Putnam Hartford Capital Manager

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.

George Putnam Balanced Fund Subaccount

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

Lipper ranking ‡ as of 05/31/18

Category: BALANCED FUNDS

  Percentile ranking Rank/Funds in category
10 yrs. 76% 87/115
1 yr. 37% 56/154
3 yrs. 24% 33/138
5 yrs. 22% 29/135

Risk characteristics as of 05/31/18

Avg. Eff. Maturity 8.81
Avg. Price --
Avg. Eff. Duration 5.93
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) -1.25
Beta 0.67
R squared 0.95
Standard deviation (3 yrs.) 6.99

Maturity details

0 to 1 yr. 2.60%
1 to 5 yrs. 34.37%
5 to 10 yrs. 44.72%
10 to 15 yrs. 2.96%
Over 15 yrs. 15.35%

Quality ratings

AAA 56.28%
AA 2.32%
A 12.79%
BBB 23.93%
BB 2.19%
CCC and Below 0.04%
Not Rated 2.45%

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 05/31/18

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 436
Turnover (fiscal year end) 191%
Net Assets $140M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 05/31/18

Fnma Fn30 Tba 04.5000 06/01/2048 2.99%
Us Treasury N/B 02.0000 11/30/2020 2.07%
Microsoft 2.02%
Apple 1.92%
Us Treasury N/B 01.5000 05/31/2020 1.91%
Alphabet 1.89%
Amazon 1.84%
Bank of America 1.65%
Fnma Fn30 Tba 04.0000 07/01/2048 1.46%
Facebook 1.39%
Top 10 holdings, total: 19.14%

