Putnam 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 01/31/19

Category: BALANCED FUNDS

  Percentile ranking Rank/Funds in category
10 yrs. 13% 14/114
1 yr. 11% 16/150
3 yrs. 10% 13/134
5 yrs. 12% 15/131

Risk characteristics as of 01/31/19

Avg. Eff. Maturity 8.61
Avg. Price --
Avg. Eff. Duration 5.56
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) 0.74
Beta 0.62
R squared 0.95
Standard deviation (3 yrs.) 6.97

Maturity details

0 to 1 yr. 3.94%
1 to 5 yrs. 27.56%
5 to 10 yrs. 51.52%
10 to 15 yrs. 2.55%
Over 15 yrs. 14.43%

Quality ratings

AAA 54.23%
AA 3.00%
A 13.37%
BBB 23.47%
BB 2.16%
CCC and Below 0.04%
Not Rated 3.73%

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 01/31/19

Fiscal Year End December
Asset Class Putnam Capital Manager
Subaccount Status Open to new investors
Number of issues 421
Turnover (fiscal year end) 264%
Net Assets $145M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 01/31/19

Fnma Fn30 Tba 04.5000 02/01/2049 2.87%
Fnma Fn30 Tba 04.0000 02/01/2049 2.83%
Microsoft 2.46%
Amazon 2.01%
Alphabet 1.99%
Apple 1.59%
Bank of America 1.48%
Us Treasury N/B 01.5000 05/31/2020 1.46%
Us Treasury N/B 02.0000 11/30/2020 1.33%
Coca-Cola 1.32%
Top 10 holdings, total: 19.34%

