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 07/19/18

with optional enhanced death benefits
Unit Value $40.704704 $39.579023
Unit Value Change 0.242591 0.235721

Lipper ranking ‡ as of 06/30/18

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 51% 17/33
1 yr. 95% 37/38
3 yrs. 49% 19/38
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 06/30/18

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 222
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 6.82% 2.02% 6.81% 7.61% 8.97% 8.07% 7.74%
Standardized -1.18% -5.98% -1.19% 5.26% 8.10% 8.07% 7.74%
With optional enhanced death benefit
Unit Value 6.78% 1.95% 6.65% 7.45% 8.80% 7.91% 7.57%
Standardized -1.22% -6.05% -1.35% 5.09% 7.93% 7.91% 7.57%
Actual performance
Unit Value 6.82% 2.02% 6.81% 7.61% 8.97% 8.07% 7.76%
Standardized -1.18% -5.98% -1.19% 5.26% 8.10% 8.07% 7.76%
With optional enhanced death benefit
Unit Value 6.78% 1.95% 6.65% 7.45% 8.80% 7.91% 7.60%
Standardized -1.22% -6.05% -1.35% 5.09% 7.93% 7.91% 7.60%

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 06/30/18

Unit Value 1.84%
Standardized -6.16%

YTD as of 07/19/18

Unit Value 4.44%
Standardized -3.56%

With optional enhanced death benefit

Monthly as of 06/30/18

Unit Value 1.83%
Standardized -6.17%

YTD as of 07/19/18

Unit Value 4.36%
Standardized -3.64%

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 06/30/18

Alpha (%) -0.99
Beta 0.92
R Squared 0.95
Standard Deviation (3 yrs.) 13.30

Holdings

Top 10 holdings as of 06/30/18

Vermilion Energy 2.05%
Belden 1.98%
Synaptics 1.58%
Clean Harbors 1.54%
Acadia Healthcare 1.53%
Valvoline 1.44%
Builders Firstsource 1.36%
Axalta Coating Systems 1.26%
Gruma Sab De Cv 1.25%
Boardwalk Pipelines Llc 1.20%
Top 10 holdings, total: 15.19%

