-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, iwlrTSsvj+vwQ4tuZRZl/XrABmmbO/0ZB2AJl3IwyssKSV+iCk5PeuT2ysPRWWOZ 0wJPdIRTAG6RIYDm2K9N8g== 0000912057-95-007296.txt : 19950906 0000912057-95-007296.hdr.sgml : 19950906 ACCESSION NUMBER: 0000912057-95-007296 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950905 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARTFORD AGGRESSIVE GROWTH FUND INC /CT/ CENTRAL INDEX KEY: 0000741565 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 222481744 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04005 FILM NUMBER: 95570097 BUSINESS ADDRESS: STREET 1: P O BOX 2999 CITY: HARTFORD STATE: CT ZIP: 06104-2999 BUSINESS PHONE: 2038438214 MAIL ADDRESS: STREET 1: 200 HOPMEADOW ST CITY: SIMSBURY STATE: CT ZIP: 06089 FORMER COMPANY: FORMER CONFORMED NAME: HVA AGGRESSIVE GROWTH FUND INC/MA/ DATE OF NAME CHANGE: 19920703 N-30D 1 N-30D ITT Hartford Life Insurance Companies Separate Accounts and Mutual Funds -------------- SEMI-ANNUAL REPORT JUNE 30, 1995 ------------------------------------------------------------------------------- [logo] TABLE OF CONTENTS
PAGE ---- Letter to Contractholders....................................................... 1 Performance Summary of Hartford Mutual Funds.................................... 2 Investment Review............................................................... 3 HARTFORD LIFE INSURANCE COMPANIES SEPARATE ACCOUNT FINANCIAL STATEMENTS AND FOOTNOTES Hartford Life Insurance Company DC Variable Account I......................... 12 Hartford Life Insurance Company Separate Account One.......................... 20 Hartford Life Insurance Company Separate Account Two.......................... 28 Hartford Life Insurance Company Separate Account Variable Life One............ 38 Hartford Life Insurance Company Separate Account Five......................... 46 Hartford Life & Accident Insurance Company Separate Account One............... 54 ITT Hartford Life & Annuity Insurance Company Separate Account One............ 62 ITT Hartford Life & Annuity Insurance Company Separate Account Five........... 70 HARTFORD MUTUAL FUNDS Statements of Net Assets as of June 30, 1995: Hartford Bond Fund, Inc..................................................... 78 Hartford Stock Fund, Inc.................................................... 80 HVA Money Market Fund, Inc.................................................. 82 Hartford Advisers Fund, Inc................................................. 83 Hartford U.S. Government Money Market Fund, Inc............................. 86 Hartford Capital Appreciation Fund, Inc..................................... 87 Hartford Mortgage Securities Fund, Inc...................................... 90 Hartford Index Fund, Inc.................................................... 92 Hartford International Opportunities Fund, Inc.............................. 97 Hartford Dividend and Growth Fund, Inc...................................... 99 Hartford International Advisers Fund, Inc................................... 101 Statements of Operations for the Six Months Ended June 30, 1995: Hartford Mutual Funds....................................................... 104 Statements of Changes in Net Assets for the Six Months Ended June 30, 1995 and the Year Ended December 31, 1994: Hartford Mutual Funds....................................................... 106 Notes to Financial Statements: Hartford Mutual Funds....................................................... 110 Hartford Mutual Funds Financial Highlights...................................... 116 Calvert Responsibly Invested Balanced Portfolio Financial Statements and Footnotes..................................................................... 119
Contract owners should refer to the prospectus provided to them at the time of purchase of their contract for a description of investment alternatives available in the Separate Accounts. This prospectus, along with the financial information contained in this report, provides them with complete and up-to-date financial information regarding the Separate Accounts. This report is prepared for the general information of contract owners and is not an offer of contracts. It should not be used in connection with any offer, except in conjunction with the appropriate prospectus which contains all pertinent information including the applicable sales, administrative and other charges. LETTER TO CONTRACTHOLDERS Dear Contractholders, The rate of economic growth slowed significantly in the first six months of 1995. Consumers pulled back after spending freely in the fourth quarter of 1994, and production cuts followed as manufacturers and retailers sought to bring inventories back into line. By late spring, when continued drops in production and surprising declines in employment indicated the slowdown had intensified, concerns about the possibility of recession surfaced. The Federal Reserve, which had maintained a firm anti-inflation stance through February when it raised interest rates for the seventh time in just a year, shifted policy and cut the Federal Funds rate by 25 basis points on July 6. Despite the recession concerns, the economy appears to be undergoing a mini-cycle -- a period of temporary weakness within a longer up cycle -- triggered by an inventory correction. By the end of the second quarter, employment had resumed its growth trend and healthy increases in housing and retail sales indicated that demand was picking up again. Although production won't follow suit immediately, the question is less whether growth will reaccelerate, than how much. How that question is answered will have a good deal to do with determining how the financial markets perform in the second half of the year. Slower first half growth muted many of the inflationary pressures that had built in the pipeline during the latter half of 1994. Just as late cycle inflation concerns were a key in the lackluster financial market performance of 1994, diminishing inflation concerns were a major factor in the spectacular performance of both stocks and bonds over the first six months of this year. If, as currently expected, economic growth remains moderate over the remainder of 1995, any increases in the rate of inflation should remain moderate as well, providing a positive background for the markets. While we remain positive in our long term outlook for the financial markets, we would caution that the markets have gone a long way toward discounting a continued benign environment, and investors should not expect the returns of the last six months to be repeated. Lowndes A. Smith Joseph H. Gareau CHAIRMAN PRESIDENT [logo] 1 PERFORMANCE SUMMARY OF HARTFORD MUTUAL FUNDS
FUNDS TOTAL RETURNS FOR THE YEARS ENDED 6/30/95* 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 Stock................... 18.27% (1.89)% 14.34% 10.04% 24.58% (3.87)% 26.02% 19.00% 5.41% 12.33% 31.49% 0.57% Bond.................... 11.35 (3.95) 10.24 5.53 16.43 8.39 12.10 7.60 (0.01) 12.19 20.62 13.21 HVA Money Market........ 2.90 3.95 2.94 3.63 6.01 8.09 9.10 7.40 6.49 6.77 8.53 10.73 U.S. Government Money Market................. 2.77 3.67 2.68 3.22 5.61 7.52 8.43 6.92 5.75 6.29 8.07 10.24 Advisers................ 15.65 (2.74) 12.25 8.30 20.33 1.26 21.72 14.24 6.08 12.70 26.85 7.39 Capital Appreciation.... 18.66 2.50 20.80 16.98 53.99 (10.90) 24.11 26.37 (4.31) 9.03 36.18 10.90 Mortgage Securities..... 10.45 (1.61) 6.31 4.64 14.71 9.70 13.13 8.38 2.64 11.13 20.61 -- Index................... 19.81 0.94 9.12 6.82 29.53 (3.99) 30.47 16.35 (12.91) -- -- -- International Opportunities.......... 3.72 (1.94) 33.73 (4.43) 13.00 (11.76) -- -- -- -- -- -- Dividend and Growth..... 16.04 1.96 -- -- -- -- -- -- -- -- -- -- International Advisers............... 7.03 -- -- -- -- -- -- -- -- -- -- MARKET INDEXES Standard & Poor's 500 Stock Index............ 20.19% 1.31% 10.06% 7.61% 30.39% (3.11)% 31.62% 16.60% 5.49% 18.66% 31.70% 6.26% Shearson Lehman Gov't/Corp. Bond Index.................. 11.79 (3.51) 11.03 7.58 16.13 8.28 14.24 7.58 2.29 15.62 21.30 15.02 90-Day Treasury Bills... 2.96 4.14 3.12 3.70 5.90 7.95 8.67 6.56 5.97 6.41 7.97 10.27 EAFEGDP................. 4.08 7.81 33.56 (9.65) 10.73 -- -- -- -- -- -- -- * Six months ended June 30, 1995. The inception dates of the Funds are as follows: Stock and Bond Securities--August 31, 1977, HVA Money Market--June 30, 1980, U.S. Government Money Market and Advisers--March 31, 1983, Capital Appreciation--April 2, 1984, Mortgage Securities--January 1, 1985, Index--May 1, 1987, International Opportunities--July 2, 1990, Dividend and Growth--March 8, 1994, and International Advisers--March 1, 1995. The performance figures for mutual funds do not include insurance charges that are included in the unit values of individual plans. Total return consists of any change in the market price of securities owned by the various mutual funds, as well as income from dividends or interest. Calculations assume reinvestment of income. Performance figures represent past results and are not a guarantee of future performance. An investor's unit when redeemed, may be worth more or less than original cost. Results do not take into account personal income taxes and capital gains where applicable. Market indices are included as a broad measure of market performance, and no direct comparison with funds is intended.
2 INVESTMENT REVIEW - HARTFORD BOND FUND, INC. JUNE 30, 1995 For the first six months of 1995, the Hartford Bond Fund returned 11.4% (net of mutual fund expenses) versus 11.8% for its benchmark index, the Lehman Government/Corporate Bond Index. We managed the Fund conservatively during the period emphasizing quality. Throughout the quarter we maintained a well diversified corporate position comprised of various sectors and issuers within the investment grade corporate market. Our corporate holdings outperformed duration equivalent treasuries although relative to the benchmark index, return was slightly lower due to our preference for high quality and shorter maturities. Performance benefited from our short duration collateralized mortgage obligation (CMO) position which also outperformed duration equivalent treasuries and by our reduction in mortgage pass-throughs which were sold in favor of corporate issues and treasuries. Relative performance was hindered slightly by our conservative duration position during the early part of the bond market rally. Late in the period, we lengthened duration to match that of the market. We also began purchasing additional corporates as spreads widened relative to treasuries. We will continue to emphasize quality in the portfolio. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
BOND LGC 12/31/84 10,000 10,000 1985 12,062 12,130 1986 13,532 14,025 1987 13,531 14,346 1988 14,559 15,433 1989 16,321 17,631 1990 17,690 19,091 1991 20,597 22,170 1992 21,736 23,851 1993 23,962 26,481 1994 23,015 25,552 6/30/95 25,627 28,564
3 INVESTMENT REVIEW - HARTFORD STOCK FUND, INC. JUNE 30, 1995 For the six months ending June 30, 1995, the Hartford Stock Fund returned 18.3% (net of mutual fund expenses). The Fund underperformed its benchmark as the S&P 500 Composite Index returned 20.2%. The primary difference between the Fund's performance and that of the S&P 500 Index resulted from the Fund's underweighting in the technology sector. The U.S. equity market continued to respond positively to falling intermediate and long-term interest rates which reflected continuing weak news on the economy. U.S. equities also benefited from weakness in foreign markets, particularly Japan, where financial, social and political problems, and natural disasters have hurt stock prices. Takeovers, a strong new issue market and a revival of smaller capitalization stocks also helped push the U.S. equity averages into higher ground. For the six months ending June 30, 1995, technology, finance and health care led the pack in terms of sector performance while consumer discretionary, utilities, and energy lagged. We have kept the Fund underweighted in the technology sector, feeling that valuations are stretched, but technology stocks continue to surge as investors remain convinced that the semi-conductor cycle has been suspended and that any company whose corporate logo ends in "net" is destined to do great things. While the Fund has suffered on a relative basis due to this underweighting, we feel comfortable with our more diversified approach to the market, remembering that it is much better to be early than late. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
STOCK S&P 500 1984 10,000 10,000 1985 13,149 13,170 1986 14,770 15,628 1987 15,569 16,451 1988 18,528 19,182 1989 23,348 25,247 1990 22,445 24,462 1991 27,962 31,896 1992 30,769 34,323 1993 35,181 37,776 1994 34,516 38,271 6/30/95 40,823 45,998
4 INVESTMENT REVIEW - HARTFORD ADVISERS FUND, INC. JUNE 30, 1995 For the six months ending June 30, 1995, the Hartford Advisers Fund returned 15.6% (net of mutual fund expenses). The Fund outperformed its Composite benchmark, which returned 15.4%. The Composite Index is a combination of three indices with the following weightings: 55% S&P 500 Index, 35% Lehman Brothers Government/Corporate Bond Index (LGC) and 10% 90-day Treasury Bill Index. The bond market continues to demonstrate pronounced volatility. Since the peak in rates during late 1994, the yields of intermediate-term Treasury notes have now fallen in excess of 200 basis points and the yields of long-term Treasury bonds have fallen by 160 basis points. This is the largest decline in interest rates to occur prior to a move by the Federal Reserve to ease monetary policy by lowering the Federal Funds rate in many years. The decline in interest rates produced a powerful rally in bond prices during the first half of 1995. Since we expect intermediate-term interest rates to decline farther, we are not yet reducing the portion of the Fund allocated to fixed income. Rather we will shorten duration given that long-term rates are now near our target level and emphasize intermediate-term securities since this sector will benefit as the Federal Reserve lowers the Federal Funds rate. We expect to increase the portfolio's holdings of mortgage-backed securities since current pricing far overstates the negative implications of refinancing given current interest rate levels or even rates below current levels. In light of our expectation that corporate earnings will continue to grow at a reasonable rate and that the equity market is fairly valued, we have raised the Fund's equity ratio from 56% as of December 31, 1994 to 61% as of June 30, 1995. As of June 30, 1995, the fixed income portfolio's allocation to government bonds was equal to that of the Lehman Government/Corporate Bond Index (76% of assets). Further, the portfolio was underweight in corporate bonds and overweight in mortgage-backed securities relative to its benchmark. (Please refer to the Management Discussion & Analysis for the Stock Fund for a review of the Advisers Fund's equity component and a review of the overall equity market.) EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
ADVISERS S&P 500 LGC 1984 10,000 10,000 10,000 1985 12,685 13,170 12,130 1986 14,296 15,628 14,025 1987 15,165 16,451 14,346 1988 17,325 19,182 15,433 1989 21,088 25,247 17,631 1990 21,353 24,462 19,091 1991 25,694 31,896 22,170 1992 27,827 34,323 23,851 1993 31,236 37,776 26,481 1994 30,380 38,271 25,552 6/30/95 35,135 45,998 28,564
5 INVESTMENT REVIEW - HARTFORD CAPITAL APPRECIATION FUND, INC. JUNE 30, 1995 For the six months ending June 30, 1995, the Hartford Capital Appreciation Fund, formerly the Hartford Aggressive Growth Fund, returned 18.7% (net of mutual fund expenses). The Fund outperformed the 40%/60% Composite of the S&P 500 and the Russell 2500 Indices which returned 18.3%. As of June 30, 1995, the small cap sector of the portfolio represented 53% of assets. In terms of size, the Fund's asset-weighted market capitalization of $3.2 billion was up from $2.9 billion at the end of 1994 due to market appreciation. The market capitalization was unchanged from the end of the first quarter despite the market's rise as a result of our tilting the portfolio toward smaller companies during the second quarter. As suggested previously, this continued high level of exposure to small cap companies may result in relatively volatile and sometimes unfavorable relative performance in specific quarters. However, we believe the Fund's smaller-cap bias will provide contractholders with overall results superior to that of the general equity market over the longer term. Trading activity during the first half of 1995 was active. The Fund started the year with 183 positions; we purchased 91 new holdings and eliminated 83, for a net increase of 8 names. The Fund's biggest winners were concentrated in the technology sector, and were generally of relatively small size. Strong performers included CIRRUS LOGIC INC., an extremely innovative specialty circuit manufacturer that is benefiting from the continued boom in personal computer demand and CREDENCE SYSTEMS, a maker of semiconductor test equipment. The Fund's strategy remains dual-faceted. We maintain an emphasis on smaller companies with dynamic earnings growth prospects, and couple that with an opportunistic trading approach to larger cap stocks where we see a catalyst for outperformance. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CAPITAL APPRECIATION S&P 500 RUSSELL 2500 1984 10,000 10,000 10,000 1985 13,618 13,170 13,121 1986 14,848 15,628 14,693 1987 14,208 16,451 14,005 1988 17,954 19,182 17,189 1989 22,283 25,247 20,528 1990 19,854 24,462 17,474 1991 30,574 31,896 25,636 1992 35,765 34,323 29,784 1993 43,204 37,776 34,710 1994 44,284 38,271 34,339 6/30/95 52,548 45,998 40,166
6 INVESTMENT REVIEW - HARTFORD MORTGAGE SECURITIES FUND, INC. JUNE 30, 1995 For the first six months of 1995, the Hartford Mortgage Securities Fund returned 10.5% (net of mutual fund expenses) versus 10.7% for its benchmark index, the Lehman Mortgage-Backed Securities Index. Fund performance benefited during the period because of our positions in longer-dated Treasuries, which outperformed mortgages. We protected against prepayment risk during the rally by increasing positions in GNMAs, which are less sensitive to prepayments than other pass-through securities, and by reducing high coupon holdings in favor of lower coupons. Relative performance was hindered by our conservative positioning during the early part of the bond market rally. Overall, the Fund returned slightly more than the Index, but not enough to cover expenses. Although mortgages underperformed other sectors of the bond market in the first six months of 1995, they provided strong positive total returns. Late in the period, as interest rates backed up in response to stronger economic data, the relative attractiveness of mortgages increased, and we reversed some of our earlier trades, reducing Treasury positions in favor of pass-throughs. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
MORTGAGE LEHMAN MBS INDEX 1984 10,000 10,000 1985 12,061 12,521 1986 13,403 14,203 1987 13,757 14,812 1988 14,910 16,103 1989 16,868 18,575 1990 18,504 20,567 1991 21,226 23,800 1992 22,211 25,459 1993 23,612 27,200 1994 23,232 26,762 6/30/95 25,660 29,634
7 INVESTMENT REVIEW - HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC. JUNE 30, 1995 For the six months ending June 30, 1995, the Hartford International Opportunities Fund returned 3.7% (net of mutual fund expenses). The Fund underperformed its benchmark, the Morgan Stanley Capital International--Europe Australia Far East--Gross Domestic Product--Weighted Index (EAFE GDP Net), which returned 4.1%. In general, markets throughout the world were up for the first half of 1995. In the first quarter of 1995, many international equity markets declined in response to the deepening crises in Latin America, an earthquake in Japan, and new lows for the U.S. dollar. The second quarter of 1995 saw global bond market rallies fueled by signs of a U.S. economic slowdown and increased probability of an easing in monetary policy. The global bond market rallies, in turn, provided broad support for rallies in many international equity markets. Japan was the key exception, as weak economic news continued to depress stock prices; the market was off -22% in local terms for the first half of 1995 as measured by the MSCI Index. Due to yen strength, however, the market was down only -8% in U.S. dollar terms. The Fund's largest single country weighting is in Japan, and the market's disappointing performance as well as the Fund's focus on Japanese stocks which are positioned to benefit from economic recovery held back returns during the six-month period ending June 30, 1995. The Fund's performance relative to the Index was also held back by exposure to emerging markets such as Mexico, which are not in the EAFE Index. On the other hand, the Fund's significant exposure and overweighting relative to its benchmark in Sweden, Spain and Norway helped performance as those markets performed well. Going forward, the Fund continues to focus on Japanese companies that will benefit from the important structural changes taking place in its economy. In Europe, the focus is on companies that can benefit from both recovering economies and improving cost structures that result from companies restructuring to face the challenge of overvalued currencies. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
INTERNATIONAL OPPORTUNITIES EAFEGDP 7/2/90 10,000 10,000 1990 8,824 8,469 1991 9,971 9,376 1992 9,529 8,471 1993 12,744 11,314 1994 12,496 12,198 6/30/95 12,961 12,696
8 INVESTMENT REVIEW - HARTFORD DIVIDEND AND GROWTH FUND, INC. JUNE 30, 1995 The Hartford Dividend and Growth Fund's return was 16.0% (net of mutual fund expenses) for the six months ending June 30, 1995, trailing the S&P 500 Index's return of 20.2%. The more conservative nature of the Fund's investments makes it difficult for the Fund to keep pace in this ebbullient market environment. In particular, the high-flying technology sector, which includes semiconductor and computer component companies, was the market leader, and the Fund has very few opportunities to find income-oriented names in this sector. U.S. stock market sentiment continued to be positive against the backdrop of slower economic growth, low inflation, lower long-term interest rates, and strong, albeit slowing, corporate earnings. Positive results were broad-based as all sectors in the S&P 500 Index and the Fund posted positive returns. The top three performing sectors for the six month period ending June 30, 1995 were technology, finance and health care. The technology sector represented 11% of the S&P 500 Index as of June 30, 1995, and returned 39% for the first half of 1995. However, this sector does not offer many income-oriented opportunities and the Fund was hurt on a relative basis due to its typical underweight position (3% as of June 30, 1995). In addition, the Fund owns more conservative names within the sector, which trailed in this heady environment. Broad diversification across economic sectors is an ongoing part of the Fund's investment strategy. Since the focus of the Fund's investment approach is stock selection, the sector representation will be fairly stable over time, reflecting the profile of the Fund's income-oriented universe. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
DIVIDEND & GROWTH S&P 500 3/9/94 10,000 10,000 3/31/94 9,707 9,554 6/30/94 9,935 9,594 9/30/94 10,419 10,062 12/31/94 10,196 10,060 3/31/95 11,034 11,039 6/30/95 11,831 12,091
9 INVESTMENT REVIEW - HARTFORD INTERNATIONAL ADVISERS FUND, INC. JUNE 30, 1995 The Hartford International Advisers Fund returned 3.9% (net of mutual fund expenses) in the second quarter, the first full quarter since the Fund's inception on March 1, 1995. The Fund outperformed its Composite benchmark, which returned 3.1%. The Composite Index is a combination of three indices with the following weightings: 55% Morgan Stanley Capital International--Europe Australia Far East-- Gross Domestic Product--Weighted Index (EAFE GDP Net), 35% Salomon Brothers non-U.S. World Government Bond Hedged Index, and 10% 90-day Treasury Bill Index. The second quarter was a good one for global financial markets. Slowing growth in Europe and North America relieved pressure on inflation and increased the chances of lower short term rates. This fueled bond market rallies and underpinned stock markets worldwide. In the second quarter, the fixed income portfolio's slightly longer than Index duration and large positions in Europe (58%) and Japan (28%) contributed to the Fund's outperformance relative to its benchmark. A tactical addition to higher yielding countries (Italy, Spain, Sweden and Australia) during the quarter enhanced performance as well. After the Fund's first full quarter since its inception, its equity position was 64% of the portfolio. Fixed income securities made up 28% of the portfolio and cash the remaining 8%. The International Advisers Fund is an international flexibly-managed portfolio which invests in equity, debt, and money market securities that are denominated in non-U.S. currencies and traded in non-U.S. markets. The allocation of assets among equity, debt, and money market securities is based upon the projected investment environment for financial assets, relative fundamental values and attractiveness of each asset class, and expected future returns of those asset classes. (Please refer to the Management Discussion & Analysis for the International Opportunities Fund for a review of the International Advisers Fund's equity component and a review of the overall international equity market.) EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
INTERNATIONAL ADVISERS EAFEGDP 3/1/95 10,000 10,000 3/31/95 8,824 8,469 4/30/95 9,971 9,376 5/31/95 9,529 8,471 6/30/95 12,744 11,314
10 HARTFORD LIFE INSURANCE COMPANY DC VARIABLE ACCOUNT-I DC VARIABLE ACCOUNT-I HARTFORD LIFE INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND ADVISERS FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------- ------------- ------------ -------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 32,228,883 Cost $ 31,239,558 Market Value......... $32,145,410 -- -- -- Hartford Stock Fund, Inc. Shares 95,807,156 Cost $230,781,963 Market Value......... -- $ 301,093,149 -- -- HVA Money Market Fund, Inc. Shares 20,670,087 Cost $ 20,670,087 Market Value......... -- -- $20,670,087 -- Hartford Advisers Fund, Inc. Shares 229,042,523 Cost $331,938,752 Market Value......... -- -- -- $410,922,899 Hartford U.S. Government Money Market Fund, Inc. Shaes 8,302,402 Cost $ 8,302,402 Market Value......... -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 74,409,686 Cost $182,132,374 Market Value......... -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 23,601,466 Cost $ 24,910,458 Market Value......... -- -- -- -- Hartford Index Fund, Inc. Shares 19,446,949 Cost $ 26,015,541 Market Value......... -- -- -- -- Hartford International Opportunities Fund, Inc. Shares 36,564,539 Cost $ 40,777,535 Market Value......... -- -- -- -- Calvert Responsibly Invested Balanced Portfolio Shares 8,585,746 Cost $ 12,028,918 Market Value......... -- -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 1,329,682 Cost $ 1,509,660 Market Value......... -- -- -- -- Dividends Receivable... -- -- -- -- Due From Hartford Life Insurance Company..... 22,308 188,924 6,839 101,420 Receivable from fund shares sold -- -- -- -- -------------- ------------- ------------ -------------- Total Assets........... 32,167,718 301,282,073 20,676,926 411,024,319 -------------- ------------- ------------ -------------- LIABILITIES: Due to Hartford Life Insurance Company..... -- -- -- -- Payable for fund shares purchased............. 22,311 188,910 7,277 101,459 -------------- ------------- ------------ -------------- Total Liabilities...... 22,311 188,910 7,277 101,459 -------------- ------------- ------------ -------------- Net Assets (variable annuity contract liabilities).......... $32,145,407 $ 301,093,163 $20,669,649 $410,922,860 -------------- ------------- ------------ -------------- -------------- ------------- ------------ -------------- DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: GROUP SUB-ACCOUNTS: Units Owned by Participants.......... 8,299,883 37,811,476 8,032,819 124,282,628 Unit Price............. $ 3.872995 $ 7.963010 $ 2.573150 $ 3.306358
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 12
U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------------- ----------------- ----------------------- ----------- ------------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares 32,228,883 Cost $ 31,239,558 Market Value......... -- -- -- -- -- Hartford Stock Fund, Inc. Shares 95,807,156 Cost $230,781,963 Market Value......... -- -- -- -- -- HVA Money Market Fund, Inc. Shares 20,670,087 Cost $ 20,670,087 Market Value......... -- -- -- -- -- Hartford Advisers Fund, Inc. Shares 229,042,523 Cost $331,938,752 Market Value......... -- -- -- -- -- Hartford U.S. Government Money Market Fund, Inc. Shares 8,302,402 Cost $ 8,302,402 Market Value......... $8,302,403 -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 74,409,686 Cost $182,132,374 Market Value......... -- $237,546,970 -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 23,601,466 Cost $ 24,910,458 Market Value......... -- -- $24,820,482 -- -- Hartford Index Fund, Inc. Shares 19,446,949 Cost $ 26,015,541 Market Value......... -- -- -- $35,001,201 -- Hartford International Opportunities Fund, Inc. Shares 36,564,539 Cost $ 40,777,535 Market Value......... -- -- -- -- $43,705,960 Calvert Responsibly Invested Balanced Portfolio Shares 8,585,746 Cost $ 12,028,918 Market Value......... -- -- -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 1,329,682 Cost $ 1,509,660 Market Value......... -- -- -- -- -- Dividends Receivable... -- -- -- -- -- Due From Hartford Life Insurance Company..... 13,245 146,133 21,724 46,951 -- Receivable from fund shares sold -- -- -- -- 5,272 ----------- ----------------- ------------ ----------- ------------------ Total Assets........... 8,315,648 237,693,103 24,842,206 35,048,152 43,711,232 ----------- ----------------- ------------ ----------- ------------------ LIABILITIES: Due to Hartford Life Insurance Company..... -- -- -- -- 5,273 Payable for fund shares purchased............. 11,141 146,111 22,085 46,947 -- ----------- ----------------- ------------ ----------- ------------------ Total Liabilities...... 11,141 146,111 22,085 46,947 5,273 ----------- ----------------- ------------ ----------- ------------------ Net Assets (variable annuity contract liabilities).......... $8,304,507 $237,546,992 $24,820,121 $35,001,205 $43,705,959 ----------- ----------------- ------------ ----------- ------------------ ----------- ----------------- ------------ ----------- ------------------ DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: GROUP SUB-ACCOUNTS: Units Owned by Participants.......... 4,621,608 47,304,673 11,116,286 16,881,206 35,887,831 Unit Price............. $ 1.796887 $ 5.021639 $ 2.232771 $ 2.073383 $ 1.217849 CALVERT RESPONSIBLY INVESTED DIVIDEND AND BALANCED PORTFOLIO GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT -------------------- ------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares Cost Market Value......... -- -- Hartford Stock Fund, Inc. Shares Cost Market Value......... -- -- HVA Money Market Fund, Inc. Shares Cost Market Value......... -- -- Hartford Advisers Fund, Inc. Shares Cost Market Value......... -- -- Hartford U.S. Government Money Market Fund, Inc. Shares Cost Market Value......... -- -- Hartford Capital Appreciation Fund, Inc. Shares Cost Market Value......... -- -- Hartford Mortgage Securities Fund, Inc. Shares Cost Market Value......... -- -- Hartford Index Fund, Inc. Shares Cost Market Value......... -- -- Hartford International Opportunities Fund, Inc. Shares Cost Market Value......... -- -- Calvert Responsibly Invested Balanced Portfolio Shares Cost Market Value......... $14,518,498 -- Hartford Dividend and Growth Fund, Inc. Shares Cost Market Value......... -- $1,509,349 Dividends Receivable... -- -- Due From Hartford Life Insurance Company..... -- 14,602 Receivable from fund shares sold 8,363 -- -------------------- ------------ Total Assets........... 14,526,861 1,523,951 -------------------- ------------ LIABILITIES: Due to Hartford Life Insurance Company..... 8,608 -- Payable for fund shares purchased............. -- 14,603 -------------------- ------------ Total Liabilities...... 8,608 14,603 -------------------- ------------ Net Assets (variable annuity contract liabilities).......... $14,518,253 $1,509,348 -------------------- ------------ -------------------- ------------ DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: GROUP SUB-ACCOUNTS: Units Owned by Participants.......... 8,276,692 1,441,370 Unit Price............. $ 1.754113 $ 1.047162
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 13 DC VARIABLE ACCOUNT-I HARTFORD LIFE INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND ADVISERS FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ------------ ----------- ------------- INVESTMENT INCOME: Dividends.............. $ 1,026,367 $ 3,360,010 $ 612,799 $ 7,383,810 EXPENSES: Mortality and expense undertakings.......... (184,588) (1,655,134) (127,505) (2,223,947) ------------- ------------ ----------- ------------- Net investment income (loss) 841,779 1,704,876 485,294 5,159,863 ------------- ------------ ----------- ------------- Capital gains income... -- 10,831,040 -- 4,358,491 ------------- ------------ ----------- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... (336,360) (66,670) -- 82,100 Net unrealized appreciation (depreciation) of investments during the period................ 2,613,313 32,301,613 -- 43,472,701 ------------- ------------ ----------- ------------- Net gains (losses) on investments......... 2,276,953 32,234,943 -- 43,554,801 ------------- ------------ ----------- ------------- Net increase (decrease) in net assets resulting from operations..... $ 3,118,732 $ 44,770,859 $ 485,294 $53,073,155 ------------- ------------ ----------- ------------- ------------- ------------ ----------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 14
U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------------- ------------------- --------------- ----------- ------------------ INVESTMENT INCOME: Dividends.............. $229,292 $ 1,127,806 $ 783,335 $ 399,015 $ 459,340 EXPENSES: Mortality and expense undertakings.......... (49,867) (1,229,015) (139,701) (127,187) (261,427) -------- ------------------- --------------- ----------- ------------------ Net investment income (loss) 179,425 (101,209) 643,634 271,828 197,913 -------- ------------------- --------------- ----------- ------------------ Capital gains income... -- 10,643,508 -- 11,084 398,201 -------- ------------------- --------------- ----------- ------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... -- 16,239 8,249 7,904 (33,723) Net unrealized appreciation (depreciation) of investments during the period................ -- 24,434,446 1,511,224 5,068,218 777,648 -------- ------------------- --------------- ----------- ------------------ Net gains (losses) on investments......... -- 24,450,685 1,519,473 5,076,122 743,925 -------- ------------------- --------------- ----------- ------------------ Net increase (decrease) in net assets resulting from operations..... $179,425 $34,992,984 $2,163,107 $ 5,359,034 $1,340,039 -------- ------------------- --------------- ----------- ------------------ -------- ------------------- --------------- ----------- ------------------ CALVERT RESPONSIBLY INVESTED DIVIDEND AND BALANCED PORTFOLIO GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT -------------------- ------------ INVESTMENT INCOME: Dividends.............. $-- $3,134 EXPENSES: Mortality and expense undertakings.......... (77,982) (767) ----------- ------ Net investment income (loss) (77,982) 2,367 ----------- ------ Capital gains income... -- -- ----------- ------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 3,482 2 Net unrealized appreciation (depreciation) of investments during the period................ 2,090,811 (311) ----------- ------ Net gains (losses) on investments......... 2,094,293 (309) ----------- ------ Net increase (decrease) in net assets resulting from operations..... $2,016,311 $2,058 ----------- ------ ----------- ------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 15 DC VARIABLE ACCOUNT-I HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND ADVISERS FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------- ------------- ------------ ------------- OPERATIONS: Net investment income (loss)................ $ 841,779 $ 1,704,876 $ 485,294 $ 5,159,863 Capital gains income... -- 10,831,040 -- 4,358,491 Net realized gain (loss) on security transactions.......... (336,360) (66,670) -- 82,100 Net unrealized appreciation (depreciation) of investments during the period................ 2,613,313 32,301,613 -- 43,472,701 -------------- ------------- ------------ ------------- Net increase (decrease) in net assets resulting from operations............ 3,118,732 44,770,859 485,294 53,073,155 -------------- ------------- ------------ ------------- UNIT TRANSACTIONS: Purchases.............. 1,592,833 16,410,996 1,260,328 25,928,591 Net transfers.......... (455,715) (11,186,286) (615,769) (19,240,007) Surrenders............. (3,918,129) (16,778,863) (4,472,617) (12,435,326) -------------- ------------- ------------ ------------- Net increase (decrease) in net assets resulting from unit transactions.......... (2,781,011) (11,554,153) (3,828,058) (5,746,742) -------------- ------------- ------------ ------------- Total increase (decrease) in net assets................ 337,721 33,216,706 (3,342,764) 47,326,413 NET ASSETS: Beginning of period.... 31,807,686 267,876,457 24,012,413 363,596,447 -------------- ------------- ------------ ------------- End of period.......... $ 32,145,407 $ 301,093,163 $ 20,669,649 $410,922,860 -------------- ------------- ------------ ------------- -------------- ------------- ------------ ------------- HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1994 MONEY BOND FUND STOCK FUND MARKET FUND ADVISERS FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------- ------------- ------------ ------------- OPERATIONS: Net investment income (loss)................ $ 1,652,986 $ 2,373,994 $ 613,882 $ 7,463,826 Capital gains income... 650,208 15,856,002 -- 10,712,050 Net realized gain (loss) on security transactions.......... (140,993) 39,836 -- 28,808 Net unrealized appreciation (depreciation) of investments during the period................ (4,003,835) (26,606,667) -- (32,581,374) -------------- ------------- ------------ ------------- Net increase (decrease) in net assets resulting from operations............ (1,841,634) (8,336,835) 613,882 (14,376,690) -------------- ------------- ------------ ------------- UNIT TRANSACTIONS: Purchases.............. 3,601,922 35,187,253 2,801,239 57,966,836 Net transfers.......... (6,164,436) (15,185,779) (1,191,454) (28,384,065) Surrenders............. (1,013,995) (6,193,345) (988,021) (7,931,157) -------------- ------------- ------------ ------------- Net increase (decrease) in net assets resulting from unit transactions.......... (3,576,509) 13,808,129 621,764 21,651,614 -------------- ------------- ------------ ------------- Total increase (decrease) in net assets................ (5,418,143) 5,471,294 1,235,646 7,274,924 NET ASSETS: Beginning of period.... 37,225,829 262,405,163 22,776,767 356,321,523 -------------- ------------- ------------ ------------- End of period.......... $ 31,807,686 $ 267,876,457 $ 24,012,413 $363,596,447 -------------- ------------- ------------ ------------- -------------- ------------- ------------ -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 16
U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------------- ----------------- ---------------- ------------ ------------------ OPERATIONS: Net investment income (loss)................ $ 179,425 $ (101,209) $ 643,634 $ 271,828 $ 197,913 Capital gains income... -- 10,643,508 -- 11,084 398,201 Net realized gain (loss) on security transactions.......... -- 16,239 8,249 7,904 (33,723) Net unrealized appreciation (depreciation) of investments during the period................ -- 24,434,446 1,511,224 5,068,218 777,648 ----------- ----------------- ---------------- ------------ ------------------ Net increase (decrease) in net assets resulting from operations............ 179,425 34,992,984 2,163,107 5,359,034 1,340,039 ----------- ----------------- ---------------- ------------ ------------------ UNIT TRANSACTIONS: Purchases.............. 634,792 21,327,004 1,454,728 2,820,649 5,682,610 Net transfers.......... (82,649) (3,785,500) (295,060) 397,462 (8,029,039) Surrenders............. (837,231) (11,169,911) (429,978) (262,479) (495,817) ----------- ----------------- ---------------- ------------ ------------------ Net increase (decrease) in net assets resulting from unit transactions.......... (285,088) 6,371,593 729,690 2,955,632 (2,842,246) ----------- ----------------- ---------------- ------------ ------------------ Total increase (decrease) in net assets................ (105,663) 41,364,577 2,892,797 8,314,666 (1,502,207) NET ASSETS: Beginning of period.... 8,410,170 196,182,415 21,927,324 26,686,539 45,208,166 ----------- ----------------- ---------------- ------------ ------------------ End of period.......... $8,304,507 $237,546,992 $24,820,121 $ 35,001,205 $43,705,959 ----------- ----------------- ---------------- ------------ ------------------ ----------- ----------------- ---------------- ------------ ------------------ U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------------- ----------------- ---------------- ------------ ------------------ OPERATIONS: Net investment income (loss)................ $ 196,800 $ (1,425,188) $ 1,223,281 $ 423,644 $ 62,453 Capital gains income... -- 13,497,320 106,840 -- -- Net realized gain (loss) on security transactions.......... -- (78,820) (44,959) 1,961 (17,178) Net unrealized appreciation (depreciation) of investments during the period................ -- (9,904,942) (1,952,973) (357,829) (1,594,350) ----------- ----------------- ---------------- ------------ ------------------ Net increase (decrease) in net assets resulting from operations............ 196,800 2,088,370 (667,811) 67,776 (1,549,075) ----------- ----------------- ---------------- ------------ ------------------ UNIT TRANSACTIONS: Purchases.............. 1,166,725 40,896,682 3,455,947 5,768,930 12,504,519 Net transfers.......... (933,407) 3,087,541 (4,681,841) (2,082,307) 10,413,798 Surrenders............. (248,081) (3,745,743) (712,860) (477,506) (426,493) ----------- ----------------- ---------------- ------------ ------------------ Net increase (decrease) in net assets resulting from unit transactions.......... (14,763) 40,238,480 (1,938,754) 3,209,117 22,491,824 ----------- ----------------- ---------------- ------------ ------------------ Total increase (decrease) in net assets................ 182,037 42,326,850 (2,606,565) 3,276,893 20,942,749 NET ASSETS: Beginning of period.... 8,228,133 153,855,565 24,533,889 23,409,646 24,265,417 ----------- ----------------- ---------------- ------------ ------------------ End of period.......... $8,410,170 $196,182,415 $21,927,324 $ 26,686,539 $45,208,166 ----------- ----------------- ---------------- ------------ ------------------ ----------- ----------------- ---------------- ------------ ------------------ CALVERT RESPONSIBLY INVESTED DIVIDEND AND BALANCED PORTFOLIO GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT -------------------- ------------ OPERATIONS: Net investment income (loss)................ $ (77,982) $ 2,367 Capital gains income... -- -- Net realized gain (loss) on security transactions.......... 3,482 2 Net unrealized appreciation (depreciation) of investments during the period................ 2,090,811 (311) -------------------- ------------ Net increase (decrease) in net assets resulting from operations............ 2,016,311 2,058 -------------------- ------------ UNIT TRANSACTIONS: Purchases.............. 1,523,775 25,401 Net transfers.......... (621,147) 1,482,096 Surrenders............. (277,842) (207) -------------------- ------------ Net increase (decrease) in net assets resulting from unit transactions.......... 624,786 1,507,290 -------------------- ------------ Total increase (decrease) in net assets................ 2,641,097 1,509,348 NET ASSETS: Beginning of period.... 11,877,156 -- -------------------- ------------ End of period.......... $14,518,253 $ 1,509,348 -------------------- ------------ -------------------- ------------ CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO SUB-ACCOUNT -------------------- OPERATIONS: Net investment income (loss)................ $ 224,634 Capital gains income... -- Net realized gain (loss) on security transactions.......... 2,432 Net unrealized appreciation (depreciation) of investments during the period................ (737,526) -------------------- Net increase (decrease) in net assets resulting from operations............ (510,460) -------------------- UNIT TRANSACTIONS: Purchases.............. 3,457,379 Net transfers.......... (2,115,714) Surrenders............. (282,097) -------------------- Net increase (decrease) in net assets resulting from unit transactions.......... 1,059,568 -------------------- Total increase (decrease) in net assets................ 549,108 NET ASSETS: Beginning of period.... 11,328,048 -------------------- End of period.......... $11,877,156 -------------------- --------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 17 DC VARIABLE ACCOUNT-I HARTFORD LIFE INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: DC Variable Account-I (the Account) is a separate investment account with Hartford Life Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Hartford and Calvert Responsibly Invested Series mutual funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--For Federal income tax purposes, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code by distributing substantially all of its taxable income to variable annuity contract owners and otherwise complying with the requirements for regulated investment companies. Accordingly, no provision for Federal income taxes has been made. For purposes of determining net realized taxable gains to be distributed, the capital gains and losses of each Sub-Account are combined. Distribution of any net realized capital gains so determined will be made to the contract owners of the Sub-Account having net realized capital gains. The cumulative realized losses used to offset realized capital gains in each Sub-Account will be considered in the determination of future distributions of realized capital gains to each Sub-Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable annuity contracts, provides the mortality and expense undertakings and, with respect to the Account, receives a maximum annual fee of up to 1.25% of the Account's average daily net assets. b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted through termination of units of interest from applicable contract owners' accounts, in accordance with the terms of the contracts. 18 HARTFORD LIFE INSURANCE COMPANY SEPARATE ACCOUNT ONE SEPARATE ACCOUNT ONE HARTFORD LIFE INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
