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					Putnam Announces Fund Closing and Distribution of Assets for Putnam Prime Money Market Fund (Institutional)
BOSTON, Sep 18, 2008 (BUSINESS WIRE) -- 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. SOURCE: Putnam Investments
SHAREHOLDERS 1-800-225-1581 or MEDIA Laura McNamara, 617-760-1108 or Sinead Martin, 617-760-8515


				
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Description: Putnam investments announced on September 18, 2008, that they are closing the Putnam Prime Money Market fund and will be returning investor's money. This is the official press release detailing the decision.