Putnam Corporate Asset Trust
ANNUAL REPORT
November 30, 1994
[LOGO]
BOSTON * LONDON * TOKYO
<PAGE>
Performance highlights
"Recent interest rate trends have contributed to some very
attractive opportunities in the preferred stock market, offering
above-average yields and solid appreciation potential. Putnam
Management is working to capitalize on these opportunities."
- -- Sheldon Simon, Portfolio Manager
Performance should always be considered in light of a fund's
investment strategy. Putnam Corporate Asset Trust is designed for
corporate investors seeking high current income qualifying for the
federal 70% corporate dividends-received deduction and for all
investors seeking current income with minimum fluctuations in
principal.
FISCAL 1994 RESULTS AT A GLANCE
<TABLE><CAPTION>
<S> <C> <C>
- ------------------------------------------------------------------
Total return NAV POP
- ------------------------------------------------------------------
12 months ended 11/30/94
(change in value during
period plus reinvested
distributions) -4.41% -6.82%
- ------------------------------------------------------------------
Share value NAV POP
- ------------------------------------------------------------------
11/30/93 $8.81 $9.04
11/30/94 7.88 8.08
- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
Distributions No. Income Capital gains Total
- ------------------------------------------------------------------
12 $0.55991 -- $0.55991
- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
Taxable equivalent(1)
Current return NAV POP NAV POP
- ------------------------------------------------------------------
End of period
Current dividend rate(2) 7.11% 6.93% 9.79% 9.54%
Current 30-day SEC yield(3) 6.39 6.23 8.80 8.58
- ------------------------------------------------------------------
<FN>
Table reflects five-for-one share split payable on November 30,
1994. See page 6 for details.
Performance data represent past results. For performance over
longer periods, see pages 8 and 9. POP assumes 2.5% maximum sales
charge. (1) The taxable equivalent examples in this report show
the return that a corporation taxed at the 35% corporate tax rate
would have to earn from a nontax-advantaged investment to produce
an after-tax return equal to that of the fund's. (2) Income
portion of most recent distribution, annualized and divided by NAV
or POP at end of period. (3) Based only on investment income,
calculated using SEC guidelines.
</TABLE>
<PAGE>
From the Chairman
[PHOTO]
(c) Karsh, Ottawa
Dear Shareholder:
As we begin a new year, most investors won't regret the passing of
the old. Since last February, when the Federal Reserve Board began
a series of increases in interest rates, 1994 was marked by sharp
corrections followed by small gains and extended uncertainty for
virtually all financial markets.
Well in advance of the Fed's first increase, Fund Manager Sheldon
Simon had adopted defensive strategies designed to reduce the
impact of rising rates on Putnam Corporate Asset Trust's
portfolio. While defensive strategies proved relatively
successful, the fund's performance results were modestly negative.
As you might expect, preferred stocks and other fixed-income
securities bore the brunt of the downturn. Although shifts in the
fixed-income markets inevitably affected your fund, Putnam
Management's philosophy of selecting securities on an issue-by-
issue basis with a thorough examination of each issuer's credit
quality should continue to help protect your fund's portfolio.
In the accompanying report, Sheldon discusses the fiscal year just
ended, important upcoming changes to your fund (see page 6 for
details), and prospects in the challenging months ahead.
Respectfully yours,
/s/ George Putnam
George Putnam
Chairman of the Trustees
January 18, 1995
<PAGE>
Report from the fund manager
Sheldon Simon
The investment climate that prevailed throughout much of Putnam
Corporate Asset Trust's 1994 fiscal year was one of the most
inhospitable environments for fixed-income investors in nearly 20
years. An accelerating economy, the attendant fears of rising
inflation, and six increases in short-term interest rates by the
Federal Reserve Board weighed down returns in virtually all
domestic fixed-income sectors. One of the more striking indicators
of last year's market travails was the return on the bellwether 30-
year Treasury bond, which was -8.75% for the 12-month period ended
November 30, 1994, as measured by the Lehman Brothers Long-Term
Treasury Index.
When viewed in the context of such difficult market conditions,
your fund's net asset value return of -4.41% for the fiscal year
is a testimony to our efforts to preserve the portfolio's value
while fulfilling the fund's current income objective. We did this
by adopting a defensive game plan early in the fiscal year.
DEFENSIVE HOLDINGS INCREASED
Chief among our defensive tactics was a reduction in the fund's
perpetual preferred stock holdings and an increased weighting in
sinking-fund and adjustable-rate preferred stocks.
Perpetual preferred stocks, although technically equity
securities, behave like fixed-income investments due to their
fixed dividend rate. However, unlike bonds, they do not carry
maturity dates; hence the name "perpetual." Given this absence of
a maturity date, when interest rates are rising, perpetual
preferred stock prices are generally more volatile than those of
securities offering some assurance of future redemption.
Sinking-fund preferred stocks provide such assurance. They contain
provisions requiring the issuing corporation to set aside funds
for the purpose of retiring the securities in the future. This de
facto maturity gives them greater price stability than perpetual
preferreds. As of November 30, 1994, 16.6% of the fund was
invested in sinking-fund preferred stocks.
In a rising-rate environment, the prices of adjustable-rate
preferred stocks (ARPs) tend to be even more stable than those of
sinking- fund preferreds. This is because ARPs pay dividends that
are adjusted to reflect changes in short-term interest rates,
causing their price movements to be comparable to those of shorter-
maturity bonds. At the end of November, approximately 31.1% of the
fund's net assets were invested in ARPs.
OUTLOOK: GRADUAL SHIFT TOWARD PERPETUALS AS MARKET POTENTIAL
IMPROVES
With long-term Treasury yields hovering near 8% and real yields --
yields minus inflation -- near 5%, some pullback in long rates is
possible. If that occurs, perpetual preferreds, with their greater
rate sensitivity, would respond favorably. In order to capitalize
on this potential for an improving interest-rate environment, we
are gradually shifting a portion of the fund's assets from ARPs to
perpetual preferreds.
PERPETUAL PREFERRED STOCK MARKET*
11/30/93-11/30/94
[MOUNTAIN CHART]
Plot Points
- ------------------------------------------------------------------
Date ML PIP
12/93 1.219
1/94 2.134
2/94 -2.78
3/94 -4.699
4/94 0.421
5/94 0.593
6/94 -0.613
7/94 1.549
8/94 2.126
9/94 -2.299
10/94 -1.903
11/94 -1.492
[FN]
Source: Merrill Lynch Preferred Stock Index
*Based on net assets on 11/31/94.
