Putnam Allstate Advisor Plus

Putnam Small Cap Value Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount pursues its objective of long-term capital appreciation by investing in stocks of small companies that are undergoing positive changes. In accordance with its value strategy, it seeks holdings that have below-average price/earnings ratios and that are priced below their long-term business value. The subaccount's focus on low valuation helps to manage the risk associated with investing in small companies.

Sales story

Pursuing capital appreciation through undervalued small companiesSmall companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities to firms with strong research capabilities.A value strategy: The fund focuses on finding small companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Rigorous research: The portfolio managers and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.

Management team

Daily pricing as of 04/20/18

with optional enhanced death benefits
Unit Value $37.957756 $36.921694
Unit Value Change -0.24704 -0.240451

Lipper ranking ‡ as of 03/31/18

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 68% 25/36
1 yr. 87% 39/44
3 yrs. 41% 18/43
5 yrs. 41% 18/43

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.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 Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 256
Turnover (fiscal year end) 398%
Net Assets $147M
Inception Date 04/30/99

Performance

Performance as of 03/31/18

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value -4.49% -4.49% 0.44% 5.71% 8.35% 6.87% 7.47%
Standardized -12.13% -12.13% -7.56% 3.27% 7.46% 6.87% 7.47%
With optional enhanced death benefit
Unit Value -4.53% -4.53% 0.29% 5.55% 8.18% 6.70% 7.30%
Standardized -12.16% -12.16% -7.71% 3.10% 7.29% 6.70% 7.30%
Actual performance
Unit Value -4.49% -4.49% 0.44% 5.71% 8.35% 6.87% 7.48%
Standardized -12.13% -12.13% -7.56% 3.27% 7.46% 6.87% 7.48%
With optional enhanced death benefit
Unit Value -4.53% -4.53% 0.29% 5.55% 8.18% 6.70% 7.32%
Standardized -12.16% -12.16% -7.71% 3.10% 7.29% 6.70% 7.32%

Annual Performance at NAV

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-40.33% 29.43% 23.97% -6.25% 15.60% 37.38% 1.78% -5.77% 25.46% 6.15%
With optional enhanced death benefit
-40.42% 29.23% 23.78% -6.39% 15.43% 37.17% 1.62% -5.92% 25.27% 5.99%

Restated performance

Monthly as of 03/31/18

Unit Value -0.68%
Standardized -8.62%

YTD as of 04/20/18

Unit Value -2.61%
Standardized -10.40%

With optional enhanced death benefit

Monthly as of 03/31/18

Unit Value -0.69%
Standardized -8.63%

YTD as of 04/20/18

Unit Value -2.65%
Standardized -10.44%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Putnam Hartford products are flexible-premium variable annuities issued by Hartford Life and Annuity Insurance Company, Simsbury, CT.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

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.

Risk Characteristics as of 03/31/18

Alpha (%) 0.19
Beta 0.91
R Squared 0.94
Standard Deviation (3 yrs.) 13.09

Holdings

Top 10 holdings as of 03/31/18

Bemis 1.57%
Axalta Coating Systems 1.51%
Dave Buster'S Entertainment 1.37%
Valvoline 1.23%
Avnet 1.21%
Avaya Holdings Corp 1.15%
Assured Guaranty 1.15%
Acadia Healthcare 1.07%
Summit Materials 1.03%
Major Drilling 1.01%
Top 10 holdings, total: 12.30%

