<PAGE>
As filed with the Securities and Exchange Commission on October 27, 1999.
File No. 333-83057
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
PRE-EFFECTIVE AMENDMENT NO. 2
TO FORM S-6
FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF
SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON
FORM N-8B-2
A. Exact name of trust: Separate Account VL I
B. Name of depositor: Hartford Life and Annuity Insurance Company
C. Complete address of depositor's principal executive offices:
P. O. Box 2999
Hartford, CT 06104-2999
D. Name and complete address of agent for service:
Marianne O'Doherty, Esq.
Hartford Life and Annuity Insurance Company
P. O. Box 2999
Hartford, CT 06104-2999
It is proposed that this filing will become effective:
____ immediately upon filing pursuant to paragraph (b) of Rule 485
_X__ on November 1, 1999 pursuant to paragraph (b) of Rule 485
____ 60 days after filing pursuant to paragraph (a)(1) of Rule 485
____ on __________, 1999 pursuant to paragraph (a)(1) of Rule 485
____ this post-effective amendment designates a new effective date for
a previously filed post-effective amendment.
E. Title and amount of securities being registered: Pursuant to Rule 24f-2
under the Investment Company Act of 1940, the Registrant has registered
an indefinite amount of securities.
F. Proposed maximum aggregate offering price to the public of the
securities being registered: Not yet determined.
G. Amount of filing fee: Not applicable.
H. Approximate date of proposed public offering: As soon as practicable
after the effective date of this registration statement.
<PAGE>
RECONCILIATION AND TIE BETWEEN
FORM N-8B-2 AND PROSPECTUS
<TABLE>
<CAPTION>
Item No. of Form N-8B-2 Caption In Prospectus
- ----------------------- ---------------------
<S> <C>
1. Cover Page
2. Cover Page
3. Not Applicable
4. Statement of Additional Information - Distribution of
the Policies
5. About Us - Separate Account VL I
6. About Us - Separate Account VL I
7. Not required by Form S-6
8. Not required by Form S-6
9. Legal Proceedings
10. About Us - Separate Account VL I; The Funds
11. About Us - Separate Account VL I; The Funds
12. About Us - The Funds
13. Fee Table; Charges and Deductions
14. Premiums
15. Premiums
16. Premiums
17. Making Withdrawals From Your Policy
18. About Us - The Funds; Charges and Deductions
19. Your Policy - Contract Rights
20. Not Applicable
21. Loans
22. Not Applicable
23. Not Applicable
24. Not Applicable
25. About Us - Hartford Life and Annuity Insurance Company
26. Not Applicable
27. About Us - Hartford Life and Annuity Insurance Company
28. Statement of Additional Information - General
Information and History
29. About Us - Hartford Life and Annuity Insurance Company
30. Not Applicable
31. Not Applicable
32. Not Applicable
33. Not Applicable
34. Not Applicable
35. Statement of Additional Information - Distribution of
the Policies
36. Not required by Form S-6
37. Not Applicable
38. Statement of Additional Information - Distribution of
the Policies
39. Statement of Additional Information - Distribution of
the Policies
40. Not Applicable
41. Statement of Additional Information - Distribution of
the Policies
42. Not Applicable
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Item No. of Form N-8B-2 Caption In Prospectus
- ----------------------- ---------------------
<S> <C>
43. Not Applicable
44. Premiums
45. Not Applicable
46. Premiums; Making Withdrawals From Your Policy
47. About Us - The Funds
48. Cover Page; About Us - Hartford Life and Annuity
Insurance Company
49. Not Applicable
50. About Us - Separate Account VL I
51. Not Applicable
52. About Us - The Funds
53. Taxes
54. Not Applicable
55. Not Applicable
56. Not Required by Form S-6
57. Not Required by Form S-6
58. Not Required by Form S-6
59. Not Required by Form S-6
</TABLE>
<PAGE>
The Prospectus is incorporated in Part A of this Pre-Effective Amendment No. 2,
by reference to Pre-Effective Amendment No. 1 to the Registration Statement on
Form S-6 (File No. 333-83057), as filed on October 22, 1999.
The Hartford Life and Annuity Insurance Company Putnam Capital Manager Trust
Separate Account Variable Life One Financial Statements as of September 30, 1999
(unaudited) and year end December 31, 1998 are included as a supplement to
Part A of this Pre-Effective Amendment.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-1
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
FINANCIAL STATEMENTS
SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<S> <C>
Index
Statement of Assets and Liabilities as of
September 30, 1999 (unaudited)................... SA-2
Statement of Changes in Net Assets for the nine
months ended September 30, 1999 (unaudited)...... SA-6
Statement of Operations for the nine months ended
September 30, 1999 (unaudited)................... SA-10
</TABLE>
<PAGE>
SA-2 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Global Diversified
Voyager Growth Income
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
------------ ------------ -----------
<S> <C> <C> <C>
Assets
Investments:
Putnam VT Voyager Fund
Shares 441,542
Cost $18,894,830
Market Value:........... $20,690,675 -- --
Putnam VT Global Growth
Fund
Shares 549,663
Cost $10,242,996
Market Value:........... -- $11,323,065 --
Putnam VT Diversified
Income Fund
Shares 100,620
Cost $1,042,105
Market Value:........... -- -- $977,023
Putnam VT Growth and
Income Fund
Shares 549,019
Cost $15,326,634
Market Value:........... -- -- --
Putnam VT Global Asset
Allocation Fund
Shares 92,620
Cost $1,689,038
Market Value:........... -- -- --
Putnam VT High Yield Fund
Shares 683,040
Cost $7,806,642
Market Value:........... -- -- --
Putnam VT Income Fund
Shares 221,265
Cost $2,904,267
Market Value:........... -- -- --
Putnam VT New
Opportunities Fund
Shares 374,211
Cost $8,827,699
Market Value:........... -- -- --
Putnam VT Money Market
Fund
Shares 727,189
Cost $727,188
Market Value:........... -- -- --
Putnam VT Utilities
Growth & Income Fund
Shares 129,198
Cost $2,159,842
Market Value:........... -- -- --
Due from Hartford Life &
Annuity Insurance
Company.................. 68,699 31,781 --
Receivable from fund
shares sold.............. -- -- --
----------- ----------- --------
Total Assets.............. 20,759,374 11,354,846 977,023
----------- ----------- --------
Liabilities
Due to Hartford Life &
Annuity Insurance
Company.................. -- -- --
Payable for fund shares
purchased................ 68,160 32,050 --
----------- ----------- --------
Total Liabilities......... 68,160 32,050 --
----------- ----------- --------
Net Assets (variable life
contract liabilities).... $20,691,214 $11,322,796 $977,023
=========== =========== ========
</TABLE>
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-3
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Utilities
Growth Global Asset New Money Growth
and Income Allocation High Yield Income Opportunities Market and Income
Fund Fund Fund Fund Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------ ----------- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments:
Putnam VT Voyager Fund
Shares 441,542
Cost $18,894,830
Market Value:........... -- -- -- -- -- -- --
Putnam VT Global Growth
Fund
Shares 549,663
Cost $10,242,996
Market Value:........... -- -- -- -- -- -- --
Putnam VT Diversified
Income Fund
Shares 100,620
Cost $1,042,105
Market Value:........... -- -- -- -- -- -- --
Putnam VT Growth and
Income Fund
Shares 549,019
Cost $15,326,634
Market Value:........... $14,395,284 -- -- -- -- -- --
Putnam VT Global Asset
Allocation Fund
Shares 92,620
Cost $1,689,038
Market Value:........... -- $1,647,702 -- -- -- -- --
Putnam VT High Yield Fund
Shares 683,040
Cost $7,806,642
Market Value:........... -- -- $7,301,699 -- -- -- --
Putnam VT Income Fund
Shares 221,265
Cost $2,904,267
Market Value:........... -- -- -- $2,776,874 -- -- --
Putnam VT New
Opportunities Fund
Shares 374,211
Cost $8,827,699
Market Value:........... -- -- -- -- $10,900,753 -- --
Putnam VT Money Market
Fund
Shares 727,189
Cost $727,188
Market Value:........... -- -- -- -- -- $727,188 --
Putnam VT Utilities
Growth & Income Fund
Shares 129,198
Cost $2,159,842
Market Value:........... -- -- -- -- -- -- $2,200,242
Due from Hartford Life &
Annuity Insurance
Company.................. -- 52 11,199 2 5,895 12,411 15
Receivable from fund
shares sold.............. 440,076 -- -- -- -- -- --
----------- ---------- ---------- ---------- ----------- -------- ----------
Total Assets.............. 14,835,360 1,647,754 7,312,898 2,776,876 10,906,648 739,599 2,200,257
----------- ---------- ---------- ---------- ----------- -------- ----------
Liabilities
Due to Hartford Life &
Annuity Insurance
Company.................. 440,524 -- -- -- -- -- --
Payable for fund shares
purchased................ -- 13 11,243 -- 5,956 12,393 --
----------- ---------- ---------- ---------- ----------- -------- ----------
Total Liabilities......... 440,524 13 11,243 -- 5,956 12,393 --
----------- ---------- ---------- ---------- ----------- -------- ----------
Net Assets (variable life
contract liabilities).... $14,394,836 $1,647,741 $7,301,655 $2,776,876 $10,900,692 $727,206 $2,200,257
=========== ========== ========== ========== =========== ======== ==========
</TABLE>
<PAGE>
SA-4 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
International
Asia Pacific International Growth
Growth Growth and Income
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
------------ ------------- -------------
<S> <C> <C> <C>
Assets
Investments:
Putnam VT Asia Pacific
Growth Fund
Shares 35,401
Cost $409,833
Market Value:........... $431,893 -- --
Putnam VT International
Growth Fund
Shares 64,638
Cost $928,652
Market Value:........... -- $1,033,559 --
Putnam VT International
Growth and Income Fund
Shares 549,019
