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 03/31/18

Category: BALANCED FUNDS

  Percentile ranking Rank/Funds in category
10 yrs. 82% 94/115
1 yr. 52% 82/159
3 yrs. 28% 39/142
5 yrs. 24% 32/136

Risk characteristics as of 03/31/18

Avg. Eff. Maturity 9.00
Avg. Price --
Avg. Eff. Duration 5.98
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) -1.30
Beta 0.67
R squared 0.95
Standard deviation (3 yrs.) 6.96

Maturity details

0 to 1 yr. 3.07%
1 to 5 yrs. 34.97%
5 to 10 yrs. 38.68%
10 to 15 yrs. 7.16%
Over 15 yrs. 16.12%

Quality ratings

AAA 57.87%
AA 2.20%
A 12.22%
BBB 22.62%
BB 2.18%
CCC and Below 0.03%
Not Rated 2.88%

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 03/31/18

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 456
Turnover (fiscal year end) 191%
Net Assets $139M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 03/31/18

Fnma Fn30 Tba 04.5000 04/01/2048 3.01%
Microsoft 2.15%
Apple 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 1.83%
Alphabet 1.80%
Us Treasury N/B 02.1250 12/31/2022 1.77%
Bank Of America 1.51%
Fnma Fn40 Bf0169 3.500000 01/01/2057 1.36%
Top 10 holdings, total: 19.53%

