ELECTRIC POWER 0.26%
KROGER CO 0.26%
MICRO FOCUS INTL-SPN ADR 0.26%
PINNACLE FOODS INC 0.26%
AETNA INC 0.25%
ALBEMARLE CORP 0.25%
ALCOA CORP 0.25%
EXELON CORP 0.25%
INVESTMENT TECHNOLOGY GROUP 0.25%
LIVE NATION ENTERTAINMENT IN 0.25%
WAL-MART STORES INC 0.25%
YUM CHINA HOLDINGS INC 0.25%
CVS HEALTH CORP 0.24%
KOMATSU LTD 0.24%
P G & E CORP 0.24%
SOUTHERN CO/THE 0.24%
WASTE CONNECTIONS INC 0.24%
AGILENT TECHNOLOGIES INC 0.23%
CENOVUS ENERGY INC 0.23%
FIDELITY NATIONAL INFO SERV 0.23%
GAMING AND LEISURE PROPERTIE 0.23%
HAMILTON LANE INC-CLASS A 0.23%
SIEMENS AG 0.23%
CF INDUSTRIES HOLDINGS INC 0.22%
E*TRADE FINANCIAL CORPORATION 0.21%
MOLSON COORS BREWING CO -B 0.21%
O'REILLY AUTOMOTIVE INC 0.21%
METLIFE INC 0.20%
RESTAURANT BRANDS INTERN 0.20%
SCHWAB (CHARLES) CORP 0.20%
ANADARKO PETROLEUM CORP 0.19%
EXXON MOBIL CORP 0.19%
HANESBRANDS INC 0.19%
MCKESSON CORP 0.19%
NIKE INC -CL B 0.19%
PFIZER INC 0.19%
CHENIERE ENERGY INC 0.18%
AMEREN CORPORATION 0.17%
MBIA INC 0.17%
NRG ENERGY INC 0.17%
REGENERON PHARMACEUTICALS 0.17%
VERIZON COMMUNICATIONS INC 0.17%
WALT DISNEY CO/THE 0.17%
BIOVERATIV INC 0.16%
NXP SEMICONDUCTORS NV 0.16%
ROPER TECHNOLOGIES INC 0.16%
NOBLE ENERGY INC 0.15%
SYNCHRONY FINANCIAL 0.15%
CLOVIS ONCOLOGY INC 0.14%
DISH NETWORK CORP-A 0.14%
EDGEWELL PERSONAL CARE CO 0.14%
EDISON INTERNATIONAL 0.14%
EVERBRIDGE INC 0.14%
SELECT ENERGY SERVICES INC-A 0.14%
EQT CORP 0.13%
GODADDY INC - CLASS A 0.13%
SALESFORCE.COM INC 0.13%
AMERICAN WATER WORKS CO INC 0.12%
ENI SPA 0.12%
IHS MARKIT LTD 0.12%
ILUKA RESOURCES LTD 0.12%
INSTRUCTURE INC 0.12%
CHIPOTLE MEXICAN GRILL INC 0.10%
LIMITED BRANDS INC 0.10%
TOTAL SYSTEM SERVICES INC 0.10%
BRISTOL-MYERS SQUIBB CO 0.09%
ENCANA CORP 0.08%
SEALED AIR CORP 0.08%
SEVEN GENERATIONS ENERGY - A 0.08%
T-MOBILE US INC 0.08%
EVONIK INDUSTRIES AG 0.07%
MARATHON OIL CORP 0.06%
PLAINS ALL AMER PIPELINE LP 0.06%
DELIVERY HERO HOLDIN P/P 0.05%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
CALYXT INC 0.03%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN G-1 PFD CV P/P 0.03%
OPORTUN FIN F-1 PFD CV P/P 0.02%
OPORTUN FIN F PFD CV P/P 0.01%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN D-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%

Full Portfolio Holdings as of 09/30/17

FNMA FN30 TBA 04.5000 11/01/2047 3.08%
FNMA FN30 TBA 03.5000 11/01/2047 2.96%
US TREASURY N/B 02.0000 11/30/2020 2.52%
APPLE INC 1.94%
US TREASURY N/B 01.1250 03/31/2020 1.92%
ALPHABET INC-CL A 1.81%
MICROSOFT CORP 1.79%
US TREASURY N/B 02.7500 08/15/2042 1.39%
US TREASURY N/B 00.8750 06/15/2019 1.33%
AMAZON.COM INC 1.30%
US TREASURY N/B 02.0000 02/15/2022 1.30%
US TREASURY N/B 01.8750 11/30/2021 1.29%
BANK OF AMERICA CORP 1.25%
FACEBOOK INC-A 1.23%
HOME DEPOT INC 1.10%
US TREASURY N/B 01.0000 08/31/2019 1.07%
JOHNSON & JOHNSON 1.06%
CITIGROUP INC 1.00%
FNMA FN30 BH7626 04.0000 08/01/2047 0.76%
FNMA FN30 TBA 04.0000 11/01/2047 0.75%
GNMA GII30 TBA 03.5000 10/01/2047 0.75%