Equity Holdings as of 12/31/17

BEMIS COMPANY 1.70%
HAIN CELESTIAL GROUP INC 1.68%
APOGEE ENTERPRISES INC 1.50%
MINERALS TECHNOLOGIES INC 1.49%
PENN VIRGINIA CORP 1.45%
BLOOMIN' BRANDS INC 1.44%
HUB GROUP INC-CL A 1.27%
BRINK'S CO/THE 1.07%
MASTEC INC 1.06%
AZZ INC 1.01%
CAESARS ENTERTAINMENT CORP 1.01%
CELESTICA INC 0.98%
RADIAN GROUP INC 0.97%
KNOLL INC 0.96%
LINN ENERGY INC 0.96%
SILICON MOTION TECHNOL-ADR 0.96%
CRESCENT POINT ENERGY CORP 0.95%
KNOWLES CORP 0.95%
LEGG MASON INC 0.90%
MAJOR DRILLING GROUP INTL 0.90%
SUMMIT MATERIALS INC -CL A 0.87%
SPROUTS FARMERS MARKET INC 0.82%
ENERGEN CORP 0.80%
FRANKLIN ELECTRIC CO INC 0.76%
REXNORD CORP 0.76%
ARES CAPITAL CORP 0.75%
BADGER DAYLIGHTING LTD 0.72%
BROOKDALE SENIOR LIVING INC 0.72%
ASSURED GUARANTY LTD 0.71%
CLEAN HARBORS INC 0.71%
COLFAX CORP 0.69%
ENERSYS 0.68%
HERSHA HOSPITALITY TRUST 0.68%
REGAL BELOIT CORP 0.68%
MATRIX SERVICE CO 0.66%
BRUNSWICK CORP 0.64%
MOTORCAR PARTS OF AMERICA IN 0.64%
SLM CORP 0.64%
OCEAN RIG UDW INC-A 0.62%
CHAPARRAL ENERGY INC-CLASS A 0.61%
FORMFACTOR INC 0.58%
HERITAGE INSURANCE HOLDINGS 0.58%
FLOWERS FOODS INC 0.57%
THERMON GROUP HOLDINGS INC 0.56%
ASTEC INDUSTRIES INC 0.55%
ATKORE INTERNATIONAL GROUP I 0.55%
ENSIGN GROUP INC/THE 0.55%
IMAX CORP 0.55%
KAPSTONE PAPER AND PACKAGING 0.55%
RLJ LODGING TRUST 0.54%
CONDUENT INC 0.53%
INVESTMENT TECHNOLOGY GROUP 0.53%
KOHLS CORP 0.53%
QUANTENNA COMMUNICATIONS INC 0.53%
ROOTS CORP 0.53%
AXALTA COATING SYSTEMS LTD 0.52%
VIRTUS INVESTMENT PARTNERS 0.52%
ENVISION HEALTHCARE CORP 0.51%
TITAN INTERNATIONAL INC 0.51%
US CONCRETE INC 0.51%
OCLARO INC 0.50%
PLAYA HOTELS & RESORTS NV 0.49%
HORIZON GLOBAL CORP 0.48%
KENNEDY-WILSON HOLDINGS INC 0.48%
LUMENTUM HOLDINGS INC 0.48%
MATTEL INC 0.48%
TRIPLEPOINT VENTURE GROWTH B 0.48%
GENER8 MARITIME INC 0.47%
PCSB FINANCIAL CORP 0.47%
ARGO GROUP INTERNATIONAL 0.46%
CAPITOL INVESTMENT CORP IV 0.46%
GLOBAL BRASS & COPPER HOLDIN 0.46%
HERCULES CAPITAL INC 0.46%
JABIL INC 0.46%
OASIS PETROLEUM INC 0.46%
SILVER RUN ACQUISITION COR-A 0.46%
BRIDGE BANCORP INC 0.45%
GRAPHIC PACKAGING HOLDING CO 0.45%
MACOM TECHNOLOGY SOLUTIONS H 0.45%
MIDSTATES PETROLEUM CO INC 0.45%
PARTY CITY HOLDCO INC 0.45%
GOLUB CAPITAL BDC INC 0.44%
SANDRIDGE ENERGY INC 0.44%
SENIOR HOUSING PROP TRUST 0.44%
CARROLS RESTAURANT GROUP INC 0.43%
CLARUS CORP 0.43%
DEUTZ AG 0.43%
BONANZA CREEK ENERGY INC 0.42%
LA QUINTA HOLDINGS INC 0.42%
MAXLINEAR INC 0.42%
NORTHWEST PIPE CO 0.42%
UNIT CORP 0.42%
BROOKS AUTOMATION INC 0.41%
FOSTER (LB) CO-A 0.41%
GRIFFON CORP 0.41%
INSTEEL INDUSTRIES INC 0.41%
MRC GLOBAL INC 0.41%
GENESCO INC 0.40%
LAYNE CHRISTENSEN COMPANY 0.40%
WEATHERFORD INTERNATIONAL PL 0.40%
FIRST INTERNET BANCORP 0.39%
MYR GROUP INC/DELAWARE 0.39%
PETIQ INC 0.39%
SCHNEIDER NATIONAL INC-CL B 0.39%
TIMKENSTEEL CORP 0.39%
ADVANCED ENERGY INDUSTRIES 0.38%
BERKSHIRE HILLS BANCORP INC 0.38%
DMC GLOBAL INC 0.38%
ILG INC 0.38%
CRAFT BREW ALLIANCE INC 0.37%
AMERICAN AXLE & MFG HOLDINGS 0.36%
BROOKLINE BANCORP INC 0.36%
FREIGHTCAR AMERICA INC 0.36%
ICF INTERNATIONAL INC 0.36%
QUANTA SERVICES INC 0.36%
TSAKOS ENERGY NAVIGATION LTD 0.36%
GENTEX CORP 0.35%
INFINERA CORP 0.35%
UNITED COMMUNITY BANKS/GA 0.35%
