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 11/17/17

with optional enhanced death benefits
Unit Value $37.213964 $36.221148
Unit Value Change 0.287609 0.279789

Lipper ranking ‡ as of 10/31/17

Category: Small-Cap Value Funds

  Percentile ranking Rank/Funds in category
10 yrs. 78% 27/34
1 yr. 51% 23/45
3 yrs. 51% 23/45
5 yrs. 46% 21/45

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 10/31/17

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 236
Turnover (fiscal year end) 67%
Net Assets $156M
Inception Date 04/30/99

Performance

Performance as of 09/30/17

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 2.13% 3.55% 19.09% 9.24% 12.15% 4.76% 7.80%
Standardized -5.87% -4.45% 11.09% 6.96% 11.38% 4.76% 7.80%
With optional enhanced death benefit
Unit Value 2.09% 3.43% 18.91% 9.07% 11.98% 4.60% 7.64%
Standardized -5.91% -4.57% 10.91% 6.78% 11.21% 4.60% 7.64%
Actual performance
Unit Value 2.13% 3.55% 19.09% 9.24% 12.15% 4.76% 7.83%
Standardized -5.87% -4.45% 11.09% 6.96% 11.38% 4.76% 7.83%
With optional enhanced death benefit
Unit Value 2.09% 3.43% 18.91% 9.07% 11.98% 4.60% 7.67%
Standardized -5.91% -4.57% 10.91% 6.78% 11.21% 4.60% 7.67%

Annual Performance at NAV

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
-14.12% -40.33% 29.43% 23.97% -6.25% 15.60% 37.38% 1.78% -5.77% 25.46%
With optional enhanced death benefit
-14.26% -40.42% 29.23% 23.78% -6.39% 15.43% 37.17% 1.62% -5.92% 25.27%

Restated performance

Monthly as of 10/31/17

Unit Value -1.54%
Standardized -9.41%

YTD as of 11/17/17

Unit Value 1.36%
Standardized -6.64%

With optional enhanced death benefit

Monthly as of 10/31/17

Unit Value -1.55%
Standardized -9.43%

YTD as of 11/17/17

Unit Value 1.22%
Standardized -6.78%

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 10/31/17

Alpha (%) -0.13
Beta 0.94
R Squared 0.96
Standard Deviation (3 yrs.) 13.35

Holdings

Top 10 holdings as of 10/31/17

Minerals Technologies 1.42%
Hain Celestial Group The 1.10%
Maxlinear 1.00%
Atkore International Group 0.96%
Caesars Entertainment Corp 0.95%
Radian Group 0.93%
Hub Group 0.92%
Party City Holdco 0.90%
J2 Global 0.86%
Carpenter Technology Corp 0.82%
Top 10 holdings, total: 9.86%