Cost $442,499
Market Value:........... -- -- $477,872
Putnam VT International
New Opportunities Fund
Shares 374,211
Cost $217,618
Market Value:........... -- -- --
Putnam VT New Value Fund
Shares 61,366
Cost $764,005
Market Value:........... -- -- --
Putnam VT Vista Fund
Shares 34,176
Cost $532,842
Market Value:........... -- -- --
Putnam VT George Putnam
Fund of Boston
Shares 40,722
Cost $426,658
Market Value:........... -- -- --
Putnam VT OTC & Emerging
Growth Fund
Shares 27,391
Cost $299,010
Market Value:........... -- -- --
Putnam VT Investors Fund
Shares 186,715
Cost $2,268,142
Market Value:........... -- -- --
Putnam VT Health Sciences
Fund
Shares 114,626
Cost $1,181,510
Market Value:........... -- -- --
Due from Hartford Life &
Annuity Insurance
Company.................. -- -- 1,183
Receivable from fund
shares sold.............. -- 38,695 --
-------- ---------- --------
Total Assets.............. 431,893 1,072,254 479,055
-------- ---------- --------
Liabilities
Due to Hartford Life &
Annuity Insurance
Company.................. 9 38,843 --
Payable for fund shares
purchased................ -- -- 1,207
-------- ---------- --------
Total Liabilities......... 9 38,843 1,207
-------- ---------- --------
Net Assets (variable life
contract liabilities).... $431,884 $1,033,411 $477,848
======== ========== ========
</TABLE>
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-5
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International
New New The George OTC & Health
Opportunities Value Vista Putnam Fund Emerging Growth Investors Sciences
Fund Fund Fund of Boston Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------- ----------- ----------- ----------- --------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments:
Putnam VT Asia Pacific
Growth Fund
Shares 35,401
Cost $409,833
Market Value:........... -- -- -- -- -- -- --
Putnam VT International
Growth Fund
Shares 64,638
Cost $928,652
Market Value:........... -- -- -- -- -- -- --
Putnam VT International
Growth and Income Fund
Shares 549,019
Cost $442,499
Market Value:........... -- -- -- -- -- -- --
Putnam VT International
New Opportunities Fund
Shares 374,211
Cost $217,618
Market Value:........... $241,588 -- -- -- -- -- --
Putnam VT New Value Fund
Shares 61,366
Cost $764,005
Market Value:........... -- $716,142 -- -- -- -- --
Putnam VT Vista Fund
Shares 34,176
Cost $532,842
Market Value:........... -- -- $544,428 -- -- -- --
Putnam VT George Putnam
Fund of Boston
Shares 40,722
Cost $426,658
Market Value:........... -- -- -- $412,925 -- -- --
Putnam VT OTC & Emerging
Growth Fund
Shares 27,391
Cost $299,010
Market Value:........... -- -- -- -- $355,259 -- --
Putnam VT Investors Fund
Shares 186,715
Cost $2,268,142
Market Value:........... -- -- -- -- -- $2,270,460 --
Putnam VT Health Sciences
Fund
Shares 114,626
Cost $1,181,510
Market Value:........... -- -- -- -- -- -- $1,102,704
Due from Hartford Life &
Annuity Insurance
Company.................. 3 146,176 24,630 3,005 1,249 146,310 100
Receivable from fund
shares sold.............. -- -- -- -- -- -- --
-------- -------- -------- -------- -------- ---------- ----------
Total Assets.............. 241,591 862,318 569,058 415,930 356,508 2,416,770 1,102,804
-------- -------- -------- -------- -------- ---------- ----------
Liabilities
Due to Hartford Life &
Annuity Insurance
Company.................. -- -- -- -- -- -- --
Payable for fund shares
purchased................ -- 146,176 24,627 3,006 1,300 146,289 103
-------- -------- -------- -------- -------- ---------- ----------
Total Liabilities......... -- 146,176 24,627 3,006 1,300 146,289 103
-------- -------- -------- -------- -------- ---------- ----------
Net Assets (variable life
contract liabilities).... $241,591 $716,142 $544,431 $412,924 $355,208 $2,270,481 $1,102,701
======== ======== ======== ======== ======== ========== ==========
</TABLE>
<PAGE>
SA-6 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENT OF CHANGES IN NET ASSETS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Global Diversified
Voyager Growth Income
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
------------ ------------ -----------
<S> <C> <C> <C>
Operations:
Net investment income
(loss)..................... $ 15,233 $ 38,016 $ 53,173
Capital gains income........ 1,221,590 791,631 --
Net realized gain (loss) on
security transactions...... (43,619) (3,512) 346
Net unrealized appreciation
(depreciation) of
investments during the
period..................... 341,131 254,447 (57,486)
----------- ----------- --------
Net increase (decrease) in
net assets resulting from
operations................. 1,534,335 1,080,582 (3,967)
----------- ----------- --------
Unit transactions:
Purchases................... 3,663,150 2,578,071 130,548
Net transfers............... 6,469,288 864,691 205,448
Surrenders.................. (377,240) (321,188) (11,656)
Loan withdrawals............ (116,705) (52,276) (60)
Cost of insurance........... (590,487) (344,174) (30,123)
----------- ----------- --------
Net increase (decrease) in
net assets resulting from
unit transactions.......... 9,048,006 2,725,124 294,157
----------- ----------- --------
Total increase (decrease) in
net assets................. 10,582,341 3,805,706 290,190
Net Assets:
Beginning of period......... 10,108,873 7,517,090 686,833
----------- ----------- --------
End of period............... $20,691,214 $11,322,796 $977,023
=========== =========== ========
</TABLE>
Statement of Changes in Net Assets
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
Global Diversified
Voyager Growth Income
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
------------ ----------- -----------
<S> <C> <C> <C>
Operations:
Net investment income
(loss)................ $ 5,550 $ 66,009 $ 2,718
Capital gains income... 135,426 330,045 1,154
Net realized gain
(loss) on security
transactions.......... 1,139 3,657 15
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,302,791 799,731 (9,453)
----------- ---------- --------
Net increase (decrease)
in net assets
resulting from
operations............ 1,444,906 1,199,442 (5,566)
----------- ---------- --------
Unit transactions:
Purchases.............. 1,842,714 1,777,192 85,364
Net transfers.......... 5,859,152 3,292,482 584,214
Surrenders............. (104,683) (99,324) (6,589)
Loan withdrawals....... (122,704) (60,658) (2)
Cost of insurance...... (253,931) (227,264) (13,198)
----------- ---------- --------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 7,220,548 4,682,428 649,789
----------- ---------- --------
Total increase
(decrease) in net
assets................ 8,665,454 5,881,870 644,223
Net Assets:
Beginning of period.... 1,443,419 1,635,220 42,610
----------- ---------- --------
End of period.......... $10,108,873 $7,517,090 $686,833
=========== ========== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-7
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Utilities
Growth Global Asset New Money Growth
and Income Allocation High Yield VT Income Opportunities Market and Income
Fund Fund Fund Fund Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------ ----------- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Operations:
Net investment income
(loss)..................... $ 155,610 $ 24,931 $ 292,292 $ 110,447 $ -- $ 21,902 $ 49,760
Capital gains income........ 776,526 69,902 -- 32,951 106,172 -- 52,257
Net realized gain (loss) on
security transactions...... (35,365) (52) 76 264 (7,533) -- (108)
Net unrealized appreciation
(depreciation) of
investments during the
period..................... (1,360,719) (82,523) (349,245) (194,625) 977,565 -- (87,883)
----------- ---------- ---------- ---------- ----------- -------- ----------
Net increase (decrease) in
net assets resulting from
operations................. (463,948) 12,258 (56,877) (50,963) 1,076,204 21,902 14,026
----------- ---------- ---------- ---------- ----------- -------- ----------
Unit transactions:
Purchases................... 2,968,613 269,548 992,246 578,079 2,017,487 144,847 353,512
Net transfers............... 4,973,315 432,943 4,890,043 906,203 1,927,894 112,931 743,701
Surrenders.................. (322,814) (33,012) (249,991) (29,855) (334,011) (8,026) (52,014)
Loan withdrawals............ (86,081) (9,814) (307,049) 8,320 (1,177) (48,024) (19,582)
Cost of insurance........... (525,342) (47,826) (159,521) (127,987) (308,716) (24,387) (73,432)
----------- ---------- ---------- ---------- ----------- -------- ----------
Net increase (decrease) in
net assets resulting from
unit transactions.......... 7,007,691 611,839 5,165,728 1,334,760 3,301,477 177,341 952,185
----------- ---------- ---------- ---------- ----------- -------- ----------
Total increase (decrease) in
net assets................. 6,543,743 624,097 5,108,851 1,283,797 4,377,681 199,243 966,211
Net Assets:
Beginning of period......... 7,851,093 1,023,644 2,192,804 1,493,079 6,523,011 527,963 1,234,046
----------- ---------- ---------- ---------- ----------- -------- ----------
End of period............... $14,394,836 $1,647,741 $7,301,655 $2,776,876 $10,900,692 $727,206 $2,200,257
=========== ========== ========== ========== =========== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
U.S. Government Utilities
Growth Global Asset and High New Money Growth
and Income Allocation High Yield Quality Bond Opportunities Market and Income
Fund Fund Fund Fund Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
----------- ------------ ----------- --------------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Operations:
Net investment income
(loss)................ $ 36,061 $ 9,598 $ 34,276 $ 61,358 $ -- $ 10,171 $ 10,596
Capital gains income... 235,404 41,227 5,378 1,597 25,739 -- 18,263
Net realized gain
(loss) on security