 
Equity Holdings  | Full portfolio  |  Prior top 10 holdings

Equity Holdings as of 12/31/17
APPLE INC 2.07%
MICROSOFT CORP 1.96%
ALPHABET INC-CL A 1.81%
BANK OF AMERICA CORP 1.47%
AMAZON.COM INC 1.46%
FACEBOOK INC-A 1.17%
CITIGROUP INC 1.13%
UNITEDHEALTH GROUP INC 1.13%
HOME DEPOT INC 1.11%
BROADCOM LTD 0.74%
PEPSICO INC 0.73%
JOHNSON & JOHNSON 0.72%
JPMORGAN CHASE & CO 0.72%
DOWDUPONT INC 0.70%
BOEING CO/THE 0.69%
VISA INC-CLASS A SHARES 0.69%
NXP SEMICONDUCTORS NV 0.68%
EXXON MOBIL CORP 0.67%
CHUBB LTD 0.66%
AMGEN INC 0.65%
KRAFT HEINZ CO/THE 0.65%
GOLDMAN SACHS GROUP INC 0.64%
BECTON DICKINSON AND CO 0.63%
E*TRADE FINANCIAL CORPORATION 0.62%
CATERPILLAR INC 0.60%
DANAHER CORP 0.59%
HONEYWELL INTERNATIONAL INC 0.58%
TEXAS INSTRUMENTS INC 0.58%
PRUDENTIAL PLC 0.56%
AT&T INC 0.54%
RAYTHEON COMPANY 0.53%
NCSOFT CORP 0.52%
QORVO INC 0.52%
BLACKROCK INC 0.51%
VERTEX PHARMACEUTICALS INC 0.50%
AMERICAN INTERNATIONAL GROUP 0.49%
JAZZ PHARMACEUTICALS PLC 0.49%
PRICELINE GROUP INC/THE 0.49%
SHERWIN-WILLIAMS CO/THE 0.49%
AMERICAN TOWER CORP 0.48%
CHARTER COMMUNICATIONS INC-A 0.48%
BIOGEN INC 0.47%
MCCORMICK & CO-NON VTG SHRS 0.47%
REALPAGE INC 0.47%
PHILIP MORRIS INTERNATIONAL 0.46%
GILEAD SCIENCES INC 0.45%
COMCAST CORP-CLASS A 0.44%
NORFOLK SOUTHERN CORP 0.44%
NORTHROP GRUMMAN CORP 0.44%
SUNTRUST BANKS INC 0.44%
APPLIED MATERIALS INC 0.42%
DENTSPLY SIRONA INC 0.42%
DXC TECHNOLOGY CO 0.42%
KKR & CO LP 0.42%
COSTCO WHOLESALE CORP 0.41%
BOSTON SCIENTIFIC CORP 0.40%
KROGER CO 0.40%
ADOBE SYSTEMS INC 0.39%
CONOCOPHILLIPS 0.39%
ROPER TECHNOLOGIES INC 0.39%
DOVER CORP 0.38%
FORTIVE CORP 0.38%
ASSURED GUARANTY LTD 0.37%
MASTERCARD INC - A 0.37%
HILTON WORLDWIDE HOLDINGS IN 0.36%
MOLSON COORS BREWING CO -B 0.36%
ALIBABA GROUP HOLDING-SP ADR 0.35%
TJX COMPANIES INC 0.34%
TOTAL SA 0.34%
PINNACLE FOODS INC 0.33%
CONSTELLATION BRANDS INC-A 0.32%
FORTUNE BRANDS HOME & SECURI 0.32%
INVESCO LTD 0.32%
PIONEER NAT RES CO 0.32%
WYNN RESORTS LTD 0.32%
AMERICAN ELECTRIC POWER 0.31%
INTERCONTINENTAL EXCHANGE IN 0.31%
L3 TECHNOLOGIES INC 0.31%
ROCKWELL AUTOMATION INC 0.31%
TENCENT HOLDINGS LTD 0.31%
WAL-MART STORES INC 0.31%
ABBVIE INC 0.30%
NEXTERA ENERGY INC 0.30%
W.R. GRACE & CO 0.30%
ACTIVISION BLIZZARD INC 0.29%
KION GROUP AG 0.29%
CVS HEALTH CORP 0.28%
KOMATSU LTD 0.28%
ALCOA CORP 0.27%
CHURCH & DWIGHT CO INC 0.27%
EXPEDIA INC 0.27%
KIMBERLY-CLARK CORP 0.27%
MONDELEZ INTERNATIONAL INC-A 0.27%
ORACLE CORP 0.27%
SUNCOR ENERGY INC 0.27%
CF INDUSTRIES HOLDINGS INC 0.26%
EXELON CORP 0.26%
PFIZER INC 0.26%
BAXTER INTERNATIONAL INC 0.25%
MICRO FOCUS INTL-SPN ADR 0.25%
CHIPOTLE MEXICAN GRILL INC 0.24%
INTUITIVE SURGICAL INC 0.24%
KINDER MORGAN INC 0.24%
MERCK & CO. INC. 0.24%
WASTE CONNECTIONS INC 0.24%
YUM CHINA HOLDINGS INC 0.24%
INVESTMENT TECHNOLOGY GROUP 0.23%
O'REILLY AUTOMOTIVE INC 0.23%
EOG RESOURCES INC 0.22%
FIDELITY NATIONAL INFO SERV 0.22%
GAMING AND LEISURE PROPERTIE 0.22%
NIKE INC -CL B 0.22%
PAYPAL HOLDINGS INC 0.22%
LIVE NATION ENTERTAINMENT IN 0.21%
AGILENT TECHNOLOGIES INC 0.19%
RESTAURANT BRANDS INTERN 0.19%
VERIZON COMMUNICATIONS INC 0.19%
ANADARKO PETROLEUM CORP 0.18%
DOMINION ENERGY INC 0.18%
HANESBRANDS INC 0.18%
ILUKA RESOURCES LTD 0.18%
ORBOTECH LTD 0.18%
SALESFORCE.COM INC 0.18%
SOUTHERN CO/THE 0.18%
ALBEMARLE CORP 0.17%
AMEREN CORPORATION 0.17%
BRISTOL-MYERS SQUIBB CO 0.17%
CENOVUS ENERGY INC 0.17%
ENI SPA 0.16%
EVERBRIDGE INC 0.15%
GODADDY INC - CLASS A 0.15%
LIMITED BRANDS INC 0.15%
NOBLE ENERGY INC 0.14%
WALT DISNEY CO/THE 0.14%
SEVEN GENERATIONS ENERGY - A 0.13%
DISH NETWORK CORP-A 0.12%
INSTRUCTURE INC 0.12%
AMERICAN WATER WORKS CO INC 0.11%
NRG ENERGY INC 0.11%
TOTAL SYSTEM SERVICES INC 0.11%
ENCANA CORP 0.10%
EQT CORP 0.10%
MARATHON OIL CORP 0.09%
SELECT ENERGY SERVICES INC-A 0.09%
MCKESSON CORP 0.08%
EDISON INTERNATIONAL 0.07%
SOGOU INC-ADR 0.07%
AXALTA COATING SYSTEMS LTD 0.06%
EXPRESS SCRIPTS HOLDING CO 0.06%
DELIVERY HERO AG 0.05%
P G & E CORP 0.05%
WILLIAMS COS INC 0.05%
BRASKEM SA-SPON ADR 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
CALYXT INC 0.03%
