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.

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 08/31/17

Category: BALANCED FUNDS

  Percentile ranking Rank/Funds in category
10 yrs. 95% 110/115
1 yr. 17% 25/151
3 yrs. 14% 20/144
5 yrs. 11% 14/136

Risk characteristics as of 08/31/17

Avg. Eff. Maturity 9.05
Avg. Price --
Avg. Eff. Duration 5.96
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) -0.24
Beta 0.67
R squared 0.95
Standard deviation (3 yrs.) 6.91

Maturity details

0 to 1 yr. 2.11%
1 to 5 yrs. 32.77%
5 to 10 yrs. 44.41%
10 to 15 yrs. 3.05%
Over 15 yrs. 17.66%

Quality ratings

AAA 56.49%
AA 2.07%
A 12.45%
BBB 24.81%
BB 2.18%
CCC and Below 0.04%
Not Rated 1.96%

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 08/31/17

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 490
Turnover (fiscal year end) 216%
Net Assets $137M
Inception Date 05/01/98

Holdings

Top 10 holdings as of 08/31/17

Fnma Fn30 Tba 04.5000 09/01/2047 3.13%
Us Treasury N/B 02.0000 11/30/2020 2.56%
Apple 2.13%
Us Treasury N/B 01.1250 03/31/2020 1.97%
Alphabet 1.88%
Microsoft 1.84%
Fnma Fn30 Tba 04.0000 09/01/2047 1.54%
Fnma Fn30 Tba 03.5000 09/01/2047 1.51%
Fnma Fn30 Tba 03.5000 10/01/2047 1.51%
Us Treasury N/B 02.7500 08/15/2042 1.44%
Top 10 holdings, total: 19.51%

