Along with a recent trend among fund companies implicated in the fund scandal to tell their side of the story, Putnam Investments yesterday and today has begun running full-page ads in prominent newspapers, including The New York Times and The Wall Street Journal.

Headlined "Lower Fees, Enhanced Disclosures," the ads walk investors through some of the changes Putnam has made to improve shareholder relations. Sales charges will not exceed 5.25%, the ad begins. It goes on to promise that operating expenses for all Putnam funds will be below industry averages and that the firm will improve disclosure of fund manager compensation, eligibility for fee discounts and employee and trustee holdings.

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