 
Equity Holdings  | Full portfolio  |  Prior top 10 holdings

Equity Holdings as of 03/31/18
MICROSOFT CORP 2.15%
APPLE INC 2.11%
AMAZON.COM INC 1.83%
ALPHABET INC-CL A 1.80%
BANK OF AMERICA CORP 1.51%
FACEBOOK INC-A 1.07%
HOME DEPOT INC 1.01%
UNITEDHEALTH GROUP INC 0.99%
CITIGROUP INC 0.82%
JPMORGAN CHASE & CO 0.79%
BOOKING HOLDINGS INC 0.77%
VISA INC-CLASS A SHARES 0.73%
E*TRADE FINANCIAL CORPORATION 0.71%
GOLDMAN SACHS GROUP INC 0.71%
RAYTHEON COMPANY 0.70%
PEPSICO INC 0.69%
BECTON DICKINSON AND CO 0.68%
PRUDENTIAL PLC 0.66%
EXXON MOBIL CORP 0.65%
DANAHER CORP 0.61%
PROCTER & GAMBLE CO/THE 0.61%
ACTIVISION BLIZZARD INC 0.60%
EMERSON ELECTRIC CO 0.60%
JOHNSON & JOHNSON 0.60%
BLACKROCK INC 0.59%
CATERPILLAR INC 0.59%
CENOVUS ENERGY INC 0.59%
HONEYWELL INTERNATIONAL INC 0.59%
AMERICAN INTERNATIONAL GROUP 0.56%
BOEING CO/THE 0.56%
FORTIVE CORP 0.56%
SUNTRUST BANKS INC 0.51%
AMERICAN TOWER CORP 0.50%
CHARTER COMMUNICATIONS INC-A 0.50%
DOWDUPONT INC 0.50%
ROPER TECHNOLOGIES INC 0.50%
ASSURED GUARANTY LTD 0.49%
NCSOFT CORP 0.49%
AT&T INC 0.48%
QUALCOMM INC 0.48%
KRAFT HEINZ CO/THE 0.47%
MERCK & CO. INC. 0.47%
ON SEMICONDUCTOR CORP 0.47%
SHERWIN-WILLIAMS CO/THE 0.47%
GILEAD SCIENCES INC 0.46%
TEXAS INSTRUMENTS INC 0.46%
BOSTON SCIENTIFIC CORP 0.45%
DXC TECHNOLOGY CO 0.45%
ORBOTECH LTD 0.45%
ADOBE SYSTEMS INC 0.44%
BROADCOM LTD 0.44%
CHUBB LTD 0.44%
CONOCOPHILLIPS 0.44%
BRISTOL-MYERS SQUIBB CO 0.43%
MASTERCARD INC - A 0.43%
KKR & CO LP 0.42%
REALPAGE INC 0.42%
VERTEX PHARMACEUTICALS INC 0.42%
APPLIED MATERIALS INC 0.41%
COSTCO WHOLESALE CORP 0.40%
MCCORMICK & CO-NON VTG SHRS 0.40%
COMCAST CORP-CLASS A 0.39%
JAZZ PHARMACEUTICALS PLC 0.39%
MOLSON COORS BREWING CO -B 0.38%
NORTHROP GRUMMAN CORP 0.38%
PFIZER INC 0.38%
ALIBABA GROUP HOLDING-SP ADR 0.37%
AMGEN INC 0.37%
TOTAL SA 0.37%
VERIZON COMMUNICATIONS INC 0.37%
DENTSPLY SIRONA INC 0.35%
HILTON WORLDWIDE HOLDINGS IN 0.34%
NORFOLK SOUTHERN CORP 0.34%
TENCENT HOLDINGS LTD 0.33%
WYNN RESORTS LTD 0.33%
TJX COMPANIES INC 0.32%
DR PEPPER SNAPPLE GROUP INC 0.31%
INTERCONTINENTAL EXCHANGE IN 0.31%
KION GROUP AG 0.31%
NEXTERA ENERGY INC 0.31%
GAMING AND LEISURE PROPERTIE 0.30%
KROGER CO 0.29%
WALMART INC 0.29%
DOVER CORP 0.28%
FORTUNE BRANDS HOME & SECURI 0.28%
