Putnam Hartford Capital Manager

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

Lipper ranking ‡ as of 08/31/17

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 84% 30/35
1 yr. 24% 11/46
3 yrs. 28% 13/46
5 yrs. 35% 16/46

Risk Characteristics as of 08/31/17

Alpha (%) 0.32
Beta 0.92
R squared 0.96
Standard deviation (3 yrs.) 13.66

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 08/31/17

Fiscal Year End December
Asset Class Putnam Hartford Capital Manager
Subaccount Status Open to new investors
Number of issues 246
Turnover (fiscal year end) 67%
Net Assets $152M
Inception Date 04/30/99

Holdings

Top 10 holdings as of 08/31/17

Cision 1.36%
Hain Celestial Group The 1.35%
Hyster-Yale Materials Handling 1.34%
Radian Group 1.26%
New York Reit 1.25%
Rlj Lodging Trust 1.25%
Energen Corp 1.24%
Store Capital Corp 1.16%
Kennedy-Wilson Holdings 1.14%
Calpine Corp 1.00%
Top 10 holdings, total: 12.35%

Equity Holdings as of 06/30/17

PARTY CITY HOLDCO INC 1.25%
RADIAN GROUP INC 1.18%
NCR CORPORATION 1.17%
QUANTA SERVICES INC 1.16%
FLEX LTD 1.15%
HYSTER-YALE MATERIALS 1.06%
SEAWORLD ENTERTAINMENT INC 1.06%
SPROUTS FARMERS MARKET INC 1.06%
NEW YORK REIT INC 1.04%
CALPINE CORP 1.01%
TIME INC 1.01%
MASTEC INC 0.99%
ENERGEN CORP 0.93%
CALGON CARBON CORP 0.78%
MAJOR DRILLING GROUP INTL 0.77%
RLJ LODGING TRUST 0.77%
STERLING BANCORP/DE 0.77%
ASSURED GUARANTY LTD 0.76%
PITNEY BOWES INC 0.76%
BROOKDALE SENIOR LIVING INC 0.75%
DEAN FOODS CO 0.75%
KAPSTONE PAPER AND PACKAGING 0.75%
XPERI CORP 0.75%
CISION LTD 0.74%
SUPER MICRO COMPUTER INC 0.74%
ATLAS AIR WORLDWIDE HOLDINGS 0.73%
IBERIABANK CORP 0.72%
VALVOLINE INC 0.72%
MULLEN GROUP LTD 0.70%
PACIFIC PREMIER BANCORP INC 0.69%
FIRST MIDWEST BANCORP INC/IL 0.68%
GENERAC HOLDINGS INC 0.68%
KENNEDY-WILSON HOLDINGS INC 0.68%
SUMMIT MATERIALS INC -CL A 0.68%
CAMDEN NATIONAL CORP 0.67%
COLUMBUS MCKINNON CORP/NY 0.67%
POPULAR INC 0.67%
CONDUENT INC 0.65%
EDGEWELL PERSONAL CARE CO 0.65%
HIGH LINER FOODS INC 0.65%
HANESBRANDS INC 0.64%
OLD NATIONAL BANCORP 0.64%
TRIMAS CORP 0.62%
BLUE BUFFALO PET PRODUCTS IN 0.61%
CALLON PETROLEUM CO 0.61%
FORMFACTOR INC 0.61%
HANMI FINANCIAL CORPORATION 0.61%
FIRST BUSEY CORP 0.60%
RANGE RESOURCES CORP 0.60%
SCHNEIDER NATIONAL INC-CL B 0.60%
WESTERN ALLIANCE BANCORP 0.60%
ENSIGN GROUP INC/THE 0.59%
MATADOR RESOURCES CO 0.59%
TEXTAINER GROUP HOLDINGS LTD 0.59%
WEB.COM GROUP INC 0.59%