transactions.......... 4,991 511 8,112 2,773 (50,616) -- (609)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 369,952 31,846 (176,046) 25,703 967,053 -- 84,719
---------- ---------- ---------- ---------- ---------- -------- ----------
Net increase (decrease)
in net assets
resulting from
operations............ 646,408 83,182 (128,280) 91,431 942,176 10,171 112,969
---------- ---------- ---------- ---------- ---------- -------- ----------
Unit transactions:
Purchases.............. 1,520,697 197,777 465,319 518,167 1,695,165 111,154 269,787
Net transfers.......... 4,737,360 474,639 1,652,869 (216,141) 2,990,857 294,105 641,807
Surrenders............. (94,734) (12,784) (17,686) (23,212) (78,215) (4,383) (7,600)
Loan withdrawals....... (99,490) (591) (12,272) (153) (10,265) (1,053) (8,087)
Cost of insurance...... (257,615) (29,489) (51,815) (70,077) (162,662) (9,256) (34,433)
---------- ---------- ---------- ---------- ---------- -------- ----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 5,806,218 629,552 2,036,415 208,584 4,434,880 390,567 861,474
---------- ---------- ---------- ---------- ---------- -------- ----------
Total increase
(decrease) in net
assets................ 6,452,626 712,734 1,908,135 300,015 5,377,056 400,738 974,443
Net Assets:
Beginning of period.... 1,398,467 310,910 284,669 1,193,064 1,145,955 127,225 259,603
---------- ---------- ---------- ---------- ---------- -------- ----------
End of period.......... $7,851,093 $1,023,644 $2,192,804 $1,493,079 $6,523,011 $527,963 $1,234,046
========== ========== ========== ========== ========== ======== ==========
</TABLE>
<PAGE>
SA-8 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENT OF CHANGES IN NET ASSETS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
International
Asia Pacific International Growth
Growth Growth and Income
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
------------ ------------- -------------
<S> <C> <C> <C>
Operations:
Net investment income
(loss)..................... $ -- $ -- $--
Capital gains income........ -- -- --
Net realized gain (loss) on
security transactions...... 17,718 3,557 (292)
Net unrealized appreciation
(depreciation) of
investments during the
period..................... 21,950 92,726 34,057
-------- ---------- --------
Net increase (decrease) in
net assets resulting from
operations................. 39,668 96,283 33,765
-------- ---------- --------
Unit transactions:
Purchases................... 15,991 172,813 55,770
Net transfers............... 386,297 582,550 226,729
Surrenders.................. (4,617) (10,089) (7,229)
Loan withdrawals............ (108) (10,227) (1,257)
Cost of insurance........... (7,729) (35,565) (13,786)
-------- ---------- --------
Net increase (decrease) in
net assets resulting from
unit transactions.......... 389,834 699,482 260,227
-------- ---------- --------
Total increase (decrease) in
net assets................. 429,502 795,765 293,992
Net Assets:
Beginning of period......... 2,382 237,646 183,856
-------- ---------- --------
End of period............... $431,884 $1,033,411 $477,848
======== ========== ========
</TABLE>
Statement of Changes in Net Assets
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
International
Asia Pacific International Growth
Growth Growth and Income
Fund Fund Fund
Sub-Account* Sub-Account* Sub-Account*
------------ ------------- -------------
<S> <C> <C> <C>
Operations:
Net investment income
(loss).............. $-- $ 631 $ 2,027
Capital gains
income.............. -- -- 4,882
Net realized gain
(loss) on security
transactions........ -- (2) (4)
Net unrealized
appreciation
(depreciation) of
investments during
the period.......... 110 12,182 1,315
------ -------- --------
Net increase
(decrease) in net
assets resulting
from operations..... 110 12,811 8,220
------ -------- --------
Unit transactions:
Purchases............ 1,025 9,271 17,634
Net transfers........ 1,266 217,210 159,730
Surrenders........... (8) (739) (640)
Loan withdrawals..... -- -- (1)
Cost of insurance.... (11) (907) (1,087)
------ -------- --------
Net increase
(decrease) in net
assets resulting
from unit
transactions........ 2,272 224,835 175,636
------ -------- --------
Total increase
(decrease) in net
assets.............. 2,382 237,646 183,856
Net Assets:
Beginning of
period.............. -- -- --
------ -------- --------
End of period........ $2,382 $237,646 $183,856
====== ======== ========
</TABLE>
* From inception, August 3, 1998, to December 31, 1998
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-9
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International The
New New George OTC & Health
Opportunities Value Vista Putnam Emerging Growth Investors Sciences
Fund Fund Fund of Boston Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------- ----------- ----------- ----------- --------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Operations:
Net investment income
(loss)..................... $ 19 $ 3 $ -- $ -- $-- $ -- $ --
Capital gains income........ -- 690 -- 287 -- -- --
Net realized gain (loss) on
security transactions...... (644) (51) 58 932 (27,049) 246 (468)
Net unrealized appreciation
(depreciation) of
investments during the
period..................... 21,802 (48,303) 4,149 (15,754) 52,705 (11,236) (93,975)
-------- -------- -------- -------- -------- ---------- ----------
Net increase (decrease) in
net assets resulting from
operations................. 21,177 (47,661) 4,207 (14,535) 25,656 (10,990) (94,443)
-------- -------- -------- -------- -------- ---------- ----------
Unit transactions:
Purchases................... 21,630 24,896 90,321 63,679 94,527 413,878 244,314
Net transfers............... 207,333 737,977 425,727 311,653 244,050 1,792,066 864,910
Surrenders.................. (19,663) (2,820) (5,269) (10,965) (25,662) (22,068) (16,607)
Loan withdrawals............ (270) (114) (133) (16,250) (2) (293) (151)
Cost of insurance........... (5,802) (12,786) (17,507) (17,048) (13,546) (62,872) (47,515)
-------- -------- -------- -------- -------- ---------- ----------
Net increase (decrease) in
net assets resulting from
unit transactions.......... 203,228 747,153 493,139 331,069 299,367 2,120,711 1,044,951
-------- -------- -------- -------- -------- ---------- ----------
Total increase (decrease) in
net assets................. 224,405 699,492 497,346 316,534 325,023 2,109,721 950,508
Net Assets:
Beginning of period......... 17,186 16,650 47,085 96,390 30,185 160,760 152,193
-------- -------- -------- -------- -------- ---------- ----------
End of period............... $241,591 $716,142 $544,431 $412,924 $355,208 $2,270,481 $1,102,701
======== ======== ======== ======== ======== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
International The
New New George OTC & Health
Opportunities Value Vista Putnam Emerging Growth Investors Sciences
Fund Fund Fund of Boston Fund Fund Fund
Sub-Account* Sub-Account* Sub-Account* Sub-Account* Sub-Account* Sub-Account* Sub-Account*
------------- -------------- ------------ ------------ --------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Operations:
Net investment income
(loss).............. $-- $ 131 $-- $ 532 $ 10 $ 111 $ 126
Capital gains
income.............. -- 25 -- -- -- -- --
Net realized gain
(loss) on security
transactions........ 5 255 4 7 769 (1) 2
Net unrealized
appreciation
(depreciation) of
investments during
the period.......... 2,169 439 7,437 2,022 3,544 13,554 15,169
------- ------- ------- ------- ------- -------- --------
Net increase
(decrease) in net
assets resulting
from operations..... 2,174 850 7,441 2,561 4,323 13,664 15,297
------- ------- ------- ------- ------- -------- --------
Unit transactions:
Purchases............ 1,092 4,212 1,667 26,333 5,337 18,749 43,812
Net transfers........ 14,115 12,066 38,890 68,878 21,258 131,102 95,215
Surrenders........... (71) (154) (259) (507) (231) (525) (539)
Loan withdrawals..... -- -- -- (39) (1) (2) --
Cost of insurance.... (124) (324) (654) (836) (501) (2,228) (1,592)
------- ------- ------- ------- ------- -------- --------
Net increase
(decrease) in net
assets resulting
from unit
transactions........ 15,012 15,800 39,644 93,829 25,862 147,096 136,896
------- ------- ------- ------- ------- -------- --------
Total increase
(decrease) in net
assets.............. 17,186 16,650 47,085 96,390 30,185 160,760 152,193
Net Assets:
Beginning of
period.............. -- -- -- -- -- -- --
------- ------- ------- ------- ------- -------- --------
End of period........ $17,186 $16,650 $47,085 $96,390 $30,185 $160,760 $152,193
======= ======= ======= ======= ======= ======== ========
</TABLE>
* From inception, August 3, 1998, to December 31, 1998
<PAGE>
SA-10 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Global Diversified
Voyager Growth Income
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
----------- ----------- -----------
<S> <C> <C> <C>
Investment income:
Dividends............ $ 15,233 $ 38,016 $ 53,173
---------- ---------- --------
Capital gains income... 1,221,590 791,631 --
---------- ---------- --------
Net realized and
unrealized gain (loss)
on investments:
Net realized gain
(loss) on security
transactions........ (43,619) (3,512) 346
Net unrealized
appreciation
(depreciation) of
investments during
the period.......... 341,131 254,447 (57,486)
---------- ---------- --------
Net gain (losses)
on investments.... 297,512 250,935 (57,140)
---------- ---------- --------
Net increase
(decrease) in net
assets resulting
from
operations:....... $1,534,335 $1,080,582 $ (3,967)
========== ========== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-11
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Utilities
Growth Global Asset New Money Growth
and Income Allocation High Yield VT Income Opportunities Market and Income