Equity Holdings as of 09/30/17

HAIN CELESTIAL GROUP INC 1.24%
RLJ LODGING TRUST 1.23%
CARPENTER TECHNOLOGY 1.19%
SPROUTS FARMERS MARKET INC 1.11%
HUB GROUP INC-CL A 1.07%
CALPINE CORP 1.03%
MINERALS TECHNOLOGIES INC 0.98%
PARTY CITY HOLDCO INC 0.92%
ATKORE INTERNATIONAL GROUP I 0.90%
RADIAN GROUP INC 0.90%
CISION LTD 0.89%
NEW YORK REIT INC 0.86%
HEALTHSOUTH CORP 0.78%
HYSTER-YALE MATERIALS 0.78%
CAESARS ENTERTAINMENT CORP 0.75%
IBERIABANK CORP 0.74%
MAXLINEAR INC 0.74%
UNIT CORP 0.73%
CONDUENT INC 0.72%
MAJOR DRILLING GROUP INTL 0.71%
CELESTICA INC 0.69%
J2 GLOBAL INC 0.69%
KENNEDY-WILSON HOLDINGS INC 0.69%
VALLEY NATIONAL BANCORP 0.69%
SUMMIT HOTEL PROPERTIES INC 0.66%
VALVOLINE INC 0.66%
WADDELL & REED FINANCIAL-A 0.66%
INDEPENDENT BANK GROUP INC 0.65%
DYCOM INDUSTRIES INC 0.64%
BLUE BUFFALO PET PRODUCTS IN 0.63%
OLYMPIC STEEL INC 0.62%
SCHNEIDER NATIONAL INC-CL B 0.62%
PATTERSON-UTI ENERGY INC 0.61%
ASSURED GUARANTY LTD 0.60%
FINISAR CORPORATION 0.60%
ICF INTERNATIONAL INC 0.58%
KNOWLES CORP 0.56%
ULTRA PETROLEUM CORP 0.56%
GENESCO INC 0.55%
SILICON MOTION TECHNOL-ADR 0.55%
STURM RUGER & CO INC 0.55%
AMERICAN EAGLE OUTFITTERS 0.54%
BERKSHIRE HILLS BANCORP INC 0.54%
FLOWERS FOODS INC 0.54%
FLOWSERVE CORP 0.54%
EDGEWELL PERSONAL CARE CO 0.53%
ENERGEN CORP 0.53%
MILACRON HOLDINGS CORP 0.53%
TRINITY INDUSTRIES INC 0.52%
ENSIGN GROUP INC/THE 0.51%
FABRINET 0.51%
STORE CAPITAL CORP 0.51%
TIMKENSTEEL CORP 0.51%
BRINKER INTERNATIONAL INC 0.50%
APOGEE ENTERPRISES INC 0.48%
FOUNDATION BUILDING MATERIAL 0.48%
KBR INC 0.48%
SILVER RUN ACQUISITION COR-A 0.48%
CAPITOL INVESTMENT CORP IV 0.47%
PCSB FINANCIAL CORP 0.47%
MBIA INC 0.46%
TRIPLEPOINT VENTURE GROWTH B 0.46%
WEB.COM GROUP INC 0.46%
AMERICAN OUTDOOR BRANDS CORP 0.45%
MALLINCKRODT PLC 0.45%
SIMPLY GOOD FOODS CO/THE 0.45%
INFINERA CORP 0.44%
PERRY ELLIS INTERNATIONAL 0.44%
WPX ENERGY INC 0.44%
CECO ENVIRONMENTAL CORP 0.43%
CHAPARRAL ENERGY INC-CLASS A 0.43%
FOOT LOCKER INC 0.43%
GRAY TELEVISION INC 0.43%
HOPE BANCORP INC 0.43%
INTERNATIONAL GAME TECHNOLOG 0.43%
OM ASSET MANAGEMENT PLC 0.43%
TCP CAPITAL CORP 0.43%
NCR CORPORATION 0.42%
NMI HOLDINGS INC-CLASS A 0.42%
SENIOR HOUSING PROP TRUST 0.42%
SOUTHWESTERN ENERGY CO 0.42%