OWENS-ILLINOIS INC 0.34%
RED LION HOTELS CORP 0.34%
AMERICAN EAGLE OUTFITTERS 0.33%
BENEFICIAL BANCORP INC 0.33%
BLUE HILLS BANCORP INC 0.33%
CIENA CORP 0.33%
ATS AUTOMATION TOOLING SYS 0.32%
VALVOLINE INC 0.32%
MITEL NETWORKS CORP 0.31%
OM ASSET MANAGEMENT PLC 0.31%
AMPLIFY SNACK BRANDS INC 0.30%
ARDAGH GROUP SA 0.30%
ARMSTRONG FLOORING INC 0.30%
FIRST BANCSHARES INC/MS 0.30%
IAMGOLD CORP 0.30%
SILGAN HOLDINGS INC 0.30%
ULTRA PETROLEUM CORP 0.30%
VASCO DATA SECURITY INTL 0.30%
BENCHMARK ELECTRONICS INC 0.29%
NEW YORK & CO 0.29%
OLD NATIONAL BANCORP 0.29%
RANGE RESOURCES CORP 0.29%
DEL FRISCO'S RESTAURANT GROU 0.28%
OLYMPIC STEEL INC 0.28%
RED ROBIN GOURMET BURGERS 0.28%
TPG SPECIALTY LENDING INC 0.28%
CAI INTERNATIONAL INC 0.27%
MULLEN GROUP LTD 0.27%
THE GEO GROUP INC 0.27%
CARPENTER TECHNOLOGY 0.26%
ENERGIZER HOLDINGS INC 0.26%
HYSTER-YALE MATERIALS 0.26%
FABRINET 0.25%
SPEEDWAY MOTORSPORTS INC 0.25%
TRONOX LTD-CL A 0.25%
CENTRAL EUROPEAN MEDIA ENT-A 0.24%
GREENLIGHT CAPITAL RE LTD-A 0.24%
HNI CORP 0.24%
LAREDO PETROLEUM INC 0.24%
SEAWORLD ENTERTAINMENT INC 0.24%
STERLING BANCORP INC/MI 0.24%
STERLING BANCORP/DE 0.24%
TENNECO INC 0.24%
BOOZ ALLEN HAMILTON HOLDINGS 0.23%
SONIC CORP 0.23%
KEY ENERGY SERVICES INC 0.22%
SOLAR CAPITAL LTD 0.22%
OCEANFIRST FINANCIAL CORP 0.21%
PATTERSON-UTI ENERGY INC 0.21%
TCP CAPITAL CORP 0.21%
VISTA OUTDOOR INC 0.21%
CLIFTON BANCORP INC 0.20%
CLIPPER REALTY INC 0.20%
CRANE CO 0.20%
FIESTA RESTAURANT GROUP 0.20%
FOOT LOCKER INC 0.20%
MUELLER INDUSTRIES INC 0.20%
NCR CORPORATION 0.20%
OAKTREE SPECIALTY LENDING CO 0.20%
INPHI CORP 0.19%
MUELLER WATER PRODUCTS INC-A 0.19%
ORION ENGINEERED CARBONS SA 0.18%
TTM TECHNOLOGIES 0.18%
WILLIAMS SCOTSMAN CORP 0.18%
EASTERLY ACQUISITION CORP 0.17%
HALCON RESOURCES CORP 0.17%
OVERSEAS SHIPHOLDING GROUP-A 0.17%
ANIXTER INTERNATIONAL INC 0.16%
FINISAR CORPORATION 0.16%
LEGACYTEXAS FINANCIAL GROUP 0.16%
MERIDIAN BANCORP INC 0.16%
ACACIA COMMUNICATIONS INC 0.15%
J2 GLOBAL INC 0.15%
MARTINREA INTERNATIONAL INC 0.15%
SOUTHWESTERN ENERGY CO 0.15%
AMERICAN OUTDOOR BRANDS CORP 0.14%
B&G FOODS INC 0.14%
CORE MOLDING TECHNOLOGIES IN 0.14%
DONEGAL GROUP INC-CL A 0.14%
HARDWOODS DISTRIBUTION INC 0.14%
HARBORONE BANCORP INC 0.13%
HELIX ENERGY SOLUTIONS GROUP 0.13%
PERRY ELLIS INTERNATIONAL 0.13%
SEACHANGE INTERNATIONAL INC 0.13%
FLUSHING FINANCIAL CORP 0.12%
FRANCESCAS HOLDINGS CORP 0.12%
FULTON FINANCIAL CORP 0.12%
KBR INC 0.12%
MATSON INC 0.12%
FIREEYE INC 0.11%
GULF ISLAND FABRICATION INC 0.11%
JMP GROUP LLC 0.11%
SUMMIT HOTEL PROPERTIES INC 0.11%
CLEVELAND-CLIFFS INC 0.10%
LOUISIANA-PACIFIC CORP 0.10%
STURM RUGER & CO INC 0.10%
TECSYS INC 0.10%
BARNES & NOBLE INC 0.09%
BLACK DIAMOND GROUP LTD 0.08%
SAFE BULKERS INC 0.08%
STAR BULK CARRIERS CORP 0.08%
UNIVERSAL STAINLESS & ALLOY 0.08%
GDI INTEGRATED FACILITY SERV 0.07%
DILLARDS INC-CL A 0.06%
NATIONAL CINEMEDIA INC 0.06%
AGROFRESH SOLUTIONS INC 0.05%
AMIRA NATURE FOODS LTD 0.05%
FLOWSERVE CORP 0.05%
INDIGO BOOKS & MUSIC INC 0.05%
PC-TEL INC 0.05%
SILVERBOW RESOURCES INC 0.05%
AMERICAN RAILCAR INDUSTRIES 0.04%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Full Portfolio Holdings as of 12/31/17

