Putnam Allstate Advisor

Putnam Global Asset Allocation Subaccount

The subaccount seeks a high level of long-term total return consistent with the preservation of capital.

Putnam Global Asset Allocation Subaccount

Fund description

The subaccount invests in a wide variety of equity and fixed-incomesecurities, both of U.S. and foreign issuers. It may invest in securitiesin the following four investment categories: U.S. equities, internationalequities, U.S. fixed income, and international fixed income.

Sales story

A globally diversified fund pursuing a balance of growth and income Multiple asset classes: The fund holds a variety of investments in all market conditions to benefit from a wide range of opportunities.Individual securities: The managers select individual stocks and bonds, not other funds, to finely tune the portfolio and avoid overlap in holdings.Active rebalancing: The managers proactively purse opportunities and regularly rebalance the portfolio to maintain a consistent risk profile.

Management team

Daily pricing as of 02/28/20

with optional enhanced death benefits
Unit Value $20.52309 $19.88414
Unit Value Change -0.100945 -0.097885

Lipper ranking ‡ as of 01/31/20

Category: Mixed-Asset Trgt Alloc Mod Fds

  Percentile ranking Rank/Funds in category
10 yrs. 17% 26/152
1 yr. 83% 239/290
3 yrs. 54% 139/258
5 yrs. 37% 88/240

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund invests some or all of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

‡ 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 01/31/20

Fiscal Year End December
Asset Class Putnam Allstate Advisor
Subaccount Status Open to new investors
Number of issues 1344
Turnover (fiscal year end) 132%
Net Assets $124M
Inception Date 02/01/88

Performance

Performance as of 12/31/19

Annualized Performance Last Quarter Year
to Date		 1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 3.67% 15.67% 15.67% 6.46% 4.69% 7.25% 6.16%
Standardized -5.33% 5.83% 5.83% 1.72% 0.97% 4.87% 4.62%
With optional enhanced death benefit
Unit Value 3.63% 15.50% 15.50% 6.30% 4.54% 7.09% 6.00%
Standardized -5.36% 5.67% 5.67% 1.56% 0.81% 4.69% 4.43%
Actual performance
Unit Value 3.67% 15.67% 15.67% 6.46% 4.69% 7.25% 3.79%
Standardized -5.33% 5.83% 5.83% 1.72% 0.97% 4.87% 0.40%
With optional enhanced death benefit
Unit Value 3.63% 15.50% 15.50% 6.30% 4.54% 7.09% 3.63%
Standardized -5.36% 5.67% 5.67% 1.56% 0.81% 4.69% 0.18%

Annual Performance at NAV

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
13.26% -1.66% 12.77% 18.00% 8.06% -1.08% 5.38% 13.90% -8.42% 15.67%
With optional enhanced death benefit
13.08% -1.81% 12.60% 17.82% 7.89% -1.23% 5.22% 13.73% -8.56% 15.50%

Restated performance

Monthly as of 02/29/20

Unit Value -4.86%
Standardized -13.26%

YTD as of 02/29/20

Unit Value -4.79%
Standardized -13.20%

With optional enhanced death benefit

Monthly as of 02/29/20

Unit Value -4.87%
Standardized -13.27%

YTD as of 02/29/20

Unit Value -4.82%
Standardized -13.22%

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.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund invests some or all of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

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 01/31/20

Avg. Eff. Maturity 8.31
Avg. Eff. Duration 2.12
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) --
Beta --
R Squared --
Standard Deviation (3 yrs.) 7.88

Holdings

Apple Inc Sedol 2046251 2.67%
Gnma Gii30 Tba 03.5000 02/01/2050 2.49%
Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.09%
Amazon.Com Inc Sedol 2000019 2.06%
Alphabet Inc-Cl A Sedol Byvy8g0 1.91%
Jpmorgan Chase & Co Sedol 2190385 1.51%
Microsoft Corp Sedol 2588173 1.46%
Verizon Communications Inc Sedol 2090571 1.12%
Procter & Gamble Co/The Sedol 2704407 1.10%
Adobe Inc Sedol 2008154 1.06%
Top 10 holdings, total: 17.47%

Top 10 holdings as of 01/31/20
1: Apple Inc Sedol 2046251 2.67%
2: Gnma Gii30 Tba 03.5000 02/01/2050 2.49%
3: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.09%
4: Amazon.Com Inc Sedol 2000019 2.06%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.91%
6: Jpmorgan Chase & Co Sedol 2190385 1.51%
7: Microsoft Corp Sedol 2588173 1.46%
8: Verizon Communications Inc Sedol 2090571 1.12%
9: Procter & Gamble Co/The Sedol 2704407 1.10%
10: Adobe Inc Sedol 2008154 1.06%
Holdings represent 17.47% of portfolio
Top 10 holdings as of 12/31/19
1: Gnma Gii30 Tba 03.5000 01/01/2050 2.46%
2: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.07%
3: Apple Inc Sedol 2046251 1.87%
4: Amazon.Com Inc Sedol 2000019 1.85%
5: Alphabet Inc-Cl A Sedol Byvy8g0 1.77%
6: Jpmorgan Chase & Co Sedol 2190385 1.59%
7: Microsoft Corp Sedol 2588173 1.34%
8: Verizon Communications Inc Sedol 2090571 1.14%
9: Chevron Corp 1.12%
10: Citigroup Inc Sedol 2297907 1.12%
Holdings represent 16.33% of portfolio
Top 10 holdings as of 11/30/19
1: Gnma Gii30 Tba 03.5000 12/01/2049 3.29%
2: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.10%
3: Amazon.Com Inc Sedol 2000019 1.84%
4: Alphabet Inc-Cl A Sedol Byvy8g0 1.76%
5: Apple Inc Sedol 2046251 1.73%
6: Jpmorgan Chase & Co Sedol 2190385 1.54%
7: Microsoft Corp Sedol 2588173 1.31%
8: Verizon Communications Inc Sedol 2090571 1.14%
9: Chevron Corp 1.11%
10: Citigroup Inc Sedol 2297907 1.07%
Holdings represent 16.89% of portfolio
Top 10 holdings as of 10/31/19
1: Gnma Gii30 Tba 03.5000 11/01/2049 2.49%
2: Fhlmc Fr30 Zs4750 Umbs 03.0000 01/01/2048 2.15%
3: Amazon.Com Inc Sedol 2000019 1.81%
4: Alphabet Inc-Cl A Sedol Byvy8g0 1.72%
5: Jpmorgan Chase & Co Sedol 2190385 1.55%
6: Apple Inc Sedol 2046251 1.37%
7: Microsoft Corp Sedol 2588173 1.26%
8: Verizon Communications Inc Sedol 2090571 1.16%
9: Cisco Systems Inc Sedol 2198163 1.12%
10: Chevron Corp 1.11%
Holdings represent 15.74% of portfolio

Portfolio Composition as of 01/31/20

U.S. large-cap equity 43.63%
U.S. Investment-grade bonds 35.90%
International equity 8.60%
U.S. small- and mid-cap equity 8.59%
U.S. High-yield bonds 2.33%
U.S. money markets 0.95%

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.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund invests some or all of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Expenses

Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund invests some or all of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

‡ 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%