THERMON GROUP HOLDINGS INC 0.42%
JABIL INC 0.41%
KEANE GROUP INC 0.41%
PATTERSON COS INC 0.41%
TAILORED BRANDS INC 0.41%
TIME INC 0.41%
BEMIS COMPANY 0.40%
FIREEYE INC 0.40%
SPIRIT AIRLINES INC 0.40%
AMPLIFY SNACK BRANDS INC 0.39%
GENERAC HOLDINGS INC 0.39%
J. JILL INC 0.39%
NAVIGANT CONSULTING INC 0.38%
RANGE RESOURCES CORP 0.38%
TRI POINTE GROUP INC 0.38%
CHEESECAKE FACTORY INC/THE 0.37%
FIFTH STREET FINANCE CORP 0.37%
MRC GLOBAL INC 0.37%
ENERGIZER HOLDINGS INC 0.36%
MITEL NETWORKS CORP 0.35%
RED LION HOTELS CORP 0.35%
AMERICAN AXLE & MFG HOLDINGS 0.34%
CONVERGYS CORP 0.34%
DYNEGY INC 0.34%
AMERIS BANCORP 0.33%
DUNKIN' BRANDS GROUP INC 0.33%
GLATFELTER 0.33%
NORTHWEST PIPE CO 0.33%
ARMSTRONG FLOORING INC 0.32%
BRIDGE BANCORP INC 0.32%
BROOKDALE SENIOR LIVING INC 0.32%
FORMFACTOR INC 0.32%
MYR GROUP INC/DELAWARE 0.32%
SOLAR CAPITAL LTD 0.32%
STERLING BANCORP/DE 0.32%
VIRTUS INVESTMENT PARTNERS 0.32%
ADVANCED DRAINAGE SYSTEMS IN 0.31%
BLOOMIN' BRANDS INC 0.31%
COOPER TIRE & RUBBER 0.31%
DILLARDS INC-CL A 0.31%
DMC GLOBAL INC 0.31%
LIVE NATION ENTERTAINMENT IN 0.31%
MATSON INC 0.31%
PANDORA MEDIA INC 0.31%
RENT-A-CENTER INC 0.31%
ZUMIEZ INC 0.31%
CLIFTON BANCORP INC 0.30%
COMMERCIAL VEHICLE GROUP INC 0.30%
LA-Z-BOY INC 0.30%
MULLEN GROUP LTD 0.30%
TTM TECHNOLOGIES 0.30%
GENER8 MARITIME INC 0.29%
OCEANFIRST FINANCIAL CORP 0.29%
CENTRAL EUROPEAN MEDIA ENT-A 0.28%
CIENA CORP 0.28%
FIRST MIDWEST BANCORP INC/IL 0.28%
ILG INC 0.28%
KNOLL INC 0.28%
MACOM TECHNOLOGY SOLUTIONS H 0.28%
PACIFIC PREMIER BANCORP INC 0.28%
XPERI CORP 0.28%
ENERPLUS CORP 0.27%
REDWOOD TRUST INC 0.27%
SALLY BEAUTY HOLDINGS INC 0.27%
BED BATH & BEYOND INC 0.26%
FOSTER (LB) CO-A 0.26%
FRED S INC 0.26%
ADVANSIX INC 0.25%
BLUE HILLS BANCORP INC 0.25%
C&J ENERGY SERVICES INC 0.25%
CLIPPER REALTY INC 0.25%
LAYNE CHRISTENSEN COMPANY 0.25%
MASTEC INC 0.25%
ORION ENGINEERED CARBONS SA 0.25%
OVERSEAS SHIPHOLDING GROUP-A 0.25%
SUPERIOR ENERGY SERVICES INC 0.25%
TITAN INTERNATIONAL INC 0.25%
AZZ INC 0.24%
ENCORE WIRE CORP 0.24%
OLD NATIONAL BANCORP 0.24%
SRC ENERGY INC 0.24%
TPG SPECIALTY LENDING INC 0.24%
UNITED COMMUNITY BANKS/GA 0.24%
WESTERN ALLIANCE BANCORP 0.24%
WILDHORSE RESOURCE DEVELOPME 0.24%
KEY ENERGY SERVICES INC 0.23%
