Multi-Asset

FLRVX Franklin LifeSmart 2020 Retirement Target Fund

Behavior based: Designed with an understanding of investor behavior and expectations throughout the journey to retirement
Outcome engineered: Reflects the need for growth but responds to potential damage a prolonged bear market can wreak in the retirement savings home stretch
Integrated best thinking: A global, integrated, and disciplined approach to asset allocation, capturing Franklin Templeton's best thinking across and within asset classes

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks the highest level of long-term total return consistent with its asset allocation. Total return consists of both capital appreciation and income, with the fund placing an increasing emphasis on fixed income investments as the target date 2020 approaches, and reaching its final and most conservative asset allocation in approximately eight years after the target year. The fund invests primarily in a combination of other Franklin Templeton mutual funds and Franklin Templeton and third party exchange-traded funds (ETFs).

Benchmark: Blended Benchmark
Additional Benchmark: MSCI All Country World Index-NR
Additional Benchmark: Bloomberg Multiverse Index
Fund Inception Date: 07/01/2013
Dividend Frequency, if any: Semiannually
Portfolio Turnover: 39%

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio^3,4: 1.72%
Net Expense Ratio^3,4,5: 0.95%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.50%

Identifiers

Ticker: FLRVX
Fund Number: 852
CUSIP Code: 35472P331

Average Annual Total Returns As of 09/30/2025

View performance section for additional info As of 09/30/2025

Class R

With Sales Charge (POP)

Without Sales Charge (NAV)

8.20%1 Year
12.30%3 Years
5.59%5 Years
5.46%10 Years
5.28%Since Inception
07/01/2013

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Asset Allocation

View portfolio section for additional info

As of 09/30/2025 % of Total (Updated Monthly)

Fixed Income Funds53.11%

Domestic Equity30.04%

Foreign Equity Funds14.84%

Alternatives1.00%

Cash & Cash Equivalents1.01%

Additional Fund Info

Share Class Inception Date: 07/01/2013
Investment Style: Target Date
Lipper Classification: Mixed-Asset Target 2020 Funds
Morningstar Category: Target-Date 2020

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.

Commentary Highlights

September 30, 2025

Access the latest commentary, performance review and market outlook in one place.

For complete information, please see the full commentary

Franklin Templeton Investment Solutions

Managed Fund Since 2025

Managed Fund Since 2013

Managed Fund Since 2021

Managed Fund Since 2025

Latest Insights

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

October 10, 2025

Allocation Views: Responsibly bullish

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

Performance

Calendar Year Returns

As of 09/30/2025

Month End

Quarter End

Class R - With Sales Charge (POP) (%)

Class R - Without Sales Charge (NAV) (%)

Blended Benchmark (%)

MSCI All Country World Index-NR (%)

Bloomberg Multiverse Index (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 09/30/2025

3 Years: 3 Years: 3 out of 5 stars
95 Funds in category

5 Years: 5 Years: 2 out of 5 stars
91 Funds in category

10 Years: 10 Years: 1 out of 5 stars
56 Funds in category

Rating Category: Target-Date 2020

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

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

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.

©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.

Portfolio

Assets

As of09/30/2025 (Updated Monthly)

Total Net Assets: $25.77 Million

Positions

As of 09/30/2025 (Updated Monthly)

Number of Issuers

Fund: 19
Benchmark: 2,509

Asset Allocation

As of 09/30/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income Funds	53.11%
Domestic Equity	30.04%
Foreign Equity Funds	14.84%
Alternatives	1.00%
Cash & Cash Equivalents	1.01%

Holdings
As of 09/30/2025 (Updated Monthly)

Franklin U.S. Core Bond ETF ETF USD NPV TIS A/C# 28565

FFAS-Franklin U.S. Core Equity (IU) Fund OEMF USD 1 CL A Income

Franklin U.S. Treasury Bond ETF ETF USD NPV TIS A/C # 29614

Franklin Investment Grade Corporate ETF ETF USD NPV TIS A/C #21558

FFAS-Franklin International Core Equity (IU) Fund OEMF USD 1 CL USD INC Income

FCF-FRANKLIN GROWTH FUND OEMF USD NPV CL R6 TIS A/C# 4306

Franklin High Yield Corporate ETF ETF USD NPV TIS A/C #26729

Putnam Large Cap Value Fund OEMF USD 1 CL R6 Income

Brandywineglobal - Global Opportunities Bond Fund OEMF USD 1 CL IS TIS A/C# 90503

