Putnam is converting a series of commingled asset allocation funds into registered mutual funds. The Boston-based fund firm revealed details of the nine new Putnam RetirementReady funds-of-funds in an SEC filing on Friday.

Eight of the funds carry a target maturity date ranging from 2010 to 2045. The portfolio of each of the funds is managed with an asset allocation suited to investors retiring in the calendar year designated in the name. So-called Target Maturity funds have become popular with fund firms seeking to simplify the decisions faced by investors, especially those in defined contribution plans and IRAs.

Since last year Putnam has offered Putnam RetirementReady Portfolios as a series of commingled trusts with investment strategies similar to those of the funds. Putnam organized the registered version of the funds as a Massachusetts business trust on June 8, 2004. Putnam Investor Services, a division of Putnam Fiduciary Trust Company (PFTC), is the fund's investor servicing agent and custodian while Ropes & Gray LLP serves as counsel to the fund and the independent Trustees. Putnam Retail Management is the distributor.

Jeffrey L. Knight, is the leader of the portfolio management team that also includes: Robert J. Kea, Bruce S. MacDonald and Robert J. Schoen. Each of the portfolios invests solely in existing Putnam funds. The funds making up the portfolios include: Putnam Voyager, Putnam Fund for Growth and Income, Putnam Capital Opportunities, Putnam International Equity, Putnam Income and the Putnam Money Market Fund.

The funds are being distributed in class A, B, C, M, Y and R shares. Both class R and class Y shares are available only to defined contribution or institutional investors. Class A shares carry a 25 basis point 12b-1 payment, class M a 75 bps. payment and class R shares a 50 basis point payment.  

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