Putnam Allstate Advisor Preferred

Putnam Global Equity Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount targets midsize and large industry leaders with consistent earnings growth improvement and the likelihood of positive earnings surprises. The fund managers seek companies in the U.S. and abroad with high rates of growth and dominant market share.

Sales story

Selecting companies around the world that are attractive for investorsEstablished companies: The fund invests in large and midsize companies in the United States and developed international markets to benefit from global opportunities.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads global markets.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

Management team

Daily pricing as of 11/15/18

with optional enhanced death benefits
Unit Value $9.312093 $9.052484
Unit Value Change 0.091783 0.089188

Lipper ranking ‡ as of 10/31/18

Category: Global Multi-Cap Growth

  Percentile ranking Rank/Funds in category
10 yrs. 62% 11/17
1 yr. 53% 13/24
3 yrs. 83% 19/22
5 yrs. 86% 18/20

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 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 10/31/18

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 91
Turnover (fiscal year end) 75%
Net Assets $149M
Inception Date 05/01/90

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 1.94% 2.15% 7.10% 9.82% 5.98% 6.41% 4.71%
Standardized -0.06% 0.15% 5.10% 9.82% 5.98% 6.41% 4.71%
With optional enhanced death benefit
Unit Value 1.90% 2.04% 6.94% 9.66% 5.82% 6.25% 4.55%
Standardized -0.10% 0.04% 4.94% 9.66% 5.82% 6.25% 4.55%
Actual performance
Unit Value 1.94% 2.15% 7.10% 9.82% 5.98% 6.41% 0.91%
Standardized -0.06% 0.15% 5.10% 9.82% 5.98% 6.41% 0.91%
With optional enhanced death benefit
Unit Value 1.90% 2.04% 6.94% 9.66% 5.82% 6.25% 1.88%
Standardized -0.10% 0.04% 4.94% 9.66% 5.82% 6.25% 1.88%

Annual Performance at NAV

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-46.25% 27.83% 8.02% -6.52% 18.19% 29.80% -0.20% -3.33% -0.59% 26.27%
With optional enhanced death benefit
-46.33% 27.63% 7.86% -6.66% 18.01% 29.60% -0.36% -3.48% -0.74% 26.08%

Restated performance

Monthly as of 10/31/18

Unit Value -9.56%
Standardized -11.37%

YTD as of 11/15/18

Unit Value -7.12%
Standardized -8.97%

With optional enhanced death benefit

Monthly as of 10/31/18

Unit Value -9.57%
Standardized -11.38%

YTD as of 11/15/18

Unit Value -7.24%
Standardized -9.09%

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. 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 10/31/18

Alpha (%) -2.25
Beta 1.05
R Squared 0.89
Standard Deviation (3 yrs.) 10.46

Holdings

Top 10 holdings as of 10/31/18

Nrg Energy 4.02%
Assured Guaranty 2.92%
Alphabet 2.85%
Unilever Nv 2.14%
Norfolk Southern Corp 2.08%
Amazon.Com 2.03%
Becton Dickinson And 2.03%
Cenovus Energy 2.01%
Boston Scientific Corp 1.85%
Ball Corp 1.77%
Top 10 holdings, total: 23.70%