BEMIS COMPANY 1.70%
HAIN CELESTIAL GROUP INC 1.68%
APOGEE ENTERPRISES INC 1.50%
MINERALS TECHNOLOGIES INC 1.49%
PENN VIRGINIA CORP 1.45%
BLOOMIN' BRANDS INC 1.44%
HUB GROUP INC-CL A 1.27%
BRINK'S CO/THE 1.07%
MASTEC INC 1.06%
AZZ INC 1.01%
CAESARS ENTERTAINMENT CORP 1.01%
CELESTICA INC 0.98%
RADIAN GROUP INC 0.97%
KNOLL INC 0.96%
LINN ENERGY INC 0.96%
SILICON MOTION TECHNOL-ADR 0.96%
CRESCENT POINT ENERGY CORP 0.95%
KNOWLES CORP 0.95%
LEGG MASON INC 0.90%
MAJOR DRILLING GROUP INTL 0.90%
SUMMIT MATERIALS INC -CL A 0.87%
SPROUTS FARMERS MARKET INC 0.82%
ENERGEN CORP 0.80%
FRANKLIN ELECTRIC CO INC 0.76%
REXNORD CORP 0.76%
ARES CAPITAL CORP 0.75%
BADGER DAYLIGHTING LTD 0.72%
BROOKDALE SENIOR LIVING INC 0.72%
ASSURED GUARANTY LTD 0.71%
CLEAN HARBORS INC 0.71%
COLFAX CORP 0.69%
ENERSYS 0.68%
HERSHA HOSPITALITY TRUST 0.68%
REGAL BELOIT CORP 0.68%
MATRIX SERVICE CO 0.66%
BRUNSWICK CORP 0.64%
MOTORCAR PARTS OF AMERICA IN 0.64%
SLM CORP 0.64%
OCEAN RIG UDW INC-A 0.62%
CHAPARRAL ENERGY INC-CLASS A 0.61%
FORMFACTOR INC 0.58%
HERITAGE INSURANCE HOLDINGS 0.58%
FLOWERS FOODS INC 0.57%
THERMON GROUP HOLDINGS INC 0.56%
ASTEC INDUSTRIES INC 0.55%
ATKORE INTERNATIONAL GROUP I 0.55%
ENSIGN GROUP INC/THE 0.55%
IMAX CORP 0.55%
KAPSTONE PAPER AND PACKAGING 0.55%
RLJ LODGING TRUST 0.54%
CONDUENT INC 0.53%
INVESTMENT TECHNOLOGY GROUP 0.53%
KOHLS CORP 0.53%
QUANTENNA COMMUNICATIONS INC 0.53%
ROOTS CORP 0.53%
AXALTA COATING SYSTEMS LTD 0.52%
VIRTUS INVESTMENT PARTNERS 0.52%
ENVISION HEALTHCARE CORP 0.51%
TITAN INTERNATIONAL INC 0.51%
US CONCRETE INC 0.51%
OCLARO INC 0.50%
PLAYA HOTELS & RESORTS NV 0.49%
HORIZON GLOBAL CORP 0.48%
KENNEDY-WILSON HOLDINGS INC 0.48%
LUMENTUM HOLDINGS INC 0.48%
MATTEL INC 0.48%
TRIPLEPOINT VENTURE GROWTH B 0.48%
GENER8 MARITIME INC 0.47%
PCSB FINANCIAL CORP 0.47%
ARGO GROUP INTERNATIONAL 0.46%
CAPITOL INVESTMENT CORP IV 0.46%
GLOBAL BRASS & COPPER HOLDIN 0.46%
HERCULES CAPITAL INC 0.46%
JABIL INC 0.46%
OASIS PETROLEUM INC 0.46%
SILVER RUN ACQUISITION COR-A 0.46%
BRIDGE BANCORP INC 0.45%
GRAPHIC PACKAGING HOLDING CO 0.45%
MACOM TECHNOLOGY SOLUTIONS H 0.45%
MIDSTATES PETROLEUM CO INC 0.45%
PARTY CITY HOLDCO INC 0.45%
GOLUB CAPITAL BDC INC 0.44%
SANDRIDGE ENERGY INC 0.44%
SENIOR HOUSING PROP TRUST 0.44%
CARROLS RESTAURANT GROUP INC 0.43%
