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Managed Fund Since 2025
Multi-Asset
FTRAX Franklin LifeSmart Retirement Income Fund
- Predetermined monthly distributions aim to provide consistency and predictability.
- Managed for changing markets with objective of achieving stable and sustainable income stream.
- Multilevel diversification reduces reliance on traditional sources of income while providing potential for capital preservation.
Popular Documents
Total Net Assets
$45.92M
As of 10/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks to make monthly distributions, while preserving the investors' capital over the long term. The fund has a strategic allocation of assets primarily among equity and fixed-income underlying fund investments (largely Franklin Templeton funds) and an income generation strategy, which will include derivatives. The fund also employs a managed distribution policy that is designed to provide regular level monthly payments (in retirement plans that permit such cash distributions or if the fund is held outside of a qualified plan).
- Benchmark
- Blended Benchmark
- Additional Benchmark
- MSCI All Country World Index-NR
- Additional Benchmark
- Bloomberg Multiverse Index
- Dividend Frequency, if any
- Monthly
- Fund Inception Date
- 08/01/2006
Identifiers
- Ticker
- FTRAX
- Fund Number
- 427
- CUSIP Code
- 35472P653
Average Annual Total Returns As of 10/31/2025
Class A
- 3.17%1 Year
- 8.67%3 Years
- 4.42%5 Years
- 4.01%10 Years
- 4.57%Since Inception
08/01/2006
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
As of 10/31/2025 % of Total (Updated Monthly)
Fixed Income Funds63.58% | |
Domestic Equity24.40% | |
Foreign Equity Funds10.03% | |
Cash & Cash Equivalents1.99% |
Additional Fund Info
- Share Class Inception Date
- 08/01/2006
- Investment Style
- Target Date
- Lipper Classification
- Retirement Income Funds
- Morningstar Category
3 - Target-Date Retirement
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, 2025Access the latest commentary, performance review and market outlook in one place.
Franklin Templeton Investment Solutions
![[Thomas Nelsons avatar]](https://franklintempletonprod.widen.net/content/wb0irvxlsv/webp/Nelson_Thomas_500x500.png){kind=avatar}
Managed Fund Since 2011
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Managed Fund Since 2021
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Managed Fund Since 2025
Latest Insights
November 7, 2025
October 13, 2025
July 17, 2025
Performance
Average Annual Total Returns
As of 10/31/2025
Selected Month October 2025
Class A - With Sales Charge (POP) (%)
Month End
As of 10/31/2025
Class A - Without Sales Charge (NAV) (%)
Month End
As of 10/31/2025
Blended Benchmark (%)
Month End
As of 10/31/2025
MSCI All Country World Index-NR (%)
Month End
As of 10/31/2025
Bloomberg Multiverse Index (%)
Month End
As of 10/31/2025
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.
Ratings 3
©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 of10/31/2025 (Updated Monthly)
- Total Net Assets
- $45.92 Million
Positions
As of 10/31/2025 (Updated Monthly)
Number of Issuers
- Fund
- 14
- Benchmark
- 2,511
Asset Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Fixed Income Funds | 63.58% |
Domestic Equity | 24.40% |
Foreign Equity Funds | 10.03% |
Cash & Cash Equivalents | 1.99% |
Holdings
As of 10/31/2025 (Updated Monthly)
Franklin U.S. Core Bond ETF ETF USD NPV TIS A/C# 28565
BrandywineGLOBAL High Yield Fund OEMF USD NPV TIS A/C # 31604 CL IS
Franklin U.S. Treasury Bond ETF ETF USD NPV TIS A/C # 29614
Franklin Investment Grade Corporate ETF ETF USD NPV TIS A/C #21558
Franklin High Yield Corporate ETF ETF USD NPV TIS A/C #26729
Jpmorgan Equity Premium Income ETF ETF USD 1
Clearbridge Tactical Dividend Income Fund OEMF USD 1 CL IS TIS A/C# 90049
Franklin International Core Dividend Tilt Index ETF ETF USD NPV TIS A/C # 21412
UBS AG LONDON BRANCH EXP 05/07/2027 S&P 500 INDEX
FFAS-Franklin U.S. Core Equity (IU) Fund OEMF USD 1 CL A Income
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
Federal ID Number 20-4554444
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Jan 25
Feb 23
Mar 22
Apr 24
May 24
Jun 14
Jun 24
Jul 25
Aug 26
Sep 24
Oct 25
Nov 22
Dec 24
Dec 27
Supplemental Tax Information
- Foreign Source Income
- 2.35%
- Foreign Source Qualified Dividends
- —
- Direct U.S. Government Obligations
- —
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- 8.50%
- 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.