Equity Holdings as of 03/31/18

BEMIS COMPANY 1.57%
AXALTA COATING SYSTEMS LTD 1.51%
DAVE & BUSTER'S ENTERTAINMEN 1.37%
VALVOLINE INC 1.23%
AVNET INC 1.21%
ASSURED GUARANTY LTD 1.15%
AVAYA HOLDINGS CORP 1.15%
ACADIA HEALTHCARE CO INC 1.07%
SUMMIT MATERIALS INC -CL A 1.03%
MAJOR DRILLING GROUP INTL 1.01%
MINERALS TECHNOLOGIES INC 1.01%
HERSHA HOSPITALITY TRUST 1.00%
BLOOMIN' BRANDS INC 0.95%
QUANTA SERVICES INC 0.93%
RADIAN GROUP INC 0.92%
PATTERSON-UTI ENERGY INC 0.90%
CYPRESS SEMICONDUCTOR CORP 0.88%
HAIN CELESTIAL GROUP INC 0.88%
PAN AMERICAN SILVER CORP 0.87%
CIENA CORP 0.86%
HORTONWORKS INC 0.86%
BROOKS AUTOMATION INC 0.82%
CAESARS ENTERTAINMENT CORP 0.82%
KNOLL INC 0.81%
REALOGY HOLDINGS CORP 0.79%
LIONS GATE ENTERTAINMENT-A 0.78%
BADGER DAYLIGHTING LTD 0.77%
BOOZ ALLEN HAMILTON HOLDINGS 0.77%
NINE ENERGY SERVICE INC 0.76%
KNOWLES CORP 0.75%
RLJ LODGING TRUST 0.73%
MCBC HOLDINGS INC 0.71%
SANDRIDGE ENERGY INC 0.71%
ASTEC INDUSTRIES INC 0.70%
LEGG MASON INC 0.70%
OCLARO INC 0.70%
ATS AUTOMATION TOOLING SYS 0.69%
KENNEDY-WILSON HOLDINGS INC 0.68%
QUANTENNA COMMUNICATIONS INC 0.68%
PENN VIRGINIA CORP 0.67%
BELDEN INC 0.65%
ONEMAIN HOLDINGS INC 0.65%
AMERICAN EAGLE OUTFITTERS 0.64%
CHAPARRAL ENERGY INC-CLASS A 0.63%
DEUTZ AG 0.63%
US CONCRETE INC 0.63%
CRAFT BREW ALLIANCE INC 0.62%
LINN ENERGY INC 0.62%
MADISON SQUARE GARDEN CO- A 0.62%
ATLAS AIR WORLDWIDE HOLDINGS 0.61%
CARPENTER TECHNOLOGY 0.61%
GAMING AND LEISURE PROPERTIE 0.60%
LIBERTY MEDIA CORP-LIBERTY-C 0.60%
SPROUTS FARMERS MARKET INC 0.60%
MOTORCAR PARTS OF AMERICA IN 0.58%
NUANCE COMMUNICATIONS INC 0.57%
TRIPLEPOINT VENTURE GROWTH B 0.57%
BRINK'S CO/THE 0.56%
ENERGEN CORP 0.56%
FEDERAL SIGNAL CORP 0.56%
CLEAN HARBORS INC 0.55%
HUNTSMAN CORP 0.55%
LAYNE CHRISTENSEN COMPANY 0.55%
TIVO CORP 0.54%
HARSCO CORP 0.53%
ENPRO INDUSTRIES INC 0.52%
OSHKOSH CORP 0.52%
TITAN INTERNATIONAL INC 0.52%
VERMILION ENERGY INC 0.52%
ILG INC 0.51%
MIDSTATES PETROLEUM CO INC 0.51%
NATIONSTAR MORTGAGE HOLDINGS 0.51%
CAPITOL INVESTMENT CORP IV 0.50%
IAMGOLD CORP 0.50%
BLUE HILLS BANCORP INC 0.49%
SEAWORLD ENTERTAINMENT INC 0.49%
STORE CAPITAL CORP 0.49%
CARROLS RESTAURANT GROUP INC 0.48%
HAYNES INTERNATIONAL INC 0.48%
SCHNEIDER NATIONAL INC-CL B 0.48%
TRIANGLE CAPITAL CORP 0.48%
HUB GROUP INC-CL A 0.47%
BENCHMARK ELECTRONICS INC 0.46%