BOND FUND STOCK FUND SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 1,429,309 Cost $ 1,424,453 Market Value......... $ 1,425,608 -- Hartford Stock Fund, Inc. Shares 1,329,261 Cost $ 3,149,181 Market Value......... -- $ 4,177,469 HVA Money Market Fund, Inc. Shares 3,053,259 Cost $ 3,053,259 Market Value......... -- -- Hartford Advisers Fund, Inc. Shares 8,426,440 Cost $10,853,310 Market Value......... -- -- Hartford Capital Appreciation Fund, Inc. Shares 1,962,779 Cost $ 3,767,593 Market Value......... -- -- Hartford Mortgage Securities Fund, Inc. Shares 3,327,981 Cost $ 3,596,816 Market Value......... -- -- Hartford Index Fund, Inc. Shares 69,205 Cost $ 70,288 Market Value......... -- -- Due From Hartford Life Insurance Company..... 86,169 -- Receivable from fund shares sold........... -- 188,308 ------------- ----------- Total Assets........... 1,511,777 4,365,777 ------------- ----------- LIABILITIES: Due to Hartford Life Insurance Company..... -- 188,307 Payable for fund shares purchased............. 86,170 -- ------------- ----------- Total Liabilities...... 86,170 188,307 ------------- ----------- Net Assets (variable life insurance contract liabilities).......... $ 1,425,607 $ 4,177,470 ------------- ----------- ------------- ----------- DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 730,253 1,455,939 Unit Price............. $ 1.952210 $ 2.869262
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 20
MONEY CAPITAL MORTGAGE MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ------------- ----------------- --------------- ----------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 1,429,309 Cost $ 1,424,453 Market Value......... -- -- -- -- -- Hartford Stock Fund, Inc. Shares 1,329,261 Cost $ 3,149,181 Market Value......... -- -- -- -- -- HVA Money Market Fund, Inc. Shares 3,053,259 Cost $ 3,053,259 Market Value......... $3,053,259 -- -- -- -- Hartford Advisers Fund, Inc. Shares 8,426,440 Cost $10,853,310 Market Value......... -- $15,117,793 -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 1,962,779 Cost $ 3,767,593 Market Value......... -- -- $6,266,015 -- -- Hartford Mortgage Securities Fund, Inc. Shares 3,327,981 Cost $ 3,596,816 Market Value......... -- -- -- $3,499,872 -- Hartford Index Fund, Inc. Shares 69,205 Cost $ 70,288 Market Value......... -- -- -- -- $ 124,557 Due From Hartford Life Insurance Company..... 136,999 4,485 801 -- -- Receivable from fund shares sold........... -- -- -- -- 24,645 ----------- ------------- ----------------- --------------- ----------- Total Assets........... 3,190,258 15,122,278 6,266,816 3,499,872 149,202 ----------- ------------- ----------------- --------------- ----------- LIABILITIES: Due to Hartford Life Insurance Company..... -- -- -- 49 24,645 Payable for fund shares purchased............. 139,689 4,486 893 2,979 -- ----------- ------------- ----------------- --------------- ----------- Total Liabilities...... 139,689 4,486 893 3,028 24,645 ----------- ------------- ----------------- --------------- ----------- Net Assets (variable life insurance contract liabilities).......... $3,050,569 $15,117,792 $6,265,923 $3,496,844 $ 124,557 ----------- ------------- ----------------- --------------- ----------- ----------- ------------- ----------------- --------------- ----------- DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 1,905,697 5,936,888 1,774,026 1,786,633 58,078 Unit Price............. $ 1.600763 $ 2.546417 $ 3.532036 $ 1.957225 $ 2.144639
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 21 SEPARATE ACCOUNT ONE HARTFORD LIFE INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
BOND FUND SUB-ACCOUNT ------------- INVESTMENT INCOME: Dividends.............. $48,203 EXPENSES: Mortality and expense undertakings.......... (6,556) ------------- Net investment income (loss).............. 41,647 ------------- Capital gains income... -- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 3,126 Net unrealized appreciation (depreciation) of investments during the period................ 105,716 ------------- Net gains (losses) on investments......... 108,842 ------------- Net increase (decrease) in net assets resulting from operations..... $150,489 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 22
MONEY CAPITAL MORTGAGE STOCK FUND MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- ------------- ----------------- --------------- ----------- INVESTMENT INCOME: Dividends.............. $ 48,322 $ 83,507 $281,938 $ 31,380 $114,173 $ 2,063 EXPENSES: Mortality and expense undertakings.......... (18,026) (13,018) (66,162) (26,632) (15,440) (794) ----------- ----------- ------------- -------- --------------- ----------- Net investment income (loss).............. 30,296 70,489 215,776 4,748 98,733 1,269 ----------- ----------- ------------- -------- --------------- ----------- Capital gains income... 153,099 -- 167,329 302,062 -- 72 ----------- ----------- ------------- -------- --------------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 20,663 -- 124,445 45,123 413 18,179 Net unrealized appreciation (depreciation) of investments during the period................ 451,399 -- 1,558,239 641,781 225,320 13,168 ----------- ----------- ------------- -------- --------------- ----------- Net gains (losses) on investments......... 472,062 -- 1,682,684 686,904 225,733 31,347 ----------- ----------- ------------- -------- --------------- ----------- Net increase (decrease) in net assets resulting from operations..... $655,457 $ 70,489 2$,065,789 $993,714 $324,466 $32,688 ----------- ----------- ------------- -------- --------------- ----------- ----------- ----------- ------------- -------- --------------- -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 23 SEPARATE ACCOUNT ONE HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
BOND FUND SUB-ACCOUNT -------------- OPERATIONS: Net investment income (loss)................ $ 41,647 Capital gains income... -- Net realized gain (loss) on security transactions.......... 3,126 Net unrealized appreciation (depreciation) of investments during the period................ 105,716 -------------- Net increase (decrease) in net assets resulting from operations............ 150,489 -------------- UNIT TRANSACTIONS: Net transfers.......... (40,150) Surrenders............. (125,298) Loan withdrawals....... (38,333) Cost of Insurance...... (11,492) -------------- Net increase (decrease) in net assets resulting from unit transactions.......... (215,273) -------------- Total increase (decrease) in net assets................ (64,784) NET ASSETS: Beginning of period.... 1,490,391 -------------- End of period.......... $ 1,425,607 -------------- -------------- HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1994 BOND FUND SUB-ACCOUNT -------------- OPERATIONS: Net investment income (loss)................ $ 84,424 Capital gains income... 34,954 Net realized gain (loss) on security transactions.......... (2,033) Net unrealized appreciation (depreciation) of investments during the period................ (201,856) Net increase (decrease) in net assets resulting from operations............ (84,511) -------------- UNIT TRANSACTIONS: Net transfers.......... (219,456) Surrenders............. (26,377) Loan withdrawals....... (74,506) Cost of Insurance...... (24,983) Net increase (decrease) in net assets resulting from unit transactions.......... (345,322) -------------- Total increase (decrease) in net assets................ (429,833) NET ASSETS: Beginning of period.... 1,920,224 -------------- End of period.......... $ 1,490,391 -------------- --------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 24
MONEY CAPITAL MORTGAGE STOCK FUND MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- ------------- ----------------- --------------- ----------- OPERATIONS: Net investment income (loss)................ $ 30,296 $ 70,489 $ 215,776 $ 4,748 $ 98,733 $ 1,269 Capital gains income... 153,099 -- 167,329 302,062 -- 72 Net realized gain (loss) on security transactions.......... 20,663 -- 124,445 45,123 413 18,179 Net unrealized appreciation (depreciation) of investments during the period................ 451,399 -- 1,558,239 641,781 225,320 13,168 ----------- ----------- ------------- ----------------- --------------- ----------- Net increase (decrease) in net assets resulting from operations............ 655,457 70,489 2,065,789 993,714 324,466 32,688 ----------- ----------- ------------- ----------------- --------------- ----------- UNIT TRANSACTIONS: Net transfers.......... 25,305 310,833 (184,930) (25,836) (7,771) (82,145) Surrenders............. (190,015) (258,718) (448,763) (111,585) (69,569) 89 Loan withdrawals....... (24,360) (122,987) (209,063) (158,389) (55,838) -- Cost of Insurance...... (21,709) (23,344) (100,949) (24,154) (24,624) (1,411) ----------- ----------- ------------- ----------------- --------------- ----------- Net increase (decrease) in net assets resulting from unit transactions.......... (210,779) (94,216) (943,705) (319,964) (157,802) (83,467) ----------- ----------- ------------- ----------------- --------------- ----------- Total increase (decrease) in net assets................ 444,678 (23,727) 1,122,084 673,750 166,664 (50,779) NET ASSETS: Beginning of period.... 3,732,792 3,074,296 13,995,708 5,592,173 3,330,180 175,336 ----------- ----------- ------------- ----------------- --------------- ----------- End of period.......... $ 4,177,470 $3,050,569 $15,117,792 $6,265,923 $3,496,844 $124,557 ----------- ----------- ------------- ----------------- --------------- ----------- ----------- ----------- ------------- ----------------- --------------- ----------- MONEY CAPITAL MORTGAGE STOCK FUND MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- ------------- ----------------- --------------- ----------- OPERATIONS: Net investment income (loss)................ $ 46,497 $ 90,826 $ 345,822 $ (28,296) $ 206,426 $ 3,204 Capital gains income... 236,643 -- 453,826 485,588 16,717 -- Net realized gain (loss) on security transactions.......... (20,713) -- (25,086) 6,972 (7,377) 3,219 Net unrealized appreciation (depreciation) of investments during the period................ (385,338) -- (1,318,233) (363,873) (310,572) (4,499) Net increase (decrease) in net assets resulting from operations............ (122,911) 90,826 (543,671) 100,391 (94,806) 1,924 ----------- ----------- ------------- ----------------- --------------- ----------- UNIT TRANSACTIONS: Net transfers.......... 107,279 264,281 (102,059) 35,545 (55,220) (30,371) Surrenders............. (86,467) (230,770) (251,306) (22,032) (119,281) (6,692) Loan withdrawals....... (63,052) (29,062) (125,220) (84,214) (162,353) -- Cost of Insurance...... (43,091) (47,718) (208,377) (46,505) (50,108) (3,635) Net increase (decrease) in net assets resulting from unit transactions.......... (85,331) (43,269) (686,962) (117,206) (386,962) (40,698) ----------- ----------- ------------- ----------------- --------------- ----------- Total increase (decrease) in net assets................ (208,242) 47,557 (1,230,633) (16,815) (481,768) (38,774) NET ASSETS: Beginning of period.... 3,941,034 3,026,739 15,226,341 5,608,988 3,811,948 214,110 ----------- ----------- ------------- ----------------- --------------- ----------- End of period.......... $ 3,732,792 $3,074,296 $13,995,708 $5,592,173 $3,330,180 $175,336 ----------- ----------- ------------- ----------------- --------------- ----------- ----------- ----------- ------------- ----------------- --------------- -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 25 SEPARATE ACCOUNT ONE HARTFORD LIFE INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Separate Account One (the Account) is a separate investment account within Hartford Life Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and are taxed with, the total operations of the Company, which is taxed as an insurance company under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the operations of the Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable life insurance contracts, provides the mortality and expense undertakings and, with respect to the Account, receives an annual fee of 0.90% of the Account's average daily net assets. b) DEDUCTION OF OTHER FEES--In accordance with the terms of the contracts, the Company makes deductions for the cost of insurance, administrative fees, and state premium taxes. These charges are deducted through termination of units of interest from applicable contract owners' accounts. 26 HARTFORD LIFE INSURANCE COMPANY SEPARATE ACCOUNT TWO SEPARATE ACCOUNT TWO HARTFORD LIFE INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
MONEY U.S. GOVERNMENT BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ------------- ------------ --------------- -------------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 177,317,248 Cost $ 181,192,045 Market Value......... $ 176,857,996 -- -- -- -- Hartford Stock Fund, Inc. Shares 252,580,879 Cost $ 678,847,336 Market Value......... -- $ 793,785,930 -- -- -- HVA Money Market Fund, Inc. Shares 222,733,906 Cost $ 222,733,906 Market Value......... -- -- $222,733,906 -- -- Hartford Advisers Fund, Inc. Shares 1,144,228,590 Cost $1,853,207,155 Market Value......... -- -- -- $2,052,849,070 -- Hartford U.S. Government Money Market Fund, Inc. Shares 1,327,610 Cost $ 1,327,610 Market Value......... -- -- -- -- $1,327,609 Hartford Capital Appreciation Fund, Inc. Shares 263,353,269 Cost $ 702,216,100 Market Value......... -- -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 209,335,085 Cost $ 225,537,130 Market Value......... -- -- -- -- -- Hartford Index Fund, Inc. Shares 68,220,923 Cost $ 95,782,921 Market Value......... -- -- -- -- -- Hartford International Opportunities Fund, Inc. Shares 247,485,479 Cost $ 277,452,230 Market Value......... -- -- -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 52,111,152 Cost $ 54,119,349 Market Value......... -- -- -- -- -- Hartford International Advisers Fund, Inc. Shares 2,367,937 Cost $ 2,596,888 Market Value......... -- -- -- -- -- Calvert Responsibly Invested Balanced Portfolio Shares 803,469 Cost $ 1,163,236 Market Value......... -- -- -- -- -- Smith Barney Daily Dividend Fund, Inc. Shares 587,430 Cost $ 587,430 Market Value......... -- -- -- -- -- Smith Barney Appreciation Fund, Inc. Shares 11,522 Cost $ 74,418 Market Value......... -- -- -- -- -- Smith Barney Government and Agencies Fund Shares 44,846 Cost $ 44,846 Market Value......... -- -- -- -- -- Dividends Receivable... -- -- -- -- -- Due From Hartford Life Insurance Company..... 1,484 11,843 11,873,222 460,390 1,274 Receivable from fund shares sold........... 208,189 5,156,355 1,140 52,883 331 --------------- ------------- ------------ --------------- ----------- Total Assets........... 177,067,669 798,954,128 234,608,268 2,053,362,343 1,329,214 --------------- ------------- ------------ --------------- ----------- LIABILITIES: Due to Hartford Life Insurance Company..... 208,020 5,156,416 1,295 52,878 39 Payable for fund shares purchased............. 1,484 11,842 11,868,254 462,056 1,183 --------------- ------------- ------------ --------------- ----------- Total Liabilities...... 209,504 5,168,258 11,869,549 514,934 1,222 --------------- ------------- ------------ --------------- ----------- Net Assets (variable annuity contract liabilities).......... $ 176,858,165 $ 793,785,870 $222,738,719 $2,052,847,409 $1,327,992 --------------- ------------- ------------ --------------- ----------- --------------- ------------- ------------ --------------- ----------- CAPITAL APPRECIATION FUND SUB-ACCOUNT ------------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares Cost Market Value......... -- Hartford Stock Fund, Inc. Shares Cost Market Value......... -- HVA Money Market Fund, Inc. Shares Cost Market Value......... -- Hartford Advisers Fund, Inc. Shares Cost Market Value......... -- Hartford U.S. Government Money Market Fund, Inc. Shares Cost Market Value......... -- Hartford Capital Appreciation Fund, Inc. Shares Cost Market Value......... $840,734,243 Hartford Mortgage Securities Fund, Inc. Shares Cost Market Value......... -- Hartford Index Fund, Inc. Shares Cost Market Value......... -- Hartford International Opportunities Fund, Inc. Shares Cost Market Value......... -- Hartford Dividend and Growth Fund, Inc. Shares Cost Market Value......... -- Hartford International Advisers Fund, Inc. Shares Cost Market Value......... -- Calvert Responsibly Invested Balanced Portfolio Shares Cost Market Value......... -- Smith Barney Daily Dividend Fund, Inc. Shares Cost Market Value......... -- Smith Barney Appreciation Fund, Inc. Shares Cost Market Value......... -- Smith Barney Government and Agencies Fund Shares Cost Market Value......... -- Dividends Receivable... -- Due From Hartford Life Insurance Company..... 146,354 Receivable from fund shares sold........... 4,478,843 ------------------ Total Assets........... 845,359,440 ------------------ LIABILITIES: Due to Hartford Life Insurance Company..... 4,476,263 Payable for fund shares purchased............. 146,353 ------------------ Total Liabilities...... 4,622,616 ------------------ Net Assets (variable annuity contract liabilities).......... $840,736,824 ------------------ ------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 28
INTERNATIONAL CALVERT MORTGAGE OPPORTUNITIES DIVIDEND AND INTERNATIONAL RESPONSIBLY INVESTED SECURITIES FUND INDEX FUND FUND GROWTH FUND ADVISERS FUND BALANCED PORTFOLIO SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ------------ ----------------- ------------ ------------- -------------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 177,317,248 Cost $ 181,192,045 Market Value......... -- -- -- -- -- -- Hartford Stock Fund, Inc. Shares 252,580,879 Cost $ 678,847,336 Market Value......... -- -- -- -- -- -- HVA Money Market Fund, Inc. Shares 222,733,906 Cost $ 222,733,906 Market Value......... -- -- -- -- -- -- Hartford Advisers Fund, Inc. Shares 1,144,228,590 Cost $1,853,207,155 Market Value......... -- -- -- -- -- -- Hartford U.S. Government Money Market Fund, Inc. Shares 1,327,610 Cost $ 1,327,610 Market Value......... -- -- -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 263,353,269 Cost $ 702,216,100 Market Value......... -- -- -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 209,335,085 Cost $ 225,537,130 Market Value......... $220,147,240 -- -- -- -- -- Hartford Index Fund, Inc. Shares 68,220,923 Cost $ 95,782,921 Market Value......... -- $122,786,063 -- -- -- -- Hartford International Opportunities Fund, Inc. Shares 247,485,479 Cost $ 277,452,230 Market Value......... -- -- $295,821,870 -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 52,111,152 Cost $ 54,119,349 Market Value......... -- -- -- $59,181,261 -- -- Hartford International Advisers Fund, Inc. Shares 2,367,937 Cost $ 2,596,888 Market Value......... -- -- -- -- $ 2,496,871 -- Calvert Responsibly Invested Balanced Portfolio Shares 803,469 Cost $ 1,163,236 Market Value......... -- -- -- -- -- $1,358,665 Smith Barney Daily Dividend Fund, Inc. Shares 587,430 Cost $ 587,430 Market Value......... -- -- -- -- -- -- Smith Barney Appreciation Fund, Inc. Shares 11,522 Cost $ 74,418 Market Value......... -- -- -- -- -- -- Smith Barney Government and Agencies Fund Shares 44,846 Cost $ 44,846 Market Value......... -- -- -- -- -- -- Dividends Receivable... -- -- -- -- -- -- Due From Hartford Life Insurance Company..... 2,148 206,308 165,021 360,952 24,833 1,048 Receivable from fund shares sold........... 264,740 -- 237 52 -- -- --------------- ------------ ----------------- ------------ ------------- ----------- Total Assets........... 220,414,128 122,992,371 295,987,128 59,542,265 2,521,704 1,359,713 --------------- ------------ ----------------- ------------ ------------- ----------- LIABILITIES: Due to Hartford Life Insurance Company..... 260,531 -- 237 49 -- -- Payable for fund shares purchased............. 2,176 206,254 165,047 360,953 24,833 1,053 --------------- ------------ ----------------- ------------ ------------- ----------- Total Liabilities...... 262,707 206,254 165,284 361,002 24,833 1,053 --------------- ------------ ----------------- ------------ ------------- ----------- Net Assets (variable annuity contract liabilities).......... $220,151,421 $122,786,117 $295,821,844 $59,181,263 $ 2,496,871 $1,358,660 --------------- ------------ ----------------- ------------ ------------- ----------- --------------- ------------ ----------------- ------------ ------------- ----------- SMITH BARNEY SMITH BARNEY DAILY DIVIDEND SMITH BARNEY GOVERNMENT AND FUND APPRECIATION FUND AGENCIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------- ------------------ -------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford Stock Fund, Inc. Shares Cost Market Value......... -- -- -- HVA Money Market Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford Advisers Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford U.S. Government Money Market Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford Capital Appreciation Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford Mortgage Securities Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford Index Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford International Opportunities Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford Dividend and Growth Fund, Inc. Shares Cost Market Value......... -- -- -- Hartford International Advisers Fund, Inc. Shares Cost Market Value......... -- -- -- Calvert Responsibly Invested Balanced Portfolio Shares Cost Market Value......... -- -- -- Smith Barney Daily Dividend Fund, Inc. Shares Cost Market Value......... $587,430 -- -- Smith Barney Appreciation Fund, Inc. Shares Cost Market Value......... -- $ 137,072 -- Smith Barney Government and Agencies Fund Shares Cost Market Value......... -- -- $44,846 Dividends Receivable... 1,245 -- 102 Due From Hartford Life Insurance Company..... -- -- -- Receivable from fund shares sold........... -- 14 -- -------------- -------- ------- Total Assets........... 588,675 137,086 44,948 -------------- -------- ------- LIABILITIES: Due to Hartford Life Insurance Company..... 820 344 130 Payable for fund shares purchased............. -- -- -- -------------- -------- ------- Total Liabilities...... 820 344 130 -------------- -------- ------- Net Assets (variable annuity contract liabilities).......... $587,855 $ 136,742 $44,818 -------------- -------- ------- -------------- -------- -------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 29 SEPARATE ACCOUNT TWO HARTFORD LIFE INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
UNITS OWNED BY UNIT CONTRACT PARTICIPANTS PRICE LIABILITY ------------ --------- -------------- DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Bond Fund Qualified 1.00%....................... 346,513 3.414270 $ 1,183,090 Bond Fund Non-Qualified 1.00%................... 2,595,088 3.362359 8,725,618 Bond Fund 1.25%................................. 85,423,440 1.777880 151,872,626 Bond Fund .25%.................................. 157,972 1.166164 184,221 Stock Fund Qualified 1.00%...................... 950,601 4.916115 4,673,263 Stock Fund Non-Qualified 1.00%.................. 3,603,742 4.700877 16,940,747 Stock Fund 1.25%................................ 261,708,476 2.562814 670,710,145 Stock Fund .25%................................. 1,505,389 1.326641 1,997,111 Money Market Fund Qualified 1.00%............... 1,225,004 2.315764 2,836,821 Money Market Fund Non-Qualified 1.00%........... 13,673,923 2.316855 31,680,498 Money Market Fund 1.25%......................... 122,398,481 1.495975 183,105,067 Money Market Fund .25%.......................... 440,941 1.094241 482,496 Advisers Fund Qualified 1.00%................... 4,240,735 3.405870 14,443,391 Advisers Fund Non-Qualified 1.00%............... 14,422,300 3.405870 49,120,480 Advisers Fund 1.25%............................. 851,745,933 2.287948 1,948,750,404 Advisers Fund .25%.............................. 1,596,163 1.257137 2,006,595 U.S. Government Money Market Fund Qualified 1.00%.......................................... 19,649 1.852204 36,394 U.S. Government Money Market Fund 1.25%......... 47,958 1.439260 69,024 Capital Appreciation Fund Qualified 1.00%....... 928,021 5.157839 4,786,583 Capital Appreciation Fund Non-Qualified 1.00%... 2,824,600 5.155497 14,562,215 Capital Appreciation Fund 1.25%................. 249,927,824 3.083934 770,760,914 Capital Appreciation Fund .25%.................. 3,441,061 1.461920 5,030,556 Mortgage Securities Fund Qualified 1.00%........ 1,301,927 2.291425 2,983,268 Mortgage Securities Fund Non-Qualified 1.00%.... 10,685,879 2.291425 24,485,891 Mortgage Securities Fund 1.25%.................. 105,365,136 1.796584 189,297,317 Mortgage Securities Fund .25%................... 131,115 1.144403 150,048 Index Fund 1.25%................................ 55,484,402 2.083167 115,583,275 Index Fund .25%................................. 271,105 1.315179 356,551 International Opportunities Fund Qualified 1.00%.......................................... 439,584 1.232891 541,960 International Opportunities Fund Non-Qualified 1.00%.......................................... 1,890,622 1.232846 2,330,846 International Opportunities Fund 1.25%.......... 234,371,169 1.217560 285,360,960 International Opportunities Fund .25%........... 1,368,046 1.342187 1,836,173 Dividend and Growth Fund Qualified 1.00%........ 36,645 1.167748 42,792 Dividend and Growth Fund Non-Qualified 1.00%.... 469,999 1.167748 548,841 Dividend and Growth Fund 1.25%.................. 50,172,617 1.163924 58,397,113 Dividend and Growth Fund .25%................... 138,783 1.179296 163,666 International Advisers Fund Qualified 1.00%..... 10,000 1.066698 10,667 International Advisers Fund Non-Qualified 1.00%.......................................... 34,997 1.066698 37,331 International Advisers Fund 1.25%............... 2,287,660 1.065796 2,438,179 International Advisers Fund .25%................ 10,000 1.069404 10,694 Smith Barney Daily Dividend, Inc. Qualified 1.00%.......................................... 81,999 2.514275 206,168 Smith Barney Daily Dividend, Inc. Non-Qualified 1.00%.......................................... 146,695 2.601905 381,687 Smith Barney Appreciation Fund, Inc. Qualified 1.00%.......................................... 23,904 5.720450 136,742 Smith Barney Government and Agencies, Inc. Qualified 1.0%................................. 19,756 2.268517 44,818 -------------- Sub-total Individual Sub-Accounts............... 4,569,303,246 -------------- GROUP SUB-ACCOUNTS: Bond Fund Qualified 1.00% QP.................... 1,617,197 3.998960 6,467,107 Bond Fund 1.25% DCII............................ 1,377,438 3.872567 5,334,222 Bond Fund .15% DCII............................. 304,387 3.628662 1,104,516 Stock Fund Qualified 1.00% QP................... 4,165,332 8.221028 34,243,312 Stock Fund Qualified .825% QP................... 1,395,303 6.596889 9,204,660 Stock Fund Non-Qualified 1.00% NQ............... 88,628 6.450376 571,684 Stock Fund Non-Qualified .825% NQ............... 857,051 6.608473 5,663,797 Stock Fund 1.25% DCII........................... 4,195,766 7.959209 33,394,979 Stock Fund .15% DCII............................ 849,870 6.146923 5,224,084 Money Market Fund Qualified .375% QP............ 2,192 2.879630 6,311 Money Market Fund 1.25% DCII.................... 983,562 2.569341 2,527,107 Money Market Fund .15% DCII..................... 271,574 2.485043 674,873 Advisers Fund 1.25% DCII........................ 8,698,148 3.305844 28,754,722 Advisers Fund .15% DCII......................... 640,846 3.776740 2,420,308
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 30
UNITS OWNED BY UNIT CONTRACT PARTICIPANTS PRICE LIABILITY ------------ --------- -------------- GROUP SUB-ACCOUNTS -- (CONTINUED) U.S. Government Money Market Fund 1.25% DCII.... 533,435 1.796456 $ 958,292 U.S. Government Money Market Fund .15% DCII..... 41,657 2.058213 85,739 Capital Appreciation Fund 1.25% DCII............ 7,856,854 5.020704 39,446,936 Capital Appreciation Fund .15% DCII............. 683,491 5.674194 3,878,261 Mortgage Securities Fund 1.25% DCII............. 1,008,342 2.232190 2,250,810 Mortgage Securities Fund .15% DCII.............. 85,834 2.504199 214,945 Index Fund 1.25% DCII........................... 2,586,986 2.073383 5,363,812 Index Fund .15% DCII............................ 233,223 2.245676 523,744 International Opportunities Fund 1.25% DCII..... 4,143,407 1.217732 5,045,559 International Opportunities Fund .15% DCII...... 314,608 1.286347 404,695 Dividend and Growth Fund 1.25% DCII............. 27,559 1.046900 28,851 Calvert Responsibly Invested Balanced Portfolio 1.25% DCII..................................... 784,978 1.653053 1,297,610 -------------- Sub-total Group Sub-Accounts.................... 195,090,936 -------------- TOTAL ACCUMULATION PERIOD......................... 4,764,394,182 -------------- ANNUITY CONTRACTS IN THE ANNUITY PERIOD: INDIVIDUAL SUB-ACCOUNTS: Bond Fund Non-Qualified 1.00%................... 560 3.362359 1,882 Bond Fund 1.25%................................. 143,290 1.777880 254,752 Stock Fund Non-Qualified 1.00%.................. 7,188 4.700877 33,791 Stock Fund 1.25%................................ 258,066 2.562814 661,375 Money Market Fund Qualified 1.00%............... 18,432 2.315764 42,684 Money Market Fund Non-Qualified 1.00%........... 117,935 2.316855 273,238 Money Market Fund 1.25%......................... 420,060 1.495975 628,400 Advisers Fund Qualified 1.00%................... 5,259 3.405870 17,913 Advisers Fund Non-Qualified 1.00%............... 69,102 3.405870 235,351 Advisers Fund 1.25%............................. 799,219 2.287948 1,828,573 U.S. Government Money Market Fund Qualified 1.00%.......................................... 22,132 1.852204 40,993 Capital Appreciation Fund Non-Qualified 1.00%... 4,879 5.155497 25,156 Capital Appreciation Fund 1.25%................. 66,149 3.083934 203,998 Mortgage Securities Fund Non-Qualified 1.00%.... 112,032 2.291425 256,714 Mortgage Securities Fund 1.25%.................. 104,959 1.796584 188,567 Index Fund 1.25%................................ 53,363 2.083167 111,165 International Opportunities Fund 1.25%.......... 133,944 1.217560 163,085 -------------- Sub-total Individual Sub-Accounts............... 4,967,637 -------------- GROUP SUB-ACCOUNTS: Bond Fund Qualified 1.00% QP.................... 89,992 3.998960 359,876 Bond Fund 1.25% DCII............................ 339,496 3.872567 1,314,722 Bond Fund 1.00% DCII............................ 13,942 3.983149 55,533 Stock Fund Qualified 1.00% QP................... 236,334 8.221028 1,942,908 Stock Fund Qualified .825% QP................... 55,414 6.596889 365,560 Stock Fund Non-Qualified 1.00% NQ............... 704 6.450376 4,540 Stock Fund Non-Qualified .825% NQ............... 62,958 6.608473 416,056 Stock Fund 1.25% DCII........................... 964,050 7.959209 7,673,075 Stock Fund 1.00% DCII........................... 4,809 8.195289 39,415 Stock Fund .15% DCII............................ 4,127 6.146923 25,368 Money Market Fund 1.25% DCII.................... 187,295 2.569341 481,225 Advisers Fund 1.25% DCII........................ 1,566,244 3.305844 5,177,759 Advisers Fund .15% DCII......................... 24,337 3.776740 91,913 U.S. Government Money Market Fund 1.25% DCII.... 76,567 1.796456 137,550 Capital Appreciation Fund 1.25% DCII............ 406,757 5.020704 2,042,205 Mortgage Securities Fund 1.25% DCII............. 145,087 2.232190 323,862 Index Fund 1.25% DCII........................... 408,786 2.073383 847,570 International Opportunities Fund 1.25% DCII..... 113,790 1.217732 138,566 Calvert Responsibly Invested Balanced Portfolio 1.25% DCII..................................... 36,931 1.653053 61,049 -------------- Sub-total Group Sub-Accounts.................... 21,498,752 -------------- TOTAL ANNUITY PERIOD.............................. 26,466,389 -------------- GRAND TOTAL....................................... $4,790,860,571 -------------- --------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 31 SEPARATE ACCOUNT TWO HARTFORD LIFE INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY U.S. GOVERNMENT CAPITAL BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND APPRECIATION FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------- ------------- ----------- -------------- -------------------- ----------------- INVESTMENT INCOME: Dividends.............. $ 5,645,050 $ 8,722,110 $6,309,356 $ 37,105,352 $35,622 $ 3,917,489 EXPENSES: Mortality and expense undertakings.......... (1,026,949) (4,358,777) (1,319,385) (11,914,428) (7,542) (4,483,796) -------------- ------------- ----------- -------------- ------- ----------------- Net investment income (loss).............. 4,618,101 4,363,333 4,989,971 25,190,924 28,080 (566,307) -------------- ------------- ----------- -------------- ------- ----------------- Capital gains income... -- 26,305,598 -- 21,614,744 -- 34,687,769 -------------- ------------- ----------- -------------- ------- ----------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 89,657 1,341,583 -- 862,217 -- 487,685 Net unrealized appreciation (depreciation) of investments during the period................ 12,358,100 84,049,908 -- 218,783,502 -- 87,461,444 -------------- ------------- ----------- -------------- ------- ----------------- Net gains (losses) on investments......... 12,447,757 85,391,491 -- 219,645,719 -- 87,949,129 -------------- ------------- ----------- -------------- ------- ----------------- Net increase (decrease) in net assets resulting from operations..... $17,065,858 $ 116,060,422 $4,989,971 $266,451,387 $28,080 $122,070,591 -------------- ------------- ----------- -------------- ------- ----------------- -------------- ------------- ----------- -------------- ------- -----------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 32
MORTGAGE INTERNATIONAL DIVIDEND AND INTERNATIONAL SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND ADVISERS FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ------------- ------------------ ------------ ------------- INVESTMENT INCOME: Dividends.............. $ 7,191,633 $ 1,393,906 $ 3,093,270 $ 706,931 $18,318 EXPENSES: Mortality and expense undertakings.......... (1,318,473) (657,738) (1,815,699) (267,465) (3,795) --------------- ------------- ------------------ ------------ ------------- Net investment income (loss).............. 5,873,160 736,168 1,277,571 439,466 14,523 --------------- ------------- ------------------ ------------ ------------- Capital gains income... -- 38,706 2,695,768 -- -- --------------- ------------- ------------------ ------------ ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... (497,195) 201,181 (549,216) 1,239 (281) Net unrealized appreciation (depreciation) of investments during the period................ 14,750,806 17,754,160 5,096,667 5,519,807 (9,016) --------------- ------------- ------------------ ------------ ------------- Net gains (losses) on investments......... 14,253,611 17,955,341 4,547,451 5,521,046 (9,297) --------------- ------------- ------------------ ------------ ------------- Net increase (decrease) in net assets resulting from operations..... $20,126,771 $ 18,730,215 $ 8,520,790 $5,960,512 $ 5,226 --------------- ------------- ------------------ ------------ ------------- --------------- ------------- ------------------ ------------ ------------- CALVERT SMITH BARNEY SMITH BARNEY RESPONSIBLY INVESTED DAILY DIVIDEND SMITH BARNEY GOVERNMENT AND BALANCED PORTFOLIO FUND APPRECIATION FUND AGENCIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------------- -------------- ----------------- -------------- INVESTMENT INCOME: Dividends.............. $-- $17,126 $-- $1,248 EXPENSES: Mortality and expense undertakings.......... (7,320) (3,109) (638) (230) -------- ------- ------- ------ Net investment income (loss).............. (7,320) 14,017 (638) 1,018 -------- ------- ------- ------ Capital gains income... -- -- -- -- -------- ------- ------- ------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 52 -- 27 -- Net unrealized appreciation (depreciation) of investments during the period................ 188,221 -- 20,157 -- -------- ------- ------- ------ Net gains (losses) on investments......... 188,273 -- 20,184 -- -------- ------- ------- ------ Net increase (decrease) in net assets resulting from operations..... $180,953 $14,017 $19,546 $1,018 -------- ------- ------- ------ -------- ------- ------- ------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 33 SEPARATE ACCOUNT TWO HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
CAPITAL MONEY U.S. GOVERNMENT APPRECIATION BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------ ------------ ----------- --------------- ------------------- ---------------- OPERATIONS: Net investment income (loss)................. $ 4,618,101 $ 4,363,333 $ 4,989,971 $ 25,190,924 $ 28,080 $ (566,307) Capital gains income... -- 26,305,598 -- 21,614,744 -- 34,687,769 Net realized gain (loss) on security transactions.......... 89,657 1,341,583 -- 862,217 -- 487,685 Net unrealized appreciation (depreciation) of investments during the period................ 12,358,100 84,049,908 -- 218,783,502 -- 87,461,444 ------------ ------------ ----------- --------------- ------------------- ---------------- Net increase (decrease) in net assets resulting from operations............ 17,065,858 116,060,422 4,989,971 266,451,387 28,080 122,070,591 ------------ ------------ ----------- --------------- ------------------- ---------------- UNIT TRANSACTIONS: Purchases............... 6,482,121 36,524,759 23,343,247 64,440,284 133,522 62,266,445 Net transfers.......... 88,174 12,701,116 (34,224,080) (22,382,219) 28,367 38,492,902 Surrenders............. (6,399,472) (17,765,288) (13,030,072) (56,618,253) (66,626) (14,611,484) Net annuity transactions.......... 133,337 162,396 (29,590) (124,702) (6,952) 49,443 ------------ ------------ ----------- --------------- ------------------- ---------------- Net increase (decrease) in net assets resulting from unit transactions.......... 304,160 31,622,983 (23,940,495) (14,684,890) 88,311 86,197,306 ------------ ------------ ----------- --------------- ------------------- ---------------- Total increase (decrease) in net assets................ 17,370,018 147,683,405 (18,950,524) 251,766,497 116,391 208,267,897 NET ASSETS: Beginning of period..... 159,488,147 646,102,465 241,689,243 1,801,080,912 1,211,601 632,468,929 ------------ ------------ ----------- --------------- ------------------- ---------------- End of period.......... $176,858,165 $793,785,870 $222,738,719 $ 2,052,847,409 $1,327,992 $840,736,824 ------------ ------------ ----------- --------------- ------------------- ---------------- ------------ ------------ ----------- --------------- ------------------- ---------------- HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1994 CAPITAL MONEY U.S. GOVERNMENT APPRECIATION BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------ ------------ ----------- --------------- ------------------- ---------------- OPERATIONS: Net investment income (loss)................ $ 8,147,222 $ 5,872,155 $ 6,069,008 $ 36,400,916 $ 28,918 $ (4,596,707) Capital gains income... 3,020,067 34,722,942 -- 47,447,226 -- 42,093,901 Net realized gain (loss) on security transactions.......... (421,917) (203,916) -- 414,315 -- 316,913 Net unrealized appreciation (depreciation) of investments during the period................ (19,519,205) (59,765,259) -- (154,737,742) -- (28,599,970) ------------ ------------ ----------- --------------- ------------------- ---------------- Net increase (decrease) in net assets resulting from operations............ (8,773,833) (19,374,078) 6,069,008 (70,475,285) 28,918 9,214,137 ------------ ------------ ----------- --------------- ------------------- ---------------- UNIT TRANSACTIONS: Purchases.............. 29,721,918 105,127,448 72,433,601 419,190,064 205,153 147,740,784 Net transfers.......... (10,176,062) 20,445,965 10,951,538 14,104,761 (151,291) 33,684,129 Surrenders............. (11,477,200) (25,527,779) (33,930,464) (88,886,489) (65,287) (18,517,067) Net annuity transactions.......... 284,001 1,000,538 596,459 2,114,613 (29,641) 396,915 ------------ ------------ ----------- --------------- ------------------- ---------------- Net increase (decrease) in net assets resulting from unit transactions.......... 8,352,657 101,046,172 50,051,134 346,522,949 (41,066) 163,304,761 ------------ ------------ ----------- --------------- ------------------- ---------------- Total increase (decrease) in net assets................ (421,176) 81,672,094 56,120,142 276,047,664 (12,148) 172,518,898 NET ASSETS: Beginning of period.... 159,909,323 564,430,371 185,569,101 1,525,033,248 1,223,749 459,950,031 ------------ ------------ ----------- --------------- ------------------- ---------------- End of period.......... $159,488,147 $646,102,465 $241,689,243 $ 1,801,080,912 $1,211,601 $632,468,929 ------------ ------------ ----------- --------------- ------------------- ---------------- ------------ ------------ ----------- --------------- ------------------- ----------------
* From Inception, March 8, 1994, to December 31, 1994. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 34