INVESCO LTD 0.28%
PIONEER NAT RES CO 0.28%
BAXTER INTERNATIONAL INC 0.27%
ORACLE CORP 0.27%
WALGREENS BOOTS ALLIANCE INC 0.27%
INTUITIVE SURGICAL INC 0.26%
KIMBERLY-CLARK CORP 0.26%
AMERICAN ELECTRIC POWER 0.25%
ANADARKO PETROLEUM CORP 0.25%
CHIPOTLE MEXICAN GRILL INC 0.25%
NXP SEMICONDUCTORS NV 0.24%
WASTE CONNECTIONS INC 0.24%
YUM CHINA HOLDINGS INC 0.24%
INVESTMENT TECHNOLOGY GROUP 0.23%
SUNCOR ENERGY INC 0.23%
ALEXION PHARMACEUTICALS INC 0.22%
EXELON CORP 0.22%
FIDELITY NATIONAL INFO SERV 0.22%
O'REILLY AUTOMOTIVE INC 0.22%
KINDER MORGAN INC 0.21%
LIVE NATION ENTERTAINMENT IN 0.21%
SALESFORCE.COM INC 0.21%
SUMMIT MATERIALS INC -CL A 0.21%
ABBVIE INC 0.20%
EOG RESOURCES INC 0.20%
CHURCH & DWIGHT CO INC 0.19%
EVERBRIDGE INC 0.19%
PAYPAL HOLDINGS INC 0.19%
BIOGEN INC 0.18%
GODADDY INC - CLASS A 0.18%
INSTRUCTURE INC 0.18%
NIKE INC -CL B 0.18%
SEVEN GENERATIONS ENERGY - A 0.18%
ADVANCE AUTO PARTS 0.17%
DEERE & CO 0.17%
ENI SPA 0.17%
L3 TECHNOLOGIES INC 0.17%
NOBLE ENERGY INC 0.17%
PINNACLE FOODS INC 0.17%
RESTAURANT BRANDS INTERN 0.17%
BURLINGTON STORES INC 0.15%
ILUKA RESOURCES LTD 0.15%
METTLER-TOLEDO INTERNATIONAL 0.15%
MONSTER BEVERAGE CORP 0.15%
BALL CORP 0.14%
NRG ENERGY INC 0.14%
CONSTELLATION BRANDS INC-A 0.13%
DOMINION ENERGY INC 0.13%
CAIRN ENERGY PLC 0.12%
ROCKWELL AUTOMATION INC 0.12%
TOTAL SYSTEM SERVICES INC 0.12%
ALCOA CORP 0.11%
HCA HEALTHCARE INC 0.11%
PEARLABYSS CORP 0.11%
WALT DISNEY CO/THE 0.11%
DISH NETWORK CORP-A 0.10%
XCEL ENERGY INC 0.10%
AMEREN CORPORATION 0.09%
EDISON INTERNATIONAL 0.09%
MONSANTO CO 0.09%
NEKTAR THERAPEUTICS 0.08%
P G & E CORP 0.08%
DUKE ENERGY CORP 0.07%
W.R. GRACE & CO 0.07%
CMS ENERGY CORP 0.06%
DELIVERY HERO AG 0.06%
ELI LILLY & CO 0.06%
FIRSTENERGY CORP 0.06%
SMITH (A.O.) CORP 0.06%
ECOLAB INC 0.05%
SOGOU INC-ADR 0.05%
FMC CORP 0.04%
INCYTE CORP 0.04%
MCKESSON CORP 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
SOUTHERN CO/THE 0.04%
ONEOK INC 0.03%
PPG INDUSTRIES INC 0.03%
WILLIAMS COS INC 0.03%
ARCHER-DANIELS-MIDLAND CO 0.02%
OPORTUN FIN CORP P/P 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
OPORTUN FIN G-1 PFD CV P/P 0.02%
OPORTUN FIN F PFD CV P/P 0.01%
CF INDUSTRIES HOLDINGS INC 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%

