Putnam Plans New Fee

In a bid to regain some investor trust, Putnam Investment Management said Monday that it will impose a redemption fee on short-term trades in all of its retail mutual funds.

Beginning in the first quarter of 2004, Putnam will impose a 2% fee on any fund shares in retail accounts that are exchanged or sold within five days of purchase. The fee also will apply to redemptions on all Putnam-administered 401(k) plans.

The fee won't apply to money market, closed-end or variable annuity funds. ...