Equity Holdings as of 06/30/17

APPLE INC 2.13%
ALPHABET INC-CL A 1.90%
MICROSOFT CORP 1.77%
AMAZON.COM INC 1.45%
JPMORGAN CHASE & CO 1.22%
FACEBOOK INC-A 1.18%
JOHNSON & JOHNSON 1.10%
HOME DEPOT INC 1.02%
PEPSICO INC 1.01%
INVESCO LTD 0.89%
BANK OF AMERICA CORP 0.82%
COMCAST CORP-CLASS A 0.77%
AT&T INC 0.72%
VISA INC-CLASS A SHARES 0.68%
ALTRIA GROUP INC 0.63%
CHUBB LTD 0.63%
AMGEN INC 0.59%
BROADCOM LTD 0.58%
MERCK & CO. INC. 0.58%
INTERCONTINENTAL EXCHANGE IN 0.55%
CONOCOPHILLIPS 0.53%
PRICELINE GROUP INC/THE 0.52%
BECTON DICKINSON AND CO 0.51%
KRAFT HEINZ CO/THE 0.51%
RAYTHEON COMPANY 0.51%
SHERWIN-WILLIAMS CO/THE 0.51%
UNITED TECHNOLOGIES CORP 0.51%
WALGREENS BOOTS ALLIANCE INC 0.50%
NORTHROP GRUMMAN CORP 0.49%
TEXAS INSTRUMENTS INC 0.48%
ASSURED GUARANTY LTD 0.47%
CHARTER COMMUNICATIONS INC-A 0.47%
AMERICAN INTERNATIONAL GROUP 0.46%
BIOGEN INC 0.45%
DOW CHEMICAL CO/THE 0.45%
GILEAD SCIENCES INC 0.45%
JAZZ PHARMACEUTICALS PLC 0.45%
NORFOLK SOUTHERN CORP 0.45%
GOLDMAN SACHS GROUP INC 0.44%
DANAHER CORP 0.43%
DR PEPPER SNAPPLE GROUP INC 0.42%
FORTIVE CORP 0.42%
QUALCOMM INC 0.42%
DXC TECHNOLOGY CO 0.40%
CELGENE CORP 0.39%
SIEMENS AG 0.39%
ADOBE SYSTEMS INC 0.38%
COSTCO WHOLESALE CORP 0.38%
DOVER CORP 0.38%
APPLIED MATERIALS INC 0.37%
FORTUNE BRANDS HOME & SECURI 0.37%
JOHNSON CONTROLS INTERNATION 0.37%
ROCKWELL AUTOMATION INC 0.36%
BOSTON SCIENTIFIC CORP 0.35%
CUMMINS INC 0.35%
EOG RESOURCES INC 0.35%
EXELON CORP 0.35%
MASTERCARD INC - A 0.35%
NCSOFT CORP 0.35%
ALIBABA GROUP HOLDING-SP ADR 0.34%
CONSTELLATION BRANDS INC-A 0.34%
WASTE CONNECTIONS INC 0.34%
HILTON WORLDWIDE HOLDINGS IN 0.33%
PINNACLE FOODS INC 0.33%
PRUDENTIAL PLC 0.33%
KOMATSU LTD 0.32%
TJX COMPANIES INC 0.32%
W.R. GRACE & CO 0.32%
CIGNA CORP 0.31%
COLGATE-PALMOLIVE CO 0.31%
EXPEDIA INC 0.31%
HALLIBURTON CO 0.31%
AMERICAN ELECTRIC POWER 0.30%
DENTSPLY SIRONA INC 0.30%
KION GROUP AG 0.30%
MONDELEZ INTERNATIONAL INC-A 0.30%
WALT DISNEY CO/THE 0.30%
AMERICAN AIRLINES GROUP INC 0.29%
P G & E CORP 0.29%
UNITEDHEALTH GROUP INC 0.29%
KROGER CO 0.28%
ROYAL DUTCH SHELL PLC-A SHS 0.28%
WYNN RESORTS LTD 0.28%
REALPAGE INC 0.27%
AMERICAN TOWER CORP 0.26%
FIDELITY NATIONAL INFO SERV 0.26%
KKR & CO LP 0.26%
NRG ENERGY INC 0.26%
QORVO INC 0.26%
TENCENT HOLDINGS LTD 0.26%
YUM CHINA HOLDINGS INC 0.26%
AIRBUS SE 0.25%
BLACKROCK INC 0.25%
GAMING AND LEISURE PROPERTIE 0.25%
