Putnam Allstate Advisor Plus

Putnam Sustainable Future Subaccount

The subaccount seeks long-term capital appreciation.

Fund description

The subaccount employs a value strategy to identify undervalued, high-quality companies among the market's mid-cap offerings. The subaccount's managers seek stocks they believe have been under-estimated by the market. They target profitable, established companies of two kinds: smaller companies that have grown to midsize, and larger companies that have fallen out of favor temporarily but are expected to recover.

Sales story

Investing in growing companies solving sustainability challengesImpact companies: The fund invests in growth companies that directly demonstrate positive impact in social, environmental, or economic development.Active strategy: The managers utilize bottom-up research to identify companies with attractive sustainability, fundamental, and valuation characteristics.Veteran team: A dedicated sustainable investing team is backed by Putnam's equity research and quantitative/risk analysis groups.

Management team

Daily pricing as of 10/14/19

with optional enhanced death benefits
Unit Value $34.918379 $34.054842
Unit Value Change -0.027384 -0.027127

Lipper ranking ‡ as of 08/31/19

Category: Multi-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 93% 64/68
1 yr. 66% 54/82
3 yrs. 94% 78/82
5 yrs. 92% 75/81

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 09/30/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 62
Turnover (fiscal year end) 99%
Net Assets $32M
Inception Date 05/01/03

Performance

Performance as of 09/30/19

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value -3.43% 17.86% -0.15% 7.66% 5.99% 9.89% 7.92%
Standardized -11.16% 9.86% -8.14% 5.31% 5.03% 9.89% 7.92%
With optional enhanced death benefit
Unit Value -3.47% 17.73% -0.31% 7.50% 5.83% 9.72% 7.76%
Standardized -11.19% 9.73% -8.28% 5.14% 4.86% 9.72% 7.76%
Actual performance
Unit Value -3.43% 17.86% -0.15% 7.66% 5.99% 9.89% 7.92%
Standardized -11.16% 9.86% -8.14% 5.31% 5.03% 9.89% 7.92%
With optional enhanced death benefit
Unit Value -- -- -- -- -- -- --
Standardized -- -- -- -- -- -- --

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
36.78% 22.08% -6.64% 14.39% 39.80% 8.98% -5.86% 11.19% 8.94% -6.47%
With optional enhanced death benefit
36.57% 21.89% -6.78% 14.22% 39.59% 8.82% -6.00% 11.02% 8.78% -6.61%

Restated performance

Monthly as of 09/30/19

Unit Value -1.29%
Standardized -9.19%

YTD as of 10/14/19

Unit Value 17.78%
Standardized 9.78%

With optional enhanced death benefit

Monthly as of 09/30/19

Unit Value -1.31%
Standardized -9.20%

YTD as of 10/14/19

Unit Value 17.65%
Standardized 9.65%

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 08/31/19

Alpha (%) -0.91
Beta 0.89
R Squared 0.94
Standard Deviation (3 yrs.) 13.05

Holdings

Top 10 holdings as of 08/31/19

Danaher Corp 4.93%
Salesforce.Com 4.53%
Mastercard 3.81%
Mccormick Md 3.76%
Unilever 3.24%
Chipotle Mexican Grill 3.20%
Vail Resorts 3.04%
Adobe 2.96%
Everbridge 2.78%
Novozymes A/S - B Shares 2.39%
Top 10 holdings, total: 34.64%