Fund Fund Fund Fund Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------ ----------- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends............ $ 155,610 $ 24,931 $ 292,292 $ 110,447 $ -- $21,902 $ 49,760
----------- -------- --------- --------- ---------- ------- --------
Capital gains income... 776,526 69,902 -- 32,951 106,172 -- 52,257
----------- -------- --------- --------- ---------- ------- --------
Net realized and
unrealized gain (loss)
on investments:
Net realized gain
(loss) on security
transactions........ (35,365) (52) 76 264 (7,533) -- (108)
Net unrealized
appreciation
(depreciation) of
investments during
the period.......... (1,360,719) (82,523) (349,245) (194,625) 977,565 -- (87,883)
----------- -------- --------- --------- ---------- ------- --------
Net gain (losses)
on investments.... (1,396,084) (82,575) (349,169) (194,361) 970,032 -- (87,991)
----------- -------- --------- --------- ---------- ------- --------
Net increase
(decrease) in net
assets resulting
from
operations:....... $ (463,948) $ 12,258 $ (56,877) $ (50,963) $1,076,204 $21,902 $ 14,026
=========== ======== ========= ========= ========== ======= ========
</TABLE>
<PAGE>
SA-12 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
International
Asia Pacific International Growth
Growth Growth and Income
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
------------ ------------- -------------
<S> <C> <C> <C>
Investment income:
Dividends............ $-- $-- $--
------- ------- -------
Capital gains
income.............. -- -- --
------- ------- -------
Net realized and
unrealized gain (loss)
on investments:
Net realized gain
(loss) on security
transactions...... 17,718 3,557 (292)
Net unrealized
appreciation
(depreciation) of
investments during
the period........ 21,950 92,726 34,057
------- ------- -------
Net gain (losses)
on
investments..... 39,668 96,283 33,765
------- ------- -------
Net increase
(decrease) in
net assets
resulting from
operations:..... $39,668 $96,283 $33,765
======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-13
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International
New New The George OTC & Health
Opportunities Value Vista Putnam Fund Emerging Growth Investors Sciences
Fund Fund Fund of Boston Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------- ----------- ----------- ----------- --------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends............ $ 19 $ 3 $-- $ -- $-- $ -- $ --
------- -------- ------ -------- ------- -------- --------
Capital gains
income.............. -- 690 -- 287 -- -- --
------- -------- ------ -------- ------- -------- --------
Net realized and
unrealized gain (loss)
on investments:
Net realized gain
(loss) on security
transactions...... (644) (51) 58 932 (27,049) 246 (468)
Net unrealized
appreciation
(depreciation) of
investments during
the period........ 21,802 (48,303) 4,149 (15,754) 52,705 (11,236) (93,975)
------- -------- ------ -------- ------- -------- --------
Net gain (losses)
on
investments..... 21,158 (48,354) 4,207 (14,822) 25,656 (10,990) (94,443)
------- -------- ------ -------- ------- -------- --------
Net increase
(decrease) in
net assets
resulting from
operations:..... $21,177 $(47,661) $4,207 $(14,535) $25,656 $(10,990) $(94,443)
======= ======== ====== ======== ======= ======== ========
</TABLE>
<PAGE>
SA-14 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Units
Owned by Unit Contract
Participants Price Liability
------------ ---------- -----------
<S> <C> <C> <C>
Variable life contracts:
Individual Sub-Accounts:
Voyager Fund.............................................. 641,162 $32.271497 $20,691,214
Global Growth Fund........................................ 430,815 26.282278 11,322,796
Asia Pacific Growth Fund.................................. 27,577 15.661144 431,884
Growth and Income Fund.................................... 567,581 25.361714 14,394,836
Global Asset Allocation Fund.............................. 78,112 21.094614 1,647,741
High Yield Fund........................................... 459,117 15.903683 7,301,655
VT Income Fund............................................ 192,357 14.436052 2,776,876
New Opportunities Fund.................................... 423,036 25.767751 10,900,692
Money Market Fund......................................... 542,333 1.340884 727,206
Utilities Growth & Income Fund............................ 102,007 21.569619 2,200,257
Diversified Income Fund................................... 76,844 12.714294 977,023
International Growth Fund................................. 89,294 11.573084 1,033,411
International Growth and Income Fund...................... 41,992 11.379614 477,848
International New Opportunities Fund...................... 19,182 12.594233 241,591
New Value Fund............................................ 68,405 10.469069 716,142
Vista Fund................................................ 47,405 11.484699 544,431
The George Putnam Fund of Boston.......................... 39,422 10.474387 412,924
OTC & Emerging Growth..................................... 25,652 13.847446 355,208
Investors................................................. 194,481 11.674568 2,270,481
Health Sciences........................................... 111,539 9.886249 1,102,701
------- ---------- -----------
Grand Total:................................................ $80,526,916
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
SA-1 Hartford Life and Annuity Insurance Company
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To Hartford Life and Annuity Insurance Company Putnam Capital Manager Trust
Separate Account
Variable Life One and to the Owners of Units of Interest therein:
We have audited the accompanying statements of assets and liabilities of
Hartford Life and Annuity Insurance Company Putnam Capital Manager Trust
Separate Account Variable Life One (Asia Pacific Growth, Diversified Income, The
George Putnam Fund of Boston, Global Asset Allocation, Global Growth, Growth and
Income, Health Sciences, High Yield, International Growth, International Growth
and Income, International New Opportunities, Investors, Money Market, New
Opportunities, New Value, OTC & Emerging Growth, U.S. Government and High
Quality Bond, Utilities Growth and Income, Vista, and Voyager), (collectively,
the Account) as of December 31, 1998, and the related statements of operations
and the statements of changes in net assets for the periods presented. These
financial statements are the responsibility of the Account's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Account as of December 31,
1998, and the results of their operations and the changes in their net assets
for the periods presented in conformity with generally accepted accounting
principles.
ARTHUR ANDERSEN LLP
Hartford, Connecticut
February 15, 1999
<PAGE>
SA-2 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF ASSETS & LIABILITIES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
ASIA THE GEORGE
PACIFIC DIVERSIFIED PUTNAM FUND
GROWTH INCOME OF BOSTON
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Putnam VT Asia Pacific
Growth Fund
Shares 286
Cost $ 2,272
Market Value......... $2,382 $ -- $--
Putnam VT Diversified
Income Fund
Shares 65,475
Cost $ 694,428
Market Value......... -- 686,832 --
Putnam VT The George
Putnam Fund of Boston
Shares 9,375
Cost $ 94,351
Market Value......... -- -- 96,373
Putnam VT Global Asset
Allocation Fund
Shares 54,016
Cost $ 982,423
Market Value......... -- -- --
Putnam VT Global Growth
Fund
Shares 370,679
Cost $6,691,738
Market Value......... -- -- --
Putnam VT Growth and
Income Fund
Shares 272,903
Cost $7,422,063
Market Value......... -- -- --
Putnam VT Health
Sciences Fund
Shares 13,911
Cost $ 137,023
Market Value......... -- -- --
Putnam VT High Yield
Fund
Shares 187,419
Cost $2,348,503
Market Value......... -- -- --
Putnam VT International
Growth Fund
Shares 17,578
Cost $ 225,468
Market Value......... -- -- --
Putnam VT International
Growth and Income Fund
Shares 15,021
Cost $ 182,548
Market Value......... -- -- --
Due from Hartford Life
Insurance Company..... -- 3,229 4,564
Receivable from fund
shares sold........... -- -- --
----------- ----------- -----------
Total Assets........... 2,382 690,061 100,937
----------- ----------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company -- -- --
Payable for fund shares
purchased -- 3,228 4,547
----------- ----------- -----------
Total Liabilities...... -- 3,228 4,547
----------- ----------- -----------
Net Assets (variable
life contract
liabilities).......... $2,382 $686,833 $96,390
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-3
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL
ASSET GLOBAL
ALLOCATION GROWTH
SUB-ACCOUNT SUB-ACCOUNT
----------- -----------
<S> <C> <C>
ASSETS:
Investments:
Putnam VT Asia Pacific
Growth Fund
Shares 286
Cost $ 2,272
Market Value......... $ -- $ --
Putnam VT Diversified
Income Fund
Shares 65,475
Cost $ 694,428
Market Value......... -- --
Putnam VT The George
Putnam Fund of Boston
Shares 9,375
Cost $ 94,351
Market Value......... -- --
Putnam VT Global Asset
Allocation Fund
Shares 54,016
Cost $ 982,423
Market Value......... 1,023,610 --
Putnam VT Global Growth
Fund
Shares 370,679
Cost $6,691,738
Market Value......... -- 7,517,360
Putnam VT Growth and
Income Fund
Shares 272,903
Cost $7,422,063
Market Value......... -- --
Putnam VT Health
Sciences Fund
Shares 13,911
Cost $ 137,023
Market Value......... -- --
Putnam VT High Yield
Fund
Shares 187,419
Cost $2,348,503
Market Value......... -- --
Putnam VT International
Growth Fund
Shares 17,578
Cost $ 225,468
Market Value......... -- --
Putnam VT International
Growth and Income Fund
Shares 15,021
Cost $ 182,548
Market Value......... -- --
Due from Hartford Life