CLARUS CORP 0.43%
DEUTZ AG 0.43%
BONANZA CREEK ENERGY INC 0.42%
LA QUINTA HOLDINGS INC 0.42%
MAXLINEAR INC 0.42%
NORTHWEST PIPE CO 0.42%
UNIT CORP 0.42%
BROOKS AUTOMATION INC 0.41%
FOSTER (LB) CO-A 0.41%
GRIFFON CORP 0.41%
INSTEEL INDUSTRIES INC 0.41%
MRC GLOBAL INC 0.41%
GENESCO INC 0.40%
LAYNE CHRISTENSEN COMPANY 0.40%
WEATHERFORD INTERNATIONAL PL 0.40%
FIRST INTERNET BANCORP 0.39%
MYR GROUP INC/DELAWARE 0.39%
PETIQ INC 0.39%
SCHNEIDER NATIONAL INC-CL B 0.39%
TIMKENSTEEL CORP 0.39%
ADVANCED ENERGY INDUSTRIES 0.38%
BERKSHIRE HILLS BANCORP INC 0.38%
DMC GLOBAL INC 0.38%
ILG INC 0.38%
CRAFT BREW ALLIANCE INC 0.37%
AMERICAN AXLE & MFG HOLDINGS 0.36%
BROOKLINE BANCORP INC 0.36%
FREIGHTCAR AMERICA INC 0.36%
ICF INTERNATIONAL INC 0.36%
QUANTA SERVICES INC 0.36%
TSAKOS ENERGY NAVIGATION LTD 0.36%
GENTEX CORP 0.35%
INFINERA CORP 0.35%
UNITED COMMUNITY BANKS/GA 0.35%
OWENS-ILLINOIS INC 0.34%
RED LION HOTELS CORP 0.34%
AMERICAN EAGLE OUTFITTERS 0.33%
BENEFICIAL BANCORP INC 0.33%
BLUE HILLS BANCORP INC 0.33%
CIENA CORP 0.33%
ATS AUTOMATION TOOLING SYS 0.32%
VALVOLINE INC 0.32%
MITEL NETWORKS CORP 0.31%
OM ASSET MANAGEMENT PLC 0.31%
AMPLIFY SNACK BRANDS INC 0.30%
ARDAGH GROUP SA 0.30%
ARMSTRONG FLOORING INC 0.30%
FIRST BANCSHARES INC/MS 0.30%
IAMGOLD CORP 0.30%
SILGAN HOLDINGS INC 0.30%
ULTRA PETROLEUM CORP 0.30%
VASCO DATA SECURITY INTL 0.30%
BENCHMARK ELECTRONICS INC 0.29%
NEW YORK & CO 0.29%
OLD NATIONAL BANCORP 0.29%
RANGE RESOURCES CORP 0.29%
DEL FRISCO'S RESTAURANT GROU 0.28%
OLYMPIC STEEL INC 0.28%
RED ROBIN GOURMET BURGERS 0.28%
TPG SPECIALTY LENDING INC 0.28%
CAI INTERNATIONAL INC 0.27%
MULLEN GROUP LTD 0.27%
THE GEO GROUP INC 0.27%
CARPENTER TECHNOLOGY 0.26%
ENERGIZER HOLDINGS INC 0.26%
HYSTER-YALE MATERIALS 0.26%
FABRINET 0.25%
SPEEDWAY MOTORSPORTS INC 0.25%
TRONOX LTD-CL A 0.25%
CENTRAL EUROPEAN MEDIA ENT-A 0.24%
GREENLIGHT CAPITAL RE LTD-A 0.24%
HNI CORP 0.24%
LAREDO PETROLEUM INC 0.24%
SEAWORLD ENTERTAINMENT INC 0.24%
STERLING BANCORP INC/MI 0.24%
STERLING BANCORP/DE 0.24%
TENNECO INC 0.24%
BOOZ ALLEN HAMILTON HOLDINGS 0.23%
SONIC CORP 0.23%
KEY ENERGY SERVICES INC 0.22%
SOLAR CAPITAL LTD 0.22%
OCEANFIRST FINANCIAL CORP 0.21%
PATTERSON-UTI ENERGY INC 0.21%
TCP CAPITAL CORP 0.21%
VISTA OUTDOOR INC 0.21%
