-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DFacxj9PL3zkiPo54V3MDc5QOv64d3r+/k0Ib8HhS+FOgix5DHSoSJGUmmviPNAy ExZuoaHuTfPDxAQOlQnfFw== 0000081248-95-000010.txt : 19951130 0000081248-95-000010.hdr.sgml : 19951130 ACCESSION NUMBER: 0000081248-95-000010 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951128 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM MONEY MARKET FUND CENTRAL INDEX KEY: 0000081248 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 046386436 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-02608 FILM NUMBER: 95596598 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A-14 LEGAL DEPARTMENT CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921141 MAIL ADDRESS: STREET 1: MAILSTOP A-14 LEGAL DEPARTMENT STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM DAILY DIVIDEND TRUST DATE OF NAME CHANGE: 19920703 N-30D 1 PUTNAM MONEY MARKET FUND PUTNAM MONEY MARKET FUND [Artwork] ANNUAL REPORT September 30, 1995 [Putnam Logo] Boston * London * Tokyo PERFORMANCE HIGHLIGHTS "In just five years, total assets of money funds have grown by 72%, and in the not-too-distant future, assets should break the elusive $1 trillion barrier.... There are many factors contributing to asset growth. One of the most important has been the tremendous acceptance of money funds as a viable cash alternative to traditional market securities." -- IBC Money Market Insight, September 1995 Performance should always be considered in light of a fund's investment strate- gy. Putnam Money Market Fund is designed for investors seeking current income consistent with capital preservation, stable principal, and liquidity. FISCAL 1995 RESULTS AT A GLANCE - ----------------------------------------------------------------- - ------------- CLASS A CLASS B CLASS M* TOTAL RETURN: NAV NAV NAV - ----------------------------------------------------------------- - ------------- (change in value during period plus reinvested earnings) 12 months ended 9/30/95 5.33% 4.80% -- - ----------------------------------------------------------------- - ------------- 10 months ended 9/30/95 -- -- 4.43% - ----------------------------------------------------------------- - ------------- DISTRIBUTIONS: NUMBER INCOME TOTAL - ----------------------------------------------------------------- - ------------- Class A 12 $0.052076 $0.052076 - ----------------------------------------------------------------- - ------------- Class B 12 0.046941 0.046941 - ----------------------------------------------------------------- - ------------- Class M* 10 0.043416 0.043416 - ----------------------------------------------------------------- - ------------- CURRENT RETURN: CLASS A CLASS B CLASS M - ----------------------------------------------------------------- - ------------- End of period Current 7-day yield(1) 5.21% 4.70% 5.06% - ----------------------------------------------------------------- - ------------- Current 30-day yield(1) 5.24 4.69 5.26 - ----------------------------------------------------------------- - ------------- Performance data represent past results and are no assurance of future per- formance and will differ for each share class. For performance over longer periods, see page 7. (1) The 7-day and 30-day yields are the two most common gauges for measuring money market mutual fund performance. An investment in the fund is neither insured nor guaranteed by the U.S. government. There can be no assurance that the fund will be able to maintain a stable net asset va- lue of $1.00 per share. * The fund began offering class M shares on 12/8/94. FROM THE CHAIRMAN [Photograph of George Putnam] * (C) Karsh, Ottawa DEAR SHAREHOLDER: PUTNAM MONEY MARKET FUND ENDS ONE FISCAL YEAR AND BEGINS ANOTHER IN ONE OF THE MOST LIVELY BOND MARKETS IN YEARS. INFLATION APPEARS TO HAVE PEAKED AT 3%, A LOWER LEVEL THAN IN THE MID-1980S. WITH MODEST GROWTH, IT COULD FALL LOWER, MA- KING REAL YIELDS EVEN MORE ATTRACTIVE THAN THEY ARE NOW. THIS FAVORABLE ENVIRONMENT BELIES THE CHALLENGES YOUR FUND FACED DURING THE 12 MONTHS ENDED SEPTEMBER 30, 1995, AS THE ECONOMY SLOWED AND INTEREST RATES - -- ESPECIALLY SHORT-TERM RATES -- BEGAN A DESCENT. THE DECLINE IN SHORT-TERM RA- TES WAS FORESHADOWED WHEN THE FEDERAL RESERVE BOARD OPTED NOT TO ADJUST RATES UPWARD IN FEBRUARY, THEN WAS CONFIRMED AS THE FED ACTUALLY LOWERED RATES IN JULY. FUND MANAGER LINDSEY STRONG'S CHALLENGE IN THIS ENVIRONMENT WAS TO STAY AHEAD OF THE TREND, WHICH SHE DID BY EXTENDING THE AVERAGE MATURITY OF THE SECURITIES IN THE PORTFOLIO. SHE MADE THE MOVE BEFORE THE FED'S JULY RATE CUT, THUS HELPING THE FUND MAINTAIN ITS COMPETITIVE EDGE. LINDSEY'S REPORT FOR FISCAL 1995 AND HER OUTLOOK FOR THE MONTHS AHEAD APPEAR ON THE FOLLOWING PAGES. RESPECTFULLY YOURS, GEORGE PUTNAM CHAIRMAN OF THE TRUSTEES NOVEMBER 15, 1995 * (C) Copyright REPORT FROM THE FUND MANAGER LINDSEY C. STRONG The 12 months ended September 30, l995, marked another year of solid performance for Putnam Money Market Fund. Our challenge during the period was to manage the fund in an environment when the economy and the direction of interest rates changed course rather dramatically. Throughout the period, we maintained an ac- tive investment strategy of selecting high-quality short-term instruments for the portfolio, and this resulted in a steady stream of monthly income and a stable share price of $1.00 per share. A CHANGED INVESTMENT ENVIRONMENT During the last quarter of l994, economic growth remained strong and concerns about increased inflation dominated the financial markets. At that time, the Federal Reserve Board's anti-inflation policy of periodically raising short-term interest rates was in full force. Even as the Fed was raising rates for the last time in February l995, the success of its anti-inflation policy was becoming apparent. The growth in gross domestic product (GDP) slowed from 5.1% during