ENVISION HEALTHCARE CORP 0.46%
NEWFIELD EXPLORATION CO 0.46%
CANNAE HOLDINGS INC 0.45%
CLARUS CORP 0.45%
COLFAX CORP 0.45%
DEAN FOODS CO 0.45%
DICKS SPORTING 0.45%
KEMET CORP 0.45%
PAPA JOHN S INTL 0.45%
ULTRA CLEAN HOLDINGS INC 0.45%
FCB FINANCIAL HOLDINGS-CL A 0.44%
WILLSCOT CORP 0.44%
SOLAR CAPITAL LTD 0.42%
LATTICE SEMICONDUCTOR CORP 0.41%
MYR GROUP INC/DELAWARE 0.41%
RAMBUS INC 0.41%
BROOKDALE SENIOR LIVING INC 0.40%
W.R. GRACE & CO 0.40%
LORAL SPACE AND COMMUNICATIONS 0.39%
PANHANDLE OIL AND GAS INC-A 0.39%
MEDNAX INC 0.38%
REGAL BELOIT CORP 0.38%
DMC GLOBAL INC 0.37%
GOLUB CAPITAL BDC INC 0.37%
FIRST INTERNET BANCORP 0.36%
NCI BUILDING SYSTEMS INC 0.34%
CONTROLADORA VUELA CIA-ADR 0.33%
FIRST BANCSHARES INC/MS 0.33%
FORMFACTOR INC 0.33%
GRAHAM CORP 0.33%
HECLA MINING CO 0.33%
OCEAN RIG UDW INC-A 0.33%
SPIRIT AIRLINES INC 0.33%
UNITED COMMUNITY BANKS/GA 0.33%
BOJANGLES' INC 0.32%
CENTRAL EUROPEAN MEDIA ENT-A 0.32%
CLEVELAND-CLIFFS INC 0.32%
KENNAMETAL INC 0.32%
TEGNA INC 0.32%
VASCO DATA SECURITY INTL 0.32%
TIMKEN COMPANY 0.31%
TIMKENSTEEL CORP 0.31%
DIAMONDROCK HOSPITALITY CO 0.30%
GENERAC HOLDINGS INC 0.30%
GREAT LAKES DREDGE & DOCK CO 0.30%
EMCORE CORP 0.29%
ENERSYS 0.29%
FRANCESCAS HOLDINGS CORP 0.28%
HUDSON'S BAY CO 0.28%
MASTEC INC 0.28%
MONEYGRAM INTERNATIONAL INC 0.28%
MVC CAPITAL 0.28%
SPARTAN MOTORS INC 0.28%
SUMMIT HOTEL PROPERTIES INC 0.28%
TERRITORIAL BANCORP INC 0.28%
BERKSHIRE HILLS BANCORP INC 0.27%
DAKTRONICS INC 0.27%
LIMONEIRA CO 0.27%
STERLING CONSTRUCTION CO 0.27%
BONANZA CREEK ENERGY INC 0.26%
BRIDGEWATER BANCSHARES INC 0.26%
GRUMA S.A.B.-B 0.26%
OUTFRONT MEDIA INC 0.26%
VICTORY CAPITAL HOLDING - A 0.26%
ARMSTRONG FLOORING INC 0.25%
BMC STOCK HOLDINGS INC 0.25%
EQUITY BANCSHARES INC - CL A 0.25%
FLOWSERVE CORP 0.25%
FRANKLIN FINANCIAL NETWORK 0.25%
MATTEL INC 0.25%
APPLIED OPTOELECTRONICS INC 0.24%
EAGLE MATERIALS INC 0.24%
ELDORADO RESORTS INC 0.24%
GRIFFON CORP 0.24%
MATTHEWS INTL CORP-CLASS A 0.24%
SPARTON CORP 0.24%
ABM INDUSTRIES INC 0.23%
ATKORE INTERNATIONAL GROUP I 0.23%
EL POLLO LOCO HOLDINGS INC 0.23%
PERRY ELLIS INTERNATIONAL 0.23%
ACTUANT CORP-A 0.22%
CHICO S FAS INC 0.22%
MITEL NETWORKS CORP 0.22%
THERMON GROUP HOLDINGS INC 0.22%
BLACK DIAMOND GROUP LTD 0.21%
ETHAN ALLEN INTERIORS INC 0.21%
SPEEDWAY MOTORSPORTS INC 0.21%
