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 02/15/19

with optional enhanced death benefits
Unit Value $34.232651 $33.265893
Unit Value Change 0.493176 0.479115

Lipper ranking ‡ as of 01/31/19

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 56% 21/37
1 yr. 88% 36/40
3 yrs. 76% 31/40
5 yrs. 71% 28/39

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 01/31/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 225
Turnover (fiscal year end) 561%
Net Assets $128M
Inception Date 04/30/99

Performance

Performance as of 12/31/18

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value -23.62% -21.26% -21.26% 1.56% 0.07% 9.11% 6.08%
Standardized -25.15% -22.83% -22.83% 1.56% 0.07% 9.11% 6.08%
With optional enhanced death benefit
Unit Value -23.65% -21.38% -21.38% 1.41% -0.08% 8.95% 5.91%
Standardized -25.18% -22.95% -22.95% 1.41% -0.08% 8.95% 5.91%
Actual performance
Unit Value -23.62% -21.26% -21.26% 1.56% 0.07% 9.11% 6.04%
Standardized -25.15% -22.83% -22.83% 1.56% 0.07% 9.11% 6.04%
With optional enhanced death benefit
Unit Value -- -- -- -- -- -- --
Standardized -- -- -- -- -- -- --

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
29.36% 23.91% -6.30% 15.54% 37.31% 1.73% -5.82% 25.40% 6.10% -21.26%
With optional enhanced death benefit
29.16% 23.72% -6.44% 15.37% 37.10% 1.57% -5.96% 25.21% 5.94% -21.38%

Restated performance

Monthly as of 01/31/19

Unit Value 12.93%
Standardized 10.93%

YTD as of 02/15/19

Unit Value 16.91%
Standardized 14.91%

With optional enhanced death benefit

Monthly as of 01/31/19

Unit Value 12.92%
Standardized 10.92%

YTD as of 02/15/19

Unit Value 16.89%
Standardized 14.89%

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 Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., 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 Talcott Resolution 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 Talcott Resolution 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 01/31/19

Alpha (%) -3.09
Beta 0.99
R Squared 0.94
Standard Deviation (3 yrs.) 16.53

Holdings

Top 10 holdings as of 01/31/19

Cedar Fair Lp 2.86%
Vermilion Energy 1.99%
Dave Buster'S Entertainment 1.51%
Caesars Entertainment Corp 1.40%
American Equity Investment Life Holding 1.38%
Talend 1.36%
Imax Corp 1.29%
Madison Square Garden The 1.22%
Vipshop Holdings 1.14%
Celestica 0.95%
Top 10 holdings, total: 15.10%

