Putnam Allstate Advisor Preferred

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 08/16/18

with optional enhanced death benefits
Unit Value $37.911879 $36.868992
Unit Value Change 0.330862 0.321612

Lipper ranking ‡ as of 07/31/18

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 45% 15/33
1 yr. 90% 35/38
3 yrs. 65% 25/38
5 yrs. 40% 15/37

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 07/31/18

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 211
Turnover (fiscal year end) 398%
Net Assets $154M
Inception Date 04/30/99

Performance

Performance as of 06/30/18

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 6.81% 2.00% 6.76% 7.56% 8.91% 8.02% 7.68%
Standardized 4.81% 0.00% 4.76% 7.56% 8.91% 8.02% 7.68%
With optional enhanced death benefit
Unit Value 6.77% 1.92% 6.60% 7.39% 8.75% 7.85% 7.52%
Standardized 4.77% -0.08% 4.60% 7.39% 8.75% 7.85% 7.52%
Actual performance
Unit Value 6.81% 2.00% 6.76% 7.56% 8.91% 8.02% 7.74%
Standardized 4.81% 0.00% 4.76% 7.56% 8.91% 8.02% 7.74%
With optional enhanced death benefit
Unit Value -- -- -- -- -- -- --
Standardized -- -- -- -- -- -- --

Annual Performance at NAV

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-40.36% 29.36% 23.91% -6.30% 15.54% 37.31% 1.73% -5.82% 25.40% 6.10%
With optional enhanced death benefit
-40.46% 29.16% 23.72% -6.44% 15.37% 37.10% 1.57% -5.96% 25.21% 5.94%

Restated performance

Monthly as of 07/31/18

Unit Value 1.52%
Standardized -0.48%

YTD as of 08/16/18

Unit Value 1.95%
Standardized -0.05%

With optional enhanced death benefit

Monthly as of 07/31/18

Unit Value 1.51%
Standardized -0.49%

YTD as of 08/16/18

Unit Value 1.86%
Standardized -0.14%

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 07/31/18

Alpha (%) -1.29
Beta 0.92
R Squared 0.95
Standard Deviation (3 yrs.) 13.21

Holdings

Top 10 holdings as of 07/31/18

Synaptics 1.77%
Vermilion Energy 1.74%
Valvoline 1.62%
Clean Harbors 1.61%
Dave Buster'S Entertainment 1.44%
Outfront Media 1.31%
Booz Allen Hamilton Holding Corp 1.29%
Belden 1.24%
Hersha Hospitality Trust 1.19%
Acadia Healthcare 1.17%
Top 10 holdings, total: 14.38%