GNMA GII30 TBA 03.0000 10/01/2047 0.73%
COMCAST CORP-CLASS A 0.72%
KRAFT HEINZ CO/THE 0.72%
PEPSICO INC 0.70%
VISA INC-CLASS A SHARES 0.69%
US TREASURY N/B 01.1250 12/31/2019 0.68%
FNMA FN30 BC1155 03.0000 06/01/2046 0.67%
JPMORGAN CHASE & CO 0.67%
UNITEDHEALTH GROUP INC 0.65%
BROADCOM LTD 0.62%
DOWDUPONT INC 0.62%
RAYTHEON COMPANY 0.62%
BECTON DICKINSON AND CO 0.61%
CHUBB LTD 0.61%
DANAHER CORP 0.57%
AT&T INC 0.56%
PHILIP MORRIS INTERNATIONAL 0.56%
SPDR S&P REGIONAL BANKING 0.56%
AMGEN INC 0.55%
CHARTER COMMUNICATIONS INC-A 0.54%
GOLDMAN SACHS GROUP INC 0.54%
US TREASURY N/B 02.1250 12/31/2022 0.54%
GILEAD SCIENCES INC 0.53%
TEXAS INSTRUMENTS INC 0.52%
ACTIVISION BLIZZARD INC 0.50%
MCCORMICK & CO-NON VTG SHRS 0.49%
JAZZ PHARMACEUTICALS PLC 0.48%
SHERWIN-WILLIAMS CO/THE 0.48%
CATERPILLAR INC 0.47%
NCSOFT CORP 0.47%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.46%
BLACKROCK INC 0.45%
CONSTELLATION BRANDS INC-A 0.45%
NORTHROP GRUMMAN CORP 0.45%
APPLIED MATERIALS INC 0.44%
PRICELINE GROUP INC/THE 0.44%
QORVO INC 0.44%
BIOGEN INC 0.42%
BOSTON SCIENTIFIC CORP 0.42%
CAVIUM INC 0.42%
FORTIVE CORP 0.42%
JOHNSON CONTROLS INTERNATION 0.42%
CELGENE CORP 0.41%
DXC TECHNOLOGY CO 0.41%
NORFOLK SOUTHERN CORP 0.41%
PRUDENTIAL PLC 0.41%
AMERICAN INTERNATIONAL GROUP 0.40%
CONOCOPHILLIPS 0.40%
DENTSPLY SIRONA INC 0.39%
HILTON WORLDWIDE HOLDINGS IN 0.39%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.39%
ALIBABA GROUP HOLDING-SP ADR 0.38%
ASSURED GUARANTY LTD 0.38%
MONDELEZ INTERNATIONAL INC-A 0.38%
COSTCO WHOLESALE CORP 0.37%
INVESCO LTD 0.37%
MASTERCARD INC - A 0.37%
ORACLE CORP 0.36%
ADOBE SYSTEMS INC 0.35%
CUMMINS INC 0.35%
DOVER CORP 0.34%
EOG RESOURCES INC 0.34%
INTERCONTINENTAL EXCHANGE IN 0.34%
PIONEER NAT RES CO 0.34%
REALPAGE INC 0.34%
ROCKWELL AUTOMATION INC 0.34%
TOTAL SA 0.34%
VERTEX PHARMACEUTICALS INC 0.34%
L3 TECHNOLOGIES INC 0.33%
MERCK & CO. INC. 0.33%
NEXTERA ENERGY INC 0.33%
AMERICAN AIRLINES GROUP INC 0.31%
AMERICAN TOWER CORP 0.31%
KKR & CO LP 0.31%
TJX COMPANIES INC 0.31%
W.R. GRACE & CO 0.31%
KION GROUP AG 0.30%
INTUITIVE SURGICAL INC 0.29%
WYNN RESORTS LTD 0.29%
EXPEDIA INC 0.28%
GENERAL ELECTRIC CO 05.0000 12/29/2049 0.28%
SUNCOR ENERGY INC 0.28%
TENCENT HOLDINGS LTD 0.28%
UBS AG REGS 05.1250 05/15/2024 0.28%
BLUE BUFFALO PET PRODUCTS IN 0.27%
FORTUNE BRANDS HOME & SECURI 0.27%
HALLIBURTON CO 0.27%
AMERICAN ELECTRIC POWER 0.26%
KROGER CO 0.26%
MICRO FOCUS INTL-SPN ADR 0.26%
PINNACLE FOODS INC 0.26%
AETNA INC 0.25%
ALBEMARLE CORP 0.25%
ALCOA CORP 0.25%
EXELON CORP 0.25%
INVESTMENT TECHNOLOGY GROUP 0.25%
LIVE NATION ENTERTAINMENT IN 0.25%
WAL-MART STORES INC 0.25%
YUM CHINA HOLDINGS INC 0.25%
CVS HEALTH CORP 0.24%
KOMATSU LTD 0.24%
P G & E CORP 0.24%
SOUTHERN CO/THE 0.24%
US TREASURY N/B 01.6250 04/30/2019 0.24%
WASTE CONNECTIONS INC 0.24%
AGILENT TECHNOLOGIES INC 0.23%
CENOVUS ENERGY INC 0.23%
FIDELITY NATIONAL INFO SERV 0.23%