Equity Holdings as of 12/31/18

CEDAR FAIR LP 2.77%
VERMILION ENERGY INC 1.95%
CLEAN HARBORS INC 1.42%
AMERICAN EQUITY INVT LIFE HL 1.40%
DAVE & BUSTER'S ENTERTAINMEN 1.36%
MADISON SQUARE GARDEN CO- A 1.22%
CAESARS ENTERTAINMENT CORP 1.18%
CELESTICA INC 1.14%
SALVATORE FERRAGAMO SPA 1.10%
LOGMEIN INC 1.08%
JETBLUE AIRWAYS CORP 1.04%
PINNACLE FINANCIAL PARTNERS 1.03%
ALLEGHENY TECHNOLOGIES INC 1.02%
ANDEAVOR LOGISTICS LP 0.96%
MYR GROUP INC/DELAWARE 0.91%
IMAX CORP 0.88%
WESTERN ALLIANCE BANCORP 0.87%
BLOOMIN' BRANDS INC 0.86%
IBERIABANK CORP 0.83%
CLARUS CORP 0.82%
EAGLE MATERIALS INC 0.79%
CYPRESS SEMICONDUCTOR CORP 0.78%
MAGELLAN HEALTH INC 0.78%
CARS.COM INC 0.75%
RLJ LODGING TRUST 0.75%
SEALED AIR CORP 0.75%
BERRY GLOBAL GROUP INC 0.74%
DEUTZ AG 0.73%
PAGSEGURO DIGITAL LTD-CL A 0.72%
BJ'S WHOLESALE CLUB HOLDINGS 0.71%
HAIN CELESTIAL GROUP INC 0.70%
LIONS GATE ENTERTAINMENT-A 0.70%
KNOWLES CORP 0.69%
INDEPENDENT BANK GROUP INC 0.68%
DONNELLEY FINANCIAL SOLUTION 0.67%
NEXANS SA 0.67%
VIPSHOP HOLDINGS LTD - ADR 0.67%
BROOKS AUTOMATION INC 0.66%
NORDSTROM INC 0.66%
AVAYA HOLDINGS CORP 0.65%
CROSS COUNTRY HEALTHCARE INC 0.65%
BERKSHIRE HILLS BANCORP INC 0.64%
MEET GROUP INC/THE 0.64%
BAIN CAPITAL SPECIALTY FINAN 0.62%
CRAFT BREW ALLIANCE INC 0.62%
NUANCE COMMUNICATIONS INC 0.62%
LATTICE SEMICONDUCTOR CORP 0.61%
GAMING AND LEISURE PROPERTIE 0.60%
GRANITE CONSTRUCTION INC 0.60%
TRIBUNE PUBLISHING CO 0.60%
CARPENTER TECHNOLOGY 0.59%
COOPER TIRE & RUBBER 0.59%
PAPA JOHN S INTL 0.59%
AVNET INC 0.58%
BROOKDALE SENIOR LIVING INC 0.58%
WISDOMTREE INVESTMENTS INC 0.58%
NEWFIELD EXPLORATION CO 0.56%
PATTERSON-UTI ENERGY INC 0.56%
HERSHA HOSPITALITY TRUST 0.55%
II-VI INC 0.55%
INVESTORS BANCORP INC 0.55%
ACUITY BRANDS INC 0.54%
ARES CAPITAL CORP 0.54%
MACQUARIE INFRASTRUCTURE COR 0.54%
NVENT ELECTRIC PLC 0.54%
CADENCE BANCORP 0.53%
DMC GLOBAL INC 0.52%
SYNNEX CORP 0.52%
BRUNSWICK CORP 0.50%
FRONTDOOR INC 0.50%
TRIPLEPOINT VENTURE GROWTH B 0.50%
ACCURAY INC 0.49%
MASTEC INC 0.48%
CHINA TRADITIONAL CHINESE ME 0.47%
DELTA APPAREL INC 0.47%
FIRST HORIZON NATIONAL CORP 0.47%
GROUPON INC 0.47%
MERIDIAN BANCORP INC 0.47%
TURNING POINT BRANDS INC 0.47%
FIRST MERCHANTS CORP 0.46%
LUMENTUM HOLDINGS INC 0.46%
WASHINGTON FEDERAL INC 0.46%
DEL TACO RESTAURANTS INC 0.45%
PENN NATIONAL GAMING INC 0.45%
A10 NETWORKS INC 0.44%
PARSLEY ENERGY INC-CLASS A 0.44%
MATADOR RESOURCES CO 0.43%
DRIL-QUIP INC 0.42%
