Putnam Allstate Advisor Plus

Putnam Growth Opportunities Subaccount

The subaccount seeks capital appreciation.

Fund description

The subaccount invests in large U.S. companies with strong revenue and earnings growth prospects. Members of the management team target established companies that are believed to be leaders in their industries with the potential to grow rapidly. The fund's portfolio typically includes world-renowned businesses whose size and scale give them a competitive advantage.

Sales story

Seeking to harness the growth potential of large U.S. companiesSeeks above-average growth: The fund focuses on businesses that exhibit both a high level of growth and an above-average duration of growth.A thematic approach: The portfolio managers combine top-down investment themes with bottom-up research to select securities that can benefit from growth trends.Rigorous analysis: Backed by fundamental research, the managers focus on identifying management teams that act like owners.

Management team

Daily pricing as of 10/18/19

with optional enhanced death benefits
Unit Value $12.960638 $12.578509
Unit Value Change -0.125086 -0.12145

Lipper ranking ‡ as of 09/30/19

Category: Large-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 24% 38/158
1 yr. 13% 24/196
3 yrs. 5% 8/187
5 yrs. 24% 42/180

This fund concentrates its assets in fewer stocks, which can affect your fund's performance. 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 09/30/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 61
Turnover (fiscal year end) 56%
Net Assets $836M
Inception Date 02/01/00

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 0.07% 23.72% 5.09% 16.99% 11.78% 12.84% 1.23%
Standardized -7.93% 15.72% -2.91% 15.01% 11.00% 12.84% 1.23%
With optional enhanced death benefit
Unit Value 0.03% 23.59% 4.93% 16.81% 11.61% 12.67% 1.07%
Standardized -7.97% 15.59% -3.07% 14.82% 10.83% 12.67% 1.07%
Actual performance
Unit Value 0.07% 23.72% 5.09% 16.99% 11.78% 12.84% 1.05%
Standardized -7.93% 15.72% -2.91% 15.01% 11.00% 12.84% 1.05%
With optional enhanced death benefit
Unit Value 0.03% 23.59% 4.93% 16.81% 11.61% 12.67% 0.89%
Standardized -7.97% 15.59% -3.07% 14.82% 10.83% 12.67% 0.89%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
38.60% 15.44% -5.66% 15.68% 33.96% 12.09% -0.59% 4.81% 28.82% 0.73%
With optional enhanced death benefit
38.39% 15.26% -5.80% 15.50% 33.76% 11.92% -0.74% 4.66% 28.62% 0.58%

Restated performance

Monthly as of 09/30/19

Unit Value -0.90%
Standardized -8.83%

YTD as of 10/18/19

Unit Value 24.58%
Standardized 16.58%

With optional enhanced death benefit

Monthly as of 09/30/19

Unit Value -0.92%
Standardized -8.84%

YTD as of 10/18/19

Unit Value 24.43%
Standardized 16.43%

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.

Recent performance benefitted from receipt of an Enron Class Action Settlement pertaining to investments made prior to 2002.

Risk Characteristics as of 09/30/19

Alpha (%) 2.42
Beta 0.97
R Squared 0.97
Standard Deviation (3 yrs.) 12.98

Holdings

Top 10 holdings as of 09/30/19

Microsoft Corp 9.62%
Amazon.Com 6.00%
Apple 5.84%
Alphabet 4.79%
Visa 4.14%
Paypal Holdings 3.04%
Mastercard 2.88%
Home Depot 2.64%
Salesforce.Com 2.57%
American Tower Corp 2.47%
Top 10 holdings, total: 43.99%