the fourth quarter of l994 to 2.8% during the first quarter of l995. During the se- cond quarter of l995, GDP declined to 0.50%. By early summer, recession fears began to mount, and in July, the Fed lowered short-term interest rates from 6.0% to 5.75%. Toward the end of the summer, leading economic indicators began to show signs of strength, and recession concerns abated. However, the Fed took no other action. CAPITALIZING ON INTEREST-RATE MOVES As interest rates fluctuated during the period, our strategy centered on maxi- mizing income while at the same time maintaining a high quality portfolio of securities. To this end, while interest rates were rising, we shortened the average maturity of the portfolio. This allowed us to take advantage of incre- mentally higher yields. When it became apparent that rates were unlikely to rise further, we reversed our approach, seeking to lock in higher yields by lengthening the average matu- rity of the portfolio. Finally, toward the end of the fiscal year, as the direc- tion of interest rates became somewhat uncertain, we put the fund's average ma- turity in a more neutral position. It is no longer as short as it was very early in the period, nor is it as long as it was in the summer. During the first six months of the fiscal year, a portion of your fund's invest- ments were in floating-rate securities. These were advantageous for the fund when interest rates were rising rapidly. Many of these securities matured by the end of March, and we replaced them with fixed-rate instruments. The fund benefited from the relatively high yields the fixed-rate securities offered, at a time when interest rates began to decline. SECURITY SELECTION FOCUSED ON QUALITY We continued to invest in traditional money market securities of the highest quality, such as certificates of deposit, commercial paper, and government agen- cy discount notes. For most of the period, supply was tight, particularly for securities with maturities in the six-months to one-year range. When issuers be- lieve that interest rates will decline, they tend to generate more - ----------------------------------------------------------------- - -------------- PERFORMANCE COMPARISONS (9/30/95) - ----------------------------------------------------------------- - -------------- CURRENT RETURN* PASSBOOK SAVINGS ACCOUNT 2.01% TAXABLE MONEY MARKET FUND (7-DAY YIELD) 5.35 3-MONTH CERTIFICATE OF DEPOSIT ("CD") (AS OF 9/21/95) 3.26 PUTNAM MONEY MARKET FUND (7-DAY YIELD) CLASS A 5.21 CLASS B 4.70 CLASS M 5.06 - ----------------------------------------------------------------- - -------------- The net asset value of money market mutual funds is uninsured and designed to be fixed, while distributions vary daily. Investment returns will fluctuate. The principal value on passbook savings and bank CDs is generally insured up to certain limits by state and federal agencies. CDs, unlike money market funds which incur more risks, offer a fixed rate of return. Unlike money mar- ket funds, early withdrawals from bank CDs may be subject to substantial pe- nalties. * Sources: Bank of Boston (passbook savings), Bank Rate Monitor (3-month CDs), IBC/Donaghue's Money Fund Report (taxable money market fund 7-day yield). short-term (under six months) debt instruments. This allows them to issue addi- tional debt more cheaply when rates decline. As always, our strict standards for investing in any security remained intact. Every holding at the time of acquisition must be rated by two or more nationally recognized rating services and receive at least two ratings within the top two categories. If the security has been rated by only one service, its rating must be within the service's top two categories. OUR OUTLOOK Going forward, we will be monitoring the economic environment very carefully. Because the Fed seems to have achieved its goal of low inflation and a slowly growing economy, we believe interest rates could decline modestly in the months ahead. However, we do not expect to see extremely steep declines in rates such as the ones we experienced in l993. Because your fund's average maturity is relatively neutral, we believe it is well positioned to generate a relatively high amount of income even if rates decline. In the months ahead, we will continue to seek a competitive amount of income by investing in a well-diversified portfolio of traditional money market instruments and, as always, maintaining our emphasis on stability of principal, high quality, and liquidity. 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 9/30/95, there is no guarantee the fund will continue to hold these securities in the future. 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 changed over time, assum- ing you held the shares through the entire period and reinvested all distribu- tions back into the fund. TOTAL RETURN FOR PERIODS ENDED 9/30/95 - ----------------------------------------------------------------- - -------------- LIPPER CONSUMER CLASS A CLASS B CLASS M MONEY MARKET PRICE NAV NAV CDSC NAV FUND INDEX INDEX - ----------------------------------------------------------------- - -------------- 1 year 5.33% 4.80% -0.21% -- 5.37% 2.54% - ----------------------------------------------------------------- - -------------- 5 years 23.14 -- -- -- 23.81 15.45 Annual average 4.25 -- -- -- 4.36 2.91 - ----------------------------------------------------------------- - -------------- 10 years 74.15 -- -- -- 76.43 41.46 Annual average 5.70 -- -- -- 5.84 3.53 - ----------------------------------------------------------------- - -------------- Life of class B -- 11.24 8.24 -- 13.33 9.82 Annual average -- 3.15 2.34 -- 3.73 2.77 - ----------------------------------------------------------------- - -------------- Life of class M -- -- -- 4.43% 4.59 2.34 - ----------------------------------------------------------------- - -------------- Fund