In addition, we are seeking to add to the fund's common stock
allocation by purchasing attractively priced cyclicals and
utilities. (Cyclicals are stocks of companies whose fortunes tend
to mirror the ups and downs of the business cycle.) Our selection
criteria for common stock purchases call for prices at a
reasonable discount to the companies' earnings or assets, combined
with a substantial dividend yield. In light of the dramatic
selloff of public utility stocks this year, many such
opportunities exist in that sector. Certain cyclical stocks also
meet these criteria and provide the fund with the opportunity to
diversify beyond public utilities and financial companies, which
are the dominant issuers in the preferred market.
IMPORTANT CHANGES PLANNED FOR YOUR FUND IN 1995
As of March 1, 1995, several important changes will be instituted
for your fund. First, your fund will have a new name. Putnam
Corporate Asset Trust will be renamed "Putnam Preferred Income
Fund." The decision to change the fund's name was prompted by the
reality that the bulk of the fund's assets have been and continue
to be invested in preferred stocks.
Second, the fund will formally adopt the policy that at least 65%
of assets must be invested in preferred stocks -- a practice that
has been followed since the fund's inception.
One additional change has already taken place. The share split
that occurred on November 30, 1994, resulted in a fivefold
increase in the number of fund shares owned by investors and a
corresponding reduction in the fund's net asset value.
Shareholders were informed of this change by a separate letter
that was mailed in mid-November. The purpose for this five- for-
one share split was to bring the fund's net asset value closer to
the pricing typical of most mutual funds. It did not affect the
value of existing shareholders' accounts.
The goal of these changes is to emphasize the fact that the
preferred stock market is the principal arena in which the fund
pursues its investment objectives. Moreover, we intend to make the
fund accessible to a wider range of investors, both corporate and
noncorporate, who are attracted by the fund's potential for
TOP 10 HOLDINGS (11/30/94)
<TABLE><CAPTION>
<S> <C>
- ------------------------------------------------------------------
% of
net assets
SunAmerica, Inc.
$7.75 ARP 6.5%
- ------------------------------------------------------------------
Chemical Banking Corp.
$6.43 ARP 4.8
- ------------------------------------------------------------------
USX Corp.
$4.075 ARP 3.4
- ------------------------------------------------------------------
- -
McDermott, Inc.
Sinking Fund, $2.60 pfd. 3.0
- ------------------------------------------------------------------
Aon Corp.
$2.00 pfd. 2.8
- ------------------------------------------------------------------
Bank of Boston Corp.
$2.15 dep. shares pfd. 2.6
- ------------------------------------------------------------------
Boise Cascade Corp.
$2.35 dep. shares pfd. 2.4
- ------------------------------------------------------------------
General Motors Corp.
$2.28125 dep. shares pfd. 2.4
- ------------------------------------------------------------------
Lasalle National Corp.
$4.375 pfd. 2.4
- ------------------------------------------------------------------
New York State Electric & Gas Corp.
$1.59 ARP 2.2
- ------------------------------------------------------------------
<FN>
These holdings represent 32.5% of the fund's net assets. Portfolio
holdings are subject to change.
</TABLE>
income, tax advantages (for corporate investors), and relative
stability. Putnam Corporate Asset Trust is one of the few mutual
funds whose investment portfolio is mainly composed of preferred
stocks. By instituting these changes, we believe the fund will be
strategically positioned to benefit current shareholders, as well
as new investors, as we enter the last half-decade of the
twentieth century.
[FN]
The views expressed in this report are exclusively those of Putnam
Management, and are not meant as investment advice. Although the
described holdings were viewed favorably as of November 30, 1994,
there is no guarantee the fund will continue to hold these
securities in the future.
<PAGE>
Performance summary
This section provides, at a glance, information about your fund's
performance. Total return shows how the value of the fund's shares
have changed over time, assuming you held the shares through the
entire period and reinvested all distributions back into the fund.
We show total return in two ways: on a cumulative long-term basis
and on average how the fund might have grown each year over
varying periods. For comparative purposes, we show how the fund
performed relative to appropriate indexes and benchmarks.
TOTAL RETURN FOR PERIODS ENDED 11/30/94
<TABLE><CAPTION>
<S> <C> <C> <C> <C>
S&P 500
NAV POP Index CPI
- ------------------------------------------------------------------
1 year -4.41% -6.82% 1.07% 2.68%
- ------------------------------------------------------------------
5 years 43.28 39.66 53.04 18.90
Annual average 7.46 6.91 8.88 3.52
- ------------------------------------------------------------------
10 years 114.65 109.26 287.03 42.17
Annual average 7.94 7.66 14.49 3.58
- ------------------------------------------------------------------
</TABLE>
TOTAL RETURN FOR PERIODS ENDED 12/31/94
(most recent calendar quarter)
<TABLE><CAPTION>
<S> <C> <C>
NAV POP
- ------------------------------------------------------------------
1 year -4.14% -6.51%
- ------------------------------------------------------------------
5 years 43.01 39.48
Annual average 7.42 6.88
- ------------------------------------------------------------------
10 years 112.81 107.40
Annual average 7.84 7.57
- ------------------------------------------------------------------
<FN>
Fund performance data do not take into account any adjustment for
taxes payable on reinvested distributions. Performance data
represent past results. Investment returns and net asset value
will fluctuate so that an investor's shares, when sold, may be
worth more or less than their original cost.
</TABLE>
<PAGE>
CUMULATIVE TOTAL RETURN ON A $10,000 INVESTMENT OVER 10 YEARS
<TABLE><CAPTION>
<S> <C> <C> <C>
- ------------------------------------------------------------------
Date Fund at POP S&P 500 CPI
12/84 9749 10000 10000
11/85 11406 12906 10351
11/86 13099 16481 10484
11/87 12299 15693 10959
11/88 13158 19330 11425
11/89 14605 25290 11956
11/90 14528 24388 12707
11/91 17123 29368 13086
11/92 19363 34789 13485
11/93 21893 38293 13846
11/94 20926 38703 14217
- ------------------------------------------------------------------
<FN>
Past performance is no assurance of future results.