Full Portfolio Holdings as of 03/31/18
FNMA FN30 TBA 04.5000 04/01/2048 3.01%
MICROSOFT CORP 2.15%
APPLE INC 2.11%
US TREASURY N/B 02.0000 11/30/2020 2.09%
US TREASURY N/B 01.1250 03/31/2020 1.90%
AMAZON.COM INC 1.83%
ALPHABET INC-CL A 1.80%
US TREASURY N/B 02.1250 12/31/2022 1.77%
BANK OF AMERICA CORP 1.51%
FNMA FN40 BF0169 3.500000 01/01/2057 1.36%
US TREASURY N/B 02.0000 02/15/2022 1.27%
US TREASURY N/B 01.8750 11/30/2021 1.26%
US TREASURY N/B 02.7500 08/15/2042 1.24%
FACEBOOK INC-A 1.07%
US TREASURY N/B 01.0000 08/31/2019 1.06%
HOME DEPOT INC 1.01%
UNITEDHEALTH GROUP INC 0.99%
US TREASURY N/B 00.8750 06/15/2019 0.94%
CITIGROUP INC 0.82%
JPMORGAN CHASE & CO 0.79%
BOOKING HOLDINGS INC 0.77%
FNMA FN30 TBA 04.0000 04/01/2048 0.74%
FNMA FN30 AL9657 03.5000 01/01/2047 0.73%
VISA INC-CLASS A SHARES 0.73%
FNMA FN30 TBA 03.5000 05/01/2048 0.72%
E*TRADE FINANCIAL CORPORATION 0.71%
FNMA FN30 BH7626 04.0000 08/01/2047 0.71%
GNMA GII30 TBA 03.0000 04/01/2048 0.71%
GOLDMAN SACHS GROUP INC 0.71%
RAYTHEON COMPANY 0.70%
PEPSICO INC 0.69%
BECTON DICKINSON AND CO 0.68%
US TREASURY N/B 01.1250 12/31/2019 0.67%
PRUDENTIAL PLC 0.66%
EXXON MOBIL CORP 0.65%
DANAHER CORP 0.61%
FNMA FN30 BC1155 03.0000 06/01/2046 0.61%
PROCTER & GAMBLE CO/THE 0.61%
ACTIVISION BLIZZARD INC 0.60%
EMERSON ELECTRIC CO 0.60%
JOHNSON & JOHNSON 0.60%
BLACKROCK INC 0.59%
CATERPILLAR INC 0.59%
CENOVUS ENERGY INC 0.59%
HONEYWELL INTERNATIONAL INC 0.59%
AMERICAN INTERNATIONAL GROUP 0.56%
BOEING CO/THE 0.56%
FORTIVE CORP 0.56%
SUNTRUST BANKS INC 0.51%
AMERICAN TOWER CORP 0.50%
CHARTER COMMUNICATIONS INC-A 0.50%
DOWDUPONT INC 0.50%
ROPER TECHNOLOGIES INC 0.50%
ASSURED GUARANTY LTD 0.49%
NCSOFT CORP 0.49%
AT&T INC 0.48%
QUALCOMM INC 0.48%
US TREASURY N/B 03.0000 02/15/2047 0.48%
KRAFT HEINZ CO/THE 0.47%
MERCK & CO. INC. 0.47%
ON SEMICONDUCTOR CORP 0.47%
SHERWIN-WILLIAMS CO/THE 0.47%
GILEAD SCIENCES INC 0.46%
TEXAS INSTRUMENTS INC 0.46%
BOSTON SCIENTIFIC CORP 0.45%
DXC TECHNOLOGY CO 0.45%
ORBOTECH LTD 0.45%
ADOBE SYSTEMS INC 0.44%
BROADCOM LTD 0.44%
CHUBB LTD 0.44%
CONOCOPHILLIPS 0.44%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.44%
BRISTOL-MYERS SQUIBB CO 0.43%
MASTERCARD INC - A 0.43%
KKR & CO LP 0.42%
REALPAGE INC 0.42%
VERTEX PHARMACEUTICALS INC 0.42%
APPLIED MATERIALS INC 0.41%
COSTCO WHOLESALE CORP 0.40%
MCCORMICK & CO-NON VTG SHRS 0.40%
COMCAST CORP-CLASS A 0.39%
JAZZ PHARMACEUTICALS PLC 0.39%
MOLSON COORS BREWING CO -B 0.38%
NORTHROP GRUMMAN CORP 0.38%
PFIZER INC 0.38%
ALIBABA GROUP HOLDING-SP ADR 0.37%
AMGEN INC 0.37%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.37%
TOTAL SA 0.37%
VERIZON COMMUNICATIONS INC 0.37%
DENTSPLY SIRONA INC 0.35%
HILTON WORLDWIDE HOLDINGS IN 0.34%
NORFOLK SOUTHERN CORP 0.34%
TENCENT HOLDINGS LTD 0.33%
WYNN RESORTS LTD 0.33%
TJX COMPANIES INC 0.32%
DR PEPPER SNAPPLE GROUP INC 0.31%
INTERCONTINENTAL EXCHANGE IN 0.31%
KION GROUP AG 0.31%
NEXTERA ENERGY INC 0.31%
GAMING AND LEISURE PROPERTIE 0.30%
KROGER CO 0.29%
WALMART INC 0.29%
DOVER CORP 0.28%
FORTUNE BRANDS HOME & SECURI 0.28%
INVESCO LTD 0.28%
PIONEER NAT RES CO 0.28%
UBS AG REGS 05.1250 05/15/2024 0.28%
BAXTER INTERNATIONAL INC 0.27%
ORACLE CORP 0.27%
WALGREENS BOOTS ALLIANCE INC 0.27%
INTUITIVE SURGICAL INC 0.26%
KIMBERLY-CLARK CORP 0.26%
AMERICAN ELECTRIC POWER 0.25%
ANADARKO PETROLEUM CORP 0.25%
CHIPOTLE MEXICAN GRILL INC 0.25%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.25%
NXP SEMICONDUCTORS NV 0.24%
WASTE CONNECTIONS INC 0.24%
YUM CHINA HOLDINGS INC 0.24%
INVESTMENT TECHNOLOGY GROUP 0.23%
SUNCOR ENERGY INC 0.23%
ALEXION PHARMACEUTICALS INC 0.22%
EXELON CORP 0.22%
FIDELITY NATIONAL INFO SERV 0.22%
GNMA GII30 OBD1715 03.5000 11/20/2047 0.22%
GNMA GII30 OBD1716 03.5000 11/20/2047 0.22%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.22%
O'REILLY AUTOMOTIVE INC 0.22%
