Putnam Allstate Advisor

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 12/18/18

with optional enhanced death benefits
Unit Value $35.266058 $34.229641
Unit Value Change -0.118253 -0.11492

Lipper ranking ‡ as of 11/30/18

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 53% 20/37
1 yr. 86% 35/40
3 yrs. 83% 34/40
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 11/30/18

Fiscal Year End December
Asset Class Putnam Allstate Advisor
Subaccount Status Open to new investors
Number of issues 202
Turnover (fiscal year end) 398%
Net Assets $130M
Inception Date 04/30/99

Performance

Performance as of 09/30/18

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 1.18% 3.41% 6.10% 12.16% 7.77% 8.74% 8.08%
Standardized -7.65% -5.57% -3.07% 7.75% 4.23% 6.08% 6.26%
With optional enhanced death benefit
Unit Value 1.14% 3.29% 5.94% 11.99% 7.61% 8.58% 7.88%
Standardized -7.68% -5.68% -3.22% 7.57% 4.05% 5.90% 6.03%
Actual performance
Unit Value 1.18% 3.41% 6.10% 12.16% 7.77% 8.74% 8.08%
Standardized -7.65% -5.57% -3.07% 7.75% 4.23% 6.08% 6.26%
With optional enhanced death benefit
Unit Value 1.14% 3.29% 5.94% 11.99% 7.61% 8.58% 7.88%
Standardized -7.68% -5.68% -3.22% 7.57% 4.05% 5.90% 6.03%

Annual Performance at NAV

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-40.12% 29.89% 24.41% -5.92% 16.02% 37.86% 2.14% -5.44% 25.90% 6.53%
With optional enhanced death benefit
-40.21% 29.69% 24.22% -6.06% 15.84% 37.65% 1.99% -5.58% 25.71% 6.37%

Restated performance

Monthly as of 11/30/18

Unit Value -1.93%
Standardized -10.53%

YTD as of 12/18/18

Unit Value -19.29%
Standardized -26.68%

With optional enhanced death benefit

Monthly as of 11/30/18

Unit Value -1.94%
Standardized -10.55%

YTD as of 12/18/18

Unit Value -19.41%
Standardized -26.79%

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 11/30/18

Alpha (%) -3.18
Beta 0.94
R Squared 0.93
Standard Deviation (3 yrs.) 14.00

Holdings

Top 10 holdings as of 11/30/18

Cedar Fair Lp 2.37%
Vermilion Energy 1.90%
Wr Grace 1.41%
American Equity Investment Life Holding 1.29%
Jetblue Airways Corp 1.22%
Stericycle 1.22%
Lions Gate Entertainment Corp 1.13%
Caesars Entertainment Corp 1.07%
Sierra Wireless 1.05%
Celestica 1.02%
Top 10 holdings, total: 13.68%