</TABLE>
TERMS AND DEFINITIONS
Net asset value (NAV) is the value of all your fund's assets,
minus any liabilities, divided by the number of outstanding
shares, not including any initial or contingent deferred sales
charge.
Public offering price (POP) is the price of a mutual fund share
plus the maximum sales charge levied at the time of purchase. POP
performance figures shown here assume the maximum 2.50% sales
charge.
COMPARATIVE BENCHMARKS
Standard & Poor's 500(Registered Trademark) Index is an unmanaged
list of common stocks that is frequently used as a general measure
of stock market performance. The index assumes reinvestment of all
distributions and does not take into account brokerage commissions
or other costs. The fund's portfolio contains securities that do
not match those in the index.
Consumer Price Index (CPI) is a commonly used measure of
inflation; it does not represent an investment return.
Lehman Brothers Long-Term Treasury Index is composed of all bonds
covered by the Lehman Brothers Treasury Bond Index with maturities
of 10 years or greater.
<PAGE>
The Putnam Fund Selector(tm)
The Putnam Fund Selector shows the many opportunities
for investors within every investment strategy. All investors
should first accumulate a base of conservative, cash-equivalent
investments. Then, with the help of your investment advisor,
diversify your portfolio by investing in the Putnam Family
of Funds.
[PYRAMID ARTWORK]
<PAGE>
Putnam Family of Funds
PUTNAM GROWTH FUNDS
Asia Pacific Growth Fund
Capital Appreciation Fund
Diversified Equity Trust
Europe Growth Fund
Global Growth Fund
Health Sciences Trust
Investors Fund
Natural Resources Trust
New Opportunities Fund
OTC Emerging Growth Fund
Overseas Growth Fund
Vista Fund
Voyager Fund
PUTNAM GROWTH AND INCOME FUNDS
Convertible Income-Growth Trust
Dividend Growth Fund
Equity Income Fund
The George Putnam Fund of Boston
The Putnam Fund for Growth and Income
Managed Income Trust
Utilities Growth and Income Fund
PUTNAM INCOME FUNDS
Adjustable Rate U.S. Government Fund
American Government Income Fund
Balanced Government Fund
Corporate Asset Trust
Diversified Income Trust
Federal Income Trust
Global Governmental Income Trust
High Yield Advantage Fund
High Yield Trust
Income Fund
U.S. Government Income Trust
PUTNAM TAX-FREE FUNDS
Intermediate Tax Exempt Fund
Municipal Income Fund
Tax Exempt Income Fund
Tax-Free High Yield Fund
Tax-Free Insured Fund
State tax-free income funds*
Arizona, California, Florida, Massachusetts, Michigan, Minnesota,
New Jersey, New York, Ohio, and Pennsylvania
LIFESTAGE(SM)FUNDS
Putnam Asset Allocation Funds -- three investment portfolios that
spread your money across a variety of stocks, bonds, and money
market investments to help maximize your return and reduce your
risk.
The three portfolios:
Putnam Asset Allocation: Balanced Portfolio
Putnam Asset Allocation: Conservative Portfolio
Putnam Asset Allocation: Growth Portfolio
MOST CONSERVATIVE INVESTMENTS(+)
Putnam money market funds:
Money Market Fund**
Tax Exempt Money Market Fund
California Tax Exempt Money Market Fund
New York Tax Exempt Money Market Fund
CDs and savings accounts(++)
* Not available in all states.
(++) Not offered by Putnam Investments. Certificates of deposit
offer a fixed rate of return and may be insured, up to
certain limits, by federal/state agencies. Savings accounts
may also be insured up to certain limits.
** Formerly Daily Dividend Trust
(+) Relative to above.
Please call your financial advisor or Putnam at 1-800-225-
1581 to obtain a prospectus for any Putnam fund. It contains
more complete information, including charges and expenses.
Please read it carefully before you invest or send money.
Report of independent accountants
for the year ended November 30, 1994
To the Trustees and Shareholders of
Putnam Corporate Asset Trust
In our opinion, the accompanying statement of assets and
liabilities, including the portfolio of investments owned, and the
related statements of operations and of changes in net assets and
the financial highlights present fairly, in all material respects,
the financial position of Putnam Corporate Asset Trust (the
"fund") at November 30, 1994 and the results of its operations,
the changes in its net assets, and the financial highlights for
the periods indicated, in conformity with generally accepted
accounting principles. These financial statements and financial
highlights (hereinafter referred to as "financial statements") are
the responsibility of the fund's management; our responsibility is
to express an opinion on these financial statements based on our
audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits, which included confirmation of investments owned at
November 30, 1994 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed
above.
Price Waterhouse LLP
Boston, Massachusetts
January 17, 1995
Portfolio of investments owned
November 30, 1994
<TABLE><CAPTION>
<C> <S> <C>
PREFERRED STOCKS (82.8%)(a)
NUMBER OF SHARES VALUE
Banks (22.6%)
- ------------------------------------------------------------------
20,900 Ahmanson (H. F.) & Co. Ser. C,
$2.10, dep. shs. preferred (pfd.) $ 470,250
135,000 Bank of Boston Corp. Ser. E,
$2.15, dep. shs. pfd. 3,105,000
32,000 BankAmerica Corp. Ser. B, $6.00,
Adjustable Rate Preferred (ARP) 2,316,000
10,500 BankAmerica Corp. Ser. K, $2.09375, pfd.
242,813
70,000 Bankers Trust New York Corp.