GAMING AND LEISURE PROPERTIE 0.23%
HAMILTON LANE INC-CLASS A 0.23%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.23%
SIEMENS AG 0.23%
CF INDUSTRIES HOLDINGS INC 0.22%
CREDIT SUISSE GRP AG P/P 144A 04.2820 01/09/2028 0.21%
E*TRADE FINANCIAL CORPORATION 0.21%
MOLSON COORS BREWING CO -B 0.21%
O'REILLY AUTOMOTIVE INC 0.21%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.21%
WEC ENERGY GROUP INC 03.4275 05/15/2067 0.21%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.20%
METLIFE INC 0.20%
RESTAURANT BRANDS INTERN 0.20%
SCHWAB (CHARLES) CORP 0.20%
ANADARKO PETROLEUM CORP 0.19%
CITIGROUP INC 04.7500 05/18/2046 0.19%
EXXON MOBIL CORP 0.19%
HANESBRANDS INC 0.19%
HSBC HOLDINGS PLC USD 06.5000 05/02/2036 0.19%
MCKESSON CORP 0.19%
NIKE INC -CL B 0.19%
PFIZER INC 0.19%
CHENIERE ENERGY INC 0.18%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.18%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.18%
AMEREN CORPORATION 0.17%
MBIA INC 0.17%
NRG ENERGY INC 0.17%
REGENERON PHARMACEUTICALS 0.17%
VERIZON COMMUNICATIONS INC 0.17%
WALT DISNEY CO/THE 0.17%
BIOVERATIV INC 0.16%
BPCE SA P/P 144A 05.1500 07/21/2024 0.16%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.16%
MSC 2012-C4 D P/P 144A 05.6013 03/15/2045 0.16%
NXP SEMICONDUCTORS NV 0.16%
ROPER TECHNOLOGIES INC 0.16%
TELECOM ITALIA SPA P/P 144A 05.3030 05/30/2024 0.16%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.15%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.15%
NOBLE ENERGY INC 0.15%
ORACLE CORP 02.6500 07/15/2026 0.15%
ROCKWELL COLLINS INC 04.3500 04/15/2047 0.15%
SYNCHRONY FINANCIAL 0.15%
AON PLC USD 04.2500 12/12/2042 0.14%
CLOVIS ONCOLOGY INC 0.14%
DISH NETWORK CORP-A 0.14%
EDGEWELL PERSONAL CARE CO 0.14%
EDISON INTERNATIONAL 0.14%
EVERBRIDGE INC 0.14%
GEORGIA-PACIFIC LLC 07.7500 11/15/2029 0.14%
SELECT ENERGY SERVICES INC-A 0.14%
WESTROCK MWV LLC 08.2000 01/15/2030 0.14%
AT&T INC 04.2500 03/01/2027 0.13%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.13%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.13%
EQT CORP 0.13%
GODADDY INC - CLASS A 0.13%
SALESFORCE.COM INC 0.13%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.12%
AMERICAN WATER WORKS CO INC 0.12%
AT&T INC 05.1500 02/14/2050 0.12%
ENI SPA 0.12%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.12%
IHS MARKIT LTD 0.12%
ILUKA RESOURCES LTD 0.12%
INSTRUCTURE INC 0.12%
RABOBANK NEDERLAND P/P 144A 11.0000 12/29/2049 0.12%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.12%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.11%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.11%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.11%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.11%
BECTON DICKINSON AND CO 04.6690 06/06/2047 0.10%
CHIPOTLE MEXICAN GRILL INC 0.10%
COMCAST CORP 03.1500 03/01/2026 0.10%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.10%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.10%
