Putnam Investments has launched a suite of target-date funds that integrate target absolute return strategies with traditional mutual funds.

The Putnam RetirementReady Funds are designed to provide retirement income for investors. They "seek to mitigate market volatility and create a more stable sequencing of investment returns by combining target absolute return strategies with more conventional relative return — or benchmark-focused — mutual fund strategies," the Boston investment company announced on Tuesday.

Each of the 10 RetirementReady funds has a target date timed to when investors expect to begin withdrawing assets.

Nine of them are for investors expecting to retire in five-year periods between 2010 and 2050 and one is for investors who are retired or nearing retirement.

With each fund's asset allocation, the goal is to become more conservative as the investor approaches retirement.

The funds will be managed by Putnam's global asset allocation team.

In January, Putnam launched the first suite of target absolute return mutual funds. That suite aims for annual total returns of 1%, 3%, 5% or 7% above inflation over a period of three years or more.

Putnam had $110 billion of assets under management on Aug. 31.

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