Full Portfolio Holdings as of 09/30/19

MICROSOFT CORP SEDOL 2588173 9.62%
AMAZON.COM INC SEDOL 2000019 6.00%
APPLE INC SEDOL 2046251 5.84%
ALPHABET INC-CL C SEDOL BYY88Y7 4.79%
VISA INC-CLASS A SHARES SEDOL B2PZN04 4.14%
PAYPAL HOLDINGS INC SEDOL BYW36M8 3.04%
MASTERCARD INC - A SEDOL B121557 2.88%
HOME DEPOT INC SEDOL 2434209 2.64%
SALESFORCE.COM INC SEDOL 2310525 2.57%
AMERICAN TOWER CORP SEDOL B7FBFL2 2.47%
DANAHER CORP SEDOL 2250870 2.39%
FIDELITY NATIONAL INFO SERV SEDOL 2769796 2.11%
COSTAR GROUP INC SEDOL 2262864 2.03%
CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 1.96%
TEXAS INSTRUMENTS INC SEDOL 2885409 1.89%
NIKE INC -CL B SEDOL 2640147 1.88%
ADOBE INC SEDOL 2008154 1.82%
IDEXX LABORATORIES INC SEDOL 2459202 1.79%
BOOKING HOLDINGS INC SEDOL BDRXDB4 1.76%
FACEBOOK INC-CLASS A SEDOL B7TL820 1.72%
SHERWIN-WILLIAMS CO/THE SEDOL 2804211 1.64%
LIVE NATION ENTERTAINMENT IN SEDOL B0T7YX2 1.61%
NORTHROP GRUMMAN CORP SEDOL 2648806 1.61%
INTERCONTINENTAL EXCHANGE IN SEDOL BFSSDS9 1.57%
UNITEDHEALTH GROUP INC SEDOL 2917766 1.53%
UNION PACIFIC CORP SEDOL 2914734 1.49%
WASTE CONNECTIONS INC SEDOL BYVG1F6 1.45%
SERVICENOW INC SEDOL B80NXX8 1.45%
HONEYWELL INTERNATIONAL INC SEDOL 2020459 1.43%
BOEING CO/THE SEDOL 2108601 1.40%
LINDE PLC SEDOL BZ12WP8 1.32%
IQVIA HOLDINGS INC SEDOL BDR73G1 1.26%
TRANSDIGM GROUP INC SEDOL B11FJK3 1.23%
LONZA GROUP AG-REG SEDOL 7333378 1.22%
ESTEE LAUDER COMPANIES-CL A SEDOL 2320524 1.15%
ROPER TECHNOLOGIES INC SEDOL 2749602 1.12%
WALMART INC SEDOL 2936921 1.07%
MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 1.01%
LULULEMON ATHLETICA INC SEDOL B23FN39 1.01%
DASSAULT SYSTEMES SA SEDOL 5330047 0.94%
MERCK & CO. INC. SEDOL 2778844 0.90%
REALPAGE INC SEDOL B4W2S29 0.90%
TJX COMPANIES INC SEDOL 2989301 0.80%
AIA GROUP LTD SEDOL B4TX8S1 0.70%
PLANET FITNESS INC - CL A SEDOL BYSFJV8 0.69%
VERTEX PHARMACEUTICALS INC SEDOL 2931034 0.69%
DOCUSIGN INC SEDOL BFYT7B7 0.69%
NETFLIX INC SEDOL 2857817 0.66%
ILLUMINA INC SEDOL 2613990 0.63%
EDENRED SEDOL B62G1B5 0.53%
METTLER-TOLEDO INTERNATIONAL SEDOL 2126249 0.51%
NVIDIA CORP SEDOL 2379504 0.49%
INTUITIVE SURGICAL INC SEDOL 2871301 0.38%
UBER TECH INC P/P CV PFD 0.37%
COUPA SOFTWARE INC SEDOL BD87XR1 0.37%
OKTA INC SEDOL BDFZSP1 0.31%
OPORTUN FIN CORP P/P 0.15%
GLOBAL FASHION GRP P/P 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
NEURALSTEM INC SERIES K COMMON STOCK PURCHASE WARRANT 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%

Prior top 10 holdings

Top 10 holdings as of 09/30/19
1: Microsoft Corp 9.62%
2: Amazon.Com 6.00%
3: Apple 5.84%
4: Alphabet 4.79%
5: Visa 4.14%
6: Paypal Holdings 3.04%
7: Mastercard 2.88%
8: Home Depot 2.64%
9: Salesforce.Com 2.57%
10: American Tower Corp 2.47%
Holdings represent 43.99% of portfolio
Top 10 holdings as of 08/31/19
1: Microsoft Corp 9.40%
2: Amazon.Com 6.05%
3: Alphabet 5.39%
4: Apple 4.87%
5: Visa 4.28%
6: Paypal Holdings 3.30%
7: Mastercard 2.86%
8: Salesforce.Com 2.66%
9: Home Depot 2.55%
10: American Tower Corp 2.54%
Holdings represent 43.90% of portfolio
Top 10 holdings as of 07/31/19
1: Microsoft Corp 9.19%
2: Amazon.Com 6.30%
3: Alphabet 5.46%
4: Apple 5.01%
5: Visa 4.17%
6: Paypal Holdings 3.21%
7: Mastercard 2.75%
8: UnitedHealth Group 2.67%
9: Salesforce.Com 2.44%
10: Home Depot 2.38%
Holdings represent 43.58% of portfolio
Top 10 holdings as of 06/30/19
1: Microsoft Corp 8.82%
2: Amazon.Com 5.81%
3: Alphabet 5.02%
4: Apple 4.73%
5: Visa 4.13%
6: Paypal Holdings 3.30%
7: UnitedHealth Group 3.15%
8: Mastercard 2.68%
9: Home Depot The 2.43%
10: Salesforce.Com 2.38%
Holdings represent 42.45% of portfolio

Portfolio Composition as of 09/30/19

Common stock 99.25%
Cash and net other assets 0.38%
Convertible preferred stock 0.37%

Portfolio characteristics will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

This fund concentrates its assets in fewer stocks, which can affect your fund's performance. 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.

Top Industry Sectors as of 09/30/19

Information technology 39.04%
Consumer discretionary 14.78%
Industrials 12.67%
Health care 11.31%
Communication services 10.74%
Consumer staples 3.23%
Materials 2.96%
Real estate 2.47%
Financials 2.42%
 
Other
0.38%
Cash and net other assets 0.38%

Expenses

Sales Charges/Fees

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

This fund concentrates its assets in fewer stocks, which can affect your fund's performance. 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%