MORTGAGE INTERNATIONAL DIVIDEND AND INTERNATIONAL SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND ADVISERS FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ------------ ------------------- ------------ -------------------- OPERATIONS: Net investment income (loss)................. $ 5,873,160 $ 736,168 $ 1,277,571 $ 439,466 $ 14,523 Capital gains income... -- 38,706 2,695,768 -- -- Net realized gain (loss) on security transactions.......... (497,195) 201,181 (549,216) 1,239 (281) Net unrealized appreciation (depreciation) of investments during the period................ 14,750,806 17,754,160 5,096,667 5,519,807 (9,016) --------------- ------------ ------------------- ------------ ----------- Net increase (decrease) in net assets resulting from operations............ 20,126,771 18,730,215 8,520,790 5,960,512 5,226 --------------- ------------ ------------------- ------------ ----------- UNIT TRANSACTIONS: Purchases............... 3,757,596 6,142,895 13,229,884 12,504,729 739,349 Net transfers.......... (8,558,325) 5,561,953 (20,687,275) 11,847,430 1,762,848 Surrenders............. (8,729,327) (2,098,010) (6,139,908) (986,712) (10,552) Net annuity transactions.......... 38,103 65,012 18,728 -- -- --------------- ------------ ------------------- ------------ ----------- Net increase (decrease) in net assets resulting from unit transactions.......... (13,491,953) 9,671,850 (13,578,569) 23,365,447 2,491,645 --------------- ------------ ------------------- ------------ ----------- Total increase (decrease) in net assets................ 6,634,818 28,402,065 (5,057,779) 29,325,959 2,496,871 NET ASSETS: Beginning of period..... 213,516,603 94,384,052 300,879,623 29,855,304 -- --------------- ------------ ------------------- ------------ ----------- End of period.......... $220,151,421 $122,786,117 $295,821,844 $59,181,263 $2,496,871 --------------- ------------ ------------------- ------------ ----------- --------------- ------------ ------------------- ------------ ----------- CALVERT MORTGAGE INTERNATIONAL DIVIDEND AND RESPONSIBLY INVESTED SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND BALANCED PORTFOLIO SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT --------------- ------------ ------------------- ------------ -------------------- OPERATIONS: Net investment income (loss)................ $ 12,903,970 $ 1,155,546 $ 415,635 $ 284,164 $ 20,465 Capital gains income... 1,176,728 -- -- -- -- Net realized gain (loss) on security transactions.......... (2,117,604) 177,595 (38,119) 1,622 (180) Net unrealized appreciation (depreciation) of investments during the period................ (19,218,450) (1,319,890) (9,418,006) (486,442) (59,462) --------------- ------------ ------------------- ------------ ----------- Net increase (decrease) in net assets resulting from operations............ (7,255,356) 13,251 (9,040,490) (200,656) (39,177) --------------- ------------ ------------------- ------------ ----------- UNIT TRANSACTIONS: Purchases.............. 19,118,960 11,954,835 93,762,262 13,185,613 376,701 Net transfers.......... (49,453,490) (438,563) 55,977,196 17,422,326 (75,712) Surrenders............. (20,146,010) (3,246,522) (7,306,583) (551,979) (19,945) Net annuity transactions.......... 137,102 59,473 (104,557) -- 4,610 --------------- ------------ ------------------- ------------ ----------- Net increase (decrease) in net assets resulting from unit transactions.......... (50,343,438) 8,329,223 142,328,318 30,055,960 285,654 --------------- ------------ ------------------- ------------ ----------- Total increase (decrease) in net assets................ (57,598,794) 8,342,474 133,287,828 29,855,304 246,477 NET ASSETS: Beginning of period.... 271,115,397 86,041,578 167,591,795 -- 777,861 --------------- ------------ ------------------- ------------ ----------- End of period.......... $213,516,603 $ 94,384,052 $300,879,623 $29,855,304 $1,024,338 --------------- ------------ ------------------- ------------ ----------- --------------- ------------ ------------------- ------------ ----------- CALVERT SMITH BARNEY SMITH BARNEY RESPONSIBLY INVESTED DAILY DIVIDEND SMITH BARNEY GOVERNMENT AND BALANCED PORTFOLIO FUND APPRECIATION FUND AGENCIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------------- -------------- ----------------- -------------- OPERATIONS: Net investment income (loss)................. $ (7,320) $ 14,017 $ (638) $ 1,018 Capital gains income... -- -- -- -- Net realized gain (loss) on security transactions.......... 52 -- 27 -- Net unrealized appreciation (depreciation) of investments during the period................ 188,221 -- 20,157 -- ----------- -------------- -------- ------- Net increase (decrease) in net assets resulting from operations............ 180,953 14,017 19,546 1,018 ----------- -------------- -------- ------- UNIT TRANSACTIONS: Purchases............... 204,981 -- -- -- Net transfers.......... (47,256) (10,709) -- -- Surrenders............. (15,353) (61,369) (25) (4,293) Net annuity transactions.......... 10,997 -- -- -- ----------- -------------- -------- ------- Net increase (decrease) in net assets resulting from unit transactions.......... 153,369 (72,078) (25) (4,293) ----------- -------------- -------- ------- Total increase (decrease) in net assets................ 334,322 (58,061) 19,521 (3,275) NET ASSETS: Beginning of period..... 1,024,338 645,916 117,221 48,093 ----------- -------------- -------- ------- End of period.......... $1,358,660 $587,855 $136,742 $44,818 ----------- -------------- -------- ------- ----------- -------------- -------- ------- SMITH BARNEY SMITH BARNEY SMITH BARNEY APPRECIATION GOVERNMENT AND DAILY DIVIDEND FUND FUND AGENCIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------------- -------------- ----------------- OPERATIONS: Net investment income (loss)................ $ 17,386 $ 743 $ 1,269 Capital gains income... -- 6,550 -- Net realized gain (loss) on security transactions.......... -- (476) -- Net unrealized appreciation (depreciation) of investments during the period................ -- (9,210) -- ----------- -------------- -------- Net increase (decrease) in net assets resulting from operations............ 17,386 (2,393) 1,269 ----------- -------------- -------- UNIT TRANSACTIONS: Purchases.............. -- 50 -- Net transfers.......... (18,624) 2,681 -- Surrenders............. (84,827) (2,515) (6,354) Net annuity transactions.......... -- -- -- ----------- -------------- -------- Net increase (decrease) in net assets resulting from unit transactions.......... (103,451) 216 (6,354) ----------- -------------- -------- Total increase (decrease) in net assets................ (86,065) (2,177) (5,085) NET ASSETS: Beginning of period.... 731,981 119,398 53,178 ----------- -------------- -------- End of period.......... $ 645,916 $117,221 $ 48,093 ----------- -------------- -------- ----------- -------------- --------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 35 SEPARATE ACCOUNT TWO HARTFORD LIFE INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Separate Account Two (the Account) is a separate investment account within Hartford Life Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Hartford, Smith Barney and Calvert Responsibily Invested Series mutual funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and are taxed with, the total operations of the Company, which is taxed as an insurance company under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the operations of the Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable annuity contracts, provides the mortality and expense undertakings and, with respect to the Account, receives a maximum annual fee of up to 1.25% of the Account's average daily net assets. b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted through termination of units of interest from applicable contract owners' accounts, in accordance with the terms of the contracts. 36 HARTFORD LIFE INSURANCE COMPANY SEPARATE ACCOUNT VARIABLE LIFE ONE SEPARATE ACCOUNT VARIABLE LIFE ONE HARTFORD LIFE INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 1,142,067 Cost $1,096,439 Market Value......... $1,139,110 -- -- Hartford Stock Fund, Inc. Shares 1,354,360 Cost $3,931,436 Market Value......... -- $4,256,347 -- HVA Money Market Fund, Inc. Shares 4,796,171 Cost $4,796,171 Market Value......... -- -- $4,796,171 Hartford Advisers Fund, Inc. Shares 1,834,549 Cost $3,055,528 Market Value......... -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 1,552,048 Cost $4,483,750 Market Value......... -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 563,477 Cost $ 574,571 Market Value......... -- -- -- Hartford Index Fund, Inc. Shares 312,798 Cost $ 497,363 Market Value......... -- -- -- Hartford International Opportunities Fund, Inc. Shares 2,445,995 Cost $2,899,296 Market Value......... -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 9,242 Cost $ 10,065 Market Value......... -- -- -- Due from Hartford Life Insurance Company..... 291 3,654 153,230 ------------- ----------- ----------- Total Assets........... 1,139,401 4,260,001 4,949,401 ------------- ----------- ----------- LIABILITIES: Payable for fund shares purchased............. 290 3,776 153,399 ------------- ----------- ----------- Total Liabilities...... 290 3,776 153,399 ------------- ----------- ----------- Net Assets (variable life insurance contract liabilities).......... $1,139,111 $4,256,225 $4,796,002 ------------- ----------- ----------- ------------- ----------- ----------- Units Outstanding........ 1,017,283 3,353,616 4,407,044 Accumulation Unit Value at end of period....... $ 1.119757 $ 1.269145 $ 1.088258
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 38
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares 1,142,067 Cost $1,096,439 Market Value......... -- -- -- -- -- -- Hartford Stock Fund, Inc. Shares 1,354,360 Cost $3,931,436 Market Value......... -- -- -- -- -- -- HVA Money Market Fund, Inc. Shares 4,796,171 Cost $4,796,171 Market Value......... -- -- -- -- -- -- Hartford Advisers Fund, Inc. Shares 1,834,549 Cost $3,055,528 Market Value......... $3,291,346 -- -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 1,552,048 Cost $4,483,750 Market Value......... -- $4,954,789 -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 563,477 Cost $ 574,571 Market Value......... -- -- $ 592,581 -- -- -- Hartford Index Fund, Inc. Shares 312,798 Cost $ 497,363 Market Value......... -- -- -- $ 562,983 -- -- Hartford International Opportunities Fund, Inc. Shares 2,445,995 Cost $2,899,296 Market Value......... -- -- -- -- $2,923,722 -- Hartford Dividend and Growth Fund, Inc. Shares 9,242 Cost $ 10,065 Market Value......... -- -- -- -- -- $ 10,491 Due from Hartford Life Insurance Company..... 3,262 11,554 -- 265 5,507 -- ------------- ----------------- --------------- ----------- ------------------ ------------ Total Assets........... 3,294,608 4,966,343 592,581 563,248 2,929,229 10,491 ------------- ----------------- --------------- ----------- ------------------ ------------ LIABILITIES: Payable for fund shares purchased............. 3,367 11,555 -- 265 5,506 -- ------------- ----------------- --------------- ----------- ------------------ ------------ Total Liabilities...... 3,367 11,555 -- 265 5,506 -- ------------- ----------------- --------------- ----------- ------------------ ------------ Net Assets (variable life insurance contract liabilities).......... $3,291,241 $4,954,788 $ 592,581 $ 562,983 $2,923,723 $ 10,491 ------------- ----------------- --------------- ----------- ------------------ ------------ ------------- ----------------- --------------- ----------- ------------------ ------------ Units Outstanding........ 2,722,941 3,759,971 529,045 447,081 2,423,669 10,000 Accumulation Unit Value at end of period....... $ 1.208708 $ 1.317773 $ 1.120096 $ 1.259242 $ 1.206321 $ 1.049122
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 39 SEPARATE ACCOUNT VARIABLE LIFE ONE HARTFORD LIFE INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- INVESTMENT INCOME: Dividends.............. $26,569 $ 38,581 $165,135 ------------- ----------- ----------- Net investment income (loss).............. 26,569 38,581 165,135 ------------- ----------- ----------- Capital gains income... -- 85,946 -- ------------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 6,993 5,627 -- Net unrealized appreciation (depreciation) of investments during the period................ 49,744 376,426 -- ------------- ----------- ----------- Net gains (losses) on investments......... 56,737 382,053 -- ------------- ----------- ----------- Net increase (decrease) in net assets resulting from operations..... $83,306 $506,580 $165,135 ------------- ----------- ----------- ------------- ----------- -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 40
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ INVESTMENT INCOME: Dividends.............. $ 56,670 $ 20,925 $18,268 $ 5,601 $ 27,883 $ 61 ------------- -------- ------- ----------- -------- ----- Net investment income (loss).............. 56,670 20,925 18,268 5,601 27,883 61 ------------- -------- ------- ----------- -------- ----- Capital gains income... 30,081 159,934 -- 117 19,345 -- ------------- -------- ------- ----------- -------- ----- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 2,907 (48) 51 130 651 -- Net unrealized appreciation (depreciation) of investments during the period................ 329,398 488,979 35,591 65,281 56,160 426 ------------- -------- ------- ----------- -------- ----- Net gains (losses) on investments......... 332,305 488,931 35,642 65,411 56,811 426 ------------- -------- ------- ----------- -------- ----- Net increase (decrease) in net assets resulting from operations..... $419,056 $669,790 $53,910 $71,129 $104,039 $487 ------------- -------- ------- ----------- -------- ----- ------------- -------- ------- ----------- -------- -----
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 41 SEPARATE ACCOUNT VARIABLE LIFE ONE HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- -------------- OPERATIONS: Net investment income (loss)................ $ 26,569 $ 38,581 $ 165,135 Capital gains income... -- 85,946 -- Net realized gain (loss) on security transactions.......... 6,993 5,627 -- Net unrealized appreciation (depreciation) of investments during the period................ 49,744 376,426 -- ----------- ----------- -------------- Net increase (decrease) in net assets resulting from operations............ 83,306 506,580 165,135 ----------- ----------- -------------- UNIT TRANSACTIONS: Purchases.............. 41,012 302,345 8,285,618 Net transfers.......... 715,777 1,836,277 (10,345,838) Surrenders............. (4,874) (68,296) (109,266) Loan withdrawals....... -- (4,113) (234,491) Cost of Insurance...... (12,656) (75,337) (181,973) ----------- ----------- -------------- Net increase (decrease) in net assets resulting from unit transactions.......... 739,259 1,990,876 (2,585,950) ----------- ----------- -------------- Total increase (decrease) in net assets................ 822,565 2,497,456 (2,420,815) NET ASSETS: Beginning of period.... 316,546 1,758,769 7,216,817 ----------- ----------- -------------- End of period.......... $ 1,139,111 $ 4,256,225 $ 4,796,002 ----------- ----------- -------------- ----------- ----------- -------------- HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1994 MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- -------------- OPERATIONS: Net investment income (loss)................ $ 6,922 $ 20,615 $ 99,860 Capital gains income... 311 27,224 -- Net realized gain (loss) on security transactions.......... (195) (175) -- Net unrealized appreciation (depreciation) of investments during the period................ (7,019) (60,514) -- ----------- ----------- -------------- Net increase (decrease) in net assets resulting from operations............ 19 (12,850) 99,860 ----------- ----------- -------------- UNIT TRANSACTIONS: Purchases.............. 37,028 290,304 20,258,603 Net transfers.......... 272,187 1,294,999 (13,565,371) Surrenders............. (4,429) (35,895) (142,419) Loan withdrawals....... (14) (4,367) (435,997) Cost of insurance...... (5,283) (61,111) (265,027) ----------- ----------- -------------- Net increase (decrease) in net assets resulting from unit transactions.......... 299,489 1,483,930 5,849,789 ----------- ----------- -------------- Total increase (decrease) in net assets................ 299,508 1,471,080 5,949,649 NET ASSETS: Beginning of period.... 17,038 287,689 1,267,168 ----------- ----------- -------------- End of period.......... $ 316,546 $ 1,758,769 $ 7,216,817 ----------- ----------- -------------- ----------- ----------- --------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 42
CAPTIAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ OPERATIONS: Net investment income (loss)................ $ 56,670 $ 20,925 $ 18,268 $ 5,601 $ 27,883 $ 61 Capital gains income... 30,081 159,934 -- 117 19,345 -- Net realized gain (loss) on security transactions.......... 2,907 (48) 51 130 651 -- Net unrealized appreciation (depreciation) of investments during the period................ 329,398 488,979 35,591 65,281 56,160 426 ------------- ----------------- --------------- ----------- ------------------ ------------ Net increase (decrease) in net assets resulting from operations............ 419,056 669,790 53,910 71,129 104,039 487 ------------- ----------------- --------------- ----------- ------------------ ------------ UNIT TRANSACTIONS: Purchases.............. 286,398 602,515 3,389 96,827 446,789 10,000 Net transfers.......... 312,493 1,228,792 47,088 215,933 525,323 4 Surrenders............. (37,497) (75,993) (3,151) (7,901) (73,589) -- Loan withdrawals....... (6,663) (4,811) -- (709) (5,257) -- Cost of Insurance...... (52,140) (108,507) (3,310) (14,095) (66,922) -- ------------- ----------------- --------------- ----------- ------------------ ------------ Net increase (decrease) in net assets resulting from unit transactions.......... 502,591 1,641,996 44,016 290,055 826,344 10,004 ------------- ----------------- --------------- ----------- ------------------ ------------ Total increase (decrease) in net assets................ 921,647 2,311,786 97,926 361,184 930,383 10,491 NET ASSETS: Beginning of period.... 2,369,594 2,643,002 494,655 201,799 1,993,340 -- ------------- ----------------- --------------- ----------- ------------------ ------------ End of period.......... $3,291,241 $4,954,788 $ 592,581 $562,983 $2,923,723 $ 10,491 ------------- ----------------- --------------- ----------- ------------------ ------------ ------------- ----------------- --------------- ----------- ------------------ ------------ CAPITAL MORTGAGE INTERNATIONAL ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNTIIES FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ OPERATIONS: Net investment income (loss)................ $ 51,536 $ 6,904 $ 20,821 $ 2,556 $ 17,054 Capital gains income... 17,202 73,831 23 -- -- Net realized gain (loss) on security transactions.......... 1,897 240 (255) 2 (309) Net unrealized appreciation (depreciation) of investments during the period................ (96,460) (37,253) (17,533) (324) (49,550) ------------- ----------------- --------------- ----------- ------------------ Net increase (decrease) in net assets resulting from operations............ (25,825) 43,722 3,056 2,234 (32,805) ------------- ----------------- --------------- ----------- ------------------ UNIT TRANSACTIONS: Purchases.............. 434,023 701,847 6,854 68,645 487,568 Net transfers.......... 1,557,649 1,548,441 487,586 116,406 1,394,539 Surrenders............. (40,579) (85,763) (3,931) (6,167) (56,052) Loan withdrawals....... (26,091) (2,817) -- -- (5,771) Cost of insurance...... (51,186) (109,663) (3,376) (8,623) (65,611) ------------- ----------------- --------------- ----------- ------------------ Net increase (decrease) in net assets resulting from unit transactions.......... 1,873,816 2,052,045 487,133 170,261 1,754,673 ------------- ----------------- --------------- ----------- ------------------ Total increase (decrease) in net assets................ 1,847,991 2,095,767 490,189 172,495 1,721,868 NET ASSETS: Beginning of period.... 521,603 547,235 4,466 29,304 271,472 ------------- ----------------- --------------- ----------- ------------------ End of period.......... $2,369,594 $2,643,002 $ 494,655 $201,799 $1,993,340 ------------- ----------------- --------------- ----------- ------------------ ------------- ----------------- --------------- ----------- ------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 43 SEPARATE ACCOUNT VARIABLE LIFE ONE HARTFORD LIFE INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Separate Account Variable Life One (the Account) is a separate investment account within Hartford Life Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. The Account consists of ninteen sub-accounts. These financial statements include nine sub-accounts which invest solely in the Hartford Mutual Funds (the Funds). The other ten sub-accounts, which invest in the Putnam Capital Manager Trust Funds, are presented in separate financial statements. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and are taxed with, the total operations of the Company, which is taxed as an insurance company under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the operations of the Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: In accordance with the terms of the contracts, the Company makes deductions for mortality and expense undertakings, cost of insurance, administrative fees, and state premium taxes. These charges are deducted through termination of units of interest from applicable contract owners' accounts. 44 HARTFORD LIFE INSURANCE COMPANY SEPARATE ACCOUNT FIVE Separate Account Five HARTFORD LIFE INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 81,608 Cost $ 80,294 Market Value......... $ 81,397 -- -- Hartford Stock Fund, Inc. Shares 148,111 Cost $ 453,266 Market Value......... -- $ 465,468 -- HVA Money Market Fund, Inc. Shares 2,891,326 Cost $2,891,326 Market Value......... -- -- $2,891,326 Hartford Advisers Fund, Inc. Shares 580,593 Cost $1,027,261 Market Value......... -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 345,783 Cost $1,056,706 Market Value......... -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 155,405 Cost $ 162,887 Market Value......... -- -- -- Hartford Index Fund, Inc. Shares 31,597 Cost $ 54,815 Market Value......... -- -- -- Hartford International Opportunities Fund, Inc. Shares 89,427 Cost $ 107,269 Market Value......... -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 263,645 Cost $ 295,213 Market Value......... -- -- -- Hartford International Advisers Fund, Inc. Shares 30,664 Cost $ 31,838 Market Value......... -- -- -- Receivable from fund shares sold........... 3,283 -- 56,930 Receivable from Hartford Life Insurance Co.......... -- -- -- ------------- ----------- ----------- Total Assets........... 84,680 465,468 2,948,256 ------------- ----------- ----------- LIABILITIES: Payable to Hartford Life Insurance Co..... 3,245 -- 57,145 Payable for fund shares purchased............. -- -- -- ------------- ----------- ----------- Total Liabilities...... 3,245 -- 57,145 ------------- ----------- ----------- Net Assets............. $ 81,435 $ 465,468 $2,891,111 ------------- ----------- ----------- ------------- ----------- ----------- VARIABLE LIFE POLICIES: Units Owned by Participants.......... 73,190 397,676 2,812,795 Unit Price............. $ 1.112657 $ 1.170469 $ 1.027843
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 46
MORTGAGE CAPITAL SECURITIES INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- -------------- ----------- ------------------ ------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares 81,608 Cost $ 80,294 Market Value......... -- -- -- -- -- -- Hartford Stock Fund, Inc. Shares 148,111 Cost $ 453,266 Market Value......... -- -- -- -- -- -- HVA Money Market Fund, Inc. Shares 2,891,326 Cost $2,891,326 Market Value......... -- -- -- -- -- -- Hartford Advisers Fund, Inc. Shares 580,593 Cost $1,027,261 Market Value......... $1,041,637 -- -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 345,783 Cost $1,056,706 Market Value......... -- $1,103,886 -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 155,405 Cost $ 162,887 Market Value......... -- -- $ 163,431 -- -- -- Hartford Index Fund, Inc. Shares 31,597 Cost $ 54,815 Market Value......... -- -- -- $ 56,869 -- -- Hartford International Opportunities Fund, Inc. Shares 89,427 Cost $ 107,269 Market Value......... -- -- -- -- $ 106,893 -- Hartford Dividend and Growth Fund, Inc. Shares 263,645 Cost $ 295,213 Market Value......... -- -- -- -- -- $ 299,268 Hartford International Advisers Fund, Inc. Shares 30,664 Cost $ 31,838 Market Value......... -- -- -- -- -- -- Receivable from fund shares sold........... 156,332 48,021 -- 5,360 -- 41,757 Receivable from Hartford Life Insurance Co.......... -- -- -- -- 13,285 -- ------------- ----------------- -------------- ----------- ---------- ------------ Total Assets........... 1,197,969 1,151,907 163,431 62,229 120,178 341,025 ------------- ----------------- -------------- ----------- ---------- ------------ LIABILITIES: Payable to Hartford Life Insurance Co..... -- 47,966 -- 5,299 13,209 41,757 Payable for fund shares purchased............. 156,311 -- -- -- -- -- ------------- ----------------- -------------- ----------- ---------- ------------ Total Liabilities...... 156,311 47,966 -- 5,299 13,209 41,757 ------------- ----------------- -------------- ----------- ---------- ------------ Net Assets............. $1,041,658 $1,103,941 $ 163,431 $ 56,930 $ 106,969 $ 299,268 ------------- ----------------- -------------- ----------- ---------- ------------ ------------- ----------------- -------------- ----------- ---------- ------------ VARIABLE LIFE POLICIES: Units Owned by Participants.......... 906,455 933,495 147,889 47,708 101,246 259,327 Unit Price............. $ 1.149155 $ 1.182589 $1.105096 $1.193297 $1.056533 $1.154020 INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares Cost Market Value......... -- Hartford Stock Fund, Inc. Shares Cost Market Value......... -- HVA Money Market Fund, Inc. Shares Cost Market Value......... -- Hartford Advisers Fund, Inc. Shares Cost Market Value......... -- Hartford Capital Appreciation Fund, Inc. Shares Cost Market Value......... -- Hartford Mortgage Securities Fund, Inc. Shares Cost Market Value......... -- Hartford Index Fund, Inc. Shares Cost Market Value......... -- Hartford International Opportunities Fund, Inc. Shares Cost Market Value......... -- Hartford Dividend and Growth Fund, Inc. Shares Cost Market Value......... -- Hartford International Advisers Fund, Inc. Shares Cost Market Value......... $ 32,334 Receivable from fund shares sold........... -- Receivable from Hartford Life Insurance Co.......... -- ------------- Total Assets........... 32,334 ------------- LIABILITIES: Payable to Hartford Life Insurance Co..... -- Payable for fund shares purchased............. -- ------------- Total Liabilities...... -- ------------- Net Assets............. $ 32,334 ------------- ------------- VARIABLE LIFE POLICIES: Units Owned by Participants.......... 30,210 Unit Price............. $1.070282
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 47 SEPARATE ACCOUNT FIVE HARTFORD LIFE INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- INVESTMENT INCOME: Dividends.............. $1,027 $ 1,990 $15,423 EXPENSES: Mortality and expense undertakings.......... -- -- -- ------ ----------- ----------- Net investment income.............. 1,027 1,990 15,423 ------ ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... (17) -- -- Net unrealized appreciation (depreciation) of investments during the period................ 1,103 12,202 -- ------ ----------- ----------- Net gains (losses) on investments......... 1,086 12,202 -- ------ ----------- ----------- Net increase (decrease) in net assets resulting from operations............ $2,113 $14,192 $15,423 ------ ----------- ----------- ------ ----------- -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 48
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ INVESTMENT INCOME: Dividends.............. $ 4,969 $ 2,135 $1,228 $ 286 $701 $1,184 EXPENSES: Mortality and expense undertakings.......... -- -- -- -- -- -- ------------- ------- ------ ----------- ----- ------ Net investment income.............. 4,969 2,135 1,228 286 701 1,184 ------------- ------- ------ ----------- ----- ------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... (1,411) 1,221 -- 47 (16) 1 Net unrealized appreciation (depreciation) of investments during the period................ 14,376 47,179 544 2,055 (376) 4,055 ------------- ------- ------ ----------- ----- ------ Net gains (losses) on investments......... 12,965 48,400 544 2,102 (392) 4,056 ------------- ------- ------ ----------- ----- ------ Net increase (decrease) in net assets resulting from operations............ $17,934 $50,535 $1,772 $2,388 $309 $5,240 ------------- ------- ------ ----------- ----- ------ ------------- ------- ------ ----------- ----- ------ INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- INVESTMENT INCOME: Dividends.............. $249 EXPENSES: Mortality and expense undertakings.......... -- ----- Net investment income.............. 249 ----- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... -- Net unrealized appreciation (depreciation) of investments during the period................ 495 ----- Net gains (losses) on investments......... 495 ----- Net increase (decrease) in net assets resulting from operations............ $744 ----- -----
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 49 Separate Account Five HARTFORD LIFE INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- ------------ OPERATIONS: Net investment income................ $ 1,027 $ 1,990 $ 15,423 Net realized gain (loss) on security transactions.......... (17) -- -- Net unrealized appreciation (depreciation) of investments during the period................ 1,103 12,202 -- ----------- ----------- ------------ Net increase (decrease) in net assets resulting from operations............ 2,113 14,192 15,423 ----------- ----------- ------------ UNIT TRANSACTIONS: Purchases.............. 10,000 10,000 6,352,004 Net transfers.......... 69,514 442,039 (3,025,530) Surrenders............. (157) (538) (9,955) Loan Withdrawal........ -- -- (435,888) Cost of Insurance...... (35) (225) (4,943) ----------- ----------- ------------ Net increase in net assets resulting from unit transactions..... 79,322 451,276 2,875,688 ----------- ----------- ------------ Total increase in net assets................ 81,435 465,468 2,891,111 NET ASSETS: Beginning of period.... -- -- -- ----------- ----------- ------------ End of period.......... $81,435 $465,468 $ 2,891,111 ----------- ----------- ------------ ----------- ----------- ------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 50
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ OPERATIONS: Net investment income................ $ 4,969 $ 2,135 $ 1,228 $ 286 $ 701 $ 1,184 Net realized gain (loss) on security transactions.......... (1,411) 1,221 -- 47 (16) 1 Net unrealized appreciation (depreciation) of investments during the period................ 14,376 47,179 544 2,055 (376) 4,055 ------------- ----------------- --------------- ----------- -------- ------------ Net increase (decrease) in net assets resulting from operations............ 17,934 50,535 1,772 2,388 309 5,240 ------------- ----------------- --------------- ----------- -------- ------------ UNIT TRANSACTIONS: Purchases.............. 10,000 10,000 10,000 10,000 10,000 10,000 Net transfers.......... 1,015,230 1,045,756 152,013 44,609 96,774 284,629 Surrenders............. (1,049) (1,720) (299) (57) (67) (412) Loan Withdrawal........ -- -- -- -- -- -- Cost of Insurance...... (457) (630) (55) (10) (47) (189) ------------- ----------------- --------------- ----------- -------- ------------ Net increase in net assets resulting from unit transactions..... 1,023,724 1,053,406 161,659 54,542 106,660 294,028 ------------- ----------------- --------------- ----------- -------- ------------ Total increase in net assets................ 1,041,658 1,103,941 163,431 56,930 106,969 299,268 NET ASSETS: Beginning of period.... -- -- -- -- -- -- ------------- ----------------- --------------- ----------- -------- ------------ End of period.......... $1,041,658 $1,103,941 $163,431 $56,930 $106,969 $299,268 ------------- ----------------- --------------- ----------- -------- ------------ ------------- ----------------- --------------- ----------- -------- ------------ INTERNATIONAL ADVISERS FUND SUB-ACCOUNT -------------- OPERATIONS: Net investment income................ $ 249 Net realized gain (loss) on security transactions.......... -- Net unrealized appreciation (depreciation) of investments during the period................ 495 ------- Net increase (decrease) in net assets resulting from operations............ 744 ------- UNIT TRANSACTIONS: Purchases.............. 10,000 Net transfers.......... 21,748 Surrenders............. (146) Loan Withdrawal........ -- Cost of Insurance...... (12) ------- Net increase in net assets resulting from unit transactions..... 31,590 ------- Total increase in net assets................ 32,334 NET ASSETS: Beginning of period.... -- ------- End of period.......... $32,334 ------- -------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 51 SEPARATE ACCOUNT FIVE HARTFORD LIFE INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Separate Account Five (the Account) is a separate investment account within Hartford Life Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and are taxed with, the total operations of the Company, which is taxed as an insurance company under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the operations of the Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: In accordance with the terms of the contracts, the Company makes deductions for mortality and expense undertakings, cost of insurance, administrative fees, and state premium taxes. These charges are deducted through termination of units of interest from applicable contract owners' accounts. 52 HARTFORD LIFE & ACCIDENT INSURANCE COMPANY SEPARATE ACCOUNT ONE SEPARATE ACCOUNT ONE HARTFORD LIFE & ACCIDENT INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 374,825 Cost $ 379,857 Market Value......... $ 373,854 -- -- Hartford Stock Fund, Inc. Shares 580,815 Cost $ 1,669,601 Market Value......... -- $1,825,327 -- HVA Money Market Fund, Inc. Shares 422,650 Cost $ 422,650 Market Value......... -- -- $ 422,650 Hartford Advisers Fund, Inc. Shares 6,674,305 Cost $11,071,794 Market Value......... -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 759,659 Cost $ 2,017,764 Market Value......... -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 318,903 Cost $ 347,525 Market Value......... -- -- -- Hartford Index Fund, Inc. Shares 501,671 Cost $ 703,477 Market Value......... -- -- -- Hartford International Opportunities Fund, Inc. Shares 1,133,912 Cost $ 1,246,959 Market Value......... -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 71,981 Cost $ 73,362 Market Value......... -- -- -- Hartford International Advisers Fund Shares 40,426 Cost $ 41,434 Market Value......... -- -- -- Due from Hartford Life and Accident Insurance Company............... 968 1,489 -- Receivable from fund shares sold........... -- -- 55 ------------- ----------- ----------- Total Assets........... 374,822 1,826,816 422,705 ------------- ----------- ----------- LIABILITIES: Due to Hartford Life and Accident Insurance Company............... -- -- 56 Payable for fund shares purchased............. 937 545 -- ------------- ----------- ----------- Total Liabilities...... 937 545 56 ------------- ----------- ----------- Net Assets (variable annuity contract liabilities).......... $ 373,885 $1,826,271 $ 422,649 ------------- ----------- ----------- ------------- ----------- ----------- DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 210,298 712,604 261,711 Unit Price............. $ 1.777880 $ 2.562814 $ 1.495975 ANNUITY CONTRACTS IN THE ANNUITY PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... -- -- 20,814 Unit Price............. -- -- $ 1.495975
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 54
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares 374,825 Cost $ 379,857 Market Value......... -- -- -- -- -- -- Hartford Stock Fund, Inc. Shares 580,815 Cost $ 1,669,601 Market Value......... -- -- -- -- -- -- HVA Money Market Fund, Inc. Shares 422,650 Cost $ 422,650 Market Value......... -- -- -- -- -- -- Hartford Advisers Fund, Inc. Shares 6,674,305 Cost $11,071,794 Market Value......... $11,974,304 -- -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 759,659 Cost $ 2,017,764 Market Value......... -- $2,425,151 -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 318,903 Cost $ 347,525 Market Value......... -- -- $ 335,375 -- -- -- Hartford Index Fund, Inc. Shares 501,671 Cost $ 703,477 Market Value......... -- -- -- $ 902,923 -- -- Hartford International Opportunities Fund, Inc. Shares 1,133,912 Cost $ 1,246,959 Market Value......... -- -- -- -- $1,355,376 -- Hartford Dividend and Growth Fund, Inc. Shares 71,981 Cost $ 73,362 Market Value......... -- -- -- -- -- $ 81,707 Hartford International Advisers Fund Shares 40,426 Cost $ 41,434 Market Value......... -- -- -- -- -- -- Due from Hartford Life and Accident Insurance Company............... 716 196 -- 577 803 -- Receivable from fund shares sold........... 250 -- 34 -- -- 8 ------------- ----------------- --------------- ----------- ------------------ ------------ Total Assets........... 11,975,270 2,425,347 335,409 903,500 1,356,179 81,715 ------------- ----------------- --------------- ----------- ------------------ ------------ LIABILITIES: Due to Hartford Life and Accident Insurance Company............... -- -- 64 -- -- 8 Payable for fund shares purchased............. -- 484 -- 395 836 -- ------------- ----------------- --------------- ----------- ------------------ ------------ Total Liabilities...... -- 484 64 395 836 8 ------------- ----------------- --------------- ----------- ------------------ ------------ Net Assets (variable annuity contract liabilities).......... $11,975,270 $2,424,863 $ 335,345 $ 903,105 $1,355,343 $ 81,707 ------------- ----------------- --------------- ----------- ------------------ ------------ ------------- ----------------- --------------- ----------- ------------------ ------------ DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 5,234,066 786,289 186,657 433,525 1,113,163 70,199 Unit Price............. $ 2.287948 $ 3.083934 $ 1.796584 $ 2.083167 $ 1.217560 $ 1.163924 ANNUITY CONTRACTS IN THE ANNUITY PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... -- -- -- -- -- -- Unit Price............. -- -- -- -- -- -- INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares Cost Market Value......... -- Hartford Stock Fund, Inc. Shares Cost Market Value......... -- HVA Money Market Fund, Inc. Shares Cost Market Value......... -- Hartford Advisers Fund, Inc. Shares Cost Market Value......... -- Hartford Capital Appreciation Fund, Inc. Shares Cost Market Value......... -- Hartford Mortgage Securities Fund, Inc. Shares Cost Market Value......... -- Hartford Index Fund, Inc. Shares Cost Market Value......... -- Hartford International Opportunities Fund, Inc. Shares Cost Market Value......... -- Hartford Dividend and Growth Fund, Inc. Shares Cost Market Value......... -- Hartford International Advisers Fund Shares Cost Market Value......... $ 42,627 Due from Hartford Life and Accident Insurance Company............... -- Receivable from fund shares sold........... 4 ------------- Total Assets........... 42,631 ------------- LIABILITIES: Due to Hartford Life and Accident Insurance Company............... 4 Payable for fund shares purchased............. -- ------------- Total Liabilities...... 4 ------------- Net Assets (variable annuity contract liabilities).......... $ 42,627 ------------- ------------- DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 39,995 Unit Price............. $ 1.065796 ANNUITY CONTRACTS IN THE ANNUITY PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... -- Unit Price............. --
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 55 SEPARATE ACCOUNT ONE HARTFORD LIFE & ACCIDENT INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- INVESTMENT INCOME: Dividends.............. $14,171 $ 20,362 $ 7,978 EXPENSES: Mortality and expense undertakings.......... (2,654) (10,536) (1,731) ------------- ----------- ----------- Net investment income (loss).............. 11,517 9,826 6,247 ------------- ----------- ----------- Capital gains income... -- 63,009 -- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 5,451 657 -- Net unrealized appreciation (depreciation) of investments during the period................ 26,680 197,647 -- ------------- ----------- ----------- Net gains (losses) on investments......... 32,131 198,304 -- ------------- ----------- ----------- Net increase (decrease) in net assets resulting from operations............ $43,648 $271,139 $ 6,247 ------------- ----------- ----------- ------------- ----------- -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 56
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ INVESTMENT INCOME: Dividends.............. $ 217,002 $ 11,484 $10,776 $ 10,927 $14,736 $1,057 EXPENSES: Mortality and expense undertakings.......... (70,396) (13,306) (2,027) (5,248) (8,895) (413) ------------- -------- ------- ----------- ------- ------ Net investment income (loss).............. 146,606 (1,822) 8,749 5,679 5,841 644 ------------- -------- ------- ----------- ------- ------ Capital gains income... 127,329 104,823 -- 314 13,530 -- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 3,264 342 157 2,173 (4,989) 3 Net unrealized appreciation (depreciation) of investments during the period................ 1,283,562 252,530 21,142 137,798 24,429 8,548 ------------- -------- ------- ----------- ------- ------ Net gains (losses) on investments......... 1,286,826 252,872 21,299 139,971 19,440 8,551 ------------- -------- ------- ----------- ------- ------ Net increase (decrease) in net assets resulting from operations............ $1,560,761 $355,873 $30,048 $145,964 $38,811 $9,195 ------------- -------- ------- ----------- ------- ------ ------------- -------- ------- ----------- ------- ------ INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- INVESTMENT INCOME: Dividends.............. $ 514 EXPENSES: Mortality and expense undertakings.......... (131) ------ Net investment income (loss).............. 383 ------ Capital gains income... -- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 303 Net unrealized appreciation (depreciation) of investments during the period................ 1,193 ------ Net gains (losses) on investments......... 1,496 ------ Net increase (decrease) in net assets resulting from operations............ $1,879 ------ ------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 57 SEPARATE ACCOUNT ONE HARTFORD LIFE & ACCIDENT INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- OPERATIONS: Net investment income (loss)................ $ 11,517 $ 9,826 $ 6,247 Capital gains income... -- 63,009 -- Net realized gain (loss) on security transactions.......... 5,451 657 -- Net unrealized appreciation (depreciation) of investments during the period................ 26,680 197,647 -- ------------- ----------- ----------- Net increase (decrease) in net assets resulting from operations............ 43,648 271,139 6,247 ------------- ----------- ----------- UNIT TRANSACTIONS: Purchases.............. 17,402 39,978 30,586 Net transfers.......... (72,782) (27,649) 61,622 Surrenders............. (1,918) (13,451) (310) Net annuity transactions.......... -- -- (1,207) ------------- ----------- ----------- Net increase (decrease) in net assets resulting from unit transactions.......... (57,298) (1,122) 90,691 ------------- ----------- ----------- Total increase (decrease) in net assets................ (13,650) 270,017 96,938 NET ASSETS: Beginning of period.... 387,535 1,556,254 325,711 ------------- ----------- ----------- End of period.......... $ 373,885 $ 1,826,271 $ 422,649 ------------- ----------- ----------- ------------- ----------- ----------- HARTFORD LIFE & ACCIDENT INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1994 MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- OPERATIONS: Net investment income (loss)................ $ 15,733 $ 13,537 $ 7,242 Capital gains income... 4,170 75,267 -- Net realized gain (loss) on security transactions.......... (2,306) (482) -- Net unrealized appreciation (depreciation) of investments during the period................ (34,023) (138,536) -- ------------- ----------- ----------- Net increase (decrease) in net assets resulting from operations............ (16,426) (50,214) 7,242 ------------- ----------- ----------- UNIT TRANSACTIONS: Purchases.............. 57,432 296,833 160,695 Net transfers.......... 130,427 146,495 (94,589) Surrenders............. 371 (15,344) (30,707) Net annuity transactions.......... -- -- 31,095 ------------- ----------- ----------- Net increase (decrease) in net assets resulting from unit transactions.......... 188,230 427,984 66,494 ------------- ----------- ----------- Total increase (decrease) in net assets................ 171,804 377,770 73,736 NET ASSETS: Beginning of period.... 215,731 1,178,484 251,975 ------------- ----------- ----------- End of period.......... $ 387,535 $ 1,556,254 $ 325,711 ------------- ----------- ----------- ------------- ----------- -----------
* From Inception, March 8, 1994, to December 31, 1994. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 58
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------- OPERATIONS: Net investment income (loss)................ $ 146,606 $ (1,822) $ 8,749 $ 5,679 $ 5,841 $ 644 Capital gains income... 127,329 104,823 -- 314 13,530 -- Net realized gain (loss) on security transactions.......... 3,264 342 157 2,173 (4,989) 3 Net unrealized appreciation (depreciation) of investments during the period................ 1,283,562 252,530 21,142 137,798 24,429 8,548 ------------- ----------------- --------------- ----------- ------------------ ------------- Net increase (decrease) in net assets resulting from operations............ 1,560,761 355,873 30,048 145,964 38,811 9,195 ------------- ----------------- --------------- ----------- ------------------ ------------- UNIT TRANSACTIONS: Purchases.............. 44,970 65,727 325 3,730 33,101 100 Net transfers.......... (275,986) 172,553 (6,648) (6,386) (213,847) 23,696 Surrenders............. (83,141) (11,151) (1,598) (298) (6,876) (4) Net annuity transactions.......... -- -- -- -- -- -- ------------- ----------------- --------------- ----------- ------------------ ------------- Net increase (decrease) in net assets resulting from unit transactions.......... (314,157) 227,129 (7,921) (2,954) (187,622) 23,792 ------------- ----------------- --------------- ----------- ------------------ ------------- Total increase (decrease) in net assets................ 1,246,604 583,002 22,127 143,010 (148,811) 32,987 NET ASSETS: Beginning of period.... 10,728,666 1,841,861 313,218 760,095 1,504,154 48,720 ------------- ----------------- --------------- ----------- ------------------ ------------- End of period.......... $11,975,270 $2,424,863 $335,345 $903,105 $1,355,343 $81,707 ------------- ----------------- --------------- ----------- ------------------ ------------- ------------- ----------------- --------------- ----------- ------------------ ------------- CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT* ------------- ----------------- --------------- ----------- ------------------ ------------- OPERATIONS: Net investment income (loss)................ $ 217,957 $ (14,837) $ 17,832 $ 9,368 $ 2,246 818 Capital gains income... 268,203 131,711 1,262 -- -- -- Net realized gain (loss) on security transactions.......... (7,057) (8,874) (2,951) 81 (6,682) (617) Net unrealized appreciation (depreciation) of investments during the period................ (924,313) (103,586) (25,542) (11,389) (46,248) (203) ------------- ----------------- --------------- ----------- ------------------ ------------- Net increase (decrease) in net assets resulting from operations............ (445,210) 4,414 (9,399) (1,940) (50,684) (2) ------------- ----------------- --------------- ----------- ------------------ ------------- UNIT TRANSACTIONS: Purchases.............. 2,881,917 364,450 92,206 20,149 362,667 897 Net transfers.......... 651,815 26,386 (43,532) 15,263 413,531 47,825 Surrenders............. (310,624) (20,307) (1,681) (732) (10,485) -- Net annuity transactions.......... -- -- -- -- -- -- ------------- ----------------- --------------- ----------- ------------------ ------------- Net increase (decrease) in net assets resulting from unit transactions.......... 3,223,108 370,529 46,993 34,680 765,713 48,722 ------------- ----------------- --------------- ----------- ------------------ ------------- Total increase (decrease) in net assets................ 2,777,898 374,943 37,594 32,740 715,029 48,720 NET ASSETS: Beginning of period.... 7,950,768 1,466,918 275,624 727,355 789,125 -- ------------- ----------------- --------------- ----------- ------------------ ------------- End of period.......... $10,728,666 $1,841,861 $313,218 $760,095 $1,504,154 $48,720 ------------- ----------------- --------------- ----------- ------------------ ------------- ------------- ----------------- --------------- ----------- ------------------ ------------- INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- OPERATIONS: Net investment income (loss)................ $ 383 Capital gains income... -- Net realized gain (loss) on security transactions.......... 303 Net unrealized appreciation (depreciation) of investments during the period................ 1,193 ------------- Net increase (decrease) in net assets resulting from operations............ 1,879 ------------- UNIT TRANSACTIONS: Purchases.............. 20,000 Net transfers.......... 20,748 Surrenders............. -- Net annuity transactions.......... -- ------------- Net increase (decrease) in net assets resulting from unit transactions.......... 40,748 ------------- Total increase (decrease) in net assets................ 42,627 NET ASSETS: Beginning of period.... -- ------------- End of period.......... $42,627 ------------- ------------- OPERATIONS: Net investment income (loss)................ Capital gains income... Net realized gain (loss) on security transactions.......... Net unrealized appreciation (depreciation) of investments during the period................ Net increase (decrease) in net assets resulting from operations............ UNIT TRANSACTIONS: Purchases.............. Net transfers.......... Surrenders............. Net annuity transactions.......... Net increase (decrease) in net assets resulting from unit transactions.......... Total increase (decrease) in net assets................ NET ASSETS: Beginning of period.... End of period..........
