Putnam Allstate Advisor Plus

Putnam Capital Opportunities Subaccount

The subaccount seeks long-term growth of capital.

Fund description

The subaccount invests primarily in small and midsize companies, seeking hidden opportunities in stocks with growth potential that has been relatively unnoticed by investors. The portfolio can own growth and value stocks without a bias toward either style.

Sales story

Seeking opportunities in small and midsize companiesSmaller companies: Often overlooked by Wall Street analysts, the stocks of smaller companies can represent attractive opportunities to firms with strong research capabilities.A flexible strategy: The fund can own growth- or value-style stocks, allowing it to seek opportunities regardless of which style is in favor.Differentiated research: The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.

Daily pricing as of 09/19/17

with optional enhanced death benefits
Unit Value $29.326566 $28.690277
Unit Value Change -0.034606 -0.033973

Lipper ranking ‡ as of 08/31/17

Category: Small-Cap Core Funds

  Percentile ranking Rank/Funds in category
10 yrs. 76% 82/108
1 yr. 78% 115/148
3 yrs. 96% 136/142
5 yrs. 98% 131/134

The subaccount invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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.

‡ 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 08/31/17

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 96
Turnover (fiscal year end) 124%
Net Assets $27M
Inception Date 05/01/03

Performance

Performance as of 06/30/17

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 0.69% 2.67% 19.84% 1.70% 9.45% 3.83% 7.89%
Standardized -7.31% -5.33% 11.84% -0.94% 8.60% 3.83% 7.89%
With optional enhanced death benefit
Unit Value 0.65% 2.59% 19.66% 1.55% 9.28% 3.67% 7.72%
Standardized -7.35% -5.41% 11.66% -1.11% 8.42% 3.67% 7.72%
Actual performance
Unit Value 0.69% 2.67% 19.84% 1.70% 9.45% 3.83% 7.89%
Standardized -7.31% -5.33% 11.84% -0.94% 8.60% 3.83% 7.89%
With optional enhanced death benefit
Unit Value -- -- -- -- -- -- --
Standardized -- -- -- -- -- -- --

Annual Performance at NAV

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
-11.01% -36.22% 43.29% 27.47% -7.61% 12.53% 31.95% 5.34% -9.09% 13.68%
With optional enhanced death benefit
-11.14% -36.32% 43.07% 27.27% -7.75% 12.36% 31.75% 5.18% -9.23% 13.51%

Restated performance

Monthly as of 08/31/17

Unit Value -1.67%
Standardized -9.53%

YTD as of 09/19/17

Unit Value 2.77%
Standardized -5.23%

With optional enhanced death benefit

Monthly as of 08/31/17

Unit Value -1.68%
Standardized -9.54%

YTD as of 09/19/17

Unit Value 2.66%
Standardized -5.34%

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 Hartford products are flexible-premium variable annuities issued by Hartford Life and Annuity Insurance Company, 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 Hartford 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 Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277.

The subaccount invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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.

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.


Holdings

Top 10 holdings as of 08/31/17

Summit Materials 2.74%
Brunswick Corp/De 2.08%
Dxc Technology 2.03%
Radian Group 1.98%
Gaming And Leisure Properties 1.91%
Rpc Group 1.81%
Jazz Pharmaceuticals 1.77%
Owens Corning 1.77%
Hamilton Lane 1.70%
Easterly Government Properties 1.67%
Top 10 holdings, total: 19.46%