MYLAN NV 0.03%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN G-1 PFD CV P/P 0.03%
TRONOX LTD-CL A 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 12/31/17
FNMA FN30 TBA 04.5000 02/01/2048 2.96%
FNMA FN30 TBA 03.5000 02/01/2048 2.86%
APPLE INC 2.07%
US TREASURY N/B 02.0000 11/30/2020 2.04%
MICROSOFT CORP 1.96%
US TREASURY N/B 01.1250 03/31/2020 1.86%
ALPHABET INC-CL A 1.81%
BANK OF AMERICA CORP 1.47%
AMAZON.COM INC 1.46%
US TREASURY N/B 02.0000 02/15/2022 1.25%
US TREASURY N/B 01.8750 11/30/2021 1.23%
FACEBOOK INC-A 1.17%
CITIGROUP INC 1.13%
UNITEDHEALTH GROUP INC 1.13%
HOME DEPOT INC 1.11%
US TREASURY N/B 01.0000 08/31/2019 1.03%
US TREASURY N/B 02.7500 08/15/2042 0.95%
US TREASURY N/B 00.8750 06/15/2019 0.91%
US TREASURY N/B 02.1250 12/31/2022 0.80%
BROADCOM LTD 0.74%
FNMA FN30 TBA 04.0000 02/01/2048 0.73%
PEPSICO INC 0.73%
FNMA FN30 BH7626 04.0000 08/01/2047 0.72%
JOHNSON & JOHNSON 0.72%
JPMORGAN CHASE & CO 0.72%
DOWDUPONT INC 0.70%
GNMA GII30 TBA 03.0000 01/01/2048 0.70%
BOEING CO/THE 0.69%
VISA INC-CLASS A SHARES 0.69%
NXP SEMICONDUCTORS NV 0.68%
EXXON MOBIL CORP 0.67%
CHUBB LTD 0.66%
AMGEN INC 0.65%
KRAFT HEINZ CO/THE 0.65%
US TREASURY N/B 01.1250 12/31/2019 0.65%
GOLDMAN SACHS GROUP INC 0.64%
BECTON DICKINSON AND CO 0.63%
FNMA FN30 BC1155 03.0000 06/01/2046 0.63%
E*TRADE FINANCIAL CORPORATION 0.62%
CATERPILLAR INC 0.60%
DANAHER CORP 0.59%
HONEYWELL INTERNATIONAL INC 0.58%
TEXAS INSTRUMENTS INC 0.58%
PRUDENTIAL PLC 0.56%
AT&T INC 0.54%
RAYTHEON COMPANY 0.53%
NCSOFT CORP 0.52%
QORVO INC 0.52%
BLACKROCK INC 0.51%
VERTEX PHARMACEUTICALS INC 0.50%
AMERICAN INTERNATIONAL GROUP 0.49%
JAZZ PHARMACEUTICALS PLC 0.49%
PRICELINE GROUP INC/THE 0.49%
SHERWIN-WILLIAMS CO/THE 0.49%
AMERICAN TOWER CORP 0.48%
CHARTER COMMUNICATIONS INC-A 0.48%
BIOGEN INC 0.47%
MCCORMICK & CO-NON VTG SHRS 0.47%
REALPAGE INC 0.47%
PHILIP MORRIS INTERNATIONAL 0.46%
GILEAD SCIENCES INC 0.45%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.45%
COMCAST CORP-CLASS A 0.44%
NORFOLK SOUTHERN CORP 0.44%
NORTHROP GRUMMAN CORP 0.44%
SUNTRUST BANKS INC 0.44%
APPLIED MATERIALS INC 0.42%
DENTSPLY SIRONA INC 0.42%
DXC TECHNOLOGY CO 0.42%
KKR & CO LP 0.42%
COSTCO WHOLESALE CORP 0.41%
BOSTON SCIENTIFIC CORP 0.40%
KROGER CO 0.40%
ADOBE SYSTEMS INC 0.39%
CONOCOPHILLIPS 0.39%
ROPER TECHNOLOGIES INC 0.39%
DOVER CORP 0.38%
FORTIVE CORP 0.38%
ASSURED GUARANTY LTD 0.37%
MASTERCARD INC - A 0.37%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.37%
HILTON WORLDWIDE HOLDINGS IN 0.36%
MOLSON COORS BREWING CO -B 0.36%
ALIBABA GROUP HOLDING-SP ADR 0.35%
TJX COMPANIES INC 0.34%
TOTAL SA 0.34%
PINNACLE FOODS INC 0.33%
CONSTELLATION BRANDS INC-A 0.32%
FORTUNE BRANDS HOME & SECURI 0.32%
INVESCO LTD 0.32%
PIONEER NAT RES CO 0.32%
US TREASURY N/B 03.0000 02/15/2047 0.32%
WYNN RESORTS LTD 0.32%
AMERICAN ELECTRIC POWER 0.31%
INTERCONTINENTAL EXCHANGE IN 0.31%
L3 TECHNOLOGIES INC 0.31%
ROCKWELL AUTOMATION INC 0.31%
TENCENT HOLDINGS LTD 0.31%
WAL-MART STORES INC 0.31%
ABBVIE INC 0.30%
NEXTERA ENERGY INC 0.30%
W.R. GRACE & CO 0.30%
ACTIVISION BLIZZARD INC 0.29%
KION GROUP AG 0.29%
CVS HEALTH CORP 0.28%
KOMATSU LTD 0.28%
ALCOA CORP 0.27%
CHURCH & DWIGHT CO INC 0.27%
EXPEDIA INC 0.27%
KIMBERLY-CLARK CORP 0.27%
MONDELEZ INTERNATIONAL INC-A 0.27%
ORACLE CORP 0.27%
SUNCOR ENERGY INC 0.27%
UBS AG REGS 05.1250 05/15/2024 0.27%
CF INDUSTRIES HOLDINGS INC 0.26%
EXELON CORP 0.26%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.26%
PFIZER INC 0.26%
BAXTER INTERNATIONAL INC 0.25%
MICRO FOCUS INTL-SPN ADR 0.25%
CHIPOTLE MEXICAN GRILL INC 0.24%
INTUITIVE SURGICAL INC 0.24%
KINDER MORGAN INC 0.24%
MERCK & CO. INC. 0.24%
WASTE CONNECTIONS INC 0.24%
YUM CHINA HOLDINGS INC 0.24%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.23%
INVESTMENT TECHNOLOGY GROUP 0.23%
O'REILLY AUTOMOTIVE INC 0.23%
EOG RESOURCES INC 0.22%
FIDELITY NATIONAL INFO SERV 0.22%
GAMING AND LEISURE PROPERTIE 0.22%
GNMA GII30 OBD1715 03.5000 11/20/2047 0.22%
GNMA GII30 OBD1716 03.5000 11/20/2047 0.22%
NIKE INC -CL B 0.22%
PAYPAL HOLDINGS INC 0.22%
CREDIT SUISSE GRP AG P/P 144A 04.2820 01/09/2028 0.21%