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 59 SEPARATE ACCOUNT ONE HARTFORD LIFE & ACCIDENT INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Separate Account One (the Account) is a separate investment account within Hartford Life & Accident Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and are taxed with, the total operations of the Company, which is taxed as an insurance company under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the operations of the Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable annuity contracts, provides the mortality and expense undertakings and, with respect to the Account, receives a maximum annual fee of 1.25% of the Account's average daily net assets. b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted through termination of units of interest from applicable contract owners' accounts, in accordance with the terms of the contracts. 60 ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY SEPARATE ACCOUNT ONE Separate Account One ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY STATEMENT OF ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ------------- ------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares 66,273,018 Cost $ 67,901,625 Market Value......... $66,101,371 -- -- Hartford Stock Fund, Inc. Shares 109,294,849 Cost $323,004,085 Market Value......... -- $ 343,480,920 -- HVA Money Market Fund, Inc. Shares 55,182,458 Cost $ 55,182,458 Market Value......... -- -- $55,182,458 Hartford Advisers Fund, Inc. Shares 563,376,010 Cost $957,731,658 Market Value......... -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 141,450,369 Cost $411,887,565 Market Value......... -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 48,746,991 Cost $ 52,667,911 Market Value......... -- -- -- Hartford Index Fund, Inc. Shares 19,451,082 Cost $ 30,768,289 Market Value......... -- -- -- Hartford International Opportunities Fund, Inc. Shares 192,873,440 Cost $226,620,325 Market Value......... -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 47,623,053 Cost $ 49,796,075 Market Value......... -- -- -- Hartford International Advisers Fund, Inc. Shares 1,200,638 Cost $ 1,270,273 Market Value......... -- -- -- Due from ITT Hartford Life and Annuity Insurance Company..... 55,538 827,132 -- Receivable from fund shares sold........... -- -- 263,370 ------------- ------------- ------------ Total Assets........... 66,156,909 344,308,052 55,445,828 ------------- ------------- ------------ LIABILITIES: Due to ITT Hartford Life and Annuity Insurance Company..... -- -- 264,362 Payable for fund shares purchased............. 54,473 827,580 -- ------------- ------------- ------------ Total Liabilities...... 54,473 827,580 264,362 ------------- ------------- ------------ Net Assets (variable annuity contract liabilities).......... $66,102,436 $ 343,480,472 $55,181,466 ------------- ------------- ------------ ------------- ------------- ------------ DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 37,180,482 133,991,352 36,886,623 Unit Price............. $ 1.777880 $ 2.562814 $ 1.495975 ANNUITY CONTRACTS IN THE ANNUITY PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... -- 33,385 -- Unit Price............. -- $ 2.562814 --
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 62
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------- ----------------- --------------- ----------- ------------------ ------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares 66,273,018 Cost $ 67,901,625 Market Value......... -- -- -- -- -- -- Hartford Stock Fund, Inc. Shares 109,294,849 Cost $323,004,085 Market Value......... -- -- -- -- -- -- HVA Money Market Fund, Inc. Shares 55,182,458 Cost $ 55,182,458 Market Value......... -- -- -- -- -- -- Hartford Advisers Fund, Inc. Shares 563,376,010 Cost $957,731,658 Market Value......... $1,010,747,267 -- -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 141,450,369 Cost $411,887,565 Market Value......... -- $451,568,986 -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 48,746,991 Cost $ 52,667,911 Market Value......... -- -- $51,264,773 -- -- -- Hartford Index Fund, Inc. Shares 19,451,082 Cost $ 30,768,289 Market Value......... -- -- -- $35,008,642 -- -- Hartford International Opportunities Fund, Inc. Shares 192,873,440 Cost $226,620,325 Market Value......... -- -- -- -- $230,543,551 -- Hartford Dividend and Growth Fund, Inc. Shares 47,623,053 Cost $ 49,796,075 Market Value......... -- -- -- -- -- $54,057,880 Hartford International Advisers Fund, Inc. Shares 1,200,638 Cost $ 1,270,273 Market Value......... -- -- -- -- -- -- Due from ITT Hartford Life and Annuity Insurance Company..... 1,148,969 1,799,118 -- 98,302 146,636 355,482 Receivable from fund shares sold........... -- -- 58,535 -- -- -- -------------- ----------------- --------------- ----------- ------------------ ------------ Total Assets........... 1,011,896,236 453,368,104 51,323,308 35,106,944 230,690,187 54,413,362 -------------- ----------------- --------------- ----------- ------------------ ------------ LIABILITIES: Due to ITT Hartford Life and Annuity Insurance Company..... -- -- 57,965 -- -- -- Payable for fund shares purchased............. 1,149,249 1,709,302 -- 97,149 146,786 355,485 -------------- ----------------- --------------- ----------- ------------------ ------------ Total Liabilities...... 1,149,249 1,709,302 57,965 97,149 146,786 355,485 -------------- ----------------- --------------- ----------- ------------------ ------------ Net Assets (variable annuity contract liabilities).......... $1,010,746,987 $451,658,802 $51,265,343 $35,009,795 $230,543,401 $54,057,877 -------------- ----------------- --------------- ----------- ------------------ ------------ -------------- ----------------- --------------- ----------- ------------------ ------------ DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 441,628,063 146,446,292 28,534,899 16,806,043 189,329,226 46,444,507 Unit Price............. $ 2.287948 $ 3.083934 $ 1.796584 $ 2.083167 $ 1.217560 $ 1.163924 ANNUITY CONTRACTS IN THE ANNUITY PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 142,024 9,112 -- -- 19,472 -- Unit Price............. $ 2.287948 $ 3.083934 -- -- $ 1.217560 -- INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares Cost Market Value......... -- Hartford Stock Fund, Inc. Shares Cost Market Value......... -- HVA Money Market Fund, Inc. Shares Cost Market Value......... -- Hartford Advisers Fund, Inc. Shares Cost Market Value......... -- Hartford Capital Appreciation Fund, Inc. Shares Cost Market Value......... -- Hartford Mortgage Securities Fund, Inc. Shares Cost Market Value......... -- Hartford Index Fund, Inc. Shares Cost Market Value......... -- Hartford International Opportunities Fund, Inc. Shares Cost Market Value......... -- Hartford Dividend and Growth Fund, Inc. Shares Cost Market Value......... -- Hartford International Advisers Fund, Inc. Shares Cost Market Value......... $1,266,013 Due from ITT Hartford Life and Annuity Insurance Company..... 20,460 Receivable from fund shares sold........... -- ------------- Total Assets........... 1,286,473 ------------- LIABILITIES: Due to ITT Hartford Life and Annuity Insurance Company..... -- Payable for fund shares purchased............. 20,461 ------------- Total Liabilities...... 20,461 ------------- Net Assets (variable annuity contract liabilities).......... $1,266,012 ------------- ------------- DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... 1,187,856 Unit Price............. $ 1.065796 ANNUITY CONTRACTS IN THE ANNUITY PERIOD: INDIVIDUAL SUB-ACCOUNTS: Units Owned by Participants.......... -- Unit Price............. --
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 63 SEPARATE ACCOUNT ONE ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ------------ ------------ INVESTMENT INCOME: Dividends.............. $ 2,003,621 $ 3,523,079 $1,272,735 EXPENSES: Mortality and expense undertakings.......... (373,029) (1,791,724) (275,929) ------------- ------------ ------------ Net investment income (loss).............. 1,630,592 1,731,355 996,806 ------------- ------------ ------------ Capital gains income... -- 10,042,632 -- ------------- ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... (374) (399) -- Net unrealized appreciation (depreciation) of investments during the period................ 4,386,800 34,291,395 -- ------------- ------------ ------------ Net gains (losses) on investments......... 4,386,426 34,290,996 -- ------------- ------------ ------------ Net increase (decrease) in net assets resulting from operations............ $ 6,017,018 $ 46,064,983 $ 996,806 ------------- ------------ ------------ ------------- ------------ ------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 64
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ INVESTMENT INCOME: Dividends.............. $ 17,639,230 $ 2,005,116 $1,649,480 $ 350,069 $ 2,336,509 $ 608,905 EXPENSES: Mortality and expense undertakings.......... (5,680,157) (2,297,631) (309,548) (163,356) (1,343,921) (228,907) ------------- ----------------- --------------- ----------- ------------------ ------------ Net investment income (loss).............. 11,959,073 (292,515) 1,339,932 186,713 992,588 379,998 ------------- ----------------- --------------- ----------- ------------------ ------------ Capital gains income... 10,002,290 17,026,540 -- 8,809 1,900,624 -- ------------- ----------------- --------------- ----------- ------------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... (7,267) (554) 10,341 (1,058) 16,525 113 Net unrealized appreciation (depreciation) of investments during the period................ 103,783,366 45,303,765 3,230,997 4,302,893 3,843,369 4,658,735 ------------- ----------------- --------------- ----------- ------------------ ------------ Net gains (losses) on investments......... 103,776,099 45,303,211 3,241,338 4,301,835 3,859,894 4,658,848 ------------- ----------------- --------------- ----------- ------------------ ------------ Net increase (decrease) in net assets resulting from operations............ $ 125,737,462 $62,037,236 $4,581,270 $ 4,497,357 $ 6,753,106 $5,038,846 ------------- ----------------- --------------- ----------- ------------------ ------------ ------------- ----------------- --------------- ----------- ------------------ ------------ INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- INVESTMENT INCOME: Dividends.............. $ 8,307 EXPENSES: Mortality and expense undertakings.......... (1,545) ------------- Net investment income (loss).............. 6,762 ------------- Capital gains income... -- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 388 Net unrealized appreciation (depreciation) of investments during the period................ (4,260) ------------- Net gains (losses) on investments......... (3,872) ------------- Net increase (decrease) in net assets resulting from operations............ $ 2,890 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 65 SEPARATE ACCOUNT ONE ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------ ------------- ------------ OPERATIONS: Net investment income (loss)................ $ 1,630,592 $ 1,731,355 $ 996,806 Capital gains income... -- 10,042,632 -- Net realized gain (loss) on security transactions.......... (374) (399) -- Net unrealized appreciation (depreciation) of investments during the period................ 4,386,800 34,291,395 -- ------------ ------------- ------------ Net increase (decrease) in net assets resulting from operations............ 6,017,018 46,064,983 996,806 ------------ ------------- ------------ UNIT TRANSACTIONS: Purchases.............. 6,920,419 44,039,272 21,785,683 Net transfers.......... 820,910 16,364,610 (9,958,944) Surrenders............. (1,623,856) (4,931,827) (2,789,813) Net annuity transactions.......... -- (782) -- ------------ ------------- ------------ Net increase (decrease) in net assets resulting from unit transactions.......... 6,117,473 55,471,273 9,036,926 ------------ ------------- ------------ Total increase (decrease) in net assets................ 12,134,491 101,536,256 10,033,732 NET ASSETS: Beginning of period.... 53,967,945 241,944,216 45,147,734 ------------ ------------- ------------ End of period.......... $ 66,102,436 $ 343,480,472 $ 55,181,466 ------------ ------------- ------------ ------------ ------------- ------------ ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1994 MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------ ------------- ------------ OPERATIONS: Net investment income (loss)................ $ 2,545,533 $ 1,930,589 $ 953,750 Capital gains income... 757,945 8,908,976 -- Net realized gain (loss) on security transactions.......... (3,236) (23,731) -- Net unrealized appreciation (depreciation) of investments during the period................ (5,831,746) (17,046,792) -- ------------ ------------- ------------ Net increase (decrease) in net assets resulting from operations............ (2,531,504) (6,230,958) 953,750 ------------ ------------- ------------ UNIT TRANSACTIONS: Purchases.............. 21,372,612 89,041,867 40,174,720 Net transfers.......... (2,221,994) 28,767,921 (14,446,701) Surrenders............. (2,964,388) (5,703,110) (2,731,912) Net annuity transactions.......... -- 73,792 -- ------------ ------------- ------------ Net increase (decrease) in net assets resulting from unit transactions.......... 16,186,230 112,180,470 22,996,107 ------------ ------------- ------------ Total increase (decrease) in net assets................ 13,654,726 105,949,512 23,949,857 NET ASSETS: Beginning of period.... 40,313,219 135,994,704 21,197,877 ------------ ------------- ------------ End of period.......... $ 53,967,945 $ 241,944,216 $ 45,147,734 ------------ ------------- ------------ ------------ ------------- ------------
* From Inception, March 8, 1994, to December 31, 1994. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 66
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ----------------- --------------- ------------ ------------------ ------------ OPERATIONS: Net investment income (loss)................ $ 11,959,073 $ (292,515) $ 1,339,932 $ 186,713 $ 992,588 $ 379,998 Capital gains income... 10,002,290 17,026,540 -- 8,809 1,900,624 -- Net realized gain (loss) on security transactions.......... (7,267) (554) 10,341 (1,058) 16,525 113 Net unrealized appreciation (depreciation) of investments during the period................ 103,783,366 45,303,765 3,230,997 4,302,893 3,843,369 4,658,735 --------------- ----------------- --------------- ------------ ------------------ ------------ Net increase (decrease) in net assets resulting from operations............ 125,737,462 62,037,236 4,581,270 4,497,357 6,753,106 5,038,846 --------------- ----------------- --------------- ------------ ------------------ ------------ UNIT TRANSACTIONS: Purchases.............. 70,448,624 64,170,197 2,433,868 6,499,737 19,193,048 16,764,619 Net transfers.......... 9,554,186 26,291,671 (2,863,098) 3,380,761 283,967 10,592,179 Surrenders............. (20,100,240) (5,636,277) (1,456,623) (417,023) (3,342,465) (515,845) Net annuity transactions.......... (21,849) (316) -- -- (298) -- --------------- ----------------- --------------- ------------ ------------------ ------------ Net increase (decrease) in net assets resulting from unit transactions.......... 59,880,721 84,825,275 (1,885,853) 9,463,475 16,134,252 26,840,953 --------------- ----------------- --------------- ------------ ------------------ ------------ Total increase (decrease) in net assets................ 185,618,183 146,862,511 2,695,417 13,960,832 22,887,358 31,879,799 NET ASSETS: Beginning of period.... 825,128,804 304,796,291 48,569,926 21,048,963 207,656,043 22,178,078 --------------- ----------------- --------------- ------------ ------------------ ------------ End of period.......... $ 1,010,746,987 $451,658,802 $51,265,343 $ 35,009,795 $230,543,401 $ 54,057,877 --------------- ----------------- --------------- ------------ ------------------ ------------ --------------- ----------------- --------------- ------------ ------------------ ------------ CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT* --------------- ----------------- --------------- ------------ ------------------ ------------ OPERATIONS: Net investment income (loss)................ $ 15,380,919 $ (1,940,695) $ 2,663,939 $ 228,555 $ 293,757 $ 192,756 Capital gains income... 16,501,543 14,446,172 213,039 -- -- -- Net realized gain (loss) on security transactions.......... 23,627 (149,645) (34,292) (7,380) (12,268) (265) Net unrealized appreciation (depreciation) of investments during the period................ (59,864,328) (9,016,266) (4,263,500) (259,651) (6,002,430) (396,930) --------------- ----------------- --------------- ------------ ------------------ ------------ Net increase (decrease) in net assets resulting from operations............ (27,958,239) 3,339,566 (1,420,814) (38,476) (5,720,941) (204,439) --------------- ----------------- --------------- ------------ ------------------ ------------ UNIT TRANSACTIONS: Purchases.............. 323,714,540 122,054,442 10,417,811 7,532,638 101,186,682 15,598,653 Net transfers.......... 47,515,115 33,168,295 (6,272,107) 1,088,140 35,079,810 6,923,603 Surrenders............. (26,173,012) (5,255,587) (1,961,038) (680,688) (3,519,088) (139,739) Net annuity transactions.......... 176,273 23,166 -- -- 23,455 -- --------------- ----------------- --------------- ------------ ------------------ ------------ Net increase (decrease) in net assets resulting from unit transactions.......... 345,232,916 149,990,316 2,184,666 7,940,090 132,770,859 22,382,517 --------------- ----------------- --------------- ------------ ------------------ ------------ Total increase (decrease) in net assets................ 317,274,677 153,329,882 763,852 7,901,614 127,049,918 22,178,078 NET ASSETS: Beginning of period.... 507,854,127 151,466,409 47,806,074 13,147,349 80,606,125 -- --------------- ----------------- --------------- ------------ ------------------ ------------ End of period.......... $ 825,128,804 $304,796,291 $48,569,926 $ 21,048,963 $207,656,043 $ 22,178,078 --------------- ----------------- --------------- ------------ ------------------ ------------ --------------- ----------------- --------------- ------------ ------------------ ------------ INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- OPERATIONS: Net investment income (loss)................ $ 6,762 Capital gains income... -- Net realized gain (loss) on security transactions.......... 388 Net unrealized appreciation (depreciation) of investments during the period................ (4,260) ------------- Net increase (decrease) in net assets resulting from operations............ 2,890 ------------- UNIT TRANSACTIONS: Purchases.............. 688,453 Net transfers.......... 585,159 Surrenders............. (10,490) Net annuity transactions.......... -- ------------- Net increase (decrease) in net assets resulting from unit transactions.......... 1,263,122 ------------- Total increase (decrease) in net assets................ 1,266,012 NET ASSETS: Beginning of period.... -- ------------- End of period.......... $1,266,012 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 67 SEPARATE ACCOUNT ONE ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Separate Account One (the Account) is a separate investment account within ITT Hartford Life & Annuity Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and are taxed with, the total operations of the Company, which is taxed as an insurance company under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the operations of the Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable annuity contracts, provides the mortality and expense undertakings and, with respect to the Account, receives a maximum annual fee of 1.25% of the Account's average daily net assets. b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted through termination of units of interest from applicable contract owners' accounts, in accordance with the terms of the contracts. 68 ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY SEPARATE ACCOUNT FIVE Separate Account Five ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY STATEMENT OF NET ASSETS & LIABILITIES JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- ----------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares 16,451 Cost $ 15,674 Market Value......... $ 16,408 -- -- Hartford Stock Fund, Inc. Shares 139,528 Cost $ 429,278 Market Value......... -- $ 438,495 -- HVA Money Market Fund, Inc. Shares 1,032,430 Cost $1,032,430 Market Value......... -- -- $1,032,430 Hartford Advisers Fund, Inc. Shares 218,670 Cost $ 387,143 Market Value......... -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 194,036 Cost $ 605,376 Market Value......... -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 30,623 Cost $ 31,607 Market Value......... -- -- -- Hartford Index Fund, Inc. Shares 19,909 Cost $ 33,904 Market Value......... -- -- -- Hartford International Opportunities Fund, Inc. Shares 125,273 Cost $ 150,378 Market Value......... -- -- -- Hartford Dividend and Growth Fund, Inc. Shares 137,542 Cost $ 155,113 Market Value......... -- -- -- Hartford International Advisers Fund, Inc. Shares 26,233 Cost $ 27,135 Market Value......... -- -- -- Receivable from fund shares sold........... -- -- 229,125 Receivable from ITT Hartford Life and Annuity Insurance Co.................... -- -- -- ----------- ----------- ----------- Total Assets........... 16,408 438,495 1,261,555 ----------- ----------- ----------- LIABILITIES: Payable to ITT Hartford Life and Annuity Insurance Co.......... -- -- 228,020 Payable for fund shares purchased............. -- -- -- ----------- ----------- ----------- Total Liabilities...... -- -- 228,020 ----------- ----------- ----------- Net Assets............. $ 16,408 $ 438,495 $1,033,535 ----------- ----------- ----------- ----------- ----------- ----------- VARIABLE LIFE POLICIES: Units Owned by Participants.......... 14,747 374,632 1,005,537 Unit Price............. $1.112657 $1.170469 $ 1.027843
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 70
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ ASSETS: Investments: Hartford Bond Fund, Inc. Shares 16,451 Cost $ 15,674 Market Value......... -- -- -- -- -- -- Hartford Stock Fund, Inc. Shares 139,528 Cost $ 429,278 Market Value......... -- -- -- -- -- -- HVA Money Market Fund, Inc. Shares 1,032,430 Cost $1,032,430 Market Value......... -- -- -- -- -- -- Hartford Advisers Fund, Inc. Shares 218,670 Cost $ 387,143 Market Value......... $ 392,314 -- -- -- -- -- Hartford Capital Appreciation Fund, Inc. Shares 194,036 Cost $ 605,376 Market Value......... -- $ 619,444 -- -- -- -- Hartford Mortgage Securities Fund, Inc. Shares 30,623 Cost $ 31,607 Market Value......... -- -- $ 32,205 -- -- -- Hartford Index Fund, Inc. Shares 19,909 Cost $ 33,904 Market Value......... -- -- -- $ 35,833 -- -- Hartford International Opportunities Fund, Inc. Shares 125,273 Cost $ 150,378 Market Value......... -- -- -- -- $ 149,741 -- Hartford Dividend and Growth Fund, Inc. Shares 137,542 Cost $ 155,113 Market Value......... -- -- -- -- -- $ 156,127 Hartford International Advisers Fund, Inc. Shares 26,233 Cost $ 27,135 Market Value......... -- -- -- -- -- -- Receivable from fund shares sold........... -- 76,798 -- -- -- 11,207 Receivable from ITT Hartford Life and Annuity Insurance Co.................... -- -- -- -- -- -- ------------- ----------------- --------------- ----------- ---------- ------------ Total Assets........... 392,314 696,242 32,205 35,833 149,741 167,334 ------------- ----------------- --------------- ----------- ---------- ------------ LIABILITIES: Payable to ITT Hartford Life and Annuity Insurance Co.......... 1 76,813 -- -- 1 11,207 Payable for fund shares purchased............. -- -- -- -- -- -- ------------- ----------------- --------------- ----------- ---------- ------------ Total Liabilities...... 1 76,813 -- -- 1 11,207 ------------- ----------------- --------------- ----------- ---------- ------------ Net Assets............. $ 392,313 $ 619,429 $ 32,205 $ 35,833 $ 149,740 $ 156,127 ------------- ----------------- --------------- ----------- ---------- ------------ ------------- ----------------- --------------- ----------- ---------- ------------ VARIABLE LIFE POLICIES: Units Owned by Participants.......... 341,392 523,791 29,142 30,029 141,728 135,289 Unit Price............. $1.149155 $1.182589 $1.105096 $1.193297 $1.056533 $1.154020 INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- ASSETS: Investments: Hartford Bond Fund, Inc. Shares Cost Market Value......... -- Hartford Stock Fund, Inc. Shares Cost Market Value......... -- HVA Money Market Fund, Inc. Shares Cost Market Value......... -- Hartford Advisers Fund, Inc. Shares Cost Market Value......... -- Hartford Capital Appreciation Fund, Inc. Shares Cost Market Value......... -- Hartford Mortgage Securities Fund, Inc. Shares Cost Market Value......... -- Hartford Index Fund, Inc. Shares Cost Market Value......... -- Hartford International Opportunities Fund, Inc. Shares Cost Market Value......... -- Hartford Dividend and Growth Fund, Inc. Shares Cost Market Value......... -- Hartford International Advisers Fund, Inc. Shares Cost Market Value......... $ 27,661 Receivable from fund shares sold........... -- Receivable from ITT Hartford Life and Annuity Insurance Co.................... -- ------------- Total Assets........... 27,661 ------------- LIABILITIES: Payable to ITT Hartford Life and Annuity Insurance Co.......... -- Payable for fund shares purchased............. -- ------------- Total Liabilities...... -- ------------- Net Assets............. $ 27,661 ------------- ------------- VARIABLE LIFE POLICIES: Units Owned by Participants.......... 25,845 Unit Price............. $1.070282
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 71 SEPARATE ACCOUNT FIVE ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------- ----------- INVESTMENT INCOME: Dividends.............. $ 393 $ 1,780 $5,271 EXPENSES: Mortality and expense undertakings.......... -- -- -- ------ ----------- ----------- Net investment income.............. 393 1,780 5,271 ------ ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... -- 1 -- Net unrealized appreciation (depreciation) of investments during the period................ 735 9,217 -- ------ ----------- ----------- Net gains (losses) on investments......... 735 9,218 -- ------ ----------- ----------- Net increase (decrease) in net assets resulting from operations............ $1,128 $10,998 $5,271 ------ ----------- ----------- ------ ----------- -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 72
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ INVESTMENT INCOME: Dividends.............. $1,935 $ 1,230 $ 475 $ 194 $ 734 $ 445 EXPENSES: Mortality and expense undertakings.......... -- -- -- -- -- -- ------ ------- ------ ----------- ----- ------ Net investment income.............. 1,935 1,230 475 194 734 445 ------ ------- ------ ----------- ----- ------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 1 1,163 -- -- (1) -- Net unrealized appreciation (depreciation) of investments during the period................ 5,171 14,068 598 1,929 (638) 1,014 ------ ------- ------ ----------- ----- ------ Net gains (losses) on investments......... 5,172 15,231 598 1,929 (639) 1,014 ------ ------- ------ ----------- ----- ------ Net increase (decrease) in net assets resulting from operations............ $7,107 $16,461 $1,073 $2,123 $ 95 $1,459 ------ ------- ------ ----------- ----- ------ ------ ------- ------ ----------- ----- ------ INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ----------- INVESTMENT INCOME: Dividends.............. $230 EXPENSES: Mortality and expense undertakings.......... -- ----- Net investment income.............. 230 ----- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... -- Net unrealized appreciation (depreciation) of investments during the period................ 526 ----- Net gains (losses) on investments......... 526 ----- Net increase (decrease) in net assets resulting from operations............ $756 ----- -----
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 73 SEPARATE ACCOUNT FIVE ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
MONEY BOND FUND STOCK FUND MARKET FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ----------- ----------- ------------ OPERATIONS: Net investment income................ $ 393 $ 1,780 $ 5,271 Net realized gain (loss) on security transactions.......... -- 1 -- Net unrealized appreciation (depreciation) of investments during the period................ 735 9,217 -- ----------- ----------- ------------ Net increase (decrease) in net assets resulting from operations............ 1,128 10,998 5,271 ----------- ----------- ------------ UNIT TRANSACTIONS: Purchases.............. 10,000 10,000 2,786,011 Net transfers.......... 5,290 418,031 (1,740,167) Surrenders............. (8) (376) (2,963) Loan Withdrawal........ -- -- (12,801) Cost of Insurance...... (2) (158) (1,816) ----------- ----------- ------------ Net increase in net assets resulting from unit transactions..... 15,280 427,497 1,028,264 ----------- ----------- ------------ Total increase in net assets................ 16,408 438,495 1,033,535 NET ASSETS: Beginning of period.... -- -- -- ----------- ----------- ------------ End of period.......... $16,408 $438,495 $ 1,033,535 ----------- ----------- ------------ ----------- ----------- ------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 74
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ----------------- --------------- ----------- ------------------ ------------ OPERATIONS: Net investment income................ $ 1,935 $ 1,230 $ 475 $ 194 $ 734 $ 445 Net realized gain (loss) on security transactions.......... 1 1,163 -- -- (1) -- Net unrealized appreciation (depreciation) of investments during the period................ 5,171 14,068 598 1,929 (638) 1,014 ------------- -------- ------- ----------- -------- ------------ Net increase (decrease) in net assets resulting from operations............ 7,107 16,461 1,073 2,123 95 1,459 ------------- -------- ------- ----------- -------- ------------ UNIT TRANSACTIONS: Purchases.............. 10,000 10,000 10,000 10,000 10,000 10,000 Net transfers.......... 375,793 595,101 21,171 23,755 139,754 144,335 Surrenders............. (414) (1,973) (27) (33) (77) 372 Loan Withdrawal........ -- -- -- -- -- -- Cost of Insurance...... (173) (160) (12) (12) (32) (39) ------------- -------- ------- ----------- -------- ------------ Net increase in net assets resulting from unit transactions..... 385,206 602,968 31,132 33,710 149,645 154,668 ------------- -------- ------- ----------- -------- ------------ Total increase in net assets................ 392,313 619,429 32,205 35,833 149,740 156,127 NET ASSETS: Beginning of period.... -- -- -- -- -- -- ------------- -------- ------- ----------- -------- ------------ End of period.......... $392,313 $619,429 $32,205 $35,833 $149,740 $156,127 ------------- -------- ------- ----------- -------- ------------ ------------- -------- ------- ----------- -------- ------------ INTERNATIONAL ADVISERS FUND SUB-ACCOUNT ------------- OPERATIONS: Net investment income................ $ 230 Net realized gain (loss) on security transactions.......... -- Net unrealized appreciation (depreciation) of investments during the period................ 526 ------------- Net increase (decrease) in net assets resulting from operations............ 756 ------------- UNIT TRANSACTIONS: Purchases.............. 10,000 Net transfers.......... 16,937 Surrenders............. (23) Loan Withdrawal........ -- Cost of Insurance...... (9) ------------- Net increase in net assets resulting from unit transactions..... 26,905 ------------- Total increase in net assets................ 27,661 NET ASSETS: Beginning of period.... -- ------------- End of period.......... $27,661 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 75 SEPARATE ACCOUNT FIVE ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Separate Account Five (the Account) is a separate investment account within ITT Hartford Life & Annuity Insurance Company (the Company) and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Account, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Cost of investments sold is determined on the basis of identified cost. Dividend and capital gains income are accrued as of the ex-dividend date. b) SECURITY VALUATION--The investment in shares of the Funds are valued at the closing net asset value per share as determined by the appropriate Fund as of June 30, 1995. c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and are taxed with, the total operations of the Company, which is taxed as an insurance company under the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the operations of the Account. 3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES: In accordance with the terms of the contracts, the Company makes deductions for mortality and expense undertakings, cost of insurance, administrative fees, and state premium taxes. These charges are deducted through termination of units of interest from applicable contract owners' accounts. 76 HARTFORD MUTUAL FUNDS STATEMENTS OF NET ASSETS Hartford Bond Fund, Inc. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
Principal Market Principal Market Amount Value Amount Value - ----------- ------------- ----------- ------------- LONG-TERM BONDS -- 95.8% FEDERAL AGENCIES COLLATERALIZED MORTGAGE OBLIGATION -- 3.3% Federal Home Loan Mortgage Corporation $ 1,000,000 7.800% due 05/15/12......... $ 1,010,580 290,272 8.000% due 01/15/19......... 289,790 1,974,531 8.100% due 12/15/04......... 2,003,260 Federal National Mortgage Association 5,848,731 7.500% due 01/25/19 - 02/25/19.................... 5,859,148 ------------- 9,162,778 ------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 2.8% Oakwood Mortgage Investors 5,535,708 8.400% due 02/15/15......... 5,651,061 2,238,543 Paine Webber 94-7 Class AA 6.750% due 04/25/24......... 2,214,177 ------------- 7,865,238 ------------- FEDERAL AGENCIES -- 4.8% Federal National Mortgage Association 5,000,000 5.800% due 12/10/03......... 4,790,810 3,000,000 6.250% due 08/12/03......... 2,901,795 5,000,000 8.200% due 03/10/16......... 5,637,945 ------------- 13,330,550 ------------- U.S. GOVERNMENT SECURITIES -- 48.0% U.S. Treasury Bonds 15,300,000 8.125% due 08/15/19......... 17,852,149 2,900,000 8.750% due 05/15/17......... 3,576,967 13,400,000 8.875% due 08/15/17......... 16,737,431 1,500,000 11.750% due 11/15/14........ 2,222,343 U.S. Treasury Notes 3,000,000 5.250% due 07/31/98......... 2,943,750 13,000,000 5.750% due 10/31/97 - 08/15/03.................... 12,794,841 10,600,000 6.500% due 04/30/99 - 05/15/05.................... 10,801,125 32,500,000 6.875% due 02/28/97 - 07/31/99.................... 33,246,875 10,200,000 7.500% due 01/31/97 - 11/15/01.................... 10,789,684 1,000,000 7.750% due 11/30/99......... 1,067,187 16,900,000 10.750% due 02/15/03........ 21,536,938 ------------- 133,569,290 ------------- BANKS -- 1.1% Bank of New York 3,000,000 7.625% due 07/15/02......... 3,128,772 ------------- CHEMICALS -- 1.1% Ethyl Corp. 3,000,000 9.800% due 09/15/98......... 3,022,992 ------------- CONSUMER NON-DURABLES -- 1.2% Archer Daniels Midland 1,000,000 8.125% due 06/01/12......... 1,104,866 Georgia-Pacific Corp. 2,000,000 9.850% due 06/15/97......... 2,117,778 ------------- 3,222,644 ------------- ENERGY & SERVICES -- 1.8% Enron Corp. 1,000,000 9.650% due 05/15/01......... 1,143,979 Mobil Oil 735,375 9.170% due 02/29/00......... 807,256 ENERGY & SERVICES -- (CONTINUED) Union Oil Co. of California Mountains $ 2,500,000 9.375% due 02/15/11......... $ 2,947,300 ------------- 4,898,535 ------------- FINANCIAL SERVICES -- 7.5% Aristar Inc. 3,000,000 6.250% due 07/15/96......... 3,002,139 Associates Corp. N A 2,500,000 9.700% due 05/01/97......... 2,647,963 Chrysler Financial Corp. 2,500,000 8.125% due 12/15/96......... 2,563,260 Ford Motor Credit Company 3,000,000 7.750% due 11/15/02......... 3,150,351 General Motors Acceptance Corp. 4,000,000 5.875% due 01/12/99......... 3,908,600 Lehman Brothers 3,000,000 10.000% due 05/15/99........ 3,283,673 Transamerica Financial 2,500,000 6.340% due 06/20/00......... 2,474,325 ------------- 21,030,311 ------------- FOREIGN GOVERNMENTS -- 4.3% Bank of Montreal 3,000,000 10.000% due 09/01/98........ 3,301,683 KFW International Finance Inc. 1,000,000 7.000% due 03/01/13......... 989,896 Province of Manitoba Debenture 3,000,000 9.625% due 12/01/18......... 3,732,150 Republic of Italy 1,500,000 6.000% due 09/27/03......... 1,422,447 Skandinaviska Enskilda Banken 2,500,000 6.875% due 02/15/09......... 2,417,398 ------------- 11,863,574 ------------- HEALTH CARE -- 0.9% Columbia Healthcare 2,500,000 6.410% due 06/15/00......... 2,483,200 ------------- TECHNOLOGY -- 1.3% Motorola Inc 3,100,000 8.400% due 08/15/31......... 3,686,771 ------------- TELECOMMUNICATIONS -- 3.3% Cox Communications 3,000,000 6.375% due 06/15/00......... 2,970,180 Reed Elsevier Capital 3,000,000 7.500% due 05/15/25......... 3,053,790 Tele-Communications, Inc. Notes 1,000,000 8.650% due 09/15/04......... 1,057,319 Time Warner Entertainment Notes 2,000,000 8.375% due 03/15/23......... 2,003,653 ------------- 9,084,942 ------------- UTILITIES -- 6.4% Bell Telephone Co. of Pennsylvania 3,000,000 8.350% due 12/15/30......... 3,532,344 Chesapeake & Potomac Telephone 1,500,000 8.300% due 08/01/31......... 1,681,481 Commonwealth Edison 3,000,000 6.375% due 07/15/00......... 2,956,401
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 78
PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE - ----------- ------------- ----------- ------------- LONG-TERM BONDS -- (CONTINUED) UTILITIES -- (CONTINUED) Commonwealth Edison First Mortgage $ 1,450,000 5.250% due 04/01/96......... $ 1,435,080 GTE Corp. 3,000,000 8.850% due 03/01/98......... 3,185,937 Ohio Edison Co. Mortgage Bond 1,000,000 8.500% due 05/01/96......... 1,016,753 Texas Utilities Electric 4,000,000 5.875% due 04/01/98......... 3,939,308 ------------- 17,747,304 ------------- ASSET-BACKED BONDS -- 6.8% American Express 92-1A 2,000,000 6.050% due 06/15/98......... 1,997,280 Corestates Home Equity Trust 94-A1 4,518,677 6.650% due 05/15/09......... 4,513,028 Dean Witter Discover 93-1 3,000,000 5.300% due 10/16/01......... 2,883,960 Green-Tree Financial 93-3 A-2 5,000,000 4.900% due 10/15/18......... 4,907,500 Green-Tree Financial 93-3 A-3 5,000,000 5.200% due 10/15/18......... 4,853,200 ------------- 19,154,968 ------------- CERTIFICATES OF DEPOSIT -- 1.2% Abbey National First Capital 3,000,000 8.200% due 10/15/04......... 3,270,654 ------------- Total Long-Term Bonds......... $ 266,522,523 ------------- ------------- SHORT-TERM SECURITIES -- 2.4% REPURCHASE AGREEMENT $ 6,769,000 Interest in $61,511,000 joint repurchase agreement dated 06/30/95 with Shawmut Bank 6.100% due 07/03/95; maturity amount $6,772,441; (Collateralized by $62,920,000 U.S. Treasury Note 4.250% due 11/16/95)... $ 6,769,000 ------------- -------------