RYERSON HOLDING CORP 0.58%
SCHULMAN (A.) INC 0.58%
PLY GEM HOLDINGS INC 0.56%
NETGEAR INC 0.55%
PREFERRED BANK/LOS ANGELES 0.55%
VERMILION ENERGY INC 0.55%
WSFS FINANCIAL CORP 0.55%
FERRO CORP 0.54%
KBR INC 0.54%
UNIT CORP 0.54%
HOPE BANCORP INC 0.53%
SCHNITZER STEEL INDS INC-A 0.52%
SALLY BEAUTY HOLDINGS INC 0.51%
UMPQUA HOLDINGS CORP 0.51%
ANI PHARMACEUTICALS INC 0.49%
BABCOCK & WILCOX ENTERPR 0.49%
PROPETRO HOLDING CORP 0.49%
HAIN CELESTIAL GROUP INC 0.47%
LAKELAND FINANCIAL CORP 0.47%
STONERIDGE INC 0.47%
REDWOOD TRUST INC 0.46%
TOWER SEMICONDUCTOR LTD 0.46%
FOSTER (LB) CO-A 0.45%
VALLEY NATIONAL BANCORP 0.45%
AGT FOOD & INGREDIENTS INC 0.44%
FULTON FINANCIAL CORP 0.44%
HEARTLAND FINANCIAL USA INC 0.44%
LIVE NATION ENTERTAINMENT IN 0.44%
META FINANCIAL GROUP INC 0.44%
CENTURY COMMUNITIES INC 0.42%
CHICAGO BRIDGE & IRON CO NV 0.42%
MERITOR INC 0.42%
INVESTMENT TECHNOLOGY GROUP 0.41%
NAVISTAR INTERNATIONAL CORP 0.41%
NOMAD FOODS LTD 0.41%
TAHOE RESOURCES INC 0.41%
BERKSHIRE HILLS BANCORP INC 0.39%
INDEPENDENT BANK GROUP INC 0.39%
TCP CAPITAL CORP 0.39%
BMC STOCK HOLDINGS INC 0.38%
DICKS SPORTING 0.38%
NMI HOLDINGS INC-CLASS A 0.38%
SELECT ENERGY SERVICES INC-A 0.38%
TRIPLEPOINT VENTURE GROWTH B 0.38%
WASHINGTON TRUST BANCORP 0.38%
FIRST DEFIANCE FINL CORP 0.37%
GREENHILL & CO INC 0.37%
MALLINCKRODT PLC 0.37%
MOTORCAR PARTS OF AMERICA IN 0.37%
PCSB FINANCIAL CORP 0.37%
COOPER TIRE & RUBBER 0.36%
FIRST BANCORP/NC 0.36%
FLOWSERVE CORP 0.36%
GREIF INC -CL A 0.36%
NAUTILUS INC 0.36%
PHOTRONICS INC 0.36%
SOUTHSIDE BANCSHARES INC 0.36%
SOUTHWESTERN ENERGY CO 0.36%
STERICYCLE INC 0.36%
YELP INC 0.36%
ANTERO RESOURCES CORP 0.35%
KENNAMETAL INC 0.35%
ENTRAVISION COMMUNICATIONS-A 0.34%
WINTRUST FINANCIAL CORP 0.34%
CENTRAL EUROPEAN MEDIA ENT-A 0.33%
CONVERGYS CORP 0.33%
GROUPON INC 0.33%
JABIL INC 0.33%
LSB INDUSTRIES INC 0.33%
MERCER INTERNATIONAL INC 0.33%
NORTHWEST PIPE CO 0.33%
SOLAR CAPITAL LTD 0.33%
UNITED COMMUNITY BANKS/GA 0.33%
BED BATH & BEYOND INC 0.32%
DINEEQUITY INC 0.32%
SILICON MOTION TECHNOL-ADR 0.32%
CIVISTA BANCSHARES INC 0.31%
DSW INC-CLASS A 0.31%
GREENLIGHT CAPITAL RE LTD-A 0.31%
C&J ENERGY SERVICES INC 0.30%
FIRST MERCHANTS CORP 0.30%
GENER8 MARITIME INC 0.30%
VERIFONE SYSTEMS INC 0.30%
WASHINGTON FEDERAL INC 0.30%
ABERCROMBIE & FITCH CO-CL A 0.29%
BRINKER INTERNATIONAL INC 0.29%
IES HOLDINGS INC 0.29%
OM ASSET MANAGEMENT PLC 0.29%
SM ENERGY CO 0.29%