Ser. Q, $1.72444, ARP 1,540,000
50,000 Chase Manhattan Corp. Ser. H,
$2.44, pfd. 1,312,500
19,850 Chase Manhattan Corp. Ser. M,
$2.10, pfd. 466,475
80,000 Chase Manhattan Corp. Ser. N,
$1.6275, ARP 1,740,000
64,038 Chemical Banking Corp. Ser. L,
$6.43, ARP 5,731,401
14,000 Chemical Banking Corp. $1.895,
dep. shs. pfd. 304,500
17,400 Citicorp Ser. 3, $7.00, ARP
1,461,600
22,510 Citicorp Ser. 18, $1.701, ARP
483,965
6,500 First Chicago Corp. Ser. C, $6.50, ARP
578,500
44,500 First Chicago Corp. $3.50, ARP
2,069,250
45,000 First Interstate Bancorp Ser. F,
$2.46875, dep. shs. pfd. 1,164,375
15,000 Indosuez Holdings ADS,
$2.59375, pfd.(b)(c) 380,625
60,000 Lasalle National Corp. Ser. K,
$4.375, pfd.(c) 2,850,000
40,000 Union Bank Ser. A, $2.09375,
dep. shs. pfd. 880,000
- ------------
27,097,254
Electric Utilities (17.1%)
- ------------------------------------------------------------------
72,000 Alabama Power Co. Ser. 93-A,
$1.5225, ARP 1,557,000
20,000 Central Maine Power Co. Ser. A,
$7.999, pfd. 1,740,000
1,000 Cleveland Electric Illuminating Co.
Sinking Fund, Ser. R, $8.80, pfd. 780,000
3,740 Cleveland Electric Illuminating Co.
Sinking Fund, Ser. M, $7.08, ARP 355,300
5,500 Detroit Edison Co. $7.45, pfd.
477,125
17,522 Gulf States Utilities Co. $8.52, pfd.
1,520,034
10,000 Indiana Michigan Power Co.
Sinking Fund, $5.90, pfd. 857,500
50,000 Niagara Mohawk Power Corp. $2.375, pfd.
1,212,500
40,000 Niagara Mohawk Power Corp.
Ser. C, $2.10, ARP 950,000
39,800 Niagara Mohawk Power Corp.
Ser. A, $1.625, ARP 776,100
7,500 Northern States Power Co.
Ser. B, $5.9709, ARP 686,250
12,500 PacifiCorp Sinking Fund, $7.48, pfd.
1,253,125
13,000 PacifiCorp Sinking Fund, $7.12, pfd.
1,160,250
10,000 Pennsylvania Power & Light Co.
Sinking Fund, $6.33, pfd. 910,000
10,000 Pennsylvania Power & Light Co.
Sinking Fund, $6.125, pfd. 896,250
40,000 Puget Sound Power & Light Co.
Ser. B, $1.655, ARP 895,000
79,500 Texas Utilities Electric Co.
Ser. B, $1.805, dep. shs. pfd. 1,580,063
7,070 Unicomn Corp. Ser. A, $8.40, pfd.
664,580
9,072 Virginia Electric & Power Co.
Sinking Fund, $7.30, pfd. 826,686
15,000 Virginia Electric & Power Co.
Sinking Fund, $6.35, pfd. 1,447,500
- -----------
20,545,263
Combined Utilities (9.9%)
- ------------------------------------------------------------------
20,000 Cincinnati Gas & Electric Co.
Sinking Fund, $9.15, pfd. $ 2,100,000
20,000 Cincinnati Gas & Electric Co.
Sinking Fund, $7.375, pfd. 1,880,000
9,000 Jersey Central Power & Light Co.
Ser. E, $7.88, pfd. 841,500
80,000 Long Island Lighting Co.
Sinking Fund, Ser. NN, $1.95, pfd. 1,480,000
116,000 New York State Electric & Gas Corp.
Ser. B, $1.59, ARP 2,668,000
6,750 Public Service Electric & Gas Co.
$6.92, pfd. 561,094
23,200 Western Resources, Inc. Sinking Fund,
$7.58, pfd. 2,320,000
- -----------
11,850,594
Insurance (9.3%)
- ------------------------------------------------------------------
143,500 Aon Corp. $2.00, pfd.
3,300,500
86,210 SunAmerica Inc. Ser. C, $7.75, ARP
7,845,110
- -----------
11,145,610
Finance (5.3%)
- ------------------------------------------------------------------
10,000 Bear Stearns & Co. Ser. A, $3.225, ARP
435,000
28,300 Bear Stearns & Co. Ser. B, $1.97,
dep. shs. pfd. 629,675
36,000 Ford Holdings Corp. Ser. A, $2.00,
dep. shs. pfd. 819,000
95,000 Heller Financial Inc. Ser. A,
$2.03125, sr. pfd. 2,173,125
13,300 Merrill Lynch & Co., Inc. Ser. A,
$2.25, dep. shs. pfd. 339,150
24,000 Morgan Stanley $1.84375, dep. shs. pfd.
504,000
10,000 Travelers Corp. Ser. A, $2.03125,
dep. shs. pfd. 221,250
50,000 Travelers Corp. Ser. D, $2.3125,
dep. shs. pfd. 1,225,000
----------
6,346,200
Oil Services (4.0%)
- ------------------------------------------------------------------
57,500 LASMO PLC ADS Ser. A, $2.50, pfd.(b)
1,185,937
129,051 McDermott Inc. Sinking Fund,
Ser. B, $2.60, pfd. 3,565,033
- ----------
4,750,970
Oils (3.4%)
- ------------------------------------------------------------------
81,950 USX Corp. $4.075, ARP
4,036,037
Automobiles (3.1%)
- ------------------------------------------------------------------
35,500 Ford Motor Co. Ser. B, $2.0625,
dep. shs. pfd. 856,437
115,000 General Motors Corp. Ser. B,
$2.28125 dep. shs. pfd. 2,875,000
- ----------
3,731,437
Forest Products (2.4%)
- ------------------------------------------------------------------
120,000 Boise Cascade Corp. Ser. F, $2.35,
dep. shs. pfd. 2,910,000
Tobacco (1.2%)
- ------------------------------------------------------------------
67,300 RJR Nabisco Holding $2.3125,
dep. shs. pfd. 1,446,950
Paper (1.1%)
- ------------------------------------------------------------------
60,000 Bowater, Inc. Ser. C, $2.10,
dep. shs. pfd. 1,297,500
Gas Pipelines (1.0%)
- ------------------------------------------------------------------
13,000 ENSERCH Corp. Ser. E, $7.00. ARP
1,144,000
Broadcasting (0.9%)
- ------------------------------------------------------------------
49,500 Newscorp Overseas Corp.
Ser. A, $2.15625, pfd. 1,039,500
- ------------
Industrial (0.7%)
- ------------------------------------------------------------------
50,304 Amerco Ser. A, $2.125, pfd.
$ 886,608
Telephone Utilities (0.5%)
- ------------------------------------------------------------------
5,490 GTE Florida, Inc. $8.16, Pfd.
