Putnam Plans New Fee

Last month, Putnam began imposing a 1% redemption fee on shares exchanged or sold within 90 days for all taxable high-yield mutual funds, as well as all the funds in the 401(k) plans administered by Putnam. Prior to that, in March 2001, Putnam had imposed a 1% redemption fee for shares of global and international funds exchanged or sold within 90 days.

The latest 2% fee for shares sold or exchanged within five days of purchase will be in addition to any existing redemption fees.