Equity Holdings as of 06/30/18

VERMILION ENERGY INC 2.03%
BELDEN INC 1.79%
SYNAPTICS INC 1.58%
ACADIA HEALTHCARE CO INC 1.53%
CLEAN HARBORS INC 1.48%
VALVOLINE INC 1.44%
BUILDERS FIRSTSOURCE INC 1.36%
AXALTA COATING SYSTEMS LTD 1.26%
GRUMA S.A.B.-B 1.21%
BOARDWALK PIPELINE PARTNERS 1.20%
DAVE & BUSTER'S ENTERTAINMEN 1.13%
BOOZ ALLEN HAMILTON HOLDINGS 1.06%
BADGER DAYLIGHTING LTD 1.05%
MAJOR DRILLING GROUP INTL 1.05%
ASPEN INSURANCE HOLDINGS LTD 1.02%
KNOWLES CORP 1.02%
HERSHA HOSPITALITY TRUST 0.99%
CASEYS GENERAL 0.95%
RLJ LODGING TRUST 0.95%
GRAY TELEVISION INC 0.93%
CYPRESS SEMICONDUCTOR CORP 0.91%
RED ROBIN GOURMET BURGERS 0.91%
LINN ENERGY INC 0.89%
OUTFRONT MEDIA INC 0.87%
US CONCRETE INC 0.87%
KENNEDY-WILSON HOLDINGS INC 0.86%
US XPRESS ENTERPRISES INC -A 0.83%
HANESBRANDS INC 0.82%
TEGNA INC 0.81%
FOREST CITY REALTY TRUST- A 0.80%
REV GROUP INC 0.78%
FERRO CORP 0.76%
KBR INC 0.76%
REALOGY HOLDINGS CORP 0.75%
WERNER ENTERPRISES INC 0.74%
SANDRIDGE ENERGY INC 0.72%
HUNTSMAN CORP 0.71%
LIONS GATE ENTERTAINMENT-A 0.70%
CHICO S FAS INC 0.69%
CHAPARRAL ENERGY INC-CLASS A 0.64%
ALTA MESA RESOURCES INC 0.63%
BEMIS COMPANY 0.61%
SPROUTS FARMERS MARKET INC 0.60%
GAMING AND LEISURE PROPERTIE 0.59%
IBERIABANK CORP 0.59%
BLOOMIN' BRANDS INC 0.58%
TIVO CORP 0.57%
AIR TRANSPORT SERVICES GROUP 0.56%
ARES CAPITAL CORP 0.56%
CECO ENVIRONMENTAL CORP 0.56%
HAIN CELESTIAL GROUP INC 0.56%
MICHAELS COS INC/THE 0.56%
CLARUS CORP 0.54%
FRANCESCAS HOLDINGS CORP 0.54%
STOLT-NIELSEN LTD 0.53%
TECH DATA CORP 0.53%
PATTERSON-UTI ENERGY INC 0.52%
DEUTZ AG 0.51%
CAI INTERNATIONAL INC 0.50%
OLYMPIC STEEL INC 0.50%
TRIPLEPOINT VENTURE GROWTH B 0.50%
BROOKDALE SENIOR LIVING INC 0.49%
CAPITOL INVESTMENT CORP IV 0.49%
MANITEX INTERNATIONAL INC 0.49%
NN INC 0.49%
PACIFIC PREMIER BANCORP INC 0.49%
VIPSHOP HOLDINGS LTD - ADR 0.49%
SHELF DRILLING LTD 0.48%
COOPER TIRE & RUBBER 0.47%
BIG LOTS INC 0.46%
MIDSTATES PETROLEUM CO INC 0.46%
EXTREME NETWORKS INC 0.45%
GATES INDUSTRIAL CORP PLC 0.45%
GRAFTECH INTERNATIONAL LTD 0.45%
NEWFIELD EXPLORATION CO 0.45%
AMERICAN EQUITY INVT LIFE HL 0.44%
CINEPLEX INC 0.44%
DONNELLEY FINANCIAL SOLUTION 0.44%
GENESCO INC 0.44%
JABIL INC 0.44%
NEOPHOTONICS CORP 0.43%
QUILTER PLC 0.43%
TRINIDAD DRILLING LTD 0.43%
FGL HOLDINGS 0.42%
LEGACYTEXAS FINANCIAL GROUP 0.42%
PERSPECTA INC 0.42%
DEL TACO RESTAURANTS INC 0.41%
SOLAR CAPITAL LTD 0.41%
OMNOVA SOLUTIONS INC 0.40%
AVAYA HOLDINGS CORP 0.39%
GEOSPACE TECHNOLOGIES CORP 0.39%
JELD-WEN HOLDING INC 0.39%
SELECT MEDICAL HOLDINGS CORP 0.39%
ATS AUTOMATION TOOLING SYS 0.38%
EVOQUA WATER TECHNOLOGIES CO 0.38%
GRIFFON CORP 0.38%
HOLLYSYS AUTOMATION TECHNOLO 0.38%
GOLUB CAPITAL BDC INC 0.37%
HORTONWORKS INC 0.37%
MACOM TECHNOLOGY SOLUTIONS H 0.37%
VENATOR MATERIALS PLC 0.37%
GREAT LAKES DREDGE & DOCK CO 0.36%
SHELL MIDSTREAM PARTNERS LP 0.36%
SPORTSMAN'S WAREHOUSE HOLDIN 0.36%
CAESARS ENTERTAINMENT CORP 0.35%
EL POLLO LOCO HOLDINGS INC 0.35%
BRIDGEPOINT EDUCATION INC 0.34%
HOME BANCSHARES INC 0.34%
NOBLE MIDSTREAM PARTNERS LP 0.34%
PANHANDLE OIL AND GAS INC-A 0.34%
POTBELLY CORP 0.34%