544,883
Natural Gas (0.3%)
- ------------------------------------------------------------------
15,000 Phillips Gas Co. Ser. A, $2.33, pfd.
375,000
- ------------------------------------------------------------------
Total Preferred Stocks
(cost $109,843,969) $99,147,806
- ------------------------------------------------------------------
COMMON STOCKS (11.6%)(a)
NUMBER OF SHARES VALUE
Chemicals (2.6%)
- ------------------------------------------------------------------
20,000 Dow Chemical Co.
$ 1,280,000
20,000 Olin Corp.
1,017,500
30,000 Union Carbide Corp.
858,750
- ------------
3,156,250
Electric Utilities (2.4%)
- ------------------------------------------------------------------
50,000 Detroit Edison Co.
1,337,500
35,000 Northeast Utilities
748,125
25,000 Texas Utilities Electric Co.
815,625
- -------------
2,901,250
Retail (1.9%)
- ------------------------------------------------------------------
50,000 K mart Corp.
725,000
17,000 Sears, Roebuck & Co.
803,250
50,000 Woolworth Corp.
706,250
- -------------
2,234,500
Combined Utilities (1.5%)
- ------------------------------------------------------------------
40,000 Delmarva Power & Light Co.
740,000
40,000 Western Resources, Inc.
1,125,000
- ------------
1,865,000
Tobacco (1.5%)
- ------------------------------------------------------------------
30,000 Philip Morris Cos., Inc.
1,792,500
Pharmaceuticals (0.9%)
- ------------------------------------------------------------------
16,000 American Home Products Corp.
1,042,000
Insurance (0.6%)
- ------------------------------------------------------------------
15,000 Aetna Life & Casualty Co.
671,250
Natural Gas (0.2%)
- ------------------------------------------------------------------
15,000 UGI Corp.
283,125
- ------------------------------------------------------------------
Total Common Stocks (cost $14,625,814)
$13,945,875
- ------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS (2.8%)(a)
NUMBER OF SHARES VALUE
29,000 Burlington Northern, Inc. Ser. A,
$3.125, cv. pfd. $ 1,620,375
10,000 Freeport-McMoRan, Inc. $4.375 cv. pfd.(c)
470,000
25,000 Unocal Corp. $3.50, cv. pfd.(c)
1,287,500
- ------------------------------------------------------------------
Total Convertible Preferred Stocks
(cost $3,206,850) $ 3,377,875
- ------------------------------------------------------------------
SHORT-TERM INVESTMENTS (1.4%)(a) (cost $1,725,276)
PRINCIPAL AMOUNT VALUE
$1,725,000 Interest in $500,000,000 joint
repurchase agreement dated
November 30, 1994 with Bankers
Trust Co., Inc. due December 1,
1994 with respect to various
U.S. Treasury Obligations --
maturity value of $1,725,276
for an effective yield of 5.75% $1,725,276
- ------------------------------------------------------------------
Total Investments
(cost $129,401,909)(d) $118,196,832
- ------------------------------------------------------------------
<FN>
(a) Percentages indicated are based on total net assets of
$119,822,413, which correspond to a net asset value per share
of $7.88.
(b) Securities whose value is determined or significantly
influenced by trading on exchanges not in the United States
or Canada. ADS after the name of a foreign holding stands for
American Depository Shares, representing ownership of foreign
securities on deposit with a domestic custodian bank.
(c) Securities exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 1994, these securities
amounted to $470,000 or 0.4% of net assets.
(d) The aggregate identified cost for federal income tax purposes
is $129,422,795, resulting in gross unrealized appreciation
and depreciation of $1,869,989, and $13,095,952,
respectively, or net unrealized depreciation of $11,225,963.
</TABLE>
Statement of assets and liabilities
November 30, 1994
<TABLE><CAPTION>
<S> <C>
Assets
- ------------------------------------------------------------------
Investments in securities at value
(identified cost $129,401,909) (Note 1) $118,196,832
- ------------------------------------------------------------------
Dividends receivable 1,109,414
- ------------------------------------------------------------------
Receivable for shares of the fund sold 1,124,598
- ------------------------------------------------------------------
Cash 466
- ------------------------------------------------------------------
Total assets 120,431,310
- ------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------
Distributions payable to shareholders 221,169
- ------------------------------------------------------------------
Payable for shares of the fund repurchased 123,704
- ------------------------------------------------------------------
Payable for compensation of Manager (Note 2) 201,149
- ------------------------------------------------------------------
Payable for administrative services (Note 2) 3,616
- ------------------------------------------------------------------
Payable for compensation of Trustees (Note 2) 125
- ------------------------------------------------------------------
Payable for for investor servicing and
custodian fees (Note 2) 19,216
- ------------------------------------------------------------------
Other accrued expenses 39,918
- ------------------------------------------------------------------
Total liabilities 608,897
- ------------------------------------------------------------------
Net assets $119,822,413
- ------------------------------------------------------------------
Represented by
- ------------------------------------------------------------------
Paid-in capital (Notes 1, 4, and 5) $198,102,516
- ------------------------------------------------------------------
Undistributed net investment income (Notes 1 and 5) 282,518
- ------------------------------------------------------------------
Accumulated net realized loss
on investments (Notes 1 and 5) (67,357,544)
- ------------------------------------------------------------------
Net unrealized depreciation of investments (11,205,077)
- ------------------------------------------------------------------
Total --Representing net assets applicable
to capital shares outstanding $119,822,413
- ------------------------------------------------------------------
Computation of net asset value and offering price
- ------------------------------------------------------------------
Net asset value and redemption price per share
($119,822,413 divided by 15,199,654 shares) $7.88
- ------------------------------------------------------------------
Offering price per share (100/97.50 of $7.88)* $8.08
- ------------------------------------------------------------------
<FN>
* On single retail sales of less than $250,000. On sales of
$250,000 or more and on group sales the offering price is
reduced.