DIVERSIFICATION OF ASSETS: Total long-term bonds........................ 95.8 % $266,522,523 Total short-term securities.................. 2.4 6,769,000 ------ ------------ Total investment in securities *(Identified cost $264,330,074)............ 98.2 273,291,523 Excess of cash and receivables over liabilities................................ 1.8 4,849,637 ------ ------------ Net assets (Applicable to $.99741 per share based on 278,863,409 shares outstanding)... 100.0% $278,141,160 ------ ------------ ------ ------------ SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 800,000,000 shares; outstanding 278,863,409 shares............................................. $ 27,886,341 Capital surplus...................................... 255,340,249 Undistributed net realized (loss) on investments..... (14,046,879) Unrealized appreciation of investments............... 8,961,449 ------------ Net assets, applicable to shares outstanding......... $278,141,160 ------------ ------------ * Aggregate cost for Federal income tax purposes.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 79 HARTFORD STOCK FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- --------------- ----------- --------------- COMMON STOCKS -- 90.9% COMPUTER & SERVICES -- 4.0% *40,000 BMC Software Inc.............. $ 3,090,000 190,000 International Business Machine Corp........................ 18,240,000 *200,000 Novell Inc.................... 3,987,500 285,000 Pitney Bowes Inc.............. 10,936,875 180,000 Xerox......................... 21,105,000 --------------- 57,359,375 --------------- CONSUMER DURABLES -- 2.4% 320,000 Chrysler Corp................. 15,320,012 425,000 General Motors Corp........... 19,921,875 --------------- 35,241,887 --------------- CONSUMER NON-DURABLES -- 9.2% 300,000 Anheuser Busch Cos. Inc....... 17,062,500 250,000 General Mills Company......... 12,843,750 375,000 Kimberly Clark Corp........... 22,453,125 340,000 Pepsico Inc................... 15,512,500 425,000 Philip Morris................. 31,609,375 200,000 Proctor and Gamble............ 14,375,000 707,000 Sara Lee Corp................. 20,149,500 --------------- 134,005,750 --------------- CONSUMER SERVICES -- 1.9% *575,000 Circus Circus Enterprises..... 20,268,750 450,000 International Game Technology.................. 6,918,750 --------------- 27,187,500 --------------- ELECTRONICS -- 0.9% 200,000 Motorola Inc.................. 13,425,000 --------------- ENERGY AND SERVICES -- 8.8% 300,000 Amoco Corporation............. 19,987,500 500,000 Burlington Resources.......... 18,437,500 450,000 Exxon......................... 31,781,250 300,000 Fluor Corp.................... 15,600,000 275,000 Kerr McGee Corp............... 14,746,875 300,000 Schlumberger Ltd.............. 18,637,500 300,000 Total S.A. ADR................ 9,075,000 --------------- 128,265,625 --------------- FINANCIAL SERVICES -- 11.9% 500,000 Allstate Corp................. 14,812,500 350,000 American Express Co........... 12,293,750 200,000 Bank of New York Co........... 8,075,000 350,000 Citicorp...................... 20,256,250 247,400 Franklin Resources Inc........ 11,009,300 325,000 Greenpoint Financial.......... 7,678,125 200,000 Marsh and McLennan Cos., Inc......................... 16,225,000 330,000 Merrill Lynch & Co. Inc....... 17,325,000 230,000 J.P. Morgan................... 16,128,750 200,000 Nationsbank Corp.............. 10,725,000 300,000 Salomon Inc................... 12,037,500 117,200 State Street Boston Corp...... 4,321,750 500,000 Travelers Group Inc........... 21,875,000 --------------- 172,762,925 --------------- HEALTH CARE -- 10.5% 580,000 Abbott Laboratories........... 23,490,000 150,000 American Home Products Corp........................ 11,606,250 210,000 Bristol-Myers Squibb Company..................... 14,306,250 HEALTH CARE -- (CONTINUED) 300,000 IVAX Corp..................... $ 7,387,500 270,000 Johnson & Johnson............. 18,258,750 200,000 Pfizer, Inc................... 18,475,000 375,000 SmithKline Beecham PLC ADR Unit........................ 16,968,750 875,000 US Healthcare Inc............. 26,796,875 350,000 United States Surgical........ 7,306,250 80,000 Warner-Lambert Company........ 6,910,000 --------------- 151,505,625 --------------- INDUSTRIAL MATERIALS -- 12.3% 250,000 Air Products & Chemical Corp........................ 13,937,500 440,000 Aluminum Company of America... 22,055,000 330,000 Dow Chemical.................. 23,718,750 525,000 Dupont EI De Nemours.......... 36,093,750 250,000 Eastman Chemical Co........... 14,875,000 54,800 Englehard Corp................ 2,349,550 250,000 International Paper Co........ 21,437,500 650,000 Louisiana Pacific Corp........ 17,062,500 450,000 Phelps Dodge Corp............. 26,550,000 --------------- 178,079,550 --------------- MANUFACTURING -- 4.7% 260,000 Caterpillar, Inc.............. 16,705,000 640,000 General Electric.............. 36,080,000 390,000 Ingersoll-Rand Company........ 14,917,500 --------------- 67,702,500 --------------- MEDIA & SERVICES -- 9.3% 190,000 CBS Inc....................... 12,730,000 180,000 Capital Cities/ABC Inc........ 19,440,000 133,200 Carnival Corp. Class A........ 3,113,550 460,000 Gannett Co., Inc.............. 24,955,000 603,750 Gaylord Entertainment Class A........................... 15,244,688 530,000 Time Warner Inc............... 21,796,250 *815,001 Viacom Inc.-Class B........... 37,591,898 --------------- 134,871,386 --------------- REAL ESTATE -- 1.1% 400,000 General Growth Properties..... 8,150,000 350,000 Spieker Properties............ 7,831,250 --------------- 15,981,250 --------------- RETAIL -- 7.7% 450,000 Albertson's Inc............... 13,387,500 425,000 Home Depot Inc................ 17,265,625 360,000 May Department Stores Co...... 14,985,000 875,000 McDonalds Corp................ 34,234,375 1,175,000 Wal-Mart...................... 31,431,250 --------------- 111,303,750 --------------- TECHNOLOGY -- 0.6% *165,000 Computer Sciences Corp........ 9,384,375 --------------- TRANSPORTATION -- 1.4% 360,000 Union Pacific Corp............ 19,935,000 --------------- UTILITIES -- 4.2% 450,000 AT&T Corp..................... 23,906,250 950,000 MCI Communications............ 20,900,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 80
MARKET PRINCIPAL MARKET SHARES VALUE AMOUNT VALUE - ----------- --------------- ----------- --------------- OMMON STOCKS -- (CONTINUED) UTILITIES -- (CONTINUED) *87,850 Portugal Telecom S.A. ADR..... $ 1,669,150 500,000 Telefonos De Mexico ADR....... 14,812,500 --------------- 61,287,900 --------------- Total common stocks........... $ 1,318,299,398 --------------- --------------- PREFERRED STOCKS -- 4.0% CONSUMER DURABLES -- 1.1% 160,000 Ford Motor Company Series A... $ 15,540,000 --------------- CONSUMER NON-DURABLES -- 1.6% 3,850,000 RJR Nabisco Preferred Equity Redemption Cumulative Stock....................... 23,581,250 --------------- ENERGY -- 0.8% 191,000 Occidental Petroleum 144A..... 11,054,125 --------------- REAL ESTATE -- 0.5% 347,500 Security Pacific Trust........ 7,731,875 --------------- Total Preferred Stocks........ $ 57,907,250 --------------- --------------- PRINCIPAL AMOUNT - ------------ CONVERTIBLE CORPORATE BONDS -- 0.8% CONSUMER SERVICES -- 0.3% Autotote Corporation $16,000,000 5.500% due 08/20/01......... $ 4,305,520 --------------- INDUSTRIAL -- 0.5% 1,400,000 Cemex SA 4.250% due 11/01/97......... 1,057,000 Empresas ICA Sociedad 12,150,000 5.000% due 03/15/04......... 6,469,875 --------------- 7,526,875 --------------- Total Convertible Corporate Bonds........................ $ 11,832,395 ---------------- ---------------- SHORT-TERM SECURITIES -- 4.8% $69,100,000 Repurchase Agreement dated 06/30/95 with Paine Webber 6.200% due 07/03/95; maturity amount $69,135,702; (Collateralized by $68,480,000 U.S. Treasury Notes 5.375% to 10.500% due 08/15/95 to 05/31/98)................. $ 69,100,000 --------------- ---------------
DIVERSIFICATION OF ASSETS: Total common stocks.......................... 90.9% $1,318,299,398 Total preferred stocks....................... 4.0 57,907,250 Total convertible corporate bonds............ 0.8 11,832,395 Total short-term securities.................. 4.8 69,100,000 ------ -------------- Total investment in securities **(Identified cost $1,249,434,845)......... 100.5 1,457,139,043 Excess of liabilities over cash and receivables................................ (0.5) (7,397,775) ------ -------------- Net assets (Applicable to $3.14270 per share based on 461,304,386 shares outstanding)... 100.0% $1,449,741,268 ------ -------------- ------ -------------- SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 800,000,000 shares; outstanding 461,304,386 shares............................................. $ 46,130,439 Capital surplus...................................... 1,172,453,289 Undistributed net realized gain on investments....... 23,453,342 Unrealized appreciation of investments............... 207,704,198 -------------- Net assets, applicable to shares outstanding......... $1,449,741,268 -------------- -------------- * Non-income producing during period. ** Aggregate cost for Federal income tax purposes.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 81 HVA MONEY MARKET FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
Amortized Amortized Principal Cost and Principal Cost and Amount Value Amount Value - ----------- ------------- ----------- ------------- COMMERCIAL PAPER -- 83.0% Abbey National North American $ 5,500,000 5.850% due 09/20/95......... $ 5,429,394 Air Products & Chemicals 5,000,000 5.830% due 09/15/95......... 4,940,081 5,000,000 5.900% due 09/08/95......... 4,945,097 American Home Food Products 4,000,000 6.600% due 07/03/95......... 4,000,000 American Honda Finance 4,000,000 6.550% due 07/28/95......... 3,981,806 5,000,000 6.560% due 07/06/95......... 4,997,267 ANZ (Delaware) Inc. 5,000,000 5.850% due 09/07/95......... 4,946,375 Aristar Inc. 5,000,000 5.850% due 09/27/95......... 4,930,125 5,000,000 5.970% due 09/05/95......... 4,946,933 AT&T Company 5,000,000 5.820% due 08/30/95......... 4,953,117 3,000,000 5.830% due 09/28/95......... 2,957,733 Bass Finance C.I. Ltd. 5,000,000 5.830% due 09/28/95......... 4,929,554 5,000,000 6.120% due 07/19/95......... 4,986,400 Bausch & Lomb Inc. 10,000,000 5.850% due 09/21/95 - 09/25/95.................... 9,867,725 Commerzbank U.S. Finance 2,600,000 6.000% due 08/09/95......... 2,583,967 Corporate Asset Funding Company 1,700,000 5.970% due 08/04/95......... 1,690,979 Dean Witter, Discover Card 5,000,000 5.950% due 07/24/95......... 4,982,646 Eaton Corp. 5,000,000 5.870% due 09/22/95......... 4,933,963 Eksportfinans 5,000,000 5.810% due 11/06/95......... 4,898,325 Finova Capital 5,000,000 6.150% due 07/10/95......... 4,994,021 Ford Motor Credit Corp. 5,000,000 5.950% due 07/24/95......... 4,982,646 General Electric Capital 5,000,000 5.700% due 09/05/95......... 4,930,583 5,000,000 5.880% due 09/26/95......... 4,949,333 General Motors Acceptance Corp. 5,000,000 6.100% due 07/14/95......... 4,990,681 5,000,000 6.450% due 08/02/95......... 4,973,125 General Signal Corp. 5,000,000 5.920% due 08/28/95......... 4,953,956 5,000,000 5.930% due 08/29/95......... 4,953,054 Goldman Sachs Group Limited Partnership 5,000,000 5.750% due 09/11/95......... 4,944,097 5,000,000 6.500% due 07/17/95......... 4,987,361 Greyhound Financial 4,000,000 6.570% due 07/11/95......... 3,994,160 MBNA America Bank Notes 5,000,000 6.230% due 07/05/95......... 5,000,000 Monsanto Co. 5,000,000 5.850% due 10/02/95......... 4,926,063 5,000,000 6.140% due 07/10/95......... 4,994,031 National Rural Utilities 5,000,000 5.870% due 08/22/95......... 4,959,236 NYNEX Corp. $ 5,000,000 5.770% due 09/05/95......... $ 4,948,711 5,000,000 6.030% due 07/31/95......... 4,976,550 Pacific Dunlop Australia 5,000,000 5.920% due 08/14/95......... 4,965,466 Pacific Dunlop Holding 5,000,000 5.950% due 08/14/95......... 4,965,291 RTZ America Inc. 10,000,000 5.930% due 08/07/95 - 08/09/95.................... 9,940,700 Sherwood Medical 5,000,000 6.080% due 07/10/95......... 4,994,089 Skandinaviska Enskiolda 5,000,000 6.640% due 07/05/95......... 4,998,155 Sony Capital Corp. 5,000,000 5.940% due 07/19/95......... 4,986,800 Spintab 5,000,000 6.100% due 07/11/95......... 4,993,222 Svenska Handelsbanken Inc. 5,000,000 5.970% due 08/17/95......... 4,962,687 Tambrands Inc. 5,000,000 5.990% due 07/17/95......... 4,988,353 5,000,000 6.070% due 08/16/95......... 4,962,905 US Bankcorp 5,000,000 5.950% due 07/20/95......... 4,985,951 5,000,000 6.050% due 07/07/95......... 4,996,639 USL Capital 5,000,000 5.950% due 07/24/95......... 4,982,645 Whirlpool Corp. 5,000,000 5.980% due 08/01/95......... 4,975,914 5,000,000 6.020% due 08/01/95......... 4,975,753 Zeneca, Inc. 5,000,000 5.900% due 08/21/95......... 4,959,847 ------------- 257,993,512 ------------- CORPORATE NOTES -- 1.6% 5,000,000 5.840% due 11/16/95......... 4,998,558 ------------- REPURCHASE AGREEMENT -- 11.4% 35,486,000 Interest in $61,511,000 joint repurchase agreement dated 06/30/95 with Shawmut Bank 6.100% due 07/03/95; maturity amount $35,504,039; (Collateralized by $62,920,000 U.S. Treasury Note 4.250% due 11/16/95)... 35,486,000 ------------- Total Short-Term Securities... $ 298,478,070 ------------- -------------
DIVERSIFICATION OF ASSETS: Total investment in securities *(Identified cost $298,478,070)............ 96.0% $298,478,070 Excess of cash and receivables over liabilities................................ 4.0 12,304,217 ------ ------------ Net assets (Applicable to $1.00 per share based on 310,782,287 shares outstanding)... 100.0% $310,782,287 ------ ------------ ------ ------------ SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 800,000,000 shares; outstanding 310,782,287 shares............................................. $ 31,078,228 Capital surplus...................................... 279,704,059 ------------ Net assets, applicable to shares outstanding......... $310,782,287 ------------ ------------ * Aggregate cost for Federal income tax purposes.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 82 HARTFORD ADVISERS FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- -------------- ----------- -------------- COMMON STOCKS -- 57.6% COMPUTER & SERVICES -- 2.3% *50,000 BMC Software Inc.............. $ 3,862,500 235,000 International Business Machine Corp........................ 22,560,000 *200,000 Novell Inc.................... 3,987,500 500,000 Pitney Bowes Inc.............. 19,187,500 280,000 Xerox......................... 32,830,000 -------------- 82,427,500 -------------- CONSUMER DURABLES -- 1.5% 500,000 Chrysler Corp................. 23,937,512 650,000 General Motors Corp........... 30,468,750 -------------- 54,406,262 -------------- CONSUMER NON-DURABLES -- 6.1% 430,000 Anheuser Busch Cos. Inc....... 24,456,250 375,000 General Mills Co.............. 19,265,625 375,000 Kimberly Clark Corp........... 37,421,875 600,000 Pepsico Inc................... 27,375,000 650,000 Philip Morris................. 48,343,750 310,000 Proctor and Gamble............ 22,281,250 1,218,000 Sara Lee Corp................. 34,713,000 -------------- 213,856,750 -------------- CONSUMER SERVICES -- 1.4% *1,070,000 Circus Circus Enterprises..... 37,717,500 650,000 International Game Technology.................. 9,993,750 -------------- 47,711,250 -------------- ELECTRONICS -- 0.6% 290,000 Motorola Inc.................. 19,466,250 -------------- ENERGY AND SERVICES -- 5.5% 500,000 Amoco Corporation............. 33,312,500 640,000 Burlington Resources.......... 23,600,000 700,000 Exxon......................... 49,437,500 450,000 Fluor Corp.................... 23,400,000 475,000 Kerr McGee Corp............... 25,471,875 500,000 Schlumberger Ltd.............. 31,062,500 300,000 Total S.A. ADR................ 9,075,000 -------------- 195,359,375 -------------- FINANCIAL SERVICES -- 7.5% 900,000 Allstate Corp................. 26,662,500 500,000 American Express Co........... 17,562,500 350,000 Bank of New York Co........... 14,131,250 550,000 Citicorp...................... 31,831,250 279,800 Franklin Resources Inc........ 12,451,100 325,000 Greenpoint Financial Corp..... 7,678,125 325,000 Marsh and McLennan Cos., Inc......................... 26,365,625 450,000 Merrill Lynch & Co. Inc....... 23,625,000 400,000 J.P. Morgan................... 28,050,000 350,000 Nationsbank Corp.............. 18,768,750 400,000 Salomon Inc................... 16,050,000 117,300 State Street Boston Corp...... 4,325,438 850,000 Travelers Group Inc........... 37,187,500 -------------- 264,689,038 -------------- HEALTH CARE -- 6.5% 900,000 Abbott Laboratories........... 36,450,000 200,000 American Home Products Corp........................ 15,475,000 320,000 Bristol-Myers Squibb Company..................... 21,800,000 HEALTH CARE -- (CONTINUED) 450,000 IVAX Corp..................... $ 11,081,250 440,000 Johnson & Johnson............. 29,755,000 300,000 Pfizer, Inc................... 27,712,500 625,000 SmithKline Beecham PLC ADR Unit........................ 28,281,250 1,250,000 US Healthcare Inc............. 38,281,250 600,000 United States Surgical........ 12,525,000 95,000 Warner-Lambert Company........ 8,205,625 -------------- 229,566,875 -------------- INDUSTRIAL MATERIALS -- 7.6% 380,000 Air Products & Chemical Corp........................ 21,185,000 640,000 Aluminum Company of America... 32,080,000 500,000 Dow Chemical.................. 35,937,500 775,000 Dupont EI De Nemours.......... 53,281,250 400,000 Eastman Chemical Co........... 23,800,000 172,300 Englehard Corp................ 7,387,363 380,000 International Paper Co........ 32,585,000 950,000 Louisiana Pacific Corp........ 24,937,500 650,000 Phelps Dodge Corp............. 38,350,000 -------------- 269,543,613 -------------- MANUFACTURING -- 2.9% 340,000 Caterpillar, Inc.............. 21,845,000 990,000 General Electric.............. 55,811,250 630,000 Ingersoll-Rand Company........ 24,097,500 -------------- 101,753,750 -------------- MEDIA & SERVICES -- 5.9% 320,000 CBS Inc....................... 21,440,000 280,000 Capital Cities/ABC Inc........ 30,240,000 194,800 Carnival Corp. Class A........ 4,553,450 740,000 Gannett Co., Inc.............. 40,145,000 876,750 Gaylord Entertainment Class A........................... 22,137,938 850,000 Time Warner Inc............... 34,956,250 *1,200,000 Viacom Inc.-Class B........... 55,350,000 -------------- 208,822,638 -------------- REAL ESTATE -- 0.7% 600,000 General Growth Properties..... 12,225,000 500,000 Spieker Properties............ 11,187,500 -------------- 23,412,500 -------------- RETAIL -- 5.0% 1,000,000 Albertson's Inc............... 29,750,000 565,000 Home Depot Inc................ 22,953,125 600,000 May Department Stores Co...... 24,975,000 1,375,000 McDonalds Corp................ 53,796,875 1,725,000 Wal-Mart...................... 46,143,750 -------------- 177,618,750 -------------- TECHNOLOGY -- 0.5% *285,000 Computer Sciences Corp........ 16,209,375 -------------- TRANSPORTATION -- 0.9% 580,000 Union Pacific Corp............ 32,117,500 -------------- UTILITIES -- 2.7% 750,000 AT&T Corp..................... 39,843,750 1,375,000 MCI Communications............ 30,250,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 83 HARTFORD ADVISERS FUND, INC. STATEMENT OF NET ASSETS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
MARKET PRINCIPAL MARKET SHARES VALUE AMOUNT VALUE - ----------- -------------- ----------- -------------- COMMON STOCKS -- (CONTINUED) UTILITIES -- (CONTINUED) *135,000 Portugal Telecom S.A. ADR..... $ 2,565,000 770,000 Telefonos De Mexico ADR....... 22,811,250 -------------- 95,470,000 -------------- Total Common Stocks........... $2,032,431,426 -------------- -------------- PREFERRED STOCKS -- 2.7% CONSUMER DURABLES -- 0.7% 264,000 Ford Motor Company Series A... $ 25,641,000 -------------- CONSUMER NON-DURABLES -- 1.0% 5,600,000 RJR Nabisco Preferred Equity Redemption Cumulative Stock....................... 34,300,000 -------------- ENERGY -- 0.7% 397,200 Occidental Petroleum 144A..... 22,987,950 -------------- REAL ESTATE -- 0.3% 591,900 Security Pacific Trust........ 13,169,775 -------------- Total Preferred Stocks........ $ 96,098,725 -------------- -------------- PRINCIPAL AMOUNT - ----------- U.S. TREASURIES & AGENCIES -- 30.9% U.S. TREASURY NOTES & BONDS -- 27.8% $150,000,000 6.250% due 05/31/00......... 151,687,500 165,000,000 6.500% due 08/15/97......... 167,113,980 100,000,000 6.875% due 10/31/96......... 101,281,200 100,000,000 7.250% due 05/15/16......... 106,468,700 310,000,000 7.500% due 11/15/01 - 11/15/16.................... 335,229,600 110,000,000 7.750% due 12/31/99......... 117,425,000 -------------- 979,205,980 -------------- FEDERAL HOME LOAN MORTGAGE CORP. CMO -- 0.0% 2,073 8.500% due 03/15/97......... 2,138 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.2% 646,424 6.000% due 02/01/20......... 612,234 2,720,691 8.750% due 08/25/21......... 2,855,175 4,261,291 9.000% due 09/25/00......... 4,287,754 -------------- 7,755,163 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 2.9% 98,291,078 8.000% due 01/15/22 - 04/15/25.................... 100,569,998 -------------- 1,087,533,279 -------------- Total U.S. Treasuries & Agencies.................... $1,087,533,279 -------------- -------------- CONVERTIBLE CORPORATE BONDS -- 0.4% CONSUMER SERVICES -- 0.1% Autotote Corporation 24,000,000 5.500% due 08/20/01......... 6,458,280 -------------- INDUSTRIAL -- 0.3% Cemex SA 1,400,000 4.250% due 11/01/97......... 1,057,000 CONVERTIBLE CORPORATE BONDS -- (CONTINUED) INDUSTRIAL -- (CONTINUED) Empresas ICA Sociedad $15,400,000 5.000% due 03/15/04......... $ 8,200,500 -------------- 9,257,500 -------------- Total Convertible Corporate Bonds....................... $ 15,715,780 -------------- -------------- NON-CONVERTIBLE CORPORATE BONDS -- 6.6% ASSET-BACKED -- 0.2% 5,000,000 Discover Card 92-A 5.500% due 05/16/98......... 4,981,450 550,753 GMAC 92-D Grantor Trust 5.550% due 05/15/97......... 550,103 -------------- 5,531,553 -------------- CONSUMER SERVICES -- 0.3% 10,000,000 Hertz Corp. 6.000% due 02/01/01......... 9,664,760 -------------- FEDERAL AGENCIES -- 0.0% 1,481,105 Resolution Trust Corp. 91-6 E 11.626% due 05/25/24........ 1,597,203 -------------- FINANCIAL SERVICES -- 4.7% 10,000,000 Bank of Boston Corp. 6.625% due 02/01/04......... 9,672,200 15,000,000 CIT Group Holdings 6.750% due 04/30/98......... 15,184,155 10,000,000 Chemical Banking Corp. 8.500% due 02/15/02......... 10,851,710 12,000,000 Countrywide Funding 6.100% due 07/31/96......... 11,971,440 10,000,000 Dean Witter Discover 5.000% due 04/01/96......... 9,920,720 5,000,000 First National Bank of Boston 8.000% due 09/15/04......... 5,311,260 10,000,000 Ford Motor Credit Company 5.625% due 12/15/98......... 9,745,600 15,000,000 General Motors Acceptance Corp. 5.625% due 02/01/99......... 14,530,260 10,000,000 Great Western Financial 8.625% due 12/01/98......... 10,582,270 15,000,000 Home Savings America 6.000% due 11/01/00......... 14,523,330 880,075 Merrill Lynch Mortgage Investors 6.850% due 04/15/12......... 880,392 5,000,000 National Bank of Detroit 8.250% due 11/01/24......... 5,570,425 15,000,000 Society National Bank 6.500% due 04/25/97......... 15,074,550 19,000,000 Society Bank 6.700% due 04/15/96......... 19,096,140 12,000,000 World Savings & Loan Association 7.625% due 02/18/97......... 12,264,120 -------------- 165,178,572 -------------- HEALTHCARE -- 0.3% Zeneca Group PLC 10,000,000 6.300% due 06/15/03......... 9,724,810 --------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 84
PRINCIPAL MARKET MARKET AMOUNT VALUE VALUE - ----------- -------------- -------------- NON-CONVERTIBLE CORPORATE BONDS -- (CONTINUED) RETAIL -- 0.2% JC Penney $ 9,500,000 6.000% due 05/01/06......... $ 8,787,500 -------------- UTILITIES -- 0.6% Pacific Gas & Electric 11,000,000 7.875% due 03/01/02......... 11,637,527 Southern California Gas Co. 10,000,000 5.750% due 11/15/03......... 9,316,640 -------------- 20,954,167 -------------- Total Non-Convertible Corporate Bonds............. $ 221,438,565 -------------- -------------- FOREIGN GOVERNMENT -- 0.3% Thailand Kingdom MTN 10,000,000 5.880% due 09/30/00......... 9,657,900 -------------- -------------- SHORT-TERM SECURITIES -- 2.5% 89,165,000 Repurchase Agreement dated 06/30/95 with Lehman Brothers 6.200% due 07/03/95; maturity amount $89,211,069; (Collateralized by $56,330,000 U.S. Treasury Bond 13.250% due 05/15/14)................... $ 89,165,000 -------------- --------------
DIVERSIFICATION OF ASSETS: Total common stocks.......................... 57.6 % $2,032,431,426 Total preferred stocks....................... 2.7 96,098,725 Total U.S. Treasuries & Agencies............. 30.9 1,087,533,279 Total convertible corporate bonds............ 0.4 15,715,780 Total non-convertible corporate bonds........ 6.3 221,438,565 Total foreign governments.................... 0.3 9,657,900 Total short-term securities.................. 2.5 89,165,000 ------ -------------- Total investment in securities **(Identified cost $3,214,407,852)......... 100.7 3,552,040,675 Excess liabilities over cash and receivables................................ (0.7) (25,577,704) ------ -------------- Net assets (Applicable to $1.79409 per share based on 1,965,604,865 shares outstanding)............................... 100.0% $3,526,462,971 ------ -------------- ------ -------------- SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 3,000,000,000 shares; outstanding 1,965,604,865 shares............................................. $ 196,560,485 Capital surplus...................................... 2,979,003,016 Undistributed net realized gain on investments....... 13,266,646 Unrealized appreciation of investments............... 337,632,823 -------------- Net assets, applicable to shares outstanding......... $3,526,462,971 -------------- -------------- * Non-income producing during period. ** Aggregate cost for Federal income tax purposes.
HARTFORD U.S. GOVERNMENT MONEY MARKET FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
Amortized Amortized Principal Cost and Cost and Amount Value Value - ----------- ------------- ------------- U.S. GOVERNMENT AGENCIES -- 82.0% Federal Farm Credit Bank $ 500,000 5.790% due 8/28/95.......... $ 495,497 460,000 5.820% due 8/17/95.......... 456,654 315,000 5.840% due 8/22/95.......... 312,445 500,000 5.870% due 07/21/95......... 498,533 500,000 6.030% due 09/07/95......... 494,473 260,000 6.380% due 07/18/95......... 259,309 Federal Home Loan Banks 500,000 5.700% due 09/05/95......... 494,933 770,000 5.930% due 09/05/95 - 09/25/95.................... 760,993 Federal Home Loan Mortgage Association 500,000 5.860% due 08/10/95......... 496,907 500,000 5.880% due 07/07/95......... 499,673 1,000,000 5.900% due 07/07/95......... 999,344 350,000 6.020% due 08/15/95......... 347,483 Federal National Mortgage Association 500,000 5.700% due 09/11/95......... 494,458 300,000 5.730% due 10/23/95......... 294,652 500,000 5.770% due 09/25/95......... 493,268 500,000 5.890% due 07/14/95......... 499,100 ------------- 7,897,722 ------------- REPURCHASE AGREEMENT -- 18.0% 1,731,000 Interest in $61,511,000 joint repurchase agreement dated 06/30/95 with Shawmut Bank 6.100% due 07/03/95; maturity amount $1,731,880; (Collateralized by $62,920,000 U.S. Treasury Note 4.250% due 11/16/95) 1,731,000 ------------- Total Short-Term Securities... $ 9,628,722 ------------- -------------
DIVERSIFICATION OF ASSETS: Total investment in securities *(Identified cost $9,628,722).............. 100.0% $ 9,628,722 Excess of cash and receivables over liabilities................................ 0.0 1,290 ------ ------------ Net assets (Applicable to $1.00 per share based on 9,630,012 shares outstanding)..... 100.0% $ 9,630,012 ------ ------------ ------ ------------ SUMMARY OF SHAREHOLDERS' EQUITY: Common stock, par value $.10 per share; authorized 100,000,000 shares; outstanding 9,630,012 shares... $ 963,001 Capital surplus...................................... 8,667,011 ------------ Net assets, applicable to shares outstanding......... $ 9,630,012 ------------ ------------ * Aggregate cost for Federal income tax purposes.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 86 HARTFORD CAPITAL APPRECIATION FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- -------------- ----------- -------------- COMMON STOCKS -- 84.1% BUSINESS SERVICES -- 3.4% *315,000 Catalytica Inc................ $ 1,023,750 *525,000 Ionics Inc.................... 18,243,750 300,000 McKesson...................... 14,025,000 300,000 Pittston Services Group....... 7,200,000 *420,300 Tetra Technologies............ 5,096,137 *160,000 Vivus......................... 2,400,000 205,000 WMX Technologies Inc.......... 5,816,875 -------------- 53,805,512 -------------- COMPUTER SERVICES -- 6.0% *287,000 Bisys Group Inc............... 6,385,750 *300,000 BMC Software Inc.............. 23,175,000 *215,000 Compuware Corp................ 6,611,250 430,000 Danka Business Systems PLC.... 10,400,625 *80,000 General Magic Inc............. 1,080,000 *200,000 Meridian Data................. 1,100,000 *197,100 Planar Systems Inc............ 4,385,475 *222,600 Policy Management Systems..... 10,239,600 *985,000 SHL Systemhouse Inc........... 6,895,000 *440,000 Symbol Technologies........... 16,885,000 *200,000 3D Systems Corp............... 3,700,000 *100,000 UUNET Technologies............ 2,750,000 -------------- 93,607,700 -------------- CONSUMER DURABLES -- 1.8% 180,570 Chrysler Corp................. 8,644,789 *150,000 Detroit Diesel Corp........... 3,168,750 220,000 EK Chor China Motorcycle Co.......................... 3,547,500 *350,000 International Imaging Materials................... 8,925,000 *330,000 Lojack Corporation............ 3,650,625 -------------- 27,936,664 -------------- CONSUMER NON-DURABLES -- 2.0% *190,000 Duracraft Corp................ 5,082,500 205,000 Eastman Kodak................. 12,428,125 *520,000 Fort Howard Corp.............. 7,345,000 *65,800 Neopath Inc................... 1,085,700 280,000 Universal Corp. VA............ 5,880,000 -------------- 31,821,325 -------------- CONSUMER SERVICES -- 0.8% *625,000 Hanover Direct Inc............ 1,796,875 *200,000 Rogers Cantel Mobile Communications Class B...... 4,750,000 450,000 Sotheby's Hlds-Class A........ 6,131,250 -------------- 12,678,125 -------------- ELECTRONICS -- 7.3% 346,100 Augat Inc..................... 7,095,050 *141,300 Broadband Technologies Inc.... 3,497,175 *126,300 California Microwave.......... 3,165,394 *150,000 Cirrus Logic Inc.............. 9,403,125 *345,000 Cognex Corp................... 13,886,250 *200,000 General Datacomm Industries Inc......................... 2,500,000 *440,000 General Instrument............ 16,885,000 360,000 Molex Inc Non Voting.......... 13,140,000 350,000 Northern Telecom Ltd.......... 12,775,000 450,000 Philips NV ADR................ 19,237,500 *350,200 Silicon Valley Group.......... 12,694,750 -------------- 114,279,244 -------------- ENERGY & SERVICES -- 3.7% 125,000 Coflexip ADR.................. $ 3,171,875 *250,000 ENSCO International Inc....... 3,968,750 *300,000 Input Output Inc.............. 10,800,000 297,000 Pogo Producing Go............. 6,793,875 *385,000 Rowan Cos..................... 3,128,125 300,000 USX-Marathon Group............ 5,925,000 *300,000 Varco International........... 2,475,000 300,000 Vastar Resources Inc.......... 9,262,500 700,000 YPF S.A. Sponsored ADR........ 13,212,500 -------------- 58,737,625 -------------- FINANCIAL SERVICES -- 8.5% 380,000 Ace Ltd....................... 11,020,000 200,000 Charter One Financial......... 4,900,000 150,000 Chubb Corp.................... 12,018,750 *700,000 Dime Bancorp Inc.............. 7,000,000 350,000 First Bank System Inc......... 14,350,000 490,000 Greenpoint Financial Corp..... 11,576,250 *261,800 Imperial Credit Industries.... 3,239,775 97,300 John Alden Financial.......... 1,666,263 361,300 Legg Mason Inc................ 9,755,100 80,070 Long Island Bancorp........... 1,521,330 270,000 The Money Store............... 9,669,375 312,300 Morgan Stanley Group.......... 25,296,300 *340,100 Prepaid Legal Services........ 2,019,343 320,000 Transatlantic Holding Inc..... 20,800,000 -------------- 134,832,486 -------------- FOREIGN SECURITIES -- 1.1% 400,000 Fujisawa Pharmaceutical (Japan)..................... 4,196,597 209,902 Hafslund Nyco A (Norway)...... 4,944,407 *260,000 Northstar Energy (Canada)..... 2,107,929 *300,000 Talisman Energy (Canada)...... 5,574,989 -------------- 16,823,922 -------------- HEALTHCARE -- 11.0% 290,000 A L Pharmaceutical Inc.-Class A........................... 5,437,500 *200,000 Amylin Pharm Inc.............. 1,575,000 *200,000 Athena Neurosciences.......... 1,825,000 *400,000 Beverly Enterprises........... 4,950,000 *419,700 Coram Healthcare.............. 5,928,263 *300,000 Datascope..................... 5,175,000 *145,000 Genetics Institute-Depository Shares...................... 4,893,750 *348,750 Grancare Inc.................. 5,623,594 *450,000 Guidant Corp.................. 10,800,000 *450,000 Haemonetics................... 8,662,500 91,520 Hafslund Nycomed-Class B ADR......................... 2,116,400 *146,800 Healthdyne Technology Inc..... 1,504,700 *250,000 Heart Technology Inc.......... 4,843,750 *213,100 Hillhaven Corp................ 6,020,075 *150,000 Immunex....................... 1,950,000 *249,000 Incontrol..................... 2,365,500 *185,700 Isomedix Inc.................. 2,506,950 215,000 Loewen Group Inc.............. 7,659,375 *380,000 Medisense..................... 7,362,500 *340,000 Pacific Physician Services.... 4,420,000 *500,000 Physician Corp. of America.... 6,812,500 300,000 Pioneer Hi-Bred International............... 12,600,000 200,000 Rhone-Poulenc Rorer........... 8,175,000 *167,000 Sybron Corp................... 6,659,125 *354,000 Syncor International Corp..... 3,849,750 81,800 United Healthcare Corp........ 3,384,475
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 87 HARTFORD CAPITAL APPRECIATION FUND, INC. STATEMENT OF NET ASSETS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- -------------- ----------- -------------- COMMON STOCKS -- (CONTINUED) HEALTHCARE -- (CONTINUED) 575,000 United States Surgical........ $ 12,003,125 *240,000 Value Health Inc.............. 7,740,000 300,000 Zeneca Group ADR.............. 15,375,000 -------------- 172,218,832 -------------- INDUSTRIAL MATERIAL -- 10.0% 500,000 Alcan Aluminum Ltd............ 15,125,000 *1,000,000 Algoma Steel Inc.............. 5,080,000 *415,400 Beazer Homes USA Inc.......... 6,906,025 315,000 British Steel PLC-ADR......... 8,741,250 341,400 Commonwealth Aluminum......... 6,465,263 150,000 Georgia-Pacific Corp.......... 13,012,500 300,000 Louisiana Pacific Corp........ 7,875,000 *242,000 M/I Schottenstein Homes Inc......................... 2,117,500 270,000 Morton International.......... 7,897,500 350,000 Nova Corp..................... 2,975,000 *280,000 Owens Corning Fiberglass Corp........................ 10,325,000 125,000 Phelps Dodge Corp............. 7,375,000 678,700 Precision Castparts Corp...... 23,839,338 580,000 Quanex Corp................... 14,355,000 *950,000 Repap Enterprises............. 7,362,500 *320,000 Southern Energy Homes Inc..... 4,480,000 *450,000 Uniroyal Chemical............. 5,118,750 280,000 Wellman Inc................... 7,665,000 -------------- 156,715,626 -------------- MANUFACTURING -- 5.4% 115,000 Boeing Company................ 7,201,875 200,000 Cherry Corp-Class A........... 2,650,000 487,500 Credence Systems Corp......... 14,746,875 52,500 Kemet Corp.................... 2,756,250 200,000 McDonnell Douglas Corp........ 15,350,000 270,000 Northrop Grumman Corp......... 14,073,750 460,000 Oak Industries Inc............ 11,845,000 350,000 Spartan Motors Inc............ 3,062,500 100,000 Watkins-Johnson Company....... 4,450,000 200,000 York International Corp....... 9,000,000 -------------- 85,136,250 -------------- MEDIA & SERVICES -- 5.5% *87,200 American Radio Systems........ 1,983,800 *290,000 Comcast UK Cable.............. 4,676,250 *215,000 Emmis Broadcast Corp.......... 5,858,750 *268,000 Evergreen Media Corp. Class A........................... 6,968,000 *381,100 Intl Family Entertainment Class B..................... 6,002,325 *350,000 Jacor Communications Inc...... 5,600,000 *222,500 Lodgenet Entertainment Corp........................ 2,002,500 100,000 Mobil Media Corp.............. 2,050,000 103,200 SFA Broadcasting Inc Class A........................... 2,760,600 278,700 E.W. Scripps Co............... 8,988,075 *250,000 Viacom Inc.-Class B........... 11,531,227 *415,000 Westwood One Inc.............. 6,069,375 *292,500 Young Broadcasting............ 8,116,875 200,000 Globalstar Telecom............ 2,650,000 470,000 Royal Caribbean............... 10,340,000 -------------- 85,597,777 -------------- REAL ESTATE -- 1.6% 295,000 Avalon Properties Inc......... 5,863,125 175,000 Felcor Suite Hotels Inc....... 4,462,500 REAL ESTATE -- (CONTINUED) 250,000 Liberty Property Trust........ $ 4,906,250 125,000 Oasis Residential............. 2,718,750 210,000 Saul Centers Inc.............. 3,360,000 128,700 Starwood Lodging Trust........ 3,024,450 -------------- 24,335,075 -------------- RETAIL -- 8.5% *640,000 Carr-Gottstein Foods Co....... 4,080,000 *500,000 Cheesecake Factory............ 12,875,000 *250,000 Eckerd Corp................... 8,000,000 *675,000 Egghead Inc................... 9,028,125 *150,000 Ethan Allen Inc............... 2,662,500 *400,000 Federated Department Store.... 10,300,000 230,800 Fingerhut Companies Inc....... 3,606,250 200,000 The Gap, Inc.................. 6,975,000 *367,200 Good Guys Inc................. 4,039,200 300,000 Intelligent Electronics....... 4,087,500 *678,500 Landry's Seafood Restaurants................. 13,570,000 200,000 Mercantile Stores, Inc........ 9,300,000 *300,000 Outback Steakhouse............ 8,662,500 *400,000 Perrigo....................... 4,425,000 *220,000 Petsmart Inc.................. 6,325,000 *200,000 Rite Aid Corp................. 5,125,000 *490,000 Sports And Recreation......... 6,431,250 *278,700 The Sports Authority Inc...... 5,678,512 *379,500 Urban Outfitters Inc.......... 8,254,125 -------------- 133,424,962 -------------- TECHNOLOGY -- 1.3% *150,000 American Superconductor Corp........................ 2,137,500 *244,000 Chipcom Corp.................. 5,795,000 *100,000 Digital Equipment Corp........ 4,075,000 *10,000 LSI Logic Corp................ 391,250 *165,000 Picturetel Corp............... 7,940,623 -------------- 20,339,373 -------------- TRANSPORTATION & SERVICES -- 5.0% *250,000 AMR........................... 18,656,250 300,000 American President Cos........ 7,125,000 *300,000 Landstar System Inc........... 7,725,000 *460,000 M.S. Carriers................. 8,740,000 *195,000 Railtex....................... 4,631,250 300,000 Skywest Inc................... 6,787,500 *350,000 Swift Transportation.......... 5,862,500 500,000 Transportation-Marine......... 2,500,000 450,000 Werner Enterprises, Inc....... 9,000,000 250,000 Stolt Nielson................. 7,187,500 -------------- 78,215,000 -------------- UTILITIES -- 1.2% *250,000 The Columbia Gas System, Inc......................... 7,937,500 *380,000 Petersburg Long Distance Inc......................... 2,232,500 200,000 Pinnacle West................. 4,900,000 *200,000 Portugal Telecom S.A. ADR..... 3,800,000 -------------- 18,870,000 -------------- Total Common Stocks........... $1,319,375,498 -------------- --------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 88
MARKET MARKET SHARES VALUE VALUE - ----------- -------------- -------------- CONVERTIBLE PREFERRED STOCKS -- 1.4% BUSINESS SERVICES -- 0.4% 200,000 Technip ADS 144A $ 6,230,000 -------------- CONSUMER NON-DURABLES -- 0.7% 1,750,000 RJR Nabisco Preferred Equity Redemption Cumulative Stock....................... 10,718,750 -------------- FINANCIAL SERVICES -- 0.3% 160,000 Glendale Federal.............. 5,440,000 -------------- Total convertible preferred stocks...................... $ 22,388,750 -------------- -------------- CONVERTIBLE CORPORATE BONDS -- 0.7% CONSUMER DURABLES 6,850,000 Rohr Inc. 7.750% due 05/15/04......... $ 10,531,875 -------------- -------------- NON-CONVERTIBLE PREFERRED STOCK -- 1.2% 320,000 Nokia Preferred ADS........... $ 19,080,000 -------------- -------------- PRINCIPAL AMOUNT - ----------- SHORT-TERM SECURITIES -- 13.1% $ 2,100,000 U.S. Treasury Bill 5.660% due 12/14/95......... 2,045,853 2,100,000 5.840% due 12/14/95......... 2,044,131 1,600,000 6.035% due 12/14/95......... 1,556,012 1,160,000 6.745% due 12/14/95......... 1,124,356 -------------- 6,770,352 -------------- 198,752,000 Repurchase Agreement dated 06/30/95 with Swiss Bank Corp. 6.130% due 07/03/95 maturity amount $198,853,529 (Collateralized by $88,600,000 U.S. Treasury Bond 12.000% due 08/15/13 and $57,790,000 U.S. Treasury Note 4.750% due 08/31/98 and $12,050,000 U.S. Treasury Bill 5.400% due 11/16/95)............... 198,752,000 -------------- Total Short-Term Securities... $ 205,522,352 -------------- --------------
DIVERSIFICATION OF ASSETS: Total common stocks.......................... 84.1% $1,319,375,498 Total convertible preferred stocks........... 1.4 22,388,750 Total convertible corporate bonds............ 0.7 10,531,875 Total non-convertible preferred stocks....... 1.2 19,080,000 Total short-term securities.................. 13.1 205,522,352 ------ -------------- Total investment in securities **(Identified cost $1,389,628,020)......... 100.5% 1,576,898,475 Excess of liabilities over cash and receivables....................... (0.5) (7,430,595) ------ -------------- Net assets (Applicable to $3.19242 per share based on 491,623,365 shares outstanding)... 100.0% $1,569,467,880 ------ -------------- ------ -------------- SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 800,000,000 shares; outstanding 491,623,365 shares............................................. $ 49,162,337 Capital surplus...................................... 1,266,712,284 Undistributed net realized gain on investments....... 66,496,625 ***Unrealized gain on futures contracts.............. 430,233 Unrealized appreciation of investments............... 187,270,455 Unrealized depreciation on forward currency contracts.......................................... (604,054) -------------- Net assets, applicable to shares outstanding......... $1,569,467,880 -------------- -------------- * Non-income producing during period. ** Aggregate cost for Federal income tax purposes. *** The Fund has 280 Standard & Poor's 500 September 1995 futures contracts open at June 30, 1995. These contracts have a value of $76,601,000. The fund has 800 Standard & Poor's 400 (MIDCAP) September 1995 futures contracts open at June 30, 1995. These contracts have a value of $79,820,000.