Insurance Company..... 34 19,420
Receivable from fund
shares sold........... -- --
----------- -----------
Total Assets........... 1,023,644 7,536,780
----------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company -- --
Payable for fund shares
purchased -- 19,690
----------- -----------
Total Liabilities...... -- 19,690
----------- -----------
Net Assets (variable
life contract
liabilities).......... $ 1,023,644 $ 7,517,090
----------- -----------
----------- -----------
<CAPTION>
INTERNATIONAL
GROWTH HEALTH INTERNATIONAL GROWTH AND
AND INCOME SCIENCES HIGH YIELD GROWTH INCOME
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Putnam VT Asia Pacific
Growth Fund
Shares 286
Cost $ 2,272
Market Value......... $ -- $ -- $ -- $ -- $ --
Putnam VT Diversified
Income Fund
Shares 65,475
Cost $ 694,428
Market Value......... -- -- -- -- --
Putnam VT The George
Putnam Fund of Boston
Shares 9,375
Cost $ 94,351
Market Value......... -- -- -- -- --
Putnam VT Global Asset
Allocation Fund
Shares 54,016
Cost $ 982,423
Market Value......... -- -- -- -- --
Putnam VT Global Growth
Fund
Shares 370,679
Cost $6,691,738
Market Value......... -- -- -- -- --
Putnam VT Growth and
Income Fund
Shares 272,903
Cost $7,422,063
Market Value......... 7,851,431 -- -- -- --
Putnam VT Health
Sciences Fund
Shares 13,911
Cost $ 137,023
Market Value......... -- 152,192 -- -- --
Putnam VT High Yield
Fund
Shares 187,419
Cost $2,348,503
Market Value......... -- -- 2,192,806 -- --
Putnam VT International
Growth Fund
Shares 17,578
Cost $ 225,468
Market Value......... -- -- -- 237,650 --
Putnam VT International
Growth and Income Fund
Shares 15,021
Cost $ 182,548
Market Value......... -- -- -- -- 183,863
Due from Hartford Life
Insurance Company..... 13,931 285 115 1,206 31
Receivable from fund
shares sold........... -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Assets........... 7,865,362 152,477 2,192,921 238,856 183,894
----------- ----------- ----------- ----------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company -- -- -- -- --
Payable for fund shares
purchased 14,269 284 117 1,210 38
----------- ----------- ----------- ----------- -----------
Total Liabilities...... 14,269 284 117 1,210 38
----------- ----------- ----------- ----------- -----------
Net Assets (variable
life contract
liabilities).......... $ 7,851,093 $152,193 $ 2,192,804 $237,646 $183,856
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
</TABLE>
<PAGE>
SA-4 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF ASSETS & LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
INTERNATIONAL
NEW MONEY
OPPORTUNITIES INVESTORS MARKET
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Putnam VT International
New Opportunities Fund
Shares 1,496
Cost $ 15,017
Market Value......... $17,186 $ -- $ --
Putnam VT Investors
Fund
Shares 13,799
Cost $ 147,202
Market Value......... -- 160,756 --
Putnam VT Money Market
Fund
Shares 527,966
Cost $ 527,966
Market Value......... -- -- 527,966
Putnam VT New
Opportunities Fund
Shares 250,312
Cost $5,427,645
Market Value......... -- -- --
Putnam VT New Value
Fund
Shares 1,384
Cost $ 16,210
Market Value......... -- -- --
Putnam VT OTC &
Emerging Growth Fund
Shares 2,991
Cost $ 26,639
Market Value......... -- -- --
Putnam VT U.S.
Government and High
Quality Bond Fund
Shares 107,804
Cost $1,425,849
Market Value......... -- -- --
Putnam VT Utilities
Growth & Income Fund
Shares 67,841
Cost $1,105,371
Market Value......... -- -- --
Putnam VT Vista Fund
Shares 3,199
Cost $ 39,649
Market Value......... -- -- --
Putnam VT Voyager Fund
Shares 220,466
Cost $8,653,660
Market Value......... -- -- --
Due from Hartford Life
Insurance Company..... -- 613 --
Receivable from fund
shares sold........... -- -- --
------------- ----------- -----------
Total Assets........... 17,186 161,369 527,966
------------- ----------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company..... -- -- 3
Payable for fund shares
purchased............. -- 609 --
------------- ----------- -----------
Total Liabilities...... -- 609 3
------------- ----------- -----------
Net Assets (variable
life contract
liabilities).......... $17,186 $160,760 $527,963
------------- ----------- -----------
------------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-5
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW NEW
OPPORTUNITIES VALUE
SUB-ACCOUNT SUB-ACCOUNT
------------- -----------
<S> <C> <C>
ASSETS:
Investments:
Putnam VT International
New Opportunities Fund
Shares 1,496
Cost $ 15,017
Market Value......... $ -- $--
Putnam VT Investors
Fund
Shares 13,799
Cost $ 147,202
Market Value......... -- --
Putnam VT Money Market
Fund
Shares 527,966
Cost $ 527,966
Market Value......... -- --
Putnam VT New
Opportunities Fund
Shares 250,312
Cost $5,427,645
Market Value......... 6,523,133 --
Putnam VT New Value
Fund
Shares 1,384
Cost $ 16,210
Market Value......... -- 16,649
Putnam VT OTC &
Emerging Growth Fund
Shares 2,991
Cost $ 26,639
Market Value......... -- --
Putnam VT U.S.
Government and High
Quality Bond Fund
Shares 107,804
Cost $1,425,849
Market Value......... -- --
Putnam VT Utilities
Growth & Income Fund
Shares 67,841
Cost $1,105,371
Market Value......... -- --
Putnam VT Vista Fund
Shares 3,199
Cost $ 39,649
Market Value......... -- --
Putnam VT Voyager Fund
Shares 220,466
Cost $8,653,660
Market Value......... -- --
Due from Hartford Life
Insurance Company..... 31,990 1
Receivable from fund
shares sold........... -- --
------------- -----------
Total Assets........... 6,555,123 16,650
------------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company..... -- --
Payable for fund shares
purchased............. 32,112 --
------------- -----------
Total Liabilities...... 32,112 --
------------- -----------
Net Assets (variable
life contract
liabilities).......... $6,523,011 $16,650
------------- -----------
------------- -----------
<CAPTION>
OTC & U.S. GOVERNMENT UTILITIES
EMERGING AND HIGH GROWTH
GROWTH QUALITY BOND AND INCOME VISTA VOYAGER
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- --------------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Putnam VT International
New Opportunities Fund
Shares 1,496
Cost $ 15,017
Market Value......... $-- $ -- $ -- $-- $ --
Putnam VT Investors
Fund
Shares 13,799
Cost $ 147,202
Market Value......... -- -- -- -- --
Putnam VT Money Market
Fund
Shares 527,966
Cost $ 527,966
Market Value......... -- -- -- -- --
Putnam VT New
Opportunities Fund
Shares 250,312
Cost $5,427,645
Market Value......... -- -- -- -- --
Putnam VT New Value
Fund
Shares 1,384
Cost $ 16,210
Market Value......... -- -- -- -- --
Putnam VT OTC &
Emerging Growth Fund
Shares 2,991
Cost $ 26,639
Market Value......... 30,183 -- -- -- --
Putnam VT U.S.
Government and High
Quality Bond Fund
Shares 107,804
Cost $1,425,849
Market Value......... -- 1,480,144 -- -- --
Putnam VT Utilities
Growth & Income Fund
Shares 67,841
Cost $1,105,371
Market Value......... -- -- 1,234,030 -- --
Putnam VT Vista Fund
Shares 3,199
Cost $ 39,649
Market Value......... -- -- -- 47,086 --
Putnam VT Voyager Fund
Shares 220,466
Cost $8,653,660
Market Value......... -- -- -- -- 10,108,374
Due from Hartford Life
Insurance Company..... 2 1,014 28 -- --
Receivable from fund
shares sold........... -- -- -- -- 22,235
----------- --------------- ----------- ----------- ------------
Total Assets........... 30,185 1,481,158 1,234,058 47,086 10,130,609
----------- --------------- ----------- ----------- ------------
LIABILITIES:
Due to Hartford Life
Insurance Company..... -- -- -- 1 21,736
Payable for fund shares
purchased............. -- 1,015 12 -- --
----------- --------------- ----------- ----------- ------------
Total Liabilities...... -- 1,015 12 1 21,736
----------- --------------- ----------- ----------- ------------
Net Assets (variable
life contract
liabilities).......... $30,185 $1,480,143 $1,234,046 $47,085 $10,108,873
----------- --------------- ----------- ----------- ------------
----------- --------------- ----------- ----------- ------------
</TABLE>
<PAGE>
SA-6 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
UNITS
OWNED BY UNIT CONTRACT
PARTICIPANTS PRICE LIABILITY
-------- ---------- -----------
Variable life contracts:
<S> <C> <C> <C>
Asia Pacific Growth Fund.................. 223 $10.693257 $ 2,382
Diversified Income Fund................... 53,755 12.777025 686,833
George Putnam Fund of Boston.............. 9,091 10.602638 96,390
Global Asset Allocation Fund.............. 49,232 20.792218 1,023,643
Global Growth Fund........................ 318,846 23.575913 7,517,090
Growth and Income Fund.................... 307,670 25.517876 7,851,093
Health Sciences Fund...................... 13,537 11.242853 152,193
High Yield Fund........................... 140,779 15.576208 2,192,804
International Growth Fund................. 24,286 9.785387 237,646
International Growth and Income Fund...... 18,822 9.768197 183,856
International New Opportunities Fund...... 2,137 8.042115 17,186
Investors Fund............................ 14,373 11.185169 160,760
Money Market Fund......................... 407,558 1.295432 527,963
New Opportunities Fund.................... 286,823 22.742256 6,523,011
New Value Fund............................ 1,569 10.611164 16,650
OTC & Emerging Growth Fund................ 2,802 10.773294 30,185
U.S. Government and High Quality Bond
Fund........................................ 100,651 14.705728 1,480,143
Utilities Growth & Income Fund............ 57,036 21.636249 1,234,046
Vista Fund................................ 4,437 10.611675 47,085
Voyager Fund.............................. 350,559 28.836430 10,108,873
-----------
Grand Total: $40,089,832
-----------
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
This page intentionally left blank.
