Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Franklin Allocation VIP 2 Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 682 Moderate Allocation Funds Morningstar® Style Box™ What is this? As of 2024-09-30 As of --- Total Fund Assets ($ Mil) 564.53 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation; income is a secondary objective. The fund seeks to achieve its investment goals by allocating its assets among the broad asset classes of equity and fixed income investments through a variety of investment strategies or "sleeves" managed by the investment manager or its affiliates. Under normal market conditions, it allocates approximately 60% of its assets to the equity asset class and 40% of its assets to the fixed income asset class by allocating the fund's assets among the various sleeves.

Morningstar Category: Moderate Allocation Funds in allocation categories seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%.

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 40.8 Non-U.S. Stocks 17.8 Bonds 38.6 Cash 2.6 Other 0.2 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 30.88 Basic Materials 4.59 Consumer Cyclical 9.59 Financial Services 15.39 Real Estate 1.31 Sensitive 47.17 Communication Services 7.05 Energy 3.91 Industrials 12.01 Technology 24.20 Defensive 21.95 Consumer Defensive 4.51 Healthcare 14.02 Utilities 3.42 Data through 2024-09-30 Morningstar Fixed-Income Sectors % Fund Government 47.33 Corporate 28.35 Securitized 17.42 Municipal 0.45 Cash & Equivalents 6.38 Derivative 0.07 Data through 2024-09-30 Credit Analysis % Bonds AAA --- AA --- A --- BBB --- BB --- B --- Below B --- Not Rated --- Data through --- Holding Status Total Number of Stock Holdings 520 Total Number of Bond Holdings 911 % of Net Assets in Top 10 Holdings 14.85 Turnover % (as of 2023-12-31) 56.04 30 Day SEC Yield % 2.06 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets NVIDIA Corp USA --- 12,379 2.13 Microsoft Corp USA --- 11,520 1.98 Franklin IFT Money Market --- USA --- 11,478 1.98 Apple Inc USA --- 9,239 1.59 United States Treasury Notes 1.125% --- USA 2028-02-29 8,022 1.38 United States Treasury Notes 0.375% --- USA 2026-01-31 7,647 1.32 Amazon.com Inc USA --- 7,622 1.31 United States Treasury Notes 1.375% --- USA 2031-11-15 6,424 1.11 United States Treasury Notes 0.5% --- USA 2027-06-30 6,013 1.04 Meta Platforms Inc Class A USA --- 5,888 1.01 Data through 2024-09-30

Principal Risks    Lending, Credit and Counterparty, Prepayment (Call), Currency, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Quantitative Investing, Active Management, Income, Interest Rate, Market/Market Volatility, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Other, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Derivatives, Management, Portfolio Diversification, Variable-Rate Securities, Small Cap, Mid-Cap Show Risk Definitions

Other Information Inception Date: 2007-07-02 Portfolio Manager(s) Thomas A. Nelson   (2019-02-15) THOMAS NELSON, CFA, CAIA Head of Asset Allocation Portfolio Management Franklin Templeton Investment Solutions Franklin Advisers, Inc. Ft. Lauderdale, Florida, United States Tom Nelson is a senior vice president and head of asset allocation portfolio management for Franklin Templeton Investment Solutions. He is a member of the Investment Strategy & Research Committee. Mr. Nelson is a portfolio manager of a number of funds offered for sale in various jurisdictions. He is a member of the CFA Institute, the New York Society of Security Analysts and the Chartered Alternative Investment Analyst Jacqueline Kenney   (2022-10-01) Jacqueline Hurley, CFA, is a Portfolio Manager and a member of the Portfolio Management Group within QS Investors. Formerly at Deutsche Asset Management from 2008 – 2010. Prior to joining Deutsche Asset Management, she had 4 years of experience as a consultant at Bearing Point and Accenture. Ms. Hurley holds a B.A. in Computer Science from Colgate University and an M.B.A. in inance and Accounting from University of Michigan, Ross School of Business. Wylie Tollette   (2019-02-28) Mr. Tollette first joined Franklin Templeton in 1994, left the company in 2014 and rejoined again in 2018. Investment Advisor(s) Franklin Advisers, Inc. Issuer Franklin Templeton Investments Subadvisor(s) ---

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