Putnam Dynamic Asset Allocation Conservative Fund Class R PACRX

As we first noted on April 17, 2026, Franklin Templeton announced that portfolio manager Jacqueline Kenney will step off the Putnam Dynamic Asset Allocation target-risk series on June 1, 2026, to focus her time elsewhere. Kenney became a named manager here in January 2025 after the retirements of longtime legacy Putnam managers Robert Schoen and James Fetch, so her tenure was short. She previously spent a decade at QS Investors—then part of Legg Mason—where she joined in 2010 and remained following Franklin’s acquisition of Legg Mason in 2020, continuing her work within Franklin’s multi-asset team thereafter. Portfolio manager Laura Green will succeed Kenney. Green also worked for QS Investors before joining Franklin in 2020 and brings experience managing other multi-asset offerings, which should support a smooth leadership transition. While more turnover soon after the retirement of two long-standing managers isn’t ideal, the team remains equipped to handle it. Lead manager Brett Goldstein, listed here since 2019, continues at the helm with support from comanagers Adrian Chan and Thomas Nelson. The retention of key management, combined with Kenney’s short tenure and an adequate replacement, helps dull the impact of these changes. As a result, the series’ Average People and Average Process ratings remain intact. This series will be renamed to Franklin Dynamic Asset Allocation from Putnam Dynamic Asset Allocation on July 15, 2026. Correction: After receiving updated information from the firm, this analyst note corrects the analyst note published on April 17, 2026, which stated Jacqueline Kenney will retire. She will continue at the firm.