TRIUMPH GROUP INC 0.21%
BROOKLINE BANCORP INC 0.20%
FREIGHTCAR AMERICA INC 0.20%
HERCULES CAPITAL INC 0.20%
HYSTER-YALE MATERIALS 0.20%
MULLEN GROUP LTD 0.20%
PETROLEUM GEO-SERVICES 0.20%
STOLT-NIELSEN LTD 0.20%
TTM TECHNOLOGIES 0.20%
CLIFTON BANCORP INC 0.19%
DATAWATCH CORP 0.19%
DEL TACO RESTAURANTS INC 0.19%
EASTERLY ACQUISITION CORP 0.18%
NEOPHOTONICS CORP 0.18%
ADVANCED ENERGY INDUSTRIES 0.17%
AMERICAN OUTDOOR BRANDS CORP 0.17%
CONDUENT INC 0.17%
EDGEWELL PERSONAL CARE CO 0.17%
INSTEEL INDUSTRIES INC 0.17%
BANK OF N.T. BUTTERFIELD&SON 0.16%
BRIGGS & STRATTON 0.16%
DELTA APPAREL INC 0.16%
GDI INTEGRATED FACILITY SERV 0.16%
TRICO BANCSHARES 0.16%
TSAKOS ENERGY NAVIGATION LTD 0.16%
DIME COMMUNITY BANCSHARES 0.15%
FARMER BROS CO 0.15%
GRAY TELEVISION INC 0.15%
JETBLUE AIRWAYS CORP 0.15%
KB HOME 0.15%
NN INC 0.15%
POWELL INDUSTRIES INC 0.15%
PRESTIGE BRANDS HOLDINGS INC 0.15%
PROGRESS SOFTWARE CORP 0.15%
AMPCO-PITTSBURGH CORP 0.14%
FINISAR CORPORATION 0.14%
STAR BULK CARRIERS CORP 0.14%
TRISTATE CAPITAL HLDGS INC 0.14%
XPERI CORP 0.14%
AMPLIFY ENERGY CORP 0.13%
CRAY INC 0.13%
KEARNY FINANCIAL CORP/MD 0.13%
ARES CAPITAL CORP 0.12%
CECO ENVIRONMENTAL CORP 0.12%
KEY ENERGY SERVICES INC 0.12%
NEW YORK & CO 0.12%
VERA BRADLEY INC 0.12%
GENESCO INC 0.11%
IBERIABANK CORP 0.11%
MCEWEN MINING INC 0.11%
MGIC INVESTMENT CORP 0.11%
RENT-A-CENTER INC 0.11%
ADTRAN INC 0.10%
COOPER TIRE & RUBBER 0.10%
EXCO TECHNOLOGIES LTD 0.10%
FLUSHING FINANCIAL CORP 0.10%
NORTHWEST PIPE CO 0.10%
ROOTS CORP 0.10%
SAIA INC 0.10%
XCERRA CORP 0.10%
APOGEE ENTERPRISES INC 0.07%
CELESTICA INC 0.07%
FRANK'S INTERNATIONAL NV 0.07%
HELIX ENERGY SOLUTIONS GROUP 0.07%
JAGGED PEAK ENERGY INC 0.07%
SANMINA-SCI CORP 0.07%
STERLING BANCORP INC/MI 0.07%
TRINITY PLACE HOLDINGS INC 0.07%
ACACIA COMMUNICATIONS INC 0.06%
CLOUDERA INC 0.06%
INFORMATION SERVICES CORP 0.06%
PHOTRONICS INC 0.06%
SELECT ENERGY SERVICES INC-A 0.06%
UNIVERSAL STAINLESS & ALLOY 0.06%
NAPCO SECURITY TECHNOLOGIES 0.05%
OLYMPIC STEEL INC 0.05%
PC-TEL INC 0.05%
SEACHANGE INTERNATIONAL INC 0.05%
VANGUARD NATURAL RESOURCES I 0.05%
GOODRICH PETROLEUM CORP 0.04%
POTBELLY CORP 0.04%
OMNOVA SOLUTIONS INC 0.03%
NEXEO SOLUTIONS INC 0.02%
BIRD CONSTRUCTION INC 0.01%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Full Portfolio Holdings as of 03/31/18