LIVE NATION ENTERTAINMENT IN 0.21%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.20%
WEC ENERGY GROUP INC 03.5284 05/15/2067 0.20%
AGILENT TECHNOLOGIES INC 0.19%
CITIGROUP INC 04.7500 05/18/2046 0.19%
RESTAURANT BRANDS INTERN 0.19%
VERIZON COMMUNICATIONS INC 0.19%
ANADARKO PETROLEUM CORP 0.18%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.18%
DOMINION ENERGY INC 0.18%
ENERGY TRANSFER PARTNERS 06.6250 12/31/2049 0.18%
HANESBRANDS INC 0.18%
HSBC HOLDINGS PLC USD 06.5000 05/02/2036 0.18%
ILUKA RESOURCES LTD 0.18%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.18%
ORBOTECH LTD 0.18%
SALESFORCE.COM INC 0.18%
SOUTHERN CO/THE 0.18%
ALBEMARLE CORP 0.17%
AMEREN CORPORATION 0.17%
BRISTOL-MYERS SQUIBB CO 0.17%
CENOVUS ENERGY INC 0.17%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.17%
ENI SPA 0.16%
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%
EVERBRIDGE INC 0.15%
GODADDY INC - CLASS A 0.15%
LIMITED BRANDS INC 0.15%
MSC 2012-C4 D P/P 144A 05.4205 03/15/2045 0.15%
ROCKWELL COLLINS INC 04.3500 04/15/2047 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%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.14%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.14%
NOBLE ENERGY INC 0.14%
WALT DISNEY CO/THE 0.14%
WESTROCK MWV LLC 08.2000 01/15/2030 0.14%
AT&T INC 04.2500 03/01/2027 0.13%
GENERAL ELECTRIC CO 05.0000 12/29/2049 0.13%
GEORGIA-PACIFIC LLC 07.7500 11/15/2029 0.13%
SEVEN GENERATIONS ENERGY - A 0.13%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 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%
DISH NETWORK CORP-A 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%
INSTRUCTURE INC 0.12%
RABOBANK NEDERLAND P/P 144A 11.0000 12/29/2049 0.12%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.11%
AMERICAN WATER WORKS CO INC 0.11%
BRDCOM CRP / FIN P/P 144A 03.8750 01/15/2027 0.11%
GSMS 2014-GC22 C 04.6456 06/10/2047 0.11%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.11%
NRG ENERGY INC 0.11%
TOTAL SYSTEM SERVICES INC 0.11%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.11%
BECTON DICKINSON AND CO 04.6690 06/06/2047 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%
ENCANA CORP 0.10%
EQT CORP 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%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.10%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.10%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.10%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.10%
WP CAREY INC 04.6000 04/01/2024 0.10%
AMAZON.COM INC P/P 144A 04.0500 08/22/2047 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%
DUKE REALTY LP 04.3750 06/15/2022 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 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%
MARATHON OIL CORP 0.09%
SELECT ENERGY SERVICES INC-A 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%
AIR LEASE CORP 03.0000 09/15/2023 0.08%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.08%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.08%
CROWN CASTLE TOWERS P/P 144A 04.8830 08/15/2020 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
GRUPO TELEVISA SAB USD 06.6250 01/15/2040 0.08%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 0.08%
MCDONALD'S CORP 05.7000 02/01/2039 0.08%
MCKESSON CORP 0.08%
NEWELL BRANDS INC 04.2000 04/01/2026 0.08%
ORACLE CORP 02.6500 07/15/2026 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%
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%
BURLINGTN NORTH SANTA FE 05.4000 06/01/2041 0.07%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.07%
COMM 2013-CR13 AM 04.4490 11/12/2046 0.07%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.07%
EASTMAN CHEMICAL CO 03.8000 03/15/2025 0.07%
EDISON INTERNATIONAL 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%
GSMS 2011-GC5 C P/P 144A 05.3984 08/10/2044 0.07%
MCDONALD'S CORP 06.3000 03/01/2038 0.07%
ORACLE CORP 03.2500 11/15/2027 0.07%
PUGET SOUND ENERGY INC 04.0106 06/01/2067 0.07%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.07%
SOGOU INC-ADR 0.07%