CLIFTON BANCORP INC 0.20%
CLIPPER REALTY INC 0.20%
CRANE CO 0.20%
FIESTA RESTAURANT GROUP 0.20%
FOOT LOCKER INC 0.20%
MUELLER INDUSTRIES INC 0.20%
NCR CORPORATION 0.20%
OAKTREE SPECIALTY LENDING CO 0.20%
INPHI CORP 0.19%
MUELLER WATER PRODUCTS INC-A 0.19%
CANADIAN DOLLAR ACCOUNT 0.18%
IWM 20180316 P 142.00GSI 0.18%
ORION ENGINEERED CARBONS SA 0.18%
TTM TECHNOLOGIES 0.18%
WILLIAMS SCOTSMAN CORP 0.18%
EASTERLY ACQUISITION CORP 0.17%
HALCON RESOURCES CORP 0.17%
OVERSEAS SHIPHOLDING GROUP-A 0.17%
ANIXTER INTERNATIONAL INC 0.16%
FINISAR CORPORATION 0.16%
LEGACYTEXAS FINANCIAL GROUP 0.16%
MERIDIAN BANCORP INC 0.16%
ACACIA COMMUNICATIONS INC 0.15%
IWM 20180316 P 145.00CITI 0.15%
J2 GLOBAL INC 0.15%
MARTINREA INTERNATIONAL INC 0.15%
SOUTHWESTERN ENERGY CO 0.15%
AMERICAN OUTDOOR BRANDS CORP 0.14%
B&G FOODS INC 0.14%
CORE MOLDING TECHNOLOGIES IN 0.14%
DONEGAL GROUP INC-CL A 0.14%
HARDWOODS DISTRIBUTION INC 0.14%
HARBORONE BANCORP INC 0.13%
HELIX ENERGY SOLUTIONS GROUP 0.13%
PERRY ELLIS INTERNATIONAL 0.13%
SEACHANGE INTERNATIONAL INC 0.13%
FLUSHING FINANCIAL CORP 0.12%
FRANCESCAS HOLDINGS CORP 0.12%
FULTON FINANCIAL CORP 0.12%
KBR INC 0.12%
MATSON INC 0.12%
FIREEYE INC 0.11%
GULF ISLAND FABRICATION INC 0.11%
JMP GROUP LLC 0.11%
SUMMIT HOTEL PROPERTIES INC 0.11%
CLEVELAND-CLIFFS INC 0.10%
LOUISIANA-PACIFIC CORP 0.10%
STURM RUGER & CO INC 0.10%
TECSYS INC 0.10%
BARNES & NOBLE INC 0.09%
BLACK DIAMOND GROUP LTD 0.08%
SAFE BULKERS INC 0.08%
STAR BULK CARRIERS CORP 0.08%
UNIVERSAL STAINLESS & ALLOY 0.08%
GDI INTEGRATED FACILITY SERV 0.07%
DILLARDS INC-CL A 0.06%
IWM 20180316 P 146.00UBS 0.06%
NATIONAL CINEMEDIA INC 0.06%
AGROFRESH SOLUTIONS INC 0.05%
AMIRA NATURE FOODS LTD 0.05%
FLOWSERVE CORP 0.05%
INDIGO BOOKS & MUSIC INC 0.05%
PC-TEL INC 0.05%
SILVERBOW RESOURCES INC 0.05%
AMERICAN RAILCAR INDUSTRIES 0.04%
AEO 20180119 C 20.00UBS 0.00%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
CRS 20180119 P 50.00UBS 0.00%
FERROGLOBE REPRESENTATION & 0.00%
KSS 20180119 P 52.00CITI 0.00%
KSS 20180119 P 53.00CITI 0.00%
LITE 20180119 P 47.50UBS 0.00%
LITE 20180119 P 50.00UBS 0.00%
FNSR 20180119 P 23.00BCBP -0.01%
KSS 20180119 P 55.00CSI -0.01%
IWM 20180316 P 138.00UBS -0.03%
IWM 20180316 P 137.00CITI -0.07%
IWM 20180316 P 132.00GSI -0.08%