KINDER MORGAN INC 0.21%
LIVE NATION ENTERTAINMENT IN 0.21%
SALESFORCE.COM INC 0.21%
SUMMIT MATERIALS INC -CL A 0.21%
WEC ENERGY GROUP INC 03.9513 05/15/2067 0.21%
ABBVIE INC 0.20%
CREDIT SUISSE GRP AG P/P 144A 04.2820 01/09/2028 0.20%
EOG RESOURCES INC 0.20%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.20%
CHURCH & DWIGHT CO INC 0.19%
EVERBRIDGE INC 0.19%
PAYPAL HOLDINGS INC 0.19%
BIOGEN INC 0.18%
CITIGROUP INC 04.7500 05/18/2046 0.18%
ENERGY TRANSFER PARTNERS 06.6250 02/15/2028 0.18%
GODADDY INC - CLASS A 0.18%
INSTRUCTURE INC 0.18%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.18%
NIKE INC -CL B 0.18%
SEVEN GENERATIONS ENERGY - A 0.18%
ADVANCE AUTO PARTS 0.17%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.17%
DEERE & CO 0.17%
ENI SPA 0.17%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.17%
L3 TECHNOLOGIES INC 0.17%
NOBLE ENERGY INC 0.17%
PINNACLE FOODS INC 0.17%
RESTAURANT BRANDS INTERN 0.17%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.16%
BPCE SA P/P 144A 05.1500 07/21/2024 0.15%
BURLINGTON STORES INC 0.15%
ILUKA RESOURCES LTD 0.15%
METTLER-TOLEDO INTERNATIONAL 0.15%
MONSTER BEVERAGE CORP 0.15%
MSC 2012-C4 D P/P 144A 05.4213 03/15/2045 0.15%
TELECOM ITALIA SPA P/P 144A 05.3030 05/30/2024 0.15%
AON PLC USD 04.2500 12/12/2042 0.14%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.14%
BALL CORP 0.14%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.14%
GEORGIA-PACIFIC LLC 07.7500 11/15/2029 0.14%
NRG ENERGY INC 0.14%
ROCKWELL COLLINS INC 04.3500 04/15/2047 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%
CONSTELLATION BRANDS INC-A 0.13%
DOMINION ENERGY INC 0.13%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.12%
CAIRN ENERGY PLC 0.12%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.12%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.12%
ECOLAB INC P/P 144A 03.2500 12/01/2027 0.12%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.12%
RABOBANK NEDERLAND P/P 144A 11.0000 12/29/2049 0.12%
ROCKWELL AUTOMATION INC 0.12%
TOTAL SYSTEM SERVICES INC 0.12%
ALCOA CORP 0.11%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.11%
BRDCOM CRP / FIN 03.8750 01/15/2027 0.11%
GSMS 2014-GC22 C 04.6459 06/10/2047 0.11%
HCA HEALTHCARE INC 0.11%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.11%
PEARLABYSS CORP 0.11%
TELEFONICA EMISIONES SAU USD 04.8950 03/06/2048 0.11%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.11%
WALT DISNEY CO/THE 0.11%
BECTON DICKINSON AND CO 04.6690 06/06/2047 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%
DISH NETWORK CORP-A 0.10%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.10%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.10%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.10%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.10%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.10%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.10%
WP CAREY INC 04.6000 04/01/2024 0.10%
XCEL ENERGY INC 0.10%
AMEREN CORPORATION 0.09%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.09%
COMCAST CORP 03.1500 03/01/2026 0.09%
DUKE REALTY LP 04.3750 06/15/2022 0.09%
EDISON INTERNATIONAL 0.09%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.09%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.09%
MONSANTO CO 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.09%
WESTERN DIGITAL CORP 04.7500 02/15/2026 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%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.08%
COMM 2013-CR13 AM 04.4490 11/10/2046 0.08%
CROWN CASTLE TOWERS P/P 144A 04.8830 08/15/2020 0.08%
CVS HEALTH CORP 04.7800 03/25/2038 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.08%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 0.08%
NEKTAR THERAPEUTICS 0.08%
