Putnam Allstate Advisor Preferred

Putnam Growth Opportunities Subaccount

The subaccount seeks capital appreciation.

Putnam Growth Opportunities Subaccount

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 01/17/20

with optional enhanced death benefits
Unit Value $14.37987 $13.954334
Unit Value Change 0.071674 0.069496

Lipper ranking ‡ as of 12/31/19

Category: Large-Cap Growth Funds

  Percentile ranking Rank/Funds in category
10 yrs. 22% 32/148
1 yr. 16% 29/188
3 yrs. 9% 15/180
5 yrs. 31% 53/173

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 12/31/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 58
Turnover (fiscal year end) 56%
Net Assets $889M
Inception Date 02/01/00

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 8.74% 34.49% 34.49% 20.35% 12.66% 13.10% 1.49%
Standardized 6.74% 32.49% 32.49% 20.35% 12.66% 13.10% 1.49%
With optional enhanced death benefit
Unit Value 8.70% 34.28% 34.28% 20.17% 12.49% 12.93% 1.34%
Standardized 6.70% 32.28% 32.28% 20.17% 12.49% 12.93% 1.34%
Actual performance
Unit Value 8.74% 34.49% 34.49% 20.35% 12.66% 13.10% 2.14%
Standardized 6.74% 32.49% 32.49% 20.35% 12.66% 13.10% 2.14%
With optional enhanced death benefit
Unit Value -- -- -- -- -- -- --
Standardized -- -- -- -- -- -- --

Annual Performance at NAV

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
15.38% -5.70% 15.62% 33.89% 12.04% -0.64% 4.76% 28.75% 0.68% 34.49%
With optional enhanced death benefit
15.20% -5.85% 15.44% 33.69% 11.86% -0.79% 4.60% 28.56% 0.53% 34.28%

Restated performance

Monthly as of 12/31/19

Unit Value 2.77%
Standardized 0.77%

YTD as of 01/17/20

Unit Value 5.68%
Standardized 3.68%

With optional enhanced death benefit

Monthly as of 12/31/19

Unit Value 2.76%
Standardized 0.76%

YTD as of 01/17/20

Unit Value 5.67%
Standardized 3.67%

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 12/31/19

Alpha (%) 2.55
Beta 0.96
R Squared 0.96
Standard Deviation (3 yrs.) 12.84

Holdings

Microsoft Corp 9.69%
Apple 7.91%
Amazon.Com 5.88%
Alphabet 4.60%
Visa 4.06%
Paypal Holdings 3.24%
Mastercard 2.95%
Salesforce.Com 2.83%
Danaher Corp 2.65%
Fidelity National Information Services 2.32%
Top 10 holdings, total: 46.13%

Top 10 holdings as of 12/31/19
1: Microsoft Corp 9.69%
2: Apple 7.91%
3: Amazon.Com 5.88%
4: Alphabet 4.60%
5: Visa 4.06%
6: Paypal Holdings 3.24%
7: Mastercard 2.95%
8: Salesforce.Com 2.83%
9: Danaher Corp 2.65%
10: Fidelity National Information Services 2.32%
Holdings represent 46.13% of portfolio
Top 10 holdings as of 11/30/19
1: Microsoft Corp 9.66%
2: Apple 7.33%
3: Amazon.Com 5.84%
4: Alphabet 4.57%
5: Visa 4.23%
6: Paypal Holdings 3.30%
7: Mastercard 2.94%
8: Salesforce.Com 2.89%
9: Danaher Corp 2.57%
10: Fidelity National Information Services 2.35%
Holdings represent 45.68% of portfolio
Top 10 holdings as of 10/31/19
1: Microsoft Corp 9.68%
2: Apple 7.15%
3: Amazon.Com 5.93%
4: Alphabet 4.84%
5: Visa 4.16%
6: Paypal Holdings 3.03%
7: Mastercard 2.86%
8: Salesforce.Com 2.67%
9: Home Depot 2.59%
10: Danaher Corp 2.26%
Holdings represent 45.17% of portfolio
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

Portfolio Composition as of 12/31/19

Common stock 99.68%
Cash and net other assets 0.32%

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 12/31/19

Information technology 41.08%
Health care 13.50%
Consumer discretionary 13.10%
Industrials 11.49%
Communication services 10.81%
Materials 2.81%
Consumer staples 2.64%
Financials 2.20%
Real estate 2.05%
 
Other		 0.32%
Cash and net other assets 0.32%

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 2.00%
2 1.00%
3+ 0.00%