FTANX is an actively-managed fund with target asset allocation of 30/50/20 and an ER of 0.54%. For me... too little equity, too much cash, and ER is too high. But assuming it matches your risk profile, the 5-yr quarterly average annual return (5.29%) slightly outperformed a 30/50/20 mix of VTI/BND/Cash (5.20%), despite a significantly lower ER of the latter.
So again, if that's the AA you want, then I suppose it looks OK to me, although I'd still go with the lower cost, passively-managed index solution. I think perhaps the better question is whether you actually need to be that conservative, but only you can answer that. Just FYI, a 60/35/5 mix of VTI/BND/Cash would have returned 9.0% last 5 years. I'm not so sure I would characterize 50% bonds as "lower risk" going forward, but who knows.