Putnam Allstate Advisor Plus

Putnam Global Health Care Subaccount

The subaccount seeks capital appreciation.

Putnam Global Health Care Subaccount

Fund description

The subaccount seeks to capitalize on the strength of the health-care sector, targeting companies of all sizes. Holdings encompass an array of industries, including pharmaceuticals, health-care services, and biotechnology. The fund seeks companies that offer strong long-term growth prospects, regardless of their size.

Sales story

Investing in the health-care sectorA dynamic sector: From biotech to pharmaceuticals, the fund seeks out companies that profit from the global demand for health care.A range of companies: The fund invests worldwide in businesses at different stages of growth, from rapidly growing newer companies to established global corporations.Actively managed: Unlike passively managed ETFs, Putnam global sector funds combine rigorous fundamental research and disciplined quantitative analysis with macroeconomic views.

Management team

Daily pricing as of 01/24/20

with optional enhanced death benefits
Unit Value $27.668681 $26.842276
Unit Value Change -0.415458 -0.403163

The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

‡ 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 12/31/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 47
Turnover (fiscal year end) 54%
Net Assets $148M
Inception Date 05/01/98

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 16.96% 28.21% 28.21% 12.47% 5.65% 10.52% 5.55%
Standardized 8.96% 20.21% 20.21% 10.32% 4.67% 10.52% 5.55%
With optional enhanced death benefit
Unit Value 16.92% 28.02% 28.02% 12.30% 5.49% 10.35% 5.39%
Standardized 8.92% 20.02% 20.02% 10.15% 4.50% 10.35% 5.39%
Actual performance
Unit Value 16.96% 28.21% 28.21% 12.47% 5.65% 10.52% 5.01%
Standardized 8.96% 20.21% 20.21% 10.32% 4.67% 10.52% 5.01%
With optional enhanced death benefit
Unit Value 16.92% 28.02% 28.02% 12.30% 5.49% 10.35% 4.85%
Standardized 8.92% 20.02% 20.02% 10.15% 4.50% 10.35% 4.85%

Annual Performance at NAV

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0.83% -2.76% 20.31% 39.40% 25.60% 6.06% -12.77% 13.46% -2.19% 28.21%
With optional enhanced death benefit
0.67% -2.90% 20.12% 39.19% 25.41% 5.90% -12.90% 13.29% -2.34% 28.02%

Restated performance

Monthly as of 12/31/19

Unit Value 3.52%
Standardized -4.48%

YTD as of 01/24/20

Unit Value -0.11%
Standardized -8.10%

With optional enhanced death benefit

Monthly as of 12/31/19

Unit Value 3.50%
Standardized -4.50%

YTD as of 01/24/20

Unit Value -0.12%
Standardized -8.11%

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 concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

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 12/31/19

Alpha (%) -1.43
Beta 1.07
R Squared 0.93
Standard Deviation (3 yrs.) 12.88

Holdings

Johnson&Johnson 6.61%
UnitedHealth Group 6.44%
Novartis Ag 5.96%
Merck 5.51%
Roche Holding Ag 5.41%
Abbvie 5.37%
Amgen 4.44%
Danaher Corp 3.96%
Astrazeneca 3.75%
Boston Scientific Corp 3.48%
Top 10 holdings, total: 50.93%

Top 10 holdings as of 12/31/19
1: Johnson&Johnson 6.61%
2: UnitedHealth Group 6.44%
3: Novartis Ag 5.96%
4: Merck 5.51%
5: Roche Holding Ag 5.41%
6: Abbvie 5.37%
7: Amgen 4.44%
8: Danaher Corp 3.96%
9: Astrazeneca 3.75%
10: Boston Scientific Corp 3.48%
Holdings represent 50.93% of portfolio
Top 10 holdings as of 11/30/19
1: Johnson&Johnson 6.34%
2: UnitedHealth Group 6.24%
3: Novartis Ag 5.89%
4: Abbvie 5.42%
5: Merck 5.38%
6: Roche Holding Ag 5.23%
7: Amgen 4.40%
8: Danaher Corp 4.10%
9: Astrazeneca 3.65%
10: Boston Scientific Corp 3.39%
Holdings represent 50.04% of portfolio
Top 10 holdings as of 10/31/19
1: Merck 7.62%
2: UnitedHealth Group 6.11%
3: Abbvie 5.32%
4: Johnson&Johnson 5.22%
5: Roche Holding Ag 5.03%
6: Novartis Ag 5.02%
7: Medicines The 4.80%
8: Danaher Corp 4.61%
9: Vertex Pharmaceuticals 4.13%
10: Amgen 4.05%
Holdings represent 51.91% of portfolio
Top 10 holdings as of 09/30/19
1: Merck 7.40%
2: UnitedHealth Group 5.97%
3: Johnson & Johnson 5.32%
4: Abbvie 5.27%
5: Novartis Ag 5.18%
6: Roche Holding Ag 5.05%
7: Danaher Corp 5.03%
8: Medicines The 4.75%
9: Astrazeneca 4.66%
10: Amgen 3.82%
Holdings represent 52.45% of portfolio

Portfolio Composition as of 12/31/19

Common stock 96.92%
Cash and net other assets 3.08%

Portfolio allocations vary over time. The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

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.

Top Industry Sectors as of 12/31/19

Pharmaceuticals 42.43%
Biotechnology 20.39%
Health Care Equipment & Supplies 19.00%
Health Care Providers & Services 12.25%
Cash and net other assets 3.08%
Life Sciences Tools & Services 2.85%

Country Allocation as of 12/31/19

United States 71.18%
Switzerland 12.12%
United Kingdom 5.53%
Cash and net other assets 3.08%
Denmark 2.63%
Japan 1.64%
Australia 1.55%
France 1.21%
Germany 0.79%
 
Other		 0.27%
Netherlands 0.27%

Expenses

Sales Charges/Fees

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

The fund concentrates its investments in one region or in one sector and involves more risk than a fund that invests more broadly. 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.

Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

‡ 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%