 
Equity Holdings  | Full portfolio  |  Prior top 10 holdings

Equity Holdings as of 12/31/18
MICROSOFT CORP 2.56%
ALPHABET INC-CL A 1.97%
AMAZON.COM INC 1.88%
APPLE INC 1.73%
BANK OF AMERICA CORP 1.40%
COCA-COLA CO/THE 1.39%
VISA INC-CLASS A SHARES 1.24%
HOME DEPOT INC 1.14%
PROCTER & GAMBLE CO/THE 1.07%
FACEBOOK INC-CLASS A 1.06%
BP PLC 1.02%
DANAHER CORP 1.02%
HONEYWELL INTERNATIONAL INC 0.98%
QUALCOMM INC 0.93%
CITIGROUP INC 0.91%
MERCK & CO. INC. 0.82%
GENERAL MOTORS CO 0.77%
CENOVUS ENERGY INC 0.72%
DOWDUPONT INC 0.72%
BECTON DICKINSON AND CO 0.71%
EMERSON ELECTRIC CO 0.71%
SALESFORCE.COM INC 0.71%
UNION PACIFIC CORP 0.71%
CIGNA CORP 0.69%
ACTIVISION BLIZZARD INC 0.68%
BOEING CO/THE 0.68%
GOLDMAN SACHS GROUP INC 0.68%
KKR & CO INC -A 0.68%
ADOBE INC 0.67%
UNITEDHEALTH GROUP INC 0.67%
PFIZER INC 0.66%
JPMORGAN CHASE & CO 0.65%
AMERICAN ELECTRIC POWER 0.64%
PRUDENTIAL PLC 0.61%
INTEL CORP 0.57%
NXP SEMICONDUCTORS NV 0.57%
ASSURED GUARANTY LTD 0.56%
JOHNSON & JOHNSON 0.56%
ROPER TECHNOLOGIES INC 0.56%
WALMART INC 0.55%
WELLS FARGO & CO 0.54%
AT&T INC 0.52%
WASTE CONNECTIONS INC 0.51%
DXC TECHNOLOGY CO 0.50%
E*TRADE FINANCIAL CORPORATION 0.50%
RAYMOND JAMES FINANCIAL INC 0.49%
TWENTY-FIRST CENTURY FOX-A 0.48%
EXELON CORP 0.47%
SHERWIN-WILLIAMS CO/THE 0.47%
EXXON MOBIL CORP 0.46%
KINDER MORGAN INC 0.45%
NIKE INC -CL B 0.45%
NRG ENERGY INC 0.45%
HILTON WORLDWIDE HOLDINGS IN 0.44%
BLACKROCK INC 0.43%
VERIZON COMMUNICATIONS INC 0.43%
BOOKING HOLDINGS INC 0.42%
CHARTER COMMUNICATIONS INC-A 0.42%
COMCAST CORP-CLASS A 0.42%
ELI LILLY & CO 0.42%
HERSHEY CO/THE 0.41%
NCSOFT CORP 0.41%
NETEASE INC-ADR 0.41%
PEPSICO INC 0.39%
AMGEN INC 0.37%
BIOGEN INC 0.37%
JOHNSON CONTROLS INTERNATION 0.37%
NORFOLK SOUTHERN CORP 0.36%
AMERICAN INTERNATIONAL GROUP 0.35%
MCCORMICK & CO-NON VTG SHRS 0.35%
TJX COMPANIES INC 0.35%
YUM CHINA HOLDINGS INC 0.35%
CLOROX COMPANY 0.34%
FORTIVE CORP 0.34%
NEXTERA ENERGY INC 0.34%
ENTERPRISE PRODUCTS PARTNERS 0.33%
ON SEMICONDUCTOR CORP 0.33%
VERTEX PHARMACEUTICALS INC 0.33%
CHIPOTLE MEXICAN GRILL INC 0.32%
INTERCONTINENTAL EXCHANGE IN 0.32%
TEXTRON INC 0.32%
BAXTER INTERNATIONAL INC 0.31%
SBA COMMUNICATIONS CORP 0.31%
DUKE ENERGY CORP 0.30%
INTUITIVE SURGICAL INC 0.30%
FMC CORP 0.29%
BJ'S WHOLESALE CLUB HOLDINGS 0.28%
FIRST DATA CORP- CLASS A 0.28%
GAMING AND LEISURE PROPERTIE 0.28%
COSTCO WHOLESALE CORP 0.27%
EVERBRIDGE INC 0.27%
COOPER COS INC/THE 0.26%
WYNN RESORTS LTD 0.26%
FIDELITY NATIONAL INFO SERV 0.25%
METTLER-TOLEDO INTERNATIONAL 0.25%
YELLOW CAKE PLC 0.25%
CONOCOPHILLIPS 0.24%
DOMINION ENERGY INC 0.24%
ICU MEDICAL INC 0.24%
ANADARKO PETROLEUM CORP 0.23%
CHUBB LTD 0.23%
JAZZ PHARMACEUTICALS PLC 0.22%
LIVE NATION ENTERTAINMENT IN 0.21%
TENCENT HOLDINGS LTD 0.21%
WALGREENS BOOTS ALLIANCE INC 0.21%
BALL CORP 0.20%
DEERE & CO 0.20%
BOSTON SCIENTIFIC CORP 0.19%
CELGENE CORP 0.19%
GILEAD SCIENCES INC 0.17%
ABBVIE INC 0.16%
ADVANCE AUTO PARTS 0.16%
CAIRN ENERGY PLC 0.16%
EDWARDS LIFESCIENCES CORP 0.16%
GODADDY INC - CLASS A 0.16%
SUMMIT MATERIALS INC -CL A 0.16%
MGM RESORTS INTERNATIONAL 0.15%
BURLINGTON STORES INC 0.13%
O'REILLY AUTOMOTIVE INC 0.12%
CENTERPOINT ENERGY INC 0.11%
NOBLE ENERGY INC 0.11%
REGENERON PHARMACEUTICALS 0.11%
ALCOA CORP 0.09%
ALIBABA GROUP HOLDING-SP ADR 0.07%
BRISTOL-MYERS SQUIBB CO 0.07%
ECOLAB INC 0.07%
EDISON INTERNATIONAL 0.07%
W.R. GRACE & CO 0.07%
APOLLO GLOBAL MANAGEMENT - A 0.05%
FORTUNE BRANDS HOME & SECURI 0.05%