NEWELL BRANDS INC 04.2000 04/01/2026 0.08%
ORACLE CORP 02.6500 07/15/2026 0.08%
P G & E CORP 0.08%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.08%
WEYERHAEUSER CO 07.3750 03/15/2032 0.08%
WILLIAMS PARTNERS LP 04.3000 03/04/2024 0.08%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 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%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 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%
DUKE ENERGY CORP 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%
FORD MOTOR COMPANY 04.3460 12/08/2026 0.07%
GNMA GII30 OBD1714 03.5000 11/20/2047 0.07%
ORACLE CORP 03.2500 11/15/2027 0.07%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.07%
TOSCO CORP 08.1250 02/15/2030 0.07%
W.R. GRACE & CO 0.07%
WFRBS 2013-UBS1 AS 04.3060 03/15/2046 0.07%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.06%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.06%
AMGEN INC 04.6630 06/15/2051 0.06%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.06%
BMIR 2017-1 M1 P/P 144A 03.5715 10/25/2027 0.06%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.06%
CBRE SERVICES INC 04.8750 03/01/2026 0.06%
CENOVUS ENERGY INC. USD 04.2500 04/15/2027 0.06%
CMS ENERGY CORP 0.06%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.06%
DELIVERY HERO AG 0.06%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 0.06%
ELI LILLY & CO 0.06%
FIRSTENERGY CORP 0.06%
FNMA FN30 734836 05.0000 08/01/2033 0.06%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.06%
LEAR CORP 03.8000 09/15/2027 0.06%
MICROSOFT CORP 02.4000 08/08/2026 0.06%
N TX HWY-TXB-B 06.7180 01/01/2049 0.06%
NEXTERA ENERGY CAPITAL 04.8000 12/01/2077 0.06%
PHILLIPS 66 PARTNERS LP 03.7500 03/01/2028 0.06%
SMITH (A.O.) CORP 0.06%
STATOIL ASA USD 05.1000 08/17/2040 0.06%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.06%
WFRBS 2011-C3 D P/P 144A 05.6861 03/15/2044 0.06%
AMERICAN TOWER CORP 03.3750 10/15/2026 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%
CBS CORP 04.6000 01/15/2045 0.05%
CELANESE US HOLDINGS LLC 04.6250 11/15/2022 0.05%
CHARTER COMM OPT LLC 05.3750 05/01/2047 0.05%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.05%
CITIGROUP INC 04.4500 09/29/2027 0.05%
COMCAST CORP 03.9990 11/01/2049 0.05%
CROWN CASTLE INTL CORP 03.8000 02/15/2028 0.05%
ECOLAB INC 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%
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%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 0.05%
SOGOU INC-ADR 0.05%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 0.05%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.05%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.05%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
AES CORP/THE 05.1250 09/01/2027 0.04%
ALPHABET INC 01.9980 08/15/2026 0.04%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.04%
CANADIAN NATL RESOURCES USD 03.8500 06/01/2027 0.04%
CBS CORP 02.9000 01/15/2027 0.04%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.04%
CIT GROUP INC 05.2500 03/07/2025 0.04%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.04%
ENBRIDGE INC USD 04.2500 12/01/2026 0.04%
ENERGY TRANSFER PARTNERS 06.5000 02/01/2042 0.04%
ENTERPRISE PRODUCTS OPER 04.2500 02/15/2048 0.04%
FMC CORP 0.04%
FNMA FN30 555591 05.5000 07/01/2033 0.04%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.04%
HCA INC 05.2500 06/15/2026 0.04%
HOSPITALITY PROP TRUST 04.3750 02/15/2030 0.04%
HOST HOTELS & RESORTS LP 06.0000 10/01/2021 0.04%
INCYTE CORP 0.04%
MCKESSON CORP 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%
SOUTHERN CO/THE 0.04%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 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%
AMGEN INC 02.6000 08/19/2026 0.03%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.03%