STEELCASE INC-CL A 0.29%
CECO ENVIRONMENTAL CORP 0.28%
EDUCATION REALTY TRUST INC 0.28%
FINISH LINE/THE - CL A 0.28%
PARSLEY ENERGY INC-CLASS A 0.28%
TERADYNE INC 0.28%
HERCULES CAPITAL INC 0.27%
MODINE MANUFACTURING CO 0.27%
ARTISAN PARTNERS ASSET MA -A 0.26%
COVENANT TRANSPORT GRP-CL A 0.26%
DILLARDS INC-CL A 0.26%
INTERNATIONAL GAME TECHNOLOG 0.26%
PROVIDENT FINANCIAL SERVICES 0.26%
EXTENDED STAY AMERICA INC 0.25%
ADVANCED ENERGY INDUSTRIES 0.24%
GLOBAL BRASS & COPPER HOLDIN 0.24%
GARDNER DENVER HOLDINGS INC 0.23%
KEANE GROUP INC 0.23%
NRG ENERGY INC 0.23%
NEW MEDIA INVESTMENT GROUP 0.22%
NEW SENIOR INVESTMENT GROUP 0.22%
SUPREME INDS INC-CLASS A 0.22%
AMN HEALTHCARE SERVICES INC 0.21%
FRANKLIN FINANCIAL NETWORK 0.21%
LIBBEY INC 0.21%
TCF FINANCIAL CORP 0.21%
TRISTATE CAPITAL HLDGS INC 0.21%
BEL FUSE INC-CL B 0.20%
INTERFOR CORP 0.20%
J. JILL INC 0.20%
J2 GLOBAL INC 0.20%
NOVA MEASURING INSTRUMENTS 0.20%
PATTERSON-UTI ENERGY INC 0.20%
PERRY ELLIS INTERNATIONAL 0.20%
AAC HOLDINGS INC 0.18%
DIME COMMUNITY BANCSHARES 0.18%
DOREL INDUSTRIES-CL B 0.18%
OCH-ZIFF CAPITAL MANAGEMEN-A 0.18%
STERLING CONSTRUCTION CO 0.18%
WALKER & DUNLOP INC 0.17%
COHU INC 0.16%
FIFTH STREET FINANCE CORP 0.16%
GTT COMMUNICATIONS INC 0.16%
OLYMPIC STEEL INC 0.16%
REXNORD CORP 0.16%
SUMMIT HOTEL PROPERTIES INC 0.16%
VITAMIN SHOPPE INC 0.16%
ACACIA COMMUNICATIONS INC 0.15%
GRAY TELEVISION INC 0.15%
HARDWOODS DISTRIBUTION INC 0.15%
INDEPENDENCE CONTRACT DRILLI 0.15%
PACIFIC ETHANOL INC 0.15%
RED LION HOTELS CORP 0.15%
ARMSTRONG FLOORING INC 0.14%
ATKORE INTERNATIONAL GROUP I 0.14%
COSTAMARE INC 0.14%
SMART SAND INC 0.13%
FIVE POINT HOLDINGS LLC-CL A 0.12%
ORION GROUP HOLDINGS INC 0.12%
STORE CAPITAL CORP 0.12%
BUILDERS FIRSTSOURCE INC 0.11%
SPEEDWAY MOTORSPORTS INC 0.11%
US SILICA HOLDINGS INC 0.11%
ALBANY INTL CORP-CL A 0.10%
FIRST CONNECTICUT BANCORP 0.10%
GLATFELTER 0.10%
RED ROCK RESORTS INC-CLASS A 0.10%
UNIVEST CORP OF PENNSYLVANIA 0.10%
WEATHERFORD INTERNATIONAL PL 0.10%
ICHOR HOLDINGS LTD 0.09%
SCORPIO BULKERS INC 0.09%
MCBC HOLDINGS INC 0.07%
TOWER INTERNATIONAL INC 0.07%
HUDSON TECHNOLOGIES INC 0.06%
ASTEC INDUSTRIES INC 0.05%
POWELL INDUSTRIES INC 0.05%
WADDELL & REED FINANCIAL-A 0.05%
AMPCO-PITTSBURGH CORP 0.04%
AVID TECHNOLOGY INC 0.04%
KIMBALL INTERNATIONAL-B 0.04%
SYNALLOY CORP 0.02%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Full Portfolio Holdings as of 06/30/17

