Franklin Templeton [profile] has unveiled four new funds within its retirement target fund line-up� the Franklin LifeSmart 2020, 2030, 2040 and 2050 Retirement Target funds�to complement its existing 2015, 2025, 2035 and 2045 Retirement Target funds.

� The investment goal of each fund is to seek the highest level of long-term total return consistent with its specific asset allocation. Each fund�s allocation is designed for investors who are planning to retire around the target year indicated in the fund�s name. The funds invest their assets primarily in other Franklin Templeton mutual funds.

�� Few companies can match the depth and variety of the underlying funds in which the Franklin LifeSmart Retirement Target funds can invest,� stated Tony Coffey, the funds� co-lead portfolio manager.

Here is the press release:

Company Press Release
Franklin LifeSmart� Expands Retirement Target Fund Lineup for U.S. Investors

� San Mateo, CA, August 19, 2013 -- Franklin Templeton Investments today announced the introduction of four new funds within the company�s retirement target fund line-up�Franklin LifeSmart� 2020, 2030, 2040 and 2050 Retirement Target funds�to complement its existing 2015, 2025, 2035 and 2045 Retirement Target funds.

� The investment goal of each fund is to seek the highest level of long-term total return consistent with its specific asset allocation. Each fund�s allocation is designed for investors who are planning to retire around the target year indicated in the fund�s name. The funds invest their assets primarily in other Franklin Templeton mutual funds.

� �Few companies can match the depth and variety of the underlying funds in which the Franklin LifeSmart Retirement Target funds can invest,� said Tony Coffey, CFA1, the funds� co-lead portfolio manager.

�Because our investment management groups work independently and adhere to different investment approaches, Franklin, Templeton and Mutual Series funds typically have distinct portfolios and can be used to build truly diversified allocation plans covering every major asset class.�

� On the whole, each fund�s asset allocation shifts over time from being less conservative (by investing primarily in equity funds when the target date is the furthest away) to becoming increasingly conservative (by shifting its allocation emphasis from equity to fixed income investments) as the stated target date draws near.

� �We employ a �to retirement��instead of a �through retirement��approach to setting the funds� glide paths, which means that we increasingly assume a more conservative allocation to help reduce risk as retirement nears,� said Tom Nelson, CFA1, the funds� co-lead portfolio manager. �This approach best addresses the competing goals of reaching retirement with the highest expected portfolio value but with the greatest amount of certainty. Following a �to retirement� glide path serves to help reduce sequencing risk�the risk of sustaining a large loss near retirement that impacts the portfolio�s longevity potential.�

� Over time, each LifeSmart fund�s allocation will change as it follows its predetermined glide path, but the managers also have the flexibility to make adjustments along the way. In allocating the funds� assets, the funds� managers adhere to both a top-down and bottom-up tactical discipline. They identify short-term market dislocations and opportunities and implement small tactical shifts within asset classes.

� �Having funds available at five-year intervals better aligns our offering with the realities of what investors need in retirement, and allows our managers to be even more targeted in the way they manage these funds for our clients,� said Yaqub Ahmed, senior vice president and head of Investment-Only Division � U.S. for Franklin Templeton Investments. �As a target date fund is ultimately going to help define and support an investor�s standard of living during retirement years, it�s imperative that this fund is managed by experts in their field. Our portfolio managers are always watching, testing, researching and adjusting the fund to ensure it�s on track, while also learning from the markets and optimizing the fund strategies to respond to growth opportunities, to help reduce overall risks, and ultimately seek strong long-term returns.�

� Franklin LifeSmart funds are designed for investors who want the simplicity of an asset allocation fund paired with a risk management approach, active and flexible portfolio management and a specialized multi-asset strategy team managing complex investment decisions. For more information, please visit franklintempleton.com/lifesmart.

� The funds� portfolio managers, Tony Coffey and Tom Nelson, are supported by the Franklin Templeton Multi-Asset Strategies (FTMAS) team, which includes over 30 dedicated professionals. FTMAS leverages the insights and investment strategies from Franklin Templeton�s various investment management groups and employs both strategic and tactical asset allocation to create diversified outcome-oriented portfolios focused on risk-adjusted performance and tailored to client needs. FTMAS manages retirement target and global asset allocation portfolios. An integrated global investment platform, FTMAS has assembled a team with more than 25 years of experience managing multi-asset and multi-style portfolios with approximately $29 billion in assets under management as of June 30, 2013.

� The investment risk of the retirement target fund changes over time as its asset allocation changes. Since the fund invests in underlying funds, which may engage in a variety of investment strategies involving certain risks, the Franklin LifeSmart Retirement Target Fund may be subject to those same 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.

� Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds in the fund adjust to a rise in interest rates, the fund�s share price may decline. These risks are described more fully in the fund�s prospectus. Investors should consult their financial advisor for help selecting the appropriate fund of funds, or fund combination, based on an evaluation of their investment objectives, retirement time horizons and risk tolerance.

� Investors should carefully consider a fund�s investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, talk to your financial advisor, call us at (800) DIAL BEN /(800)342-5236 or visit franklintempleton.com. Please carefully read a prospectus before you invest or send money.

� About Franklin Templeton

� Franklin Templeton Investments is a leader in retirement investing, managing over $175 billion2 in retirement assets on behalf of individuals, small businesses and institutions. Since 1947, Franklin Templeton has helped people build their retirement nest eggs as well as generate income streams for living in their retirement years.

� Franklin Templeton�s Defined Contribution Investment-Only (DCIO) team combines the capabilities of a world-class investment manager with specialized retirement expertise and resources. Dedicated retirement sales and service teams serve advisors exclusively within the DC plan marketplace, delivering �best-practice� management resources and proprietary value-added sales tools to help advisors build their retirement plan business.

� Financial advisors are encouraged to visit Franklin Templeton�s Retirement Center at franklintempleton.com/retirement, which includes interactive features, timely content and other helpful resources for those serving employers and plan sponsors as well as individual investors.

� The funds� principal underwriter is Franklin Templeton Distributors, Inc., a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Bissett, Fiduciary Trust, Darby, Balanced Equity Management and K2 investment teams. The San Mateo, CA-based company has more than 65 years of investment experience and approximately $834 billion in assets under management as of July 31, 2013. For more information, please call 1-800/DIAL BEN� or visit franklintempleton.com.

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