SEVEN GENERATIONS ENERGY - A 0.34%
TESSCO TECHNOLOGIES INC 0.34%
ENERGEN CORP 0.33%
MEREDITH CORP 0.33%
INVESTORS BANCORP INC 0.32%
TURNING POINT BRANDS INC 0.32%
LEGG MASON INC 0.31%
STEELCASE INC-CL A 0.31%
TRISTATE CAPITAL HLDGS INC 0.31%
TRONOX LTD-CL A 0.31%
BANCORP INC/THE 0.30%
DEL FRISCO'S RESTAURANT GROU 0.30%
INDEPENDENT BANK GROUP INC 0.30%
INFRAREIT INC 0.30%
SUNOCO LP 0.30%
VICTORY CAPITAL HOLDING - A 0.30%
BLUE HILLS BANCORP INC 0.29%
FCB FINANCIAL HOLDINGS-CL A 0.29%
PILGRIM'S PRIDE CORP 0.29%
SCREEN HOLDINGS CO LTD 0.29%
ARTISAN PARTNERS ASSET MA -A 0.28%
CERAGON NETWORKS LTD 0.28%
CHINA TRADITIONAL CHINESE ME 0.28%
FLOWSERVE CORP 0.28%
NATURAL GAS SERVICES GROUP 0.28%
TERRITORIAL BANCORP INC 0.28%
CONVERGYS CORP 0.27%
EMCORE CORP 0.27%
GREENBRIER COMPANIES INC 0.27%
AECON GROUP INC 0.26%
DAKTRONICS INC 0.26%
DRIL-QUIP INC 0.26%
EQT MIDSTREAM PARTNERS LP 0.26%
EQUITY BANCSHARES INC - CL A 0.26%
MCBC HOLDINGS INC 0.26%
MVC CAPITAL 0.26%
TRINITY INDUSTRIES INC 0.26%
DICKS SPORTING 0.25%
LILIS ENERGY INC 0.25%
HOLLY ENERGY PARTNERS LP 0.24%
NUANCE COMMUNICATIONS INC 0.24%
BANK OF N.T. BUTTERFIELD&SON 0.21%
LUXFER HOLDINGS PLC 0.21%
MANITOWOC COMPANY INC 0.21%
ROOTS CORP 0.21%
SPARTAN MOTORS INC 0.21%
BELMOND LTD-CLASS A 0.20%
COMMERCIAL VEHICLE GROUP INC 0.20%
DATAWATCH CORP 0.20%
DOMINION ENERGY MIDSTREAM PA 0.20%
HEARTLAND EXPRESS INC 0.20%
KEARNY FINANCIAL CORP/MD 0.20%
OSHKOSH CORP 0.20%
VAREX IMAGING CORP 0.20%
HECLA MINING CO 0.19%
MULLEN GROUP LTD 0.19%
CONS TOMOKA LAND CO-FLORIDA 0.18%
CONTROLADORA VUELA CIA-ADR 0.18%
HUDSON'S BAY CO 0.18%
KIRKLANDS INC 0.18%
GLATFELTER 0.17%
LORAL SPACE AND COMMUNICATIONS 0.17%
PERRY ELLIS INTERNATIONAL 0.17%
POWELL INDUSTRIES INC 0.17%
TIMKENSTEEL CORP 0.17%
WILLSCOT CORP 0.17%
DEAN FOODS CO 0.16%
ELECTRO SCIENTIFIC INDS INC 0.16%
LSI INDUSTRIES INC 0.16%
SCHNEIDER NATIONAL INC-CL B 0.16%
TRICO BANCSHARES 0.16%
ADVANCED ENERGY INDUSTRIES 0.15%
ALLEGHENY TECHNOLOGIES INC 0.15%
BMC STOCK HOLDINGS INC 0.15%
MONEYGRAM INTERNATIONAL INC 0.15%
QUANTA SERVICES INC 0.15%
AMPLIFY ENERGY CORP 0.14%
BRISTOW GROUP INC 0.14%
VOXX INTERNATIONAL CORP 0.14%
TITAN MACHINERY INC 0.13%
RPC INC 0.12%
TRINITY PLACE HOLDINGS INC 0.12%
DYCOM INDUSTRIES INC 0.11%
HAYNES INTERNATIONAL INC 0.11%
KNIGHT-SWIFT TRANSPORTATION 0.11%
SELECT ENERGY SERVICES INC-A 0.11%
ULTRA CLEAN HOLDINGS INC 0.11%
VECTRUS INC 0.11%
CRAFT BREW ALLIANCE INC 0.10%
CRESTWOOD EQUITY PARTNERS LP 0.10%
GOODYEAR TIRE & RUBBER CO 0.10%
MAGELLAN HEALTH INC 0.10%
PROPETRO HOLDING CORP 0.10%
SPIRIT AIRLINES INC 0.10%
USG CORP 0.10%
WESTERN ALLIANCE BANCORP 0.10%
AMERICAN OUTDOOR BRANDS CORP 0.09%
HUB GROUP INC-CL A 0.09%
STERLING CONSTRUCTION CO 0.09%
TEXTAINER GROUP HOLDINGS LTD 0.09%
TILLY'S INC-CLASS A SHRS 0.08%
TRITON INTERNATIONAL LTD/BER 0.08%
AMPCO-PITTSBURGH CORP 0.07%
TSAKOS ENERGY NAVIGATION LTD 0.07%
FINANCIAL INSTITUTIONS INC 0.06%
OAKTREE CAPITAL GROUP LLC 0.06%
EXCO TECHNOLOGIES LTD 0.05%
MEDEQUITIES REALTY TRUST INC 0.05%
FREIGHTCAR AMERICA INC 0.04%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Full Portfolio Holdings as of 06/30/18