</TABLE>
<PAGE>
Statement of operations
Year ended November 30, 1994
<TABLE><CAPTION>
<S> <C>
Investment income
- ------------------------------------------------------------------
Dividends (net of foreign tax of $37,324) $9,859,103
- ------------------------------------------------------------------
Interest 20,299
- ------------------------------------------------------------------
Total investment income 9,879,402
- ------------------------------------------------------------------
Expenses:
- ------------------------------------------------------------------
Compensation of Manager (Note 2) 862,614
- ------------------------------------------------------------------
Investor servicing and custodian fees (Note 2) 108,949
- ------------------------------------------------------------------
Compensation of Trustees (Note 2) 11,104
- ------------------------------------------------------------------
Reports to shareholders and other expenses 24,721
- ------------------------------------------------------------------
Registration fees 550
- ------------------------------------------------------------------
Auditing 31,691
- ------------------------------------------------------------------
Legal 14,095
- ------------------------------------------------------------------
Postage 5,975
- ------------------------------------------------------------------
Administrative services (Note 2) 8,572
- ------------------------------------------------------------------
Total expenses 1,068,271
- ------------------------------------------------------------------
Net investment income 8,811,131
- ------------------------------------------------------------------
Net realized loss on investments (Notes 1 and 3) (235,917)
- ------------------------------------------------------------------
Net unrealized depreciation of investments
during the period (14,305,527)
- ------------------------------------------------------------------
Net loss on investments (14,541,444)
- ------------------------------------------------------------------
Net decrease in net assets resulting from operations $(5,730,313)
- ------------------------------------------------------------------
</TABLE>
<PAGE>
Statement of changes in net assets
<TABLE><CAPTION>
<S> <C> <C>
Year ended Year ended
November 30 November 30
----------- -----------
1994 1993
- ------------------------------------------------------------------
Increase (decrease) in net assets
- ------------------------------------------------------------------
Operations:
- ------------------------------------------------------------------
Net investment income $8,811,131 $10,014,893
- ------------------------------------------------------------------
Net realized gain (loss) on investments (235,917) 4,555,029
- ------------------------------------------------------------------
Net realized loss on options -- (82,780)
- ------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments
and options (14,305,527) 3,611,654
- ------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations (5,730,313) 18,098,796
- ------------------------------------------------------------------
Distributions to shareholders from:
- ------------------------------------------------------------------
Net investment income (8,815,414) (9,985,928)
- ------------------------------------------------------------------
Decrease from capital share
transactions (Note 4) (9,816,937) (6,305,696)
- ------------------------------------------------------------------
Total increase (decrease) in
net assets (24,362,664) 1,807,172
- ------------------------------------------------------------------
Net Assets:
- ------------------------------------------------------------------
Beginning of year 144,185,077 142,377,905
- ------------------------------------------------------------------
End of period (including undistributed
net investment income of $282,518 and
$213,197, respectively) $119,822,413 $144,185,077
- ------------------------------------------------------------------
</TABLE>
Financial highlights*
(For a share outstanding throughout the period)
<TABLE><CAPTION>
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------
1994 1993 1992 1991
- ------------------------------------------------------------------
Net asset value,
beginning of period $8.81 $8.34 $8.00 $7.42
- ------------------------------------------------------------------
Investment operations
Net investment income .56 .60 .68 .70
Net realized and unrealized
gain (loss) on investments (.93) .47 .34 .57
- ------------------------------------------------------------------
Total from investment
operations (.37) 1.07 1.02 1.27
- ------------------------------------------------------------------
Less distributions:
From net investment income (.56) (.60) (.68) (.69)
From net realized gain
on investments -- -- -- --
- ------------------------------------------------------------------
Total distributions (.56) (.60) (.68) (.69)
- ------------------------------------------------------------------
Net asset value,
end of period $7.88 $8.81 $8.34 $8.00
- ------------------------------------------------------------------
Total investment return
at net asset value (%)(a) (4.41) 13.07 13.08 17.86
- ------------------------------------------------------------------
Net assets, end of period
(in thousands) $119,822 $144,185 $142,378 $129,688
- ------------------------------------------------------------------
Ratio of expenses to
average net assets (%) .81 .83 .83 .93
- ------------------------------------------------------------------
Ratio of net investment income
to average net assets (%) 6.64 6.83 8.23 8.98
- ------------------------------------------------------------------
Portfolio turnover (%) 32.84 114.53 188.68 157.11
- ------------------------------------------------------------------
Financial highlights*
(continued)
</TABLE>
<TABLE><CAPTION>
<C> <C> <C> <C> <C> <C>
Year ended November 30
- ------------------------------------------------------------------
1990 1989 1988 1987 1986 1985
- ------------------------------------------------------------------
$8.25 $8.18 $8.42 $9.93 $9.64 $9.31
- ------------------------------------------------------------------
.75 .78 .82 .76 .90 1.04
(.80) .09 (.25) (1.30) .47 .46
- ------------------------------------------------------------------
(.05) .87 .57 (.54) 1.37 1.50
- ------------------------------------------------------------------
(.78) (.80) (.81) (.75) (.91) (1.04)
-- -- -- (.22) (.17) (.13)
- ------------------------------------------------------------------
(.78) (.80) (.81) (.97) (1.08) (1.17)
- ------------------------------------------------------------------
$7.42 $8.25 $8.18 $8.42 $9.93 $9.64
- ------------------------------------------------------------------
(0.53) 11.00 6.99 (6.11) 14.84 17.00
- ------------------------------------------------------------------
$137,136 $134,316 $195,960 $304,386 $436,038 $185,050
- ------------------------------------------------------------------
.95 .83 .77 .69 .70 .86
- ------------------------------------------------------------------
9.55 9.18 9.75 7.92 9.10 10.92
- ------------------------------------------------------------------
208.58 178.42 135.50 174.79 260.04 286.60
- ------------------------------------------------------------------
<FN>
* The table has been restated to reflect a 5-for-1 share split
declared by the fund to shareholders of record on November
29, 1994.
(a) Total investment return assumes dividend reinvestment and
does not reflect the effect of sales charges.
</TABLE>
<PAGE>
Notes to financial statements
November 30, 1994
Note 1
Significant accounting policies
The fund is registered under the Investment Company Act of 1940,
as amended, as a diversified, open-end management investment
company. The fund seeks high after-tax income for corporate
shareholders and current income for all investors with minimum
fluctuations in principal.
The following is a summary of significant accounting policies
consistently followed by the fund in the preparation of its
financial statements. The policies are in conformity with
generally accepted accounting principles.
