Putnam Investments is easing some of the sales load redemption restrictions. In an SEC filing dated August 1, the company amended the section entitled, " How do I sell or exchange fund shares? - Additional requirements - Deferred sales charges for class B, class C and certain class A and class M shares,"to read:

"Unless otherwise agreed with Putnam Retail Management, class A shares that are part of a purchase of $1 million or more (other than by a qualified retirement plan) will be subject to a 1.00 percent deferred sales charge if redeemed within nine months of purchase."

The section previously read:

"Unless otherwise agreed with Putnam Retail Management, class A shares that are part of a purchase of $1 million or more (other than by a qualified retirement plan) will be subject to a 1.00 percent deferred sales charge if redeemed within 18 months of purchase."

The change, effective for all funds purchased after August 1, 2008, knocks nine months off the eligibility period for the sales charge.

The updated information is effective for all retail Putnam funds, except Putnam Money Market Fund and Putnam Tax Exempt Money Market Fund. The prospectus of both of these funds have also been amended separately to reduce the applicable sales load period to nine months.  

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