Equity Holdings as of 09/30/18

VERMILION ENERGY INC 2.56%
BIG LOTS INC 1.61%
CEDAR FAIR LP 1.32%
HERC HOLDINGS INC 1.31%
COLFAX CORP 1.29%
VALVOLINE INC 1.27%
AXALTA COATING SYSTEMS LTD 1.22%
TECH DATA CORP 1.18%
CYPRESS SEMICONDUCTOR CORP 1.17%
CLEAN HARBORS INC 1.13%
EVOQUA WATER TECHNOLOGIES CO 1.04%
RED ROBIN GOURMET BURGERS 1.04%
MICRO FOCUS INTL-SPN ADR 1.01%
RLJ LODGING TRUST 1.01%
TRIPLEPOINT VENTURE GROWTH B 0.97%
CSG SYSTEMS INTL INC 0.94%
SIERRA WIRELESS INC 0.94%
ARES CAPITAL CORP 0.87%
KNOWLES CORP 0.86%
STERLING BANCORP/DE 0.82%
BLOOMIN' BRANDS INC 0.81%
BROOKDALE SENIOR LIVING INC 0.81%
GRAFTECH INTERNATIONAL LTD 0.80%
HAIN CELESTIAL GROUP INC 0.80%
CHICO S FAS INC 0.79%
RIVIERA RESOURCES INC/LINN 0.79%
SPROUTS FARMERS MARKET INC 0.78%
FOOT LOCKER INC 0.77%
SUMMIT HOTEL PROPERTIES INC 0.77%
AMERICAN EQUITY INVT LIFE HL 0.76%
LIONS GATE ENTERTAINMENT-A 0.75%
SUNOCO LP 0.74%
CHINA TRADITIONAL CHINESE ME 0.73%
MANITOWOC COMPANY INC 0.73%
GRUMA S.A.B.-B 0.71%
INDEPENDENT BANK GROUP INC 0.71%
SEVEN GENERATIONS ENERGY - A 0.71%
TRIBUNE MEDIA CO - A 0.71%
CHAPARRAL ENERGY INC-CLASS A 0.69%
MYR GROUP INC/DELAWARE 0.69%
GAMING AND LEISURE PROPERTIE 0.68%
SHELL MIDSTREAM PARTNERS LP 0.68%
US CONCRETE INC 0.68%
CECO ENVIRONMENTAL CORP 0.66%
SOUTH STATE CORP 0.66%
ESTERLINE TECHNOLOGIES CORP 0.65%
SELECT ENERGY SERVICES INC-A 0.65%
ATLAS AIR WORLDWIDE HOLDINGS 0.64%
COMMSCOPE HOLDING CO INC 0.64%
MANITEX INTERNATIONAL INC 0.64%
EXTREME NETWORKS INC 0.63%
CLARUS CORP 0.60%
PACIFIC CITY FINANCIAL CORP 0.60%
TEMPUR SEALY INTERNATIONAL I 0.56%
COREPOINT LODGING INC 0.55%
INFRAREIT INC 0.55%
JETBLUE AIRWAYS CORP 0.55%
SHELF DRILLING LTD 0.55%
JABIL INC 0.54%
NEOPHOTONICS CORP 0.54%
CAPITOL INVESTMENT CORP IV 0.53%
GOLUB CAPITAL BDC INC 0.53%
AMERICAN RAILCAR INDUSTRIES 0.52%
FOREST CITY REALTY TRUST- A 0.51%
INVESTORS BANCORP INC 0.51%
PILGRIM'S PRIDE CORP 0.51%
GUESS INC 0.50%
NN INC 0.50%
ABM INDUSTRIES INC 0.49%
ACADIA HEALTHCARE CO INC 0.48%
EAGLE MATERIALS INC 0.48%
HILTON GRAND VACATIONS 0.48%
SANDRIDGE ENERGY INC 0.48%
DIAMONDROCK HOSPITALITY CO 0.47%
VECTRUS INC 0.47%
ATHENAHEALTH INC 0.46%
NAUTILUS INC 0.46%
COASTAL FINANCIAL CORP/WA 0.45%
ENDURANCE INTERNATIONAL GROU 0.45%
POTBELLY CORP 0.45%
ASPEN INSURANCE HOLDINGS LTD 0.44%
FCB FINANCIAL HOLDINGS-CL A 0.44%
MICHAELS COS INC/THE 0.44%
ROAN RESOURCES INC 0.44%
CERAGON NETWORKS LTD 0.42%
GREAT LAKES DREDGE & DOCK CO 0.42%
SELECT MEDICAL HOLDINGS CORP 0.42%
APOGEE ENTERPRISES INC 0.41%
DEUTZ AG 0.41%
SOLAR CAPITAL LTD 0.41%
CARS.COM INC 0.40%
FIRST HORIZON NATIONAL CORP 0.40%
HANCOCK WHITNEY CORP 0.39%
HERSHA HOSPITALITY TRUST 0.39%
KNIGHT-SWIFT TRANSPORTATION 0.39%
MERIDIAN BANCORP INC 0.39%
SUNOPTA INC 0.39%
TESSCO TECHNOLOGIES INC 0.39%
TOWER SEMICONDUCTOR LTD 0.39%
LEGG MASON INC 0.38%
PATTERSON-UTI ENERGY INC 0.38%
AECON GROUP INC 0.37%
FERROGLOBE PLC 0.37%
US XPRESS ENTERPRISES INC -A 0.37%
COOPER TIRE & RUBBER 0.36%
PAGSEGURO DIGITAL LTD-CL A 0.36%
APPLIED OPTOELECTRONICS INC 0.35%
LUMENTUM HOLDINGS INC 0.35%
MEDEQUITIES REALTY TRUST INC 0.35%
MVC CAPITAL 0.35%
NUANCE COMMUNICATIONS INC 0.35%
OUTFRONT MEDIA INC 0.35%
SPORTSMAN'S WAREHOUSE HOLDIN 0.35%
TRONC INC 0.35%