SPORTSMAN'S WAREHOUSE HOLDIN 0.42%
EVOQUA WATER TECHNOLOGIES CO 0.41%
INTERFACE INC 0.41%
STERICYCLE INC 0.41%
CECO ENVIRONMENTAL CORP 0.40%
MANITEX INTERNATIONAL INC 0.40%
SPROUTS FARMERS MARKET INC 0.40%
WILLSCOT CORP 0.40%
WORLD FUEL SERVICES CORP 0.40%
HUB GROUP INC-CL A 0.39%
ATS AUTOMATION TOOLING SYS 0.38%
TESSCO TECHNOLOGIES INC 0.38%
PERSPECTA INC 0.37%
PHOTRONICS INC 0.37%
PROGRESS SOFTWARE CORP 0.37%
SELECT MEDICAL HOLDINGS CORP 0.37%
UMPQUA HOLDINGS CORP 0.36%
ACADIA HEALTHCARE CO INC 0.35%
CALLON PETROLEUM CO 0.35%
HERC HOLDINGS INC 0.35%
JACK IN THE BOX INC 0.35%
ROAN RESOURCES INC 0.35%
WILLDAN GROUP INC 0.35%
EVERTZ TECHNOLOGIES LTD 0.34%
GOLUB CAPITAL BDC INC 0.34%
RED ROBIN GOURMET BURGERS 0.34%
SUNOCO LP 0.34%
CARROLS RESTAURANT GROUP INC 0.33%
HERITAGE INSURANCE HOLDINGS 0.33%
MAGNOLIA OIL & GAS CORP 0.33%
PERFICIENT INC 0.33%
UNION BANKSHARES CORP 0.33%
CONTROL4 CORP 0.32%
W.R. GRACE & CO 0.31%
COOPER-STANDARD HOLDING 0.30%
HANESBRANDS INC 0.30%
PACIFIC PREMIER BANCORP INC 0.30%
QUANEX BUILDING PRODUCTS 0.30%
SCHNEIDER NATIONAL INC-CL B 0.30%
VECTRUS INC 0.30%
SENSIENT TECHNOLOGIES CORP 0.29%
CISION LTD 0.28%
SELECT ENERGY SERVICES INC-A 0.28%
FCB FINANCIAL HOLDINGS-CL A 0.27%
PROPETRO HOLDING CORP 0.27%
SANDRIDGE ENERGY INC 0.27%
TRINITY INDUSTRIES INC 0.27%
AXALTA COATING SYSTEMS LTD 0.26%
COASTAL FINANCIAL CORP/WA 0.26%
HANCOCK WHITNEY CORP 0.26%
NATURAL GAS SERVICES GROUP 0.26%
OCEANFIRST FINANCIAL CORP 0.26%
REXNORD CORP 0.26%
RHEINMETALL AG 0.26%
STERLING BANCORP/DE 0.26%
STERLING CONSTRUCTION CO 0.26%
TRIVAGO NV - ADR 0.26%
AZZ INC 0.25%
CONSOL ENERGY INC 0.25%
POWELL INDUSTRIES INC 0.25%
QORVO INC 0.25%
BERRY PETROLEUM CORP 0.24%
CARTERS INC 0.24%
CLOUDERA INC 0.24%
MASTERCRAFT BOAT HOLDINGS IN 0.24%
RIVIERA RESOURCES INC/LINN 0.24%
BROOKLINE BANCORP INC 0.23%
CONSTRUCTION PARTNERS INC-A 0.23%
ELF BEAUTY INC 0.23%
SHUTTERSTOCK INC 0.23%
STONECO LTD-A 0.23%
VOXX INTERNATIONAL CORP 0.23%
ZYNGA INC - CL A 0.23%
AMERICAN EAGLE OUTFITTERS 0.22%
CITI TRENDS INC 0.22%
INFORMATION SERVICES GROUP 0.22%
MAJOR DRILLING GROUP INTL 0.22%
MINERALS TECHNOLOGIES INC 0.22%
ADVANCED ENERGY INDUSTRIES 0.21%
COREPOINT LODGING INC 0.21%
FRANKLIN COVEY CO 0.21%
GRAY TELEVISION INC 0.21%
ATLAS AIR WORLDWIDE HOLDINGS 0.20%
CONDUENT INC 0.20%
ENCANA CORP 0.20%
MELLANOX TECHNOLOGIES LTD 0.20%
SAIA INC 0.20%
ULTRA CLEAN HOLDINGS INC 0.20%
CHAPARRAL ENERGY INC-CLASS A 0.19%