Equity Holdings as of 09/30/18

NRG ENERGY INC 3.74%
ALPHABET INC-CL C 2.84%
ASSURED GUARANTY LTD 2.52%
NORFOLK SOUTHERN CORP 2.40%
AMAZON.COM INC 2.29%
BECTON DICKINSON AND CO 2.07%
CENOVUS ENERGY INC 2.06%
UNILEVER NV-CVA 1.99%
BOSTON SCIENTIFIC CORP 1.90%
ADVANCE AUTO PARTS 1.72%
NOMAD FOODS LTD 1.62%
BALL CORP 1.56%
SUNCOR ENERGY INC 1.55%
DXC TECHNOLOGY CO 1.49%
E*TRADE FINANCIAL CORPORATION 1.40%
BANK OF AMERICA CORP 1.39%
KINDER MORGAN INC 1.36%
FAIRFAX FINANCIAL HLDGS LTD 1.32%
KENNEDY-WILSON HOLDINGS INC 1.29%
SERVICENOW INC 1.24%
VISA INC-CLASS A SHARES 1.22%
SHISEIDO CO LTD 1.19%
COMPASS GROUP PLC 1.16%
PERNOD RICARD SA 1.15%
TEXTRON INC 1.13%
CHALLENGER LTD 1.11%
SEVEN GENERATIONS ENERGY - A 1.09%
CONOCOPHILLIPS 1.06%
EMERSON ELECTRIC CO 1.06%
GODADDY INC - CLASS A 1.06%
PIRELLI & C SPA 1.06%
KKR & CO INC -A 1.05%
SHERWIN-WILLIAMS CO/THE 1.05%
INSTRUCTURE INC 1.04%
KYUDENKO CORP 1.03%
PRUDENTIAL PLC 1.03%
ASAHI GROUP HOLDINGS LTD 1.02%
SCREEN HOLDINGS CO LTD 1.02%
PALTAC CORPORATION 1.01%
REALPAGE INC 1.01%
EURAZEO SE 1.00%
SUMMIT MATERIALS INC -CL A 1.00%
CHENIERE ENERGY INC 0.99%
RADIAN GROUP INC 0.99%
LOWES COMPANIES INC 0.96%
SINO-AMERICAN SILICON PRODUC 0.96%
EATON CORP PLC 0.95%
DANAHER CORP 0.93%
LIVE NATION ENTERTAINMENT IN 0.93%
FIRST DATA CORP- CLASS A 0.92%
HILTON WORLDWIDE HOLDINGS IN 0.91%
NXP SEMICONDUCTORS NV 0.91%
OPEN HOUSE CO LTD 0.91%
BANK OF IRELAND GROUP PLC 0.90%
L3 TECHNOLOGIES INC 0.90%
BAYER AG-REG 0.88%
YELLOW CAKE PLC 0.88%
PIONEER NAT RES CO 0.87%
VERTEX PHARMACEUTICALS INC 0.87%
CIGNA CORP 0.86%
DALATA HOTEL GROUP PLC 0.86%
UNIVERSAL ENTERTAINMENT CORP 0.83%
ACTIVISION BLIZZARD INC 0.82%
ADOBE SYSTEMS INC 0.82%
LENNAR CORP-A 0.82%
REALOGY HOLDINGS CORP 0.81%
JOHNSON CONTROLS INTERNATION 0.80%
ALCOA CORP 0.79%
ASML HOLDING NV-NY REG SHS 0.77%
ALIBABA GROUP HOLDING-SP ADR 0.76%
TOSHIBA CORP 0.74%
ASSOCIATED BRITISH FOODS PLC 0.73%
ENTERPRISE PRODUCTS PARTNERS 0.73%
NINTENDO CO LTD 0.73%
ASHTEAD GROUP PLC 0.70%
JAZZ PHARMACEUTICALS PLC 0.70%
SAMSUNG ELECTRONICS CO LTD 0.70%
RAYTHEON COMPANY 0.69%
HIBERNIA REIT PLC 0.68%
KION GROUP AG 0.65%
NCSOFT CORP 0.65%
ASTRAZENECA PLC 0.64%
SIG COMBIBLOC GROUP 0.60%
COMPUGROUP MEDICAL SE 0.59%
UBER TECH INC P/P CV PFD 0.57%
CF INDUSTRIES HOLDINGS INC 0.53%
ASSA ABLOY AB-B 0.50%
EDELWEISS FINANCIAL SERVICES 0.49%
ALKERMES PLC 0.47%
DENTSPLY SIRONA INC 0.38%
GLOBAL FASHION GRP P/P 0.03%
GLOBAL FASHION GRP 0.02%
ILUKA RESOURCES LTD 0.01%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%