performance data do not take into account any adjustment for taxes payable on reinvested distributions. The fund began operations on 10/1/76, offering sha- res now known as class A. The fund began offering class B shares on 4/27/92 and class M on 12/8/94. Performance data represents past results and are not indica- tive of future returns. Investment returns will fluctuate. An investment in the fund is neither insured nor guaranteed by the U.S. government. There can be no assurance that the fund will be able to maintain a stable net asset value of $1.00 per share. TERMS AND DEFINITIONS CLASS A SHARES generally are fund shares purchased with an initial sales charge. In the case of your fund, which has no sales charge, the reference is to shares purchased or acquired through the exchange of class A shares from another Putnam fund. Exchange of your fund's class A shares into another fund may involve a sa- les charge, however. CLASS B SHARES generally are fund shares purchased with no initial sales charge but subject to a contingent deferred sales charge (CDSC) upon redemption. How- ever, class B shares of your fund can be acquired only through exchange of class B shares from another fund or purchased by certain systematic plan shareholders. A contingent deferred sales charge is a charge applied at the time of redemption of class B shares and assumes redemption at the end of the period. The CDSC schedule will vary depending on whether the shares were acquired through exchan- ge or through a systematic investment plan purchase. Consult your prospectus for details. CLASS M SHARES generally have a lower initial sales charge and a higher 12b-1 fee than class A shares and no sales charge on redemption. In the case of your fund, which has no sales charge, exchange of your fund's class M shares into another fund may involve a sales charge, however. NET ASSET VALUE (NAV) is the value of all fund assets, minus liabilities, divi- ded by the number of outstanding shares. It does not include any initial or con- tingent deferred sales charge. COMPARATIVE BENCHMARKS LIPPER MONEY MARKET FUND INDEX, is an equally-weighted average reflecting per- formance of the 30 largest money market funds tracked by Lipper, analytical services. CONSUMER PRICE INDEX (CPI) is a commonly used measure of inflation; it does not represent an investment return. PUTNAM GROWTH FUNDS Asia Pacific Growth Fund Capital Appreciation Fund* Diversified Equity Trust Europe Growth Fund Global Growth Fund Health Sciences Trust International New Opportunities Fund Investors Fund Natural Resources Trust New Opportunities Fund OTC Emerging Growth Fund Overseas Growth Fund Vista Fund Voyager Fund Voyager Fund II** PUTNAM GROWTH AND INCOME FUNDS Balanced Retirement Fund Convertible Income-Growth Trust Equity Income Fund The George Putnam Fund of Boston The Putnam Fund for Growth and Income Growth and Income Fund II Utilities Growth and Income Fund PUTNAM INCOME FUNDS Adjustable Rate U.S. Government Fund American Government Income Fund Diversified Income Trust Federal Income Trust Global Governmental Income Trust High Yield Advantage Fund High Yield Trust Income Fund Intermediate U.S. Government Income Fund Preferred Income Fund U.S. Government Income Trust PUTNAM TAX-FREE INCOME 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: California Tax Exempt Money Market Fund Money Market Fund New York Tax Exempt Money Market Fund Tax Exempt Money Market Fund *** CDS AND SAVINGS ACCOUNTS * Temporarily closed to new investors. ** Formerly Putnam Growth Fund. + Not available in all states. ++ Relative to above. *** 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. 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, in- cluding charges and expenses. Read it carefully before you invest or send money. REPORT OF INDEPENDENT ACCOUNTANTS For the fiscal year ended September 30, 1995 To the Trustees and Shareholders of Putnam Money Market Fund 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 Money Market Fund ("the fund"), at September 30, 1995, 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 state- ments and financial highlights (hereafter referred to as "financial statements") are the responsibility of the fund's management; our responsibility is to ex- press 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 account- ing 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 September 30, 1995 by correspon- dence with the custodian, provide a reasonable basis for the opinion expressed above. Price Waterhouse LLP Boston, Massachusetts November 10, 1995 PORTFOLIO OF INVESTMENTS OWNED September 30, 1995 COMMERCIAL PAPER (82.1%)* PRINCIPAL AMOUNT MATURITY DATE VALUE DOMESTIC (54.1%) - ----------------------------------------------------------------- - -------------- $25,000,000 AESBarbers Point Inc. 6.05s (Bank of America Letter of Credit (LOC) 10/27/95 $ 24,888,778 15,000,000 American Telephone & Telegraph Co. 5.57s 12/1/95 14,853,788 17,055,000 Bank of New York 5.73s 10/16/95 17,008,852 25,000,000 Bell Atlantic Financial Services 5.72s 10/24/95 24,900,694 30,000,000 Bell Atlantic Financial Services 5.71s 10/19/95 29,904,833 5,000,000 Ciesco Inc. 6.05s 11/7/95 4,967,229 50,000,000 Ciesco Inc 5.70s 10/31/95 49,932,426 5,000,000 Corporate Asset Funding Co. Inc. 6.17s 10/24/95 4,978,576 15,000,000 Corporate Asset Funding Co. Inc. 5.72s 11/3/95 14,916,583 20,600,000 Corporate Asset Funding Co. Inc. 5.68s 11/6/95 20,476,492 20,000,000 Corporate Asset Funding Co. Inc. 5.68s 10/18/95 19,940,044 35,000,000 Delaware Funding Corp. 5.65s 11/20/95 34,714,361 20,000,000 Ford Motor Credit Co. 5.72s 10/23/95 19,923,733 35,000,000 Ford Motor Credit Co. 5.71s 10/5/95 34,966,692 22,800,000 General Electric Capital Corp. 5.74s 10/12/95 22,752,741 25,000,000 General Electric Capital Corp. 5.65s 11/20/95 24,795,972 25,000,000 General Motors Acceptance Corp. 