CONTACTS:
SHAREHOLDERS
1-800-225-1581
MEDIA
Laura McNamara
617-760-1108
Sinead Martin
617-760-8515
PUTNAM ANNOUNCES FUND CLOSING AND DISTRIBUTION OF ASSETS FOR
PUTNAM PRIME MONEY MARKET FUND (INSTITUTIONAL)
BOSTON, Massachusetts (September 18, 2008) -- The Board of Trustees of the Putnam Funds
announced today that it has voted to close the institutional Putnam Prime Money Market Fund,
effective as of 5:00 p.m. on September 17, 2008, and distribute all fund assets. Putnam Prime
Money Market Fund is offered to institutional clients with a minimum initial investment of $10
million.
The Trustees’ action was not related to the portfolio’s credit quality, but was instead a reaction to
marketwide liquidity issues. The fund, like Putnam’s other money market funds, has no
exposure to securities of Lehman Brothers, Washington Mutual or AIG at the parent-company
level. The fund’s net asset value calculated on September 16, 2008 was $1.00 per share. On
September 17, the fund experienced significant redemption pressure. Serious constraints on
liquidity in money market instruments created the risk that in order to process redemptions, the
fund would realize losses in selling its portfolio securities. In the face of these challenges, the
Trustees determined to close the fund to ensure equitable treatment of all fund shareholders.
Putnam and the Trustees believe that this action is in the best interests of shareholders because it
ensures an orderly distribution of assets in light of the current unusual market conditions and
treats all shareholders in an equitable manner.
Putnam and the Trustees are working to develop a detailed plan of distribution, with the goal of
providing shareholders with the opportunity to receive distributions as expeditiously as possible,
depending on market conditions. The Fund intends to provide additional information shortly
regarding the plan as part of ongoing communications to shareholders.
The action that the Board has taken is specific to the institutional Putnam Prime Money Market
Fund in response to that fund’s specific circumstances. This decision does not relate to other
Putnam funds, including the retail Putnam Money Market Fund and Putnam VT Money Market
Fund, or to stable value funds managed by Putnam for defined contribution clients.
About Putnam
Founded in 1937, Putnam Investments is one of the nation's oldest and largest money
management firms. As of August 31, 2008, Putnam managed $163 billion in assets, of which
$96 billion is for mutual fund investors and $67 billion is for institutional accounts. Putnam has
offices in Boston, London and Tokyo. For more information, go to www.putnam.com.
###
Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation
(FDIC) or any other governmental agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in this fund.
Investors should carefully consider the investment objective, risks, charges, and expenses of a
fund before investing. For a prospectus containing this and other information for any Putnam
fund or product, call Putnam at 1-800-225-1581. Investors should read the prospectus carefully
before investing.
Putnam Retail Management
2