RTW RETAILWINDS INC 0.19%
SUNOPTA INC 0.19%
UNIVERSAL STAINLESS & ALLOY 0.19%
BENCHMARK ELECTRONICS INC 0.18%
NEWMARK GROUP INC-CLASS A 0.18%
TITAN MACHINERY INC 0.18%
BIG LOTS INC 0.17%
KBR INC 0.17%
PVH CORP 0.17%
JABIL INC 0.15%
CONS TOMOKA LAND CO-FLORIDA 0.14%
HOUSTON WIRE & CABLE CO 0.14%
SOUTHWESTERN ENERGY CO 0.14%
STEELCASE INC-CL A 0.14%
TERRITORIAL BANCORP INC 0.14%
AGROFRESH SOLUTIONS INC 0.13%
LSI INDUSTRIES INC 0.13%
PRG-SCHULTZ INTL INC. 0.13%
GEOSPACE TECHNOLOGIES CORP 0.12%
HERMAN MILLER INC 0.12%
STOLT-NIELSEN LTD 0.12%
TEGNA INC 0.12%
UNIFI INC 0.12%
UPLAND SOFTWARE INC 0.12%
KFORCE INC 0.11%
LIMONEIRA CO 0.11%
RANGE RESOURCES CORP 0.11%
FRANK'S INTERNATIONAL NV 0.10%
HEALTHSCOPE LTD 0.10%
PENN VIRGINIA CORP 0.10%
POTBELLY CORP 0.10%
BEASLEY BROADCAST GRP INC -A 0.09%
FREIGHTCAR AMERICA INC 0.09%
TTM TECHNOLOGIES 0.09%
AMERICAN RENAL ASSOCIATES HO 0.08%
EXTERRAN CORP 0.08%
EXTREME NETWORKS INC 0.08%
GULFPORT ENERGY CORP 0.08%
ROKU INC 0.08%
STERLING BANCORP INC/MI 0.08%
GATES INDUSTRIAL CORP PLC 0.07%
GREAT LAKES DREDGE & DOCK CO 0.07%
ICHOR HOLDINGS LTD 0.07%
AMPLIFY ENERGY CORP 0.06%
US XPRESS ENTERPRISES INC -A 0.06%
AXT INC 0.05%
CLH 20190418 C 40.00UBS 0.05%
FRANKLIN FINANCIAL NETWORK 0.05%
GULF ISLAND FABRICATION INC 0.05%
MACK-CALI REALTY CORP 0.05%
ADTRAN INC 0.04%
DFIN 20190418 C 12.50CITI 0.03%
FGL HOLDINGS 0.03%
HORTONWORKS INC 0.03%
LOGM 20190315 C 70.00CITI 0.03%
GRA 20190315 C 60.00CITI 0.02%
AEO 20190215 C 19.00CITI 0.01%
CCRN 20190315 C 7.50CITI 0.01%
CPE 20190719 C 7.00BCBP 0.01%
EXP 20190418 C 65.00CITI 0.01%
GTES 20190215 C 12.50UBS 0.01%
HUN 20190215 C 20.00BANKAM 0.01%
MTX 20190215 C 55.00MSCIL 0.01%
SRCL 20190215 C 40.00CITI 0.01%
WETF 20190315 C 7.00BCBP 0.01%
ADTN 20190118 P 11.00UBS 0.00%
AXTA 20190118 P 21.00BCBP 0.00%
CHARAH SOLUTIONS INC 0.00%
CONDOR HOSPITALITY TRUST INC 0.00%
DDS 20190104 P 60.00CITI 0.00%
DRQ 20190315 C 35.00BANKAM 0.00%
FEYE 20190104 P 16.00BCBP 0.00%
FL 20190104 P 52.50BCBP 0.00%
FLR 20190118 C 42.50CITI 0.00%
GCO 20190118 P 45.00CITI 0.00%
HBI 20190418 C 13.00BCBP 0.00%
OCFC 20190118 P 22.50CITI 0.00%
ON 20190118 P 17.00BCBP 0.00%
OUT 20190118 P 17.50CITI 0.00%
SUN 20190118 P 27.50CITI 0.00%
TMST 20190215 C 10.00BCBP 0.00%
BJ 20190118 C 20.00CITI -0.01%
MLNX 20190118 P 92.50UBS -0.01%
MLNX 20190118 P 95.00CSI -0.01%
ON 20190118 P 16.00UBS -0.01%
AXTA 20190118 P 25.00GSI -0.02%
GCO 20190118 P 45.00CSI -0.03%