Full Portfolio Holdings as of 09/30/18

NRG ENERGY INC 3.74%
ALPHABET INC-CL C 2.84%
ASSURED GUARANTY LTD 2.52%
NORFOLK SOUTHERN CORP 2.40%
AMAZON.COM INC 2.29%
BECTON DICKINSON AND CO 2.07%
CENOVUS ENERGY INC 2.06%
UNILEVER NV-CVA 1.99%
BOSTON SCIENTIFIC CORP 1.90%
ADVANCE AUTO PARTS 1.72%
NOMAD FOODS LTD 1.62%
BALL CORP 1.56%
SUNCOR ENERGY INC 1.55%
DXC TECHNOLOGY CO 1.49%
E*TRADE FINANCIAL CORPORATION 1.40%
BANK OF AMERICA CORP 1.39%
KINDER MORGAN INC 1.36%
FAIRFAX FINANCIAL HLDGS LTD 1.32%
KENNEDY-WILSON HOLDINGS INC 1.29%
SERVICENOW INC 1.24%
VISA INC-CLASS A SHARES 1.22%
SHISEIDO CO LTD 1.19%
COMPASS GROUP PLC 1.16%
PERNOD RICARD SA 1.15%
TEXTRON INC 1.13%
CHALLENGER LTD 1.11%
SEVEN GENERATIONS ENERGY - A 1.09%
CONOCOPHILLIPS 1.06%
EMERSON ELECTRIC CO 1.06%
GODADDY INC - CLASS A 1.06%
PIRELLI & C SPA 1.06%
KKR & CO INC -A 1.05%
SHERWIN-WILLIAMS CO/THE 1.05%
INSTRUCTURE INC 1.04%
KYUDENKO CORP 1.03%
PRUDENTIAL PLC 1.03%
ASAHI GROUP HOLDINGS LTD 1.02%
SCREEN HOLDINGS CO LTD 1.02%
PALTAC CORPORATION 1.01%
REALPAGE INC 1.01%
EURAZEO SE 1.00%
SUMMIT MATERIALS INC -CL A 1.00%
CHENIERE ENERGY INC 0.99%
RADIAN GROUP INC 0.99%
LOWES COMPANIES INC 0.96%
SINO-AMERICAN SILICON PRODUC 0.96%
EATON CORP PLC 0.95%
DANAHER CORP 0.93%
LIVE NATION ENTERTAINMENT IN 0.93%
FIRST DATA CORP- CLASS A 0.92%
HILTON WORLDWIDE HOLDINGS IN 0.91%
NXP SEMICONDUCTORS NV 0.91%
OPEN HOUSE CO LTD 0.91%
BANK OF IRELAND GROUP PLC 0.90%
L3 TECHNOLOGIES INC 0.90%
BAYER AG-REG 0.88%
YELLOW CAKE PLC 0.88%
PIONEER NAT RES CO 0.87%
VERTEX PHARMACEUTICALS INC 0.87%
CIGNA CORP 0.86%
DALATA HOTEL GROUP PLC 0.86%
UNIVERSAL ENTERTAINMENT CORP 0.83%
ACTIVISION BLIZZARD INC 0.82%
ADOBE SYSTEMS INC 0.82%
LENNAR CORP-A 0.82%
REALOGY HOLDINGS CORP 0.81%
JOHNSON CONTROLS INTERNATION 0.80%
ALCOA CORP 0.79%
ASML HOLDING NV-NY REG SHS 0.77%
ALIBABA GROUP HOLDING-SP ADR 0.76%
TOSHIBA CORP 0.74%
ASSOCIATED BRITISH FOODS PLC 0.73%
ENTERPRISE PRODUCTS PARTNERS 0.73%
NINTENDO CO LTD 0.73%
ASHTEAD GROUP PLC 0.70%
JAZZ PHARMACEUTICALS PLC 0.70%
SAMSUNG ELECTRONICS CO LTD 0.70%
RAYTHEON COMPANY 0.69%
HIBERNIA REIT PLC 0.68%
KION GROUP AG 0.65%
NCSOFT CORP 0.65%
ASTRAZENECA PLC 0.64%
SIG COMBIBLOC GROUP 0.60%
SWISS FRANC CALL ACCOUNT 0.60%
COMPUGROUP MEDICAL SE 0.59%
UBER TECH INC P/P CV PFD 0.57%
CF INDUSTRIES HOLDINGS INC 0.53%
ASSA ABLOY AB-B 0.50%
EDELWEISS FINANCIAL SERVICES 0.49%
ALKERMES PLC 0.47%
DENTSPLY SIRONA INC 0.38%
SPY 20181116 P 270.00JPMCB 0.05%
EUR/USD 12/19/2018 GSFX 0.03%
GLOBAL FASHION GRP P/P 0.03%
TAIWAN DOLLAR CALL ACCOUNT 0.03%
CHF/USD 12/19/2018 BCAP-FX 0.02%
GLOBAL FASHION GRP 0.02%
JPY/USD 11/19/2018 GSFX 0.02%
CAD/USD 10/17/2018 SSBT 0.01%
DKK/USD 12/19/2018 CITI 0.01%
EUR/USD 12/19/2018 JPMCB 0.01%
ILUKA RESOURCES LTD 0.01%
SEK/USD 12/19/2018 JPMCB 0.01%
AUD/USD 10/17/2018 JPMCB 0.00%
AUD/USD 10/17/2018 SSBT 0.00%
AUSTRALIAN DOLLAR ACCOUNT 0.00%
CAD/USD 10/17/2018 CITI 0.00%
CAD/USD 10/17/2018 GSFX 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CHF/USD 12/19/2018 JPMCB 0.00%
CNH/USD 11/19/2018 GSFX 0.00%
EUR/USD 12/19/2018 BANKAM 0.00%