TOSCO CORP 08.1250 02/15/2030 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%
AXALTA COATING SYSTEMS LTD 0.06%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.06%
BMIR 2017-1 M1 P/P 144A 03.2521 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%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.06%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 0.06%
EXPRESS SCRIPTS HOLDING CO 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%
NORFOLK SOUTHERN COR P/P 144A 04.0500 08/15/2052 0.06%
PHILLIPS 66 PARTNERS LP 03.7500 03/01/2028 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 05.6402 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%
AXA SA P/P 144A 06.4630 12/29/2049 0.05%
BP CAPITAL MARKETS PLC USD 03.1190 05/04/2026 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%
COMM 2014-UBS6 C 04.4646 12/10/2047 0.05%
DELIVERY HERO AG 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 CO 07.0000 09/01/2022 0.05%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 0.05%
P G & E CORP 0.05%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 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%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
WILLIAMS COS INC 0.05%
AES CORP/VA 05.1250 09/01/2027 0.04%
BRASKEM SA-SPON ADR 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 02.9000 01/15/2027 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%
ENERGY TRANSFER LP 06.5000 02/01/2042 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%
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%
ONCOR ELECTRIC DELIVERY 04.1000 06/01/2022 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%
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%
CALYXT INC 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 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%
FNMA FN30 995018 05.5000 06/01/2038 0.03%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 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%
MYLAN NV 0.03%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 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%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 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%
TRONOX LTD-CL A 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%
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%
BANK OF AMERICA CORP 06.1000 12/29/2049 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%
DEVON ENERGY CORPORATION 03.2500 05/15/2022 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%
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%
IPALCO ENTPRS IN P/P 144A 03.7000 09/01/2024 0.02%
JPMORGAN CHASE & CO 05.1500 12/29/2049 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%
O'REILLY AUTOMOTIVE INC 03.8500 06/15/2023 0.02%
OPORTUN FIN F-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%
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%
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 02.9021 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%
GE 20180615 C 22.00CSI 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%
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%
UNITED AIR 2014-2 A PTT 03.7500 09/03/2026 0.01%
UNITED TECHNOLOGIES CORP 05.7000 04/15/2040 0.01%
VULCAN MATERIALS COMPANY 04.5000 04/01/2025 0.01%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 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%
AUD/USD 01/17/2018 UBS 0.00%
CAD/USD 01/17/2018 BANKAM 0.00%
CAD/USD 01/17/2018 BCAP-FX 0.00%
CAD/USD 01/17/2018 JPMCB 0.00%
CAD/USD 01/17/2018 SSBT 0.00%
CAD/USD 01/17/2018 WPAC 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CONTL AIRLINES 1997-4 06.9000 01/02/2018 0.00%
EUR/USD 03/21/2018 CITI 0.00%
EUR/USD 03/21/2018 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 03/21/2018 CITI 0.00%
GE 20180615 C 24.00CSI 0.00%
GLENCORE FIN CANADA P/P 144A 06.0000 11/15/2041 0.00%
ILS/USD 01/17/2018 SSBT 0.00%
JPY/USD 02/22/2018 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%
THE EURO EUR CALL ACCOUNT 0.00%
FNMA FN30 TBA 03.0000 01/01/2048 -0.70%