ENERGY TRANSFER LP 06.5000 02/01/2042 0.10%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.10%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.10%
LIBERTY MUTUAL INSUR P/P 144A 07.6970 10/15/2097 0.10%
LIMITED BRANDS INC 0.10%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.10%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.10%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
TOTAL SYSTEM SERVICES INC 0.10%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.10%
WP CAREY INC 04.6000 04/01/2024 0.10%
BRDCOM CRP / FIN P/P 144A 03.8750 01/15/2027 0.09%
BRISTOL-MYERS SQUIBB CO 0.09%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.09%
CBS CORP 04.6000 01/15/2045 0.09%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.09%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.09%
DUKE REALTY LP 04.3750 06/15/2022 0.09%
HISTORIC TW INC 09.1500 02/01/2023 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.09%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 0.09%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.09%
AIR LEASE CORP 03.0000 09/15/2023 0.08%
AMAZON.COM INC P/P 144A 04.0500 08/22/2047 0.08%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.08%
COMM 2013-CR13 AM 04.4490 11/12/2046 0.08%
CROWN CASTLE TOWERS P/P 144A 04.8830 08/15/2020 0.08%
ENCANA CORP 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
FORD MOTOR COMPANY 04.3460 12/08/2026 0.08%
GRUPO TELEVISA SAB USD 06.6250 01/15/2040 0.08%
GSMS 2011-GC5 C P/P 144A 05.5653 08/10/2044 0.08%
MCDONALD'S CORP 05.7000 02/01/2039 0.08%
NEWELL BRANDS INC 04.2000 04/01/2026 0.08%
SEALED AIR CORP 0.08%
SEVEN GENERATIONS ENERGY - A 0.08%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.08%
STEEL DYNAMICS INC P/P 144A 04.1250 09/15/2025 0.08%
T-MOBILE US INC 0.08%
WEYERHAEUSER CO 07.3750 03/15/2032 0.08%
WFRBS 2013-UBS1 AS 04.3060 03/15/2046 0.08%
WILLIAMS PARTNERS LP 04.3000 03/04/2024 0.08%
AMAZON.COM INC P/P 144A 03.1500 08/22/2027 0.07%
ARC PROP OPER PART L 04.6000 02/06/2024 0.07%
AUTONATION INC. 05.5000 02/01/2020 0.07%
BARCLAYS BANK PLC P/P 144A 10.1790 06/12/2021 0.07%
BURLINGTN NORTH SANTA FE 05.4000 06/01/2041 0.07%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.07%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.07%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 0.07%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.07%
EASTMAN CHEMICAL CO 03.8000 03/15/2025 0.07%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.07%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.07%
EVONIK INDUSTRIES AG 0.07%
FNMA FN30 734836 05.0000 08/01/2033 0.07%
GSMS 2014-GC22 C 04.8005 06/10/2047 0.07%
MCDONALD'S CORP 06.3000 03/01/2038 0.07%
MICROSOFT CORP 02.4000 08/08/2026 0.07%
PUGET SOUND ENERGY INC 06.9740 06/01/2067 0.07%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.07%
TOSCO CORP 08.1250 02/15/2030 0.07%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.06%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.06%