VERMILION ENERGY INC 2.03%
BELDEN INC 1.79%
SYNAPTICS INC 1.58%
ACADIA HEALTHCARE CO INC 1.53%
CLEAN HARBORS INC 1.48%
VALVOLINE INC 1.44%
BUILDERS FIRSTSOURCE INC 1.36%
AXALTA COATING SYSTEMS LTD 1.26%
GRUMA S.A.B.-B 1.21%
BOARDWALK PIPELINE PARTNERS 1.20%
DAVE & BUSTER'S ENTERTAINMEN 1.13%
BOOZ ALLEN HAMILTON HOLDINGS 1.06%
BADGER DAYLIGHTING LTD 1.05%
MAJOR DRILLING GROUP INTL 1.05%
ASPEN INSURANCE HOLDINGS LTD 1.02%
KNOWLES CORP 1.02%
HERSHA HOSPITALITY TRUST 0.99%
CASEYS GENERAL 0.95%
RLJ LODGING TRUST 0.95%
GRAY TELEVISION INC 0.93%
CYPRESS SEMICONDUCTOR CORP 0.91%
RED ROBIN GOURMET BURGERS 0.91%
LINN ENERGY INC 0.89%
OUTFRONT MEDIA INC 0.87%
US CONCRETE INC 0.87%
KENNEDY-WILSON HOLDINGS INC 0.86%
US XPRESS ENTERPRISES INC -A 0.83%
HANESBRANDS INC 0.82%
TEGNA INC 0.81%
FOREST CITY REALTY TRUST- A 0.80%
REV GROUP INC 0.78%
FERRO CORP 0.76%
KBR INC 0.76%
REALOGY HOLDINGS CORP 0.75%
WERNER ENTERPRISES INC 0.74%
SANDRIDGE ENERGY INC 0.72%
HUNTSMAN CORP 0.71%
LIONS GATE ENTERTAINMENT-A 0.70%
CHICO S FAS INC 0.69%
CHAPARRAL ENERGY INC-CLASS A 0.64%
ALTA MESA RESOURCES INC 0.63%
BEMIS COMPANY 0.61%
SPROUTS FARMERS MARKET INC 0.60%
GAMING AND LEISURE PROPERTIE 0.59%
IBERIABANK CORP 0.59%
BLOOMIN' BRANDS INC 0.58%
TIVO CORP 0.57%
AIR TRANSPORT SERVICES GROUP 0.56%
ARES CAPITAL CORP 0.56%
CECO ENVIRONMENTAL CORP 0.56%
HAIN CELESTIAL GROUP INC 0.56%
MICHAELS COS INC/THE 0.56%
CLARUS CORP 0.54%
FRANCESCAS HOLDINGS CORP 0.54%
STOLT-NIELSEN LTD 0.53%
TECH DATA CORP 0.53%
PATTERSON-UTI ENERGY INC 0.52%
DEUTZ AG 0.51%
CAI INTERNATIONAL INC 0.50%
OLYMPIC STEEL INC 0.50%
TRIPLEPOINT VENTURE GROWTH B 0.50%
BROOKDALE SENIOR LIVING INC 0.49%
CAPITOL INVESTMENT CORP IV 0.49%
MANITEX INTERNATIONAL INC 0.49%
NN INC 0.49%
PACIFIC PREMIER BANCORP INC 0.49%
VIPSHOP HOLDINGS LTD - ADR 0.49%
SHELF DRILLING LTD 0.48%
COOPER TIRE & RUBBER 0.47%
BIG LOTS INC 0.46%
MIDSTATES PETROLEUM CO INC 0.46%
EXTREME NETWORKS INC 0.45%
GATES INDUSTRIAL CORP PLC 0.45%
GRAFTECH INTERNATIONAL LTD 0.45%
NEWFIELD EXPLORATION CO 0.45%
AMERICAN EQUITY INVT LIFE HL 0.44%
CINEPLEX INC 0.44%
DONNELLEY FINANCIAL SOLUTION 0.44%
GENESCO INC 0.44%
JABIL INC 0.44%
NEOPHOTONICS CORP 0.43%
QUILTER PLC 0.43%
TRINIDAD DRILLING LTD 0.43%
FGL HOLDINGS 0.42%
LEGACYTEXAS FINANCIAL GROUP 0.42%
PERSPECTA INC 0.42%
DEL TACO RESTAURANTS INC 0.41%
SOLAR CAPITAL LTD 0.41%
OMNOVA SOLUTIONS INC 0.40%
AVAYA HOLDINGS CORP 0.39%
GEOSPACE TECHNOLOGIES CORP 0.39%