EUR/USD 12/19/2018 BCAP-FX 0.00%
GBP/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 BCAP-FX 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HKD/USD 11/19/2018 BANKAM 0.00%
HKD/USD 11/19/2018 BCAP-FX 0.00%
ILS/USD 10/17/2018 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JAPANESE YEN CALL ACCOUNT 0.00%
JPY/USD 11/19/2018 BANKAM 0.00%
KRW/USD 11/19/2018 JPMCB 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NOK/USD 12/19/2018 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SGD/USD 11/19/2018 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
JPY/USD 11/19/2018 CITI -0.01%
JPY/USD 11/19/2018 JPMCB -0.01%
JPY/USD 11/19/2018 SSBT -0.01%
EUR/USD 12/19/2018 HSBCB -0.03%
SPY 20181116 P 260.00JPMCB -0.03%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
1: Nrg Energy 4.02%
2: Assured Guaranty 2.92%
3: Alphabet 2.85%
4: Unilever Nv 2.14%
5: Norfolk Southern Corp 2.08%
6: Amazon.Com 2.03%
7: Becton Dickinson And 2.03%
8: Cenovus Energy 2.01%
9: Boston Scientific Corp 1.85%
10: Ball Corp 1.77%
Holdings represent 23.70% of portfolio
Top 10 holdings as of 09/30/18
1: Nrg Energy 3.74%
2: Alphabet 2.84%
3: Assured Guaranty 2.52%
4: Norfolk Southern Corp 2.40%
5: Amazon.Com 2.29%
6: Becton Dickinson And 2.07%
7: Cenovus Energy 2.06%
8: Unilever Nv 1.99%
9: Boston Scientific Corp 1.90%
10: Advance Auto Parts 1.72%
Holdings represent 23.53% of portfolio
Top 10 holdings as of 08/31/18
1: Nrg Energy 3.50%
2: Alphabet 2.87%
3: Norfolk Southern Corp 2.29%
4: Amazon.Com 2.28%
5: Assured Guaranty 2.28%
6: Becton Dickinson And 2.05%
7: Unilever Nv 2.04%
8: Boston Scientific Corp 1.94%
9: Advance Auto Parts 1.66%
10: Cenovus Energy 1.65%
Holdings represent 22.56% of portfolio
Top 10 holdings as of 07/31/18
1: Nrg Energy 3.23%
2: Alphabet 2.94%
3: Norfolk Southern Corp 2.31%
4: Amazon 2.12%
5: Unilever Nv 2.11%
6: Assured Guaranty 2.04%
7: Becton Dickinson and Co 2.04%
8: Boston Scientific Corp 1.99%
9: Cenovus Energy 1.83%
10: Suncor Energy 1.71%
Holdings represent 22.32% of portfolio

Portfolio Composition as of 10/31/18

Common stock 95.61%
Cash and net other assets 3.73%
Convertible preferred stock 0.66%

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. 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.

Top Industry Sectors as of 10/31/18

Financials 13.08%
Consumer discretionary 12.94%
Information technology 12.16%
Industrials 10.69%
Health care 10.08%
Energy 9.80%
Consumer staples 9.69%
Communication services 5.23%
Materials 5.04%
 
Other
11.29%
Utilities 4.02%
Cash and net other assets 3.73%
Real estate 3.54%

Country Allocation as of 10/31/18

United States 59.92%
Japan 8.61%
United Kingdom 7.22%
Canada 5.92%
Cash and net other assets 3.73%
Ireland 2.39%
France 2.38%
Germany 2.17%
Netherlands 2.14%
 
Other
5.52%
Italy 1.17%
Australia 1.11%
Taiwan 0.92%
South Korea 0.69%
Switzerland 0.64%
Sweden 0.47%
India 0.46%
Luxembourg 0.06%

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. 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 2.00%
2 1.00%
3+ 0.00%