ORBOTECH LTD 0.23%
FIRST BUSEY CORP 0.22%
FRANKLIN FINANCIAL NETWORK 0.22%
MILLER INDUSTRIES INC/TENN 0.22%
ZYNGA INC - CL A 0.22%
ASTORIA FINANCIAL CORP 0.21%
ECHO GLOBAL LOGISTICS INC 0.21%
GOLUB CAPITAL BDC INC 0.21%
LIBBEY INC 0.21%
RAMBUS INC 0.21%
REXNORD CORP 0.21%
RYERSON HOLDING CORP 0.21%
SUPER MICRO COMPUTER INC 0.21%
TENET HEALTHCARE CORP 0.21%
SUCAMPO PHARMACEUTICALS-CL A 0.20%
TRIVAGO NV - ADR 0.20%
XENIA HOTELS & RESORTS INC 0.20%
ENTRAVISION COMMUNICATIONS-A 0.19%
GREENLIGHT CAPITAL RE LTD-A 0.19%
SAFE BULKERS INC 0.19%
FREIGHTCAR AMERICA INC 0.18%
HARDWOODS DISTRIBUTION INC 0.18%
NOMAD FOODS LTD 0.18%
TFI INTERNATIONAL INC 0.18%
AMIRA NATURE FOODS LTD 0.17%
BARNES & NOBLE INC 0.17%
BUCKLE INC/THE 0.17%
CBL & ASSOCIATES PROPERTIES 0.17%
EASTERLY ACQUISITION CORP 0.17%
FIRST DEFIANCE FINL CORP 0.17%
FULTON FINANCIAL CORP 0.17%
ITT INC 0.17%
NOW INC 0.17%
PROVIDENT FINANCIAL SERVICES 0.17%
B&G FOODS INC 0.16%
FERRO CORP 0.16%
HERC HOLDINGS INC 0.16%
KENNAMETAL INC 0.16%
PZENA INVESTMENT MANAGM-CL A 0.16%
SOUTHSIDE BANCSHARES INC 0.16%
BENEFICIAL BANCORP INC 0.15%
DIME COMMUNITY BANCSHARES 0.15%
FLEX LTD 0.15%
GREIF INC -CL A 0.15%
HEARTLAND FINANCIAL USA INC 0.15%
LIFETIME BRANDS INC 0.15%
SEAWORLD ENTERTAINMENT INC 0.15%
UMPQUA HOLDINGS CORP 0.15%
AMPCO-PITTSBURGH CORP 0.14%
DOUBLE EAGLE ACQUISITION-A 0.14%
MEREDITH CORP 0.14%
BONANZA CREEK ENERGY INC 0.13%
BROOKLINE BANCORP INC 0.13%
PREFERRED BANK/LOS ANGELES 0.13%
WSFS FINANCIAL CORP 0.13%
EXTENDED STAY AMERICA INC 0.12%
HEIDRICK & STRUGGLES INTL 0.12%
NEW YORK & CO 0.12%
PROPETRO HOLDING CORP 0.12%
AGT FOOD & INGREDIENTS INC 0.11%
BEL FUSE INC-CL B 0.11%
FIESTA RESTAURANT GROUP 0.11%
AMERICAN RAILCAR INDUSTRIES 0.10%
CLARUS CORP 0.10%
FIRST BANCORP/NC 0.10%
INVESTORS BANCORP INC 0.10%
LAKELAND INDUSTRIES INC 0.10%
MOTORCAR PARTS OF AMERICA IN 0.10%
PLY GEM HOLDINGS INC 0.10%
RBB BANCORP 0.10%
RR DONNELLEY & SONS CO 0.10%
AUTOBYTEL INC 0.09%
OASIS PETROLEUM INC 0.08%
GROUPON INC 0.07%
TECSYS INC 0.07%
UNIVERSAL STAINLESS & ALLOY 0.07%
ADTRAN INC 0.06%
BMC STOCK HOLDINGS INC 0.06%
IDT CORP-CLASS B 0.04%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Full Portfolio Holdings as of 09/30/17