A Security valuation Investments for which market quotations are
readily available are stated at market value, which is determined
using the last reported sale price. In the absence of sales of
listed securities and with respect to securities for which the
most recent sales prices are not deemed to represent fair market
value, securities are valued at the last reported bid price,
except that certain U.S. government obligations are stated at the
mean between the bid and asked prices. Securities whose market
quotations are not readily available are stated at fair value on
the basis of valuations furnished by pricing services approved by
the Trustees, which determine valuations for normal, institutional-
size trading units of such securities using methods based on
market transactions for comparable securities and various
relationships between securities that are generally recognized by
institutional traders. Short-term investments having remaining
maturities of 60 days or less are stated at amortized cost, which
approximates market value, and other investments are stated at
fair value following procedures approved by the Trustees.
B Joint trading account Pursuant to an exemptive order issued by
the Securities and Exchange Commission, the fund may transfer
uninvested cash balances into a joint trading account, along with
the cash of other registered investment companies managed by
Putnam Investment Management, Inc. (Putnam Management), the fund's
Manager, a wholly-owned subsidiary of Putnam Investments, Inc.,
and certain other accounts. These balances may be invested in one
or more repurchase agreements and/or short-term money market
instruments.
C Repurchase agreements The fund, or any joint trading account,
through its custodian, receives delivery of the underlying
securities, the market value of which at the time of purchase is
required to be in an amount at least equal to the resale price,
including accrued interest. The fund's Manager is responsible for
determining that the value of these underlying securities is at
all times at least equal to the resale price, including accrued
interest.
D Security transactions and related investment income Security
transactions are accounted for on the trade date (date the order
to buy or sell is executed). Interest income is recorded on the
accrual basis and dividend income is recorded on the ex-dividend
date.
E Federal taxes It is the policy of the fund to distribute all
of its income within the prescribed time and otherwise comply with
the provisions of the Internal Revenue Code applicable to
regulated investment companies. It is also the intention of the
fund to distribute an amount sufficient to avoid imposition of any
excise tax subject to Section 4982 of the Internal Revenue Code of
1986. Therefore, no provision has been made for federal taxes on
income, capital gains or unrealized appreciation of securities
held and excise tax on income and capital gains.
At November 30, 1994, the fund had a capital loss carryover of
approximately $150,840,000. This amount includes approximately
$83,504,000 of capital loss carryovers acquired in connection with
the fund's acquisition of the net assets of Putnam Corporate Cash
Trust-Adjustable Rate Preferred Portfolio in 1990, which expire at
various dates through July 13, 1998.
The amount of the capital loss carryover that can be used to
offset realized capital gains by the fund in any one year may be
limited by the Internal Revenue Code and Regulations. To the
extent that capital loss carryovers are used to offset realized
capital gains, it is unlikely that gains so offset would be
distributed to shareholders since any such distribution might be
taxable as ordinary income.
<TABLE><CAPTION>
<S> <C>
Loss Carryovers Expiration
- -----------------------------------------
$ 7,003,000 November 30, 1995
64,235,000 November 30, 1996
40,491,000 November 30, 1997
27,937,000 July 13, 1998
5,705,000 November 30, 1998
5,261,000 November 30, 1999
208,000 November 30, 2002
- -----------------------------------------
</TABLE>
The fund has designated 100% of the investment income as
qualifying for the dividends-received deduction for corporations.
F Distributions to shareholders The fund declares a distribution
each day based upon the projected net investment income and short-
term capital gains for a period, usually two months, calculated as
if earned pro- rata throughout the period on a daily basis. Such
distributions are recorded daily and paid monthly. Long-term
capital gain distributions, if any, are recorded by the fund on
the ex- dividend date and paid annually.
The amount and character of income and gains to be distributed are
determined in accordance with income tax regulations which may
differ from generally accepted accounting principles. These
differences include nontaxable dividends. Reclassifications are
made to the fund's capital accounts to reflect income and gains
available for distribution (or available capital loss carry-overs)
under income tax regulations. For the year ended November 30,
1994, the fund reclassified $15,625 to decrease undistributed net
investment income and $15,625 to decrease accumulated net realized
loss on investments.
Note 2
Management fee, administrative services, and other transactions
Compensation of Putnam Investment Management the fund's Manager
(the "Manager"), for management and investment advisory services
is paid quarterly based on the average net assets of the fund for
the quarter. Such fee is based on the following annual rates:
0.65% of the first $500 million of average net assets, 0.55% of
the next $500 million, 0.50% of the next $500 million and 0.45% of
any amount over $1.5 billion, subject, under current law, to
reduction in any year to the extent that expenses (exclusive of
brokerage, interest taxes and credits allowed by PFTC) of the fund
exceed 2.5% of the first $30 million of average net assets, 2.0%
of the next $70 million and 1.5% of any amount over $100 million
and by the amount of certain brokerage commissions and fees (less
expenses) received by affiliates of the Manager on the fund's
portfolio transactions.
The fund also reimburses the Manager for the compensation and
related expenses of certain officers of the fund and their staff
who provide administrative services to the fund. The aggregate
amount of all such reimbursements is determined annually by the
Trustees.
Trustees of the fund receive an annual Trustee's fee of $750 and
an additional fee for each Trustees' meeting attended. Trustees
who are not interested persons of the Manager and who serve on
committees of the Trustees receive additional fees for attendance
at certain committee meetings.
Custodial functions for the fund are provided by Putnam Fiduciary
Trust Company (PFTC), a wholly-owned subsidiary of Putnam
Investments, Inc. Investor servicing agent functions are provided
by Putnam Investor Services, a division of PFTC. Investor
servicing and custodian fees reported in the statement of
operations for the year ended November 30, 1994 have been reduced
by credits allowed by PFTC.
During the year ended November 30, 1994, Putnam Mutual Funds
Corp., a wholly-owned subsidiary of Putnam Investments, Inc.,
acting as an underwriter, received net commissions of $36,851 from
the sale of shares of the fund.
A deferred sales charge of up to 1% is assessed on certain
redemptions of shares purchased as part of an investment of $1
million or more. For the year ended November 30, 1994, Putnam
Mutual Funds Corp., acting as an underwriter, received $12,618 on
such redemptions.