AXA SA P/P 144A 06.4630 12/29/2049 0.06%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.06%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.06%
CBRE SERVICES INC 04.8750 03/01/2026 0.06%
CELANESE US HOLDINGS LLC 04.6250 11/15/2022 0.06%
CENOVUS ENERGY INC. P/P 144A 04.2500 04/15/2027 0.06%
CHARTER COMM OPT LLC P/P 144A 05.3750 05/01/2047 0.06%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.06%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.06%
GNMA GII30 AL4508 03.5000 02/20/2045 0.06%
LEAR CORP 03.8000 09/15/2027 0.06%
MARATHON OIL CORP 0.06%
N TX HWY-TXB-B 06.7180 01/01/2049 0.06%
NATIONWIDE MUTUAL P/P 144A 08.2500 12/01/2031 0.06%
NORFOLK SOUTHERN COR P/P 144A 04.0500 08/15/2052 0.06%
PLAINS ALL AMER PIPELINE LP 0.06%
STATOIL ASA USD 05.1000 08/17/2040 0.06%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 0.06%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.06%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.06%
WFRBS 2011-C3 D P/P 144A 05.8132 03/15/2044 0.06%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.05%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.05%
APPALACHIAN POWER CO 05.8000 10/01/2035 0.05%
APPLE INC 04.3750 05/13/2045 0.05%
BP CAPITAL MARKETS PLC USD 03.1190 05/04/2026 0.05%
CHENIERE CORP CHRIST P/P 144A 05.1250 06/30/2027 0.05%
CITIGROUP INC 05.9500 12/29/2049 0.05%
COMM 2014-UBS6 C 04.6137 12/10/2047 0.05%
DELIVERY HERO HOLDIN P/P 0.05%
FNMA FN30 555591 05.5000 07/01/2033 0.05%
FNMA FN30 995023 05.5000 08/01/2037 0.05%
HESS CORP 07.3000 08/15/2031 0.05%
KINDER MORGAN INC 03.1500 01/15/2023 0.05%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 0.05%
KRAFT HEINZ FOODS CO 06.8750 01/26/2039 0.05%
MPLX LP 04.1250 03/01/2027 0.05%
MSBAM 2013-C11 C 04.5150 08/15/2046 0.05%
NABORS INDUSTRIES INC 04.6250 09/15/2021 0.05%
NBCUNIVERSAL MEDIA LLC 06.4000 04/30/2040 0.05%
NVR INC 03.9500 09/15/2022 0.05%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.05%
ONCOR ELECTRIC DELIVERY 04.1000 06/01/2022 0.05%
ONCOR ELECTRIC DELIVERY CO 07.0000 09/01/2022 0.05%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 0.05%
PACIFIC GAS & ELECTRIC 06.3500 02/15/2038 0.05%
PARKER-HANNIFIN CORP 06.2500 05/15/2038 0.05%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 0.05%
TEXAS GAS TRANSMISN P/P 144A 04.5000 02/01/2021 0.05%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
AES CORP/VA 05.1250 09/01/2027 0.04%
BURLINGTN NORTH SANTA FE 05.7500 05/01/2040 0.04%
CANADIAN NATL RESOURCES USD 03.8500 06/01/2027 0.04%
CBS CORP 03.5000 01/15/2025 0.04%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.04%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.04%
ENBRIDGE INC USD 04.2500 12/01/2026 0.04%
FNMA FN30 995018 05.5000 06/01/2038 0.04%
GENERAL MOTORS FINL CO 04.3000 07/13/2025 0.04%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.04%