HAIN CELESTIAL GROUP INC 1.24%
RLJ LODGING TRUST 1.23%
CARPENTER TECHNOLOGY 1.19%
SPROUTS FARMERS MARKET INC 1.11%
HUB GROUP INC-CL A 1.07%
CALPINE CORP 1.03%
MINERALS TECHNOLOGIES INC 0.98%
PARTY CITY HOLDCO INC 0.92%
ATKORE INTERNATIONAL GROUP I 0.90%
RADIAN GROUP INC 0.90%
CISION LTD 0.89%
NEW YORK REIT INC 0.86%
HEALTHSOUTH CORP 0.78%
HYSTER-YALE MATERIALS 0.78%
CAESARS ENTERTAINMENT CORP 0.75%
IBERIABANK CORP 0.74%
MAXLINEAR INC 0.74%
UNIT CORP 0.73%
CONDUENT INC 0.72%
MAJOR DRILLING GROUP INTL 0.71%
CELESTICA INC 0.69%
J2 GLOBAL INC 0.69%
KENNEDY-WILSON HOLDINGS INC 0.69%
VALLEY NATIONAL BANCORP 0.69%
SUMMIT HOTEL PROPERTIES INC 0.66%
VALVOLINE INC 0.66%
WADDELL & REED FINANCIAL-A 0.66%
INDEPENDENT BANK GROUP INC 0.65%
DYCOM INDUSTRIES INC 0.64%
BLUE BUFFALO PET PRODUCTS IN 0.63%
OLYMPIC STEEL INC 0.62%
SCHNEIDER NATIONAL INC-CL B 0.62%
PATTERSON-UTI ENERGY INC 0.61%
ASSURED GUARANTY LTD 0.60%
FINISAR CORPORATION 0.60%
ICF INTERNATIONAL INC 0.58%
KNOWLES CORP 0.56%
ULTRA PETROLEUM CORP 0.56%
GENESCO INC 0.55%
SILICON MOTION TECHNOL-ADR 0.55%
STURM RUGER & CO INC 0.55%
AMERICAN EAGLE OUTFITTERS 0.54%
BERKSHIRE HILLS BANCORP INC 0.54%
FLOWERS FOODS INC 0.54%
FLOWSERVE CORP 0.54%
EDGEWELL PERSONAL CARE CO 0.53%
ENERGEN CORP 0.53%
MILACRON HOLDINGS CORP 0.53%
TRINITY INDUSTRIES INC 0.52%
ENSIGN GROUP INC/THE 0.51%
FABRINET 0.51%
STORE CAPITAL CORP 0.51%
TIMKENSTEEL CORP 0.51%
BRINKER INTERNATIONAL INC 0.50%
APOGEE ENTERPRISES INC 0.48%
FOUNDATION BUILDING MATERIAL 0.48%
KBR INC 0.48%
SILVER RUN ACQUISITION COR-A 0.48%
CAPITOL INVESTMENT CORP IV 0.47%
PCSB FINANCIAL CORP 0.47%
MBIA INC 0.46%
TRIPLEPOINT VENTURE GROWTH B 0.46%
WEB.COM GROUP INC 0.46%
AMERICAN OUTDOOR BRANDS CORP 0.45%
MALLINCKRODT PLC 0.45%
SIMPLY GOOD FOODS CO/THE 0.45%
INFINERA CORP 0.44%
PERRY ELLIS INTERNATIONAL 0.44%
WPX ENERGY INC 0.44%
CECO ENVIRONMENTAL CORP 0.43%
CHAPARRAL ENERGY INC-CLASS A 0.43%
FOOT LOCKER INC 0.43%
GRAY TELEVISION INC 0.43%
HOPE BANCORP INC 0.43%
INTERNATIONAL GAME TECHNOLOG 0.43%
OM ASSET MANAGEMENT PLC 0.43%
TCP CAPITAL CORP 0.43%
NCR CORPORATION 0.42%
NMI HOLDINGS INC-CLASS A 0.42%
SENIOR HOUSING PROP TRUST 0.42%
SOUTHWESTERN ENERGY CO 0.42%
THERMON GROUP HOLDINGS INC 0.42%
JABIL INC 0.41%
KEANE GROUP INC 0.41%
PATTERSON COS INC 0.41%
TAILORED BRANDS INC 0.41%
TIME INC 0.41%
BEMIS COMPANY 0.40%
FIREEYE INC 0.40%
SPIRIT AIRLINES INC 0.40%
AMPLIFY SNACK BRANDS INC 0.39%
GENERAC HOLDINGS INC 0.39%
J. JILL INC 0.39%
NAVIGANT CONSULTING INC 0.38%
RANGE RESOURCES CORP 0.38%
TRI POINTE GROUP INC 0.38%
CHEESECAKE FACTORY INC/THE 0.37%
FIFTH STREET FINANCE CORP 0.37%
MRC GLOBAL INC 0.37%
ENERGIZER HOLDINGS INC 0.36%
MITEL NETWORKS CORP 0.35%
RED LION HOTELS CORP 0.35%
AMERICAN AXLE & MFG HOLDINGS 0.34%
CONVERGYS CORP 0.34%
DYNEGY INC 0.34%
AMERIS BANCORP 0.33%
DUNKIN' BRANDS GROUP INC 0.33%
GLATFELTER 0.33%
NORTHWEST PIPE CO 0.33%
ARMSTRONG FLOORING INC 0.32%
BRIDGE BANCORP INC 0.32%
BROOKDALE SENIOR LIVING INC 0.32%
FORMFACTOR INC 0.32%
MYR GROUP INC/DELAWARE 0.32%
SOLAR CAPITAL LTD 0.32%
STERLING BANCORP/DE 0.32%
VIRTUS INVESTMENT PARTNERS 0.32%
ADVANCED DRAINAGE SYSTEMS IN 0.31%
BLOOMIN' BRANDS INC 0.31%
COOPER TIRE & RUBBER 0.31%
DILLARDS INC-CL A 0.31%
DMC GLOBAL INC 0.31%
LIVE NATION ENTERTAINMENT IN 0.31%
MATSON INC 0.31%
PANDORA MEDIA INC 0.31%