5.80s 10/30/95 24,875,139 25,000,000 General Motors Acceptance Corp. 5.78s 10/2/95 24,987,958 40,000,000 Heller Financial Inc. 5.68s 11/2/95 39,785,422 35,000,000 Household Financial Co. 5.70s 11/9/95 34,772,792 20,000,000 IBMCredit Corp. 5.74s 10/20/95 19,933,033 20,000,000 IBMCredit Corp. 5.72s 11/8/95 19,872,889 10,000,000 Metlife Funding Inc. 5.72s 10/16/95 9,972,989 10,000,000 Nationsbank Corp. 5.91s 11/8/95 9,934,333 30,000,000 Nationsbank Corp. 5.655s 3/4/96 29,260,138 40,000,000 New Center Asset Trust, 5.76s 10/5/95 39,961,600 15,000,000 New Center Asset Trust, 5.74s 10/18/95 14,954,558 20,000,000 Preferred Receivables Funding Corp. 5.75s 10/3/95 19,987,222 20,000,000 Preferred Receivables Funding Corp. 5.73s 10/25/95 19,917,233 14,650,000 Preferred Receivables Funding Corp. 5.73s 10/20/95 14,601,032 35,000,000 Sears Roebuck Acceptance Corp. 5.75s 10/17/95 34,899,375 15,000,000 Sears Roebuck Acceptance Corp. 5.72s 10/23/95 14,942,800 25,000,000 Sheffield Receivables Corp. 5.74s 10/16/95 24,932,236 25,000,000 Sheffield Receivables Corp. 6.18s 10/4/95 24,980,069 - ---------------- $ 786,492,612 COMMERCIAL PAPER (Continued) PRINCIPAL AMOUNT MATURITY DATE VALUE FOREIGN (28.0%) - ----------------------------------------------------------------- - -------------- $22,500,000 Abbey National PLC, 5.67s 1/16/96 $ 22,118,500 30,000,000 Abbey National PLC, 5.67s 11/15/95 29,777,925 40,000,000 ABN Amro, 5.57s 4/5/96 38,830,300 10,000,000 ABN Amro, 5.55s 12/22/95 9,870,500 45,000,000 Bank of Nova Scotia 5.65s 10/19/95 44,858,750 15,550,000 Cofco Credit 5.69s (Credit Suisse LOC) 11/17/95 15,429,570 15,000,000 Commonwealth Bank of Australia 5.53s 3/15/96 14,612,900 15,000,000 Cosco Credit 5.67s (Credit Suisse LOC) 11/30/95 14,853,525 10,000,000 Fundex Corp. 5.84s (Sumitomo Bank LOC) 10/10/95 9,982,156 15,000,000 Maguire/Thomas Partners, 5.80s (Sumitomo Bank LOC) 10/3/95 14,990,333 25,000,000 National Australia Funding 5.57s 12/1/95 24,756,312 6,725,000 Omnicom Finance 5.73s (Swiss Bank LOC) 10/31/95 6,690,747 20,000,000 Omnicom Finance 5.73s (Swiss Bank LOC) 10/20/95 19,933,150 15,000,000 Pemex Capital Inc. 5.67s (Swiss Bank LOC) 10/17/95 14,957,475 20,615,000 Queensland Alumina, Ltd. 5.70s (Credit Swiss LOC) 11/21/95 20,442,006 20,000,000 Societe General 5.61s 12/20/95 19,744,433 26,000,000 Societe General 5.54s 3/22/96 25,299,806 60,000,000 Union Bank of Switzerland 6.5s 10/2/95 59,989,167 - ---------------- $ 407,137,555 - ---------------- TOTAL COMMERCIAL PAPER (cost $1,193,630,167) $1,193,630,167 U.S. GOVERNMENT & AGENCY OBLIGATIONS (3.3%)* PRINCIPAL AMOUNT MATURITY DATE VALUE - ----------------------------------------------------------------- - -------------- $25,000,000 Federal Home Loan Mortgage Corp. 6.00s 1/16/96 $ 24,545,833 25,000,000 Federal National Mortgage Association Discount Notes, 5.48s 4/12/96 24,254,111 - ---------------- TOTAL U.S. GOVERNMENT & AGENCY Obligations (cost $48,799,944) $ 48,799,944 BANK NOTES (4.8%)* PRINCIPAL AMOUNT MATURITY DATE VALUE - ----------------------------------------------------------------- - -------------- $10,000,000 Bank of America 5.75s 10/20/95 $ 10,000,252 10,000,000 First National Bank of Boston, 6.32s 10/10/95 10,000,000 25,000,000 Morgan Guaranty Trust Co. 5.95s 7/18/96 25,000,000 25,000,000 Morgan Guaranty Trust Co. 5.75s 8/7/96 24,995,250 - ---------------- TOTAL BANK NOTES (cost $69,995,502) $ 69,995,502 CERTIFICATES OF DEPOSIT (6.9%)* PRINCIPAL AMOUNT MATURITY DATE VALUE - ----------------------------------------------------------------- - -------------- $30,000,000 Bayerische Lanesbank 5.75s 11/2/95 $ 30,000,000 40,000,000 Royal Bank of Canada 6.24s 10/31/95 40,050,024 10,000,000 Royal Bank of Canada 5.65s 3/15/96 9,996,535 5,000,000 Societe Generale 6.18s 11/6/94 5,004,050 15,000,000 Swiss Bank Corp. 5.72s 3/25/96 14,996,315 - ---------------- TOTAL CERTIFICATES OF DEPOSIT (cost $100,046,924) $ 100,046,924 REPURCHASE AGREEMENT (5.4%)* (cost $79,115,120) PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------- - -------------- $79,087,000 Interest in $234,608,000 with joint repurchase agreement dated September 29, 1995 with Lehman Brothers, Inc., due October 2, 1995 with respect to various U.S. Treasury obligations -- maturity value of $79,129,180 for an effective yield of 6.40% $ 79,115,120 - ----------------------------------------------------------------- - -------------- TOTAL INVESTMENTS (cost $1,491,587,657)*** $1,491,587,657 - ----------------------------------------------------------------- - -------------- NOTES * Percentages indicated are based on net assets of $1,454,613,466, which co- rresponds to a net asset value per share of $1.00 per class A, class B and class M shares. *** The aggregate identified cost on a tax basis is the same. Percent of total net assets invested in foreign countries at September 30, 1995: Switzerland 11.5% Canada 6.5% United Kingdom 3.6% France 3.4% Netherlands 3.3% Australia 2.7% Germany 2.1% Japan 1.8% The accompanying notes are an integral part of these financial statements. STATEMENT OF ASSETS AND LIABILITIES September 30, 1995 ASSETS - ----------------------------------------------------------------- - -------------- Investments in securities, at amortized cost (Note 1) $1,491,587,657 - ----------------------------------------------------------------- - -------------- Cash 552 - ----------------------------------------------------------------- - -------------- Interest and other receivables 2,108,953 - ----------------------------------------------------------------- - -------------- Receivable for shares of the fund sold 24,713,679 - ----------------------------------------------------------------- - -------------- TOTAL ASSETS 1,518,410,841 LIABILITIES - ----------------------------------------------------------------- - -------------- Payable for shares of the fund repurchased 61,163,147 - ----------------------------------------------------------------- - -------------- Distributions payable to shareholders 647,591 - ----------------------------------------------------------------- - -------------- Payable for compensation of Manager (Note 2) 831,669 - ----------------------------------------------------------------- - -------------- Payable for administrative services (Note 2) 6,851 - ----------------------------------------------------------------- - -------------- Payable for compensation of Trustees (Note 2) 1,019 - ----------------------------------------------------------------- - -------------- Payable for distribution fees (Note 2) 107,103 - ----------------------------------------------------------------- - -------------- Payable for investor servicing and custodian fees (Note 2) 861,604 - ----------------------------------------------------------------- - -------------- Other accrued expenses 178,391 - ----------------------------------------------------------------- - -------------- TOTAL LIABILITIES 63,797,375 - ----------------------------------------------------------------- - -------------- NET ASSETS $1,454,613,466 REPRESENTED BY - ----------------------------------------------------------------- - -------------- Paid-in capital (Note 4) $1,454,613,466 - ----------------------------------------------------------------- - -------------- Net asset value, offering and redemption price per class A share ($1,189,639,582 divided by 1,189,639,582 shares)* $1.00 - ----------------------------------------------------------------- - -------------- Net asset value and offering price per class B share ($256,533,435 divided by 256,533,435 shares)** $1.00 - ----------------------------------------------------------------- - -------------- Net asset value, offering and redemption price per class M share ($8,440,449 divided by 8,440,449 shares)* $1.00 - ----------------------------------------------------------------- - -------------- * Offered at net asset value. ** Class B shares are available only by exchange of class B shares from other Putnam funds and to certain systematic investment plan investors. The appli- cable contingent deferred sales charge will depend upon the fund from which you exchanged. The accompanying notes are an integral part of these financial statements. STATEMENT OF OPERATIONS For the year ended September 30, 1995 INTEREST INCOME: $81,328,984 - ----------------------------------------------------------------- - -------------- EXPENSES: - ----------------------------------------------------------------- - -------------- Compensation of Manager (Note 2) 4,812,695 - ----------------------------------------------------------------- - -------------- Investor servicing and custodian fees (Note 2) 3,001,694 - ----------------------------------------------------------------- - -------------- Compensation of Trustees (Note 2) 37,388 - ----------------------------------------------------------------- - -------------- Reports to shareholders 189,896 - ----------------------------------------------------------------- - -------------- Auditing 36,646 - ----------------------------------------------------------------- - -------------- Legal 37,993 - ----------------------------------------------------------------- - -------------- Registration fees 314,376 - ----------------------------------------------------------------- - -------------- Postage 156,827 - ----------------------------------------------------------------- - -------------- Administrative services (Note 2) 29,760 - ----------------------------------------------------------------- - -------------- Distribution fees -- class B (Note 2) 1,207,547 - ----------------------------------------------------------------- - -------------- Distribution fees -- class M (Note 2) 3,588 - ----------------------------------------------------------------- - -------------- Other 26,504 - ----------------------------------------------------------------- - -------------- Total expenses 9,854,914 - ----------------------------------------------------------------- - -------------- Fees paid indirectly (Note 2) (8,545) - ----------------------------------------------------------------- - -------------- Net expenses 9,846,369 - ----------------------------------------------------------------- - -------------- Net investment income 71,482,615 - ----------------------------------------------------------------- - -------------- Net increase in net assets resulting from operations $71,482,615 - ----------------------------------------------------------------- - -------------- The accompanying notes are an integral part of these financial statements. STATEMENT OF CHANGES IN NET ASSETS FOR THE ELEVEN MONTHS YEAR ENDED ENDED SEPTEMBER 30 SEPTEMBER 30 1995 1994 - ----------------------------------------------------------------- - -------------- INCREASE IN NET ASSETS - ----------------------------------------------------------------- - -------------- Operations: - ----------------------------------------------------------------- - -------------- Net investment income $71,482,615 $30,937,217 - ----------------------------------------------------------------- - -------------- Net realized gain on investment transactions -- 42 - ----------------------------------------------------------------- - -------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 71,482,615 30,937,259 - ----------------------------------------------------------------- - -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income Class A (59,886,945) (27,575,242) Class B (11,472,948) (3,361,975) Class M (122,722) -- - ----------------------------------------------------------------- - -------------- Net realized gain on investments Class A -- (40) Class B -- (2) - ----------------------------------------------------------------- - -------------- Increase