CELANESE CORP 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
RPM INTERNATIONAL INC 0.04%
OPORTUN FIN G-1 PFD CV P/P 0.03%
OPORTUN FIN CORP P/P 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
P G & E CORP 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 12/31/18
FNMA FN30 TBA 04.5000 01/01/2049 3.06%
FNMA FN30 TBA 04.0000 01/01/2049 3.01%
MICROSOFT CORP 2.56%
ALPHABET INC-CL A 1.97%
AMAZON.COM INC 1.88%
US TREASURY N/B 02.0000 11/30/2020 1.78%
APPLE INC 1.73%
US TREASURY N/B 01.5000 05/31/2020 1.56%
BANK OF AMERICA CORP 1.40%
COCA-COLA CO/THE 1.39%
US TREASURY N/B 02.2500 02/15/2021 1.33%
US TREASURY N/B 02.0000 02/15/2022 1.31%
FNMA FN40 BF0169 3.500000 01/01/2057 1.24%
VISA INC-CLASS A SHARES 1.24%
HOME DEPOT INC 1.14%
PROCTER & GAMBLE CO/THE 1.07%
FACEBOOK INC-CLASS A 1.06%
BP PLC 1.02%
DANAHER CORP 1.02%
HONEYWELL INTERNATIONAL INC 0.98%
QUALCOMM INC 0.93%
CITIGROUP INC 0.91%
MERCK & CO. INC. 0.82%
GENERAL MOTORS CO 0.77%
FNMA FN30 TBA 03.5000 01/01/2049 0.74%
GNMA GII30 TBA 03.5000 01/01/2049 0.74%
GNMA GII30 TBA 03.0000 01/01/2049 0.73%
US TREASURY N/B 02.1250 12/31/2022 0.73%
CENOVUS ENERGY INC 0.72%
DOWDUPONT INC 0.72%
BECTON DICKINSON AND CO 0.71%
EMERSON ELECTRIC CO 0.71%
SALESFORCE.COM INC 0.71%
UNION PACIFIC CORP 0.71%
CIGNA CORP 0.69%
US TREASURY N/B 02.7500 08/15/2042 0.69%
ACTIVISION BLIZZARD INC 0.68%
BOEING CO/THE 0.68%
GOLDMAN SACHS GROUP INC 0.68%
KKR & CO INC -A 0.68%
ADOBE INC 0.67%
UNITEDHEALTH GROUP INC 0.67%
PFIZER INC 0.66%
US TREASURY N/B 03.0000 02/15/2047 0.66%
JPMORGAN CHASE & CO 0.65%
AMERICAN ELECTRIC POWER 0.64%
PRUDENTIAL PLC 0.61%
FNMA FN30 BC1155 03.0000 06/01/2046 0.57%
INTEL CORP 0.57%
NXP SEMICONDUCTORS NV 0.57%
ASSURED GUARANTY LTD 0.56%
JOHNSON & JOHNSON 0.56%
ROPER TECHNOLOGIES INC 0.56%
WALMART INC 0.55%
WELLS FARGO & CO 0.54%
AT&T INC 0.52%
WASTE CONNECTIONS INC 0.51%
DXC TECHNOLOGY CO 0.50%
E*TRADE FINANCIAL CORPORATION 0.50%
RAYMOND JAMES FINANCIAL INC 0.49%
TWENTY-FIRST CENTURY FOX-A 0.48%
EXELON CORP 0.47%
SHERWIN-WILLIAMS CO/THE 0.47%
EXXON MOBIL CORP 0.46%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.45%
KINDER MORGAN INC 0.45%
NIKE INC -CL B 0.45%
NRG ENERGY INC 0.45%
HILTON WORLDWIDE HOLDINGS IN 0.44%
BLACKROCK INC 0.43%
VERIZON COMMUNICATIONS INC 0.43%
BOOKING HOLDINGS INC 0.42%
CHARTER COMMUNICATIONS INC-A 0.42%
COMCAST CORP-CLASS A 0.42%
ELI LILLY & CO 0.42%
HERSHEY CO/THE 0.41%
NCSOFT CORP 0.41%
NETEASE INC-ADR 0.41%
PEPSICO INC 0.39%
AMGEN INC 0.37%
BIOGEN INC 0.37%
JOHNSON CONTROLS INTERNATION 0.37%
NORFOLK SOUTHERN CORP 0.36%
AMERICAN INTERNATIONAL GROUP 0.35%
MCCORMICK & CO-NON VTG SHRS 0.35%
TJX COMPANIES INC 0.35%
YUM CHINA HOLDINGS INC 0.35%
CLOROX COMPANY 0.34%
FORTIVE CORP 0.34%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.34%
NEXTERA ENERGY INC 0.34%
ENTERPRISE PRODUCTS PARTNERS 0.33%
ON SEMICONDUCTOR CORP 0.33%
VERTEX PHARMACEUTICALS INC 0.33%
CHIPOTLE MEXICAN GRILL INC 0.32%
INTERCONTINENTAL EXCHANGE IN 0.32%
TEXTRON INC 0.32%
BAXTER INTERNATIONAL INC 0.31%
SBA COMMUNICATIONS CORP 0.31%
DUKE ENERGY CORP 0.30%
INTUITIVE SURGICAL INC 0.30%
FMC CORP 0.29%
BJ'S WHOLESALE CLUB HOLDINGS 0.28%
FIRST DATA CORP- CLASS A 0.28%
GAMING AND LEISURE PROPERTIE 0.28%
COSTCO WHOLESALE CORP 0.27%
EVERBRIDGE INC 0.27%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.27%
UBS AG REGS 05.1250 05/15/2024 0.27%
COOPER COS INC/THE 0.26%
WYNN RESORTS LTD 0.26%
FIDELITY NATIONAL INFO SERV 0.25%
