New Retirement Advantage Plus option extends a proven philosophy with access to private markets for retirement savers

Franklin Templeton announced the expansion of its Retirement Advantage target‑date series with the Retirement Advantage Plus Funds, designed to provide access to private markets while maintaining the same investment philosophy that has defined the broader franchise.

The announcement coincides with today’s recognition of the Retirement Advantage series as Lipper’s most‑awarded target‑date franchise for the second consecutive year, reinforcing the strength, consistency, and scale of the investment team and approach behind the platform.¹

Retirement Advantage has been built on a participant‑focused investment philosophy that emphasizes active asset allocation, disciplined risk management, and a glide path designed to deliver the right risk at the right time. As part of the series’ continued evolution, Franklin Templeton is expanding the franchise with different versions to reflect varying preferences and objectives across the retirement landscape.

“Plan sponsors and participants are not all looking for the same thing, and innovation means meeting them where they are,” said Steve McKay, Head of U.S. Retirement, Insurance & College Savings at Franklin Templeton. “Retirement Advantage Plus adds a new option to our award‑winning Retirement Advantage target‑date series by providing access to private markets within a 401(k) plan.”

Retirement Advantage Plus applies the same glide path, governance framework, and participant‑focused design as the broader Retirement Advantage series, while introducing modest allocations to private real estate and private credit. The strategy is offered within a registered mutual fund structure designed to maintain daily liquidity and regulatory oversight.

“This is an extension of our traditional target‑date approach,” said Brett Goldstein, Head of Asset Allocation Portfolio Management at Franklin Templeton Investment Solutions. “We are applying the same philosophy and risk management discipline that have defined the Retirement Advantage series, while thoughtfully expanding the opportunity set for investors who want additional diversification.”

Allocations to private markets within Retirement Advantage Plus generally range from approximately 2 percent to 8 percent over the glide path. The private real estate allocation is implemented through the Clarion Partners Real Estate Income Fund Inc., and the private credit allocation is implemented through the Franklin BSP Lending Fund.

Retirement Advantage Plus is one of several offerings within Franklin Templeton’s Retirement Advantage franchise, which also includes income‑focused solutions for investors who prioritize income in retirement. The expansion reflects Franklin Templeton’s scale and experience across both public and private markets and its continued focus on delivering differentiated retirement solutions grounded in a proven investment philosophy.

About Clarion Partners

Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $74 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. Clarion is scaled in all major property types and was an early entrant into the Industrial sector. The Firm’s global industrial team manages a 1000+ property portfolio in the U.S. and Europe consisting of more than 255 million square feet. For more information visit www.clarionpartners.com.

About Benefit Street Partners

Benefit Street Partners (BSP) is an alternative credit pioneer with $92 billion¹ in assets under management (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused exclusively on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit bspcredit.com.

1. Estimate as of 12/31/25

About Franklin Templeton

Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity. With more than $1.7 trillion in assets under management as of January 31, 2026, Franklin Templeton operates globally in more than 35 countries.

To learn more, visit franklintempleton.com and follow us on LinkedIn.

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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. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. An investment in private market investments is suitable only for investors who can bear the risks associated with them (such as private credit and private equity) with potential limited liquidity. Shares will not be listed on a public exchange, and no secondary market is expected to develop. Interval funds are required to offer quarterly redemptions of at least 5% of fund NAV. Tender offer funds offer periodic redemptions with timing and amounts set by the manager. Many tender offer funds offer quarterly redemptions but can be reduced or suspended from the fund's intended targets board approval. The risks associated with a real estate strategy include, but are not limited to various risks inherent in the ownership of real estate property, such as fluctuations in lease occupancy rates and operating expenses, variations in rental schedules, which in turn may be adversely affected by general and local economic conditions, the supply and demand for real estate properties, zoning laws, rent control laws, real property taxes, the availability and costs of financing, environmental laws, and uninsured losses (generally from catastrophic events such as earthquakes, floods and wars). Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund's prospectus.

1. Fund Awards: Putnam Retirement Advantage 2035 Fund, Best Mixed Asset Target 2035 Fund Over 3 Years; Putnam Retirement Advantage 2035 Fund, Best Mixed Asset Target 2035 Fund Over 5 Years; Putnam Retirement Advantage 2040 Fund, Best Mixed Asset Target 2040 Fund Over 5 Years; Putnam Retirement Advantage 2045 Fund, Best Mixed Asset, Target 2045 Fund Over 3 Years; Putnam Retirement Advantage 2045 Fund, Best Mixed Asset, Target 2045 Fund Over 5 Years; Putnam Retirement Advantage 2050 Fund, Best Mixed Asset Target 2050 Fund Over 3 Years; Putnam Retirement Advantage 2050 Fund, Best Mixed Asset Target 2050 Fund Over 5 Years; Putnam Retirement Advantage 2055 Fund, Best Mixed Asset, Target 2055 Fund Over 3 Years; Putnam Retirement Advantage 2055 Fund, Best Mixed Asset, Target 2055 Fund Over 5 Years; Putnam Retirement Advantage 2060 Fund, Best Mixed Asset Target 2060 Fund Over 3 Years; Putnam Retirement Advantage 2060 Fund, Best Mixed Asset Target 2060 Fund Over 5 Years; Putnam Retirement Advantage 2065 Fund, Best Mixed Asset Target 2060+ Fund Over 3 Years. View all the awards methodology here.

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.

The Lipper Fund Awards Methodology:

The merit of the winners is based on objective, quantitative criteria. The influential and prestigious LSEG Lipper Fund Awards are based on our Lipper Leaders Rating for Consistent Return. Individual classifications of three, five, and 10- year periods, as well as fund families with high average scores for the three-year period, are also recognized. The awards are based on LSEG Lipper’s proven proprietary methodology, which can be viewed here.

The LSEG Lipper Fund Awards do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. LSEG Lipper Fund Awards designations are for information purposes only. LSEG Lipper is not responsible for the accuracy, reliability or completeness of the information obtained to calculate the awards. Consequently, LSEG Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. Past performance is not a guarantee of future results. Recipients should not make an investment decision based on this information.

LSEG Lipper Fund Awards, ©2026 LSEG. All rights reserved. Used under license.

Effective February 27, 2026, Retirement Advantage Plus Funds were repositioned. Please refer to the prospectus for more information.

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

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