SPIRIT REALTY CAPITAL INC 0.34%
TRIVAGO NV - ADR 0.34%
DELTA APPAREL INC 0.33%
LILIS ENERGY INC 0.33%
STEELCASE INC-CL A 0.33%
SUMMIT MATERIALS INC -CL A 0.33%
INTERNATIONAL GAME TECHNOLOG 0.32%
SOUTHWESTERN ENERGY CO 0.32%
BANCORP INC/THE 0.30%
EQT MIDSTREAM PARTNERS LP 0.30%
TEGNA INC 0.30%
TRINITY INDUSTRIES INC 0.30%
TTM TECHNOLOGIES 0.30%
KIRKLANDS INC 0.29%
NATURAL GAS SERVICES GROUP 0.29%
SMART & FINAL STORES INC 0.29%
STERICYCLE INC 0.29%
VAREX IMAGING CORP 0.29%
EVERTZ TECHNOLOGIES LTD 0.28%
GROUPON INC 0.28%
HAYNES INTERNATIONAL INC 0.28%
POWELL INDUSTRIES INC 0.28%
TERRITORIAL BANCORP INC 0.28%
ACCURAY INC 0.27%
ENCORE WIRE CORP 0.27%
KEY ENERGY SERVICES INC 0.27%
PROGRESS SOFTWARE CORP 0.27%
RED ROCK RESORTS INC-CLASS A 0.27%
WESTERN FOREST PRODUCTS INC 0.27%
BEASLEY BROADCAST GRP INC -A 0.26%
CONS TOMOKA LAND CO-FLORIDA 0.26%
CRAFT BREW ALLIANCE INC 0.26%
HYSTER-YALE MATERIALS 0.26%
MEDLEY MANAGEMENT INC - A 0.26%
BRINK'S CO/THE 0.25%
DATAWATCH CORP 0.25%
SYNNEX CORP 0.25%
TIVITY HEALTH INC 0.25%
MACK-CALI REALTY CORP 0.24%
VICTORY CAPITAL HOLDING - A 0.24%
AXT INC 0.23%
FLEX LTD 0.23%
KEARNY FINANCIAL CORP/MD 0.23%
ORION GROUP HOLDINGS INC 0.23%
PINNACLE FINANCIAL PARTNERS 0.23%
WILLDAN GROUP INC 0.23%
DEAN FOODS CO 0.22%
FORTERRA INC 0.22%
JEFFERIES FINANCIAL GROUP IN 0.22%
MIDSTATES PETROLEUM CO INC 0.22%
MINERALS TECHNOLOGIES INC 0.22%
MULLEN GROUP LTD 0.22%
AIR CANADA 0.21%
GEOSPACE TECHNOLOGIES CORP 0.21%
VOXX INTERNATIONAL CORP 0.21%
AMERICAN EAGLE OUTFITTERS 0.20%
BANKUNITED INC 0.20%
CATO CORP-CLASS A 0.20%
CONSTRUCTION PARTNERS INC-A 0.20%
CRAY INC 0.20%
FVCBANKCORP INC 0.20%
GRANITE CONSTRUCTION INC 0.20%
GULF ISLAND FABRICATION INC 0.20%
HOPE BANCORP INC 0.20%
LSI INDUSTRIES INC 0.20%
SPARTAN MOTORS INC 0.20%
SYNAPTICS INC 0.20%
VALLEY NATIONAL BANCORP 0.20%
WERNER ENTERPRISES INC 0.20%
BOJANGLES' INC 0.19%
FREIGHTCAR AMERICA INC 0.19%
GLATFELTER 0.19%
GRAN TIERRA ENERGY INC 0.19%
OSHKOSH CORP 0.19%
CENTRAL EUROPEAN MEDIA ENT-A 0.18%
DEL TACO RESTAURANTS INC 0.18%
MEET GROUP INC/THE 0.18%
OAKTREE CAPITAL GROUP LLC 0.18%
RYDER SYSTEM INC 0.18%
VIASAT INC 0.18%
WILLSCOT CORP 0.18%
HOLLY ENERGY PARTNERS LP 0.17%
PANHANDLE OIL AND GAS INC-A 0.17%
SPARTON CORP 0.17%
TIVO CORP 0.17%
BEMIS COMPANY 0.16%
DILLARDS INC-CL A 0.16%
JELD-WEN HOLDING INC 0.16%
TRINIDAD DRILLING LTD 0.16%
TRISTATE CAPITAL HLDGS INC 0.15%
NOBLE MIDSTREAM PARTNERS LP 0.14%
TRINITY PLACE HOLDINGS INC 0.14%
AK STEEL HOLDING CORP 0.13%
BENCHMARK ELECTRONICS INC 0.13%
OCEANEERING INTL INC 0.13%
AMPLIFY ENERGY CORP 0.12%
MDC PARTNERS INC-A 0.12%
BERRY PETROLEUM CORP 0.11%
CALLON PETROLEUM CO 0.11%
ELF BEAUTY INC 0.11%
BLUE HILLS BANCORP INC 0.10%
CARROLS RESTAURANT GROUP INC 0.10%
FULTON FINANCIAL CORP 0.10%
SIGNATURE BANK 0.10%
STERLING BANCORP INC/MI 0.10%
TITAN MACHINERY INC 0.10%
BED BATH & BEYOND INC 0.09%
NORTHWEST PIPE CO 0.09%
TRICO BANCSHARES 0.08%
MONEYGRAM INTERNATIONAL INC 0.07%
YRC WORLDWIDE INC 0.07%
BONANZA CREEK ENERGY INC 0.06%
EMCORE CORP 0.06%
OMNOVA SOLUTIONS INC 0.06%
W.R. GRACE & CO 0.06%
INDEPENDENCE CONTRACT DRILLI 0.05%
FRANCESCAS HOLDINGS CORP 0.04%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Full Portfolio Holdings as of 09/30/18