METTLER-TOLEDO INTERNATIONAL 0.25%
YELLOW CAKE PLC 0.25%
CIGNA CORP P/P 144A 03.7500 07/15/2023 0.24%
CONOCOPHILLIPS 0.24%
DOMINION ENERGY INC 0.24%
ICU MEDICAL INC 0.24%
ANADARKO PETROLEUM CORP 0.23%
CHUBB LTD 0.23%
JAZZ PHARMACEUTICALS PLC 0.22%
US TREASURY N/B 02.2500 02/29/2020 0.22%
GNMA GII30 OBD1715 03.5000 11/20/2047 0.21%
GNMA GII30 OBD1716 03.5000 11/20/2047 0.21%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.21%
LIVE NATION ENTERTAINMENT IN 0.21%
TENCENT HOLDINGS LTD 0.21%
WALGREENS BOOTS ALLIANCE INC 0.21%
BALL CORP 0.20%
CREDIT SUISSE GRP AG P/P 144A 03.8690 01/12/2029 0.20%
DEERE & CO 0.20%
BOSTON SCIENTIFIC CORP 0.19%
CELGENE CORP 0.19%
CITIGROUP INC 04.7500 05/18/2046 0.19%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.19%
WEC ENERGY GROUP INC 04.7286 05/15/2067 0.18%
GILEAD SCIENCES INC 0.17%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.17%
ABBVIE INC 0.16%
ADVANCE AUTO PARTS 0.16%
CAIRN ENERGY PLC 0.16%
EDWARDS LIFESCIENCES CORP 0.16%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.16%
GODADDY INC - CLASS A 0.16%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.16%
SALESFORCE.COM INC 03.7000 04/11/2028 0.16%
SUMMIT MATERIALS INC -CL A 0.16%
BPCE SA P/P 144A 05.1500 07/21/2024 0.15%
ELANCO ANIMAL HEALTH P/P 144A 04.9000 08/28/2028 0.15%
INTERPUBLIC GROUP COS 04.6500 10/01/2028 0.15%
MGM RESORTS INTERNATIONAL 0.15%
MSC 2012-C4 D P/P 144A 05.4199 03/15/2045 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%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.14%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.14%
KEURIG DR PEPPER INC P/P 144A 04.5970 05/25/2028 0.14%
WESTROCK MWV LLC 08.2000 01/15/2030 0.14%
AT&T INC 04.1000 02/15/2028 0.13%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.13%
BURLINGTON STORES INC 0.13%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.13%
GOLDMAN SACHS GROUP INC 04.2230 05/01/2029 0.13%
WILLIAMS COMPANIES INC 04.3000 03/04/2024 0.13%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.12%
BRDCOM CRP / FIN 03.8750 01/15/2027 0.12%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.12%
DIGITAL REALTY TRUST LP 04.4500 07/15/2028 0.12%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.12%
GSMS 2014-GC22 C 04.6893 06/10/2047 0.12%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.12%
O'REILLY AUTOMOTIVE INC 0.12%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.12%
UNITEDHEALTH GROUP INC 03.8500 06/15/2028 0.12%
CENTERPOINT ENERGY INC 0.11%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.11%
EOG RESOURCES INC 04.1500 01/15/2026 0.11%
FISERV INC 04.2000 10/01/2028 0.11%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 0.11%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.11%
NOBLE ENERGY INC 0.11%
ORACLE CORP 02.6500 07/15/2026 0.11%
REGENERON PHARMACEUTICALS 0.11%
US TREASURY N/B 02.6250 06/15/2021 0.11%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.10%
BECTON DICKINSON AND CO 04.6690 06/06/2047 0.10%
FAIRFAX FINL HLDGS P/P 144A 04.8500 04/17/2028 0.10%
MICROCHIP TECH INC P/P 144A 04.3330 06/01/2023 0.10%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
TELEFONICA EMISIONES SAU USD 04.8950 03/06/2048 0.10%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.10%
WP CAREY INC 04.6000 04/01/2024 0.10%
ALCOA CORP 0.09%
AMAZON.COM INC 04.0500 08/22/2047 0.09%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.09%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.09%