BANK OF MONTREAL USD 03.8030 12/15/2032 0.03%
CA TXB-VAR PURP 3 07.5000 04/01/2034 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%
COMM 2014-UBS6 C 04.4637 12/10/2047 0.03%
CONSOLIDATED EDISON CO O 04.2000 03/15/2042 0.03%
CVS HEALTH CORP 05.0500 03/25/2048 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 TRANSFER PARTNERS 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%
FNMA FN30 995018 05.5000 06/01/2038 0.03%
GENERAL MOTORS FINL CO 04.3000 07/13/2025 0.03%
IBERDROLA INTL BV USD 06.7500 07/15/2036 0.03%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 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%
ONEOK INC 0.03%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.03%
PPG INDUSTRIES INC 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%
VERIZON COMM 04.5220 09/15/2048 0.03%
WILLIAMS COS INC 0.03%
AIR LEASE CORP 03.6250 04/01/2027 0.02%
ANHEUSER-BUSCH INBEV FIN 03.6500 02/01/2026 0.02%
ANTHEM INC 04.6250 05/15/2042 0.02%
ARCHER-DANIELS-MIDLAND CO 0.02%
AUTONATION INC 04.5000 10/01/2025 0.02%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.02%
CANADIAN DOLLAR ACCOUNT 0.02%
CBRE SERVICES INC 05.2500 03/15/2025 0.02%
CBS CORP 04.0000 01/15/2026 0.02%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.02%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
ENERGY TRAN PTNR 07.6000 02/01/2024 0.02%
EOG RESOURCES INC 05.6250 06/01/2019 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 0.02%
HCA INC 05.5000 06/15/2047 0.02%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 0.02%
HOST HOTELS & RESORTS LP 05.2500 03/15/2022 0.02%
HYATT HOTELS CORP 03.3750 07/15/2023 0.02%
IPALCO ENTPRS IN 03.7000 09/01/2024 0.02%
JPMORGAN CHASE & CO 06.1000 02/01/2049 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%
OPORTUN FIN CORP P/P 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
OPORTUN FIN G-1 PFD CV P/P 0.02%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.02%
SERVICE CORP INTL 04.6250 12/15/2027 0.02%
VALERO ENERGY PARTNERS 04.3750 12/15/2026 0.02%
WILLIAMS PARTNERS LP 03.6000 03/15/2022 0.02%
ABBVIE INC 03.6000 05/14/2025 0.01%
AMERICAN TOWER CORP 04.0000 06/01/2025 0.01%
AT&T INC 04.7500 05/15/2046 0.01%
BGC PARTNERS INC 05.1250 05/27/2021 0.01%
CAS 2016-C05 2M1 03.2215 01/25/2029 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%
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%
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%
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%
POUND STERLING CALL ACCOUNT 0.01%
ROGERS COMMUNICATIONS IN USD 08.7500 05/01/2032 0.01%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 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%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.01%
WESTROCK MWV LLC 07.9500 02/15/2031 0.01%
WFRBS 2014-C19 C 04.6460 03/15/2047 0.01%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.00%
AUD/USD 04/18/2018 UBS 0.00%
CAD/USD 04/18/2018 BANKAM 0.00%
CAD/USD 04/18/2018 BCAP-FX 0.00%
CAD/USD 04/18/2018 JPMCB 0.00%
CAD/USD 04/18/2018 SSBT 0.00%
CAD/USD 04/18/2018 WPAC 0.00%
CF INDUSTRIES HOLDINGS INC 0.00%
EUR/USD 06/20/2018 CITI 0.00%
EUR/USD 06/20/2018 UBS 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 06/20/2018 BCAP-FX 0.00%
GBP/USD 06/20/2018 CITI 0.00%
GBP/USD 06/20/2018 GSFX 0.00%
GE 20180615 C 21.00UBS 0.00%
GE 20180615 C 22.00CSI 0.00%
GE 20180615 C 22.00UBS 0.00%
GE 20180615 C 24.00CSI 0.00%
GLENCORE FIN CANADA P/P 144A 06.0000 11/15/2041 0.00%
ILS/USD 04/18/2018 SSBT 0.00%
KRAFT HEINZ FOODS CO 06.5000 02/09/2040 0.00%
LBCMT 1999-C1 G P/P 144A 06.4100 06/15/2031 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%
THE EURO EUR CALL ACCOUNT 0.00%
AUSTRALIAN DOLLAR ACCOUNT -0.03%
S&P500 EMINI FUT JUN18 ESM8 -0.04%
FNMA FN30 TBA 03.0000 04/01/2048 -1.40%

