# Portfolio overlap — FTCZX vs QLMLFX

Comparing **Franklin Conservative Allocation Fund** (2026-03-31) and **Franklin Multi-Asset Variable Conservative Growth** (2026-03-31).

- Shared positions: 6
- Franklin Conservative Allocation Fund covered by Franklin Multi-Asset Variable Conservative Growth: 0.4191086948582307954207399015
- Franklin Multi-Asset Variable Conservative Growth covered by Franklin Conservative Allocation Fund: 0.4191086948582307954207399016

## Franklin Conservative Allocation Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| Franklin U.S. Core Bond ETF | 0.242748 | ✓ |
| Franklin U.S. Core Equity (IU) Fund | 0.161434 |  |
| Franklin Investment Grade Corporate ETF | 0.113540 | ✓ |
| Franklin U.S. Treasury Bond ETF | 0.101584 | ✓ |
| Putnam Large Cap Value Fund, Class R6 | 0.043924 | ✓ |
| Franklin Growth Fund, Class R6 | 0.041458 |  |
| BrandywineGLOBAL - Global Opportunities Bond Fund, Class IS | 0.036222 |  |
| Franklin U.S. Large Cap Multifactor Index ETF | 0.033607 |  |
| Franklin International Core Equity (IU) Fund | 0.029483 |  |
| Franklin Institutional US Government Money Market Fund | 0.026570 |  |
| Franklin BSP Lending Fund, Class R6 | 0.025646 |  |
| Putnam Large Cap Growth Fund, Class R6 | 0.023924 | ✓ |
| Franklin Emerging Market Core Equity (IU) Fund | 0.021163 |  |
| Franklin High Yield Corporate ETF | 0.019139 |  |
| Templeton Developing Markets Trust, Class R6 | 0.016152 |  |
| VANGUARD TOTAL INTERNATIONAL BOND ETF | 0.015905 |  |
| Franklin Templeton ETF Trust FTSE JAPAN ETF | 0.013015 |  |
| Franklin Systematic Style Premia ETF | 0.010760 |  |
| Franklin U.S. Equity Index ETF | 0.007991 |  |
| Templeton Foreign Fund, Class R6 | 0.005151 |  |
| ISHARES CORE MSCI EMERGING MUTUAL FUND | 0.003254 |  |
| Franklin Small Cap Enhanced ETF | 0.003247 | ✓ |
| ClearBridge International Growth Fund, Class IS | 0.003050 |  |
| ISH CORE EAFE | 0.001033 |  |
| Franklin International Growth Fund, Class R6 | 0.000000 |  |

## Franklin Multi-Asset Variable Conservative Growth — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| Franklin U.S. Core Bond ETF | 0.315477 | ✓ |
| Franklin U.S. Large Cap Equity Fund | 0.187596 |  |
| Putnam Large Cap Value Fund, Class R6 | 0.111113 | ✓ |
| Putnam Large Cap Growth Fund, Class R6 | 0.107923 | ✓ |
| Franklin International Equity Fund | 0.084373 |  |
| Franklin U.S. Treasury Bond ETF | 0.073786 | ✓ |
| Franklin Small Cap Enhanced ETF | 0.033954 | ✓ |
| ClearBridge Large Cap Growth Fund | 0.032071 |  |
| Franklin Investment Grade Corporate ETF | 0.031481 | ✓ |
| Invesco Government & Agency Portfolio, Institutional Class | 0.022227 |  |


## Sources

- N-PORT (fund A) — accession `0002071691-26-012233` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1022804/000207169126012233/0002071691-26-012233-index.htm>
- N-PORT (fund B) — accession `0000940400-26-021649` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1176343/000094040026021649/0000940400-26-021649-index.htm>

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