Prior top 10 holdings

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
Top 10 holdings as of 01/31/18
1: Fnma Fn30 Tba 04.5000 02/01/2048 2.87%
2: Fnma Fn30 Tba 03.5000 03/01/2048 2.74%
3: Microsoft 2.12%
4: Apple 1.99%
5: Us Treasury N/B 02.0000 11/30/2020 1.98%
6: Alphabet 1.94%
7: Us Treasury N/B 01.1250 03/31/2020 1.81%
8: Amazon 1.73%
9: Us Treasury N/B 02.1250 12/31/2022 1.67%
10: Bank Of America 1.52%
Holdings represent 20.37% of portfolio
Top 10 holdings as of 12/31/17
1: Fnma Fn30 Tba 04.5000 02/01/2048 2.96%
2: Fnma Fn30 Tba 03.5000 02/01/2048 2.86%
3: Apple 2.07%
4: Us Treasury N/B 02.0000 11/30/2020 2.04%
5: Microsoft 1.96%
6: Us Treasury N/B 01.1250 03/31/2020 1.86%
7: Alphabet 1.81%
8: Bank Of America 1.47%
9: Amazon 1.46%
10: Us Treasury N/B 02.0000 02/15/2022 1.25%
Holdings represent 19.74% of portfolio

Portfolio Composition as of 03/31/18

Common stock 61.37%
Corporate bonds and notes 13.89%
Treasury 12.68%
Agency pass-through 7.90%
Cash and net other assets 2.81%
Commercial MBS 0.68%
Agency 0.44%
Municipal bonds 0.13%
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 03/31/18

Information technology 25.53%
Financials 14.51%
Health care 13.00%
Consumer discretionary 11.52%
Industrials 10.04%
Consumer staples 7.94%
Energy 6.02%
Materials 3.41%
Cash and net other assets 2.81%
 
Other		 5.22%
Utilities 2.60%
Telecommunication services 1.35%
Real estate 1.27%