Full Portfolio Holdings as of 12/31/18

CEDAR FAIR LP 2.77%
VERMILION ENERGY INC 1.95%
CLEAN HARBORS INC 1.42%
AMERICAN EQUITY INVT LIFE HL 1.40%
DAVE & BUSTER'S ENTERTAINMEN 1.36%
MADISON SQUARE GARDEN CO- A 1.22%
CAESARS ENTERTAINMENT CORP 1.18%
CELESTICA INC 1.14%
SALVATORE FERRAGAMO SPA 1.10%
LOGMEIN INC 1.08%
JETBLUE AIRWAYS CORP 1.04%
PINNACLE FINANCIAL PARTNERS 1.03%
ALLEGHENY TECHNOLOGIES INC 1.02%
ANDEAVOR LOGISTICS LP 0.96%
MYR GROUP INC/DELAWARE 0.91%
IMAX CORP 0.88%
WESTERN ALLIANCE BANCORP 0.87%
BLOOMIN' BRANDS INC 0.86%
IBERIABANK CORP 0.83%
CLARUS CORP 0.82%
EAGLE MATERIALS INC 0.79%
CYPRESS SEMICONDUCTOR CORP 0.78%
MAGELLAN HEALTH INC 0.78%
CARS.COM INC 0.75%
RLJ LODGING TRUST 0.75%
SEALED AIR CORP 0.75%
BERRY GLOBAL GROUP INC 0.74%
DEUTZ AG 0.73%
PAGSEGURO DIGITAL LTD-CL A 0.72%
BJ'S WHOLESALE CLUB HOLDINGS 0.71%
HAIN CELESTIAL GROUP INC 0.70%
LIONS GATE ENTERTAINMENT-A 0.70%
KNOWLES CORP 0.69%
INDEPENDENT BANK GROUP INC 0.68%
DONNELLEY FINANCIAL SOLUTION 0.67%
NEXANS SA 0.67%
VIPSHOP HOLDINGS LTD - ADR 0.67%
BROOKS AUTOMATION INC 0.66%
NORDSTROM INC 0.66%
AVAYA HOLDINGS CORP 0.65%
CROSS COUNTRY HEALTHCARE INC 0.65%
BERKSHIRE HILLS BANCORP INC 0.64%
MEET GROUP INC/THE 0.64%
BAIN CAPITAL SPECIALTY FINAN 0.62%
CRAFT BREW ALLIANCE INC 0.62%
NUANCE COMMUNICATIONS INC 0.62%
LATTICE SEMICONDUCTOR CORP 0.61%
GAMING AND LEISURE PROPERTIE 0.60%
GRANITE CONSTRUCTION INC 0.60%
TRIBUNE PUBLISHING CO 0.60%
CARPENTER TECHNOLOGY 0.59%
COOPER TIRE & RUBBER 0.59%
PAPA JOHN S INTL 0.59%
AVNET INC 0.58%
BROOKDALE SENIOR LIVING INC 0.58%
WISDOMTREE INVESTMENTS INC 0.58%
NEWFIELD EXPLORATION CO 0.56%
PATTERSON-UTI ENERGY INC 0.56%
HERSHA HOSPITALITY TRUST 0.55%
II-VI INC 0.55%
INVESTORS BANCORP INC 0.55%
ACUITY BRANDS INC 0.54%
ARES CAPITAL CORP 0.54%
MACQUARIE INFRASTRUCTURE COR 0.54%
NVENT ELECTRIC PLC 0.54%
CADENCE BANCORP 0.53%
DMC GLOBAL INC 0.52%
SYNNEX CORP 0.52%
BRUNSWICK CORP 0.50%
FRONTDOOR INC 0.50%
TRIPLEPOINT VENTURE GROWTH B 0.50%
ACCURAY INC 0.49%
MASTEC INC 0.48%
CHINA TRADITIONAL CHINESE ME 0.47%
DELTA APPAREL INC 0.47%
FIRST HORIZON NATIONAL CORP 0.47%
GROUPON INC 0.47%
MERIDIAN BANCORP INC 0.47%
TURNING POINT BRANDS INC 0.47%
FIRST MERCHANTS CORP 0.46%
LUMENTUM HOLDINGS INC 0.46%
WASHINGTON FEDERAL INC 0.46%
DEL TACO RESTAURANTS INC 0.45%