PARTY CITY HOLDCO INC 1.25%
RADIAN GROUP INC 1.18%
NCR CORPORATION 1.17%
QUANTA SERVICES INC 1.16%
FLEX LTD 1.15%
HYSTER-YALE MATERIALS 1.06%
SEAWORLD ENTERTAINMENT INC 1.06%
SPROUTS FARMERS MARKET INC 1.06%
NEW YORK REIT INC 1.04%
CALPINE CORP 1.01%
TIME INC 1.01%
MASTEC INC 0.99%
ENERGEN CORP 0.93%
CALGON CARBON CORP 0.78%
MAJOR DRILLING GROUP INTL 0.77%
RLJ LODGING TRUST 0.77%
STERLING BANCORP/DE 0.77%
ASSURED GUARANTY LTD 0.76%
PITNEY BOWES INC 0.76%
BROOKDALE SENIOR LIVING INC 0.75%
DEAN FOODS CO 0.75%
KAPSTONE PAPER AND PACKAGING 0.75%
XPERI CORP 0.75%
CISION LTD 0.74%
SUPER MICRO COMPUTER INC 0.74%
ATLAS AIR WORLDWIDE HOLDINGS 0.73%
IBERIABANK CORP 0.72%
VALVOLINE INC 0.72%
MULLEN GROUP LTD 0.70%
PACIFIC PREMIER BANCORP INC 0.69%
FIRST MIDWEST BANCORP INC/IL 0.68%
GENERAC HOLDINGS INC 0.68%
KENNEDY-WILSON HOLDINGS INC 0.68%
SUMMIT MATERIALS INC -CL A 0.68%
CAMDEN NATIONAL CORP 0.67%
COLUMBUS MCKINNON CORP/NY 0.67%
POPULAR INC 0.67%
CONDUENT INC 0.65%
EDGEWELL PERSONAL CARE CO 0.65%
HIGH LINER FOODS INC 0.65%
HANESBRANDS INC 0.64%
OLD NATIONAL BANCORP 0.64%
TRIMAS CORP 0.62%
BLUE BUFFALO PET PRODUCTS IN 0.61%
CALLON PETROLEUM CO 0.61%
FORMFACTOR INC 0.61%
HANMI FINANCIAL CORPORATION 0.61%
FIRST BUSEY CORP 0.60%
RANGE RESOURCES CORP 0.60%
SCHNEIDER NATIONAL INC-CL B 0.60%
WESTERN ALLIANCE BANCORP 0.60%
ENSIGN GROUP INC/THE 0.59%
MATADOR RESOURCES CO 0.59%
TEXTAINER GROUP HOLDINGS LTD 0.59%
WEB.COM GROUP INC 0.59%
RYERSON HOLDING CORP 0.58%
SCHULMAN (A.) INC 0.58%
PLY GEM HOLDINGS INC 0.56%
NETGEAR INC 0.55%
PREFERRED BANK/LOS ANGELES 0.55%
VERMILION ENERGY INC 0.55%
WSFS FINANCIAL CORP 0.55%
FERRO CORP 0.54%
KBR INC 0.54%
UNIT CORP 0.54%
HOPE BANCORP INC 0.53%
SCHNITZER STEEL INDS INC-A 0.52%
SALLY BEAUTY HOLDINGS INC 0.51%
UMPQUA HOLDINGS CORP 0.51%
ANI PHARMACEUTICALS INC 0.49%
BABCOCK & WILCOX ENTERPR 0.49%
PROPETRO HOLDING CORP 0.49%
HAIN CELESTIAL GROUP INC 0.47%
LAKELAND FINANCIAL CORP 0.47%
STONERIDGE INC 0.47%
REDWOOD TRUST INC 0.46%
TOWER SEMICONDUCTOR LTD 0.46%
FOSTER (LB) CO-A 0.45%
VALLEY NATIONAL BANCORP 0.45%
AGT FOOD & INGREDIENTS INC 0.44%
FULTON FINANCIAL CORP 0.44%
HEARTLAND FINANCIAL USA INC 0.44%
LIVE NATION ENTERTAINMENT IN 0.44%
META FINANCIAL GROUP INC 0.44%
CENTURY COMMUNITIES INC 0.42%
CHICAGO BRIDGE & IRON CO NV 0.42%
MERITOR INC 0.42%
INVESTMENT TECHNOLOGY GROUP 0.41%
NAVISTAR INTERNATIONAL CORP 0.41%
NOMAD FOODS LTD 0.41%
TAHOE RESOURCES INC 0.41%
BERKSHIRE HILLS BANCORP INC 0.39%
INDEPENDENT BANK GROUP INC 0.39%
TCP CAPITAL CORP 0.39%
BMC STOCK HOLDINGS INC 0.38%
DICKS SPORTING 0.38%
NMI HOLDINGS INC-CLASS A 0.38%
SELECT ENERGY SERVICES INC-A 0.38%
TRIPLEPOINT VENTURE GROWTH B 0.38%
WASHINGTON TRUST BANCORP 0.38%
FIRST DEFIANCE FINL CORP 0.37%
GREENHILL & CO INC 0.37%
MALLINCKRODT PLC 0.37%
MOTORCAR PARTS OF AMERICA IN 0.37%
PCSB FINANCIAL CORP 0.37%
COOPER TIRE & RUBBER 0.36%
FIRST BANCORP/NC 0.36%
FLOWSERVE CORP 0.36%
GREIF INC -CL A 0.36%
NAUTILUS INC 0.36%
PHOTRONICS INC 0.36%
SOUTHSIDE BANCSHARES INC 0.36%
SOUTHWESTERN ENERGY CO 0.36%
STERICYCLE INC 0.36%
YELP INC 0.36%
ANTERO RESOURCES CORP 0.35%
KENNAMETAL INC 0.35%