CVS HEALTH CORP 04.7800 03/25/2038 0.09%
ECOLAB INC 03.2500 12/01/2027 0.09%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 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%
OSHKOSH CORP 04.6000 05/15/2028 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.09%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.09%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.09%
AIR LEASE CORP 03.0000 09/15/2023 0.08%
COMCAST CORP 03.1500 03/01/2026 0.08%
COMM 2013-CR13 AM 04.4490 11/10/2046 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
NEWELL BRANDS INC 04.2000 04/01/2026 0.08%
REPUBLIC SERVICES INC 03.9500 05/15/2028 0.08%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.08%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.08%
WEYERHAEUSER CO 07.3750 03/15/2032 0.08%
WFRBS 2013-UBS1 AS 04.3060 03/15/2046 0.08%
ALIBABA GROUP HOLDING-SP ADR 0.07%
ARC PROP OPER PART L 04.6000 02/06/2024 0.07%
AUTONATION INC. 05.5000 02/01/2020 0.07%
BP CAP MARKETS AMERICA 03.9370 09/21/2028 0.07%
BRISTOL-MYERS SQUIBB CO 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%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.07%
ECOLAB INC 0.07%
EDISON INTERNATIONAL 0.07%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.07%
EQUINOR ASA USD 05.1000 08/17/2040 0.07%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.07%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.07%
GNMA GII30 OBD1714 03.5000 11/20/2047 0.07%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.07%
NORTHROP GRUMMAN CORP 03.2500 01/15/2028 0.07%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.07%
W.R. GRACE & CO 0.07%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.06%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.06%
ALPHABET INC 01.9980 08/15/2026 0.06%
AMGEN INC 04.6630 06/15/2051 0.06%
APPLE INC 04.3750 05/13/2045 0.06%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.06%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.06%
BMW US CAPITAL LLC P/P 144A 03.9500 08/14/2028 0.06%
BP CAP MARKETS AMERICA 03.1190 05/04/2026 0.06%
CITIGROUP INC 04.4500 09/29/2027 0.06%
COMCAST CORP 03.9990 11/01/2049 0.06%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 0.06%
INTL FLAVOR & FRAGRANCES 04.4500 09/26/2028 0.06%
LEAR CORP 03.8000 09/15/2027 0.06%
N TX HWY-TXB-B 06.7180 01/01/2049 0.06%
NEXTERA ENERGY CAPITAL 04.8000 12/01/2077 0.06%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.06%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.06%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.06%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.06%
VODAFONE GROUP PLC USD 04.3750 05/30/2028 0.06%
ZOETIS INC 03.9000 08/20/2028 0.06%
AMAZON.COM INC 03.1500 08/22/2027 0.05%
AMERICAN ELECTRIC POWER 04.3000 12/01/2028 0.05%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.05%
APOLLO GLOBAL MANAGEMENT - A 0.05%
APPALACHIAN POWER CO 05.8000 10/01/2035 0.05%
BMIR 2017-1 M1 P/P 144A 04.2063 10/25/2027 0.05%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 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%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.05%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.05%
DOW CHEMICAL CO/THE P/P 144A 04.8000 11/30/2028 0.05%
FIDELITY NATIONAL INFORM 04.2500 05/15/2028 0.05%
FNMA FN30 734836 05.0000 08/01/2033 0.05%
FORTUNE BRANDS HOME & SECURI 0.05%