Prior top 10 holdings

Top 10 holdings as of 05/31/18
1: Fnma Fn30 Tba 04.5000 06/01/2048 2.99%
2: Us Treasury N/B 02.0000 11/30/2020 2.07%
3: Microsoft 2.02%
4: Apple 1.92%
5: Us Treasury N/B 01.5000 05/31/2020 1.91%
6: Alphabet 1.89%
7: Amazon 1.84%
8: Bank of America 1.65%
9: Fnma Fn30 Tba 04.0000 07/01/2048 1.46%
10: Facebook 1.39%
Holdings represent 19.14% of portfolio
Top 10 holdings as of 04/30/18
1: Fnma Fn30 Tba 04.5000 05/01/2048 3.00%
2: Us Treasury N/B 02.0000 11/30/2020 2.09%
3: Us Treasury N/B 01.5000 05/31/2020 1.92%
4: Microsoft 1.92%
5: Amazon 1.78%
6: Us Treasury N/B 02.1250 12/31/2022 1.76%
7: Alphabet 1.76%
8: Apple 1.71%
9: Bank of America 1.71%
10: Us Treasury N/B 02.7500 08/15/2042 1.35%
Holdings represent 19.00% of portfolio
Top 10 holdings as of 03/31/18
1: Fnma Fn30 Tba 04.5000 04/01/2048 3.01%
2: Microsoft 2.15%
3: Apple 2.11%
4: Us Treasury N/B 02.0000 11/30/2020 2.09%
5: Us Treasury N/B 01.1250 03/31/2020 1.90%
6: Amazon 1.83%
7: Alphabet 1.80%
8: Us Treasury N/B 02.1250 12/31/2022 1.77%
9: Bank Of America 1.51%
10: Fnma Fn40 Bf0169 3.500000 01/01/2057 1.36%
Holdings represent 19.53% of portfolio
Top 10 holdings as of 02/28/18
1: Fnma Fn30 Tba 04.5000 03/01/2048 2.96%
2: Apple 2.20%
3: Microsoft 2.17%
4: Fnma Fn30 Tba 03.5000 04/01/2048 2.11%
5: Us Treasury N/B 02.0000 11/30/2020 2.05%
6: Alphabet 1.88%
7: Us Treasury N/B 01.1250 03/31/2020 1.88%
8: Amazon 1.88%
9: Us Treasury N/B 02.1250 12/31/2022 1.73%
10: Bank Of America 1.59%
Holdings represent 20.45% of portfolio

Portfolio Composition as of 05/31/18

Common stock 62.17%
Corporate bonds and notes 14.32%
Treasury 11.76%
Agency pass-through 7.79%
Cash and net other assets 2.62%
Commercial MBS 0.68%
Agency 0.44%
Municipal bonds 0.12%
Agency CMO 0.07%
Emerging-market bonds 0.03%

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 05/31/18

Information technology 23.84%
Financials 14.44%
Consumer discretionary 13.14%
Health care 12.70%
Industrials 9.47%
Consumer staples 7.11%
Energy 7.00%
Utilities 3.66%
Materials 3.60%
 
Other		 5.04%
Cash and net other assets 2.62%
Telecommunication services 1.64%
Real estate 0.78%