Franklin Templeton Investments Introduces Retirement Target Funds.

SAN MATEO, Calif. -- Franklin Templeton Investments today announced the introduction of Franklin Templeton Retirement Target Funds to provide investors with professional asset allocation and access to the time-tested investment approaches of Franklin, Templeton and Mutual Series in a single portfolio. Each of the four actively managed fund-of-funds will have a different asset allocation strategy that corresponds with a projected retirement year of 2015, 2025, 2035 or 2045.

"Franklin Templeton Retirement Target Funds should appeal to investors looking for the benefits of active asset allocation that automatically adjusts as they get closer to retirement," said Dan O'Lear, director of sales for Franklin Templeton Distributors, Inc. "Investors can take advantage of the distinct areas of expertise of our Franklin, Templeton and Mutual Series investment groups, which allow the funds' manager to build truly diversified portfolios covering every major asset class."

Each fund will invest in a distinctly weighted combination of underlying Franklin Templeton mutual funds across the broad asset classes of equity, fixed income and short-term instruments. Franklin is a leader in fixed income investments, and also offers expertise in growth- and value-style U.S. equity investing. Templeton is a pioneer in global and emerging markets investing, and Mutual Series is a well-regarded deep value manager. Because each management group works independently and adheres to different investment approaches, Franklin, Templeton and Mutual Series funds typically have very distinct portfolios.

"In managing Franklin Templeton Retirement Target Funds, we will focus on seeking the highest level of long-term total return consistent with each fund's specific asset allocation profile," said T. Anthony Coffey, CFA, portfolio manager of the funds. "Over time, the funds will move toward an increasingly conservative allocation as their particular target year approaches."

When selecting equity funds, Coffey will consider the underlying funds' foreign and domestic exposure, market capitalization ranges and investment styles, such as growth or value. When choosing fixed income funds, his primary focus will be on obtaining the maximum amount of current income.

Because Franklin Templeton Retirement Target Funds invest in underlying funds, which may engage in a variety of investment strategies involving certain risks, they may be subject to those same risks. Investors should consult their financial advisor for help in selecting the appropriate fund-of-funds, or a combination of funds, based on an evaluation of their investment objectives, retirement time horizons and risk tolerance.

Investors interested in a Franklin Templeton Retirement Target Fund should carefully consider its investment goals, risks, charges and expenses before investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor, call 1-800/DIAL BEN (1-800/342-5236) or visit franklintempleton.com. Please carefully read the prospectus before you invest or send money.

Franklin Resources, Inc. (NYSE:BEN) is 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 and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $490 billion in assets under management as of June 30, 2006. For more information, please call 1-800/DIAL BEN(R) or visit franklintempleton.com.