FUTURES CURRENCY CONTRACTS -- NOTE 2 -- OUTSTANDING AT JUNE 30, 1995
UNREALIZED TOTAL AGGREGATE DELIVERY APPRECIATION/ DESCRIPTION VALUE FACE VALUE DATE (DEPRECIATION) - ------------------------------ ---------- ---------- --------- ------------- Dutch Guilders (Sell) $12,604,054 $12,000,000 11/20/95 $(604,054)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 89 HARTFORD MORTGAGE SECURITIES FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
Principal Market Principal Market Amount Value Amount Value - ----------- ------------- ----------- ------------- LONG-TERM BONDS -- 97.1% FEDERAL AGENCIES COLLATERALIZED MORTGAGE OBLIGATION -- 8.1% Federal Home Loan Mortgage Corp. $ 4,679,000 5.850% due 02/15/18......... $ 4,546,818 2,112,748 8.100% due 12/15/04......... 2,143,489 ------------- 6,690,307 ------------- Federal National Mortgage Association 1,348,812 7.950% due 03/25/20......... 1,363,676 6,654,440 8.500% due 03/25/19 - 06/30/19.................... 6,799,952 5,000,000 8.750% due 02/25/18......... 5,043,600 2,866,378 9.000% due 01/25/17 - 03/25/19.................... 2,872,847 1,220,486 9.250% due 12/25/03......... 1,231,373 1,345,093 11.000% due 04/01/09........ 1,484,874 ------------- 18,796,322 ------------- FEDERAL AGENCIES MORTGAGE PASS-THROUGHS -- 64.6% Federal Home Loan Mortgage Corp. 16,382,008 6.500% due 12/01/23 - 06/01/24.................... 15,760,971 14,591,359 7.000% due 03/01/23 - 07/01/24.................... 14,345,131 2,600,000 7.500% due 05/01/24 - 06/01/25.................... 2,606,821 8,105,363 8.000% due 02/01/13 - 11/01/24.................... 8,254,770 18,951,656 8.500% due 07/01/01 - 06/01/25.................... 19,515,423 643,316 10.000% due 09/01/05........ 674,707 ------------- 61,157,823 ------------- Federal National Mortgage Association 15,150,000 6.500% due 01/01/09......... 14,913,206 28,160,676 7.000% due 10/01/07 - 08/01/24.................... 27,758,157 19,200,000 7.500% due 12/31/24......... 19,316,485 19,508,705 8.000% due 06/01/24 - 01/01 25.......................... 19,868,311 13,000,000 9.000% due 05/01/24......... 13,540,253 ------------- 95,396,412 ------------- Government National Mortgage Association 19,979,802 7.500% due 04/15/22 - 10/15/24.................... 20,079,767 2,901,446 8.000% due 09/15/05 - 11/15/06.................... 2,993,830 13,926,269 8.500% due 09/15/19 - 06/15/25.................... 14,457,916 5,186,433 9.500% due 10/15/09 - 11/15/09.................... 5,558,559 3,144,109 10.000% due 11/15/09 - 05/15/13.................... 3,425,393 918,314 11.000% due 02/15/10 - 09/15/10.................... 1,041,561 115,095 11.250% due 01/15/01........ 122,695 119,166 12.000% due 05/15/15........ 135,864 132,017 12.500% due 06/15/14 - 08/15/15.................... 152,957 43,653 13.000% due 11/15/14........ 50,924 8,814 13.500% due 07/15/14........ 10,352 ------------- 48,029,818 ------------- ASSET BACKED -- 6.9% Corestates 94-1 A 4,566,216 6.650% due 05/15/09......... 4,560,508 Green Tree Financial 5,000,000 4.900% due 10/15/18......... 4,907,500 5,000,000 5.200% due 10/15/18......... 4,853,200 3,100,000 5.450% due 10/15/18......... 2,985,455 4,500,000 5.850% due 01/15/19......... 4,422,555 ------------- 21,729,218 ------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 7.0% CMC 92-D IIL $ 1,613,564 7.200% due 12/25/08......... $ 1,621,359 CMO 52 (A) 1,192,121 0.000% due 05/01/17......... 931,976 CWF 93-C 4,077,624 6.500% due 01/25/24......... 4,070,300 General Electric 94-24 4,799,184 7.00% due 07/25/24.......... 4,793,569 Housing Securities Inc. 93E 5,816,682 10.000% due 09/25/08........ 6,385,501 Paine Webber 94-7 CL AA 4,477,086 6.750% due 04/25/24......... 4,428,354 ------------- 22,231,059 ------------- CONVENTIONAL MORTGAGE PASS- THROUGHS -- 0.2% Ryland Series 82 568,248 10.250% due 09/13/11........ 586,006 ------------- U.S. GOVERNMENTS -- 10.3% U.S. Treasury Bond 12,345,000 8.875% due 08/15/17......... 15,419,670 U.S. Treasury Note 10,525,000 7.875% due 11/15/04......... 11,715,642 4,400,000 10.750% due 02/15/03........ 5,607,250 ------------- 32,742,562 ------------- Total Long-Term Bonds......... $307,359,527 ------------- ------------- SHORT-TERM SECURITIES -- 27.0% COMMERCIAL PAPER -- 23.7% Electronic Data Systems 10,000,000 5.980% due 07/17/95......... 9,976,744 Fleet Mortgage Group 5,000,000 6.020% due 07/19/95......... 4,986,622 General Signal Corp. 10,000,000 6.000% due 07/18/95......... 9,975,000 Goldman Sachs Group 10,000,000 5.900% due 07/17/95......... 9,977,056 Pacific Dunlop Australia 10,000,000 5.950% due 07/13/95......... 9,983,472 USL Capital 10,000,000 5.940% due 07/13/95......... 9,983,500 Volkswagon of America 10,000,000 5.970% due 07/19/95......... 9,973,467 Whirlpool Corp. 4,000,000 5.970% due 07/17/95......... 3,990,713 6,035,000 5.980% due 07/17/95......... 6,020,966 ------------- 74,867,540 ------------- REPURCHASE AGREEMENTS -- 3.3% 10,634,000 Interest in $61,511,000 joint repurchase agreement dated 06/30/95 with Shawmut Bank 6.100% due 07/03/95; maturity amount $10,639,406; (Collateralized by $62,920,000 U.S. Treasury Note 4.250% due 11/16/95)... 10,634,000 ------------- Total Short-Term Securities... $ 85,501,540 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 90
MARKET VALUE ------------- DIVERSIFICATION OF ASSETS: Total long-term bonds........................ 97.1% $307,359,527 Total short-term securities.................. 27.0 85,501,540 -------- ------------ Total investment in securities *(Identified cost $387,296,394)............ 124.1 392,861,067 Excess of liabilities over cash and receivables................................ (24.1) (76,336,714 ) -------- ------------ Net assets (Applicable to $1.05165 per share based on 300,979,294 shares outstanding)... 100.0% $316,524,353 -------- ------------ -------- ------------ SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 800,000,000 shares; outstanding 300,979,294 shares outstanding.......................................... $ 30,097,928 Capital surplus........................................ 298,746,934 Undistributed net realized (loss) on investments....... (17,885,182) Unrealized appreciation of investments................. 5,564,673 ------------ Net assets, applicable to shares outstanding........... $316,524,353 ------------ ------------ * Non-income producing during period. ** Aggregate cost for Federal income tax purposes. (A) Principal Only -- Securities created by investment bankers by separating regular bonds into their principal and coupon components and selling each piece separately. If the underlying bonds are subject to prepayment, the interest only investor is at risk for faster than anticipated prepayments and the principal only investor is at risk for slower than anticipated prepayments. These instruments are used for a very small percentage of the funds assets when they are determined they improve the portfolio's return profile.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 91 HARTFORD INDEX FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- ------------- ----------- ------------- COMMON STOCKS -- 96.7% BUSINESS SERVICES -- 1.5% 2,800 Alco Standard Corp............ $ 223,650 *2,025 Andrew Corp................... 117,197 7,800 Donnelley (RR) & Sons......... 280,800 8,700 Dun & Bradstreet Corp......... 456,750 2,700 E G & G, Inc.................. 45,225 *2,900 Federal Express Corp.......... 176,175 1,900 Fleming Companies, Inc........ 50,350 6,350 Genuine Parts Co.............. 240,506 2,600 Grainger W W Inc.............. 152,750 5,100 Moore Corp. Ltd............... 112,838 2,500 National Service Industries Inc......................... 72,188 2,500 Ogden Corp.................... 54,688 2,100 Pittston Services Group....... 50,400 4,100 Ryder Systems, Inc............ 97,887 3,000 Safety Kleen Corp............. 48,375 3,600 Supervalu, Inc................ 104,850 9,400 Sysco Corp.................... 277,300 24,900 WMX Technologies Inc.......... 706,537 ------------- 3,268,466 ------------- COMPUTER & SERVICES -- 3.7% *13,800 Cisco Systems Inc............. 697,762 *1,900 Data General Corp............. 18,287 29,900 International Business Machine Corp........................ 2,870,400 *29,900 Microsoft Corp................ 2,702,213 *18,900 Novell Inc.................... 376,819 7,800 Pitney Bowes Inc.............. 299,325 *7,400 Silicon Graphics Inc.......... 295,075 5,500 Xerox......................... 644,875 ------------- 7,904,756 ------------- CONSUMER DURABLES -- 2.8% 4,400 Black & Decker Corporation.... 135,850 1,500 Briggs & Stratton............. 51,750 4,900 Brunswick..................... 83,300 19,000 Chrysler Corp................. 909,625 4,300 Cooper Tire & Rubber Company..................... 104,813 4,800 Dial Corp. Arizona............ 118,800 3,800 Echlin Inc.................... 132,050 2,400 Fleetwood..................... 47,400 52,900 Ford Motor Co................. 1,573,775 38,500 General Motors Corp........... 1,804,688 1,300 The B.F. Goodrich Co.......... 69,712 7,800 Goodyear Tire & Rubber Company..................... 321,750 8,100 Masco Corporation............. 218,700 5,500 Maytag Corp................... 88,000 600 Skyline Corp.................. 10,875 2,100 Snap-On Tools................. 81,375 2,300 Stanley Works................. 87,112 3,800 Whirlpool Corp................ 209,000 ------------- 6,048,575 ------------- CONSUMER NON-DURABLES -- 12.7% 1,400 Alberto Culver Co............. 42,350 9,700 American Brands Inc........... 385,575 3,800 American Greetings Corp. Class A........................... 111,625 13,200 Anheuser Busch Cos. Inc....... 750,750 26,625 Archer-Daniels-Midland........ 495,891 3,500 Avon Products................. 234,500 1,600 Ball Corp..................... 55,800 3,600 Brown-Forman.................. 120,150 4,000 Brunos Inc.................... 46,500 7,500 CPC International............. 463,125 CONSUMER NON-DURABLES -- (CONTINUED) *5,900 CUC International............. $ 247,800 12,800 Campbell Soup Co.............. 627,200 2,700 Clorox Company................ 176,175 65,200 Coca-Cola Co.................. 4,156,500 7,500 Colgate Palmolive Co.......... 548,438 12,550 Conagra Inc................... 437,681 2,000 Coors (Adolph) Class B........ 32,750 17,500 Eastman Kodak................. 1,060,938 3,900 Fruit of the Loom Inc......... 82,388 8,100 General Mills Co.............. 416,138 3,100 Giant Food, Inc............... 87,963 22,800 Gillette Co................... 1,017,450 2,000 Great Atlantic & Pacific Tea Co.......................... 52,750 1,700 Handleman Co.................. 16,363 4,550 Hasbro, Inc................... 144,463 12,500 H.J. Heinz Company............ 554,688 4,500 Hershey Foods Corp............ 248,625 11,300 Kellogg Co.................... 806,537 8,300 Kimberly Clark Corp........... 496,962 3,900 Liz Claiborne, Inc............ 82,875 8,100 Newell Co..................... 198,450 3,700 Nike, Inc. Class B............ 310,800 40,500 Pepsico Inc................... 1,847,812 43,500 Philip Morris................. 3,235,312 2,300 Polaroid Corp................. 93,725 3,100 Premark International......... 160,812 35,400 Proctor and Gamble............ 2,544,375 6,900 Quaker Oats Co................ 226,837 5,200 Ralston Purina Group.......... 265,200 4,100 Reebok International Ltd...... 139,400 8,300 Rubbermaid, Inc............... 230,325 2,000 Russell Corp.................. 57,500 24,700 Sara Lee Corp................. 703,950 19,200 Seagram....................... 664,800 2,600 Stride Rite Corp.............. 26,975 10,100 UST Inc....................... 300,475 8,200 Unilever NV New York Shares... 1,067,025 3,300 V F Corp...................... 177,375 5,400 Whitman Corp.................. 104,625 3,900 Winn Dixie Stores Inc......... 225,224 6,000 Wrigley Wm. Jr. Co............ 278,250 ------------- 26,860,197 ------------- CONSUMER SERVICES -- 1.0% *25,400 Airtouch Communications....... 723,900 *3,000 Bally Entertainment Corp...... 36,750 5,400 H & R Block, Inc.............. 222,075 4,200 De Luxe Corp.................. 139,125 3,700 Harcourt General Inc.......... 157,250 1,600 John H. Harland Co............ 36,600 3,100 Hilton Hotels Corporation..... 217,775 7,800 Marriott International Inc.... 279,825 *6,550 Promus Cos. Inc............... 255,450 4,900 Service Corp. International... 154,963 ------------- 2,223,713 ------------- ELECTRONICS -- 2.9% 5,300 Advanced Micro Devices Inc.... 192,788 10,800 Amp Inc. (I).................. 456,300 *4,300 Applied Materials............. 372,488 42,600 Intel Corp.................... 2,697,112 30,300 Motorola Inc.................. 2,033,887
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 92
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- ------------- ----------- ------------- COMMON STOCKS -- (CONTINUED) ELECTRONICS -- (CONTINUED) 13,000 Northern Telecom Ltd.......... $ 474,500 ------------- 6,227,075 ------------- ENERGY & SERVICES -- 9.5% 4,800 Amerada Hess Corp............. 234,600 18,200 American Barrick Resource..... 459,550 25,600 Amoco Corporation............. 1,705,600 3,200 Ashland Inc................... 112,400 8,300 Atlantic Richfield............ 910,925 7,300 Baker Hughes, Inc............. 149,650 6,500 Burlington Resources.......... 239,688 33,600 Chevron Corp.................. 1,566,600 5,450 Coastal Corp.................. 165,544 9,400 Dresser Industries............ 209,150 63,900 Exxon......................... 4,512,938 4,300 Fluor Corp.................... 223,600 5,900 Halliburton Co................ 210,925 1,300 Helmerich & Payne Inc......... 38,350 2,700 Kerr McGee Corp............... 144,788 1,700 Louisiana Land & Exploration Co.......................... 67,788 2,800 McDermott International....... 67,550 20,400 Mobil Corp.................... 1,958,400 500 Nacco......................... 29,938 16,300 Occidential Petroleum Corp.... 372,863 *5,300 Oryx Energy Company........... 72,875 7,700 Panhandle Eastern Corp........ 187,687 2,400 Pennzoil Co................... 113,100 13,500 Phillips Petroleum............ 450,562 *4,300 Rowan Cos..................... 34,937 27,600 Royal Dutch Petroleum......... 3,363,750 *4,612 Santa Fe Energy Resources Corp........................ 43,813 12,500 Schlumberger Ltd.............. 776,563 5,500 Sun Company, Inc.............. 150,562 13,400 Texaco Inc.................... 879,375 15,300 USX-Marathon Group............ 302,175 12,600 Unocal Corp................... 348,074 600 Zurn Industries............... 12,000 ------------- 20,116,320 ------------- FINANCIAL SERVICES -- 11.1% 6,300 Aetna Life & Casualty Co...... 396,113 6,000 H.F. Ahmanson & Company....... 132,000 2,300 Alexander & Alexander......... 54,913 25,500 American Express Co........... 895,688 10,200 American General Corp......... 344,250 17,688 American International Group....................... 2,016,375 20,290 Banc One Corp................. 654,353 5,700 Bank of Boston................ 213,750 9,800 Bank of New York Co........... 395,675 19,336 Bank America Corporation...... 1,017,557 4,000 Bankers Trust................. 248,000 5,000 Barnett Banks Inc............. 256,250 2,700 Beneficial Corp............... 118,800 6,500 Boatman Bancshares............ 229,125 4,000 Cigna Corporation............. 310,500 9,100 Chase Manhattan............... 427,700 12,368 Chemical Banking Corp......... 584,388 4,900 Chubb Corp.................... 392,613 20,500 Citicorp...................... 1,186,438 7,400 Corestates Financial Corp..... 258,075 8,656 Dean Witter Discover & Co..... 406,832 9,300 Federal Home Loan Mortgage Corp........................ 639,375 14,000 Federal National Mortgage Association................. 1,321,250 FINANCIAL SERVICES -- (CONTINUED) 4,600 First Chicago Corporation..... $ 275,425 4,200 First Fidelity Bancorp........ 247,800 3,900 First Interstate Bancorp...... 312,975 8,900 First Union Corporation....... 402,725 7,300 Fleet Financial Group Inc..... 271,013 4,600 General Re Corp............... 615,825 3,000 Golden West Financial......... 141,375 7,000 Great Western Financial Corp........................ 144,375 5,000 Household International Inc......................... 247,500 2,400 Jefferson Pilot Corp.......... 131,400 12,201 Keycorp....................... 382,806 5,300 Lincoln National Corp......... 231,875 7,600 MBNA Corp..................... 256,500 3,800 Marsh and McLennan Cos., Inc......................... 308,275 7,500 Mellon Bank Corporation....... 312,188 9,100 Merrill Lynch & Co. Inc....... 477,750 9,700 J.P. Morgan................... 680,213 8,200 National Bank of Detroit...... 262,400 7,500 National City Corp............ 220,313 13,964 Nationsbank Corp.............. 748,820 16,700 Norwest Corporation........... 480,125 11,800 PNC Bank Corp................. 311,225 4,900 Providian Corp................ 177,625 1,400 Pulte Corp.................... 39,200 3,500 Safeco Corp................... 201,031 4,700 St. Paul Cos, Inc............. 231,475 5,500 Salomon Inc................... 220,687 6,300 Shawmut National Corp......... 200,812 5,900 Sun Trust Banks, Inc.......... 343,674 4,000 Torchmark Corp................ 151,000 3,400 Transamerica Corp............. 198,050 16,491 Travelers Group Inc........... 721,480 4,000 Unum Corp..................... 187,500 5,500 USF&G Corporation............. 89,375 5,150 U.S. Bancorp Oregon........... 123,921 1,100 U.S. Life Corp................ 44,274 8,800 Wachovia Corp................. 314,600 2,500 Wells Fargo & Company......... 450,625 ------------- 23,658,252 ------------- HEALTHCARE -- 9.2% 41,100 Abbott Laboratories........... 1,664,550 3,300 Allergan Inc.................. 89,513 *4,200 Alza Corp. Del................ 98,175 15,900 American Home Products Corp........................ 1,230,263 *6,800 Amgen......................... 546,975 2,700 Bard C. R. Inc................ 81,000 3,000 Bausch & Lomb Inc............. 124,500 14,400 Baxter International.......... 523,800 3,400 Becton, Dickinson............. 198,050 *4,400 Beverly Enterprises........... 54,450 *6,000 Biomet........................ 93,000 *7,700 Boston Scientific Corp........ 245,438 26,100 Bristol-Myers Squibb Company..................... 1,778,063 22,821 Columbia/HCA Healthcare Corp........................ 987,019 2,200 Community Psychiatric Centers..................... 24,750 33,200 Johnson & Johnson............. 2,245,150 15,100 Lilly Eli & Co................ 1,185,350 3,900 Mallinckrodt Group Inc........ 138,450 3,200 Manor Care Inc................ 93,200 5,900 Medtronic, Inc................ 455,038 63,700 Merck & Co., Inc.............. 3,121,300 1,200 Millipore Corp................ 81,000
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 93 HARTFORD INDEX FUND, INC. STATEMENT OF NET ASSETS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- ------------- ----------- ------------- COMMON STOCKS -- (CONTINUED) HEALTHCARE -- (CONTINUED) *10,300 National Medical Enterprises................. $ 148,063 16,300 Pfizer, Inc................... 1,505,713 4,400 Pioneer Hi-Bred International............... 184,800 *2,400 St. Jude Medical Inc.......... 120,300 19,200 Schering-Plough Corp.......... 847,200 1,200 Shared Medical Systems Corp........................ 48,150 8,900 United Healthcare Corp........ 368,237 8,200 US Healthcare Inc............. 251,124 2,900 United States Surgical........ 60,537 8,900 The Upjohn Company............ 337,087 6,900 Warner-Lambert Company........ 595,986 ------------- 19,526,231 ------------- INDUSTRIAL MATERIALS -- 7.7% 5,700 Air Products & Chemical Corp........................ 317,775 11,600 Alcan Aluminum Ltd............ 350,900 9,200 Aluminum Company of America... 461,150 *5,500 Armco Inc..................... 37,125 1,900 Armstrong World Industries, Inc......................... 95,238 2,200 Asarco Corporation............ 67,100 2,700 Avery Dennison International............... 108,000 662 Bassett Furniture Inc......... 18,536 2,700 Bemis Co...................... 70,200 *5,700 Bethlehem Steel Corp.......... 92,625 2,400 Boise Cascade Corp............ 97,200 1,500 Centex Corp................... 42,375 4,800 Champion International Corp........................ 250,200 11,800 Corning Inc................... 386,450 1,600 Crane Company................. 58,000 *4,600 Crown Cork & Seal............. 230,575 4,800 Cyprus Amax Minerals.......... 136,800 14,400 Dow Chemical.................. 1,035,000 28,700 DuPont EI De Nemours.......... 1,973,125 4,275 Eastman Chemical Co........... 254,363 5,800 Echo Bay Mines Ltd............ 52,200 3,300 Ecolab Inc.................... 80,850 4,875 Englehard Corp................ 209,016 *1,900 FMC Corp...................... 127,775 2,200 Federal Paper Board Inc....... 77,825 1,100 First Mississippi Corp........ 37,538 4,700 Georgia-Pacific Corp.......... 407,725 1,800 Giddings & Lewis.............. 32,175 4,900 Grace (W.R.) Company.......... 300,738 3,400 Great Lakes Chemical.......... 204,850 6,100 Hercules Inc.................. 297,375 7,100 Homestake Mining.............. 117,150 6,000 Inco Co. Ltd.................. 169,500 2,500 Inland Steel Company.......... 76,250 5,700 International Flavors & Fragrances.................. 283,575 6,500 International Paper Co........ 557,375 4,200 James River Corp.............. 116,025 1,700 Kaufman & Broad Home Corp..... 24,650 5,500 Louisiana Pacific Corp........ 144,375 2,900 Mead Corp. (The).............. 172,188 21,600 Minnesota Mining & Manufacturing Co............ 1,236,600 6,000 Monsanto Co................... 540,750 1,700 Morrison Knudsen Corp......... 11,475 7,600 Morton International.......... 222,300 3,500 Nalco Chemical Co............. 127,313 4,344 Newmont Mining................ 181,918 4,500 Nucor Corp.................... 240,750 INDUSTRIAL MATERIALS -- (CONTINUED) *2,500 Owens Corning Fiberglass Corp........................ $ 92,188 10,700 PPG Industries, Inc........... 460,100 6,033 Pall Corp..................... 134,234 3,600 Phelps Dodge Corp............. 212,400 12,300 Placer Dome, Inc.............. 321,338 1,500 Potlatch Corp................. 62,625 7,100 Praxair....................... 177,500 3,200 Reynolds Metal Co............. 165,600 3,500 Rohm & Haas Co................ 192,063 6,807 Santa Fe Pacific Gold Corp.... 82,535 7,800 Scott Paper Co................ 386,100 4,400 Sherwin Williams.............. 156,750 2,600 Sigma Aldrich Corp............ 127,725 1,000 Springs Industries Inc........ 37,250 *4,730 Stone Container Corporation... 100,512 2,900 Temple-Inland Inc............. 138,112 3,860 USX-U.S. Steel Group.......... 132,687 3,600 Union Camp Corp............... 208,350 7,100 Union Carbide Corp............ 236,962 3,500 Westvaco Corp................. 154,874 10,600 Weyerhaeuser Company.......... 499,524 5,200 The Williams Companies........ 181,349 4,675 Worthington Industries........ 95,545 ------------- 16,489,321 ------------- MANUFACTURING -- 7.8% 14,800 Allied Signal Inc............. 658,600 17,600 Boeing Company................ 1,102,200 10,300 Caterpillar, Inc.............. 661,775 1,700 Cincinnati Milacron Inc....... 45,900 6,000 Cooper Industries............. 237,000 2,100 Cummins Engine................ 91,613 6,300 Dana Corporation.............. 180,338 4,500 Deere & Company............... 385,313 2,900 Dover Corp.................... 210,975 4,000 Eaton Corp.................... 232,500 12,000 Emerson Electric Co........... 858,000 1,800 Foster Wheeler Corp........... 63,450 3,200 General Dynamics.............. 142,000 87,200 General Electric.............. 4,915,900 2,400 General Signal Corp........... 95,400 2,400 Harnischfeger Industries Inc......................... 83,100 6,600 Honeywell Inc................. 284,625 5,900 Illinois Tool Works........... 324,500 5,400 Ingersoll-Rand Company........ 206,550 2,100 Johnson Controls, Inc......... 118,650 10,301 Lockheed Martin Corp.......... 650,251 4,400 Loral Corp.................... 227,700 11,427 Mattel, Inc................... 297,102 5,900 McDonnell Douglas Corp........ 452,825 *6,400 National Semiconductor Corp........................ 177,600 *3,930 Navistar International Corp........................ 59,441 2,500 Northrop Grumman Corporation................. 130,313 1,000 Outboard Marine Corp.......... 19,625 2,395 Paccar Inc.................... 111,966 3,750 Parker-Hannifin Corp.......... 135,938 2,300 Raychem Corp.................. 88,263 6,300 Raytheon Co................... 489,038 11,100 Rockwell Intl. Corp........... 507,825 700 SPX Corp...................... 7,962 3,400 TRW, Inc...................... 271,574
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 94
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- ------------- ----------- ------------- COMMON STOCKS -- (CONTINUED) MANUFACTURING -- (CONTINUED) 1,700 Tektronix Inc................. $ 83,724 9,300 Tenneco, Inc.................. 427,800 4,400 Textron, Inc.................. 255,750 1,600 Timken........................ 73,800 1,500 Trinova Corporation........... 52,500 3,900 Tyco International Ltd........ 210,600 6,400 United Technologies Corp...... 500,000 *2,080 Varity Corp................... 91,520 *2,700 Western Atlas Inc............. 119,811 18,400 Westinghouse Electric Corporation................. 269,100 ------------- 16,610,417 ------------- MEDIA & SERVICES -- 3.3% 3,245 CBS Inc....................... 217,415 *3,700 Cabletron Systems............. 197,025 7,900 Capital Cities/ABC Inc........ 853,200 12,300 Comcast Corp. Class A......... 228,319 *383 Cox Communications Class A.... 7,415 26,800 Walt Disney Company........... 1,490,750 5,000 Dow Jones & Co................ 184,375 7,200 Gannett Co., Inc.............. 390,600 4,000 Interpublic Group............. 150,000 *1,950 King World Productions, Inc......................... 78,975 2,600 Knight Ridder Inc............. 147,875 2,600 McGraw-Hill, Companies, Inc......................... 197,275 1,400 Meredith Corp................. 35,525 5,000 New York Times Co. Class A.... 117,500 *33,600 Tele-Communications, Inc. Class A..................... 787,500 19,580 Time Warner Inc............... 805,228 5,800 Times Mirror Co. Class A...... 138,475 3,400 Tribune Company............... 208,675 *18,500 Viacom Inc. Class B........... 853,312 ------------- 7,089,439 ------------- POLLUTION CONTROL -- 0.3% 11,000 Browning Ferris Industries Inc......................... 397,375 14,300 Laidlaw Inc. Class B.......... 137,638 ------------- 535,013 ------------- RETAIL -- 6.1% 13,100 Albertson's Inc............... 389,725 7,600 American Stores Co............ 213,750 900 Brown Group Inc............... 20,475 5,300 Charming Shoppes Inc.......... 27,825 5,000 Circuit City Store Inc........ 158,125 *8,100 Darden Restaurants............ 88,088 3,700 Dayton Hudson Corporation..... 265,475 5,800 Dillard Department Stores Class A..................... 170,375 7,400 The Gap, Inc.................. 258,075 23,273 Home Depot Inc................ 945,479 2,300 Jostens Inc................... 48,875 23,500 K Mart Corporation............ 343,688 *5,700 Kroger Co..................... 153,188 18,400 The Limited, Inc.............. 404,800 3,300 Loews Corporation............. 399,300 1,100 Longs Drug Store.............. 41,250 8,200 Lowe's Companies.............. 244,975 1,200 Luby's Cafeterias............. 24,150 12,800 May Department Stores Co...... 532,800 35,700 McDonald's Corp............... 1,396,763 5,400 Melville Corporation.......... 184,950 1,900 Mercantile Stores, Inc........ 88,350 4,200 Nordstrom Inc................. 173,775 12,000 J.C. Penney................... 576,000 RETAIL -- (CONTINUED) 3,200 Pep Boys--Manny, Moe, Jack.... $ 85,600 *10,034 Price/Costco Inc.............. 163,053 4,300 Rite Aid Corp................. 110,188 *2,700 Ryan's Family Steak House..... 21,263 20,000 Sears Roebuck................. 1,197,500 *2,100 Shoney's Inc.................. 24,675 3,700 TJX Companies................. 49,025 3,749 Tandy Corp.................... 194,478 *14,300 Toys R Us..................... 418,274 118,300 Wal-Mart...................... 3,164,525 6,300 Walgreen Co................... 315,787 5,300 Wendy's International Inc..... 94,737 *6,800 F.W. Woolworth Company........ 102,850 ------------- 13,092,211 ------------- TECHNOLOGY -- 3.9% *6,100 Amdahl Corp................... 67,863 6,200 Apple Computer................ 287,913 2,500 Autodesk Inc.................. 107,500 7,400 Automatic Data Processing..... 465,275 *2,300 Ceridian Corporation.......... 84,813 *13,500 Compaq Computer............... 612,563 8,200 Computer Associates........... 555,550 *2,800 Computer Sciences Corp........ 159,250 *1,300 Cray Research Inc............. 31,688 *5,900 DSC Communications............ 274,350 *7,600 Digital Equipment Corp........ 309,700 6,200 First Data Corp............... 352,625 2,000 Harris Corp. Del.............. 103,250 26,300 Hewlett-Packard Co............ 1,959,350 *2,400 Intergraph Corp............... 26,700 *2,500 Lotus Development Corp........ 159,375 1,400 M/A Com, Inc.................. 16,450 10,600 Micron Technology Inc......... 581,675 *22,500 Oracle Corporation............ 859,406 2,200 Perkin Elmer.................. 78,100 3,900 Scientific Atlanta, Inc....... 85,800 *4,900 Sun Microsystems Inc.......... 237,650 *6,000 Tandem Computers.............. 96,750 2,900 Teledyne Inc.................. 71,050 24 Teledyne Inc. Preferred E Series...................... 350 4,800 Texas Instruments............. 642,600 1,000 Thomas & Betts Corp........... 68,374 *8,800 Unisys Corp................... 95,700 *2,400 Zenith Electronics Corp....... 17,700 ------------- 8,409,370 ------------- TRANSPORTATION & SERVICES -- 1.4% *3,900 AMR........................... 291,038 4,600 Burlington Northern Inc....... 291,525 5,400 CSX Corp...................... 405,675 4,000 Consolidated Rail Corporation................. 222,500 2,200 Consolidated Freightways, Inc......................... 48,675 2,600 Delta Airlines, Inc........... 191,750 6,800 Norfolk Southern Corp......... 458,150 2,000 Roadway Services.............. 94,500 7,788 Santa Fe Pacific Corp......... 198,594 7,400 Southwest Airlines............ 176,675 10,600 Union Pacific Corp............ 586,975 3,000 USAIR Group................... 34,875 1,400 Yellow Corp................... 25,375 ------------- 3,026,307 -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 95 HARTFORD INDEX FUND, INC. STATEMENT OF NET ASSETS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- ------------- ----------- ------------- COMMON STOCKS -- (CONTINUED) UTILITIES -- 11.7% 81,371 AT&T Corp..................... $ 4,322,834 9,700 Alltel Corp................... 246,138 9,600 American Electric Power....... 337,200 28,500 Ameritech Corp................ 1,254,000 7,600 Baltimore Gas and Electric.... 190,000 22,500 Bell Atlantic Corp............ 1,260,000 25,500 Bell South Corp............... 1,619,250 8,000 Carolina Power and Lighting... 242,000 9,800 Central & Southwest Corp...... 257,250 7,958 Cinergy Corp.................. 208,884 *2,600 The Columbia Gas System, Inc......................... 82,550 12,100 Consolidated Edison NY........ 356,950 4,800 Consolidated Natural Gas Co.......................... 181,200 7,500 Detroit Edison Inc............ 221,250 8,900 Dominion Resources, Inc....... 324,850 10,500 Duke Power Co................. 435,750 1,000 Eastern Enterprises........... 29,875 13,000 Enron Corp.................... 456,625 3,500 Enserch Corp.................. 59,938 11,700 Entergy Corp.................. 282,263 9,500 Florida Power & Light Group Inc......................... 366,938 49,900 GTE Corp...................... 1,702,838 5,900 General Public Utilities...... 175,525 6,800 Houston Industries Inc........ 286,450 35,000 MCI Communications............ 770,000 7,400 Niagara Mohawk Power Corp..... 109,150 2,600 Nicor, Inc.................... 69,875 6,400 Noram Energy.................. 41,600 3,500 Northern States Power Company..................... 161,438 21,900 Nynex Corporation............. 881,475 7,900 Ohio Edison Co................ 178,738 1,400 Oneok Inc..................... 29,925 11,400 Peco Energy Company........... 314,925 4,200 Pacific Enterprises........... 102,900 22,100 Pacific Gas & Electric Company..................... 640,900 21,800 Pacific Telesis Group......... 583,150 14,600 Pacificorp.................... 273,750 1,800 Peoples Energy Corp........... 46,575 12,600 Public Service Enterprises.... 349,650 31,300 SBS Communications Inc........ 1,490,663 23,000 SCE Corp...................... 393,875 4,400 Sonat, Inc.................... 134,200 34,300 The Southern Co............... 767,462 17,900 Sprint Corp................... 601,887 11,600 Texas Utilities............... 398,750 UTILITIES -- (CONTINUED) 11,000 Unicom Corp................... $ 292,874 5,300 Union Electric Co............. 197,424 24,200 U.S. West, Inc................ 1,007,324 ------------- 24,739,068 ------------- Total Common Stocks........... $ 205,824,731 ------------- ------------- PRINCIPAL AMOUNT - ----------- SHORT-TERM SECURITIES -- 3.0% CORPORATE NOTES Abbey National $ 1,000,000 5.840% due 11/16/95......... $ 999,712 ------------- U.S. TREASURY BILLS 250,000 U.S. Treasury Bill 5.360% due 09/21/95......... 247,022 ------------- REPURCHASE AGREEMENT 5,186,000 Interest in $61,511,000 joint repurchase agreement dated 06/30/95 with Shawmut Bank 6.100% due 07/03/95; maturity amount $5,188,636; (Collateralized by $62,920,000 U.S. Treasury Note 4.250% due 11/16/95)... 5,186,000 ------------- Total Short-Term Securities... $ 6,432,734 ------------- -------------
DIVERSIFICATION OF ASSETS: Total common stocks.......................... 96.7 % $205,824,731 Total short-term securities.................. 3.0 6,432,734 ------ ------------ Total investment in securities **(Identified cost $168,409,913)........... 99.7 212,257,465 Excess of cash and receivables over liabilities................................ 0.3 659,394 ------ ------------ Net assets (Applicable to $1.79983 per share based on 118,298,001 shares outstanding)... 100.0% $212,916,859 ------ ------------ ------ ------------ SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 400,000,000 shares; outstanding 118,298,001 shares............................................. $ 11,829,800 Capital surplus...................................... 154,144,134 Undistributed net realized gain on investments....... 3,082,058 ***Unrealized gain on futures contract............... 13,315 Unrealized appreciation of investments............... 43,847,552 ------------ Net assets, applicable to shares outstanding......... $212,916,859 ------------ ------------ * Non-income producing during period. ** Aggregate cost for Federal income tax purposes. *** The Fund has 21 Standard & Poor's 500, September 1995 futures contracts open at June 30, 1995. These contracts have a value of $15,745,075.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 96 HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
Market Market Shares Value Shares Value - ----------- -------------- ----------- -------------- COMMON STOCKS -- 93.0% ARGENTINA -- 0.3% 34,000 Baesa ADR..................... $ 854,250 55,000 YPF S.A. Sponsored ADR........ 1,038,125 -------------- 1,892,375 -------------- AUSTRALIA -- 4.5% 300,000 Advance BK Australia.......... 1,937,065 1,325,000 Australia & New Zealand Banking..................... 4,705,924 876,035 Amcor Ltd..................... 6,459,187 519,835 Broken Hill Proprietary....... 6,395,470 1,829,001 Pacific Dunlop................ 3,845,605 374,127 National Australia Bank....... 2,955,173 -------------- 26,298,424 -------------- AUSTRIAN -- 1.4% 58,900 EVN........................... 8,255,705 -------------- BELGIUM -- 0.4% 50,000 Delhaize Le Lion.............. 2,252,332 -------------- CANADA -- 2.5% 622,000 Canadian Pacific Ltd.......... 10,807,250 *75,000 Canadian Pacific Ltd. P.P..... 1,303,125 160,000 Westcoast Energy.............. 2,375,747 -------------- 14,486,122 -------------- CHILE -- 0.6% 27,500 Compania de Telefon Chile..... 2,237,813 45,000 Enersis S.A-ADR............... 1,327,500 -------------- 3,565,313 -------------- DENMARK -- 1.8% 378,000 Tele Danmark.................. 10,584,000 -------------- FRANCE -- 8.7% 20,335 Groupe Danone................. 3,426,752 25,000 Canal Plus SA................. 3,433,286 28,401 Euro RSCG..................... 2,973,650 188,650 Renault....................... 5,921,731 68,135 Saint Gobain.................. 8,245,485 94,700 Societe Generale.............. 11,088,718 97,700 Technip....................... 6,093,261 106,000 Total SA...................... 6,392,004 *32,000 Ugine SA...................... 2,253,475 -------------- 49,828,362 -------------- GERMANY -- 3.9% 22,700 Bayer AG...................... 5,642,168 32,749 Mannesmann AG................. 10,006,113 *18,200 Veba AG....................... 7,146,803 -------------- 22,795,084 -------------- HONG KONG -- 4.3% 2,520,000 Cathay Pacific Airways........ 3,680,972 2,069,000 Hong Kong Telecommunications.......... 4,091,998 1,125,000 Hutchison Whampoa Ltd......... 5,438,857 788,000 Sun Hung KAI.................. 5,831,567 650,000 Swire Pacific Ltd............. 4,957,342 350,000 Wharf Holdings................ 1,142,387 -------------- 25,143,123 -------------- INDIA -- 0.8% 200,000 India Tobacco Co. ADS......... 1,541,400 INDIA -- (CONTINUED) 225,000 Indo Gulf Fertilizer GDR...... $ 426,353 154,000 Reliance Industries GDS....... 2,589,541 -------------- 4,557,293 -------------- ITALY -- 1.7% 1,530,000 Telecom Italia SPA............ 4,148,915 2,000,000 Stet.......................... 5,533,476 -------------- 9,682,391 -------------- JAPAN -- 22.4% 306 DDI Corp...................... 2,458,122 582,000 Hitachi Ltd................... 5,809,687 2,000 Home Wide Corp................ 22,469 65,000 Ito-Yokado Ltd................ 3,432,369 500,000 Kajima Corp................... 4,973,420 1,200,000 Kawasaki Heavy Industries..... 4,437,094 175,000 Kokusai Electric.............. 3,266,391 80,000 Kyocera Corp.................. 6,596,574 9,000 Kyoritsu Air Tech............. 123,331 50,000 Mabuchi Motor................. 3,449,498 737,000 Minebea Co., Ltd.............. 4,736,302 615,000 Mitsubishi Corp............... 7,010,927 499,000 Mitsui Petrochemical.......... 3,784,501 97,000 Murata Manufacturing Co....... 3,678,323 69,000 Nihon Jumbo Co., Ltd.......... 1,948,139 490 Nippon Telegraph & Telephone................... 4,109,864 2,165,000 NKK Corporation............... 5,089,604 200,000 Nomura Securities............. 3,496,751 782,000 Onoda Cement Co............... 3,565,883 75,000 Orix Corp..................... 2,498,523 25,000 Riso Kagaku................... 1,745,422 35,000 Sakura Bank................... 365,918 224,400 Sankyo........................ 5,222,304 53,000 Sanyo Shinpan Financial Co.... 3,881,867 85,000 Secom......................... 5,352,038 74,700 Seven Eleven.................. 5,356,515 77,000 Shimamura Co. Ltd............. 2,728,884 10,000 Shohkoh Fund.................. 1,795,629 350,000 Showa Corporation............. 2,315,416 124,000 Sony Corp..................... 5,961,961 761,000 Sumitomo Realty............... 4,548,919 365,000 Sumitomo Trust & Banking...... 4,441,229 167,000 TDK Corp...................... 7,615,121 325,000 Tokio Marine & Fire Insurance................... 3,731,837 12,000 Tsutsumi Jewelry.............. 547,195 -------------- 130,098,027 -------------- MALAYSIA -- 2.5% 750,000 Resort World.................. 4,400,361 2,617,400 Sime Darby Berhad............. 7,302,474 75,000 Telekom Malaysia.............. 569,278 500,000 Tenaga Nasional Berhad........ 2,041,193 -------------- 14,313,306 -------------- MEXICO -- 0.5% 250,000 Kimberly Clark A.............. 2,864,583 -------------- NETHERLANDS -- 5.4% 530,000 Elesevier..................... 6,271,175 200,515 International Nederlanden CVA......................... 11,110,911 35,000 Royal Dutch Petroleum......... 4,281,650 47,000 Unilever CVA.................. 6,126,471
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 97 HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC. STATEMENT OF NET ASSETS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
MARKET MARKET SHARES VALUE SHARES VALUE - ----------- -------------- ----------- -------------- NETHERLANDS -- (CONTINUED) *146,000 Vendex International NV....... $ 3,870,426 -------------- 31,660,633 -------------- NEW ZEALAND -- 2.3% 6,077,000 Brierley Investments.......... 4,599,779 1,916,000 Carter Holt................... 4,697,274 700,000 Lion Nathan................... 1,387,903 43,000 Telecom Corp. NZ ADR.......... 2,606,875 -------------- 13,291,831 -------------- NORWAY -- 4.3% 232,101 Hafslund Nyco A Free.......... 5,467,322 135,000 Kvaerner...................... 6,140,750 141,000 Orkla AS A.................... 6,322,048 512,000 Saga Petro A Free............. 7,277,926 -------------- 25,208,046 -------------- PHILIPPINES -- 0.2% *2,882,900 C&P Homes..................... 1,437,192 -------------- PORTUGAL -- 0.6% 3,300 Banco Comm Port REGD.......... 43,729 *181,800 Portugal Telecom S.A. ADR..... 3,454,200 -------------- 3,497,929 -------------- SINGAPORE -- 3.3% 512,875 Devel Bank of Singapore....... 5,835,215 1,000,000 Keppel Corp................... 8,157,424 325,000 OCBC FRGN..................... 3,604,651 175,000 United O/S Bank FRGN.......... 1,652,952 -------------- 19,250,242 -------------- SPAIN -- 4.9% 125,000 Argentaria SA................. 4,625,992 245,000 Banco Bilbao Vizcaya.......... 7,081,335 94,000 Empresa Nac de Elec........... 4,648,693 15,000 Empresa Nacional de Electricidad................ 738,750 750,000 Iberdrola SA.................. 5,656,632 160,000 Repsol........................ 5,060,000 30,000 Repsol SA..................... 945,253 -------------- 28,756,655 -------------- SWEDEN -- 2.3% 158,000 Astra A Free.................. 4,885,274 387,000 Pharmacia AB-A................ 8,501,336 -------------- 13,386,610 -------------- SWITZERLAND -- 3.5% 9,200 Ciba Geigy AG................. 6,762,585 6,600 Nestle SA..................... 6,892,005 18,800 Schweizerischer Bankver....... 6,680,369 -------------- 20,334,959 -------------- UNITED KINGDOM -- 9.9% 373,000 Abbey National Plc............ $ 2,782,340 925,000 Bass.......................... 8,868,146 5,152,000 Bet Plc....................... 10,100,351 782,000 British Telecom Co. Plc....... 4,885,942 1,190,844 Cadbury Schweppes............. 8,712,104 1,070,500 Redland Plc................... 7,029,742 650,000 Royal Insurance Holding....... 3,201,307 1,145,000 Smith WH and Son A............ 5,985,974 1,475,000 Tomkins Plc................... 5,289,687 -------------- 56,855,593 -------------- Total Common Stocks........... $ 540,296,130 -------------- -------------- PRINCIPAL AMOUNT - ----------- FOREIGN GOVERNMENT BONDS -- 0.5% DEUTSCHLAND GOVERNMENT BOND $ 5,000,000 6.200% due 01/15/20........... $ 3,062,627 -------------- --------------
SHORT-TERM SECURITIES -- 6.8% 39,730,000.. Repurchase Agreement dated 6/30/95 with Paine Webber 6.200% due 07/03/95; maturity amount $39,750,527; (Collateralized by $38,585,000 U.S. Treasury Note 7.125% due 10/15/98)... $ 39,730,000 --------------- ---------------
DIVERSIFICATION OF ASSETS: Total common stocks.......................... 93.0% $ 540,296,130 Total foreign government bonds............... 0.5 3,062,627 Total short term securities.................. 6.8 39,730,000 ------ -------------- Total investment in securities **(identified cost $546,246,064)........... 100.3 583,088,757 Excess of liabilities over cash and receivables................................ (0.3) (2,097,959) ------ -------------- Net assets (Applicable to $1.19531 per share based on 486,058,681 shares outstanding)... 100.0% $ 580,990,798 ------ -------------- ------ -------------- SUMMARY OF SHAREHOLDER'S EQUITY Capital Stock, Par Value $.10 per share authorized 1,500,000,000 shares, outstanding 486,058,681 shares............................................. $ 48,605,868 Capital surplus...................................... 503,827,138 Undistributed net realized (loss) on investments..... (8,842,740) Unrealized appreciation of investments............... 36,842,693 Unrealized appreciation on forward currency contracts.......................................... 555,357 Unrealized appreciation on translation on other assets and liabilities in foreign currencies....... 2,482 -------------- Net assets, applicable to shares outstanding......... $ 580,990,798 -------------- -------------- * Non-income producing during period. ** Aggregate cost for Federal income tax purposes.