HESS CORP 07.3000 08/15/2031 0.05%
HOSPITALITY PROP TRUST 04.3750 02/15/2030 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%
L3 TECHNOLOGIES INC 04.4000 06/15/2028 0.05%
MICROSOFT CORP 02.4000 08/08/2026 0.05%
MICROSOFT CORP 03.7000 08/08/2046 0.05%
NVR INC 03.9500 09/15/2022 0.05%
ONCOR ELECTRIC DELI P/P 144A 05.7500 03/15/2029 0.05%
ONCOR ELECTRIC DELIVERY 04.1000 06/01/2022 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%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
WFRBS 2011-C3 D P/P 144A 05.6828 03/15/2044 0.05%
AES CORP/THE 05.1250 09/01/2027 0.04%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.04%
BMW US CAPITAL LLC P/P 144A 02.8000 04/11/2026 0.04%
CBRE SERVICES INC 04.8750 03/01/2026 0.04%
CELANESE CORP 0.04%
CIT GROUP INC. 05.2500 03/07/2025 0.04%
CROWN CASTLE INTL CORP 03.8000 02/15/2028 0.04%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.04%
ENERGY TRANSFER OPERATNG 06.5000 02/01/2042 0.04%
ENTERPRISE PRODUCTS OPER 04.2500 02/15/2048 0.04%
FNMA FN30 555591 05.5000 07/01/2033 0.04%
FNMA FN30 995023 05.5000 08/01/2037 0.04%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 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%
RPM INTERNATIONAL INC 0.04%
TARGA RESOURCES PART 05.0000 01/15/2028 0.04%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.04%
US TREASURY N/B 01.6250 10/31/2023 0.04%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.04%
AIR LEASE CORP 04.6250 10/01/2028 0.03%
ANTHEM INC 04.6250 05/15/2042 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%
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%
CBS CORP 02.9000 01/15/2027 0.03%
COMM 2014-UBS6 C 04.4651 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%
ENBRIDGE INC USD 04.2500 12/01/2026 0.03%
ENERGY TRANSFER OPERATNG 05.2000 02/01/2022 0.03%
ENERGY TRANSFER OPERATNG 07.6000 02/01/2024 0.03%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 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%
HCA INC 05.2500 06/15/2026 0.03%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 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%
IPALCO ENTPRS IN 03.7000 09/01/2024 0.03%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.03%
MID-AMERICA APARTMENTS 04.3000 10/15/2023 0.03%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.03%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.03%
OMNICOM GP/OMNICOM CAP 03.6000 04/15/2026 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 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%
S&P GLOBAL INC 04.4000 02/15/2026 0.03%
VERIZON COMM 04.3290 09/21/2028 0.03%
VMWARE INC 03.9000 08/21/2027 0.03%
AMGEN INC 02.6000 08/19/2026 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%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.02%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.02%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.02%
COMCAST CORP 06.5000 11/15/2035 0.02%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
DIAMOND 1 FIN/DIAMON P/P 144A 08.3500 07/15/2046 0.02%
EMERA US FINANCE LP 03.5500 06/15/2026 0.02%
EOG RESOURCES INC 05.6250 06/01/2019 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FNMA FN30 889982 05.5000 11/01/2038 0.02%
HCA INC 05.5000 06/15/2047 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%
OPORTUN FIN CORP P/P 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
P G & E CORP 0.02%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.02%