HCA INC 05.2500 06/15/2026 0.04%
HEALTHCARE REALTY TRUST INC 03.8750 05/01/2025 0.04%
HOST HOTELS & RESORTS LP 06.0000 10/01/2021 0.04%
MOODY'S CORPORATION P/P 144A 03.2500 01/15/2028 0.04%
OMNICOM GROUP INC 03.6000 04/15/2026 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
PENSKE TRUCK LE P/P 144A 03.4000 11/15/2026 0.04%
QVC INC 04.8500 04/01/2024 0.04%
S&P GLOBAL INC 04.4000 02/15/2026 0.04%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.04%
TEVA PHARMACEUTICALS NE USD 03.1500 10/01/2026 0.04%
VERIZON COMMUNICATIONS 04.1250 03/16/2027 0.04%
VMWARE INC 03.9000 08/21/2027 0.04%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.04%
21ST CENTURY FOX AMERICA 07.8500 03/01/2039 0.03%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.03%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.03%
CA TXB-VAR PURP 3 07.5000 04/01/2034 0.03%
CALYXT INC 0.03%
CBS CORP 02.9000 01/15/2027 0.03%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.03%
CITIGROUP INC 04.1250 07/25/2028 0.03%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.03%
COMCAST CORP 06.5000 11/15/2035 0.03%
CONSOLIDATED EDISON CO O 04.2000 03/15/2042 0.03%
DIAMOND 1 FIN/DIAMON P/P 144A 08.3500 07/15/2046 0.03%
EMERA US FINANCE LP 03.5500 06/15/2026 0.03%
ENERGY TRAN PTNR 07.6000 02/01/2024 0.03%
ENERGY TRANSFER LP 05.2000 02/01/2022 0.03%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 0.03%
FNMA FN30 889982 05.5000 11/01/2038 0.03%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 0.03%
IBERDROLA INTL BV USD 06.7500 07/15/2036 0.03%
IPALCO ENTPRS IN P/P 144A 03.7000 09/01/2024 0.03%
JPMORGAN CHASE & CO 02.2950 08/15/2021 0.03%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.03%
NORTHROP GRUMMAN SYSTEMS 07.8750 03/01/2026 0.03%
O'REILLY AUTOMOTIVE INC 03.5500 03/15/2026 0.03%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.03%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN G-1 PFD CV P/P 0.03%
PACIFIC GAS & ELECTRIC 05.8000 03/01/2037 0.03%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.03%
PRIMERICA INC 04.7500 07/15/2022 0.03%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.03%
PRUDENTIAL FINANCIAL INC 06.6250 06/21/2040 0.03%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 0.03%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.03%
UNITEDHEALTH GROUP INC 04.6250 11/15/2041 0.03%
VERIZON COMM 04.5220 09/15/2048 0.03%
WILLIAMS PARTNERS L.P. 04.8750 03/15/2024 0.03%
AIR LEASE CORP 03.6250 04/01/2027 0.02%
AMERICAN TOWER CORP 04.0000 06/01/2025 0.02%
ANHEUSER-BUSCH INBEV FIN 03.6500 02/01/2026 0.02%
ANTHEM INC 04.6250 05/15/2042 0.02%
AUTONATION INC 04.5000 10/01/2025 0.02%
BOARDWALK PIPELINES LP 04.4500 07/15/2027 0.02%
CAS 2016-C05 2M1 02.5872 01/25/2029 0.02%
CBRE SERVICES INC 05.2500 03/15/2025 0.02%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
CITIGROUP INC 05.8750 12/29/2049 0.02%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.02%
