Employees of maligned fund giant Putnam Investments tiptoed around company procedures in the area of expense payments, several Putnam funds admitted in a series of disclosures to shareholders.

The policies of Putnam Fiduciary Trust Co., a 401(k) arm of Putnam, were "willfully circumvented," the disclosures say, during 2002. The employeesÂ’ rule circumventions centered around expense payments, the company says, although a spokesperson would not elaborate exactly what they did wrong. The disclosures, eight in all, were filed with the Securities and Exchange Commission.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.