Equity Holdings as of 06/30/17

BRUNSWICK CORP 2.33%
SUMMIT MATERIALS INC -CL A 2.31%
DXC TECHNOLOGY CO 2.00%
RADIAN GROUP INC 1.91%
GAMING AND LEISURE PROPERTIE 1.89%
GOODYEAR TIRE & RUBBER CO 1.86%
HAMILTON LANE INC-CLASS A 1.85%
COLONY NORTHSTAR INC-CLASS A 1.83%
JAZZ PHARMACEUTICALS PLC 1.82%
EASTERLY GOVERNMENT PROPERTI 1.80%
J. JILL INC 1.75%
NEW YORK REIT INC 1.68%
EAST WEST BANCORP INC 1.63%
INVESTMENT TECHNOLOGY GROUP 1.54%
DIEBOLD NIXDORF INC 1.53%
PEOPLES BANCORP INC 1.49%
RPC GROUP PLC 1.47%
INSTRUCTURE INC 1.46%
ASSURED GUARANTY LTD 1.42%
EVERBRIDGE INC 1.42%
SBA COMMUNICATIONS CORP 1.41%
QORVO INC 1.36%
OWENS CORNING 1.34%
W.R. GRACE & CO 1.33%
POPULAR INC 1.30%
UMPQUA HOLDINGS CORP 1.30%
ECHOSTAR CORP-A 1.25%
WYNDHAM WORLDWIDE CORP 1.25%
PACIRA PHARMACEUTICALS INC 1.22%
REALPAGE INC 1.22%
STERICYCLE INC 1.22%
ACLARIS THERAPEUTICS INC 1.21%
CLOVIS ONCOLOGY INC 1.21%
J2 GLOBAL INC 1.20%
SELECT MEDICAL HOLDINGS CORP 1.20%
PROOFPOINT INC 1.18%
KAPSTONE PAPER AND PACKAGING 1.15%
TERADYNE INC 1.14%
FIRST REPUBLIC BANK/CA 1.13%
EDGEWELL PERSONAL CARE CO 1.11%
EMPLOYERS HOLDINGS INC 1.10%
SANDERSON FARMS INC 1.07%
SEALED AIR CORP 1.06%
NOMAD FOODS LTD 1.03%
SERVICE CORP INTERNATIONAL 1.03%
ASTEC INDUSTRIES INC 0.99%
HAWAIIAN HOLDINGS INC 0.99%
ALLETE INC 0.92%
BURLINGTON STORES INC 0.90%
DAVE & BUSTER'S ENTERTAINMEN 0.90%
COMMERCIAL METALS CO 0.89%
H AND E EQUIPMENT SERVICES INC 0.87%
ONE GAS INC 0.86%
RIGHTMOVE PLC 0.85%
CAVIUM INC 0.76%
PACWEST BANCORP 0.74%
BALL CORP 0.71%
ORION ENGINEERED CARBONS SA 0.70%
PARSLEY ENERGY INC-CLASS A 0.70%
KANSAS CITY SOUTHERN 0.68%
JELD-WEN HOLDING INC 0.65%
FINISH LINE/THE - CL A 0.64%
LIVE NATION ENTERTAINMENT IN 0.64%
SS&C TECHNOLOGIES HOLDINGS 0.64%
COTY INC-CL A 0.63%
GRAPHIC PACKAGING HOLDING CO 0.63%
MONDI PLC 0.63%
BIOVERATIV INC 0.61%
BIO-RAD LABORATORIES-A 0.60%
PENUMBRA INC 0.60%
ARRAY BIOPHARMA INC 0.59%
ENDO INTERNATIONAL PLC 0.59%
MALIBU BOATS INC - A 0.59%
MEDICINES COMPANY 0.59%
NEUROCRINE BIOSCIENCES INC 0.59%
SEVEN GENERATIONS ENERGY - A 0.59%
WESCO INTERNATIONAL INC 0.58%
GENMARK DIAGNOSTICS INC 0.57%
NUVISTA ENERGY LTD 0.57%
OGE ENERGY CORP 0.57%
ENCANA CORP 0.55%
DEL TACO RESTAURANTS INC 0.54%
DICKS SPORTING 0.53%
TEXAS CAPITAL BANCSHARES INC 0.52%
QEP RESOURCES INC 0.46%
WIX.COM LTD 0.39%
BOOZ ALLEN HAMILTON HOLDINGS 0.35%
PATTERSON-UTI ENERGY INC 0.35%
HANNON ARMSTRONG SUSTAINABLE 0.31%
ZAYO GROUP HOLDINGS INC 0.31%
SELECT ENERGY SERVICES INC-A 0.30%
NEXTERA ENERGY PARTNERS LP 0.27%
OCEANEERING INTL INC 0.25%
RICE ENERGY INC 0.22%
CALIFORNIA WATER SERVICE GRP 0.20%

