Putnam Allstate Advisor Plus

George Putnam Balanced Fund Subaccount

The subaccount seeks to provide a balanced investment composed of a well diversified portfolio of stocks and bonds which produce both capital growth and current income.

Fund description

The subaccount seeks its dual objectives of capital growth and current income by investing in a combination of value stocks and fixed-income securities. The equity portion targets stocks of large companies that are currently undervalued and undergoing positive changes. The fixed-income portion includes government, corporate, and mortgage-backed securities. The subaccount typically has a 60%-70% allocation to stocks and a 30%-40% position in bonds.

Sales story

A prudent balance of stocks and bonds A balanced approach: The fund seeks conservative growth plus income through a mix of roughly 60% stocks and 40% bonds.Seeking reduced volatility: The fund's focus on undervalued stocks and primarily high-quality bonds is designed to reduce volatility for conservative and income-oriented investors.A rigorous process: The fund's experienced portfolio managers use rigorous fundamental investment research to find opportunities and manage risk.

Management team

Daily pricing as of 10/11/19

with optional enhanced death benefits
Unit Value $20.1015 $19.509599
Unit Value Change 0.128601 0.124735

Lipper ranking ‡ as of 06/30/19

Category: BALANCED FUNDS

  Percentile ranking Rank/Funds in category
10 yrs. 14% 15/113
1 yr. 7% 10/155
3 yrs. 8% 10/136
5 yrs. 12% 15/130

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.The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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 06/30/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 421
Turnover (fiscal year end) 264%
Net Assets $166M
Inception Date 05/01/98

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 1.30% 15.55% 5.48% 7.98% 5.86% 7.43% 3.04%
Standardized -6.70% 7.55% -2.52% 5.64% 4.88% 7.43% 3.04%
With optional enhanced death benefit
Unit Value 1.26% 15.42% 5.32% 7.82% 5.70% 7.27% 2.88%
Standardized -6.74% 7.42% -2.68% 5.47% 4.72% 7.27% 2.88%
Actual performance
Unit Value 1.30% 15.55% 5.48% 7.98% 5.86% 7.43% 3.68%
Standardized -6.70% 7.55% -2.52% 5.64% 4.88% 7.43% 3.68%
With optional enhanced death benefit
Unit Value 1.26% 15.42% 5.32% 7.82% 5.70% 7.27% 3.53%
Standardized -6.74% 7.42% -2.68% 5.47% 4.72% 7.27% 3.53%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
23.62% 9.05% 1.13% 10.73% 16.21% 8.91% -2.71% 6.29% 13.25% -4.70%
With optional enhanced death benefit
23.43% 8.89% 0.97% 10.56% 16.03% 8.74% -2.86% 6.13% 13.08% -4.84%

Restated performance

Monthly as of 09/30/19

Unit Value 0.59%
Standardized -7.41%

YTD as of 10/11/19

Unit Value 15.31%
Standardized 7.31%

With optional enhanced death benefit

Monthly as of 09/30/19

Unit Value 0.58%
Standardized -7.42%

YTD as of 10/11/19

Unit Value 15.17%
Standardized 7.17%

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.

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.

The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.

Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

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 06/30/19

Avg. Eff. Maturity 7.92
Avg. Eff. Duration 5.40
Avg. Coupon --
Avg. Yield to Maturity --
Alpha (%) 1.03
Beta 0.62
R Squared 0.95
Standard Deviation (3 yrs.) 7.65

Maturity Details

0 to 1 yr. 5.15%
1 to 5 yrs. 46.66%
5 to 10 yrs. 30.14%
10 to 15 yrs. 2.08%
Over 15 yrs. 15.97%

Quality Ratings

AAA 57.27%
AA 2.78%
A 12.37%
BBB 20.49%
BB 2.17%
CCC and Below 0.03%
Not Rated 4.89%