INVESTMENT TECHNOLOGY GROUP 0.25%
SUNCOR ENERGY INC 0.25%
CHENIERE ENERGY INC 0.24%
CVS HEALTH CORP 0.24%
HANESBRANDS INC 0.24%
INTUITIVE SURGICAL INC 0.24%
RESTAURANT BRANDS INTERN 0.24%
UBI SOFT ENTERTA 0.24%
VERIZON COMMUNICATIONS INC 0.24%
CAVIUM INC 0.23%
NIKE INC -CL B 0.23%
PENN NATIONAL GAMING INC 0.23%
CISCO SYSTEMS INC 0.22%
HUMANA INC 0.21%
IHS MARKIT LTD 0.21%
O'REILLY AUTOMOTIVE INC 0.21%
REGENERON PHARMACEUTICALS 0.21%
AGILENT TECHNOLOGIES INC 0.20%
LIVE NATION ENTERTAINMENT IN 0.20%
METLIFE INC 0.20%
NEXTERA ENERGY INC 0.20%
PIONEER NAT RES CO 0.20%
WAL-MART STORES INC 0.20%
ANADARKO PETROLEUM CORP 0.19%
MOLSON COORS BREWING CO -B 0.19%
PFIZER INC 0.19%
SCHWAB (CHARLES) CORP 0.19%
ALCOA CORP 0.18%
CENOVUS ENERGY INC 0.18%
SEALED AIR CORP 0.18%
DISH NETWORK CORP-A 0.17%
HAMILTON LANE INC-CLASS A 0.17%
NOBLE ENERGY INC 0.17%
T-MOBILE US INC 0.17%
AMERICAN WATER WORKS CO INC 0.16%
E*TRADE FINANCIAL CORPORATION 0.16%
EDGEWELL PERSONAL CARE CO 0.16%
NXP SEMICONDUCTORS NV 0.16%
ORACLE CORP 0.16%
AMEREN CORPORATION 0.15%
BIOVERATIV INC 0.15%
CR BARD INC 0.15%
EVERBRIDGE INC 0.15%
EXXON MOBIL CORP 0.15%
GODADDY INC - CLASS A 0.15%
LIMITED BRANDS INC 0.15%
MONSTER BEVERAGE CORP 0.15%
SALESFORCE.COM INC 0.15%
BRISTOL-MYERS SQUIBB CO 0.14%
STERICYCLE INC 0.14%
CF INDUSTRIES HOLDINGS INC 0.13%
EDISON INTERNATIONAL 0.13%
HARTFORD FINANCIAL SVCS GRP 0.13%
HP INC 0.13%
INSTRUCTURE INC 0.13%
MCKESSON CORP 0.13%
SYNCHRONY FINANCIAL 0.13%
VULCAN MATERIALS CO 0.13%
CAMPBELL SOUP CO 0.12%
QEP RESOURCES INC 0.12%
SCHLUMBERGER LTD 0.12%
SELECT ENERGY SERVICES INC-A 0.12%
ALBEMARLE CORP 0.11%
ILUKA RESOURCES LTD 0.11%
SEVEN GENERATIONS ENERGY - A 0.11%
CARDINAL HEALTH INC 0.10%
CALPINE CORP 0.09%
EXPRESS SCRIPTS HOLDING CO 0.09%
PLAINS ALL AMER PIPELINE LP 0.09%
EVONIK INDUSTRIES AG 0.08%
LYONDELLBASELL INDU-CL A 0.08%
ENCANA CORP 0.07%
MARATHON OIL CORP 0.07%
TWENTY-FIRST CENTURY FOX-A 0.07%
WESTERN DIGITAL CORP 0.07%
AETNA INC 0.06%
COCA-COLA CO/THE 0.06%
CONYERS PARK ACQUISIT - UNIT 0.05%
KINDER MORGAN INC 0.05%
OPORTUN FIN CORP P/P SERIES H PFD 0.05%
DELIVERY HERO HOLDIN P/P 0.04%
GORES HOLDINGS II INC 0.04%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN F-1 PFD CV P/P 0.03%
OPORTUN FIN G-1 PFD CV P/P 0.03%
OPORTUN FIN D-1 PFD CV P/P 0.01%
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 E-1 PFD CV P/P 0.00%

