Putnam Retirement Advantage Maturity Fund Class R4 Shares PAHNX

As we first noted on April 17, 2026, Franklin Templeton announced that portfolio manager Jacqueline Kenney will step off the Putnam Retirement Advantage target-date 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. Lead manager Brett Goldstein, listed here since 2019, continues at the helm with support from comanagers Adrian Chan, Jonathan Schreiber, 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 Retirement Advantage from Putnam Retirement Advantage 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 and Adrian Chan will step off the strategy. Kenney will continue at the firm while Chan remains a listed portfolio manager on this strategy.