Holdings

Top 10 holdings as of 06/30/19

Microsoft 2.78%
Amazon 2.06%
Us Treasury N/B 02.7500 08/15/2042 2.05%
Alphabet 1.91%
Fnma Fn30 Tba Umbs 04.0000 08/01/2049 1.87%
Apple 1.69%
Us Treasury N/B 02.2500 02/15/2021 1.40%
Us Treasury N/B 01.6250 10/31/2023 1.36%
Fnma Fn30 Bm5477 Umbs 04.5000 02/01/2049 1.27%
Facebook 1.26%
Top 10 holdings, total: 17.65%

Prior top 10 holdings

Top 10 holdings as of 06/30/19
1: Microsoft 2.78%
2: Amazon 2.06%
3: Us Treasury N/B 02.7500 08/15/2042 2.05%
4: Alphabet 1.91%
5: Fnma Fn30 Tba Umbs 04.0000 08/01/2049 1.87%
6: Apple 1.69%
7: Us Treasury N/B 02.2500 02/15/2021 1.40%
8: Us Treasury N/B 01.6250 10/31/2023 1.36%
9: Fnma Fn30 Bm5477 Umbs 04.5000 02/01/2049 1.27%
10: Facebook 1.26%
Holdings represent 17.65% of portfolio
Top 10 holdings as of 05/31/19
1: Microsoft 2.71%
2: Alphabet 2.05%
3: Amazon 2.04%
4: Us Treasury N/B 02.7500 08/15/2042 1.83%
5: Apple 1.58%
6: Us Treasury N/B 02.2500 02/15/2021 1.48%
7: Us Treasury N/B 01.6250 10/31/2023 1.42%
8: Fnma Fn30 Bm5477 04.5000 02/01/2049 1.35%
9: Fnma Fn30 Tba Umbs 04.0000 06/01/2049 1.32%
10: Fnma Fn30 Tba Umbs 04.0000 07/01/2049 1.32%
Holdings represent 17.10% of portfolio
Top 10 holdings as of 04/30/19
1: Microsoft 2.80%
2: Umbs Fn30 Tba 04.0000 06/01/2049 2.53%
3: Amazon 2.01%
4: Alphabet 1.95%
5: Apple 1.77%
6: Us Treasury N/B 02.7500 08/15/2042 1.44%
7: Us Treasury N/B 02.2500 02/15/2021 1.42%
8: Us Treasury N/B 01.6250 10/31/2023 1.36%
9: Facebook 1.35%
10: Bank of America 1.32%
Holdings represent 17.95% of portfolio
Top 10 holdings as of 03/31/19
1: Fnma Fn30 Tba 04.0000 04/01/2049 2.64%
2: Microsoft 2.46%
3: Alphabet 1.85%
4: Amazon 1.84%
5: Apple 1.63%
6: Us Treasury N/B 02.7500 08/15/2042 1.52%
7: Us Treasury N/B 02.2500 02/15/2021 1.47%
8: Us Treasury N/B 01.6250 10/31/2023 1.42%
9: Fnma Fn30 Bm5477 04.5000 02/01/2049 1.37%
10: Bank of America 1.29%
Holdings represent 17.49% of portfolio

Portfolio Composition as of 06/30/19

Common stock 60.91%
Corporate bonds and notes 13.86%
Treasury 12.52%
Agency pass-through 8.85%
Cash and net other assets 3.11%
Commercial MBS 0.59%
Municipal bonds 0.11%
Agency CMO 0.03%
Emerging-market bonds 0.02%

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

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.The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors as of 06/30/19

Information technology 18.86%
Health care 13.13%
Financials 13.10%
Consumer discretionary 11.25%
Communication services 10.36%
Industrials 9.47%
Consumer staples 7.65%
Energy 4.14%
Utilities 3.69%
 
Other
8.35%
Materials 3.68%
Cash and net other assets 3.11%
Real estate 1.56%

Expenses

Sales Charges/Fees

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

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.The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ 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%