Full Portfolio Holdings as of 06/30/17

FNMA FN30 TBA 04.5000 07/01/2047 3.19%
US TREASURY N/B 02.0000 11/30/2020 2.60%
APPLE INC 2.13%
US TREASURY N/B 01.1250 03/31/2020 2.00%
ALPHABET INC-CL A 1.90%
MICROSOFT CORP 1.77%
FNMA FN30 TBA 04.0000 07/01/2047 1.56%
GNMA GII30 TBA 03.5000 07/01/2047 1.54%
FNMA FN30 TBA 03.5000 08/01/2047 1.52%
US TREASURY N/B 00.8750 06/15/2019 1.47%
AMAZON.COM INC 1.45%
US TREASURY N/B 01.8750 11/30/2021 1.33%
US TREASURY N/B 02.7500 08/15/2042 1.26%
JPMORGAN CHASE & CO 1.22%
FACEBOOK INC-A 1.18%
JOHNSON & JOHNSON 1.10%
SPDR S&P REGIONAL BANKING 1.09%
HOME DEPOT INC 1.02%
PEPSICO INC 1.01%
INVESCO LTD 0.89%
US TREASURY N/B 02.0000 02/15/2022 0.83%
BANK OF AMERICA CORP 0.82%
COMCAST CORP-CLASS A 0.77%
FNMA FN30 TBA 03.5000 07/01/2047 0.76%
GNMA GII30 TBA 03.0000 07/01/2047 0.75%
US TREASURY N/B 01.3750 09/30/2018 0.74%
AT&T INC 0.72%
FNMA FN30 BC1155 03.0000 06/01/2046 0.71%
US TREASURY N/B 01.1250 12/31/2019 0.70%
VISA INC-CLASS A SHARES 0.68%
ALTRIA GROUP INC 0.63%
CHUBB LTD 0.63%
AMGEN INC 0.59%
BROADCOM LTD 0.58%
MERCK & CO. INC. 0.58%
INTERCONTINENTAL EXCHANGE IN 0.55%
CONOCOPHILLIPS 0.53%
PRICELINE GROUP INC/THE 0.52%
BECTON DICKINSON AND CO 0.51%
KRAFT HEINZ CO/THE 0.51%
RAYTHEON COMPANY 0.51%
SHERWIN-WILLIAMS CO/THE 0.51%
UNITED TECHNOLOGIES CORP 0.51%
WALGREENS BOOTS ALLIANCE INC 0.50%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.49%
NORTHROP GRUMMAN CORP 0.49%
TEXAS INSTRUMENTS INC 0.48%
ASSURED GUARANTY LTD 0.47%
CHARTER COMMUNICATIONS INC-A 0.47%
AMERICAN INTERNATIONAL GROUP 0.46%
BIOGEN INC 0.45%
DOW CHEMICAL CO/THE 0.45%
GILEAD SCIENCES INC 0.45%
JAZZ PHARMACEUTICALS PLC 0.45%
NORFOLK SOUTHERN CORP 0.45%
GOLDMAN SACHS GROUP INC 0.44%
DANAHER CORP 0.43%
DR PEPPER SNAPPLE GROUP INC 0.42%
FORTIVE CORP 0.42%
QUALCOMM INC 0.42%
DXC TECHNOLOGY CO 0.40%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.40%
CELGENE CORP 0.39%
SIEMENS AG 0.39%
ADOBE SYSTEMS INC 0.38%
COSTCO WHOLESALE CORP 0.38%
DOVER CORP 0.38%
APPLIED MATERIALS INC 0.37%
FORTUNE BRANDS HOME & SECURI 0.37%
JOHNSON CONTROLS INTERNATION 0.37%
ROCKWELL AUTOMATION INC 0.36%
BOSTON SCIENTIFIC CORP 0.35%
CUMMINS INC 0.35%
EOG RESOURCES INC 0.35%
EXELON CORP 0.35%
MASTERCARD INC - A 0.35%
NCSOFT CORP 0.35%
ALIBABA GROUP HOLDING-SP ADR 0.34%
CONSTELLATION BRANDS INC-A 0.34%
WASTE CONNECTIONS INC 0.34%
HILTON WORLDWIDE HOLDINGS IN 0.33%
PINNACLE FOODS INC 0.33%
PRUDENTIAL PLC 0.33%
KOMATSU LTD 0.32%
TJX COMPANIES INC 0.32%
W.R. GRACE & CO 0.32%
CIGNA CORP 0.31%
COLGATE-PALMOLIVE CO 0.31%
EXPEDIA INC 0.31%
HALLIBURTON CO 0.31%
AMERICAN ELECTRIC POWER 0.30%
DENTSPLY SIRONA INC 0.30%
KION GROUP AG 0.30%
MONDELEZ INTERNATIONAL INC-A 0.30%
WALT DISNEY CO/THE 0.30%
AMERICAN AIRLINES GROUP INC 0.29%
P G & E CORP 0.29%
UNITEDHEALTH GROUP INC 0.29%
KROGER CO 0.28%
ROYAL DUTCH SHELL PLC-A SHS 0.28%
UBS AG REGS 05.1250 05/15/2024 0.28%
WYNN RESORTS LTD 0.28%
REALPAGE INC 0.27%
AMERICAN TOWER CORP 0.26%
FIDELITY NATIONAL INFO SERV 0.26%
KKR & CO LP 0.26%
NRG ENERGY INC 0.26%
QORVO INC 0.26%
TENCENT HOLDINGS LTD 0.26%
YUM CHINA HOLDINGS INC 0.26%
AIRBUS SE 0.25%
BLACKROCK INC 0.25%
GAMING AND LEISURE PROPERTIE 0.25%
INVESTMENT TECHNOLOGY GROUP 0.25%
SUNCOR ENERGY INC 0.25%
US TREASURY N/B 01.6250 04/30/2019 0.25%
CHENIERE ENERGY INC 0.24%
CVS HEALTH CORP 0.24%
HANESBRANDS INC 0.24%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.24%
INTUITIVE SURGICAL INC 0.24%
RESTAURANT BRANDS INTERN 0.24%
UBI SOFT ENTERTA 0.24%
VERIZON COMMUNICATIONS INC 0.24%
CAVIUM INC 0.23%
NIKE INC -CL B 0.23%