Full Portfolio Holdings as of 09/30/19

SALESFORCE.COM INC SEDOL 2310525 4.39%
MASTERCARD INC - A SEDOL B121557 3.75%
DANAHER CORP SEDOL 2250870 3.70%
MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 3.36%
CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 3.27%
UNILEVER PLC SEDOL B10RZP7 3.17%
VAIL RESORTS INC SEDOL 2954194 2.98%
ADOBE INC SEDOL 2008154 2.49%
EDWARDS LIFESCIENCES CORP SEDOL 2567116 2.42%
NOVOZYMES A/S-B SHARES SEDOL B798FW0 2.41%
BECTON DICKINSON AND CO SEDOL 2087807 2.40%
DOCUSIGN INC SEDOL BFYT7B7 2.35%
WEBSTER FINANCIAL CORP SEDOL 2945143 2.34%
FIRST REPUBLIC BANK/CA SEDOL B4WHY15 2.23%
ALPHABET INC-CL A SEDOL BYVY8G0 2.20%
TELADOC HEALTH INC SEDOL BYQRFY1 2.20%
NXP SEMICONDUCTORS NV SEDOL B505PN7 2.12%
THERMO FISHER SCIENTIFIC INC SEDOL 2886907 2.03%
BALL CORP SEDOL 2073022 1.99%
ADIDAS AG SEDOL 4031976 1.95%
VERTEX PHARMACEUTICALS INC SEDOL 2931034 1.94%
BLACKROCK INC SEDOL 2494504 1.91%
NEXTERA ENERGY INC SEDOL 2328915 1.70%
ON SEMICONDUCTOR CORP SEDOL 2583576 1.58%
GODADDY INC - CLASS A SEDOL BWFRFC6 1.56%
SUNRUN INC SEDOL BYXB1Y8 1.52%
KONINKLIJKE DSM NV SEDOL B0HZL93 1.52%
EVERBRIDGE INC SEDOL BYY5ZB4 1.45%
TREX COMPANY INC SEDOL 2483074 1.42%
PINTEREST INC- CLASS A SEDOL BJ2Z0H2 1.38%
MSCI INC SEDOL B2972D2 1.37%
INTERFACE INC SEDOL B86V808 1.33%
FIRST SOLAR INC SEDOL B1HMF22 1.31%
EURAZEO SE SEDOL 7042395 1.29%
BIO-RAD LABORATORIES-A SEDOL 2098508 1.23%
NOMAD FOODS LTD SEDOL BQFJGK5 1.21%
TALEND SA - ADR SEDOL BD39HN6 1.20%
HEALTHEQUITY INC SEDOL BP8XZL1 1.17%
PENUMBRA INC SEDOL BZ0V201 1.15%
SIMPLY GOOD FOODS CO/THE SEDOL BF27XF9 1.10%
CHR HANSEN HOLDING A/S SEDOL B573M11 1.01%
PLANET FITNESS INC - CL A SEDOL BYSFJV8 1.01%
PVH CORP SEDOL B3V9F12 0.99%
UNITED RENTALS INC SEDOL 2134781 0.94%
APPLIED MATERIALS INC SEDOL 2046552 0.94%
BANDWIDTH INC-CLASS A SEDOL BD3FZ18 0.94%
LYFT INC-A SEDOL BJT1RW7 0.86%
ECOLAB INC SEDOL 2304227 0.85%
CREE INC SEDOL 2232351 0.82%
FORTIVE CORP SEDOL BYT3MK1 0.80%
STITCH FIX INC-CLASS A SEDOL BF3FPW3 0.80%
PLURALSIGHT INC - A SEDOL BFZCT75 0.75%
MESA LABORATORIES INC SEDOL 2553814 0.71%
IDEXX LABORATORIES INC SEDOL 2459202 0.56%
GALAPAGOS NV-SPON ADR SEDOL B292NQ7 0.52%
TIVITY HEALTH INC SEDOL BD8Q1B8 0.46%
ASML HOLDING NV-NY REG SHS SEDOL B908F01 0.42%
LIVONGO HEALTH INC SEDOL BK74NR2 0.33%
ORCHARD THERAPEUTICS PLC SEDOL BGT3960 0.25%
JAZZ PHARMACEUTICALS PLC SEDOL B4Q5ZN4 0.21%
BLUEBIRD BIO INC SEDOL BBFL7S1 0.18%
CROWDSTRIKE HOLDINGS INC - A SEDOL BJJP138 0.15%
EUR/USD 12/18/2019 BANKAM 0.01%
EUR/USD 12/18/2019 JPMCB 0.00%
EUR/USD 12/18/2019 SSBT 0.00%
EUR/USD 12/18/2019 UBS 0.00%
GBP/USD 12/18/2019 BANKAM 0.00%
GBP/USD 12/18/2019 BCAP-FX -0.01%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
1: Danaher Corp 4.93%
2: Salesforce.Com 4.53%
3: Mastercard 3.81%
4: Mccormick Md 3.76%
5: Unilever 3.24%
6: Chipotle Mexican Grill 3.20%
7: Vail Resorts 3.04%
8: Adobe 2.96%
9: Everbridge 2.78%
10: Novozymes A/S - B Shares 2.39%
Holdings represent 34.64% of portfolio
Top 10 holdings as of 07/31/19
1: Danaher Corp 4.61%
2: Salesforce.Com 4.24%
3: Mccormick Md 3.86%
4: Mastercard 3.49%
5: Vail Resorts 3.38%
6: Everbridge 3.22%
7: Novozymes A/S - B Shares 3.21%
8: Penumbra 3.13%
9: Adobe 2.94%
10: Unilever 2.92%
Holdings represent 35.00% of portfolio
Top 10 holdings as of 06/30/19
1: Danaher Corp 4.72%
2: Salesforce.Com 4.19%
3: Mccormick Md 3.81%
4: Mastercard 3.41%
5: Novozymes A/S - B Shares 3.25%
6: Vail Resorts 3.08%
7: Unilever 3.04%
8: Penumbra 3.01%
9: First Republic Bank/Ca 2.93%
10: Adobe 2.92%
Holdings represent 34.36% of portfolio
Top 10 holdings as of 05/31/19
1: Danaher Corp 4.54%
2: Salesforce.Com 4.35%
3: Mccormick Md 3.99%
4: Novozymes A/S - B Shares 3.41%
5: Mastercard 3.37%
6: Adobe 3.17%
7: Unilever 3.10%
8: Vail Resorts 3.09%
9: First Republic Bank/Ca 3.02%
10: Everbridge 2.87%
Holdings represent 34.91% of portfolio

Portfolio Composition as of 08/31/19

Common stock 98.25%
Cash and net other assets 1.75%

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 08/31/19

Information technology 26.37%
Health care 22.37%
Consumer discretionary 10.59%
Financials 9.98%
Materials 7.83%
Consumer staples 7.00%
Industrials 6.89%
Communication services 5.10%
Utilities 2.12%
 
Other
1.75%
Cash and net other assets 1.75%

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%