VERMILION ENERGY INC 2.56%
BIG LOTS INC 1.61%
CEDAR FAIR LP 1.32%
HERC HOLDINGS INC 1.31%
COLFAX CORP 1.29%
VALVOLINE INC 1.27%
AXALTA COATING SYSTEMS LTD 1.22%
TECH DATA CORP 1.18%
CYPRESS SEMICONDUCTOR CORP 1.17%
CLEAN HARBORS INC 1.13%
EVOQUA WATER TECHNOLOGIES CO 1.04%
RED ROBIN GOURMET BURGERS 1.04%
MICRO FOCUS INTL-SPN ADR 1.01%
RLJ LODGING TRUST 1.01%
TRIPLEPOINT VENTURE GROWTH B 0.97%
CSG SYSTEMS INTL INC 0.94%
SIERRA WIRELESS INC 0.94%
ARES CAPITAL CORP 0.87%
KNOWLES CORP 0.86%
STERLING BANCORP/DE 0.82%
BLOOMIN' BRANDS INC 0.81%
BROOKDALE SENIOR LIVING INC 0.81%
GRAFTECH INTERNATIONAL LTD 0.80%
HAIN CELESTIAL GROUP INC 0.80%
CHICO S FAS INC 0.79%
RIVIERA RESOURCES INC/LINN 0.79%
SPROUTS FARMERS MARKET INC 0.78%
FOOT LOCKER INC 0.77%
SUMMIT HOTEL PROPERTIES INC 0.77%
AMERICAN EQUITY INVT LIFE HL 0.76%
LIONS GATE ENTERTAINMENT-A 0.75%
SUNOCO LP 0.74%
CHINA TRADITIONAL CHINESE ME 0.73%
MANITOWOC COMPANY INC 0.73%
GRUMA S.A.B.-B 0.71%
INDEPENDENT BANK GROUP INC 0.71%
SEVEN GENERATIONS ENERGY - A 0.71%
TRIBUNE MEDIA CO - A 0.71%
CHAPARRAL ENERGY INC-CLASS A 0.69%
MYR GROUP INC/DELAWARE 0.69%
GAMING AND LEISURE PROPERTIE 0.68%
SHELL MIDSTREAM PARTNERS LP 0.68%
US CONCRETE INC 0.68%
CECO ENVIRONMENTAL CORP 0.66%
SOUTH STATE CORP 0.66%
ESTERLINE TECHNOLOGIES CORP 0.65%
SELECT ENERGY SERVICES INC-A 0.65%
ATLAS AIR WORLDWIDE HOLDINGS 0.64%
COMMSCOPE HOLDING CO INC 0.64%
MANITEX INTERNATIONAL INC 0.64%
EXTREME NETWORKS INC 0.63%
CLARUS CORP 0.60%
PACIFIC CITY FINANCIAL CORP 0.60%
TEMPUR SEALY INTERNATIONAL I 0.56%
COREPOINT LODGING INC 0.55%
INFRAREIT INC 0.55%
JETBLUE AIRWAYS CORP 0.55%
SHELF DRILLING LTD 0.55%
JABIL INC 0.54%
NEOPHOTONICS CORP 0.54%
CAPITOL INVESTMENT CORP IV 0.53%
GOLUB CAPITAL BDC INC 0.53%
AMERICAN RAILCAR INDUSTRIES 0.52%
FOREST CITY REALTY TRUST- A 0.51%
INVESTORS BANCORP INC 0.51%
PILGRIM'S PRIDE CORP 0.51%
GUESS INC 0.50%
NN INC 0.50%
ABM INDUSTRIES INC 0.49%
ACADIA HEALTHCARE CO INC 0.48%
EAGLE MATERIALS INC 0.48%
HILTON GRAND VACATIONS 0.48%
SANDRIDGE ENERGY INC 0.48%
DIAMONDROCK HOSPITALITY CO 0.47%
VECTRUS INC 0.47%
ATHENAHEALTH INC 0.46%
NAUTILUS INC 0.46%
COASTAL FINANCIAL CORP/WA 0.45%
ENDURANCE INTERNATIONAL GROU 0.45%
POTBELLY CORP 0.45%
ASPEN INSURANCE HOLDINGS LTD 0.44%
FCB FINANCIAL HOLDINGS-CL A 0.44%
MICHAELS COS INC/THE 0.44%
ROAN RESOURCES INC 0.44%
CERAGON NETWORKS LTD 0.42%
GREAT LAKES DREDGE & DOCK CO 0.42%
SELECT MEDICAL HOLDINGS CORP 0.42%
APOGEE ENTERPRISES INC 0.41%