PENN NATIONAL GAMING INC 0.23%
CISCO SYSTEMS INC 0.22%
CREDIT SUISSE GRP AG P/P 144A 04.2820 01/09/2028 0.22%
WEC ENERGY GROUP INC 03.2943 05/15/2067 0.22%
HUMANA INC 0.21%
IHS MARKIT LTD 0.21%
O'REILLY AUTOMOTIVE INC 0.21%
REGENERON PHARMACEUTICALS 0.21%
AGILENT TECHNOLOGIES INC 0.20%
LIVE NATION ENTERTAINMENT IN 0.20%
METLIFE INC 0.20%
NEXTERA ENERGY INC 0.20%
PIONEER NAT RES CO 0.20%
WAL-MART STORES INC 0.20%
ANADARKO PETROLEUM CORP 0.19%
CITIGROUP INC 04.7500 05/18/2046 0.19%
GENERAL ELECTRIC CO 05.0000 12/29/2049 0.19%
HSBC HOLDINGS PLC USD 06.5000 05/02/2036 0.19%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.19%
MOLSON COORS BREWING CO -B 0.19%
PFIZER INC 0.19%
SCHWAB (CHARLES) CORP 0.19%
ALCOA CORP 0.18%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.18%
CENOVUS ENERGY INC 0.18%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.18%
SEALED AIR CORP 0.18%
DISH NETWORK CORP-A 0.17%
HAMILTON LANE INC-CLASS A 0.17%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.17%
NOBLE ENERGY INC 0.17%
T-MOBILE US INC 0.17%
AMERICAN WATER WORKS CO INC 0.16%
BPCE SA P/P 144A 05.1500 07/21/2024 0.16%
E*TRADE FINANCIAL CORPORATION 0.16%
EDGEWELL PERSONAL CARE CO 0.16%
MSC 2012-C4 D P/P 144A 05.6014 03/15/2045 0.16%
NXP SEMICONDUCTORS NV 0.16%
ORACLE CORP 0.16%
TELECOM ITALIA SPA P/P 144A 05.3030 05/30/2024 0.16%
AMEREN CORPORATION 0.15%
AON PLC USD 04.2500 12/12/2042 0.15%
BIOVERATIV INC 0.15%
CR BARD INC 0.15%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.15%
EVERBRIDGE INC 0.15%
EXXON MOBIL CORP 0.15%
GODADDY INC - CLASS A 0.15%
LIMITED BRANDS INC 0.15%
MONSTER BEVERAGE CORP 0.15%
ORACLE CORP 02.6500 07/15/2026 0.15%
ROCKWELL COLLINS INC 04.3500 04/15/2047 0.15%
SALESFORCE.COM INC 0.15%
WESTROCK MWV LLC 08.2000 01/15/2030 0.15%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.14%
BRISTOL-MYERS SQUIBB CO 0.14%
GEORGIA-PACIFIC LLC 07.7500 11/15/2029 0.14%
STERICYCLE INC 0.14%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.13%
CF INDUSTRIES HOLDINGS INC 0.13%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.13%
EDISON INTERNATIONAL 0.13%
HARTFORD FINANCIAL SVCS GRP 0.13%
HP INC 0.13%
INSTRUCTURE INC 0.13%
MCKESSON CORP 0.13%
RABOBANK NEDERLAND P/P 144A 11.0000 12/29/2049 0.13%
SYNCHRONY FINANCIAL 0.13%
VULCAN MATERIALS CO 0.13%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.12%
CAMPBELL SOUP CO 0.12%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.12%
QEP RESOURCES INC 0.12%
SCHLUMBERGER LTD 0.12%
SELECT ENERGY SERVICES INC-A 0.12%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.12%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.12%
ALBEMARLE CORP 0.11%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.11%
HILTON WORLDWIDE FIN P/P 144A 04.8750 04/01/2027 0.11%
ILUKA RESOURCES LTD 0.11%
LIBERTY MUTUAL INSUR P/P 144A 07.6970 10/15/2097 0.11%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.11%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.11%
SEVEN GENERATIONS ENERGY - A 0.11%
BECTON DICKINSON AND CO 04.6690 06/06/2047 0.10%
CARDINAL HEALTH INC 0.10%
CBS CORP 04.6000 01/15/2045 0.10%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.10%
DUKE REALTY LP 04.3750 06/15/2022 0.10%
ENERGY TRANSFER LP 06.5000 02/01/2042 0.10%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.10%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 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%
CALPINE CORP 0.09%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.09%
EXPRESS SCRIPTS HOLDING CO 0.09%