ENTRAVISION COMMUNICATIONS-A 0.34%
WINTRUST FINANCIAL CORP 0.34%
CENTRAL EUROPEAN MEDIA ENT-A 0.33%
CONVERGYS CORP 0.33%
GROUPON INC 0.33%
JABIL INC 0.33%
LSB INDUSTRIES INC 0.33%
MERCER INTERNATIONAL INC 0.33%
NORTHWEST PIPE CO 0.33%
SOLAR CAPITAL LTD 0.33%
UNITED COMMUNITY BANKS/GA 0.33%
BED BATH & BEYOND INC 0.32%
DINEEQUITY INC 0.32%
SILICON MOTION TECHNOL-ADR 0.32%
CIVISTA BANCSHARES INC 0.31%
DSW INC-CLASS A 0.31%
GREENLIGHT CAPITAL RE LTD-A 0.31%
C&J ENERGY SERVICES INC 0.30%
FIRST MERCHANTS CORP 0.30%
GENER8 MARITIME INC 0.30%
VERIFONE SYSTEMS INC 0.30%
WASHINGTON FEDERAL INC 0.30%
ABERCROMBIE & FITCH CO-CL A 0.29%
BRINKER INTERNATIONAL INC 0.29%
IES HOLDINGS INC 0.29%
OM ASSET MANAGEMENT PLC 0.29%
SM ENERGY CO 0.29%
STEELCASE INC-CL A 0.29%
CECO ENVIRONMENTAL CORP 0.28%
EDUCATION REALTY TRUST INC 0.28%
FINISH LINE/THE - CL A 0.28%
PARSLEY ENERGY INC-CLASS A 0.28%
TERADYNE INC 0.28%
HERCULES CAPITAL INC 0.27%
MODINE MANUFACTURING CO 0.27%
ARTISAN PARTNERS ASSET MA -A 0.26%
COVENANT TRANSPORT GRP-CL A 0.26%
DILLARDS INC-CL A 0.26%
INTERNATIONAL GAME TECHNOLOG 0.26%
PROVIDENT FINANCIAL SERVICES 0.26%
EXTENDED STAY AMERICA INC 0.25%
ADVANCED ENERGY INDUSTRIES 0.24%
GLOBAL BRASS & COPPER HOLDIN 0.24%
GARDNER DENVER HOLDINGS INC 0.23%
KEANE GROUP INC 0.23%
NRG ENERGY INC 0.23%
NEW MEDIA INVESTMENT GROUP 0.22%
NEW SENIOR INVESTMENT GROUP 0.22%
SUPREME INDS INC-CLASS A 0.22%
AMN HEALTHCARE SERVICES INC 0.21%
FRANKLIN FINANCIAL NETWORK 0.21%
LIBBEY INC 0.21%
TCF FINANCIAL CORP 0.21%
TRISTATE CAPITAL HLDGS INC 0.21%
BEL FUSE INC-CL B 0.20%
INTERFOR CORP 0.20%
J. JILL INC 0.20%
J2 GLOBAL INC 0.20%
NOVA MEASURING INSTRUMENTS 0.20%
PATTERSON-UTI ENERGY INC 0.20%
PERRY ELLIS INTERNATIONAL 0.20%
AAC HOLDINGS INC 0.18%
DIME COMMUNITY BANCSHARES 0.18%
DOREL INDUSTRIES-CL B 0.18%
OCH-ZIFF CAPITAL MANAGEMEN-A 0.18%
STERLING CONSTRUCTION CO 0.18%
WALKER & DUNLOP INC 0.17%
COHU INC 0.16%
FIFTH STREET FINANCE CORP 0.16%
GTT COMMUNICATIONS INC 0.16%
OLYMPIC STEEL INC 0.16%
REXNORD CORP 0.16%
SUMMIT HOTEL PROPERTIES INC 0.16%
VITAMIN SHOPPE INC 0.16%
ACACIA COMMUNICATIONS INC 0.15%
GRAY TELEVISION INC 0.15%
HARDWOODS DISTRIBUTION INC 0.15%
INDEPENDENCE CONTRACT DRILLI 0.15%
PACIFIC ETHANOL INC 0.15%
RED LION HOTELS CORP 0.15%
ARMSTRONG FLOORING INC 0.14%
ATKORE INTERNATIONAL GROUP I 0.14%
COSTAMARE INC 0.14%
SMART SAND INC 0.13%
FIVE POINT HOLDINGS LLC-CL A 0.12%
ORION GROUP HOLDINGS INC 0.12%
STORE CAPITAL CORP 0.12%
BUILDERS FIRSTSOURCE INC 0.11%
SPEEDWAY MOTORSPORTS INC 0.11%
US SILICA HOLDINGS INC 0.11%
ALBANY INTL CORP-CL A 0.10%
FIRST CONNECTICUT BANCORP 0.10%
GLATFELTER 0.10%
RED ROCK RESORTS INC-CLASS A 0.10%
UNIVEST CORP OF PENNSYLVANIA 0.10%
WEATHERFORD INTERNATIONAL PL 0.10%
ICHOR HOLDINGS LTD 0.09%
SCORPIO BULKERS INC 0.09%
MCBC HOLDINGS INC 0.07%
TOWER INTERNATIONAL INC 0.07%
HUDSON TECHNOLOGIES INC 0.06%
ASTEC INDUSTRIES INC 0.05%
POWELL INDUSTRIES INC 0.05%
WADDELL & REED FINANCIAL-A 0.05%
AMPCO-PITTSBURGH CORP 0.04%
AVID TECHNOLOGY INC 0.04%
KIMBALL INTERNATIONAL-B 0.04%
SYNALLOY CORP 0.02%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%
CANADIAN DOLLAR ACCOUNT -0.13%