from capital share transactions (Note 4) 159,255,295 685,660,213 - ----------------------------------------------------------------- - -------------- TOTAL INCREASE IN NET ASSETS 159,255,295 685,660,213 - ----------------------------------------------------------------- - -------------- NET ASSETS - ----------------------------------------------------------------- - -------------- Beginning of year 1,295,358,171 609,697,958 - ----------------------------------------------------------------- - -------------- END OF YEAR $1,454,613,466 $1,295,358,171 - ----------------------------------------------------------------- - -------------- The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS (For a share outstanding throughout the period) DECEMBER 8, 1994 (COMMENCEMENT FOR THE ELEVEN OF OPERATIONS) TO YEAR ENDED MONTHS ENDED YEAR ENDED SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 OCTOBER 31 1995 1995 1994 1993 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- CLASS M CLASS B - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Net investment income $.0434 $.0469 $.0251 $.0195 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Net realized gain on investments -- -- -- -- - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- TOTAL FROM INVESTMENT OPERATIONS .0434 .0469 .0251 .0195 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- TOTAL DISTRIBUTIONS: $(.0434) $(.0469) $(.0251) $(.0195) - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- TOTAL INVESTMENT RETURN AT NET ASSET VALUE (%) (a) 4.43(b) 4.80 2.54(b) 1.98 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- NET ASSETS, END OF PERIOD (in thousands) $8,440 $256,533 $194,187 $22,777 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Ratio of expenses to average net assets (%) (c) .67(b) 1.12 1.03(b) 1.20 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Ratio of net investment income to average net assets (%) 4.29(b) 4.75 2.77(b) 1.98 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- (a) Total investment return assumes dividend reinvestment and does not reflect the effect of sales charges. (b) Not annualized. (c) The ratio of expenses to average net assets for the year ended September 30, 1995 includes amounts paid through expense offset arrangements. Prior period ratios exclude these amounts (see Note 2).
FINANCIAL HIGHLIGHTS (Continued) (For a share outstanding throughout the period) APRIL 27, 1992 (COMMENCEMENT FOR THE ELEVEN OF OPERATIONS) TO YEAR ENDED MONTHS ENDED OCTOBER 31 SEPTEMBER 30 SEPTEMBER 30 YEAR ENDED OCTOBER 31 1992 1995 1994 1993 1992 1991 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- CLASS A - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Net investment income $.0151 $0.0521 $.0299 $.0246 $0.353 $.0598 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Net realized gain on investments -- -- -- -- -- .0001 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- TOTAL FROM INVESTMENT OPERATIONS .0151 0.0521 .0299 .0246 .0353 .0599 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- TOTAL DISTRIBUTIONS: $(.0151) $(.0521) $(.0299) $(.0246) $(.0353) $(.0599) - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- TOTAL INVESTMENT RETURN AT NET ASSET VALUE (%) (a) 1.52(b) 5.33 3.03(b) 2.49 3.58 6.16 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- NET ASSETS, END OF PERIOD (in thousands) $2,864 $1,189,640 $1,101,171 $586,920 $839,185 $684,987 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Ratio of expenses to average net assets (%) (c) .70(b) .62 .58(b) .70 .86 .77 - ----------------------------------------------------------------- - ------------------------------------------------- - ---------------- Ratio of net investment income to average net assets (%) 1.50(b) 5.23 3.03(b) 2.48 3.56 6.04 - ----------------------------------------------------------------- - ------------------------------------------------- - ----------------
NOTES TO FINANCIAL STATEMENTS September 30, 1995 NOTE 1 SIGNIFICANT ACCOUNTING POLICIES Putnam Money Market Fund (the "fund"), is registered under the Investment Compa- ny Act of 1940, as amended as a diversified, open-end management investment com- pany. The fund seeks current income consistent with preservation of capital and maintenance of liquidity. The fund achieves its objective by investing in a portfolio of high-grade short-term obligations. The fund may invest up to 100% of its assets in the banking industry and in commercial paper and short-term corporate obligations of issuers in the personal credit institution and business credit industries. The fund offers class A, class B and class M shares. The fund commenced its pu- blic offering of class M shares on 12/8/94. Each class of shares is sold without a front-end sales charge. Class B shares are offered only in exchange for class B shares of other Putnam funds, or purchased by certain systematic shareholders. Shareholders are subject to the same contingent deferred sales charge schedule as the fund from which they were exchanged. Class B shares pay an ongoing dis- tribution fee, and are subject to a contingent deferred sales charge if the sha- res are redeemed within six years of purchase (including any holding period of the shares in another Putnam fund). Class M shares pay an ongoing distribution fee but are not subject to a contingent deferred sales charge. Expenses of the fund are borne pro-rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the distribution fees applicable to class B and class M shares). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. Shares of each class would recei- ve their pro-rata share of the net assets of the fund, if the fund were liquida- ted. In addition, the Trustees declare separate dividends on each class of sha- res. The following is a summary of significant accounting policies consistently fo- llowed by the fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles. A) SECURITY VALUATION The valuation of the fund's portfolio instruments is de- termined by means of the amortized cost method as set forth in Rule 2a-7 under the Investment Company Act of 1940. The amortized cost of an instrument is de- termined by valuing it at cost originally and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. B) SECURITY TRANSACTIONS Security transactions are accounted for on the trade date (date the order to buy or sell is executed). C) 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 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. D) 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. Putnam Management 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. E) FEDERAL TAXES It is the policy of the fund to distribute all of its taxable 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 im- position of any excise tax under Section 4982 of the Internal Revenue Code of 1986. Therefore, no provision has been made for federal and excise taxes on in- come and capital gains. F) INTEREST INCOME AND DISTRIBUTIONS TO SHAREHOLDERS Interest is recorded on the accrual basis. Income dividends (and distributions of capital gains, if any) are recorded daily by the fund and are distributed monthly to the shareholders. 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. NOTE 2 MANAGEMENT FEE, ADMINISTRATIVE SERVICES, AND OTHER TRANSACTIONS Compensation of Putnam Management, for management and investment advisory servi- ces is paid quarterly based on the average net assets of the fund. Such fee is based on the following annual rates: 0.5% of the first $100 million of average net assets 0.4% of the next $100 million. 0.35% of the next $300 million, 0.325% of the next $500 million, and 0.3% of any amount over $1 billion, subject under current law to reduction in any year to the extent that expenses (exclusive of distribution fees, brokerage, interest, taxes, and credits allowed by Putnam Fi- duciary Trust Company (PFTC), a wholly-owned subsidiary of Putnam Investments, Inc.) 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 Putnam Management on the fund's portfolio transactions. The fund reimburses Putnam Management for the compensation and related expenses of certain officers of the fund and their staff who provide administrative ser- vices 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 $2,340 and an additional fee for each Trustees' meeting attended. Trustees who are not interested persons of Putnam Management and who serve on committees of the Trustees receive addi- tional fees for attendance at certain committee meetings. During the year ended September 30, 1995, the fund adopted a Trustee Fee Defe- rral Plan (the "Plan") which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain in the fund and are invested in the fund or in other Putnam funds until distribution in accordance with the Plan. Custodial functions for the funds assets are provided by PFTC. Investor servi- cing agent functions are provided by Putnam Investor Services, a division of PFTC. For the year ended September 30, 1995, fund expenses were reduced by $8,545 un- der expense offset arrangements with PFTC. Investor servicing and custodian fees reported in the Statement of operations exclude these credits. The fund could have invested a portion of the assets utilized in connection with the offset arrangements in an income-producing asset if it had not entered into such arran- gements. The fund has adopted distribution plans (the "Plans") with respect to its class B and class M shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Mutual Funds Corp., a wholly-owned subsidiary of Putnam Investments, Inc., for services provided and expenses incurred by it in distributing shares of the fund. The Plans provide for payments by the fund to Putnam Mutual Funds Corp. at an annual rate up to 0.75% and 1.00% of average net assets attributable to class B and class M sha- res, respectively. The Trustees have approved payment by the fund at an annual rate of 0.50% and 0.15% of the average net assets attributable to class B and class M shares, respectively. For the year ended September 30, 1995, Putnam Mutual Funds Corp., acting as un- derwriter received net commissions of $1,812,421 from the sale of class B sha- res. There was $2,224,454 in contingent deferred sales charges from redemptions of class B shares. A deferred sales charge of up to 1% is assessed on certain redemptions of class A shares acquired through an exchange from another fund. For the year ended September 30, 1995, Putnam Mutual Funds Corp., acting as un- derwriter received $103,197 on class A redemptions. NOTE 3 PURCHASES AND SALES OF SECURITIES During the year ended September 30, 1995, purchases and sales (including matu- rities) of investment securities (all short-term obligations) aggregated $37,769,563,771 and $37,593,537,365, 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 At September 30, 1995, there was an unlimited number of shares of beneficial interest authorized divided into three classes of shares, class A, class B and class M capital shares. Transactions in capital shares, at a constant net asset value of $1.00 per share, were as follows: ELEVEN YEAR MONTHS ENDED ENDED SEPT. 30 SEPT. 30 CLASS A 1995 1994 - ----------------------------------------------------------------- - -------------- Shares sold 4,779,510,741 3,501,703,378 - ----------------------------------------------------------------- - -------------- Shares issued in connection with reinvestment of distributions 54,658,336 26,366,112 - ----------------------------------------------------------------- - -------------- 4,834,169,077 3,528,069,490 - ----------------------------------------------------------------- - -------------- Shares repurchased (4,745,700,888) (3,013,818,559) - ----------------------------------------------------------------- - -------------- NET INCREASE $88,468,189 $514,250,931 - ----------------------------------------------------------------- - -------------- ELEVEN YEAR MONTHS ENDED ENDED SEPT. 30 SEPT. 30 CLASS B 1995 1994 - ----------------------------------------------------------------- - -------------- Shares sold 1,012,064,608 652,248,469 - ----------------------------------------------------------------- - -------------- Shares issued in connection with reinvestment of distributions 9,599,944 2,975,467 - ----------------------------------------------------------------- - -------------- 1,021,664,552 655,223,936 - ----------------------------------------------------------------- - -------------- Shares repurchased (959,317,895) (483,814,654) - ----------------------------------------------------------------- - -------------- NET INCREASE $62,346,657 $171,409,282 - ----------------------------------------------------------------- - -------------- For the period December 8, 1994 (commencement of operations) to September 30 Class M 1995 - ----------------------------------------------------------------- - -------------- Shares sold 16,449,326 - ----------------------------------------------------------------- - -------------- Shares issued in connection with reinvestment of distributions 109,559 - ----------------------------------------------------------------- - -------------- 16,558,885 - ----------------------------------------------------------------- - -------------- Shares repurchased (8,118,436) - ----------------------------------------------------------------- - -------------- NET INCREASE $8,440,449 - ----------------------------------------------------------------- - -------------- RESULTS OF JULY 13, 1995 SHAREHOLDER MEETING A special meeting of the shareholders of the fund was held on July 13, 1995. At the meeting, each of the nominees for Trustees was elected, as follows: VOTES FOR VOTES WITHHELD Jameson Adkins Baxter 745,602,377 19,415,176 Hans H. Estin 745,503,771 19,513,782 John A. Hill 745,741,495 19,276,058 Elizabeth T. Kennan 745,524,628 19,492,925 Lawrence J. Lasser 744,885,952 20,131,601 Robert E. Patterson 745,340,830 19,676,723 Donald S. Perkins 745,257,267 19,760,286 William F. Pounds 745,661,514 19,356,039 George Putnam 745,342,018 19,675,535 George Putnam, III 744,721,668 20,295,885 Eli Shapiro 744,622,482 20,395,071 A.J.C. Smith 744,777,019 20,240,534 W. Nicholas Thorndike 745,332,085 19,685,468 A proposal to ratify the selection of Price Waterhouse LLP as auditors for the fund was approved as follows: 724,625,524 votes for, and 11,416,782 votes against, with 28,975,247 abstentions and broker non-votes. A proposal to amend the fund's fundamental investment restriction on investments in restricted securities was approved as follows: 594,233,264 votes for, and 120,252,071 votes against, with 50,532,218 absten- tions and broker non-votes. A proposal to amend the fund's fundamental invest- ment restriction regarding investment in a class of single issuer's securities was approved as follows:604,455,381 votes for, and 108,931,028 votes against, with 51,631,144 abstentions and broker non-votes. All tabulations have been rounded to the nearest whole number. FEDERAL TAX INFORMATION (UNAUDITED) The form 1099 you receive in January 1996 will show the tax status of all dis- tributions paid to your account in calendar 1995. 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 Eli Shapiro A.J.C. Smith W. Nicholas Thorndike OFFICERS George Putnam Charles E. Porter President Executive Vice President Patricia C. Flaherty Lawrence J. Lasser Senior Vice President Vice President Gordon H. Silver Gary N. Coburn Vice President Vice President William F. McGue Lindsey C. Strong Vice President Vice President and Fund Manager William N. Shiebler John R. Verani Vice President Vice President Paul M. O'Neil John D. Hughes Vice President Vice President and Treasurer Beverly Marcus Clerk and Assistant Treasurer This report is for the information of shareholders of Putnam Money Market Fund. It may also be used as sales literature when preceded or accompanied by the cu- rrent prospectus, which gives details of sales charges, investment objectives and operating policies of the fund, and the most recent copy of Putnam's Quar- terly Performance Summary. For more information, or to request a prospectus, call toll free: 1-800-225-1581. SHARES OF MUTUAL FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR EN- DORSED BY, ANY FINANCIAL INSTITUTION, ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC), THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY, AND INVOLVE RISK, INCLUDING THE POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. - --------------- PUTNAM INVESTMENTS Bulk Rate U.S. Postage THE PUTNAM FUNDS PAID One Post Office Square Putnam Boston, Massachusetts 02109 Investments - --------------- 20983-010/879/534 11/95 APPENDIX TO FORM N-30D FILINGS TO DESCRIBE DIFFERENCES BETWEEN PRINTED AND EDGAR-FILED TEXTS: (1) Boldface typeface is displayed with capital letters, italic typeface is displayed in normal type. (2) Because the printed page breaks are not reflected, certain tabular and columnar headings and symbols are displayed differently in this filing. (3) Bullet points and similar graphic signals are omitted. (4) Page numbering has been omitted. (5) The trademark symbol has been replaced by (TM). (6) The copyright symbol has been replaced by (C). (7) The registered mark symbol has been replaced by (R). (8) The dagger symbol has been replaced by + (9) The double dagger symbol has been replaced by ++ (10) The triple dagger symbol has been replaced by +++ (11) The section symbol has been replaced by ^ (12) The double section symbol has been replaced by ^^ (13) The trile section symbol has been replaced by ^^^ -----END PRIVACY-ENHANCED MESSAGE-----