HISTORIC TW INC 09.1500 02/01/2023 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.09%
JPMORGAN CHASE & CO 07.9000 12/29/2049 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%
PLAINS ALL AMER PIPELINE LP 0.09%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
SPECTRA ENERGY CAPITAL LLC 08.0000 10/01/2019 0.09%
WEYERHAEUSER CO 07.3750 03/15/2032 0.09%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.09%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.08%
BURLINGTN NORTH SANTA FE 05.4000 06/01/2041 0.08%
COMM 2013-CR13 AM 04.4490 12/10/2023 0.08%
CROWN CASTLE TOWERS P/P 144A 04.8830 08/15/2020 0.08%
EVONIK INDUSTRIES AG 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 05.5656 08/10/2044 0.08%
JPMBB 2014-C19 C 04.8212 04/15/2047 0.08%
LYONDELLBASELL INDU-CL A 0.08%
MCDONALD'S CORP 05.7000 02/01/2039 0.08%
NEWELL BRANDS INC 04.2000 04/01/2026 0.08%
OWENS CORNING 09.0000 06/15/2019 0.08%
PRIDE INTERNATIONAL LLC 07.8750 08/15/2040 0.08%
TOSCO CORP 08.1250 02/15/2030 0.08%
WFRBS 2013-UBS1 AS 04.3060 03/15/2046 0.08%
WILLIAMS PARTNERS LP 04.3000 03/04/2024 0.08%
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%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.07%
CHARTER COMM OPT LLC P/P 144A 05.3750 05/01/2047 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%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.07%
ENCANA CORP 0.07%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.07%
FNMA FN30 734836 05.0000 08/01/2033 0.07%
GREAT PLAINS ENERGY INC 04.8500 04/01/2047 0.07%
GSMS 2014-GC22 C 04.8006 06/10/2047 0.07%
MARATHON OIL CORP 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%
TWENTY-FIRST CENTURY FOX-A 0.07%
WESTERN DIGITAL CORP 0.07%
AETNA INC 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%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.06%
COCA-COLA CO/THE 0.06%
FNMA FN30 995023 05.5000 08/01/2037 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%
N TX HWY-TXB-B 06.7180 01/01/2049 0.06%
NATIONWIDE MUTUAL P/P 144A 08.2500 12/01/2031 0.06%
NBCUNIVERSAL MEDIA LLC 06.4000 04/30/2040 0.06%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.06%
PACIFIC GAS & ELECTRIC 06.3500 02/15/2038 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 05.8131 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 04.6139 12/10/2047 0.05%
CONYERS PARK ACQUISIT - UNIT 0.05%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.05%
EQT MIDSTREAM PARTNERS L 04.0000 08/01/2024 0.05%
FNMA FN30 555591 05.5000 07/01/2033 0.05%
HEALTHCARE REALTY TRUST INC 03.8750 05/01/2025 0.05%
HESS CORP 07.3000 08/15/2031 0.05%
KINDER MORGAN INC 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 04.5153 08/15/2046 0.05%
MSBAM 2014-C14 C 04.9900 02/15/2047 0.05%
NABORS INDUSTRIES INC 04.6250 09/15/2021 0.05%
NORFOLK SOUTHERN CORP 06.0000 05/23/2111 0.05%
NVR INC 03.9500 09/15/2022 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%
OPORTUN FIN CORP P/P SERIES H PFD 0.05%
PARKER-HANNIFIN CORP 06.2500 05/15/2038 0.05%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 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%
VERIZON COMMUNICATIONS 04.1250 03/16/2027 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.05%
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%
DELIVERY HERO HOLDIN P/P 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%
GORES HOLDINGS II INC 0.04%
HCA INC 05.2500 06/15/2026 0.04%
HOST HOTELS & RESORTS LP 06.0000 10/01/2021 0.04%
KOREAN WON CALL ACCOUNT 0.04%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.04%