Prior top 10 holdings

Top 10 holdings as of 03/31/18
1: Bemis 1.57%
2: Axalta Coating Systems 1.51%
3: Dave Buster'S Entertainment 1.37%
4: Valvoline 1.23%
5: Avnet 1.21%
6: Avaya Holdings Corp 1.15%
7: Assured Guaranty 1.15%
8: Acadia Healthcare 1.07%
9: Summit Materials 1.03%
10: Major Drilling 1.01%
Holdings represent 12.30% of portfolio
Top 10 holdings as of 02/28/18
1: Dave Buster'S Entertainment 1.75%
2: Bemis 1.50%
3: Minerals Technologies 1.30%
4: Bloomin' Brands 1.20%
5: Axalta Coating Systems 1.12%
6: Assured Guaranty 1.10%
7: Nine Energy Service 1.01%
8: Walker Dunlop 0.99%
9: Energen Corp 0.98%
10: Ocean Rig Udw 0.96%
Holdings represent 11.91% of portfolio
Top 10 holdings as of 01/31/18
1: Dave Buster'S Entertainment 1.76%
2: Bemis 1.43%
3: Minerals Technologies 1.42%
4: Bloomin' Brands 1.36%
5: Hain Celestial Group The 1.23%
6: Walker Dunlop 1.01%
7: Assured Guaranty 0.97%
8: Summit Materials 0.95%
9: Hersha Hospitality Trust 0.91%
10: Caesars Entertainment Corp 0.90%
Holdings represent 11.94% of portfolio
Top 10 holdings as of 12/31/17
1: Bemis 1.70%
2: Hain Celestial Group The 1.68%
3: Apogee Enterprises 1.50%
4: Minerals Technologies 1.49%
5: Bloomin' Brands 1.44%
6: Penn Virginia Corp 1.44%
7: Hub Group 1.27%
8: Brink'S The 1.06%
9: Mastec 1.06%
10: Caesars Entertainment Corp 1.01%
Holdings represent 13.65% of portfolio

Portfolio Composition as of 03/31/18

Common stock 97.64%
Cash and net other assets 2.36%

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.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.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

Industrials 20.83%
Information technology 15.84%
Consumer discretionary 15.36%
Financials 12.86%
Materials 12.80%
Energy 8.51%
Real estate 5.57%
Consumer staples 3.41%
Health care 2.46%
 
Other
2.36%
Cash and net other assets 2.36%

Expenses

Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.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.

CDSC

Year Percent
1 8.00%
2 8.00%
3 8.00%
4 7.00%
5 6.00%
6 5.00%
7 4.00%
8 3.00%
9+ 0.00%