Note 3
Purchases and sales of securities
During the year ended November 30, 1994, purchases and sales of
investment securities other than
short-term investments aggregated $42,711,886 and $53,564,438,
respectively. In determining the net gain or loss on securities
sold, the cost of securities has been determined on the identified
cost basis.
Note 4
Capital shares
The fund declared a 5-for-1 stock split to shareholders of record
November 29, 1994. The "Financial highlights" and the financial
statements -- capital shares, have been restated to reflect the
stock split.
At November 30, 1994, there was an unlimited number of shares of
beneficial interest authorized.
Transactions in capital shares were as follows:
<TABLE><CAPTION>
<S> <C> <C>
Year ended November 30
- ------------------------------------------------------------------
1994
- ------------------------------------------------------------------
Shares Amount
- ------------------------------------------------------------------
Shares sold 2,163,891 $18,804,139
Shares issued in
connection with
reinvestment distributions 703,150 5,424,810
- ------------------------------------------------------------------
2,867,041 24,228,949
- ------------------------------------------------------------------
Shares repurchased (4,030,872) (34,045,886)
- ------------------------------------------------------------------
Net decrease (1,163,831) $(9,816,937)
- ------------------------------------------------------------------
Year ended November 30
- ------------------------------------------------------------------
1993
- ------------------------------------------------------------------
Shares Amount
- ------------------------------------------------------------------
Shares sold 4,137,550 $36,078,443
Shares issued in
connection with
reinvestment distributions 647,845 5,651,539
- ------------------------------------------------------------------
4,785,395 41,729,982
- ------------------------------------------------------------------
Shares repurchased (5,491,550) (48,035,678)
- ------------------------------------------------------------------
Net decrease (706,155) $(6,305,696)
- ------------------------------------------------------------------
</TABLE>
Note 5
Reclassification of Capital Accounts
Effective December 1, 1993, Putnam Corporate Asset Trust has
adopted the provision of Statement of Position 93-2
"Determination, Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital Distributions, by
Investment Companies (SOP)." The purpose of this SOP is to report
the accumulated investment income (loss) and accumulated net
realized gain (loss) accounts available for future distributions
(or to offset future realized capital gains) and to achieve
uniformity in the presentation of distributions by investment
companies.
As a result of the SOP, the fund has reclassified $89,229 to
increase undistributed net investment income, $5,423,142 to
increase accumulated net realized loss and $5,333,913 to increase
additional paid-in-capital.
This adjustment represents the cumulative amounts necessary to
report these balances through November 30, 1993, the close of the
fund's last fiscal year end for financial reporting and tax
purposes.
These reclassifications, which have no impact on the total net
asset value of the fund, are primarily attributable to the
utilization of acquired capital loss carryovers which are treated
differently in the computation of distributable capital gains
under federal income tax rules and regulations versus generally
accepted accounting principles.
<PAGE>
Our commitment to quality service
CHOOSE AWARD-WINNING SERVICE.
Putnam Investor Services has won the DALBAR Quality Tested Service
Seal for the past five years, through 1994. DALBAR, an independent
research firm, ran more than 10,000 tests of 38 shareholder
service components. In every category, Putnam outperformed the
industry standard.
HELP YOUR INVESTMENT GROW.
Set up a systematic program for investing with as little as $25 a
month from a Putnam fund or from your checking or savings
account.*
SWITCH FUNDS EASILY.
You can move money from one account to another with the same class
of shares without a service charge. (This privilege is subject to
change or termination.)
ACCESS YOUR MONEY QUICKLY.
You can get checks sent regularly or redeem shares any business
day at the then-current net asset value, which may be more or less
than their original cost.
For details about any of these or other services, contact your
financial advisor or call the toll-free number shown below and
speak with a helpful Putnam representative.
To make an additional investment in this or any other Putnam fund,
contact your financial advisor or call our toll-free number: 1-800-
225-1581.
* Regular investing, of course, does not guarantee a profit or
protect against a loss in a declining market. Investors
should consider their ability to continue purchasing shares
during periods of low price levels.
Fund information
INVESTMENT MANAGER
Putnam Investment
Management, Inc.
One Post Office Square
Boston, MA 02109
MARKETING SERVICES
Putnam Mutual Funds Corp.
One Post Office Square
Boston, MA 02109
CUSTODIAN
Putnam Fiduciary Trust Company
LEGAL COUNSEL
Ropes & Gray
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
TRUSTEES
George Putnam, Chairman
William F. Pounds, Vice Chairman
Jameson Adkins Baxter
Hans H. Estin
John A. Hill
Elizabeth T. Kennan
Lawrence J. Lasser
Robert E. Patterson
Donald S. Perkins
George Putnam, III
A.J.C. Smith
W. Nicholas Thorndike
OFFICERS
George Putnam
President
Charles E. Porter
Executive Vice President
Patricia C. Flaherty
Senior Vice President
Lawrence J. Lasser
Vice President
Gordon H. Silver
Vice President
Peter Carman
Vice President
Thomas V. Reilly
Vice President
Sheldon Simon
Vice President and Fund Manager
William N. Shiebler
Vice President
John R. Verani
Vice President
Paul M. O'Neil
Vice President
John D. Hughes
Vice President and Treasurer
Beverly Marcus
Clerk and Assistant Treasurer
This report is for the information of shareholders of Putnam
Corporate Asset Trust. It may also be used as sales literature
when preceded or accompanied by the current prospectus, which
gives details of sales charges, investment objectives, and
operating policies of the fund, and the most recent copy of
Putnam's Quarterly Performance Summary. For more information or to
request a prospectus, call toll- free: 1-800-225-1581
<PAGE>
PUTNAM INVESTMENTS
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
Bulk Rate
U.S. Postage
PAID
Putnam
Investments
029-15841
<PAGE>
APPENDIX TO FORM N-30D FILINGS TO DESCRIBE DIFFERENCES BETWEEN
PRINTED AND EDGAR-FILED TEXTS.
(1) Rule lines for tables are omitted.
(2) Boldface and italic typefaces are displayed in normal type.
(3) Headers (e.g. the names of the fund) and footers (e.g. page
numbers and OThe accompanying notes are an integral part of
these financial statementsO) are omitted.
(4) Because the printed page breaks are not reflected, certain
tabular and columnar headings and symbols are displayed
differently in this filing.
(5) Bullet points and similar graphic symbols are omitted.
(6) Page Numbering is different.