MOODY'S CORPORATION P/P 144A 03.2500 01/15/2028 0.04%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.04%
OMNICOM GROUP INC 03.6000 04/15/2026 0.04%
PENSKE TRUCK LE P/P 144A 03.4000 11/15/2026 0.04%
PRUDENTIAL FINANCIAL INC 06.6250 06/21/2040 0.04%
QVC INC 04.8500 04/01/2024 0.04%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 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%
TRAVELERS PPTY CASUALTY 07.7500 04/15/2026 0.04%
21ST CENTURY FOX AMERICA 07.8500 03/01/2039 0.03%
ANHEUSER-BUSCH INBEV 08.2000 01/15/2039 0.03%
ASSURANT INC 06.7500 02/15/2034 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%
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 CABLE COMMUNICAT 09.4550 11/15/2022 0.03%
COMCAST CORP 03.1500 03/01/2026 0.03%
COMCAST CORP 06.5000 11/15/2035 0.03%
CONCHO RESOURCES INC 04.3750 01/15/2025 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%
EASTMAN CHEMICAL CO 03.8000 03/15/2025 0.03%
EMERA US FINANCE LP 03.5500 06/15/2026 0.03%
ENERGY TRANSFER LP 05.2000 02/01/2022 0.03%
ENERGY TRANSFER LP 07.6000 02/01/2024 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%
JPMORGAN CHASE & CO 02.2950 08/15/2021 0.03%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.03%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.03%
LEAR CORP 05.3750 03/15/2024 0.03%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.03%
NOBLE HOLDING INTL LTD USD 06.0500 03/01/2041 0.03%
NORTHROP GRUMMAN SYSTEMS 07.8750 03/01/2026 0.03%
O'REILLY AUTOMOTIVE INC 03.5500 03/15/2026 0.03%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN F-1 PFD CV 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%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 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 03.7500 02/01/2022 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 02.5661 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%
CONSTELLATION BRANDS INC 03.7000 12/06/2026 0.02%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
CYTEC INDUSTRIES INC. 03.5000 04/01/2023 0.02%
DCP MIDSTREAM OPERATING 03.8750 03/15/2023 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%
HILTON DOMESTIC OPER P/P 144A 04.2500 09/01/2024 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%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.02%
JABIL INC 08.2500 03/15/2018 0.02%
KINDER MORGAN INC. 03.0500 12/01/2019 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%
OMEGA HLTHCARE INVES 04.5000 04/01/2027 0.02%
PACIFIC LIFECORP P/P 144A 06.0000 02/10/2020 0.02%
SABINE PASS LIQUEFAC P/P 144A 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%
HCA INC 05.0000 03/15/2024 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%
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%
OPORTUN FIN D-1 PFD CV P/P 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 07/19/2017 BANKAM 0.00%
CAD/USD 07/19/2017 BCAP-FX 0.00%
CAD/USD 07/19/2017 JPMCB 0.00%
CAD/USD 07/19/2017 SSBT 0.00%
CAD/USD 07/19/2017 WPAC 0.00%
CHF/USD 09/20/2017 JPMCB 0.00%
CONTL AIRLINES 1997-4 06.9000 01/02/2018 0.00%
CONTL AIRLINES 1998-1 06.6480 09/15/2017 0.00%
EUR/USD 09/20/2017 GSFX 0.00%
EUR/USD 09/20/2017 SSBT 0.00%
EUR/USD 09/20/2017 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 09/20/2017 BANKAM 0.00%
GBP/USD 09/20/2017 CSI-FX 0.00%
GBP/USD 09/20/2017 SSBT 0.00%
GLENCORE FIN CANADA P/P 144A 06.0000 11/15/2041 0.00%
JPY/USD 08/16/2017 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 E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
EUR/USD 09/20/2017 CITI -0.01%
FNMA FN30 TBA 03.0000 07/01/2047 -1.48%

