Putnam Allstate Advisor Preferred

Putnam Multi-Cap Core Subaccount

The subaccount seeks capital appreciation.

Putnam Multi-Cap Core Subaccount

Fund description

The subaccount invests in stocks of U.S companies of all sizes. The subaccount is managed with no predetermined style bias; its portfolio may contain both growth and value stocks.

Sales story

Seeking opportunities across a wide range of stocks"Go anywhere" approach: The fund invests in stocks of U.S. companies of all sizes and has the flexibility to own both growth and value stocks.A disciplined process: The portfolio managers use a disciplined, fundamental investment process with three buckets of idea generation: legacy companies, smart-money indicators, and special situations.Research focus: Backed by an Equity Research team, the portfolio managers use their stock-picking expertise to identify opportunities and manage risk.

Management team

Daily pricing as of 01/22/21

with optional enhanced death benefits
Unit Value $18.787164 $18.203624
Unit Value Change -0.009188 -0.008978

Lipper ranking ‡ as of 12/31/20

Category: Large-Cap Core Funds

  Percentile ranking Rank/Funds in category
10 yrs. 29% 35/120
1 yr. 38% 59/158
3 yrs. 51% 77/150
5 yrs. 34% 47/140

‡ 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 12/31/20

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 93
Turnover (fiscal year end) 24%
Net Assets $274M
Inception Date 04/30/98

Performance

Performance as of 12/31/20

Annualized Performance Last Quarter Year
to Date		 1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 14.20% 15.39% 15.39% 10.71% 12.56% 11.34% 4.19%
Standardized 12.20% 13.39% 13.39% 10.71% 12.56% 11.34% 4.19%
With optional enhanced death benefit
Unit Value 14.16% 15.22% 15.22% 10.54% 12.39% 11.17% 4.03%
Standardized 12.16% 13.22% 13.22% 10.54% 12.39% 11.17% 4.03%
Actual performance
Unit Value 14.20% 15.39% 15.39% 10.71% 12.56% 11.34% 3.25%
Standardized 12.20% 13.39% 13.39% 10.71% 12.56% 11.34% 3.25%
With optional enhanced death benefit
Unit Value 14.16% 15.22% 15.22% 10.54% 12.39% 11.17% 3.30%
Standardized 12.16% 13.22% 13.22% 10.54% 12.39% 11.17% 3.30%

Annual Performance at NAV

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
-1.60% 14.90% 32.90% 12.03% -3.79% 10.21% 20.84% -9.17% 29.46% 15.39%
With optional enhanced death benefit
-1.75% 14.72% 32.69% 11.86% -3.94% 10.04% 20.66% -9.30% 29.27% 15.22%

Restated performance

Monthly as of 12/31/20

Unit Value 4.61%
Standardized 2.61%

YTD as of 01/22/21

Unit Value 4.49%
Standardized 2.49%

With optional enhanced death benefit

Monthly as of 12/31/20

Unit Value 4.60%
Standardized 2.60%

YTD as of 01/22/21

Unit Value 4.48%
Standardized 2.48%

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.

Holdings

Apple 8.20%
Microsoft Corp 7.72%
Amazon.Com 4.09%
Alphabet 3.13%
Bank Of America Corp 2.96%
Walmart 2.04%
Lowe'S Cos 2.03%
Facebook 1.99%
Berkshire Hathaway 1.86%
Mastercard 1.79%
Top 10 holdings, total: 35.81%

Top 10 holdings as of 12/31/20
1: Apple 8.20%
2: Microsoft Corp 7.72%
3: Amazon.Com 4.09%
4: Alphabet 3.13%
5: Bank Of America Corp 2.96%
6: Walmart 2.04%
7: Lowe'S Cos 2.03%
8: Facebook 1.99%
9: Berkshire Hathaway 1.86%
10: Mastercard 1.79%
Holdings represent 35.81% of portfolio
Top 10 holdings as of 11/30/20
1: Microsoft Corp 7.69%
2: Apple 7.61%
3: Amazon.Com 4.11%
4: Alphabet 3.26%
5: Bank Of America Corp 2.85%
6: Walmart 2.09%
7: Facebook 2.08%
8: Lowe'S Cos 1.89%
9: Berkshire Hathaway 1.88%
10: Mastercard 1.74%
Holdings represent 35.20% of portfolio
Top 10 holdings as of 10/31/20
1: Microsoft Corp 8.10%
2: Apple 7.75%
3: Amazon.Com 4.17%
4: Alphabet 3.32%
5: Bank Of America Corp 2.33%
6: Facebook 2.10%
7: JPMorgan Chase 1.98%
8: Berkshire Hathaway 1.82%
9: Walmart 1.79%
10: Amgen 1.66%
Holdings represent 35.02% of portfolio
Top 10 holdings as of 09/30/20
1: Microsoft Corp 8.18%
2: Apple 7.98%
3: Amazon.Com 4.17%
4: Alphabet 2.93%
5: Bank Of America Corp 2.29%
6: Facebook 2.03%
7: Amgen 1.88%
8: JPMorgan Chase 1.88%
9: Berkshire Hathaway 1.85%
10: Walmart 1.75%
Holdings represent 34.94% of portfolio

Portfolio Composition as of 12/31/20

Common stock 95.20%
Cash and net other assets 4.15%
Convertible bonds 0.65%

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund. 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 12/31/20

Information technology 27.41%
Financials 13.57%
Consumer discretionary 12.09%
Health care 12.08%
Communication services 9.18%
Industrials 7.42%
Consumer staples 4.65%
Cash and net other assets 4.15%
Real estate 2.60%
 
Other		 6.85%
Utilities 2.58%
Materials 2.47%
Energy 1.80%

Expenses

Sales Charges/Fees

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

CDSC

Year Percent
1 2.00%
2 1.00%
3+ 0.00%