JELD-WEN HOLDING INC 0.39%
SELECT MEDICAL HOLDINGS CORP 0.39%
ATS AUTOMATION TOOLING SYS 0.38%
EVOQUA WATER TECHNOLOGIES CO 0.38%
GRIFFON CORP 0.38%
HOLLYSYS AUTOMATION TECHNOLO 0.38%
GOLUB CAPITAL BDC INC 0.37%
HORTONWORKS INC 0.37%
MACOM TECHNOLOGY SOLUTIONS H 0.37%
VENATOR MATERIALS PLC 0.37%
GREAT LAKES DREDGE & DOCK CO 0.36%
SHELL MIDSTREAM PARTNERS LP 0.36%
SPORTSMAN'S WAREHOUSE HOLDIN 0.36%
CAESARS ENTERTAINMENT CORP 0.35%
EL POLLO LOCO HOLDINGS INC 0.35%
BRIDGEPOINT EDUCATION INC 0.34%
HOME BANCSHARES INC 0.34%
NOBLE MIDSTREAM PARTNERS LP 0.34%
PANHANDLE OIL AND GAS INC-A 0.34%
POTBELLY CORP 0.34%
SEVEN GENERATIONS ENERGY - A 0.34%
TESSCO TECHNOLOGIES INC 0.34%
ENERGEN CORP 0.33%
MEREDITH CORP 0.33%
INVESTORS BANCORP INC 0.32%
TURNING POINT BRANDS INC 0.32%
LEGG MASON INC 0.31%
STEELCASE INC-CL A 0.31%
TRISTATE CAPITAL HLDGS INC 0.31%
TRONOX LTD-CL A 0.31%
BANCORP INC/THE 0.30%
DEL FRISCO'S RESTAURANT GROU 0.30%
INDEPENDENT BANK GROUP INC 0.30%
INFRAREIT INC 0.30%
SUNOCO LP 0.30%
VICTORY CAPITAL HOLDING - A 0.30%
BLUE HILLS BANCORP INC 0.29%
FCB FINANCIAL HOLDINGS-CL A 0.29%
PILGRIM'S PRIDE CORP 0.29%
SCREEN HOLDINGS CO LTD 0.29%
ARTISAN PARTNERS ASSET MA -A 0.28%
CERAGON NETWORKS LTD 0.28%
CHINA TRADITIONAL CHINESE ME 0.28%
FLOWSERVE CORP 0.28%
NATURAL GAS SERVICES GROUP 0.28%
TERRITORIAL BANCORP INC 0.28%
CONVERGYS CORP 0.27%
EMCORE CORP 0.27%
GREENBRIER COMPANIES INC 0.27%
AECON GROUP INC 0.26%
DAKTRONICS INC 0.26%
DRIL-QUIP INC 0.26%
EQT MIDSTREAM PARTNERS LP 0.26%
EQUITY BANCSHARES INC - CL A 0.26%
MCBC HOLDINGS INC 0.26%
MVC CAPITAL 0.26%
TRINITY INDUSTRIES INC 0.26%
DICKS SPORTING 0.25%
LILIS ENERGY INC 0.25%
HOLLY ENERGY PARTNERS LP 0.24%
NUANCE COMMUNICATIONS INC 0.24%
BANK OF N.T. BUTTERFIELD&SON 0.21%
LUXFER HOLDINGS PLC 0.21%
MANITOWOC COMPANY INC 0.21%
ROOTS CORP 0.21%
SPARTAN MOTORS INC 0.21%
BELMOND LTD-CLASS A 0.20%
COMMERCIAL VEHICLE GROUP INC 0.20%
DATAWATCH CORP 0.20%
DOMINION ENERGY MIDSTREAM PA 0.20%
HEARTLAND EXPRESS INC 0.20%
KEARNY FINANCIAL CORP/MD 0.20%
OSHKOSH CORP 0.20%
VAREX IMAGING CORP 0.20%
HECLA MINING CO 0.19%
MULLEN GROUP LTD 0.19%
CONS TOMOKA LAND CO-FLORIDA 0.18%
CONTROLADORA VUELA CIA-ADR 0.18%
HUDSON'S BAY CO 0.18%
KIRKLANDS INC 0.18%
GLATFELTER 0.17%
LORAL SPACE AND COMMUNICATIONS 0.17%
PERRY ELLIS INTERNATIONAL 0.17%
POWELL INDUSTRIES INC 0.17%
TIMKENSTEEL CORP 0.17%
WILLSCOT CORP 0.17%
DEAN FOODS CO 0.16%
ELECTRO SCIENTIFIC INDS INC 0.16%