BEMIS COMPANY 1.57%
AXALTA COATING SYSTEMS LTD 1.51%
DAVE & BUSTER'S ENTERTAINMEN 1.37%
VALVOLINE INC 1.23%
AVNET INC 1.21%
ASSURED GUARANTY LTD 1.15%
AVAYA HOLDINGS CORP 1.15%
ACADIA HEALTHCARE CO INC 1.07%
SUMMIT MATERIALS INC -CL A 1.03%
MAJOR DRILLING GROUP INTL 1.01%
MINERALS TECHNOLOGIES INC 1.01%
HERSHA HOSPITALITY TRUST 1.00%
BLOOMIN' BRANDS INC 0.95%
QUANTA SERVICES INC 0.93%
RADIAN GROUP INC 0.92%
PATTERSON-UTI ENERGY INC 0.90%
CYPRESS SEMICONDUCTOR CORP 0.88%
HAIN CELESTIAL GROUP INC 0.88%
PAN AMERICAN SILVER CORP 0.87%
CIENA CORP 0.86%
HORTONWORKS INC 0.86%
BROOKS AUTOMATION INC 0.82%
CAESARS ENTERTAINMENT CORP 0.82%
KNOLL INC 0.81%
REALOGY HOLDINGS CORP 0.79%
LIONS GATE ENTERTAINMENT-A 0.78%
BADGER DAYLIGHTING LTD 0.77%
BOOZ ALLEN HAMILTON HOLDINGS 0.77%
NINE ENERGY SERVICE INC 0.76%
KNOWLES CORP 0.75%
RLJ LODGING TRUST 0.73%
MCBC HOLDINGS INC 0.71%
SANDRIDGE ENERGY INC 0.71%
ASTEC INDUSTRIES INC 0.70%
LEGG MASON INC 0.70%
OCLARO INC 0.70%
ATS AUTOMATION TOOLING SYS 0.69%
KENNEDY-WILSON HOLDINGS INC 0.68%
QUANTENNA COMMUNICATIONS INC 0.68%
PENN VIRGINIA CORP 0.67%
BELDEN INC 0.65%
ONEMAIN HOLDINGS INC 0.65%
AMERICAN EAGLE OUTFITTERS 0.64%
CHAPARRAL ENERGY INC-CLASS A 0.63%
DEUTZ AG 0.63%
US CONCRETE INC 0.63%
CRAFT BREW ALLIANCE INC 0.62%
LINN ENERGY INC 0.62%
MADISON SQUARE GARDEN CO- A 0.62%
ATLAS AIR WORLDWIDE HOLDINGS 0.61%
CARPENTER TECHNOLOGY 0.61%
GAMING AND LEISURE PROPERTIE 0.60%
LIBERTY MEDIA CORP-LIBERTY-C 0.60%
SPROUTS FARMERS MARKET INC 0.60%
MOTORCAR PARTS OF AMERICA IN 0.58%
NUANCE COMMUNICATIONS INC 0.57%
TRIPLEPOINT VENTURE GROWTH B 0.57%
BRINK'S CO/THE 0.56%
ENERGEN CORP 0.56%
FEDERAL SIGNAL CORP 0.56%
CLEAN HARBORS INC 0.55%
HUNTSMAN CORP 0.55%
LAYNE CHRISTENSEN COMPANY 0.55%
TIVO CORP 0.54%
HARSCO CORP 0.53%
ENPRO INDUSTRIES INC 0.52%
OSHKOSH CORP 0.52%
TITAN INTERNATIONAL INC 0.52%
VERMILION ENERGY INC 0.52%
ILG INC 0.51%
MIDSTATES PETROLEUM CO INC 0.51%
NATIONSTAR MORTGAGE HOLDINGS 0.51%
CAPITOL INVESTMENT CORP IV 0.50%
IAMGOLD CORP 0.50%
BLUE HILLS BANCORP INC 0.49%
SEAWORLD ENTERTAINMENT INC 0.49%
STORE CAPITAL CORP 0.49%
CARROLS RESTAURANT GROUP INC 0.48%
HAYNES INTERNATIONAL INC 0.48%
SCHNEIDER NATIONAL INC-CL B 0.48%
TRIANGLE CAPITAL CORP 0.48%
HUB GROUP INC-CL A 0.47%
BENCHMARK ELECTRONICS INC 0.46%
ENVISION HEALTHCARE CORP 0.46%
NEWFIELD EXPLORATION CO 0.46%
CANNAE HOLDINGS INC 0.45%
CLARUS CORP 0.45%
COLFAX CORP 0.45%
DEAN FOODS CO 0.45%
DICKS SPORTING 0.45%
KEMET CORP 0.45%
PAPA JOHN S INTL 0.45%
ULTRA CLEAN HOLDINGS INC 0.45%
FCB FINANCIAL HOLDINGS-CL A 0.44%
WILLSCOT CORP 0.44%
SOLAR CAPITAL LTD 0.42%
LATTICE SEMICONDUCTOR CORP 0.41%
MYR GROUP INC/DELAWARE 0.41%
RAMBUS INC 0.41%
BROOKDALE SENIOR LIVING INC 0.40%
W.R. GRACE & CO 0.40%
LORAL SPACE AND COMMUNICATIONS 0.39%
PANHANDLE OIL AND GAS INC-A 0.39%
MEDNAX INC 0.38%
REGAL BELOIT CORP 0.38%