<PAGE>
SA-8 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
ASIA THE GEORGE
PACIFIC DIVERSIFIED PUTNAM FUND
GROWTH INCOME OF BOSTON
SUB-ACCOUNT* SUB-ACCOUNT SUB-ACCOUNT*
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. -$- $ 2,718 $ 532
----- ----------- -----------
CAPITAL GAINS INCOME..... -- 1,154 --
----- ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... -- 15 7
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 110 (9,453) 2,022
----- ----------- -----------
Net gain (loss) on
investments........... 110 (9,438) 2,029
----- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ $110 $(5,566) $2,561
----- ----------- -----------
----- ----------- -----------
</TABLE>
* From inception, August 3, 1998, to December 31, 1998.
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-9
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL
ASSET GLOBAL
ALLOCATION GROWTH
SUB-ACCOUNT SUB-ACCOUNT
----------- -----------
<S> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 9,598 $ 66,009
----------- -----------
CAPITAL GAINS INCOME..... 41,227 330,045
----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 511 3,657
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 31,846 799,731
----------- -----------
Net gain (loss) on
investments........... 32,357 803,388
----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ $83,182 $1,199,442
----------- -----------
----------- -----------
<CAPTION>
INTERNATIONAL
GROWTH HEALTH INTERNATIONAL GROWTH AND
AND INCOME SCIENCES HIGH YIELD GROWTH INCOME
SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT*
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 36,061 $ 126 $ 34,276 $ 631 $2,027
----------- ----------- ----------- ----------- -----------
CAPITAL GAINS INCOME..... 235,404 -- 5,378 -- 4,882
----------- ----------- ----------- ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 4,991 2 8,112 (2) (4)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 369,952 15,169 (176,046) 12,182 1,315
----------- ----------- ----------- ----------- -----------
Net gain (loss) on
investments........... 374,943 15,171 (167,934) 12,180 1,311
----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ $646,408 $15,297 $(128,280) $12,811 $8,220
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
</TABLE>
<PAGE>
SA-10 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
INTERNATIONAL
NEW MONEY
OPPORTUNITIES INVESTORS MARKET
SUB-ACCOUNT* SUB-ACCOUNT* SUB-ACCOUNT
------------ ------------ -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $-- $ 111 $10,171
------ ------------ -----------
Capital gains income... -- -- --
------ ------------ -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 5 (1) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 2,169 13,554 --
------ ------------ -----------
Net gain (loss) on
investments........... 2,174 13,553 --
------ ------------ -----------
Net increase (decrease)
in net assets
resulting from
operations............ $2,174 $13,664 $10,171
------ ------------ -----------
------ ------------ -----------
</TABLE>
* From inception, August 3, 1998, to December 31, 1998.
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-11
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW
OPPORTUNITIES NEW VALUE
SUB-ACCOUNT SUB-ACCOUNT*
------------- ------------
<S> <C> <C>
INVESTMENT INCOME:
Dividends.............. $-- $131
------------- -----
Capital gains income... 25,739 25
------------- -----
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... (50,616) 255
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 967,053 439
------------- -----
Net gain (loss) on
investments........... 916,437 694
------------- -----
Net increase (decrease)
in net assets
resulting from
operations............ $942,176 $850
------------- -----
------------- -----
<CAPTION>
OTC & U.S. GOVERNMENT UTILITIES
EMERGING AND HIGH GROWTH
GROWTH QUALITY BOND AND INCOME VISTA VOYAGER
SUB-ACCOUNT* SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT
------------ --------------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 10 $61,358 $ 10,596 $-- $ 5,550
------ ------- ----------- ------ -----------
Capital gains income... -- 1,597 18,263 -- 135,426
------ ------- ----------- ------ -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 769 2,773 (609) 4 1,139
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 3,544 12,767 84,719 7,437 1,302,791
------ ------- ----------- ------ -----------
Net gain (loss) on
investments........... 4,313 15,540 84,110 7,441 1,303,930
------ ------- ----------- ------ -----------
Net increase (decrease)
in net assets
resulting from
operations............ $4,323 $78,495 $112,969 $7,441 $ 1,444,906
------ ------- ----------- ------ -----------
------ ------- ----------- ------ -----------
</TABLE>
<PAGE>
SA-12 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
THE GEORGE
ASIA PACIFIC DIVERSIFIED PUTNAM FUND
GROWTH INCOME OF BOSTON
SUB-ACCOUNT* SUB-ACCOUNT SUB-ACCOUNT*
------------ ----------- ------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $-- $ 2,718 $ 532
------ ----------- ------------
CAPITAL GAINS INCOME..... -- 1,154 --
Net realized gain
(loss) on security
transactions.......... -- 15 7
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 110 (9,453) 2,022
------ ----------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 110 (5,566) 2,561
------ ----------- ------------
UNIT TRANSACTIONS:
Purchases.............. 1,025 85,364 26,333
Net transfers.......... 1,266 584,214 68,878
Surrenders............. (8) (6,589) (507)
Net loan activity...... -- (2) (39)
Cost of insurance...... (11) (13,198) (836)
------ ----------- ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 2,272 649,789 93,829
------ ----------- ------------
Total increase
(decrease) in net
assets................ 2,382 644,223 96,390
NET ASSETS:
Beginning of period.... -- 42,610 --
------ ----------- ------------
End of period.......... $2,382 $686,833 $96,390
------ ----------- ------------
------ ----------- ------------
</TABLE>
* From inception, August 3, 1998, to December 31, 1998.
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-13
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL
ASSET GLOBAL
ALLOCATION GROWTH
SUB-ACCOUNT SUB-ACCOUNT
----------- -----------
<S> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 9,598 $ 66,009
----------- -----------
CAPITAL GAINS INCOME..... 41,227 330,045
Net realized gain
(loss) on security
transactions.......... 511 3,657
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 31,846 799,731
----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ 83,182 1,199,442
----------- -----------
UNIT TRANSACTIONS:
Purchases.............. 197,777 1,777,192
Net transfers.......... 474,639 3,292,482
Surrenders............. (12,784) (99,324)
Net loan activity...... (591) (60,658)
Cost of insurance...... (29,489) (227,264)
----------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 629,552 4,682,428
----------- -----------
Total increase
(decrease) in net
assets................ 712,734 5,881,870
NET ASSETS:
Beginning of period.... 310,910 1,635,220
----------- -----------
End of period.......... $ 1,023,644 $ 7,517,090
----------- -----------
----------- -----------
<CAPTION>
INTERNATIONAL
GROWTH HEALTH INTERNATIONAL GROWTH AND
AND INCOME SCIENCES HIGH YIELD GROWTH INCOME
SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT*
----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 36,061 $ 126 $ 34,276 $ 631 $ 2,027
----------- ------------ ----------- ----------- -----------
CAPITAL GAINS INCOME..... 235,404 -- 5,378 -- 4,882
Net realized gain
(loss) on security
transactions.......... 4,991 2 8,112 (2) (4)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 369,952 15,169 (176,046) 12,182 1,315
----------- ------------ ----------- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ 646,408 15,297 (128,280) 12,811 8,220
----------- ------------ ----------- ----------- -----------
UNIT TRANSACTIONS:
Purchases.............. 1,520,697 43,812 465,319 9,271 17,634
Net transfers.......... 4,737,360 95,215 1,652,869 217,210 159,730
Surrenders............. (94,734) (539) (17,686) (739) (640)
Net loan activity...... (99,490) -- (12,272) -- (1)
Cost of insurance...... (257,615) (1,592) (51,815) (907) (1,087)
----------- ------------ ----------- ----------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 5,806,218 136,896 2,036,415 224,835 175,636
----------- ------------ ----------- ----------- -----------
Total increase
(decrease) in net
assets................ 6,452,626 152,193 1,908,135 237,646 183,856
NET ASSETS:
Beginning of period.... 1,398,467 -- 284,669 -- --
----------- ------------ ----------- ----------- -----------
End of period.......... $ 7,851,093 $152,193 $ 2,192,804 $237,646 $183,856
----------- ------------ ----------- ----------- -----------
----------- ------------ ----------- ----------- -----------
</TABLE>
<PAGE>
SA-14 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
INTERNATIONAL
NEW MONEY
OPPORTUNITIES INVESTORS MARKET
SUB-ACCOUNT* SUB-ACCOUNT* SUB-ACCOUNT
------------ ------------ -----------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $-- $ 111 $ 10,171
CAPITAL GAINS INCOME..... -- -- --
Net realized gain
(loss) on security
transactions.......... 5 (1) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 2,169 13,554 --
------------ ------------ -----------
Net increase (decrease)
in net assets
resulting from
operations............ 2,174 13,664 10,171
------------ ------------ -----------
UNIT TRANSACTIONS:
Purchases.............. 1,092 18,749 111,154
Net transfers.......... 14,115 131,102 294,105
Surrenders............. (71) (525) (4,383)
Net loan activity...... -- (2) (1,053)
Cost of insurance...... (124) (2,228) (9,256)
------------ ------------ -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 15,012 147,096 390,567
------------ ------------ -----------
Total increase
(decrease) in net
assets................ 17,186 160,760 400,738
NET ASSETS:
Beginning of period.... -- -- 127,225
------------ ------------ -----------
End of period.......... $17,186 $160,760 $527,963
------------ ------------ -----------
------------ ------------ -----------
</TABLE>
* From inception, August 3, 1998, to December 31, 1998.