Prior top 10 holdings

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
Top 10 holdings as of 06/30/17
1: Fnma Fn30 Tba 04.5000 07/01/2047 3.19%
2: Us Treasury N/B 02.0000 11/30/2020 2.60%
3: Apple 2.13%
4: Us Treasury N/B 01.1250 03/31/2020 2.00%
5: Alphabet 1.90%
6: Microsoft 1.77%
7: Fnma Fn30 Tba 04.0000 07/01/2047 1.56%
8: Gnma Gii30 Tba 03.5000 07/01/2047 1.54%
9: Fnma Fn30 Tba 03.5000 08/01/2047 1.52%
10: Us Treasury N/B 00.8750 06/15/2019 1.47%
Holdings represent 19.68% of portfolio
Top 10 holdings as of 05/31/17
1: Fnma Fn30 Tba 04.5000 06/01/2047 3.21%
2: Us Treasury N/B 02.0000 11/30/2020 2.60%
3: Apple 2.31%
4: Us Treasury N/B 01.1250 03/31/2020 2.00%
5: Alphabet 1.90%
6: Microsoft 1.80%
7: Fnma Fn30 Tba 04.0000 06/01/2047 1.57%
8: Gnma Gii30 Tba 03.5000 06/01/2047 1.55%
9: Fnma Fn30 Tba 03.5000 07/01/2047 1.53%
10: Amazon 1.49%
Holdings represent 19.96% of portfolio

Portfolio Composition as of 08/31/17

Common stock 60.01%
Corporate bonds and notes 15.42%
Treasury 12.54%
Agency pass-through 8.71%
Cash and net other assets 1.75%
Commercial MBS 0.84%
Agency 0.47%
Municipal bonds 0.13%
Emerging-market bonds 0.11%
Agency CMO 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 08/31/17

Information technology 25.18%
Financials 14.21%
Health care 13.76%
Consumer discretionary 12.24%
Industrials 9.51%
Consumer staples 8.58%
Energy 5.11%
Materials 3.83%
Utilities 3.37%
 
Other
4.21%
Cash and net other assets 1.75%
Telecommunication services 1.59%
Real estate 0.87%