SERVICE CORP INTL 04.6250 12/15/2027 0.02%
WILLIAMS COMPANIES INC 03.6000 03/15/2022 0.02%
AIR LEASE CORP 03.6250 04/01/2027 0.01%
ANHEUSER-BUSCH CO/IN P/P 144A 03.6500 02/01/2026 0.01%
AT&T INC 04.7500 05/15/2046 0.01%
BGC PARTNERS INC 05.1250 05/27/2021 0.01%
CBS CORP 04.0000 01/15/2026 0.01%
CITIGROUP INC 03.6680 07/24/2028 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%
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%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 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%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.01%
WESTROCK MWV LLC 07.9500 02/15/2031 0.01%
ABBVIE INC 03.6000 05/14/2025 0.00%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.00%
CAD/USD 01/16/2019 BANKAM 0.00%
CAD/USD 01/16/2019 BCAP-FX 0.00%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 JPMCB 0.00%
CAD/USD 01/16/2019 SSBT 0.00%
CAD/USD 01/16/2019 WPAC 0.00%
CAS 2016-C05 2M1 03.8563 01/25/2029 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
EUR/USD 03/20/2019 BANKAM 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 03/20/2019 BCAP-FX 0.00%
GLENCORE FIN CANADA P/P 144A 06.0000 11/15/2041 0.00%
KRW/USD 02/20/2019 JPMCB 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%
GBP/USD 03/20/2019 BANKAM -0.01%
GBP/USD 03/20/2019 CITI -0.01%
GBP/USD 03/20/2019 GSFX -0.01%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Fnma Fn30 Tba 04.5000 02/01/2049 2.87%
2: Fnma Fn30 Tba 04.0000 02/01/2049 2.83%
3: Microsoft 2.46%
4: Amazon 2.01%
5: Alphabet 1.99%
6: Apple 1.59%
7: Bank of America 1.48%
8: Us Treasury N/B 01.5000 05/31/2020 1.46%
9: Us Treasury N/B 02.0000 11/30/2020 1.33%
10: Coca-Cola 1.32%
Holdings represent 19.34% of portfolio
Top 10 holdings as of 12/31/18
1: Fnma Fn30 Tba 04.5000 01/01/2049 3.06%
2: Fnma Fn30 Tba 04.0000 01/01/2049 3.01%
3: Microsoft 2.56%
4: Alphabet 1.97%
5: Amazon 1.88%
6: Us Treasury N/B 02.0000 11/30/2020 1.78%
7: Apple 1.73%
8: Us Treasury N/B 01.5000 05/31/2020 1.56%
9: Bank of America 1.40%
10: Coca-Cola 1.39%
Holdings represent 20.34% of portfolio
Top 10 holdings as of 11/30/18
1: Fnma Fn30 Tba 04.5000 12/01/2048 2.92%
2: Fnma Fn30 Tba 04.0000 01/01/2049 2.86%
3: Microsoft 2.44%
4: Us Treasury N/B 01.5000 05/31/2020 2.43%
5: Alphabet 1.97%
6: Amazon 1.85%
7: Apple 1.71%
8: Us Treasury N/B 02.0000 11/30/2020 1.70%
9: Bank of America 1.42%
10: Coca-Cola 1.29%
Holdings represent 20.59% of portfolio
Top 10 holdings as of 10/31/18
1: Fnma Fn30 Tba 04.5000 11/01/2048 2.92%
2: Fnma Fn30 Tba 04.0000 11/01/2048 2.86%
3: Us Treasury N/B 01.5000 05/31/2020 2.52%
4: Microsoft 2.36%
5: Apple 2.11%
6: Us Treasury N/B 02.0000 11/30/2020 2.07%
7: Alphabet 1.94%
8: Amazon 1.75%
9: Bank of America 1.30%
10: Us Treasury N/B 02.2500 02/15/2021 1.27%
Holdings represent 21.10% of portfolio

Portfolio Composition as of 01/31/19

Common stock 64.47%
Corporate bonds and notes 13.94%
Agency pass-through 10.10%
Treasury 8.20%
Cash and net other assets 2.45%
Commercial MBS 0.65%
Municipal bonds 0.12%
Agency CMO 0.05%
Emerging-market bonds 0.02%

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 01/31/19

Information technology 16.23%
Health care 14.10%
Financials 13.48%
Consumer discretionary 11.20%
Communication services 11.14%
Industrials 9.56%
Consumer staples 7.82%
Energy 5.22%
Materials 3.98%
 
Other		 7.27%
Utilities 3.90%
Cash and net other assets 2.45%
Real estate 0.92%