PENN NATIONAL GAMING INC 0.45%
A10 NETWORKS INC 0.44%
PARSLEY ENERGY INC-CLASS A 0.44%
MATADOR RESOURCES CO 0.43%
DRIL-QUIP INC 0.42%
SPORTSMAN'S WAREHOUSE HOLDIN 0.42%
EVOQUA WATER TECHNOLOGIES CO 0.41%
INTERFACE INC 0.41%
STERICYCLE INC 0.41%
CECO ENVIRONMENTAL CORP 0.40%
MANITEX INTERNATIONAL INC 0.40%
SPROUTS FARMERS MARKET INC 0.40%
WILLSCOT CORP 0.40%
WORLD FUEL SERVICES CORP 0.40%
HUB GROUP INC-CL A 0.39%
ATS AUTOMATION TOOLING SYS 0.38%
TESSCO TECHNOLOGIES INC 0.38%
PERSPECTA INC 0.37%
PHOTRONICS INC 0.37%
PROGRESS SOFTWARE CORP 0.37%
SELECT MEDICAL HOLDINGS CORP 0.37%
UMPQUA HOLDINGS CORP 0.36%
ACADIA HEALTHCARE CO INC 0.35%
CALLON PETROLEUM CO 0.35%
HERC HOLDINGS INC 0.35%
JACK IN THE BOX INC 0.35%
ROAN RESOURCES INC 0.35%
WILLDAN GROUP INC 0.35%
EVERTZ TECHNOLOGIES LTD 0.34%
GOLUB CAPITAL BDC INC 0.34%
RED ROBIN GOURMET BURGERS 0.34%
SUNOCO LP 0.34%
CARROLS RESTAURANT GROUP INC 0.33%
HERITAGE INSURANCE HOLDINGS 0.33%
MAGNOLIA OIL & GAS CORP 0.33%
PERFICIENT INC 0.33%
UNION BANKSHARES CORP 0.33%
CONTROL4 CORP 0.32%
W.R. GRACE & CO 0.31%
COOPER-STANDARD HOLDING 0.30%
HANESBRANDS INC 0.30%
PACIFIC PREMIER BANCORP INC 0.30%
QUANEX BUILDING PRODUCTS 0.30%
SCHNEIDER NATIONAL INC-CL B 0.30%
VECTRUS INC 0.30%
SENSIENT TECHNOLOGIES CORP 0.29%
CISION LTD 0.28%
SELECT ENERGY SERVICES INC-A 0.28%
FCB FINANCIAL HOLDINGS-CL A 0.27%
PROPETRO HOLDING CORP 0.27%
SANDRIDGE ENERGY INC 0.27%
TRINITY INDUSTRIES INC 0.27%
AXALTA COATING SYSTEMS LTD 0.26%
COASTAL FINANCIAL CORP/WA 0.26%
HANCOCK WHITNEY CORP 0.26%
NATURAL GAS SERVICES GROUP 0.26%
OCEANFIRST FINANCIAL CORP 0.26%
REXNORD CORP 0.26%
RHEINMETALL AG 0.26%
STERLING BANCORP/DE 0.26%
STERLING CONSTRUCTION CO 0.26%
TRIVAGO NV - ADR 0.26%
AZZ INC 0.25%
CONSOL ENERGY INC 0.25%
POWELL INDUSTRIES INC 0.25%
QORVO INC 0.25%
BERRY PETROLEUM CORP 0.24%
CARTERS INC 0.24%
CLOUDERA INC 0.24%
MASTERCRAFT BOAT HOLDINGS IN 0.24%
RIVIERA RESOURCES INC/LINN 0.24%
BROOKLINE BANCORP INC 0.23%
CONSTRUCTION PARTNERS INC-A 0.23%
ELF BEAUTY INC 0.23%
SHUTTERSTOCK INC 0.23%
STONECO LTD-A 0.23%
VOXX INTERNATIONAL CORP 0.23%
ZYNGA INC - CL A 0.23%
AMERICAN EAGLE OUTFITTERS 0.22%
CITI TRENDS INC 0.22%
INFORMATION SERVICES GROUP 0.22%
MAJOR DRILLING GROUP INTL 0.22%
MINERALS TECHNOLOGIES INC 0.22%
ADVANCED ENERGY INDUSTRIES 0.21%