Pricing
Pricing History
As of 11/26/2025 (Updated Daily)
Daily Fund Prices and Breakpoints
As of 11/26/2025
Share Prices
As of 11/26/2025
POP and Sales Charge at Breakpoints
Less than $25,000
$25,000 - $49,999
$50,000 - $99,999
$100,000 - $249,999
$250,000 - $499,999
$500,000 - $749,999
$750,000 - $999,999
52-Week Range
- Highest NAV
As of 10/27/2025 - $11.09
- Lowest NAV
As of 04/08/2025 - $9.86
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin LifeSmart Retirement Income Fund | |||
| Product Commentary - Franklin LifeSmart Retirement Funds |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin LifeSmart Retirement Income Fund - Class A | |||
| Annual Financial Statements and Other Information - Franklin Fund Allocator Series - Retirement funds | |||
| Semi-Annual Report - Franklin LifeSmart Retirement Income Fund - Class A | |||
| Semi-Annual Financial Statements and Other Information - Franklin Fund Allocator Series | |||
| Prospectus - Franklin LifeSmart (TM) Retirement Income Fund | |||
| Summary Prospectus - Franklin LifeSmart (TM) Retirement Income Fund | |||
| Statement of Additional Information - Franklin LifeSmart Retirement Target Funds | |||
| Fiscal Q1 Holdings - Franklin Fund Allocator Series | |||
| Fiscal Q3 Holdings - Franklin Fund Allocator Series |
Risks
All investments involve risks, including possible loss of principal. 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. Investments in equity-linked notes often have risks similar to their underlying securities, which could include management risk, market risk and, as applicable, foreign securities and currency risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance.
Managed Distribution Policy Risks - The fund is not guaranteed to achieve its investment goal nor is there any guarantee that the fund will provide sufficient income at or through the investor's retirement. In addition, some of its distributions may be treated in part as a return of capital, which will decrease shareholders' cost basis in the fund and affect the amount of any capital gain or loss that they realize when selling or exchanging fund shares. The annual payout rate may be adjusted higher or lower from year to year and could vary substantially over time. It is possible for the fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its distributions to shareholders under the managed distribution policy. Investors who hold the fund within a tax-advantaged retirement account should consult their tax professionals to discuss tax consequences of receiving cash distributions. In addition, use of the fund or election of the option to receive distribution payments in cash may be restricted in certain retirement plans by the terms of the governing plan documents and/or the discretion of the plan administrator. Investors are strongly advised to consult with their financial professional for assistance before selecting the appropriate fund, based on their goals and personal situations, including time horizon, retirement income needs, risk tolerance, and tax bracket.
Important 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 fund’s Blended Benchmark is an allocation of 40% MSCI AC World Index-NR and 60% 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. 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.
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.
Managed Distribution Policy Risks - The Franklin LifeSmart Retirement Income Fund is not guaranteed to achieve its investment goal of preserving capital while making monthly distributions nor is there any guarantee that the fund will provide sufficient income at or through the investor's retirement. In addition, some of its distributions may be treated in part as a return of capital which will decrease shareholders' cost basis in the fund and affect the amount of any capital gain or loss that they realize when selling or exchanging fund shares. The annual payout rate may be adjusted higher or lower from year to year, and could vary substantially over time. It is possible for the fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its distributions to shareholders under the managed distribution policy. Investors who hold the fund within a tax-advantaged retirement account should consult their tax advisors to discuss tax consequences of receiving cash distributions. In addition, use of the fund or election of the option to receive distribution payments in cash may be restricted in certain retirement plans by the terms of the governing plan documents and/or the discretion of the plan administrator. Investors are strongly advised to consult with their financial professional for assistance before selecting the appropriate fund, based on their goals and personal situations, including time horizon, retirement income needs, risk tolerance, and tax bracket. These and other risks are described more fully in the fund's prospectus.
Effective 1/29/21, the fund changed its strategic asset allocation 40% to equity funds and 60% to fixed income funds aligning it to the landing point of the glide path (the strategic asset allocation of a target date fund over time) of other Franklin LifeSmart retirement funds. Effective 5/1/2016, the fund changed its goal and certain investment strategies, adopted a managed distribution policy, and changed its name from Franklin LifeSmart 2015 Retirement Target Fund. Such changes can impact performance.
Effective 9/10/18 Class A shares closed to new investors and were renamed Class A1 shares. This share class is only available for shareholders who purchased prior to the close of market on 9/7/18.
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.