LSI INDUSTRIES INC 0.16%
SCHNEIDER NATIONAL INC-CL B 0.16%
TRICO BANCSHARES 0.16%
ADVANCED ENERGY INDUSTRIES 0.15%
ALLEGHENY TECHNOLOGIES INC 0.15%
BMC STOCK HOLDINGS INC 0.15%
MONEYGRAM INTERNATIONAL INC 0.15%
QUANTA SERVICES INC 0.15%
AMPLIFY ENERGY CORP 0.14%
BRISTOW GROUP INC 0.14%
VOXX INTERNATIONAL CORP 0.14%
TITAN MACHINERY INC 0.13%
RPC INC 0.12%
TRINITY PLACE HOLDINGS INC 0.12%
DYCOM INDUSTRIES INC 0.11%
HAYNES INTERNATIONAL INC 0.11%
KNIGHT-SWIFT TRANSPORTATION 0.11%
SELECT ENERGY SERVICES INC-A 0.11%
ULTRA CLEAN HOLDINGS INC 0.11%
VECTRUS INC 0.11%
CRAFT BREW ALLIANCE INC 0.10%
CRESTWOOD EQUITY PARTNERS LP 0.10%
GOODYEAR TIRE & RUBBER CO 0.10%
MAGELLAN HEALTH INC 0.10%
PROPETRO HOLDING CORP 0.10%
SPIRIT AIRLINES INC 0.10%
USG CORP 0.10%
WESTERN ALLIANCE BANCORP 0.10%
AMERICAN OUTDOOR BRANDS CORP 0.09%
HUB GROUP INC-CL A 0.09%
STERLING CONSTRUCTION CO 0.09%
TEXTAINER GROUP HOLDINGS LTD 0.09%
TILLY'S INC-CLASS A SHRS 0.08%
TRITON INTERNATIONAL LTD/BER 0.08%
AMPCO-PITTSBURGH CORP 0.07%
POUND STERLING CALL ACCOUNT 0.07%
TSAKOS ENERGY NAVIGATION LTD 0.07%
BDC 20180720 C 45.00BANKAM 0.06%
FINANCIAL INSTITUTIONS INC 0.06%
OAKTREE CAPITAL GROUP LLC 0.06%
EXCO TECHNOLOGIES LTD 0.05%
MEDEQUITIES REALTY TRUST INC 0.05%
FREIGHTCAR AMERICA INC 0.04%
HONG KONG DOLLAR CALL ACCOUNT 0.04%
CANADIAN DOLLAR ACCOUNT 0.02%
IWM 20180720 P 148.00BCBP 0.02%
PTEN 20180817 C 16.00BCBP 0.02%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
BWP 20180720 P 11.00CITI 0.00%
EGN 20180720 C 70.00CITI 0.00%
EGN 20180720 C 72.50CITI 0.00%
FERROGLOBE REPRESENTATION & 0.00%
FL 20180720 P 50.00UBS 0.00%
HUBG 20180720 P 50.00UBS 0.00%
IBKC 20180720 P 80.00CITI 0.00%
KEG 20180720 P 15.00CITI 0.00%
LGF/A 20180720 C 25.00BCBP 0.00%
LITE 20180720 P 57.50UBS 0.00%
LITE 20180720 P 58.00UBS 0.00%
MTSI 20180720 C 25.00BCBP 0.00%
MTSI 20180720 C 25.00JPMCB 0.00%
NFX 20180720 P 30.00CITI 0.00%
PTEN 20180720 P 18.00BCBP 0.00%
PWR 20180720 P 34.00BCBP 0.00%
TMST 20180720 P 15.00UBS 0.00%
VREX 20180720 P 35.00BCBP 0.00%
WTTR 20180720 P 15.00UBS 0.00%
AEIS 20180720 P 60.00CITI -0.01%
BDC 20180720 C 60.00BANKAM -0.01%
BLMN 20180720 P 22.50UBS -0.01%
CY 20180720 P 16.00UBS -0.01%
IWM 20180720 P 144.00BCBP -0.01%
MTSI 20180720 P 22.50BCBP -0.01%
NFX 20180720 C 28.00UBS -0.01%
WTTR 20180720 P 15.00CITI -0.01%
TROX 20180720 C 19.00CITI -0.02%
MEXICAN PESO CALL ACCOUNT -0.04%
JAPANESE YEN CALL ACCOUNT -0.16%