Full Portfolio Holdings as of 06/30/17

BRUNSWICK CORP 2.33%
SUMMIT MATERIALS INC -CL A 2.31%
DXC TECHNOLOGY CO 2.00%
RADIAN GROUP INC 1.91%
GAMING AND LEISURE PROPERTIE 1.89%
GOODYEAR TIRE & RUBBER CO 1.86%
HAMILTON LANE INC-CLASS A 1.85%
COLONY NORTHSTAR INC-CLASS A 1.83%
JAZZ PHARMACEUTICALS PLC 1.82%
EASTERLY GOVERNMENT PROPERTI 1.80%
J. JILL INC 1.75%
NEW YORK REIT INC 1.68%
EAST WEST BANCORP INC 1.63%
INVESTMENT TECHNOLOGY GROUP 1.54%
DIEBOLD NIXDORF INC 1.53%
PEOPLES BANCORP INC 1.49%
RPC GROUP PLC 1.47%
INSTRUCTURE INC 1.46%
ASSURED GUARANTY LTD 1.42%
EVERBRIDGE INC 1.42%
SBA COMMUNICATIONS CORP 1.41%
QORVO INC 1.36%
OWENS CORNING 1.34%
W.R. GRACE & CO 1.33%
INDUSTRIAL SELECT SECT SPDR 1.30%
POPULAR INC 1.30%
UMPQUA HOLDINGS CORP 1.30%
ECHOSTAR CORP-A 1.25%
WYNDHAM WORLDWIDE CORP 1.25%
PACIRA PHARMACEUTICALS INC 1.22%
REALPAGE INC 1.22%
STERICYCLE INC 1.22%
ACLARIS THERAPEUTICS INC 1.21%
CLOVIS ONCOLOGY INC 1.21%
J2 GLOBAL INC 1.20%
SELECT MEDICAL HOLDINGS CORP 1.20%
PROOFPOINT INC 1.18%
KAPSTONE PAPER AND PACKAGING 1.15%
TERADYNE INC 1.14%
FIRST REPUBLIC BANK/CA 1.13%
EDGEWELL PERSONAL CARE CO 1.11%
EMPLOYERS HOLDINGS INC 1.10%
SANDERSON FARMS INC 1.07%
SEALED AIR CORP 1.06%
NOMAD FOODS LTD 1.03%
SERVICE CORP INTERNATIONAL 1.03%
ASTEC INDUSTRIES INC 0.99%
HAWAIIAN HOLDINGS INC 0.99%
ALLETE INC 0.92%
BURLINGTON STORES INC 0.90%
DAVE & BUSTER'S ENTERTAINMEN 0.90%
COMMERCIAL METALS CO 0.89%
H AND E EQUIPMENT SERVICES INC 0.87%
ONE GAS INC 0.86%
RIGHTMOVE PLC 0.85%
POWERSHARES S&P SC INDUSTRIA 0.78%
CAVIUM INC 0.76%
PACWEST BANCORP 0.74%
BALL CORP 0.71%
ORION ENGINEERED CARBONS SA 0.70%
PARSLEY ENERGY INC-CLASS A 0.70%
KANSAS CITY SOUTHERN 0.68%
JELD-WEN HOLDING INC 0.65%
FINISH LINE/THE - CL A 0.64%
LIVE NATION ENTERTAINMENT IN 0.64%
SS&C TECHNOLOGIES HOLDINGS 0.64%
COTY INC-CL A 0.63%
GRAPHIC PACKAGING HOLDING CO 0.63%
MONDI PLC 0.63%
BIOVERATIV INC 0.61%
BIO-RAD LABORATORIES-A 0.60%
PENUMBRA INC 0.60%
ARRAY BIOPHARMA INC 0.59%
ENDO INTERNATIONAL PLC 0.59%
MALIBU BOATS INC - A 0.59%
MEDICINES COMPANY 0.59%
NEUROCRINE BIOSCIENCES INC 0.59%
SEVEN GENERATIONS ENERGY - A 0.59%
WESCO INTERNATIONAL INC 0.58%
GENMARK DIAGNOSTICS INC 0.57%
NUVISTA ENERGY LTD 0.57%
OGE ENERGY CORP 0.57%
ENCANA CORP 0.55%
DEL TACO RESTAURANTS INC 0.54%
DICKS SPORTING 0.53%
TEXAS CAPITAL BANCSHARES INC 0.52%
QEP RESOURCES INC 0.46%
WIX.COM LTD 0.39%
BOOZ ALLEN HAMILTON HOLDINGS 0.35%
PATTERSON-UTI ENERGY INC 0.35%
HANNON ARMSTRONG SUSTAINABLE 0.31%
ZAYO GROUP HOLDINGS INC 0.31%
SELECT ENERGY SERVICES INC-A 0.30%
NEXTERA ENERGY PARTNERS LP 0.27%
OCEANEERING INTL INC 0.25%
RICE ENERGY INC 0.22%
POUND STERLING CALL ACCOUNT 0.21%
CALIFORNIA WATER SERVICE GRP 0.20%
CANADIAN DOLLAR ACCOUNT 0.07%
SEE 20180119 C 50.00BCBP 0.02%
RUSSELL 2000 MINI SEP17 RTAU7 0.00%
SEE 20180119 C 55.00BCBP -0.01%