RENT-A-CENTER INC 0.31%
ZUMIEZ INC 0.31%
CLIFTON BANCORP INC 0.30%
COMMERCIAL VEHICLE GROUP INC 0.30%
LA-Z-BOY INC 0.30%
MULLEN GROUP LTD 0.30%
TTM TECHNOLOGIES 0.30%
GENER8 MARITIME INC 0.29%
OCEANFIRST FINANCIAL CORP 0.29%
CENTRAL EUROPEAN MEDIA ENT-A 0.28%
CIENA CORP 0.28%
FIRST MIDWEST BANCORP INC/IL 0.28%
ILG INC 0.28%
KNOLL INC 0.28%
MACOM TECHNOLOGY SOLUTIONS H 0.28%
PACIFIC PREMIER BANCORP INC 0.28%
XPERI CORP 0.28%
ENERPLUS CORP 0.27%
REDWOOD TRUST INC 0.27%
SALLY BEAUTY HOLDINGS INC 0.27%
BED BATH & BEYOND INC 0.26%
FOSTER (LB) CO-A 0.26%
FRED S INC 0.26%
ADVANSIX INC 0.25%
BLUE HILLS BANCORP INC 0.25%
C&J ENERGY SERVICES INC 0.25%
CLIPPER REALTY INC 0.25%
LAYNE CHRISTENSEN COMPANY 0.25%
MASTEC INC 0.25%
ORION ENGINEERED CARBONS SA 0.25%
OVERSEAS SHIPHOLDING GROUP-A 0.25%
SUPERIOR ENERGY SERVICES INC 0.25%
TITAN INTERNATIONAL INC 0.25%
AZZ INC 0.24%
ENCORE WIRE CORP 0.24%
OLD NATIONAL BANCORP 0.24%
SRC ENERGY INC 0.24%
TPG SPECIALTY LENDING INC 0.24%
UNITED COMMUNITY BANKS/GA 0.24%
WESTERN ALLIANCE BANCORP 0.24%
WILDHORSE RESOURCE DEVELOPME 0.24%
KEY ENERGY SERVICES INC 0.23%
ORBOTECH LTD 0.23%
FIRST BUSEY CORP 0.22%
FRANKLIN FINANCIAL NETWORK 0.22%
MILLER INDUSTRIES INC/TENN 0.22%
ZYNGA INC - CL A 0.22%
ASTORIA FINANCIAL CORP 0.21%
ECHO GLOBAL LOGISTICS INC 0.21%
GOLUB CAPITAL BDC INC 0.21%
LIBBEY INC 0.21%
RAMBUS INC 0.21%
REXNORD CORP 0.21%
RYERSON HOLDING CORP 0.21%
SUPER MICRO COMPUTER INC 0.21%
TENET HEALTHCARE CORP 0.21%
SUCAMPO PHARMACEUTICALS-CL A 0.20%
TRIVAGO NV - ADR 0.20%
XENIA HOTELS & RESORTS INC 0.20%
ENTRAVISION COMMUNICATIONS-A 0.19%
GREENLIGHT CAPITAL RE LTD-A 0.19%
SAFE BULKERS INC 0.19%
FREIGHTCAR AMERICA INC 0.18%
HARDWOODS DISTRIBUTION INC 0.18%
NOMAD FOODS LTD 0.18%
TFI INTERNATIONAL INC 0.18%
AMIRA NATURE FOODS LTD 0.17%
BARNES & NOBLE INC 0.17%
BUCKLE INC/THE 0.17%
CBL & ASSOCIATES PROPERTIES 0.17%
EASTERLY ACQUISITION CORP 0.17%
FIRST DEFIANCE FINL CORP 0.17%
FULTON FINANCIAL CORP 0.17%
ITT INC 0.17%
NOW INC 0.17%
PROVIDENT FINANCIAL SERVICES 0.17%
B&G FOODS INC 0.16%
FERRO CORP 0.16%
HERC HOLDINGS INC 0.16%
KENNAMETAL INC 0.16%
PZENA INVESTMENT MANAGM-CL A 0.16%
SOUTHSIDE BANCSHARES INC 0.16%
BENEFICIAL BANCORP INC 0.15%
DIME COMMUNITY BANCSHARES 0.15%
FLEX LTD 0.15%
GREIF INC -CL A 0.15%
HEARTLAND FINANCIAL USA INC 0.15%
LIFETIME BRANDS INC 0.15%
SEAWORLD ENTERTAINMENT INC 0.15%
UMPQUA HOLDINGS CORP 0.15%
AMPCO-PITTSBURGH CORP 0.14%
DOUBLE EAGLE ACQUISITION-A 0.14%
MEREDITH CORP 0.14%
BONANZA CREEK ENERGY INC 0.13%
BROOKLINE BANCORP INC 0.13%
PREFERRED BANK/LOS ANGELES 0.13%
WSFS FINANCIAL CORP 0.13%
EXTENDED STAY AMERICA INC 0.12%
HEIDRICK & STRUGGLES INTL 0.12%
NEW YORK & CO 0.12%
PROPETRO HOLDING CORP 0.12%
AGT FOOD & INGREDIENTS INC 0.11%
BEL FUSE INC-CL B 0.11%
FIESTA RESTAURANT GROUP 0.11%
AMERICAN RAILCAR INDUSTRIES 0.10%
CLARUS CORP 0.10%
FIRST BANCORP/NC 0.10%
INVESTORS BANCORP INC 0.10%
LAKELAND INDUSTRIES INC 0.10%
MOTORCAR PARTS OF AMERICA IN 0.10%
PLY GEM HOLDINGS INC 0.10%
RBB BANCORP 0.10%
RR DONNELLEY & SONS CO 0.10%
AUTOBYTEL INC 0.09%
OASIS PETROLEUM INC 0.08%
GROUPON INC 0.07%
TECSYS INC 0.07%
UNIVERSAL STAINLESS & ALLOY 0.07%
ADTRAN INC 0.06%
BMC STOCK HOLDINGS INC 0.06%
IDT CORP-CLASS B 0.04%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
FERROGLOBE REPRESENTATION & 0.00%

