Franklin Templeton Conservative Model Portfolio

As of 11/14/2025

NAV ¹

$10.71

Overall Morningstar Rating

As of 10/31/2025

Rating Category: Conservative Allocation

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 09/30/2025

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

Historical Morningstar Ratings

As of 10/31/2025

Years	3
Ratings
Number of Funds In Category	35

Years	5
Ratings
Number of Funds In Category	35

Years	10
Ratings	—
Number of Funds In Category

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

See the risks and other important information.

Overview

Fund Description

Seeks to achieve a balance of capital appreciation and income by investing in a portfolio of insurance-dedicated equity and fixed income mutual funds that have been selected by New York Life Insurance and Annuity Corporation as investment options for use with its variable annuity and variable universal life insurance policies
The Portfolio Managers are permitted to invest across multiple asset classes and strategies, with 70% to 90% in fixed income strategies and 10% to 30% in equity 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

Fund Information

Asset Class

Multi-Asset

Total Net Assets

As of 10/31/2025 (Updated Monthly)

$189.05 Million

Fund Inception Date

04/15/2020

Share Class Inception Date

04/15/2020

Benchmark

Bloomberg U.S. Aggregate Index

Investment Style

Asset Allocation

Lipper Classification

Mixed-Asset Target Allocation Conservative Funds

Morningstar Category

Conservative Allocation

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio

0.60%

Net Expense Ratio

^2, 3

0.60%

12b-1 Fee

0.00%

Identifiers

Ticker

QLMAIX

Fund Number

7309

CUSIP Code

52467X732

Bloomberg Code

QLMAIX US

Portfolio Managers

Jacqueline Hurley Kenney, CFA®

Connecticut, United States

Managed Fund Since 2022

Laura Green, CFA®

Connecticut, United States

Managed Fund Since 2021

Thomas Nelson, CFA®

Florida, United States

Managed Fund Since 2022

Nick Hooten, CFA®

New York, United States

Managed Fund Since 2022

Portfolio

Assets

As of 10/31/2025 Updated Monthly

Total Net Assets

$189.05 Million

Positions

As of 10/31/2025 Updated Monthly

	Fund	Benchmark
Number of Holdings	19	13,913

Portfolio Allocations

Asset Allocation

As of 10/31/2025 % of Total Updated Monthly

		Fund
	Investment Grade Bonds	69.96%
	US Large Cap Blend Equities	15.85%
	Non-Investment Grade Bonds	7.01%
	US Large Cap Growth Equities	3.04%
	US Large Cap Value Equities	1.50%
	Small/Mid-Cap Equities	1.48%
	International/Global Equities	1.01%
	Cash	0.15%

Portfolio Holdings

 Holdings  As of 10/31/2025   Updated Monthly

Security Name

Fidelity 500 Index Fund

Weight (%)

12.77

Market Value ($)

24,141,314

Quantity

101,554

Security Name

American Funds IS US Governmen

Weight (%)

12.73

Market Value ($)

24,080,219

Quantity

2,377,119

Security Name

Fidelity U.S. Bond Index Fund

Weight (%)

10.03

Market Value ($)

18,963,482

Quantity

1,790,697

Security Name

Fidelity VIP Investment Grade

Weight (%)

8.98

Market Value ($)

16,984,086

Quantity

1,726,025

Security Name

American Funds IS The Bond Fd

Weight (%)

8.50

Market Value ($)

16,074,594

Quantity

1,650,369

Security Name

MainStay VP Bond

Weight (%)

7.98

Market Value ($)

15,085,925

Quantity

1,242,857

Security Name

Blackrock High Yield

Weight (%)

6.97

Market Value ($)

13,180,939

Quantity

1,872,292

Security Name

American Funds IS Capital Worl

Weight (%)

6.94

Market Value ($)

13,128,802

Quantity

1,269,710

Security Name

PIMCO VIT Total Return

Weight (%)

5.80

Market Value ($)

10,966,395

Quantity

1,158,014

Security Name

PIMCO VIT International Bond (USD-Hedged)

Weight (%)

5.04

Market Value ($)

9,535,364

Quantity

943,162

Distributions & Tax

Distributions

Distribution Schedules

Dividend Frequency, if any

This fund is an ex-Dividend fund

Annually

Capital Gain Distributions

December

Proposed 2025 distribution dates for some Franklin Templeton Specialist Investment Managers (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share

