Asset Allocation-Separate Accounts

% Cash, % US Stocks, % Non-US Stocks, % Bonds, % Other

A breakdown of the separate account’s representative holdings, as of the date listed, into general investment classes. Cash encompasses both actual cash and cash equivalents (fixed-income securities with a maturity of one year or less) held by the portfolio plus receivables minus payables. Stocks include only the portfolio’s common stocks. Bonds include everything from government notes to high-yield corporate bonds. Other includes preferred stocks (equity securities that pay dividends at a specific rate) as well as convertible bonds and convertible preferreds, which are corporate securities that are exchangeable for a set amount of another form of security (usually common shares) at a prestated price. Other also denotes all those not-so-neatly categorized securities, such as warrants and options. When listed, U.S stocks reflects the portion of the portfolio invested in domestic companies, while Non-U.S. Stocks reflects the portion of the portfolio invested in Non-U.S. companies. The composition is obtained from quarterly separate account surveys and separate account portfolios.

Total Number of Holdings

The total number of different holdings in the representative holdings of  a separate account. This figure is meant to be a measure of portfolio risk. Specifically, the lower the figure, the more concentrated the separate account is in a few companies or issues, and the more the separate account is susceptible to the market fluctuations in these few holdings. This figure also provides a context for the importance of % assets in top 10 holdings. The figure is calculated from the most recent available separate account representative holdings. It does not include a separate account’s short positions.

% Assets in Top 10 Holdings

The aggregate assets, expressed as a percentage, of the separate account's top 10 representative holdings. This figure is meant to be a measure of portfolio risk. Specifically, the higher the percentage, the more concentrated the separate account is in a few companies or issues, and the more the separate account is susceptible to the market fluctuations in these few holdings. The figure is calculated from the most recent available separate account holdings.

Portfolio Date

The date of the most recent portfolio of the separate account, taken from representative holdings information provided to Morningstar by the asset management firm running the separate account.