Prior top 10 holdings

Top 10 holdings as of 10/31/17
1: Minerals Technologies 1.42%
2: Hain Celestial Group The 1.10%
3: Maxlinear 1.00%
4: Atkore International Group 0.96%
5: Caesars Entertainment Corp 0.95%
6: Radian Group 0.93%
7: Hub Group 0.92%
8: Party City Holdco 0.90%
9: J2 Global 0.86%
10: Carpenter Technology Corp 0.82%
Holdings represent 9.86% of portfolio
Top 10 holdings as of 09/30/17
1: Hain Celestial Group The 1.24%
2: Rlj Lodging Trust 1.23%
3: Carpenter Technology Corp 1.16%
4: Sprouts Farmers Market 1.11%
5: Calpine Corp 1.03%
6: Hub Group 1.01%
7: Minerals Technologies 0.95%
8: Party City Holdco 0.92%
9: Radian Group 0.90%
10: Atkore International Group 0.90%
Holdings represent 10.45% of portfolio
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

Portfolio Composition as of 10/31/17

Common stock 86.65%
Cash and net other assets 13.35%

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 10/31/17

Industrials 19.96%
Financials 16.74%
Cash and net other assets 13.35%
Information technology 12.59%
Consumer discretionary 11.53%
Energy 8.02%
Materials 7.65%
Consumer staples 5.24%
Real estate 2.99%
 
Other
1.93%
Health care 1.93%

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%