Franklin U.S. Large Cap Multifactor Index ETF ETF USD NPV TIS A/C #25773

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 46-2464741

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
Mar 27	0.1139	0.021311	—	—	—	—	—	—	—
Jun 14	—	—	—	—	—	—	—	—	—
Jun 27	0.0724	0.013546	—	—	—	—	—	—	—
Sep 27	0.0732	0.013696	—	—	—	—	—	—	—
Dec 27	0.066109	0.012369	—	—	—	—	0.002809	—	—
	0.325609	0.060922	—	—	—	—	0.002809	—	—

Mar 27

Jun 14

Jun 27

Sep 27

Dec 27

Supplemental Tax Information

Foreign Source Income: 12.74%
Foreign Source Qualified Dividends: 7.54%
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: 7.74%
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.

Pricing

Pricing History

As of 11/04/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/04/2025

Share Prices

As of 11/04/2025

NAV ¹(Net Asset Value): $13.26
NAV Change ¹: $-0.06
NAV Change (%) ¹: -0.45%
POP ⁶(Public Offering Price): $13.26

52-Week Range

Highest NAV As of 10/28/2025: $13.41
Lowest NAV As of 04/08/2025: $11.58

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin LifeSmart 2020 Retirement Target Fund	Download Document
Checkbox	Product Commentary - Franklin LifeSmart Funds Q&A	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin LifeSmart 2020 Retirement Target Fund - Class R	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Fund Allocator Series - Retirement funds	Download Document
Checkbox	Semi-Annual Report - Franklin LifeSmart 2020 Retirement Target Fund - Class R	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Fund Allocator Series	Download Document
Checkbox	Prospectus - Franklin LifeSmart Retirement Target Funds	Download Document
Checkbox	Summary Prospectus - Franklin LifeSmart (TM) 2020 Retirement Target Fund	Download Document
Checkbox	Statement of Additional Information - Franklin LifeSmart Retirement Target FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Fund Allocator SeriesMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Fund Allocator SeriesMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Principal invested is not guaranteed at any time, including at or after the fund’s retirement target date; nor is there any guarantee that the fund will provide sufficient income at or through the investor’s retirement. The investment risk of the retirement target fund changes over time as its asset allocation changes. Investments in underlying funds are subject to the same risks as, and indirectly bear the fees and expenses of, the underlying funds. Equity securities are subject to price fluctuation and possible loss of principal. 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. 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. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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

Performance data quoted represents past performance, which does not guarantee future results.

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 Blended Benchmark is currently allocated to the MSCI All Country World Index-NR and Bloomberg Multiverse Index. Blended Benchmark index allocations are based on an asset class allocation that matches the fund's glide path over time.
Source: 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.

The MSCI All Country World Index is a market capitalization-weighted index that is designed to measure equity market performance of developed and emerging markets.
Source: 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.
Net Returns (NR) include income net of tax withholding when dividends are paid.

The Bloomberg Multiverse Index provides a broad-based measure of the global fixed income bond market.
Source: Bloomberg Indices.

The fund’s Blended Benchmark is an allocation of 51% MSCI AC World Index-NR and 49% Bloomberg Multiverse Index. Allocations for the fund’s Blended Benchmark reflect or map the fund’s current target asset class allocations and may not be representative of the fund’s historical asset class allocations. Performance for the Blended Benchmark is based on an asset class allocation that matches the glide path of the Franklin LifeSmart Funds over time. Prior to May 1, 2019, the Blended Benchmark had an allocation to FTSE 3 Month U.S. T-Bill Index.
Source: 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.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

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.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The expense ratio for this fund includes estimated indirect expenses of its underlying funds.
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.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
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.
©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.

FLRVX Franklin LifeSmart 2020 Retirement Target Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 09/30/2025

Class R

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest Insights

Performance

Calendar Year Returns

Ratings ⁷

Portfolio

Assets

Positions

Asset Allocation

Holdings
As of 09/30/2025 (Updated Monthly)

Distributions & Tax

Federal ID Number 46-2464741

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

FLRVX Franklin LifeSmart 2020 Retirement Target Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class R

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Ratings 7

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 46-2464741

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ⁷