FORWARD CURRENCY CONTRACTS -- NOTE 2 -- OUTSTANDING AT JUNE 30, 1995
TOTAL AGGREGATE DELIVERY UNREALIZED DESCRIPTION VALUE FACE VALUE DATE APPREC./(DEPREC.) - ------------------------------ ---------- ---------- --------- ---------------- Japanese Yen (Sell) $29,201,459 $28,645,231 08/23/95 $ (556,228) Japanese Yen (Sell) 28,454,301 29,565,886 07/19/95 1,111,585 ---------------- $ 555,357 ---------------- ----------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 98 HARTFORD DIVIDEND AND GROWTH FUND, INC. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
MARKET SHARES MARKET VALUE SHARES VALUE - ----------- -------------- ----------- -------------- COMMON STOCKS -- 96.0% BUSINESS SERVICES -- 0.7% 15,700 Dun & Bradstreet Corp......... $ 824,250 -------------- COMPUTER & SERVICES -- 2.9% 29,500 Xerox......................... 3,458,875 -------------- CONSUMER DURABLES -- 2.2% 88,000 Ford Motor Co................. 2,618,000 -------------- CONSUMER NON-DURABLES -- 10.9% 23,000 Avon Products................. 1,541,000 29,100 Eastman Kodak................. 1,764,188 49,600 Flowers Industries, Inc....... 979,600 63,000 Interstate Bakeries........... 1,039,500 28,700 Kimberly Clark Corp........... 1,718,413 53,000 Philip Morris................. 3,941,874 58,000 RJR Nabisco Holdings.......... 1,616,750 9,000 Sara Lee Corp................. 256,500 4,000 Universal Corp................ 84,000 -------------- 12,941,825 -------------- ENERGY AND SERVICES -- 12.8% 40,800 Amoco Corporation............. 2,718,300 2,000 Atlantic Richfield............ 219,500 40,200 Exxon......................... 2,839,125 42,900 Pennzoil Co................... 2,021,663 21,500 Phillips Petroleum............ 717,563 49,500 Texaco Inc.................... 3,248,437 91,600 USX-Marathon Group............ 1,809,100 53,300 Unocal Corp................... 1,472,412 -------------- 15,046,100 -------------- FINANCIAL SERVICES -- 15.0% 49,500 Allstate Corp................. 1,466,438 12,400 American International Group....................... 1,413,600 40,900 Bank of New York Co........... 1,651,338 33,000 Corestates Financial Corp..... 1,150,875 70,100 First Bank System Inc......... 2,874,100 62,600 First Union Corporation....... 2,832,650 28,100 Fleet Financial Group Inc..... 1,043,212 70,000 Nationsbank Corp.............. 3,753,750 32,000 St. Paul Cos. Inc............. 1,576,000 -------------- 17,761,963 -------------- HEALTH CARE -- 14.8% 40,000 American Home Products Corp........................ 3,095,000 38,300 Baxter International.......... 1,393,163 41,800 Bristol-Myers Squibb Company..................... 2,847,625 44,000 Lilly Eli & Co................ 3,454,000 72,900 Merck & Co., Inc.............. 3,572,100 35,200 Pfizer, Inc................... 3,251,600 -------------- 17,613,488 -------------- INDUSTRIAL MATERIALS -- 9.7% 37,400 Albemarle Corp................ 584,375 22,600 Dow Chemical.................. 1,624,375 15,400 Dupont EI De Nemours.......... 1,058,750 INDUSTRIAL MATERIALS -- (CONTINUED) 28,400 Eastman Chemical Co........... $ 1,689,800 37,000 International Paper Co........ 3,172,750 14,700 Minnesota Mining & Manufacturing Co............ 841,575 43,000 Nalco Chemical Co............. 1,564,125 16,000 PPG Industries, Inc........... 688,000 10,900 Witco Chemical Corp........... 351,525 -------------- 11,575,275 -------------- MANUFACTURING -- 6.8% 12,000 Cooper Industries............. 474,000 29,000 Dana Corporation.............. 830,125 7,200 Eaton Corp.................... 418,500 37,330 General Electric.............. 2,104,479 43,000 Northrop Grumman Corp......... 2,241,374 15,600 Sundstrand Corp............... 932,100 23,900 Tenneco, Inc.................. 1,099,400 -------------- 8,099,978 -------------- MEDIA & SERVICES -- 1.3% 28,200 Gannett Co., Inc.............. 1,529,850 -------------- REAL ESTATE -- 0.2% 9,600 Starwood Lodging Trust........ 220,800 -------------- RETAIL -- 4.4% 51,000 May Department Stores Co...... 2,122,875 67,000 Mercantile Stores, Inc........ 3,115,500 -------------- 5,238,375 -------------- UTILITIES -- 14.3% 35,000 AT&T Corp..................... 1,859,375 21,400 BCE Inc....................... 687,475 9,100 Bell Atlantic Corp............ 509,600 17,600 CMS Energy Corp............... 433,400 6,900 Cincinnati Bell Inc........... 174,225 18,200 Cinergy Corp.................. 477,750 31,950 DQE Inc....................... 750,825 20,300 Entergy Corp.................. 489,738 9,100 Equitable Resources........... 262,763 33,000 Florida Power & Light Group Inc......................... 1,274,625 29,000 Frontier Corp................. 696,000 19,000 N E Electric System........... 655,500 26,000 New York State Energy & Gas... 607,750 28,000 NYNEX Corporation............. 1,127,000 30,800 Pacific Gas & Electric Company..................... 893,200 40,700 Pinnacle West................. 997,150 19,600 Public Service Co. of Colorado.................... 637,000 35,000 SBC Communications Inc........ 1,666,875 29,200 SCE Corp...................... 500,050 34,200 Sierra Pacific Res............ 743,850 78,000 Westcoast Energy Inc.......... 1,150,500 13,100 Western Resources Inc......... 404,461 -------------- 16,999,112 -------------- Total Common Stocks........... $ 113,927,891 -------------- --------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 99 HARTFORD DIVIDEND AND GROWTH FUND, INC. STATEMENT OF NET ASSETS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL MARKET MARKET AMOUNT VALUE VALUE - ----------- -------------- -------------- CONVERTIBLE CORPORATE BONDS -- 0.6% TRANSPORTATION AMR Corp. $ 710,000 6.125% due 11/01/24......... $ 738,400 -------------- -------------- SHORT-TERM SECURITIES --2.0% 2,420,000 Repurchase Agreement dated 06/30/95 with Lehman 6.200% due 07/03/95; maturity amount $2,421,250; (Collateralized by $2,280,000 U.S. Treasury Note 8.625% due 08/15/97)... $ 2,420,000 -------------- --------------
DIVERSIFICATION OF ASSETS: Total common stocks 96.0% $113,927,891 Total convertible corporate bonds............ 0.6 738,400 Total short-term securities.................. 2.0 2,420,000 ------ ------------ Total investment in securities **(Identified cost $107,581,979)........... 98.6 117,086,291 Excess of cash and receivables over liabilities................................ 1.4 1,616,742 ------ ------------ Net assets (Applicable to $1.13512 per share based on 104,572,714 shares outstanding)... 100.0% $118,703,033 ------ ------------ ------ ------------ SUMMARY OF SHAREHOLDERS' EQUITY: Capital stock, par value $.10 per share; authorized 750,000,000 shares; outstanding 104,572,714 shares............................................. $ 10,457,271 Capital surplus...................................... 98,197,196 Undistributed net realized gain on investments....... 544,253 Unrealized appreciation of investments............... 9,504,312 ------------ Net assets, applicable to shares outstanding......... $118,703,033 ------------ ------------ * Non-income producing during period. ** Aggregate cost for Federal income tax purposes.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 100 Hartford International Advisers Fund, Inc. STATEMENT OF NET ASSETS JUNE 30, 1995 (UNAUDITED)
Market Market Shares Value Shares Value - ----------- ------------- ----------- ------------- COMMON STOCKS -- 63.7% ARGENTINA -- 0.3% 2,000 YPF S.A. Sponsored ADR........ $ 37,750 ------------- AUSTRALIA -- 3.2% 7,000 Advance BK Australia.......... 45,198 15,750 Amcor Ltd..................... 116,128 38,500 Australia & New Zealand Banking..................... 136,738 10,376 Broken Hill Proprietary....... 127,655 5,000 National Australia Bank....... 39,494 ------------- 465,213 ------------- AUSTRIAN -- 1.1% 1,100 EVN........................... 154,181 ------------- BELGIUM -- 0.6% 2,000 Delhaize Le Lion.............. 90,093 ------------- CANADA -- 1.6% 13,000 Canadian Pacific Ltd.......... 225,875 ------------- CHILE -- 0.4% 400 Compania de Telef Chile-ADR... 32,550 750 Enersis S.A.-ADR.............. 22,125 ------------- 54,675 ------------- DENMARK -- 1.4% 7,000 Tele Danmark.................. 196,000 ------------- FRANCE -- 6.0% 750 Canal Plus SA................. 102,999 450 Euro RSCG..................... 47,116 203 Groupe Danone................. 34,209 3,600 Renault....................... 113,004 1,150 Saint Gobain.................. 139,169 1,500 Societe Generale.............. 175,640 2,000 Technip....................... 124,734 2,000 Total SA...................... 120,604 ------------- 857,475 ------------- GERMANY -- 2.9% 400 Bayer AG...................... 99,421 650 Mannesmann AG................. 198,601 *300 Veba AG....................... 117,805 ------------- 415,827 ------------- HONG KONG -- 2.8% 32,000 Cathay Pacific Airways........ 46,742 36,000 Hong Kong Telecommunica....... 71,200 25,000 Hutchison Whampoa Ltd......... 120,863 13,000 Sun Hung Kai.................. 96,206 10,000 Swire Pacific Ltd............. 76,267 ------------- 411,278 ------------- INDIA -- 0.4% 10,000 Indo Gulf GDR................. 18,949 2,000 Reliance Inds GDS............. 33,630 ------------- 52,579 ------------- ITALY -- 1.2% 46,000 Stet.......................... 127,270 15,000 Telecom Italia SPA............ 40,676 ------------- 167,946 ------------- JAPAN -- 16.2% 20 DDI Corp...................... $ 160,662 10 East Japan Railway............ 51,388 9,000 Fujisawa Pharmaceutical....... 94,412 9,000 Hitachi Ltd................... 89,841 2,000 Home Wide Corp................ 22,469 1,000 Ito-Yokado Ltd................ 52,806 9,000 Kajima Corp................... 89,522 16,000 Kawasaki Heavy Industries..... 59,161 1,000 Kyocera Corp.................. 82,457 2,000 Kyoritsu Air Tech............. 27,407 1,000 Mabuchi Motor................. 68,990 9,000 Mitsubishi Corp............... 102,599 3,000 Mitsui Petrochemical.......... 22,753 10,000 Minebea Co., Ltd.............. 64,265 2,000 Murata Manufacturing Co....... 75,842 1,000 Nihon Jumbo Co., Ltd.......... 28,234 10 Nippon Telegraph & Telephone................... 83,875 *36,000 NKK Corporation............... 84,631 4,000 Nomura Securities............. 69,935 10,000 Onoda Cement Co............... 45,600 2,000 Orix Corp..................... 66,626 600 Riso Kagaku................... 41,890 12,000 Sakura Bank................... 125,457 3,300 Sankyo........................ 76,798 1,000 Sanyo Shinpan Fin Co.......... 73,242 1,000 Secom......................... 62,965 1,000 Seven Eleven.................. 71,707 1,000 Shimamura Co. Ltd............. 35,440 100 Shohkoh Fund.................. 17,956 3,000 Showa Corporation............. 19,846 2,000 Sony Corp..................... 96,161 10,000 Sumitomo Realty............... 59,776 6,000 Sumitomo Trust & Banking...... 73,007 2,000 TDK Corp...................... 91,199 3,000 Tokio Marine & Fire Insurance................... 34,448 100 Tsutsumi Jewelry.............. 4,560 ------------- 2,327,927 ------------- MALAYSIA -- 1.7% 14,000 Resort World.................. 82,140 45,000 Sime Darby Berhad............. 125,549 5,000 Telekom Malaysia.............. 37,952 ------------- 245,641 ------------- NETHERLANDS -- 3.9% 7,500 Elesevier..................... 88,743 3,575 Intl. Nederlanden CVA......... 198,097 500 Royal Dutch Petroleum......... 61,167 1,050 Unilever CVA.................. 136,868 *3,000 Vendex International.......... 79,529 ------------- 564,404 ------------- NEW ZEALAND -- 1.4% 133,000 Brierley Investments.......... 100,670 28,000 Carter Holt................... 68,645 500 Telecom Corp. NZ ADR.......... 30,313 ------------- 199,628 ------------- NORWAY -- 2.9% 4,344 Hafslund Nyco A-Free.......... 102,326 3,000 Kvaerner...................... 136,461 1,400 Orkla AS A.................... 62,772
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 101 HARTFORD INTERNATIONAL ADVISERS FUND, INC. STATEMENT OF NET ASSETS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
MARKET PRINCIPAL MARKET SHARES VALUE AMOUNT VALUE - ----------- ------------- ----------- ------------- COMMON STOCKS -- (CONTINUED) NORWAY -- (CONTINUED) 8,000 Saga Petro A Free............. $ 113,718 ------------- 415,277 ------------- PHILIPPINES -- 0.4% *80,000 Pilipino Telephone............ 62,671 ------------- PORTUGAL -- 0.3% *3,000 Portugal Telecom S.A. ADR..... 57,000 ------------- SINGAPORE -- 2.1% 8,000 Development Bank of Singapore................... 91,020 14,000 Keppel Corp................... 114,204 5,000 OCBC Foreign.................. 55,456 5,000 United O/S Bank FRGN.......... 47,227 ------------- 307,907 ------------- SPAIN -- 3.0% 5,100 Banco Bilbao Vizcaya.......... 147,407 3,150 Empresa Nacional de Electricidad................ 155,138 4,350 Repsol........................ 137,569 ------------- 440,114 ------------- SWEDEN -- 1.3% 2,500 Astra A Free.................. 77,299 5,000 Pharmacia AB-A................ 109,836 ------------- 187,135 ------------- SWITZERLAND -- 2.4% 165 Ciba Geigy AG................. 121,285 150 Nestle SA..................... 156,636 200 Schweizerischer Bankver....... 71,068 ------------- 348,989 ------------- UNITED KINGDOM -- 6.1% 5,000 Abbey National PLC 37,297 13,000 Bass.......................... 124,633 73,000 BET PLC....................... 143,114 11,000 British Telecom Co. PLC....... 68,728 20,500 Cadbury Schweppes............. 149,976 15,000 Redland PLC................... 98,502 7,500 Royal Insurance Holding....... 36,938 27,500 Smith WH and Son A............ 143,768 20,000 Tomkins PLC................... 71,725 ------------- 874,681 ------------- Total Common Stocks........... $ 9,160,266 ------------- ------------- PRINCIPAL AMOUNT - ----------- U.S. GOVERNMENT NOTES -- 1.4% $ 200,000 U.S. Treasury Note 6.250% due 05/31/00......... $ 202,250 ------------- ------------- FOREIGN GOVERNMENT BONDS -- 27.0% AUSTRALIA -- 1.0% $ 170,000 Australian Government 12.000% due 11/15/01........ $ 139,056 ------------- CANADA -- 1.5% 225,000 Canadian Government 6.500% due 06/01/04......... 148,967 100,000 7.750% due 09/01/99......... 73,546 ------------- 222,513 ------------- DENMARK -- 1.7% 410,000 Denmark Kingdom 8.000% due 03/15/96......... 72,289 875,000 9.000% due 11/15/98......... 167,934 ------------- 240,223 ------------- FRANCE -- 1.6% 1,300,000 France O.A.T. 5.500% due 04/25/04......... 233,567 ------------- GERMANY -- 5.5% 825,000 German Fed Unity 8.500% due 02/20/01......... 648,223 235,000 Deutschland Rep DBR 6.2 6.250% due 01/04/24......... 143,943 ------------- 792,166 ------------- IRELAND -- 1.1% 95,000 Irish Gilts 8.000% due 10/18/00......... 152,823 ------------- ITALY -- 1.9% 500,000,000 Italy BTPS 8.500% due 01/01/99......... 275,848 ------------- JAPAN -- 8.1% 80,000,000 Japan Govt. #145 5.500% due 03/20/02......... 1,111,683 4,000,000 Japan Govt. #10 4.900% due 03/20/09......... 55,925 ------------- 1,167,608 ------------- SPAIN -- 1.5% 7,000,000 Spanish Govt. 7.400% due 07/30/99......... 50,306 20,000,000 12.250% due 03/25/00........ 169,666 ------------- 219,972 ------------- SWEDEN -- 0.5% 500,000 Swedish Govt. 10.250% due 05/05/00........ 68,037 ------------- UNITED KINGDOM -- 2.7% 250,000 UK Treasury Gilt 8.000% due 06/10/03......... 388,259 ------------- Total Foreign Government Bonds....................... $ 3,900,072 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 102
PRINCIPAL MARKET MARKET AMOUNT VALUE VALUE - ----------- ------------- ------------- SHORT-TERM SECURITIES -- 9.5% $ 1,375,000 Repurchase Agreement dated 06/30/95 with Lehman 6.200% due 07/03/95; maturity amount $1,375,710; (Collateralized by $1,375,000 U.S. Treasury Note 7.375% due 05/15/96)... $ 1,375,000 -------------- --------------
DIVERSIFICATION OF ASSETS: Total common stocks.......................... 63.6% $ 9,160,266 Total U.S. government notes.................. 1.4 202,250 Total foreign government bonds............... 27.1 3,900,072 Total short term securities.................. 9.5 1,375,000 ------ -------------- Total investment in securities **(Identified cost $14,109,050)............ 101.6% 14,637,588 Excess of liabilities over cash and receivables................................ (1.6) (227,613) ------ -------------- Net Assets (Applicable to $1.05445 per share based on 13,665,898 shares outstanding).... 100.0% $ 14,409,975 ------ -------------- ------ -------------- SUMMARY OF SHAREHOLDER'S EQUITY: Capital stock, par value $.10 per share authorized 750,000,000 shares, 13,665,898 outstanding shares............................................. $ 1,366,590 Capital surplus...................................... 12,509,568 Undistributed net realized gain on investments....... 19,841 Unrealized appreciation of investments............... 528,538 Unrealized depreciation on forward currency contracts.......................................... (13,952) Unrealized depreciation on translation on other assets and liabilities in foreign currencies....... (611) -------------- Net assets, applicable to shares outstanding......... $ 14,409,975 -------------- -------------- * Non-income producing during period. **Aggregate cost for Federal income tax purposes.
FORWARD CURRENCY CONTRACTS -- NOTE 2 -- OUTSTANDING AT JUNE 30, 1995
UNREALIZED TOTAL AGGREGATE DELIVERY APPRECIATION/ DESCRIPTION VALUE FACE VALUE DATE (DEPRECIATION) - ------------------------------ ---------- ---------- --------- ------------- Japanese Yen (Buy) $ 141,085 $ 142,221 07/10/95 $ (1,136) Australian Dollars (Sell) 138,954 139,168 08/01/95 214 Canadian Dollars (Sell) 74,281 74,220 08/01/95 (62) German Deutschemarks (Sell) 802,323 800,305 10/05/95 (2,019) Danish Krone (Sell) 241,227 240,554 08/01/95 (673) Spanish Pesetas (Sell) 216,658 215,136 08/01/95 (1,522) French Francs (Sell) 235,403 234,659 07/17/95 (744) British Pounds (Sell) 389,953 386,784 08/01/95 (3,168) Irish Punts (Sell) 152,696 152,612 08/01/95 (84) Italian Lira (Sell) 277,284 276,328 08/01/95 (956) Japanese Yen (Sell) 162,687 163,617 08/01/95 930 Japanese Yen (Sell) 1,019,382 1,014,737 09/05/95 (4,644) Swedish Kronas (Sell) 68,090 68,003 08/01/95 (87) ------------- $ (13,952) ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 103 Hartford Mutual Funds STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
HVA HARTFORD HARTFORD MONEY HARTFORD BOND STOCK MARKET ADVISERS FUND, INC. FUND, INC. FUND, INC. FUND, INC. -------------- ------------- ----------- ------------- INVESTMENT INCOME: Dividends.............. $ -- $ 16,738,435 $ -- $ 25,894,778 Interest............... 9,465,947 2,110,842 9,141,640 47,807,293 Less: Foreign Tax Withheld.............. -- -- -- (5,360) -------------- ------------- ----------- ------------- Total Income......... 9,465,947 18,849,277 9,141,640 73,696,711 -------------- ------------- ----------- ------------- EXPENSES: Investment advisory services.............. 426,669 1,845,024 368,533 7,406,439 Administrative services.............. 230,538 1,137,132 257,973 2,868,082 Accounting services.... 14,969 62,385 17,208 163,388 Custodian Fees......... 10,095 10,870 8,540 14,302 Board of Directors..... 1,307 6,062 1,679 15,881 Other.................. 16,969 69,939 15,359 177,988 -------------- ------------- ----------- ------------- Total expenses....... 700,547 3,131,412 669,292 10,646,080 -------------- ------------- ----------- ------------- Net investment income................ 8,765,400 15,717,865 8,472,348 63,050,631 -------------- ------------- ----------- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 2,978,945 23,453,342 -- 13,266,646 Net realized gain (loss) on futures contracts............. -- -- -- -- Net realized gain (loss) on options contracts............. -- -- -- -- Net unrealized appreciation (depreciation) of investments during the period................ 16,331,816 177,050,184 -- 395,646,380 -------------- ------------- ----------- ------------- Net gain (loss) on investments........... 19,310,761 200,503,526 -- 408,913,026 -------------- ------------- ----------- ------------- Net increase (decrease) in net assets resulting from operations............ $ 28,076,161 $ 216,221,391 $8,472,348 $471,963,657 -------------- ------------- ----------- ------------- -------------- ------------- ----------- ------------- * From inception March 1, 1995 to June 30, 1995.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 104
HARTFORD U.S. HARTFORD HARTFORD HARTFORD HARTFORD GOVERNMENT CAPITAL MORTGAGE HARTFORD INTERNATIONAL DIVIDEND MONEY MARKET APPRECIATION SECURITIES INDEX OPPORTUNITIES AND GROWTH FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. -------------------- ------------- ------------- ----------- ------------------ ----------- INVESTMENT INCOME: Dividends.............. -$- $ 7,881,600 $ -- $ 2,179,951 $ 8,405,843 $1,549,226 Interest............... 293,700 4,229,793 11,051,001 595,004 1,637,513 158,424 Less: Foreign Tax Withheld.............. -- (266,345) -- (15,704) (1,602,448) (2,248) ----------- ------------- ------------- ----------- ------------------ ----------- Total Income......... 293,700 11,845,048 11,051,001 2,759,251 8,440,908 1,705,402 ----------- ------------- ------------- ----------- ------------------ ----------- EXPENSES: Investment advisory services.............. 12,053 3,292,396 390,362 182,762 1,530,539 238,658 Administrative services.............. 8,437 1,174,065 273,253 159,917 494,236 72,635 Accounting services.... 524 61,247 16,861 8,511 29,704 2,649 Custodian Fees......... 6,927 15,816 12,552 17,328 350,986 9,983 Board of Directors..... 51 5,989 1,615 824 2,919 268 Other.................. 813 72,592 34,948 11,905 31,492 7,543 ----------- ------------- ------------- ----------- ------------------ ----------- Total expenses....... 28,805 4,622,105 729,591 381,247 2,439,876 331,736 ----------- ------------- ------------- ----------- ------------------ ----------- Net investment income................ 264,895 7,222,943 10,321,410 2,378,004 6,001,032 1,373,666 ----------- ------------- ------------- ----------- ------------------ ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... -- 57,184,591 899,188 220,265 (7,908,035) 544,258 Net realized gain (loss) on futures contracts............. -- 9,102,534 39,780 2,993,376 -- -- Net realized gain (loss) on options contracts............. -- -- -- -- -- -- Net unrealized appreciation (depreciation) of investments during the period................ -- 159,125,647 19,469,603 27,169,453 22,344,726 10,072,952 ----------- ------------- ------------- ----------- ------------------ ----------- Net gain (loss) on investments........... -- 225,412,772 20,408,571 30,383,094 14,436,691 10,617,210 ----------- ------------- ------------- ----------- ------------------ ----------- Net increase (decrease) in net assets resulting from operations............ $264,895 $232,635,715 $ 30,729,981 $32,761,098 $20,437,723 $11,990,876 ----------- ------------- ------------- ----------- ------------------ ----------- ----------- ------------- ------------- ----------- ------------------ ----------- HARTFORD INTERNATIONAL ADVISERS FUND, INC.* ------------- INVESTMENT INCOME: Dividends.............. $109,084 Interest............... 121,009 Less: Foreign Tax Withheld.............. (20,200) ------------- Total Income......... 209,893 ------------- EXPENSES: Investment advisory services.............. -- Administrative services.............. 6,904 Accounting services.... 25 Custodian Fees......... 17,580 Board of Directors..... 3 Other.................. 1,375 ------------- Total expenses....... 25,887 ------------- Net investment income................ 184,006 ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on security transactions.......... 19,841 Net realized gain (loss) on futures contracts............. -- Net realized gain (loss) on options contracts............. -- Net unrealized appreciation (depreciation) of investments during the period................ 513,975 ------------- Net gain (loss) on investments........... 533,816 ------------- Net increase (decrease) in net assets resulting from operations............ $717,822 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 105 HARTFORD MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
HVA HARTFORD HARTFORD MONEY HARTFORD BOND STOCK MARKET ADVISERS FUND, INC. FUND, INC. FUND, INC. FUND, INC. -------------- ------------- ----------- ------------- OPERATIONS: Net investment income................ $ 8,765,400 $ 15,717,865 $8,472,348 $ 63,050,631 Net realized gain (loss) on security transactions.......... 2,978,945 23,453,342 -- 13,266,646 Net realized gain (loss) on futures contracts............. -- -- -- -- Net unrealized appreciation (depreciation) of investments during the period................ 16,331,816 177,050,184 -- 395,646,380 -------------- ------------- ----------- ------------- Net increase (decrease) in net assets resulting from operations..... 28,076,161 216,221,391 8,472,348 471,963,657 DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................ (8,765,400) (15,717,865) (8,472,348) (63,050,631) Net realized gain on security transactions.......... -- (47,489,646) -- (36,509,652) CAPITAL SHARE TRANSACTIONS: Proceeds from Fund shares sold........... 102,339,072 249,203,734 553,048,584 93,483,246 Net asset value of Fund shares issued upon reinvestment of dividends and capital gains................. 8,765,400 63,207,511 8,472,348 99,560,283 Cost of Fund shares redeemed.............. (99,732,160) (178,841,839) (572,203,317) (73,017,993) -------------- ------------- ----------- ------------- Net increase (decrease) in net assets resulting from capital share transactions.... 11,372,312 133,569,406 (10,682,385) 120,025,536 -------------- ------------- ----------- ------------- Total increase (decrease) in net assets.............. 30,683,073 286,583,286 (10,682,385) 492,428,910 NET ASSETS: Beginning of period.... 247,458,087 1,163,157,982 321,464,672 3,034,034,061 -------------- ------------- ----------- ------------- End of period.......... $278,141,160 $1,449,741,268 $310,782,287 $3,526,462,971 -------------- ------------- ----------- ------------- -------------- ------------- ----------- ------------- CHANGE IN CAPITAL SHARES OUTSTANDING: Shares sold............ 105,098,829 84,763,178 553,048,584 54,343,916 Shares issued upon reinvestment of dividends and capital gains................. 9,077,589 22,717,761 8,472,348 59,720,053 Shares redeemed........ (102,540,686) (61,373,216) (572,203,317) (44,164,511) -------------- ------------- ----------- ------------- Net increase (decrease) in shares outstanding........... 11,635,732 46,107,723 (10,682,385) 69,899,458 -------------- ------------- ----------- ------------- -------------- ------------- ----------- ------------- * From Inception March 1, 1995 to June 30, 1995.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 106
HARTFORD U.S. HARTFORD HARTFORD HARTFORD HARTFORD GOVERNMENT CAPITAL MORTGAGE HARTFORD INTERNATIONAL DIVIDEND MONEY MARKET APPRECIATION SECURITIES INDEX OPPORTUNITIES AND GROWTH FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. -------------------- ------------- ------------- ----------- ------------------ ----------- OPERATIONS: Net investment income................ $264,895 $ 7,222,943 $ 10,321,410 $ 2,378,004 $ 6,001,032 $1,373,666 Net realized gain (loss) on security transactions.......... -- 57,184,591 899,188 220,265 (7,908,035) 544,258 Net realized gain (loss) on futures contracts............. -- 9,102,534 39,780 2,993,376 -- -- Net unrealized appreciation (depreciation) of investments during the period................ -- 159,125,647 19,469,603 27,169,453 22,344,726 10,072,952 ----------- ------------- ------------- ----------- ------------------ ----------- Net increase (decrease) in net assets resulting from operations..... 264,895 232,635,715 30,729,981 32,761,098 20,437,723 11,990,876 DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................ (264,895) (7,222,943) (10,321,410) (2,378,004) (6,001,032) (1,373,666) Net realized gain on security transactions.......... -- (63,784,485) -- (65,176) (5,087,710) -- CAPITAL SHARE TRANSACTIONS: Proceeds from Fund shares sold........... 1,654,018 470,596,756 11,590,165 65,849,259 32,584,888 52,377,825 Net asset value of Fund shares issued upon reinvestment of dividends and capital gains................. 264,895 71,007,428 10,321,410 2,443,180 11,088,742 1,321,716 Cost of Fund shares redeemed.............. (1,908,200) (292,408,229) (29,942,360) (43,353,870) (35,796,916) (679,235) ----------- ------------- ------------- ----------- ------------------ ----------- Net increase (decrease) in net assets resulting from capital share transactions.... 10,713 249,195,955 (8,030,785) 24,938,569 7,876,714 53,020,306 ----------- ------------- ------------- ----------- ------------------ ----------- Total increase (decrease) in net assets.............. 10,713 410,824,242 12,377,786 55,256,487 17,225,695 63,637,516 NET ASSETS: Beginning of period.... 9,619,299 1,158,643,638 304,146,567 157,660,372 563,765,103 55,065,517 ----------- ------------- ------------- ----------- ------------------ ----------- End of period.......... 9,$630,012 $1,569,467,880 $316,524,353 $212,916,859 $580,990,798 $118,703,033 ----------- ------------- ------------- ----------- ------------------ ----------- ----------- ------------- ------------- ----------- ------------------ ----------- CHANGE IN CAPITAL SHARES OUTSTANDING: Shares sold............ 1,654,018 159,979,935 11,292,626 38,902,843 27,934,434 48,594,608 Shares issued upon reinvestment of dividends and capital gains................. 264,895 26,034,952 10,060,930 1,445,436 9,633,822 1,219,782 Shares redeemed........ (1,908,200) (99,529,241) (29,347,435) (25,624,797) (31,018,718) (634,462) ----------- ------------- ------------- ----------- ------------------ ----------- Net increase (decrease) in shares outstanding........... 10,713 86,485,646 (7,993,879) 14,723,482 6,549,538 49,179,928 ----------- ------------- ------------- ----------- ------------------ ----------- ----------- ------------- ------------- ----------- ------------------ ----------- HARTFORD INTERNATIONAL ADVISERS FUND, INC.* ------------- OPERATIONS: Net investment income................ $184,006 Net realized gain (loss) on security transactions.......... 19,841 Net realized gain (loss) on futures contracts............. -- Net unrealized appreciation (depreciation) of investments during the period................ 513,975 ------------- Net increase (decrease) in net assets resulting from operations..... 717,822 DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................ (184,006) Net realized gain on security transactions.......... -- CAPITAL SHARE TRANSACTIONS: Proceeds from Fund shares sold........... 13,938,728 Net asset value of Fund shares issued upon reinvestment of dividends and capital gains................. 27,618 Cost of Fund shares redeemed.............. (90,187) ------------- Net increase (decrease) in net assets resulting from capital share transactions.... 13,876,159 ------------- Total increase (decrease) in net assets.............. 14,409,975 NET ASSETS: Beginning of period.... -- ------------- End of period.......... 14,$409,975 ------------- ------------- CHANGE IN CAPITAL SHARES OUTSTANDING: Shares sold............ 13,873,108 Shares issued upon reinvestment of dividends and capital gains................. 26,151 Shares redeemed........ (233,361) ------------- Net increase (decrease) in shares outstanding........... 13,665,898 ------------- -------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 107 Hartford Mutual Funds STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1994
HARTFORD HARTFORD HVA BOND STOCK MONEY MARKET FUND, INC. FUND, INC. FUND, INC. ---------------- --------------- --------------- OPERATIONS: Net investment income................ $ 15,499,377 $ 23,456,619 $ 11,242,769 Net realized gain (loss) on security transactions.......... (15,502,624) 47,489,646 -- Net realized gain (loss) on futures contracts............. (1,484,713) -- -- Net realized gain (loss) on options contracts............. -- -- -- Net unrealized appreciation (depreciation) of investments during the period................ (8,713,699) (91,880,275) -- ---------------- --------------- --------------- Net increase (decrease) in net assets resulting from operations............ (10,201,659) (20,934,010) 11,242,769 DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................ (15,499,377) (23,456,619) (11,242,769) Net realized gain on security transactions.......... (4,467,655) (59,838,405) -- CAPITAL SHARE TRANSACTIONS: Proceeds from Fund shares sold........... 321,606,810 491,044,914 1,169,307,801 Net asset value of Fund shares issued upon reinvestment of dividends and capital gains................. 19,967,032 83,295,024 11,242,769 Cost of Fund shares redeemed.............. (303,548,769) (275,377,788) (1,093,173,662) ---------------- --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions.... 38,025,073 298,962,150 87,376,908 ---------------- --------------- --------------- Total increase (decrease) in net assets.............. 7,856,382 194,733,116 87,376,908 NET ASSETS: Beginning of period.... 239,601,705 968,424,866 234,087,764 ---------------- --------------- --------------- End of period.......... $ 247,458,087 $ 1,163,157,982 $ 321,464,672 ---------------- --------------- --------------- ---------------- --------------- --------------- CHANGE IN CAPITAL SHARES OUTSTANDING: Shares sold............ 324,129,384 170,123,593 1,169,307,801 Shares issued upon reinvestment of dividends and capital gains................. 20,471,697 28,261,576 11,242,769 Shares redeemed........ (306,837,163) (95,662,565) (1,093,173,662) ---------------- --------------- --------------- Net increase (decrease) in shares outstanding........... 37,763,918 102,722,604 87,376,908 ---------------- --------------- --------------- ---------------- --------------- --------------- * From Inception, March 8, 1994, to December 31, 1994.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 108
HARTFORD U.S. HARTFORD HARTFORD HARTFORD HARTFORD GOVERNMENT CAPITAL MORTGAGE HARTFORD INTERNATIONAL ADVISERS MONEY MARKET APPRECIATION SECURITIES INDEX OPPORTUNITIES FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. ---------------- ------------ --------------- -------------- ------------- ------------- OPERATIONS: Net investment income................ $ 95,563,451 $ 343,046 $ 3,956,139 $ 22,008,530 $ 3,760,674 $ 6,563,325 Net realized gain (loss) on security transactions.......... 36,509,652 -- 65,960,774 (18,809,782) 303,039 8,495,707 Net realized gain (loss) on futures contracts............. -- -- (2,071,865) (40,932) 60,051 -- Net realized gain (loss) on options contracts............. -- -- -- 26,563 -- -- Net unrealized appreciation (depreciation) of investments during the period................ (211,113,159) -- (40,815,773) (9,086,028) (2,407,858) (25,853,182) ---------------- ------------ --------------- -------------- ------------- ------------- Net increase (decrease) in net assets resulting from operations............ (79,040,056) 343,046 27,029,275 (5,901,649) 1,715,906 (10,794,150) DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................ (95,563,451) (343,046) (3,956,139) (22,008,530) (3,760,674) (6,563,325) Net realized gain on security transactions.......... (75,830,481) -- (71,271,919) (1,593,324) -- -- CAPITAL SHARE TRANSACTIONS: Proceeds from Fund shares sold........... 753,833,772 3,263,991 882,948,421 19,488,680 94,987,497 311,466,613 Net asset value of Fund shares issued upon reinvestment of dividends and capital gains................. 171,393,932 343,046 75,228,058 23,601,854 3,638,667 6,509,276 Cost of Fund shares redeemed.............. (67,309,913) (3,437,141) (530,237,732) (74,638,761) (79,317,298) (18,461,122) ---------------- ------------ --------------- -------------- ------------- ------------- Net increase (decrease) in net assets resulting from capital share transactions.... 857,917,791 169,896 427,938,747 (31,548,227) 19,308,866 299,514,767 ---------------- ------------ --------------- -------------- ------------- ------------- Total increase (decrease) in net assets.............. 607,483,803 169,896 379,739,964 (61,051,730) 17,264,098 282,157,292 NET ASSETS: Beginning of period.... 2,426,550,258 9,449,403 778,903,674 365,198,297 140,396,274 281,607,811 ---------------- ------------ --------------- -------------- ------------- ------------- End of period.......... $ 3,034,034,061 $ 9,619,299 $ 1,158,643,638 $ 304,146,567 $ 157,660,372 $563,765,103 ---------------- ------------ --------------- -------------- ------------- ------------- ---------------- ------------ --------------- -------------- ------------- ------------- CHANGE IN CAPITAL SHARES OUTSTANDING: Shares sold............ 449,571,900 3,263,991 310,435,654 18,922,336 61,853,526 257,732,430 Shares issued upon reinvestment of dividends and capital gains................. 102,233,951 343,046 25,754,762 23,146,211 2,385,383 5,455,472 Shares redeemed........ (41,310,436) (3,437,141) (186,291,460) (72,966,325) (51,476,702) (15,397,114) ---------------- ------------ --------------- -------------- ------------- ------------- Net increase (decrease) in shares outstanding........... 510,495,415 169,896 149,898,956 (30,897,778) 12,762,207 247,790,788 ---------------- ------------ --------------- -------------- ------------- ------------- ---------------- ------------ --------------- -------------- ------------- ------------- HARTFORD DIVIDEND AND GROWTH FUND, INC.* ------------------- OPERATIONS: Net investment income................ $ 709,451 Net realized gain (loss) on security transactions.......... 68,307 Net realized gain (loss) on futures contracts............. -- Net realized gain (loss) on options contracts............. -- Net unrealized appreciation (depreciation) of investments during the period................ (900,465) ------------------- Net increase (decrease) in net assets resulting from operations............ (122,707) DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................ (709,451) Net realized gain on security transactions.......... (68,307) CAPITAL SHARE TRANSACTIONS: Proceeds from Fund shares sold........... 55,786,553 Net asset value of Fund shares issued upon reinvestment of dividends and capital gains................. 701,056 Cost of Fund shares redeemed.............. (521,627) ------------------- Net increase (decrease) in net assets resulting from capital share transactions.... 55,965,982 ------------------- Total increase (decrease) in net assets.............. 55,065,517 NET ASSETS: Beginning of period.... -- ------------------- End of period.......... $ 55,065,517 ------------------- ------------------- CHANGE IN CAPITAL SHARES OUTSTANDING: Shares sold............ 55,208,333 Shares issued upon reinvestment of dividends and capital gains................. 696,988 Shares redeemed........ (512,536) ------------------- Net increase (decrease) in shares outstanding........... 55,392,785 ------------------- -------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 109 HARTFORD MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) 1. ORGANIZATION: Hartford Bond Fund, Inc., Hartford Stock Fund, Inc., HVA Money Market Fund, Inc., Hartford Advisers Fund, Inc., Hartford U.S. Government Money Market Fund, Inc., Hartford Capital Appreciation Fund, Inc. (formerly Hartford Aggressive Growth Fund, Inc.), Hartford Mortgage Securities Fund, Inc., Hartford Index Fund, Inc., Hartford International Opportunities Fund, Inc., Hartford Dividend and Growth Fund, Inc., and Hartford International Advisers Fund, Inc. (the Funds) are organized under the laws of the State of Maryland and are registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940, as amended, as diversified open-ended management investment companies. Fund shares are made available to serve as the underlying investment media of the variable annuity, variable life insurance and group pension contracts issued by the affiliated life insurance company Separate Accounts of the ITT Hartford Life Insurance Companies (Hartford Life Insurance Company, Hartford Life and Accident Insurance Company and ITT Hartford Life and Annuity Insurance Company.) 2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant accounting policies of the Funds, which are in accordance with generally accepted accounting principles in the investment company industry: a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade date (date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost. b) SECURITY VALUATION--Debt securities (other than short-term obligations) are valued on the basis of valuations furnished by an unaffiliated pricing service which determines valuations for normal institutional size trading units of debt securities. Mortgage securities are valued at the bid price. Short-term securities held in the HVA Money Market Fund, Inc. and the Hartford U.S. Government Money Market Fund, Inc. are valued at amortized cost or original cost plus accrued interest receivable, both of which approximate market value. In the Hartford Advisers Fund, Inc., Hartford Capital Appreciation Fund, Inc., Hartford Index Fund, Inc., Hartford Stock Fund, Inc., Hartford Bond Fund, Inc., Hartford Mortgage Securities Fund, Inc., Hartford International Opportunities Fund, Inc., Hartford Dividend and Growth Fund, Inc., and Hartford International Advisers Fund, Inc., short-term investments with a maturity of 60 days or less when purchased are valued at amortized cost, which approximates market value. Short-term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. From such time until maturity, the investments are valued at amortized cost. Equity securities are valued at the last sales price reported on principal securities exchanges (domestic or foreign). If no sale took place on such day and in the case of certain equity securities traded over-the-counter, then such securities are valued at the mean between the bid and asked prices. Securities quoted in foreign currencies are translated into U.S. dollars at the current exchange rate. Options are valued at the last sales price; if no sale took place on such day, then options are valued at the mean between the bid and asked prices. Securities for which market quotations are not readily available and all other assets are valued in good faith at fair value by a person designated by the Funds' Board of Directors. c) FOREIGN CURRENCY TRANSACTIONS--The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. Net realized foreign exchange gains or losses arise from sales of portfolio securities, sales of foreign currencies, and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the 110 amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of portfolio securities and other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates. d) REPURCHASE TRANSACTIONS--A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Funds enter into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement and, in the case of repurchase agreements exceeding one day, the value of the underlying security(ies), including accrued interest, is required during the term of the agreement to be equal to or exceed the value of the repurchase agreement. Securities which serve to collateralize the repurchase agreement are held by each Fund's custodian in book entry or physical form in the custodial account of the Fund. Repurchase agreements are valued at cost plus accrued interest receivable. e) JOINT TRADING ACCOUNT--Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds may transfer uninvested cash balances into a joint trading account managed by Hartford Investment Management Company (HIMCO). These balances may be invested in one or more repurchase agreements and/or short-term money market instruments. f) FUTURES, OPTIONS ON FUTURES AND OPTIONS ACCOUNTING PRINCIPLES--The Funds enter into futures contracts to retain their cash balance and yet be fully exposed to the market thereby providing the liquidity necessary to accommodate redemptions while at the same time providing shareholders the investment return of a fully invested portfolio. A futures contract is an agreement between two parties to buy and sell a security for a set price on a future date. When the funds enter into such contracts, they are required to deposit with their custodian an amount of "initial margin" of cash or U.S. Treasury bills. Subsequent payments, called maintenance margin, to and from the broker, are made on a daily basis as the price of the underlying debt security fluctuates, making the long and short positions in the futures contract more or less valuable (i.e., mark-to-market), which results in an unrealized gain or loss to the Funds. The current market value of a traded futures contract is the last sale price or, in the absence of a last sale price, the last offering price or, in the absence of either of these prices, fair value is determined according to procedures established by the Funds' Board of Directors. At any time prior to expiration of the futures contract, the Funds may close the position by taking an opposite position which would operate to terminate the position in the futures contract. A final determination of maintenance margin is then made, additional cash is required to be paid by or released to the Funds and the Funds realize a gain or loss. The premium paid by the Fund for the purchase of a call or put option is included in the Fund's Statement of Net Assets as an investment and subsequently "marked to market" to reflect the current market value of the option purchased. If an option which the Fund has purchased expires on its stipulated expiration date, the Fund realizes a loss in the amount of the cost of the option. If the Fund enters into a closing transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. g) FEDERAL INCOME TAXES--For Federal income tax purposes, the Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code by distributing substantially all of their taxable income to their shareholders or otherwise complying with the requirements for regulated investment companies. Accordingly, no provision for Federal income taxes has been made. h) FUND SHARE VALUATION AND DIVIDEND DISTRIBUTIONS TO SHAREHOLDERS--Orders for the Fund's shares are executed in accordance with the investment instructions of the contract owners. Dividend income is accrued as of the ex-dividend date. Interest income and expenses are accrued on a daily basis. The net asset value of the Fund's shares is determined as of the close of each business day of the New York Stock Exchange (the Exchange). Orders for the purchase of the Funds' shares received prior to the close of the Exchange on any day on which the fund is open for business are priced at 111 HARTFORD MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED) the per-share net asset value determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the per-share net asset value next determined. Dividends are declared by the Funds' Board of Directors based upon the investment performance of the respective Funds. The policy with respect to the Hartford Bond Fund, Inc., Hartford Stock Fund, Inc., Hartford Advisers Fund, Inc., Hartford Capital Appreciation Fund, Inc., Hartford Mortgage Securities Fund, Inc., Hartford Index Fund, Inc., Hartford International Opportunities Fund, Inc., Hartford Dividend and Growth Fund, Inc., and Hartford International Advisers Fund, Inc., is to distribute dividends from net investment income monthly and distribute realized capital gains, if any, annually. The HVA Money Market Fund, Inc. and the Hartford U.S. Government Money Market Fund, Inc. seek to maintain a stable net asset value per share of $1.00 by declaring a daily dividend from net investment income, including net short-term capital gains and losses, and by valuing their investments using the amortized cost method. Dividends are distributed monthly. i) RESTRICTED SECURITIES--The following securities are restricted for sale to qualified institutional investors.