Current Year Distributions Per Share

Distribution amounts may be estimates

Record Date	Ex-Dividend Date	Reinvestment Date	Payable Date	Reinvestment Price	Long-Term Capital Gains	Short-Term Capital Gains	Income	Total Distribution Per Share
12/27/2024	12/30/2024	12/30/2024	12/30/2024	$9.9000	$0.0000	$0.0000	$0.3430	$0.3430

Record Date

12/27/2024

Ex-Dividend Date

12/30/2024

Reinvestment Date

12/30/2024

Payable Date

12/30/2024

Reinvestment Price

$9.9000

Long-Term Capital Gains

$0.0000

Short-Term Capital Gains

$0.0000

Income

$0.3430

Total Distribution Per Share

$0.3430

View Historical Distributions Data

Historical Distributions Per Share

Record Date	Ex-Dividend Date	Reinvestment Date	Payable Date	Reinvestment Price	Long-Term Capital Gains	Short-Term Capital Gains	Income	Total Distribution Per Share
12/27/2024	12/30/2024	12/30/2024	12/30/2024	$9.90	—	—	$0.342966	$0.342966
06/10/2024	06/11/2024	06/11/2024	06/11/2024	$9.85	—	—	$0.022343	$0.022343
12/27/2023	12/28/2023	12/28/2023	12/28/2023	$9.66	—	—	$0.325444	$0.325444
06/12/2023	06/13/2023	06/13/2023	06/13/2023	$9.48	—	—	$0.011451	$0.011451
12/28/2022	12/29/2022	12/29/2022	12/29/2022	$9.22	—	—	$0.235633	$0.235633
06/15/2022	06/16/2022	06/16/2022	06/16/2022	$9.42	$0.01236	$0.00638	$0.009338	$0.028078
12/29/2021	12/30/2021	12/30/2021	12/30/2021	$10.86	$0.06145	$0.30509	$0.226554	$0.593094
06/16/2021	06/17/2021	06/17/2021	06/17/2021	$11.15	—	—	$0.000437	$0.000437
12/29/2020	12/30/2020	12/30/2020	12/30/2020	$10.89	$0.04183	—	$0.146458	$0.188288