CONSTELLATION BRANDS INC 03.7000 12/06/2026 0.02%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
DEVON ENERGY CORPORATION 03.2500 05/15/2022 0.02%
EOG RESOURCES INC 05.6250 06/01/2019 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
HCA INC 05.5000 06/15/2047 0.02%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 0.02%
HOST HOTELS & RESORTS 05.2500 03/15/2022 0.02%
HYATT HOTELS CORP 03.3750 07/15/2023 0.02%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.02%
MARATHON PETRO CORP 06.5000 03/01/2041 0.02%
MID-AMERICA APARTMENTS 04.3000 10/15/2023 0.02%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.02%
O'REILLY AUTOMOTIVE INC 03.8500 06/15/2023 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
PACIFIC LIFECORP P/P 144A 06.0000 02/10/2020 0.02%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.02%
TYSON FOODS INC 05.1500 08/15/2044 0.02%
VALERO ENERGY PARTNERS 04.3750 12/15/2026 0.02%
VULCAN MATERIALS COMPANY 04.5000 04/01/2025 0.02%
WFRBS 2014-C19 C 04.6460 03/15/2047 0.02%
WILLIAMS PARTNERS LP 03.6000 03/15/2022 0.02%
ABBVIE INC 03.6000 05/14/2025 0.01%
AFLAC INC 06.4500 08/15/2040 0.01%
AT&T INC 04.7500 05/15/2046 0.01%
BGC PARTNERS INC 05.1250 05/27/2021 0.01%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.01%
CROWN CASTLE INTL CORP 04.8750 04/15/2022 0.01%
CVS PASS-THROUGH P/P 144A 04.7040 01/10/2036 0.01%
DCP MIDSTREAM OPERATING 02.7000 04/01/2019 0.01%
DCP MIDSTREAM OPERATING 03.8750 03/15/2023 0.01%
HCA INC 05.0000 03/15/2024 0.01%
HILTON DOMESTIC OPERATIN 04.2500 09/01/2024 0.01%
INTERNATIONAL PAPER CO 08.7000 06/15/2038 0.01%
INVISTA FINANCE LLC P/P 144A 04.2500 10/15/2019 0.01%
JABIL INC 08.2500 03/15/2018 0.01%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.01%
KONINKLIJKE KPN N.V. USD 08.3750 10/01/2030 0.01%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.01%
LBCMT 1999-C1 G P/P 144A 06.4100 06/15/2031 0.01%
MEDTRONIC INC 04.3750 03/15/2035 0.01%
MIDAMERICAN FUNDING LLC 06.9270 03/01/2029 0.01%
OMEGA HLTHCARE INVES 04.5000 04/01/2027 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
PRICELINE GROUP INC/THE 03.6500 03/15/2025 0.01%
ROGERS COMMUNICATIONS IN USD 08.7500 05/01/2032 0.01%
TELEFONICA EMISIONES SAU USD 07.0450 06/20/2036 0.01%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 0.01%
TYSON FOODS INC 04.8750 08/15/2034 0.01%
UNITED AIR 2014-2 A PTT 03.7500 09/03/2026 0.01%
UNITED TECHNOLOGIES CORP 05.7000 04/15/2040 0.01%
WESTROCK MWV LLC 07.9500 02/15/2031 0.01%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.00%
ALLERGAN FUNDING SCS USD 04.7500 03/15/2045 0.00%
CAD/USD 10/18/2017 BANKAM 0.00%
CAD/USD 10/18/2017 BCAP-FX 0.00%
CAD/USD 10/18/2017 JPMCB 0.00%
CAD/USD 10/18/2017 SSBT 0.00%
CAD/USD 10/18/2017 WPAC 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CONTL AIRLINES 1997-4 06.9000 01/02/2018 0.00%
EUR/USD 12/20/2017 GSFX 0.00%
EUR/USD 12/20/2017 UBS 0.00%
EXPEDIA INC 05.0000 02/15/2026 0.00%