Prior top 10 holdings

Top 10 holdings as of 08/31/17
1: Summit Materials 2.74%
2: Brunswick Corp/De 2.08%
3: Dxc Technology 2.03%
4: Radian Group 1.98%
5: Gaming And Leisure Properties 1.91%
6: Rpc Group 1.81%
7: Jazz Pharmaceuticals 1.77%
8: Owens Corning 1.77%
9: Hamilton Lane 1.70%
10: Easterly Government Properties 1.67%
Holdings represent 19.46% of portfolio
Top 10 holdings as of 07/31/17
1: Summit Materials 2.61%
2: Brunswick Corp/De 2.32%
3: Dxc Technology 2.03%
4: Radian Group 2.02%
5: Colony Northstar 1.89%
6: Gaming And Leisure Properties 1.89%
7: Jazz Pharmaceuticals 1.79%
8: Rpc Group 1.76%
9: J. Jill 1.74%
10: Easterly Government Properties 1.70%
Holdings represent 19.75% of portfolio
Top 10 holdings as of 06/30/17
1: Brunswick Corp/De 2.33%
2: Summit Materials 2.31%
3: Dxc Technology 2.00%
4: Radian Group 1.91%
5: Gaming And Leisure Properties 1.89%
6: Goodyear Tire Rubber The 1.86%
7: Hamilton Lane 1.85%
8: Colony Northstar 1.83%
9: Jazz Pharmaceuticals 1.82%
10: Easterly Government Properties 1.80%
Holdings represent 19.60% of portfolio
Top 10 holdings as of 05/31/17
1: Jazz Pharmaceuticals 2.19%
2: Dxc Technology 2.04%
3: Brunswick Corp/De 1.92%
4: Radian Group 1.90%
5: Gaming And Leisure Properties 1.86%
6: Colony Northstar 1.86%
7: Goodyear Tire Rubber The 1.73%
8: Easterly Government Properties 1.72%
9: Hamilton Lane 1.72%
10: Qorvo 1.70%
Holdings represent 18.64% of portfolio

Portfolio Composition as of 08/31/17

Common stock 95.84%
Cash and net other assets 4.16%

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.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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 08/31/17

Information technology 17.75%
Financials 15.57%
Materials 12.07%
Health care 11.37%
Consumer discretionary 11.36%
Real estate 8.34%
Industrials 7.49%
Cash and net other assets 4.16%
Energy 4.13%
 
Other
7.76%
Consumer staples 4.00%
Utilities 3.43%
Telecommunication services 0.33%

Expenses

Sales Charges/Fees

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

The subaccount invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. 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.

‡ 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%