Prior top 10 holdings

Top 10 holdings as of 07/31/18
1: Synaptics 1.77%
2: Vermilion Energy 1.74%
3: Valvoline 1.62%
4: Clean Harbors 1.61%
5: Dave Buster'S Entertainment 1.44%
6: Outfront Media 1.31%
7: Booz Allen Hamilton Holding Corp 1.29%
8: Belden 1.24%
9: Hersha Hospitality Trust 1.19%
10: Acadia Healthcare 1.17%
Holdings represent 14.38% of portfolio
Top 10 holdings as of 06/30/18
1: Vermilion Energy 2.05%
2: Belden 1.98%
3: Synaptics 1.58%
4: Clean Harbors 1.54%
5: Acadia Healthcare 1.53%
6: Valvoline 1.44%
7: Builders Firstsource 1.36%
8: Axalta Coating Systems 1.26%
9: Gruma Sab De Cv 1.25%
10: Boardwalk Pipelines Llc 1.20%
Holdings represent 15.19% of portfolio
Top 10 holdings as of 05/31/18
1: Vermilion Energy 2.13%
2: Clean Harbors 1.59%
3: Acadia Healthcare 1.38%
4: Axalta Coating Systems 1.30%
5: Dave Buster'S Entertainment 1.23%
6: Avaya Holdings Corp 1.21%
7: Valvoline 1.18%
8: Major Drilling 1.11%
9: Booz Allen Hamilton Holding Corp 1.07%
10: Rlj Lodging Trust 1.02%
Holdings represent 13.22% of portfolio
Top 10 holdings as of 04/30/18
1: Graftech International 1.76%
2: Dave Buster'S Entertainment 1.48%
3: Axalta Coating Systems 1.29%
4: Valvoline 1.15%
5: Avaya Holdings Corp 1.09%
6: Patterson-Uti Energy 1.08%
7: Acadia Healthcare 1.05%
8: Bemis 1.04%
9: Summit Materials 1.03%
10: Major Drilling 0.99%
Holdings represent 11.96% of portfolio

Portfolio Composition as of 07/31/18

Common stock 90.72%
Cash and net other assets 9.28%

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 07/31/18

Industrials 17.57%
Information technology 16.46%
Consumer discretionary 14.12%
Energy 11.88%
Financials 9.41%
Cash and net other assets 9.28%
Real estate 7.93%
Materials 6.71%
Consumer staples 3.61%
 
Other
3.03%
Health care 3.03%

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 2.00%
2 1.00%
3+ 0.00%