DEUTZ AG 0.41%
SOLAR CAPITAL LTD 0.41%
CARS.COM INC 0.40%
FIRST HORIZON NATIONAL CORP 0.40%
HANCOCK WHITNEY CORP 0.39%
HERSHA HOSPITALITY TRUST 0.39%
KNIGHT-SWIFT TRANSPORTATION 0.39%
MERIDIAN BANCORP INC 0.39%
SUNOPTA INC 0.39%
TESSCO TECHNOLOGIES INC 0.39%
TOWER SEMICONDUCTOR LTD 0.39%
LEGG MASON INC 0.38%
PATTERSON-UTI ENERGY INC 0.38%
AECON GROUP INC 0.37%
FERROGLOBE PLC 0.37%
US XPRESS ENTERPRISES INC -A 0.37%
COOPER TIRE & RUBBER 0.36%
PAGSEGURO DIGITAL LTD-CL A 0.36%
APPLIED OPTOELECTRONICS INC 0.35%
LUMENTUM HOLDINGS INC 0.35%
MEDEQUITIES REALTY TRUST INC 0.35%
MVC CAPITAL 0.35%
NUANCE COMMUNICATIONS INC 0.35%
OUTFRONT MEDIA INC 0.35%
SPORTSMAN'S WAREHOUSE HOLDIN 0.35%
TRONC INC 0.35%
SPIRIT REALTY CAPITAL INC 0.34%
TRIVAGO NV - ADR 0.34%
DELTA APPAREL INC 0.33%
LILIS ENERGY INC 0.33%
STEELCASE INC-CL A 0.33%
SUMMIT MATERIALS INC -CL A 0.33%
INTERNATIONAL GAME TECHNOLOG 0.32%
SOUTHWESTERN ENERGY CO 0.32%
BANCORP INC/THE 0.30%
EQT MIDSTREAM PARTNERS LP 0.30%
TEGNA INC 0.30%
TRINITY INDUSTRIES INC 0.30%
TTM TECHNOLOGIES 0.30%
KIRKLANDS INC 0.29%
NATURAL GAS SERVICES GROUP 0.29%
SMART & FINAL STORES INC 0.29%
STERICYCLE INC 0.29%
VAREX IMAGING CORP 0.29%
EVERTZ TECHNOLOGIES LTD 0.28%
GROUPON INC 0.28%
HAYNES INTERNATIONAL INC 0.28%
POWELL INDUSTRIES INC 0.28%
TERRITORIAL BANCORP INC 0.28%
ACCURAY INC 0.27%
ENCORE WIRE CORP 0.27%
KEY ENERGY SERVICES INC 0.27%
PROGRESS SOFTWARE CORP 0.27%
RED ROCK RESORTS INC-CLASS A 0.27%
WESTERN FOREST PRODUCTS INC 0.27%
BEASLEY BROADCAST GRP INC -A 0.26%
CONS TOMOKA LAND CO-FLORIDA 0.26%
CRAFT BREW ALLIANCE INC 0.26%
HYSTER-YALE MATERIALS 0.26%
MEDLEY MANAGEMENT INC - A 0.26%
BRINK'S CO/THE 0.25%
DATAWATCH CORP 0.25%
SYNNEX CORP 0.25%
TIVITY HEALTH INC 0.25%
MACK-CALI REALTY CORP 0.24%
VICTORY CAPITAL HOLDING - A 0.24%
AXT INC 0.23%
FLEX LTD 0.23%
KEARNY FINANCIAL CORP/MD 0.23%
ORION GROUP HOLDINGS INC 0.23%
PINNACLE FINANCIAL PARTNERS 0.23%
WILLDAN GROUP INC 0.23%
DEAN FOODS CO 0.22%
FORTERRA INC 0.22%
JEFFERIES FINANCIAL GROUP IN 0.22%
MIDSTATES PETROLEUM CO INC 0.22%
MINERALS TECHNOLOGIES INC 0.22%
MULLEN GROUP LTD 0.22%
AIR CANADA 0.21%
GEOSPACE TECHNOLOGIES CORP 0.21%
VOXX INTERNATIONAL CORP 0.21%
AMERICAN EAGLE OUTFITTERS 0.20%
BANKUNITED INC 0.20%
CATO CORP-CLASS A 0.20%
CONSTRUCTION PARTNERS INC-A 0.20%
CRAY INC 0.20%
FVCBANKCORP INC 0.20%
GRANITE CONSTRUCTION INC 0.20%
GULF ISLAND FABRICATION INC 0.20%
HOPE BANCORP INC 0.20%
LSI INDUSTRIES INC 0.20%
SPARTAN MOTORS INC 0.20%