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-15
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NEW NEW
OPPORTUNITIES VALUE
SUB-ACCOUNT SUB-ACCOUNT
------------- ------------
<S> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ -- $ 131
CAPITAL GAINS INCOME..... 25,739 25
Net realized gain
(loss) on security
transactions.......... (50,616) 255
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 967,053 439
------------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 942,176 850
------------- ------------
UNIT TRANSACTIONS:
Purchases.............. 1,695,165 4,212
Net transfers.......... 2,990,857 12,066
Surrenders............. (78,215) (154)
Net loan activity...... (10,265) --
Cost of insurance...... (162,662) (324)
------------- ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 4,434,880 15,800
------------- ------------
Total increase
(decrease) in net
assets................ 5,377,056 16,650
NET ASSETS:
Beginning of period.... 1,145,955 --
------------- ------------
End of period.......... $6,523,011 $16,650
------------- ------------
------------- ------------
<CAPTION>
OTC & U.S. GOVERNMENT UTILITIES
EMERGING AND HIGH GROWTH
GROWTH QUALITY BOND AND INCOME VISTA VOYAGER
SUB-ACCOUNT* SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT
------------ --------------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 10 $ 61,358 $ 10,596 $-- $ 5,550
CAPITAL GAINS INCOME..... -- 1,597 18,263 -- 135,426
Net realized gain
(loss) on security
transactions.......... 769 2,773 (609) 4 1,139
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 3,544 12,767 84,719 7,437 1,302,791
------------ --------------- ----------- ------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ 4,323 78,495 112,969 7,441 1,444,906
------------ --------------- ----------- ------------ ------------
UNIT TRANSACTIONS:
Purchases.............. 5,337 518,167 269,787 1,667 1,842,714
Net transfers.......... 21,258 (216,141) 641,807 38,890 5,859,152
Surrenders............. (231) (23,212) (7,600) (259) (104,683)
Net loan activity...... (1) (153) (8,087) -- (122,704)
Cost of insurance...... (501) (70,077) (34,433) (654) (253,931)
------------ --------------- ----------- ------------ ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 25,862 208,584 861,474 39,644 7,220,548
------------ --------------- ----------- ------------ ------------
Total increase
(decrease) in net
assets................ 30,185 287,079 974,443 47,085 8,665,454
NET ASSETS:
Beginning of period.... -- 1,193,064 259,603 -- 1,443,419
------------ --------------- ----------- ------------ ------------
End of period.......... $30,185 $1,480,143 $ 1,234,046 $47,085 $ 10,108,873
------------ --------------- ----------- ------------ ------------
------------ --------------- ----------- ------------ ------------
</TABLE>
<PAGE>
SA-16 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
GLOBAL
DIVERSIFIED ASSET GLOBAL
INCOME ALLOCATION GROWTH
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- -----------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 99 $ 780 $ 7,355
CAPITAL GAINS INCOME..... 16 1,333 7,911
Net realized gain
(loss) on security
transactions.......... 273 46 727
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,827 9,293 25,838
----------- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ 2,215 11,452 41,831
----------- ----------- -----------
UNIT TRANSACTIONS:
Purchases.............. 1,122 21,636 197,403
Net transfers.......... 39,712 284,558 1,455,386
Surrenders............. (348) (2,233) (24,833)
Net loan activity...... -- (16) 7,540
Cost of insurance...... (1,121) (5,581) (43,722)
----------- ----------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 39,365 298,364 1,591,774
----------- ----------- -----------
Total increase
(decrease) in net
assets................ 41,580 309,816 1,633,605
NET ASSETS:
Beginning of period.... 1,030 1,094 1,615
----------- ----------- -----------
End of period.......... $42,610 $310,910 $ 1,635,220
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY SA-17
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH
AND INCOME HIGH YIELD
SUB-ACCOUNT SUB-ACCOUNT
----------- -----------
<S> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 2,061 $ 1,448
CAPITAL GAINS INCOME..... 5,017 168
Net realized gain
(loss) on security
transactions.......... 47 208
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 59,382 20,324
----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ 66,507 22,148
----------- -----------
UNIT TRANSACTIONS:
Purchases.............. 58,290 9,010
Net transfers.......... 1,311,232 261,651
Surrenders............. (8,041) (2,778)
Net loan activity...... (2,944) (27)
Cost of insurance...... (31,097) (6,360)
----------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 1,327,440 261,496
----------- -----------
Total increase
(decrease) in net
assets................ 1,393,947 283,644
NET ASSETS:
Beginning of period.... 4,520 1,025
----------- -----------
End of period.......... $ 1,398,467 $284,669
----------- -----------
----------- -----------
<CAPTION>
U.S. GOVERNMENT UTILITIES
MONEY NEW AND HIGH GROWTH
MARKET OPPORTUNITIES QUALITY BOND AND INCOME VOYAGER
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ------------- --------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 1,772 $ -- $ 16,959 $ 165 $ 405
CAPITAL GAINS INCOME..... -- -- -- 225 8,720
Net realized gain
(loss) on security
transactions.......... -- (11,593) 549 65 8,423
Net unrealized
appreciation
(depreciation) of
investments during the
period................ -- 128,498 41,518 43,867 151,950
----------- ------------- --------------- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ 1,772 116,905 59,026 44,322 169,498
----------- ------------- --------------- ----------- -----------
UNIT TRANSACTIONS:
Purchases.............. -- 90,292 188,414 18,312 111,483
Net transfers.......... 127,202 989,240 981,563 206,398 1,206,671
Surrenders............. (810) (15,731) (15,612) (1,613) 2,463
Net loan activity...... -- (4,120) 7,877 (43) (4,450)
Cost of insurance...... (1,951) (31,626) (32,535) (8,846) (44,593)
----------- ------------- --------------- ----------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 124,441 1,028,055 1,129,707 214,208 1,271,574
----------- ------------- --------------- ----------- -----------
Total increase
(decrease) in net
assets................ 126,213 1,144,960 1,188,733 258,530 1,441,072
NET ASSETS:
Beginning of period.... 1,012 995 4,331 1,073 2,347
----------- ------------- --------------- ----------- -----------
End of period.......... $127,225 $1,145,955 $1,193,064 $259,603 $ 1,443,419
----------- ------------- --------------- ----------- -----------
----------- ------------- --------------- ----------- -----------
</TABLE>
<PAGE>
SA-18 Hartford Life and Annuity Insurance Company
- --------------------------------------------------------------------------------
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT VARIABLE LIFE ONE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
1. ORGANIZATION:
Separate Account Variable Life One (the Account) is a separate investment
account within Hartford Life and 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. The Account
invests deposits by variable life contractholders of the Company in the various
mutual funds (the Funds) as directed by the contractholders.
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 is
accrued as of the ex-dividend date. Capital gains income represents dividends
from the Funds which are characterized as capital gains under tax regulations.
b) SECURITY VALUATION -- The investments in shares of the Funds are valued
at the closing net asset value per share as determined by the appropriate Fund
as of December 31, 1998.
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.
d) USE OF ESTIMATES -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities as of the date of the financial statements and the reported amounts
of income and expenses during the period. Operating results in the future could
vary from the amounts derived from management's estimates.
3. ADMINISTRATION OF THE ACCOUNT AND
RELATED CHARGES:
a) COST OF INSURANCE -- In accordance with terms of the contracts, the
Company makes deductions for costs of insurance to cover the Company's
anticipated mortality costs. Because a policy's account value and death benefit
may vary from month to month, the cost of insurance charges may also vary.
b) MORTALITY AND EXPENSE RISK CHARGE -- 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 1.40% of the Account's
average daily net assets. These expenses are reflected in surrenders on the
accompanying statements of changes in net assets.
c) ADMINISTRATIVE AND ISSUE CHARGES -- The Company assesses a monthly
administrative charge to compensate the Company for administrative costs in
connection with the policies. This charge covers the average expected cost for
these expenses at a maximum of $12 per month. Additionally, the Company assesses
a monthly charge in the first policy year for up-front costs of underwriting and
issuing a policy at a monthly maximum amount of $62.50. These expenses are
reflected in surrenders on the accompanying statements of changes in net assets.
d) 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. These expenses
are reflected in surrenders on the accompanying statements of changes in net
assets.
<PAGE>
PART C
<PAGE>
OTHER INFORMATION
Item 27. Exhibits
(a) Resolution of the Board of Directors of Hartford Life and Annuity
Insurance Company ("Hartford") authorizing the establishment of the
Separate Account.(1)
(b) Not Applicable.
(c) Principal Underwriting Agreement.(2)
(d) Form of Flexible Premium Variable Life Insurance Policy.(3)
(e) Form of Application for Flexible Premium Variable Life Insurance
Policies.(3)
(f) Certificate of Incorporation of Hartford(2) and Bylaws of
Hartford.(2)
(g) Contracts of Reinsurance.(3)
(h) Form of Participation Agreement.(3)
(i) Not Applicable.
(j) Not Applicable.
(k) Opinion and consent of Lynda Godkin, Senior Vice President, General
Counsel and Corporate Secretary.
(l) Opinion and Consent of Kenneth A. McCullum, FSA., MAAA.(3)
(m) Not Applicable.
(n) Consent of Arthur Andersen LLP, Independent Public Accountants.
(o) The financial statements are incorporated by reference.(4)
(p) Not Applicable.
(q) Memorandum describing transfer and redemption procedures.(1)
(r) Power of Attorney.(4)
(s) Organizational Chart(4)
___________________________
(1) Incorporated by reference to Pre-Effective Amendment No. 1 to the
Registration Statement on Form S-6, File No. 33-61267, of Hartford Life and
Annuity Insurance Company filed with the Securities and Exchange Commission
on January 23, 1996.
(2) Incorporated by reference to Pre-Effective Amendment No. 3 to the
Registration Statement on Form S-6, File No. 33-61267, of Hartford Life and
Annuity Insurance Company filed with the Securities and Exchange Commission
on August 28, 1996.