PAR ACQUISITION MARKET % OF FUND SECURITY VALUE DATE COST VALUE NET ASSETS - ---------- ------------------------------------ ------------- ---------- ------------- ------------ ---------- Stock Autotote Corp 5.500% due 8/15/01................ $ 16,000,000 8/13/93 $ 16,000,000 $ 4,305,520 0.3% Advisers Autotote Corp 5.500% due 8/15/01................ $ 24,000,000 8/13/93 $ 24,000,000 $ 6,458,280 0.2%
j) FOREIGN CURRENCY CONTRACTS--As of June 30, 1995, the Hartford International Opportunities Fund, Inc., Hartford Capital Appreciation Fund, Inc. and Hartford International Advisers Fund, Inc., have entered into forward foreign currency exchange contracts that obligate the Funds to repurchase currencies at specified future dates. The Funds enter into forward foreign currency contracts to manage currency exchange rate risk. Forward contracts involve elements of market risk in excess of the amount reflected in the Statement of Net Assets. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward contract. 3. EXPENSES: a) INVESTMENT MANAGEMENT AND ADVISORY AGREEMENTS--The Hartford Investment Management Company (HIMCO), a wholly-owned subsidiary of Hartford Life Insurance Company (HL) provides investment management and supervision for Hartford Stock Fund, Inc., Hartford Advisers Fund, Inc., Hartford Capital Appreciation Fund, Inc., Hartford International Opportunities Fund, Inc., Hartford Dividend and Growth Fund, Inc., and Hartford International Advisers, Fund, Inc., pursuant to an Investment Management Agreement, which was approved by each Fund's Board of Directors and shareholders. HIMCO also serves as investment adviser to Hartford Bond Fund, Inc., HVA Money Market Fund, Inc., Hartford U.S. Government Money Market Fund, Inc., Hartford Mortgage Securities Fund, Inc., and Hartford Index Fund, Inc. pursuant to an Agreement, which was approved by each Fund's Board of Directors and shareholders. The annual fees paid to HIMCO are .25% of the average daily net assets for the HVA Money Market Fund, Inc., Hartford U.S. Government Money Market Fund, Inc. and Hartford Mortgage Securities Fund, Inc., and .20% of the average daily net assets for the Hartford Index Fund, Inc. 112 The schedule below reflects the rates of compensation paid to HIMCO for services rendered:
HARTFORD BOND FUND, INC. AND HARTFORD STOCK FUND, INC. AVERAGE DAILY NET ASSETS ANNUAL FEE - ------------------------------------ ------------ On first $250 million .325% On next $250 million .300 On next $500 million .275 Over $1 billion .250 HARTFORD ADVISERS FUND, INC., HARTFORD CAPITAL APPRECIATION FUND, INC., HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC., HARTFORD DIVIDEND AND GROWTH FUND, INC. AND HARTFORD INTERNATIONAL ADVISERS FUND, INC. AVERAGE DAILY NET ASSETS ANNUAL FEE - ------------------------------------ ------------ On first $250 million .575% On next $250 million .525 On next $500 million .475 Over $1 billion .425
For the Hartford International Advisers Fund, Inc., HIMCO has agreed to waive its fees until its assets (excluding assets contributed by companies affiliated with HIMCO) reach $20 million. Wellington Management Company (Wellington), under a Sub-Investment Advisory Agreement with HIMCO, furnishes an investment program to HIMCO, for utilization by HIMCO in rendering services to the Hartford Stock Fund, Inc., Hartford Advisers Fund, Inc., Hartford Capital Appreciation Fund, Inc., Hartford International Opportunities Fund, Inc., Hartford Dividend and Growth Fund, Inc. and Hartford International Advisers Fund, Inc. Wellington determines the purchase and sale of portfolio securities and places such orders for execution, in the name of the respective Fund. In conjunction with such activities, Wellington regularly furnishes reports to the Funds' Board of Directors concerning economics forecasts, investment strategy, portfolio activity and performance of the Funds. b) ADMINISTRATIVE SERVICES AGREEMENT--Under the Administrative Services Agreement between HL and each of the Funds, HL provides administrative services to the Funds and receives monthly compensation at the annual rate of .175% of each Fund's average daily net assets. The Funds assume and pay certain other expenses (including, but not limited to, shareholder accounting, state taxes and directors' fees). Directors' fees represent remuneration paid or accrued to directors not affiliated with HL or any other related company. c) OPERATING EXPENSES--Allocable expenses of the Funds are charged to each fund based on the ratio of the net assets of each fund to the combined net assets of the Funds. Nonallocable expenses are charged to each fund based on specific identification. 4. UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS: The aggregate gross unrealized appreciation on all investments where there was an excess of value over tax cost, the aggregate gross unrealized depreciation of investments where there was an excess of tax cost over value and the net unrealized appreciation (depreciation) on investments as of June 30, 1995, were as follows:
AGGREGATE GROSS AGGREGATE GROSS NET UNREALIZED UNREALIZED UNREALIZED APPRECIATION APPRECIATION (DEPRECIATION) (DEPRECIATION) --------------- --------------- -------------- Hartford Bond Fund, Inc. $ 9,434,395 $ 472,946 $ 8,961,449 Hartford Stock Fund, Inc. 237,241,061 29,536,862 207,704,199 Hartford Advisers Fund, Inc. 389,650,996 52,018,173 337,632,823 Hartford Capital Appreciation Fund, Inc. 250,599,759 63,329,304 187,270,455 Hartford Mortgage Securities Fund, Inc. 7,385,597 1,820,924 5,564,673 Hartford Index Fund, Inc. 46,087,542 2,239,990 43,847,552
113 HARTFORD MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
AGGREGATE GROSS AGGREGATE GROSS NET UNREALIZED UNREALIZED UNREALIZED APPRECIATION APPRECIATION (DEPRECIATION) (DEPRECIATION) --------------- --------------- -------------- Hartford International Opportunities Fund, Inc. 58,528,422 21,685,729 36,842,693 Hartford Dividend and Growth Fund, Inc. 10,066,472 562,160 9,504,312 Hartford International Advisers Fund, Inc. 695,929 167,390 528,539
5. EQUITY OF AFFILIATES: a) HARTFORD DIVIDEND AND GROWTH FUND, INC.--Hartford Accident & Indemnity Insurance Company has ownership of 3,000,000 shares of Hartford Dividend and Growth Fund, Inc. representing 2.9% of the total outstanding shares of the Fund as of June 30, 1995. b) HARTFORD INTERNATIONAL ADVISERS FUND, INC.--Hartford Life Insurance has ownership of 10,000,000 shares of Hartford International Advisers Fund, Inc. representing 73.2% of the total outstanding shares of the Fund as of June 30, 1995. c) At June 30, 1995, certain Hartford Life Insurance Company group pension contracts held direct interest in shares as follows:
PERCENT OF TOTAL SHARES SHARES ------------ ----------- Hartford Stock Fund, Inc.......................................................................... 69,427 0.02% Hartford Advisers Fund, Inc....................................................................... 11,223,184 0.57% Hartford Capital Appreciation Fund, Inc........................................................... 7,595,736 1.55% Hartford Mortgage Securities Fund, Inc............................................................ 14,899,363 4.95% Hartford Index Fund, Inc.......................................................................... 10,243,867 8.66% Hartford International Opportunities Fund, Inc.................................................... 5,340,616 1.10%
6. INVESTMENT TRANSACTIONS: Investment transactions (excluding short-term investments) for the six months ended June 30, 1995, were as follows:
PURCHASES AT SALES AT COST PROCEEDS ---------------- ---------------- Hartford Bond Fund, Inc................................................................. $ 304,261,221 $ 278,793,382 Hartford Stock Fund, Inc................................................................ 450,059,862 358,702,877 Hartford Advisers Fund, Inc............................................................. 1,409,917,053 1,333,334,706 Hartford Capital Appreciation Fund, Inc................................................. 594,807,077 493,791,367 Hartford Mortgage Securities Fund, Inc.................................................. 837,105,177 838,915,216 Hartford Index Fund, Inc................................................................ 34,028,483 1,780,092 Hartford International Opportunities Fund, Inc.......................................... 132,239,755 115,673,082 Hartford Dividend and Growth Fund, Inc.................................................. 71,913,408 21,414,555 Hartford International Advisers, Fund, Inc.............................................. 14,104,902 1,390,694
114 HARTFORD MUTUAL FUNDS FINANCIAL HIGHLIGHTS HARTFORD MUTUAL FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
NET REALIZED AND NET ASSET UNREALIZED VALUE AT NET GAINS OR TOTAL FROM BEGINNING INVESTMENT (LOSSES) ON INVESTMENT OF PERIOD INCOME INVESTMENTS OPERATIONS ----------- ------------- ------------ ----------- HARTFORD BOND FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... $ 0.926 $ 0.032 $ 0.071 0.103 For the Year Ended December 31, 1994..... 1.044 0.060 (0.100) (0.040) 1993................... 1.024 0.062 0.039 0.101 1992................... 1.061 0.074 (0.019) 0.055 1991................... 0.979 0.072 0.082 0.154 1990................... 0.976 0.075 0.003 0.078 HARTFORD STOCK FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 2.801 0.036 0.455 0.491 For the Year Ended December 31, 1994..... 3.099 0.061 (0.111) (0.050) 1993................... 2.965 0.053 0.339 0.392 1992................... 2.927 0.051 0.219 0.270 1991................... 2.452 0.059 0.532 0.591 1990................... 2.775 0.070 (0.179) (0.109) HVA MONEY MARKET FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 1.000 0.029 -- 0.029 For the Year Ended December 31, 1994..... 1.000 0.039 -- 0.039 1993................... 1.000 0.029 -- 0.029 1992................... 1.000 0.036 -- 0.036 1991................... 1.000 0.059 -- 0.059 1990................... 1.000 0.078 -- 0.078 HARTFORD ADVISERS FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)............ 1.600 0.033 0.213 0.246 For the Year Ended December 31, 1994..... 1.752 0.054 (0.099) (0.045) 1993................... 1.676 0.050 0.145 0.195 1992................... 1.649 0.059 0.070 0.129 1991................... 1.436 0.063 0.223 0.286 1990................... 1.543 0.074 (0.059) 0.015 HARTFORD U.S. GOVERNMENT MONEY MARKET FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 1.000 0.027 -- 0.027 For the Year Ended December 31, 1994..... 1.000 0.036 -- 0.036 1993................... 1.000 0.027 -- 0.027 1992................... 1.000 0.032 -- 0.032 1991................... 1.000 0.055 -- 0.055 1990................... 1.000 0.073 -- 0.073 HARTFORD CAPITAL APPRECIATION FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 2.860 0.016 0.488 0.504 For the Year Ended December 31, 1994..... 3.052 0.011 0.070 0.081 1993................... 2.634 0.003 0.526 0.529 1992................... 2.607 0.008 0.388 0.396 1991................... 1.709 0.021 0.898 0.919 1990................... 2.020 0.029 (0.246) (0.217) HARTFORD MORTGAGE SECURITIES FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 0.984 0.034 0.068 0.102 For the Year Ended December 31, 1994..... 1.075 0.068 (0.085) (0.017) 1993................... 1.079 0.071 (0.004) 0.067 1992................... 1.115 0.086 (0.036) 0.050 1991................... 1.054 0.088 0.061 0.149 1990................... 1.045 0.087 0.009 0.096 HARTFORD INDEX FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 1.522 0.022 0.279 0.301 For the Year Ended December 31, 1994..... 1.546 0.038 (0.024) 0.014 1993................... 1.450 0.035 0.096 0.131 1992................... 1.390 0.033 0.060 0.093 1991................... 1.134 0.036 0.294 0.330 1990................... 1.220 0.037 (0.086) (0.049) HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 1.176 0.012 0.030 0.042 For the Year Ended December 31, 1994..... 1.215 0.016 (0.040) (0.024) 1993................... 0.917 0.009 0.298 0.307 1992................... 0.973 0.013 (0.056) (0.043) 1991................... 0.871 0.011 0.102 0.113 1990(1)................ 1.000 0.015 (0.129) (0.114) HARTFORD DIVIDEND AND GROWTH FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 1.000 0.017 0.136 0.153 From inception March 8, 1994 through December 31, 1994.............. 1.000 0.024 (0.005) 0.019 HARTFORD INTERNATIONAL ADVISERS, INC. From inception March 1, 1995 through June 30, 1995 (Unaudited)...... 1.000 0.016 0.054 0.070 (1) From Effective Date (July 2, 1990) to December 31, 1990. (2) Annualized. (3) Management fees have been waived until assets (excluding assets contributed by companies affiliated with HIMCO) reach $20 million. The ratio of operating expenses to average net assets would have been higher if management fees were not waived. The ratio of net investment income to average net assets would have been lower if management fees were not waived.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 116
NET ASSETS RATIO OF DIVIDENDS NET INCREASE NET ASSET AT END OF OPERATING FROM NET DISTRIBUTIONS (DECREASE) VALUE AT PERIOD EXPENSES INVESTMENT FROM REALIZED IN END TOTAL (IN TO AVERAGE INCOME CAPITAL GAINS NET ASSETS OF PERIOD RETURN THOUSANDS) NET ASSETS(2) ---------- ------------- ------------ ----------- --------- ------------- ----------------- HARTFORD BOND FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... $ (0.032) $ -- 0.071 $ 0.997 11.35% $ 278,141 0.53 % For the Year Ended December 31, 1994..... (0.060) (0.018) (0.118) 0.926 (3.95) 247,458 0.55 1993................... (0.062) (0.019) 0.020 1.044 10.24 239,602 0.57 1992................... (0.074) (0.018) (0.037) 1.024 5.53 128,538 0.64 1991................... (0.072) -- 0.082 1.061 16.43 97,377 0.66 1990................... (0.075) -- 0.003 0.979 8.39 70,915 0.67 HARTFORD STOCK FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.036) (0.113) 0.342 3.143 18.27 1,449,741 0.48 For the Year Ended December 31, 1994..... (0.061) (0.187) 0.298 2.801 (1.89) 1,163,158 0.50 1993................... (0.053) (0.205) 0.134 3.099 14.34 968,425 0.53 1992................... (0.051) (0.181) 0.038 2.965 10.04 569,903 0.57 1991................... (0.059) (0.057) 0.475 2.927 24.58 406,489 0.60 1990................... (0.070) (0.144) (0.323) 2.452 (3.87) 257,553 0.66 HVA MONEY MARKET FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.029) -- -- 1.000 2.90 310,782 0.45 For the Year Ended December 31, 1994..... (0.039) -- -- 1.000 3.95 321,465 0.47 1993................... (0.029) -- -- 1.000 2.94 234,088 0.48 1992................... (0.036) -- -- 1.000 3.63 190,246 0.53 1991................... (0.059) -- -- 1.000 6.01 177,483 0.54 1990................... (0.078) -- -- 1.000 8.09 194,462 0.57 HARTFORD ADVISERS FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)............ (0.033) (0.019) 0.194 1.794 15.65 3,526,463 0.65 For the Year Ended December 31, 1994..... (0.054) (0.052) (0.151) 1.600 (2.74) 3,034,034 0.65 1993................... (0.050) (0.069) 0.076 1.752 12.25 2,426,550 0.69 1992................... (0.059) (0.043) 0.027 1.676 8.30 985,747 0.78 1991................... (0.063) (0.010) 0.213 1.649 20.33 631,424 0.81 1990................... (0.074) (0.048) (0.107) 1.436 1.26 416,839 0.89 HARTFORD U.S. GOVERNMENT MONEY MARKET FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.027) -- -- 1.000 2.77 9,630 0.60 For the Year Ended December 31, 1994..... (0.036) -- -- 1.000 3.67 9,619 0.58 1993................... (0.027) -- -- 1.000 2.68 9,449 0.58 1992................... (0.032) -- -- 1.000 3.22 10,525 0.75 1991................... (0.055) -- -- 1.000 5.61 11,257 0.73 1990................... (0.073) -- -- 1.000 7.52 10,496 0.73 HARTFORD CAPITAL APPRECIATION FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.016) (0.156) 0.332 3.192 18.66 1,569,468 0.69 For the Year Ended December 31, 1994..... (0.011) (0.262) (0.192) 2.860 2.50 1,158,644 0.72 1993................... (0.003) (0.108) 0.418 3.052 20.80 778,904 0.76 1992................... (0.008) (0.361) 0.027 2.634 16.98 300,373 0.87 1991................... (0.021) -- 0.898 2.607 53.99 158,046 0.92 1990................... (0.029) (0.065) (0.311) 1.709 (10.90) 56,032 0.96 HARTFORD MORTGAGE SECURITIES FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.034) -- 0.068 1.052 10.45 316,524 0.47 For the Year Ended December 31, 1994..... (0.068) (0.005) (0.090) 0.984 (1.61) 304,147 0.48 1993................... (0.071) -- (0.004) 1.075 6.31 365,198 0.49 1992................... (0.086) -- (0.036) 1.079 4.64 258,711 0.56 1991................... (0.088) -- 0.061 1.115 14.71 162,484 0.58 1990................... (0.087) -- 0.009 1.054 9.70 105,620 0.58 HARTFORD INDEX FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.022) (0.001) 0.278 1.800 19.81 212,917 0.42 For the Year Ended December 31, 1994..... (0.038) -- (0.024) 1.522 0.94 157,660 0.45 1993................... (0.035) -- 0.096 1.546 9.12 140,396 0.49 1992................... (0.033) -- 0.060 1.450 6.82 82,335 0.60 1991................... (0.036) (0.038) 0.256 1.390 29.53 47,770 0.67 1990................... (0.037) -- (0.086) 1.134 (3.99) 26,641 0.91 HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.012) (0.011) 0.019 1.195 3.72 580,991 0.86 For the Year Ended December 31, 1994..... (0.016) -- (0.040) 1.176 (1.94) 563,765 0.85 1993................... (0.009) -- 0.298 1.215 33.73 281,608 1.00 1992................... (0.013) -- (0.056) 0.917 (4.43) 47,560 1.23 1991................... (0.011) -- 0.102 0.973 13.00 22,854 1.24 1990(1)................ (0.015) -- (0.129) 0.871 (11.76) 9,352 1.04 HARTFORD DIVIDEND AND GROWTH FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... (0.017) (0.001) 0.135 1.135 16.04 118,703 0.80 From inception March 8, 1994 through December 31, 1994.............. (0.024) (0.001) (0.006) 0.994 1.96 55,066 0.83 HARTFORD INTERNATIONAL ADVISERS, INC. From inception March 1, 1995 through June 30, 1995 (Unaudited)...... (0.016) -- 0.054 1.054 7.03 14,410 0.63 (3) RATIO OF NET INVESTMENT INCOME PORTFOLIO TO AVERAGE TURNOVER NET ASSETS(2) RATE ----------------- ------------ HARTFORD BOND FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 6.65% 113.7% For the Year Ended December 31, 1994..... 6.23 328.8 1993................... 5.93 494.3 1992................... 7.21 434.1 1991................... 7.29 337.0 1990................... 7.82 161.6 HARTFORD STOCK FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 2.42 28.8 For the Year Ended December 31, 1994..... 2.17 63.8 1993................... 1.86 69.0 1992................... 1.90 69.8 1991................... 2.14 24.3 1990................... 2.76 20.2 HVA MONEY MARKET FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 5.75 -- For the Year Ended December 31, 1994..... 3.99 -- 1993................... 2.91 -- 1992................... 3.60 -- 1991................... 5.88 -- 1990................... 7.80 -- HARTFORD ADVISERS FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)............ 3.85 42.6 For the Year Ended December 31, 1994..... 3.34 60.0 1993................... 3.07 55.3 1992................... 3.55 72.8 1991................... 4.13 42.1 1990................... 4.65 35.7 HARTFORD U.S. GOVERNMENT MONEY MARKET FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 5.49 -- For the Year Ended December 31, 1994..... 3.63 -- 1993................... 2.65 -- 1992................... 3.19 -- 1991................... 5.48 -- 1990................... 7.29 -- HARTFORD CAPITAL APPRECIATION FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 1.08 41.1 For the Year Ended December 31, 1994..... 0.40 73.3 1993................... 0.12 91.4 1992................... 0.36 100.3 1991................... 0.92 107.2 1990................... 1.58 51.8 HARTFORD MORTGAGE SECURITIES FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 6.61 279.6 For the Year Ended December 31, 1994..... 6.65 365.7 1993................... 6.49 183.4 1992................... 7.96 277.2 1991................... 8.25 152.2 1990................... 8.42 85.6 HARTFORD INDEX FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 2.60 1.1 For the Year Ended December 31, 1994..... 2.50 1.8 1993................... 2.36 0.8 1992................... 2.48 1.2 1991................... 2.89 6.7 1990................... 3.27 25.5 HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 2.12 22.5 For the Year Ended December 31, 1994..... 1.42 46.4 1993................... 0.84 31.8 1992................... 1.40 25.1 1991................... 1.17 24.7 1990(1)................ 2.65 3.0 HARTFORD DIVIDEND AND GROWTH FUND, INC. For the Six Months Ended June 30, 1995 (Unaudited)........... 3.31 26.7 From inception March 8, 1994 through December 31, 1994.............. 3.52 27.8 HARTFORD INTERNATIONAL ADVISERS, INC. From inception March 1, 1995 through June 30, 1995 (Unaudited)...... 4.66 (3) 12.0
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 117 CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO FINANCIAL STATEMENTS AND NOTES INVESTMENT REVIEW - CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO FORMERLY CALVERT SOCIALLY RESPONSIBLE SERIES JUNE 30, 1995 Both stocks and bonds rallied during the six months ended June 30, 1995, as measured by broad market indicators. The markets advanced as investors realized that the slowing pace of economic growth made further interest rate hikes unlikely and a cut even possible. In general, U.S. companies continued to post strong earnings, which also worked to drive stock prices higher. Large-capitalization growth stocks led the rally. The best performing stock market sectors included technology, health care and financial services. Shortly after the close of this reporting period, the Federal Reserve moved to lower rates by reducing its target for the federal funds rate (the rate banks charge each other) from 6% to 5.75%. In seeking to provide investors with consistently competitive returns, the Board of Directors selected a different investment manager. In February, NCM Capital assumed responsibility for managing the equity portion of the Portfolio and Calvert Asset Management Company assumed responsibility for managing the Portfolio's fixed-income assets. U.S. Trust Company of Boston was the previous investment manager. The CRI Balanced Portfolio returned 17.35% for the six months ended June 30, 1995. This return compares favorably to the 13.72% return of the Lipper Balanced Funds Average. The Portfolio's above-average gain was due to substantial equity investments in the better performing market sectors, including technology, financials, consumer staples and capital goods. In addition, our holdings of major foreign growth stocks, such as Ericsson and Philips, also contributed positive returns. The fixed-income portion also made a strong contribution as we quickly brought the Portfolio's duration out to a position longer than that of the benchmarks. In addition, we added positions in corporate bonds, which enhanced Portfolio diversification and boosted yields. We are now adding to our exposure to cyclical stocks, as this area of the market looks to be gathering momentum. As prices of technology stocks have enjoyed an extended rally, the risk of a slowdown in this sector is high. We will remain market-weighted in this sector. Financial and capital goods stocks continue to show promise. As of this writing, the stock market is giving back a little of the ground it had gained during its long, previously uninterrupted rally. Bond markets have corrected to a greater extent. This degree of volatility is to be expected, and serves to remind investors that the markets typically don't go up in a straight line. Despite such corrections, our outlook for the remainder of 1995 is one of cautious optimism. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CRI BALANCED S&P 500 90-DAY T-BILL LEHMAN AGGREGATE BOND 9/1/86 10,000 10,000 10,000 10,000 1986 9,680 9,667 10,181 10,223 1987 10,336 10,175 10,782 10,505 1988 11,551 11,860 11,521 11,334 1989 13,941 15,611 12,492 12,981 1990 14,523 15,126 13,459 14,144 1991 16,905 19,724 14,196 16,407 1992 18,192 21,225 14,690 17,621 1993 19,647 23,360 15,137 19,339 1994 18,999 23,665 15,789 18,774 6/30/95 22,299 28,443 16,250 20,922
119 Acacia Capital Corporation CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO PORTFOLIO OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
Principal Principal Amount Value Ratings (1) Amount Value Ratings (1) ---------- ---------- ---------- ---------- ---------- ----------- CORPORATE DEBT -- (10.7%) AMR Corp., 9.82%, 3/7/01...... $ 525,000 $ 586,084 Baa3/BB+ BellSouth Savings, 9.19%, 7/1/03...................... 404,118 445,257 Aa1/AAA BellSouth Telecommunications, 6.25%, 5/15/03.............. 500,000 491,425 Aaa/AAA Chugach Elec Assn., Inc., 9.14%, 3/15/22.............. 1,000,000 1,122,530 A3/A CIT Group Hldgs, Inc., 6.11%, 5/11/98..................... 3,000,000 2,976,243 AA3/A+ Liberty Mutual Capital Corp., 7.90%, 3/14/03.............. 500,000 520,033 A1/AA Nationsbank Corp., 5.375%, 12/1/95..................... 1,000,000 997,500 A2/A Payless Cashways, Inc., 9.125%, 4/15/03............. 250,000 193,750 Ba3/B+ Polaroid Corp., 8.00%, 3/15/99..................... 250,000 260,663 Baa3/BBB+ Potomac Electric Power Co., 6.70%, 5/28/97.............. 500,000 503,456 A2/A- United Dominion Realty Trust, Inc., 8.50%, 9/15/24........ 1,200,000 1,302,180 Baa1/BBB+ ----------- Total Corporate Debt (Cost $9,282,079)................. 9,399,130 ----------- MUNICIPAL OBLIGATIONS -- (6.8%) Conneaut, Pennsylvania School District, 6.55% 11/1/03, Ambac Insured............... 350,000 345,548 Aaa/AAA Georgia State, 3.25%, 7/1/14.. 2,000,000 1,413,640 Aaa/AA+ Illinois Housing Development Authority, 8.35%, 8/1/26.... 1,000,000 1,036,250 Aa/AA New York State Environmental General Obligation Bonds, 7.65%, 5/1/99............... 550,000 559,735 A/A- New York State, Job Development Authority, 7.70%, 3/1/03............... 500,000 516,525 A/NR Richmond County, Georgia Development Authority, Zero Coupon, 12/1/21............. 4,810,000 790,956 AAA San Diego County, General Obligation Bonds, Series A, 6.38%, 8/15/03.............. 750,000 692,933 A/A+ University of Maryland Systems Facility & Tuition Revenue Bonds, Series B, 6.95%, 4/1/11...................... 670,000 642,108 Aa/AA+ ----------- Total Municipal Obligations (Cost $6,073,760)........... 5,997,695 ----------- REPURCHASE AGREEMENTS, FOR DEPOSIT AT COST, COLLATERALIZED BY SECURITIES ISSUED OR GUARANTEED BY THE U.S. GOVERNMENT -- (8.8%) Prudential Securities, Inc., 6.08%, dated 6/30/95, due 7/5/95 ($7,911,171, FHLMC Bond, 9.00%, 6/1/25)........ $7,700,000 $ 7,700,000 ----------- Total Repurchase Agreements (Cost $7,700,000)........... 7,700,000 ----------- U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES -- (20.1%) Federal Home Loan Mortgage Corp., 5.87%, 7/7/95........ 2,000,000 1,998,696 Federal Home Loan Mortgage Corp., 6.00%, 12/15/19...... 1,000,000 968,450 Federal Home Loan Mortgage Corp., 6.50%, 8/15/21....... 1,000,000 983,750 Federal National Mortgage Assn., 6.00%, 9/5/95........ 2,700,000 2,671,200 Federal National Mortgage Assn., 5.90%, 9/11/95....... 1,000,000 988,508 Federal National Mortgage Assn., 8.00%, 3/15/00....... 1,000,000 1,011,980 Federal National Mortgage Assn., 5.49%, 10/2/03....... 1,000,000 932,870 Federal National Mortgage Assn., 7.00%, 12/25/19...... 1,000,000 982,810 Federal National Mortgage Assn., 6.50%, 12/25/23...... 1,000,000 954,290 Federal National Mortgage Assn., 7.93%, 2/14/25....... 3,000,000 3,340,380 Small Business Administration, 8.05%, 6/1/12............... 885,761 931,776 U.S. Department of Veteran Affairs, 8.00%, 7/15/18..... 1,000,000 1,077,700 WNH Ltd Partnership, 9.40%, 10/1/99..................... 705,000 753,955 ----------- Total U.S. Government Agencies and Instrumentalities (Cost $16,911,002)................ 17,596,365 ----------- OTHER DEBT -- (1.4%) Puget Power Consv., 6.45%, 4/11/05..................... 1,000,000 995,051 Aa2/AAA South Africa Republic, 9.625%, 12/15/99.................... 250,000 259,375 Baa3/BB ----------- Total Other Debt (Cost $1,244,588)................. 1,254,426 -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 120
SHARES VALUE SHARES VALUE ------- ---------- ------- ----------- EQUITY SECURITIES -- (53.3%) BEVERAGE HOTEL AND LEISURE -- (0.9%) Delta Corp.................... 550,000 $ 804,094 ----------- 804,094 ----------- BIOTECHNOLOGY -- (0.9%) Amgen, Inc. (2)............... 9,380 754,504 ----------- 754,504 ----------- BUSINESS EQUIPMENT AND SERVICES -- (1.8%) Hewlett Packard Co............ 10,000 745,000 Xerox Corp.................... 7,350 861,788 ----------- 1,606,788 ----------- CAPITAL GOODS -- (0.5%) Grainger (W.W.), Inc.......... 6,900 405,375 ----------- 405,375 ----------- COMMUNICATIONS -- (2.0%) Ameritech Corp................ 27,500 1,210,000 DSC Communications Corp. (2)......................... 12,425 577,763 ----------- 1,787,763 ----------- COMPUTERS -- EQUIPMENT AND SERVICES -- (1.4%) Sun Microsystems, Inc. (2).... 25,400 1,231,900 ----------- 1,231,900 ----------- COMPUTERS -- SOFTWARE -- (0.6%) Computer Associates International, Inc.......... 6,900 467,475 ----------- 467,475 ----------- CONSUMER PRODUCTS -- (4.7%) American Greetings Corp....... 42,100 1,236,688 Colgate Palmolive Co.......... 6,500 475,312 Gillette Co................... 28,200 1,258,425 Polygram N.V.................. 20,000 1,182,500 ----------- 4,152,925 ----------- DELIVERY -- (1.1%) Federal Express Corp. (2)..... 16,400 996,300 ----------- 996,300 ----------- ELECTRONICS -- (4.9%) EMC Corp. (2)................. 53,300 1,292,525 Intel Corp.................... 10,600 671,113 Linear Technology Corp........ 7,900 521,400 Philips Electrs N.V........... 24,300 1,038,825 Teradyne, Inc. (2)............ 11,500 751,812 ----------- 4,275,675 ----------- ENERGY -- (0.5%) Northern Borders Partners Limited Partnership......... 19,200 468,000 ----------- 468,000 ----------- FINANCIAL SERVICES -- (6.3%) Advanta Corp., Class A........ 13,400 558,613 Bank New York, Inc............ 22,800 920,550 Bank of Boston Corp........... 20,000 750,000 Baybanks, Inc................. 7,000 554,750 Federal National Mortgage Assn........................ 10,600 1,000,375 Green Tree Finl Corp.......... 22,400 994,000 FINANCIAL SERVICES -- (CONTINUED) UJB Finl Corp................. 24,200 $ 735,075 ----------- 5,513,363 ----------- FOOD SERVICES -- (2.6%) Kellogg Co.................... 17,250 1,231,219 Sysco Corp.................... 34,500 1,017,750 ----------- 2,248,969 ----------- HEALTH CARE -- (1.1%) Johnson & Johnson............. 14,800 1,000,850 ----------- 1,000,850 ----------- INDUSTRIAL PRODUCTS -- (4.3%) Applied Materials, Inc. (2)... 8,300 718,988 Briggs & Stratton Corp........ 17,500 603,750 Modine Manufacturing Co....... 15,000 551,250 Sealed Air Corp. (2).......... 20,800 915,200 Sigma Aldrich Corp............ 20,625 1,013,203 ----------- 3,802,391 ----------- INSURANCE -- (1.1%) AFLAC, Inc.................... 11,100 485,625 American International Group, Inc......................... 4,200 478,800 ----------- 964,425 ----------- MACHINERY -- (1.7%) AGCO Corp..................... 20,000 750,000 Deere & Co.................... 8,200 702,125 ----------- 1,452,125 ----------- MANUFACTURING -- (0.6%) Dover Corp.................... 6,950 505,613 ----------- 505,613 ----------- MEDIA AND PUBLISHING -- (0.8%) Houghton Mifflin Co........... 13,000 685,750 ----------- 685,750 ----------- MEDICAL DEVICES AND SUPPLIES -- (4.5%) Becton Dickinson & Co......... 20,000 1,165,000 Boston Scientific Corp. (2)... 21,400 682,125 Cordis Corp. (2).............. 15,600 1,041,300 Medtronic, Inc................ 13,800 1,064,325 ----------- 3,952,750 ----------- MERCHANDISING -- (1.4%) Albertson's, Inc.............. 42,180 1,254,855 ----------- 1,254,855 ----------- OIL & GAS -- (0.5%) Plains Petroleum Co........... 15,000 444,375 ----------- 444,375 ----------- PAPER AND PACKAGING -- (2.1%) Chesapeake Corp............... 10 311 Consolidated Papers, Inc...... 17,500 1,008,438 Nampak........................ 190,000 851,690 ----------- 1,860,439 -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 121 ACACIA CAPITAL CORPORATION CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO PORTFOLIO OF INVESTMENTS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED)
SHARES VALUE ------- ---------- EQUITY SECURITIES -- (CONTINUED) PHARMACEUTICAL -- (1.7%) Merck & Co., Inc.............. 30,500 $ 1,494,500 ----------- 1,494,500 ----------- RETAIL -- (1.5%) Consolidated Stores Corp. (2)......................... 61,300 1,279,638 ----------- 1,279,638 ----------- TELECOMMUNICATIONS -- (1.2%) Ericsson L M Tel, Co., Class B........................... 52,400 1,048,000 ----------- 1,048,000 ----------- UTILITIES -- (2.6%) Cinergy Corp.................. 45,400 1,191,750 Equitable Resources, Inc...... 38,900 1,123,233 ----------- 2,314,983 ----------- Total Equity Securities (Cost $39,309,360)................ 46,773,825 ----------- Total Investments (101.1%) (3) (Cost $80,520,789) (4)...... $88,721,441 ----------- ----------- Notes to Portfolio of Investments: (1) Ratings: Moody's Investors Service, Inc.'s ratings of long-term corporate debt obligations in descending order of quality are: Aaa, Aa, A, Baa, and Ba. Standard & Poor's Corporation's ratings of long-term corporate debt are: AAA, AA, A, BBB, BB, and B. Numerical modifiers and plus or minus indicate the ranking of a security within its generic rating category. Moody's ratings are indicated before Standard & Poor's ratings in the portfolio of investments. NR: Obligation is not rated by a commercial rating service. Obligation has been determined to be of appropriate quality for the Portfolio by Calvert Asset Management Company, Inc., the Investment Advisor. (2) These equity securities have not declared dividends in the past twelve months. (3) The percentages shown represent the percentage of the investments to net assets. (4) Cost of investments is substantially the same for Federal income tax purposes.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 122 ACACIA CAPITAL CORPORATION CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED) ASSETS: Investments in securities, at value, see accompanying portfolio...................................................... $88,721,441 Cash............................................................. 359 Interest and dividends receivable................................ 469,460 Receivable for shares sold....................................... 39,368 Other assets..................................................... 3,687 ----------- Total assets..................................................... 89,234,315 ----------- LIABILITIES: Payable to Calvert Asset Management, Inc.--Note B................ 69,569 Payable for securities purchased................................. 1,431,283 Payable for shares redeemed...................................... 5,483 Accrued expenses and other liabilities........................... 8,852 ----------- Total liabilities................................................ 1,515,187 ----------- NET ASSETS......................................................... $87,719,128 ----------- ----------- NET ASSETS CONSISTING OF: Paid-in capital applicable to 51,873,106 outstanding shares of common stock, $1.00 par value (70,000,000 shares authorized)................................. 75,589,690 Accumulated net investment income--net of distributions.......... 1,214,651 Accumulated realized gains/(losses) on investments-- net of distributions.................................................. 2,729,060 Accumulated realized gains/(losses) on foreign currency transactions--net of distributions............................. (14,982) Net unrealized appreciation (depreciation) on investments........ 8,200,652 Net unrealized appreciation (depreciation) on foreign currency... 57 ----------- NET ASSETS......................................................... $87,719,128 ----------- ----------- NET ASSET VALUE, offering and redemption price per share ($87,719,128 DIVIDED BY 51,873,106)............................... $1.691 ----- -----
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 123 ACACIA CAPITAL CORPORATION CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED) INVESTMENT INCOME: Interest income.................................................. $ 1,159,038 Dividend income.................................................. 403,033 ----------- Total investment income...................................... 1,562,071 ----------- Expenses--Note B: Investment advisory fee........................................ 261,386 Directors' fees and expenses................................... 16,366 Federal and state registration fees............................ 2,804 Insurance...................................................... 778 Postage and delivery........................................... 469 Printing and stationery........................................ 53,035 Professional fees.............................................. 11,179 Miscellaneous expenses......................................... 1,381 ----------- Total expenses............................................... 347,398 ----------- Net investment income.......................................... 1,214,673 ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: Net realized gain (loss) on investments.......................... 3,520,511 Net realized gain (loss) on foreign currency..................... (14,982) Change in unrealized appreciation or depreciation of investments.................................................... 7,431,304 Change in unrealized appreciation or depreciation of foreign currency....................................................... 57 ----------- Net realized and unrealized gain (loss) on investments and foreign currency............................................... 10,936,890 ----------- Net increase (decrease) in net assets resulting from operations..................................................... $12,151,563 ----------- -----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 124 ACACIA CAPITAL CORPORATION CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1995 YEAR ENDED (UNAUDITED) DECEMBER 31, 1994 ------------- ----------------- INCREASE (DECREASE) IN NET ASSETS: Operations Net investment income.......................................... $ 1,214,673 $ 2,063,409 Net realized gain (loss) on investments........................ 3,520,511 (604,541) Net realized gain (loss) on foreign currency................... (14,982) -- Change in unrealized appreciation or depreciation of investments................................................... 7,431,304 (3,394,657) Change in unrealized appreciation or depreciation of foreign currency...................................................... 57 -- ------------- ----------------- Net increase (decrease) in net assets resulting from operations.................................................... 12,151,563 (1,935,789) Distributions to shareholders Net investment income.......................................... -- (2,067,159) Capital share transactions--Note C............................. 8,974,885 16,595,869 ------------- ----------------- Total increase (decrease) in net assets...................... 21,126,448 12,592,921 NET ASSETS: Beginning of period.............................................. 66,592,680 53,999,759 ------------- ----------------- End of period (including accumulated net investment income--net of distributions of $1,214,651 and ($22) for 1995 and 1994, respectively.).................................................. $ 87,719,128 $66,592,680 ------------- ----------------- ------------- -----------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 125 ACACIA CAPITAL CORPORATION CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (UNAUDITED) NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL: The Calvert Responsibly Invested Balanced Series ("Series") is a series of Acacia Capital Corporation ("Fund"). The Fund is a Maryland corporation and is registered under the Investment Company Act of 1940, as amended ("Act"), as a diversified, open-end management investment company. The Fund operates as a series fund, each series issuing a separate class of common stock. Shares in the series are offered only to separate accounts of insurance companies at a price equal to the net asset value per share, without a sales charge. PORTFOLIO VALUATION: Investments in the Series are valued as follows: (a) securities for which market quotations are readily available are valued at the most recent closing price, mean between bid and asked price, or yield equivalent as obtained from one or more market makers for such securities; (b) securities maturing within 60 days are valued at cost, plus or minus any amortized discount or premium, unless the Board of Directors determines such method not to be appropriate under the circumstances; and (c) fair values for all other securities and assets for which market quotations are not readily available are determined by the Advisor in good faith under the supervision of the Board of Directors. SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are recorded on a trade-date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including, where applicable, amortization of premium, and is recorded on the accrual basis. FOREIGN CURRENCY TRANSACTIONS: The records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities on the date of any determination of net asset value of the Fund. Purchases and sales of securities and income and expenses are converted at the prevailing rate of exchange on the respective dates of such transactions. SHARE VALUATION, DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The net asset value per share, the price at which shares are issued and redeemed, is computed by dividing the value of the Series' total assets, less its liabilities, by the total number of shares outstanding each business day. The net asset value per share fluctuates daily in response to changes in the market value of investments. Dividends and distributions for the Series are paid annually. FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code available to certain investment companies, and to make distributions of taxable income sufficient to relieve it from all, or substantially all, federal income and excise taxes. The Fund has unused realized capital loss carryforwards for federal income tax purposes of $791,451 at June 30, 1995, which expire in 2002. NOTE B -- INVESTMENT ADVISORY FEE The Fund's investment advisor is Calvert Asset Management Company, Inc. ("Advisor"), a wholly-owned subsidiary of Calvert Group, Ltd., which itself is an indirect, wholly-owned subsidiary of Acacia Mutual Life Insurance Company. Under the Advisory Contract, the Advisor manages the investment and reinvestment of the Fund's assets, and subject to the direction and control of the Directors, provides office space, facilities and equipment to the Fund, pays the salaries and fees of the affiliated Directors, and pays all Fund advertising and promotional expenses. For its services, the Advisor receives a fee of 0.70% of the first $500 million of average daily net assets of the Series, 0.65% of the next $500 million of such assets, and 0.60% of such assets in excess of $1 billion. Such fee is payable monthly. The Advisory Contract provides for an expense reimbursement from the Advisor should the Series' aggregate expenses, exclusive of interest, taxes, brokerage and extraordinary expenses, exceed, on an annual basis, 1.5% of the Series' average daily net assets. In addition, Series expenses reimbursed by the Advisor may include operating expenses voluntarily assumed by the Advisor. There was no reimbursement of expenses for the Series for the six months ended June 30, 1995. Certain officers and directors of the Fund are "affiliated persons," as defined in the Act, of the Advisor. Each director of the Fund who is not affiliated with the Advisor receives a meeting fee of $500 for each Board meeting attended. 126 ACACIA CAPITAL CORPORATION CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO NOTES TO FINANCIAL STATEMENTS -- (CONTINUED) JUNE 30, 1995 (UNAUDITED) NOTE C -- NET ASSETS The change in net assets resulting from capital share transactions for 1995 and 1994 is indicated below:
SIX MONTHS ENDED JUNE 30, 1995 YEAR ENDED (UNAUDITED) DECEMBER 31, 1994 ------------- ----------------- In dollars Shares sold................. $ 11,875,276 $21,821,042 Reinvestment of dividends... -- 2,067,159 Shares redeemed............. (2,900,391) (7,292,332) ------------- ----------------- $ 8,974,885 $16,595,869 ------------- ----------------- ------------- ----------------- In shares Shares sold................. 7,521,851 14,565,450 Reinvestment of dividends... -- 1,425,675 Shares redeemed............. (1,892,312) (4,889,932) ------------- ----------------- 5,629,539 11,101,193 ------------- ----------------- ------------- -----------------
NOTE D -- INVESTMENT TRANSACTIONS For the six months ended June 30, 1995, the Series made purchases and sales of investment securities, other than short-term securities, of $66,805,397 and $54,650,807, respectively. NOTE E -- TAX BASIS OF INVESTMENT SECURITIES At June 30, 1995, the Series' cost of investment securities for federal income tax purposes was $80,520,789. Net unrealized appreciation aggregated $8,200,652 of which $8,810,995 related to appreciated securities and $610,343 related to depreciated securities. 127 ACACIA CAPITAL CORPORATION CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 1995 ------------------------------------------------------ (UNAUDITED) 1994 1993 1992 1991 ------------------ ------------ ------------ ------------ ------------ Net asset value, beginning of period.... $1.440 $1.537 $1.465 $1.403 $1.249 --------- ------ ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income................. .025 .046 .045 .044 .050 Net realized and unrealized gain (loss) on investments................ .226 (.097) .072 .062 .154 --------- ------ ------ ------ ------ Total from investment operations....................... .251 (.051) .117 .106 .204 --------- ------ ------ ------ ------ DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income............................... -- (.046) (.045) (.044) (.050) --------- ------ ------ ------ ------ Total increase (decrease) in net asset value...................... .251 (.097) .072 .062 .154 --------- ------ ------ ------ ------ Net asset value, end of period.......... $1.691 $1.440 $1.537 $1.465 $1.403 --------- ------ ------ ------ ------ --------- ------ ------ ------ ------ Total return............................ 17.43% (3.30)% 8.00% 7.61% 16.40% --------- ------ ------ ------ ------ --------- ------ ------ ------ ------ Ratio of expenses to average net assets................................. .93%(a) .80% .81% .85% .85% --------- ------ ------ ------ ------ --------- ------ ------ ------ ------ Ratio of net investment income to average net assets..................... 3.25%(a) 3.39% 3.69% 4.05% 4.49% --------- ------ ------ ------ ------ --------- ------ ------ ------ ------ Portfolio turnover...................... 83% 43% 14% 15% 12% --------- ------ ------ ------ ------ --------- ------ ------ ------ ------ Net assets, end of period............... $ 87,719,128 $66,592,680 $53,999,759 $28,471,358 $14,945,973 ------------------ ------------ ------------ ------------ ------------ ------------------ ------------ ------------ ------------ ------------ Number of shares outstanding at end of period (in thousands).................. 51,873 46,244 35,142 19,433 10,656 ------------------ ------------ ------------ ------------ ------------ ------------------ ------------ ------------ ------------ ------------ (a) annualized
128 DIRECTORS OF THE FUNDS: JOSEPH A. BIERNAT - Director JOSEPH H. GAREAU - Director/President GOVERNOR WILLIAM A. O'NEILL - Director MILLARD H. PRYOR, JR. - Director LOWNDES A. SMITH - Director/Chairman JOHN K. SPRINGER - Director WINIFRED E. COLEMAN - Director CUSTODIAN: Chase Manahattan Bank Brooklyn, NY 11245 INVESTMENT ADVISER FOR THE MUTUAL FUNDS: The Hartford Investment Management Company (HIMCO) Hartford Plaza Hartford, CT 06115 SUB-ADVISER FOR THE HARTFORD STOCK FUND, INC., HARTFORD ADVISERS FUND, INC., HARTFORD CAPITAL APPRECIATION FUND, INC., HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC., HARTFORD DIVIDEND & GROWTH FUND, INC., HARTFORD INTERNATIONAL ADVISERS FUND INC.: Wellington Management Company 75 State Street Boston, MA 02109 PRINCIPAL UNDERWRITER FOR THE SEPARATE ACCOUNTS: Hartford Equity Sales Company, Inc. (HESCO) Hartford Plaza Hartford, CT 06115 Hartford Securities Distribution Company, Inc. (HSD) Hartford Plaza Hartford, CT 06115 - -------------------------------------------------------------------------------- HARTFORD LIFE INSURANCE COMPANIES BULK RATE P.O. BOX 2999 U.S. POSTAGE HARTFORD, CT 06104-2999 PAID PERMIT NO. 54201 BOSTON, MA HV-1892-18 Printed in U.S.A. -----END PRIVACY-ENHANCED MESSAGE-----