SYNAPTICS INC 0.20%
VALLEY NATIONAL BANCORP 0.20%
WERNER ENTERPRISES INC 0.20%
BOJANGLES' INC 0.19%
FREIGHTCAR AMERICA INC 0.19%
GLATFELTER 0.19%
GRAN TIERRA ENERGY INC 0.19%
OSHKOSH CORP 0.19%
CENTRAL EUROPEAN MEDIA ENT-A 0.18%
DEL TACO RESTAURANTS INC 0.18%
MEET GROUP INC/THE 0.18%
OAKTREE CAPITAL GROUP LLC 0.18%
RYDER SYSTEM INC 0.18%
VIASAT INC 0.18%
WILLSCOT CORP 0.18%
HOLLY ENERGY PARTNERS LP 0.17%
PANHANDLE OIL AND GAS INC-A 0.17%
SPARTON CORP 0.17%
TIVO CORP 0.17%
BEMIS COMPANY 0.16%
DILLARDS INC-CL A 0.16%
JELD-WEN HOLDING INC 0.16%
TRINIDAD DRILLING LTD 0.16%
TRISTATE CAPITAL HLDGS INC 0.15%
NOBLE MIDSTREAM PARTNERS LP 0.14%
TRINITY PLACE HOLDINGS INC 0.14%
AK STEEL HOLDING CORP 0.13%
BENCHMARK ELECTRONICS INC 0.13%
OCEANEERING INTL INC 0.13%
AMPLIFY ENERGY CORP 0.12%
MDC PARTNERS INC-A 0.12%
BERRY PETROLEUM CORP 0.11%
CALLON PETROLEUM CO 0.11%
ELF BEAUTY INC 0.11%
BLUE HILLS BANCORP INC 0.10%
CARROLS RESTAURANT GROUP INC 0.10%
FULTON FINANCIAL CORP 0.10%
SIGNATURE BANK 0.10%
STERLING BANCORP INC/MI 0.10%
TITAN MACHINERY INC 0.10%
BED BATH & BEYOND INC 0.09%
NORTHWEST PIPE CO 0.09%
TRICO BANCSHARES 0.08%
MONEYGRAM INTERNATIONAL INC 0.07%
YRC WORLDWIDE INC 0.07%
BONANZA CREEK ENERGY INC 0.06%
EMCORE CORP 0.06%
OMNOVA SOLUTIONS INC 0.06%
W.R. GRACE & CO 0.06%
COMM 20181116 C 25.00JPMCB 0.05%
CPE 20181019 C 8.00BCBP 0.05%
INDEPENDENCE CONTRACT DRILLI 0.05%
ABM 20190118 C 25.00CITI 0.04%
BLMN 20181019 C 15.00JPMCB 0.04%
FRANCESCAS HOLDINGS CORP 0.04%
IWM 20181019 P 160.00UBS 0.02%
RRGB 20181221 C 40.00JPMCB 0.02%
AAOI 20181005 C 25.00BCBP 0.00%
ATHN 20181019 P 130.00BCBP 0.00%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
BOJA 20181019 P 15.00BCBP 0.00%
DDS 20181005 P 75.50BCBP 0.00%
DDS 20181005 P 76.50CITI 0.00%
ESL 20181019 C 90.00BCBP 0.00%
FERROGLOBE REPRESENTATION & 0.00%
HT 20181019 P 22.50CITI 0.00%
LITE 20181005 P 59.00BCBP 0.00%
LMNR 20181019 P 25.00CITI 0.00%
MAT 20181005 P 15.50UBS 0.00%
MTG 20181019 P 13.00UBS 0.00%
PAGS 20181019 C 30.00BCBP 0.00%
PAGS 20181019 P 25.00BANKAM 0.00%
PAGS 20181019 P 25.00BCBP 0.00%
SBNY 20181019 P 115.00CITI 0.00%
SFM 20181019 C 27.50BANKAM 0.00%
SFM 20181019 C 27.50BCBP 0.00%
SFM 20181019 C 27.50JPMCB 0.00%
SFM 20181019 P 27.50JPMCB 0.00%
TSEM 20181019 P 21.00BCBP 0.00%
TSEM 20181019 P 22.00BCBP 0.00%
FL 20181019 C 47.50CITI -0.01%
IWM 20181019 P 150.00UBS -0.01%
PAGS 20181019 P 27.50BCBP -0.01%
PTEN 20181019 P 17.00BCBP -0.01%
CANADIAN DOLLAR ACCOUNT -0.04%