Prior top 10 holdings

Top 10 holdings as of 08/31/17
1: Cision 1.36%
2: Hain Celestial Group The 1.35%
3: Hyster-Yale Materials Handling 1.34%
4: Radian Group 1.26%
5: New York Reit 1.25%
6: Rlj Lodging Trust 1.25%
7: Energen Corp 1.24%
8: Store Capital Corp 1.16%
9: Kennedy-Wilson Holdings 1.14%
10: Calpine Corp 1.00%
Holdings represent 12.35% of portfolio
Top 10 holdings as of 07/31/17
1: Radian Group 1.39%
2: Party City Holdco 1.22%
3: Hyster-Yale Materials Handling 1.21%
4: New York Reit 1.16%
5: Rlj Lodging Trust 1.13%
6: Sprouts Farmers Market 1.11%
7: Kennedy-Wilson Holdings 1.05%
8: Calpine Corp 1.03%
9: Healthsouth Corp 1.02%
10: Seaworld Entertainment 1.01%
Holdings represent 11.33% of portfolio
Top 10 holdings as of 06/30/17
1: Party City Holdco 1.25%
2: Radian Group 1.18%
3: Ncr Corp 1.17%
4: Quanta Services 1.16%
5: Flex 1.12%
6: Seaworld Entertainment 1.06%
7: Sprouts Farmers Market 1.06%
8: New York Reit 1.04%
9: Hyster-Yale Materials Handling 1.04%
10: Time 1.01%
Holdings represent 11.09% of portfolio
Top 10 holdings as of 05/31/17
1: Seaworld Entertainment 1.24%
2: Party City Holdco 1.10%
3: Calpine Corp 0.94%
4: New York Reit 0.87%
5: Conduent 0.87%
6: Belden 0.85%
7: Atlas Air Worldwide Holdings 0.83%
8: Healthsouth Corp 0.80%
9: Amn Healthcare Services 0.79%
10: Hanover Insurance Group The 0.76%
Holdings represent 9.05% of portfolio

Portfolio Composition as of 08/31/17

Common stock 89.05%
Cash and net other assets 10.95%

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 08/31/17

Financials 20.77%
Industrials 15.53%
Information technology 12.41%
Cash and net other assets 10.95%
Consumer discretionary 10.91%
Real estate 7.49%
Energy 6.73%
Consumer staples 6.71%
Materials 4.44%
 
Other
4.06%
Health care 3.06%
Utilities 1.00%