DMC GLOBAL INC 0.37%
GOLUB CAPITAL BDC INC 0.37%
FIRST INTERNET BANCORP 0.36%
NCI BUILDING SYSTEMS INC 0.34%
CONTROLADORA VUELA CIA-ADR 0.33%
FIRST BANCSHARES INC/MS 0.33%
FORMFACTOR INC 0.33%
GRAHAM CORP 0.33%
HECLA MINING CO 0.33%
OCEAN RIG UDW INC-A 0.33%
SPIRIT AIRLINES INC 0.33%
UNITED COMMUNITY BANKS/GA 0.33%
BOJANGLES' INC 0.32%
CENTRAL EUROPEAN MEDIA ENT-A 0.32%
CLEVELAND-CLIFFS INC 0.32%
KENNAMETAL INC 0.32%
TEGNA INC 0.32%
VASCO DATA SECURITY INTL 0.32%
TIMKEN COMPANY 0.31%
TIMKENSTEEL CORP 0.31%
DIAMONDROCK HOSPITALITY CO 0.30%
GENERAC HOLDINGS INC 0.30%
GREAT LAKES DREDGE & DOCK CO 0.30%
EMCORE CORP 0.29%
ENERSYS 0.29%
FRANCESCAS HOLDINGS CORP 0.28%
HUDSON'S BAY CO 0.28%
MASTEC INC 0.28%
MONEYGRAM INTERNATIONAL INC 0.28%
MVC CAPITAL 0.28%
SPARTAN MOTORS INC 0.28%
SUMMIT HOTEL PROPERTIES INC 0.28%
TERRITORIAL BANCORP INC 0.28%
BERKSHIRE HILLS BANCORP INC 0.27%
DAKTRONICS INC 0.27%
LIMONEIRA CO 0.27%
STERLING CONSTRUCTION CO 0.27%
BONANZA CREEK ENERGY INC 0.26%
BRIDGEWATER BANCSHARES INC 0.26%
GRUMA S.A.B.-B 0.26%
OUTFRONT MEDIA INC 0.26%
VICTORY CAPITAL HOLDING - A 0.26%
ARMSTRONG FLOORING INC 0.25%
BMC STOCK HOLDINGS INC 0.25%
EQUITY BANCSHARES INC - CL A 0.25%
FLOWSERVE CORP 0.25%
FRANKLIN FINANCIAL NETWORK 0.25%
MATTEL INC 0.25%
APPLIED OPTOELECTRONICS INC 0.24%
EAGLE MATERIALS INC 0.24%
ELDORADO RESORTS INC 0.24%
GRIFFON CORP 0.24%
MATTHEWS INTL CORP-CLASS A 0.24%
SPARTON CORP 0.24%
ABM INDUSTRIES INC 0.23%
ATKORE INTERNATIONAL GROUP I 0.23%
EL POLLO LOCO HOLDINGS INC 0.23%
PERRY ELLIS INTERNATIONAL 0.23%
ACTUANT CORP-A 0.22%
CHICO S FAS INC 0.22%
MITEL NETWORKS CORP 0.22%
THERMON GROUP HOLDINGS INC 0.22%
BLACK DIAMOND GROUP LTD 0.21%
ETHAN ALLEN INTERIORS INC 0.21%
SPEEDWAY MOTORSPORTS INC 0.21%
TRIUMPH GROUP INC 0.21%
BROOKLINE BANCORP INC 0.20%
FREIGHTCAR AMERICA INC 0.20%
HERCULES CAPITAL INC 0.20%
HYSTER-YALE MATERIALS 0.20%
IWM 20180518 P 141.00CSI 0.20%
MULLEN GROUP LTD 0.20%
PETROLEUM GEO-SERVICES 0.20%
STOLT-NIELSEN LTD 0.20%
TTM TECHNOLOGIES 0.20%
CLIFTON BANCORP INC 0.19%
DATAWATCH CORP 0.19%
DEL TACO RESTAURANTS INC 0.19%
EASTERLY ACQUISITION CORP 0.18%
NEOPHOTONICS CORP 0.18%
ADVANCED ENERGY INDUSTRIES 0.17%
AMERICAN OUTDOOR BRANDS CORP 0.17%
CONDUENT INC 0.17%
EDGEWELL PERSONAL CARE CO 0.17%
INSTEEL INDUSTRIES INC 0.17%
BANK OF N.T. BUTTERFIELD&SON 0.16%
BRIGGS & STRATTON 0.16%
DELTA APPAREL INC 0.16%
GDI INTEGRATED FACILITY SERV 0.16%
TRICO BANCSHARES 0.16%
TSAKOS ENERGY NAVIGATION LTD 0.16%
DIME COMMUNITY BANCSHARES 0.15%
FARMER BROS CO 0.15%
GRAY TELEVISION INC 0.15%
JETBLUE AIRWAYS CORP 0.15%
KB HOME 0.15%
NN INC 0.15%
POWELL INDUSTRIES INC 0.15%
PRESTIGE BRANDS HOLDINGS INC 0.15%
PROGRESS SOFTWARE CORP 0.15%
AMPCO-PITTSBURGH CORP 0.14%
FINISAR CORPORATION 0.14%
STAR BULK CARRIERS CORP 0.14%
TRISTATE CAPITAL HLDGS INC 0.14%
XPERI CORP 0.14%
AMPLIFY ENERGY CORP 0.13%