COREPOINT LODGING INC 0.21%
FRANKLIN COVEY CO 0.21%
GRAY TELEVISION INC 0.21%
ATLAS AIR WORLDWIDE HOLDINGS 0.20%
CONDUENT INC 0.20%
ENCANA CORP 0.20%
MELLANOX TECHNOLOGIES LTD 0.20%
SAIA INC 0.20%
ULTRA CLEAN HOLDINGS INC 0.20%
CHAPARRAL ENERGY INC-CLASS A 0.19%
RTW RETAILWINDS INC 0.19%
SUNOPTA INC 0.19%
UNIVERSAL STAINLESS & ALLOY 0.19%
BENCHMARK ELECTRONICS INC 0.18%
NEWMARK GROUP INC-CLASS A 0.18%
TITAN MACHINERY INC 0.18%
BIG LOTS INC 0.17%
KBR INC 0.17%
PVH CORP 0.17%
JABIL INC 0.15%
CONS TOMOKA LAND CO-FLORIDA 0.14%
HOUSTON WIRE & CABLE CO 0.14%
SOUTHWESTERN ENERGY CO 0.14%
STEELCASE INC-CL A 0.14%
TERRITORIAL BANCORP INC 0.14%
AGROFRESH SOLUTIONS INC 0.13%
LSI INDUSTRIES INC 0.13%
PRG-SCHULTZ INTL INC. 0.13%
GEOSPACE TECHNOLOGIES CORP 0.12%
HERMAN MILLER INC 0.12%
STOLT-NIELSEN LTD 0.12%
TEGNA INC 0.12%
UNIFI INC 0.12%
UPLAND SOFTWARE INC 0.12%
KFORCE INC 0.11%
LIMONEIRA CO 0.11%
RANGE RESOURCES CORP 0.11%
FRANK'S INTERNATIONAL NV 0.10%
HEALTHSCOPE LTD 0.10%
PENN VIRGINIA CORP 0.10%
POTBELLY CORP 0.10%
BEASLEY BROADCAST GRP INC -A 0.09%
FREIGHTCAR AMERICA INC 0.09%
TTM TECHNOLOGIES 0.09%
AMERICAN RENAL ASSOCIATES HO 0.08%
EXTERRAN CORP 0.08%
EXTREME NETWORKS INC 0.08%
GULFPORT ENERGY CORP 0.08%
ROKU INC 0.08%
STERLING BANCORP INC/MI 0.08%
GATES INDUSTRIAL CORP PLC 0.07%
GREAT LAKES DREDGE & DOCK CO 0.07%
ICHOR HOLDINGS LTD 0.07%
AMPLIFY ENERGY CORP 0.06%
US XPRESS ENTERPRISES INC -A 0.06%
AXT INC 0.05%
CLH 20190418 C 40.00UBS 0.05%
FRANKLIN FINANCIAL NETWORK 0.05%
GULF ISLAND FABRICATION INC 0.05%
MACK-CALI REALTY CORP 0.05%
ADTRAN INC 0.04%
DFIN 20190418 C 12.50CITI 0.03%
FGL HOLDINGS 0.03%
HORTONWORKS INC 0.03%
LOGM 20190315 C 70.00CITI 0.03%
GRA 20190315 C 60.00CITI 0.02%
AEO 20190215 C 19.00CITI 0.01%
CCRN 20190315 C 7.50CITI 0.01%
CPE 20190719 C 7.00BCBP 0.01%
EXP 20190418 C 65.00CITI 0.01%
GTES 20190215 C 12.50UBS 0.01%
HUN 20190215 C 20.00BANKAM 0.01%
MTX 20190215 C 55.00MSCIL 0.01%
SRCL 20190215 C 40.00CITI 0.01%
WETF 20190315 C 7.00BCBP 0.01%
ADTN 20190118 P 11.00UBS 0.00%
AXTA 20190118 P 21.00BCBP 0.00%
CHARAH SOLUTIONS INC 0.00%
CONDOR HOSPITALITY TRUST INC 0.00%
DDS 20190104 P 60.00CITI 0.00%
DRQ 20190315 C 35.00BANKAM 0.00%
FEYE 20190104 P 16.00BCBP 0.00%
FL 20190104 P 52.50BCBP 0.00%
FLR 20190118 C 42.50CITI 0.00%
GCO 20190118 P 45.00CITI 0.00%
