1.	The so-called Cato Positive Index (CPI) shows how many photographs of the chief executive are used in his annual report. True or false? Answer: False. It reflects inclusion of three dozen elements that reflect on a report's positive or negative nature—ranging from honesty to financial disclosure greater than what's mandated by the Securities and Exchange Commission or required by a company's listing agreement with its stock exchanges.
	2.	The CPI is at an all-time low. True or false? Answer: False. After sinking to a new low with 1994 reports to shareholders (0.8%), the positive index has soared to a record high 8.8%—up, even, from 5.7% among '95s.
	3.	What a high CPI indicates is that companies have economized in producing their annuals this year. True or false? Answer: False. The CPI has nothing to do with investment (though modest) in the key corporate communique. It reflects management's optimism concerning the future, a company's prospects and those of the economy overall.
	4.	Companies, feeling good, then—they're spending more on their annual reports? True or false? Answer: False, again. The per-copy investment still hovers around $3 a copy. Many—No. 1 Ameritech among them—invest far less. The Chicago-based telecom (its report tied for world's best this year) notes that its per-copy expenditure is no more than the cost of a day's Wall Street Journal.
	5.	If a company does a great print report, it'll do equally well online? True or false? Answer: False. Some of the top annual report producers—Ameritech, St. Paul Cos., Pfizer, Hillenbrand Industries, Eastman Chemical—all did poorly with their annuals on the Internet, the chichi place to be these days. More than one get flunking grades for the online version of the annual report, none better than a C+.