FIRSTENERGY CORP 03.9000 07/15/2027 0.00%
FIRSTENERGY CORP 04.8500 07/15/2047 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
GBP/USD 12/20/2017 BANKAM 0.00%
GBP/USD 12/20/2017 SSBT 0.00%
GE 20171215 C 26.00BCBP 0.00%
GE 20171215 C 27.00BANKAM 0.00%
GLENCORE FIN CANADA P/P 144A 06.0000 11/15/2041 0.00%
JPY/USD 11/15/2017 GSFX 0.00%
KRAFT HEINZ FOODS CO 06.5000 02/09/2040 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN D-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
S&P500 EMINI FUT DEC17 ESZ7 0.00%
EUR/USD 12/20/2017 CITI -0.01%
GBP/USD 12/20/2017 CSI-FX -0.01%
FNMA FN30 TBA 03.0000 10/01/2047 -1.44%

Prior top 10 holdings

Top 10 holdings as of 10/31/17
1: Fnma Fn30 Tba 04.5000 11/01/2047 3.04%
2: Fnma Fn30 Tba 03.5000 12/01/2047 2.91%
3: Us Treasury N/B 02.0000 11/30/2020 2.49%
4: Apple 2.10%
5: Microsoft 1.98%
6: Alphabet 1.90%
7: Us Treasury N/B 01.1250 03/31/2020 1.90%
8: Amazon 1.48%
9: Us Treasury N/B 02.7500 08/15/2042 1.37%
10: Bank Of America 1.33%
Holdings represent 20.50% of portfolio
Top 10 holdings as of 09/30/17
1: Fnma Fn30 Tba 04.5000 11/01/2047 3.08%
2: Fnma Fn30 Tba 03.5000 11/01/2047 2.96%
3: Us Treasury N/B 02.0000 11/30/2020 2.52%
4: Apple 1.94%
5: Us Treasury N/B 01.1250 03/31/2020 1.92%
6: Alphabet 1.81%
7: Microsoft 1.79%
8: Us Treasury N/B 02.7500 08/15/2042 1.39%
9: Us Treasury N/B 00.8750 06/15/2019 1.33%
10: Amazon 1.30%
Holdings represent 20.04% of portfolio
Top 10 holdings as of 08/31/17
1: Fnma Fn30 Tba 04.5000 09/01/2047 3.13%
2: Us Treasury N/B 02.0000 11/30/2020 2.56%
3: Apple 2.13%
4: Us Treasury N/B 01.1250 03/31/2020 1.97%
5: Alphabet 1.88%
6: Microsoft 1.84%
7: Fnma Fn30 Tba 04.0000 09/01/2047 1.54%
8: Fnma Fn30 Tba 03.5000 09/01/2047 1.51%
9: Fnma Fn30 Tba 03.5000 10/01/2047 1.51%
10: Us Treasury N/B 02.7500 08/15/2042 1.44%
Holdings represent 19.51% of portfolio
Top 10 holdings as of 07/31/17
1: Fnma Fn30 Tba 04.5000 09/01/2047 3.14%
2: Us Treasury N/B 02.0000 11/30/2020 2.57%
3: Fnma Fn30 Tba 03.5000 09/01/2047 2.26%
4: Apple 2.19%
5: Us Treasury N/B 01.1250 03/31/2020 1.97%
6: Alphabet 1.92%
7: Microsoft 1.85%
8: Fnma Fn30 Tba 04.0000 09/01/2047 1.54%
9: Amazon 1.46%
10: Us Treasury N/B 00.8750 06/15/2019 1.45%
Holdings represent 20.35% of portfolio

Portfolio Composition as of 10/31/17

Common stock 60.80%
Corporate bonds and notes 15.04%
Treasury 12.22%
Cash and net other assets 8.62%
Agency pass-through 1.67%
Commercial MBS 0.86%
Agency 0.46%
Municipal bonds 0.13%
Emerging-market bonds 0.11%
Agency CMO 0.09%

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 10/31/17

Information technology 24.13%
Financials 13.36%
Health care 12.50%
Consumer discretionary 10.49%
Industrials 9.07%
Cash and net other assets 8.62%
Consumer staples 7.53%
Energy 5.12%
Materials 4.07%
 
Other
5.11%
Utilities 2.91%
Telecommunication services 1.19%
Real estate 1.01%

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 2.00%
2 1.00%
3+ 0.00%