Multi-Asset

QLMLFX Franklin Multi-Asset Variable Conservative Growth Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Uses a "fund of funds" approach to invest 35% to 65% in underlying equity funds and 35% to 65% in underlying fixed income funds to achieve a balance of capital growth and current income. The Portfolio Managers are permitted to invest across all asset classes and strategies while attempting to maintain risk levels similar to the Fund's composite benchmark. Active monitoring and rebalancing serves to periodically adjust Portfolio allocation and holdings.

Benchmark: Russell 1000 Index
Additional Benchmark: Bloomberg U.S. Aggregate Index
Additional Benchmark: Composite Benchmark
Fund Inception Date: 02/05/1997
Share Class Inception Date: 02/05/1997

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 0.75%
Net Expense Ratio^2,3: 0.75%
12b-1 Fee: 0.00%

Identifiers

Ticker: QLMLFX
Fund Number: 7571
CUSIP Code: 52467W502
Bloomberg Code: QLMLFX US

Top Asset Allocation

View portfolio section for additional info

As of 11/30/2025 % of Total (Updated Monthly)

Top Asset Allocation
US Large Cap Equity Funds44.87%
Fixed Income Funds41.67%
International/Global Equity Funds9.38%
US Small/Mid-Cap Equity Funds3.44%
Cash0.63%

Additional Fund Info

Asset Class: Multi-Asset
Morningstar Category⁴: Moderate Allocation
Lipper Classification: Mixed-Asset Target Allocation Moderate Funds
Investment Style: Asset Allocation

Manager and Commentary

About the Team

Franklin Templeton Investment Solutions

Franklin Templeton Investment Solutions (FTIS) is a leader in multi-asset, quantitative, and hedged solutions, leveraging a global network of investment teams to offer innovative and diversified strategies. With a focus on long-term investing, we combine deep research, active management, and data-driven insights to create solutions which seek to meet the evolving needs of investors worldwide.

Franklin Templeton Investment Solutions

Managed Fund Since 2021

Managed Fund Since 2025

Latest Insights

December 8, 2025

Allocation Views: Focused on strong fundamentals

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

July 17, 2025

Hedge Fund Strategy Outlook: Third quarter 2025

July 10, 2025

The “Big Beautiful Bill:” Beauty is in the eye of the bondholder

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $76.48 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Holdings

Fund: 12
Benchmark: 1,010

Asset Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
US Large Cap Equity Funds	44.87%
Fixed Income Funds	41.67%
International/Global Equity Funds	9.38%
US Small/Mid-Cap Equity Funds	3.44%
Cash	0.63%

Holdings
As of 11/30/2025 (Updated Monthly)

Franklin U.S. Core Bond ETF

Franklin US Large Cap Equity Fund

ClearBridge Large Cap Growth Fund

Franklin International Equity Fund

Putnam Large Cap Value Fund

Franklin U.S. Treasury Bond ETF

ClearBridge Appreciation Fund

Franklin Investment Grade Corporate ETF

ClearBridge Small Cap Growth Fund

Franklin US Small Cap Equity Fund

Distributions & Tax

Federal ID Number 133912613

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jun 10	0.056058	—	0.14466	—	—	—	—	—	—
Dec 27	0.599411	—	0.104079	—	—	—	0.004168	—	—
	0.655469	—	0.248739	—	—	—	0.004168	—	—

Jun 10

Dec 27

Supplemental Tax Information

Foreign Source Income: 5.50%
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 9.40%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Franklin Variable Asset Allocation SeriesMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Franklin Multi-Asset Variable Conservative Growth Fund - Class I	Download Document
Checkbox	Semi-Annual Report - Franklin Multi-Asset Variable Conservative Growth Fund - Class I	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Variable Asset Allocation SeriesMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Franklin Variable Asset Allocation Series	Download Document
Checkbox	Summary Prospectus - Franklin Multi-Asset Variable Conservative Growth Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Variable Equity Trust Book 37Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Variable Asset Allocation SeriesMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Variable Asset Allocation Series Q3 Portfolio HoldingsMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Investments in underlying funds are subject to the same risks as, and indirectly bear the fees and expenses of, the underlying funds. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.

VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe.
Source: FTSE.

The Bloomberg U.S. Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.

The Composite Index is a hypothetical representation of the performance of the fund's major asset classes. It consists of 28% Russell 1000 Index, 12% Russell 2000 Index, 10% MSCI EAFE Index, 43% Bloomberg U.S. Aggregate Bond Index and 7% Bloomberg U.S. High Yield - 2% Issuer Cap Index.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The MSCI EAFE Index is a free float-adjusted market-capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The Bloomberg U.S. Aggregate Bond Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity. The Bloomberg U.S. High Yield - 2% Issuer Cap is the 2% Issuer Cap component of the Bloomberg U.S. Corporate High Yield Index, which covers the universe of fixed-rate, non-investment-grade debt.
Source: FTSE. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Bloomberg Indices.

Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.

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