Prior top 10 holdings

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
Top 10 holdings as of 09/30/18
1: Vermilion Energy 2.56%
2: Big Lots 1.61%
3: Herc Holdings 1.31%
4: Colfax Corp 1.29%
5: Valvoline 1.27%
6: Cedar Fair Lp 1.24%
7: Axalta Coating Systems 1.22%
8: Tech Data Corp 1.18%
9: Cypress Semiconductor Corp 1.17%
10: Clean Harbors 1.13%
Holdings represent 13.98% of portfolio
Top 10 holdings as of 08/31/18
1: Pagseguro Digital 1.76%
2: Clean Harbors 1.38%
3: Axalta Coating Systems 1.20%
4: Valvoline 1.20%
5: Rlj Lodging Trust 1.00%
6: Tech Data Corp 1.00%
7: Air Canada 0.99%
8: Esterline Technologies Corp 0.99%
9: Knowles Corp 0.97%
10: Us Xpress Enterprises 0.96%
Holdings represent 11.45% of portfolio

Portfolio Composition as of 11/30/18

Common stock 82.56%
Cash and net other assets 17.44%

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 11/30/18

Cash and net other assets 17.44%
Industrials 16.40%
Financials 15.96%
Consumer discretionary 11.32%
Information technology 9.83%
Energy 9.21%
Materials 7.68%
Communication services 4.36%
Real estate 2.85%
 
Other
4.95%
Health care 2.65%
Consumer staples 2.30%

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 7.00%
2 7.00%
3 6.00%
4 5.00%
5 4.00%
6 3.00%
7 2.00%
8+ 0.00%