HBI 20190418 C 13.00BCBP 0.00%
OCFC 20190118 P 22.50CITI 0.00%
ON 20190118 P 17.00BCBP 0.00%
OUT 20190118 P 17.50CITI 0.00%
SUN 20190118 P 27.50CITI 0.00%
TMST 20190215 C 10.00BCBP 0.00%
BJ 20190118 C 20.00CITI -0.01%
MLNX 20190118 P 92.50UBS -0.01%
MLNX 20190118 P 95.00CSI -0.01%
ON 20190118 P 16.00UBS -0.01%
AXTA 20190118 P 25.00GSI -0.02%
GCO 20190118 P 45.00CSI -0.03%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Cedar Fair Lp 2.86%
2: Vermilion Energy 1.99%
3: Dave Buster'S Entertainment 1.51%
4: Caesars Entertainment Corp 1.40%
5: American Equity Investment Life Holding 1.38%
6: Talend 1.36%
7: Imax Corp 1.29%
8: Madison Square Garden The 1.22%
9: Vipshop Holdings 1.14%
10: Celestica 0.95%
Holdings represent 15.10% of portfolio
Top 10 holdings as of 12/31/18
1: Cedar Fair Lp 2.73%
2: Vermilion Energy 1.92%
3: Clean Harbors 1.42%
4: American Equity Investment Life Holding 1.40%
5: Dave Buster'S Entertainment 1.32%
6: Madison Square Garden The 1.22%
7: Celestica 1.14%
8: Caesars Entertainment Corp 1.12%
9: Salvatore Ferragamo Spa 1.10%
10: Logmein 1.08%
Holdings represent 14.45% of portfolio
Top 10 holdings as of 11/30/18
1: Cedar Fair Lp 2.37%
2: Vermilion Energy 1.90%
3: Wr Grace 1.41%
4: American Equity Investment Life Holding 1.29%
5: Jetblue Airways Corp 1.22%
6: Stericycle 1.22%
7: Lions Gate Entertainment Corp 1.13%
8: Caesars Entertainment Corp 1.07%
9: Sierra Wireless 1.05%
10: Celestica 1.02%
Holdings represent 13.68% of portfolio
Top 10 holdings as of 10/31/18
1: Vermilion Energy 2.47%
2: Cedar Fair Lp 1.96%
3: Clean Harbors 1.31%
4: Valvoline 1.21%
5: Patterson-Uti Energy 1.17%
6: Triplepoint Venture Growth Bdc Corp 1.05%
7: American Equity Investment Life Holding 1.01%
8: Sierra Wireless 0.98%
9: Ares Capital Corp 0.98%
10: Celestica 0.97%
Holdings represent 13.11% of portfolio

Portfolio Composition as of 01/31/19

Common stock 90.10%
Cash and net other assets 9.90%

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 01/31/19

Consumer discretionary 17.65%
Financials 15.54%
Information technology 14.75%
Industrials 13.20%
Cash and net other assets 9.90%
Energy 9.43%
Communication services 6.02%
Health care 5.16%
Materials 3.54%
 
Other
4.81%
Consumer staples 3.14%
Real estate 1.67%

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%