CRAY INC 0.13%
KEARNY FINANCIAL CORP/MD 0.13%
ARES CAPITAL CORP 0.12%
CECO ENVIRONMENTAL CORP 0.12%
KEY ENERGY SERVICES INC 0.12%
NEW YORK & CO 0.12%
VERA BRADLEY INC 0.12%
GENESCO INC 0.11%
IBERIABANK CORP 0.11%
MCEWEN MINING INC 0.11%
MGIC INVESTMENT CORP 0.11%
RENT-A-CENTER INC 0.11%
ADTRAN INC 0.10%
COOPER TIRE & RUBBER 0.10%
EXCO TECHNOLOGIES LTD 0.10%
FLUSHING FINANCIAL CORP 0.10%
NORTHWEST PIPE CO 0.10%
ROOTS CORP 0.10%
SAIA INC 0.10%
XCERRA CORP 0.10%
IWM 20180420 P 145.00CSI 0.09%
IWM 20180420 P 148.00DEUTB 0.09%
APOGEE ENTERPRISES INC 0.07%
CELESTICA INC 0.07%
FRANK'S INTERNATIONAL NV 0.07%
HELIX ENERGY SOLUTIONS GROUP 0.07%
JAGGED PEAK ENERGY INC 0.07%
SANMINA-SCI CORP 0.07%
STERLING BANCORP INC/MI 0.07%
TRINITY PLACE HOLDINGS INC 0.07%
ACACIA COMMUNICATIONS INC 0.06%
CLOUDERA INC 0.06%
INFORMATION SERVICES CORP 0.06%
PHOTRONICS INC 0.06%
SELECT ENERGY SERVICES INC-A 0.06%
UNIVERSAL STAINLESS & ALLOY 0.06%
NAPCO SECURITY TECHNOLOGIES 0.05%
OLYMPIC STEEL INC 0.05%
PC-TEL INC 0.05%
SEACHANGE INTERNATIONAL INC 0.05%
VANGUARD NATURAL RESOURCES I 0.05%
GOODRICH PETROLEUM CORP 0.04%
POTBELLY CORP 0.04%
NORWEGIAN KRONE CALL ACCOUNT 0.03%
OMNOVA SOLUTIONS INC 0.03%
NEXEO SOLUTIONS INC 0.02%
BIRD CONSTRUCTION INC 0.01%
MEXICAN PESO CALL ACCOUNT 0.01%
AGFS 20180420 P 7.50BANKAM 0.00%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
BC 20180420 P 55.00JPMCB 0.00%
BLMN 20180420 P 25.00BCBP 0.00%
CLDR 20180420 P 17.50BCBP 0.00%
CLDR 20180420 P 20.00BCBP 0.00%
CRS 20180420 P 50.00BCBP 0.00%
EGN 20180420 C 57.50BCBP 0.00%
EGN 20180420 C 60.00BCBP 0.00%
EGN 20180420 P 60.00CSI 0.00%
EGN 20180420 P 62.50CITI 0.00%
FERROGLOBE REPRESENTATION & 0.00%
FL 20180420 P 43.00CITI 0.00%
FL 20180420 P 44.00UBS 0.00%
FL 20180420 P 45.00JPMCB 0.00%
HOPE 20180420 P 17.50UBS 0.00%
MATX 20180420 P 25.00BCBP 0.00%
PRTY 20180420 P 15.00CITI 0.00%
PTEN 20180420 C 18.00GSI 0.00%
PTEN 20180420 P 17.00BCBP 0.00%
RBC 20180420 P 75.00JPMCB 0.00%
SAVE 20180420 P 40.00CSI 0.00%
TTMI 20180420 P 15.00BCBP 0.00%
UNT 20180420 P 17.50UBS 0.00%
GCO 20180420 C 40.00JPMCB -0.01%
PTEN 20180420 P 19.00BCBP -0.01%
PTEN 20180420 P 20.00BCBP -0.01%
IWM 20180420 P 143.00DEUTB -0.04%
IWM 20180420 P 142.00CSI -0.06%
IWM 20180518 P 138.00CSI -0.15%
CANADIAN DOLLAR ACCOUNT -0.32%

Prior top 10 holdings

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
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

Portfolio Composition as of 06/30/18

Common stock 93.80%
Cash and net other assets 6.20%

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 06/30/18

Industrials 18.01%
Consumer discretionary 15.14%
Information technology 13.87%
Energy 13.25%
Financials 10.86%
Materials 8.99%
Real estate 6.48%
Cash and net other assets 6.20%
Consumer staples 4.22%
 
Other
2.98%
Health care 2.98%

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%