Record Date

12/27/2024

Ex-Dividend Date

12/30/2024

Reinvestment Date

12/30/2024

Payable Date

12/30/2024

Reinvestment Price

$9.90

Long-Term Capital Gains

—

Short-Term Capital Gains

—

Income

$0.342966

Total Distribution Per Share

$0.342966

Record Date

06/10/2024

Ex-Dividend Date

06/11/2024

Reinvestment Date

06/11/2024

Payable Date

06/11/2024

Reinvestment Price

$9.85

Long-Term Capital Gains

—

Short-Term Capital Gains

—

Income

$0.022343

Total Distribution Per Share

$0.022343

Record Date

12/27/2023

Ex-Dividend Date

12/28/2023

Reinvestment Date

12/28/2023

Payable Date

12/28/2023

Reinvestment Price

$9.66

Long-Term Capital Gains

—

Short-Term Capital Gains

—

Income

$0.325444

Total Distribution Per Share

$0.325444

Record Date

06/12/2023

Ex-Dividend Date

06/13/2023

Reinvestment Date

06/13/2023

Payable Date

06/13/2023

Reinvestment Price

$9.48

Long-Term Capital Gains

—

Short-Term Capital Gains

—

Income

$0.011451

Total Distribution Per Share

$0.011451

Record Date

12/28/2022

Ex-Dividend Date

12/29/2022

Reinvestment Date

12/29/2022

Payable Date

12/29/2022

Reinvestment Price

$9.22

Long-Term Capital Gains

—

Short-Term Capital Gains

—

Income

$0.235633

Total Distribution Per Share

$0.235633

Record Date

06/15/2022

Ex-Dividend Date

06/16/2022

Reinvestment Date

06/16/2022

Payable Date

06/16/2022

Reinvestment Price

$9.42

Long-Term Capital Gains

$0.01236

Short-Term Capital Gains

$0.00638

Income

$0.009338

Total Distribution Per Share

$0.028078

Record Date

12/29/2021

Ex-Dividend Date

12/30/2021

Reinvestment Date

12/30/2021

Payable Date

12/30/2021

Reinvestment Price

$10.86

Long-Term Capital Gains

$0.06145

Short-Term Capital Gains

$0.30509

Income

$0.226554

Total Distribution Per Share

$0.593094

Record Date

06/16/2021

Ex-Dividend Date

06/17/2021

Reinvestment Date

06/17/2021

Payable Date

06/17/2021

Reinvestment Price

$11.15

Long-Term Capital Gains

—

Short-Term Capital Gains

—

Income

$0.000437

Total Distribution Per Share

$0.000437

Record Date

12/29/2020

Ex-Dividend Date

12/30/2020

Reinvestment Date

12/30/2020

Payable Date

12/30/2020

Reinvestment Price

$10.89

Long-Term Capital Gains

$0.04183

Short-Term Capital Gains

—

Income

$0.146458

Total Distribution Per Share

$0.188288

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Tax Information

Federal ID Number 844587114

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 ($)

Record Date	Ordinary Dividends	Qualified Dividends	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jun 10	0.022343	—	—	—	—	—	—	—	—
Dec 27	0.342966	—	—	—	—	—	—	—	—
	0.365309	—	—	—	—	—	—	—	—

Record Date

Jun 10

Ordinary Dividends

0.022343

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

—

Interest on Tax Reclaim Refunds

—

Record Date

Dec 27

Ordinary Dividends

0.342966

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

—

Interest on Tax Reclaim Refunds

—

Record Date

Ordinary Dividends

0.365309

Qualified Dividends

—

Capital Gain Distributions

—

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

—

Interest on Tax Reclaim Refunds

—

Supplemental Tax Information

Foreign Source Income

—

Foreign Source Qualified Dividends

—

Direct U.S. Government Obligations

—

Specified Private Activity Bond Interest

—

Dividends Received Deduction

7.01%

Section 163(j)

—

Indiana Resident Taxable Income

—

Utah Resident Taxable Income

—

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

 PDF Format 
 Fiscal Q3 Holdings - Franklin Templeton Model Portfolio Funds Q1 Portfolio Holding 
 Mailed hardcopies unavailable. 
 PDF Format 
 Summary Prospectus - Franklin Templeton Conservative Model Portfolio 
 PDF Format 
 Annual Financial Statements and Other Information - Franklin Templeton Model Portfolio Funds 
 Mailed hardcopies unavailable. 
 PDF Format 
 Annual Report - Franklin Templeton Conservative Model Portfolio - Class I 
 PDF Format 
 Fiscal Q1 Holdings - Franklin Templeton Model Portfolio Funds 
 Mailed hardcopies unavailable. 
 PDF Format 
 Prospectus - Franklin Templeton Model Portfolio Funds 
 PDF Format 
 Statement of Additional Information - Legg Mason Partners Variable Equity Trust Book 46 
 Mailed hardcopies unavailable. 
 PDF Format 
 Semi-Annual Financial Statements and Other Information - Franklin Templeton Model Portfolio Funds 
 Mailed hardcopies unavailable. 
 PDF Format 
 Semi-Annual Report - Franklin Templeton Conservative Model Portfolio - Class I 

View Proxy Voting Records and Proxy Voting Policies

Risks

What Are the 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

Franklin Templeton Conservative Model Portfoli is a series of Franklin Templeton Variable Insurance Products Trust, shares of which are generally sold only to insurance company separate accounts to serve as investment options for variable insurance products.

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 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 Benchmark is a hypothetical representation of the performance of the fund's major asset classes. It consists of 20% Russell 3000 Index and 80% Bloomberg U.S. Aggregate Index.

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. 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.
Source: FTSE. Bloomberg Indices.

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.
Source: FTSE.

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.

Franklin Templeton Conservative Model Portfolio

NAV 1

Overall Morningstar Rating

Morningstar Style Box

Historical Morningstar Ratings

Overview

Fund Description

Fund Information

Sales Charges, Expenses & Fees

Identifiers

Portfolio Managers

Jacqueline Hurley Kenney, CFA®

Laura Green, CFA®

Thomas Nelson, CFA®

Nick Hooten, CFA®

Portfolio

Assets

Positions

Portfolio Allocations

Asset Allocation

Portfolio Holdings

Holdings

Distributions & Tax

Distributions

Distribution Schedules

Distributions Per Share

Current Year Distributions Per Share

Historical Distributions Per Share

Tax Information

Tax Information

Federal ID Number 844587114

Distributions per Share ($)

Supplemental Tax Information

Documents

Regulatory Documents

Risks

What Are the Risks?

Important Information

Footnotes

NAV ¹