(3) Incorporated by reference to the Initial filing of the Registration
Statement on Form S-6, File No. 333-83057, on July 16, 1999.
(4) Incorporated by reference to the Pre-Effective Amendment No. 1 to the
Registration Statement on Form S-6, File No. 333-83057, on October 22, 1999.
<PAGE>
Item 28. Officers and Directors.
- --------------------------------------------------------------------------
NAME POSITION WITH HARTFORD
- --------------------------------------------------------------------------
Wendell J. Bossen Vice President
- --------------------------------------------------------------------------
Gregory A. Boyko Senior Vice President, Director*
- --------------------------------------------------------------------------
Peter W. Cummins Senior Vice President
- --------------------------------------------------------------------------
Timothy M. Fitch Vice President & Actuary
- --------------------------------------------------------------------------
Mary Jane B. Fortin Vice President & Chief Accounting Officer
- --------------------------------------------------------------------------
David T. Foy Senior Vice President & Treasurer
- --------------------------------------------------------------------------
Lynda Godkin Senior Vice President, General Counsel, and
Corporate Secretary, Director*
- --------------------------------------------------------------------------
Lois W. Grady Senior Vice President
- --------------------------------------------------------------------------
Stephen T. Joyce Vice President
- --------------------------------------------------------------------------
Michael D. Keeler Vice President
- --------------------------------------------------------------------------
Robert A. Kerzner Senior Vice President
- --------------------------------------------------------------------------
Thomas M. Marra Executive Vice President, Director*
- --------------------------------------------------------------------------
Steven L. Matthiesen Vice President
- --------------------------------------------------------------------------
Craig R. Raymond Senior Vice President and Chief Actuary
- --------------------------------------------------------------------------
Lowndes A. Smith President and Chief Executive Officer, Director*
- --------------------------------------------------------------------------
David M. Znamierowski Senior Vice President, Director*
- --------------------------------------------------------------------------
Unless otherwise indicated, the principal business address of each of the above
individuals is P.O. Box 2999, Hartford, CT 06104-2999.
_______________________________________________
* Denotes Board of Directors of Hartford.
Item 29. Persons Controlled By or Under Common Control with the Depositor or
Registrant
Filed herewith as Exhibit (s).
Item 30: Indemnification
Under Section 33-772 of the Connecticut General Statutes, unless
limited by its certificate of incorporation, the Registrant must
indemnify a director who was wholly successful, on the merits or
otherwise, in the defense of any proceeding to which he was a party
because he is or was a director of the corporation against
reasonable expenses incurred by him in connection with the
proceeding.
<PAGE>
The Registrant may indemnify an individual made a party to a
proceeding because he is or was a director against liability
incurred in the proceeding if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best
interests of the Registrant, and, with respect to any criminal
proceeding, had no reason to believe his conduct was unlawful.
Conn. Gen. Stat. Section 33-771(a). Additionally, pursuant to Conn.
Gen. Stat. Section 33-776, the Registrant may indemnify officers
and employees or agents for liability incurred and for any expenses
to which they becomes subject by reason of being or having been an
employees or officers of the Registrant. Connecticut law does not
prescribe standards for the indemnification of officers, employees
and agents and expressly states that their indemnification may be
broader than the right of indemnification granted to directors.
The foregoing statements are specifically made subject to the
detailed provisions of Section 33-770 et seq.
Notwithstanding the fact that Connecticut law obligates the
Registrant to indemnify only a director that was successful on the
merits in a suit, under Article VIII, Section 2 of the Registrant's
bylaws, the Registrant must indemnify both directors and officers
of the Registrant who are parties or threatened to be parties to a
legal proceeding by reason of his being or having been a director
or officer of the Registrant for any expenses if he acted in good
faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the company, and with respect to
criminal proceedings, had no reason to believe his conduct was
unlawful. Unless otherwise mandated by a court, no indemnification
shall be made if such officer or director is adjudged to be liable
for negligence or misconduct in the performance of his duty to the
Registrant.
Additionally, the directors and officers of Hartford and Hartford
Equity Sales Company, Inc. ("HESCO") are covered under a directors
and officers liability insurance policy issued to The Hartford
Financial Services Group, Inc. and its subsidiaries. Such policy
will reimburse the Registrant for any payments that it shall make
to directors and officers pursuant to law and will, subject to
certain exclusions contained in the policy, further pay any other
costs, charges and expenses and settlements and judgments arising
from any proceeding involving any director or officer of the
Registrant in his past or present capacity as such, and for which
he may be liable, except as to any liabilities arising from acts
that are deemed to be uninsurable.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 (the "Act") may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the
foregoing provisions, the Registrant has been
<PAGE>
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.
Item 31. Principal Underwriters
(a) HESCO acts as principal underwriter for the following investment
companies:
Hartford Life Insurance Company - Separate Account VL I
Hartford Life Insurance Company - Separate Account VL II
Hartford Life Insurance Company - ICMG Secular Trust Separate
Account
Hartford Life Insurance Company -- ICMG Registered Variable Life
Separate Account A
Hartford Life and Annuity Insurance Company -- Separate
Account VL I
Hartford Life and Annuity Insurance Company -- Separate
Account VL II
Hartford Life and Annuity Insurance Company -- ICMG Registered
Variable Life Separate Account A
(b) Directors and Officers of HESCO
Name and Principal Positions and Offices
Business Address With Underwriter
------------------ ---------------------
Lowndes A. Smith President and Chief Executive
Officer, Director
Thomas M. Marra Executive Vice President,
Director
Peter W. Cummins Senior Vice President
Lynda Godkin Senior Vice President, General
Counsel and Corporate Secretary
Richard J. Garrett Vice President
Donald A. Salama Vice President
Donald E. Waggaman, Jr. Treasurer
George R. Jay Controller
Unless otherwise indicated, the principal business address of each the above
individuals is P.O. Box 2999, Hartford, CT 06104-2999.
<PAGE>
Item 32. Location of Accounts and Records
All of the accounts, books, records or other documents required to
be kept by Section 31(a) of the Investment Company Act of 1940 and
rules thereunder, are maintained by Hartford at 200 Hopmeadow
Street, Simsbury, Connecticut 06089.
Item 33. Management Services
All management contracts are discussed in Part A and Part B of the
Registration Statement dated November 1, 1999 and filed with the Commission
on October 22, 1999.
Item 34. Representation of Reasonableness of Fees
Hartford hereby represents that the aggregate fees and charges under the
Policy are reasonable in relation to the services rendered, the expenses
expected to be incurred, and the risks assumed by Hartford.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act and the Investment Company
Act, the Registrant certifies that it duly caused this registration statement
to be signed on its behalf by the undersigned, duly authorized, in the Town
of Simsbury, and State of Connecticut on the 27 day of October, 1999.
HARTFORD LIFE AND ANNUITY INSURANCE
COMPANY SEPARATE ACCOUNT VL I
(Registrant)
*By: David T. Foy *By: /s/ Marianne O'Doherty
----------------------------------- ----------------
David T. Foy, Senior Vice President Marianne O'Doherty
and Treasurer Attorney-In-Fact
HARTFORD LIFE AND ANNUITY INSURANCE
COMPANY
(Depositor)
*By: David T. Foy
-------------------------------------------------
David T. Foy, Senior Vice President and Treasurer
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons and in the capacities and on
the dates indicated.
Gregory A. Boyko, Senior Vice President
and Director*
Lynda Godkin, Senior Vice President, General *By: /s/ Marianne O'Doherty
Counsel, & Corporate Secretary, Director* ---------------------
Thomas M. Marra, Executive Vice Marianne O'Doherty
President, Director* Attorney-In-Fact
Lowndes A. Smith, President,
Chief Executive Officer, Director*
David M. Znamierowski, Senior Vice President, Dated: October 27, 1999
Director*
<PAGE>
EXHIBIT INDEX
1.5 Opinion and Consent of Lynda Godkin, Senior Vice President, General
Counsel and Corporate Secretary.
1.6 Consent of Arthur Andersen LLP, Independent Public Accountants.
<PAGE>
EXHIBIT 1.5
October 27, 1999
LYNDA GODKIN, SENIOR VICE PRESIDENT,
GENERAL COUNSEL & CORPORATE SECRETARY
Board of Directors
Hartford Life and Annuity Insurance Company
200 Hopmeadow Street
Simsbury, CT 06089
RE: Separate Account VL I
Hartford Life and Annuity Insurance Company
333-83057
Dear Sir/Madam:
I have acted as General Counsel to Hartford Life and Annuity Insurance
Company (the "Company"), a Connecticut insurance company, and Hartford Life
and Annuity Insurance Company Separate Account VL I (the "Account") in
connection with the registration of an indefinite amount of securities in the
form of flexible premium variable life insurance policies (the "Policies")
with the Securities and Exchange Commission under the Securities Act of 1933,
as amended. I have examined such documents (including the Form S-6
Registration Statement) and reviewed such questions of law as I considered
necessary and appropriate, and on the basis of such examination and review,
it is my opinion that:
1. The Company is a corporation duly organized and validly existing as a
stock life insurance company under the laws of the State of Connecticut
and is duly authorized by the Insurance Department of the State of
Connecticut to issue the Policies.
2. The Account is a duly authorized and validly existing separate account
established pursuant to the provisions of Section 38a-433 of the
Connecticut Statutes.
3. To the extent so provided under the Policies, that portion of the
assets of the Account equal to the reserves and other contract
liabilities with respect to the Account will not be chargeable with
liabilities arising out of any other business that the Company may
conduct.
4. The Policies, when issued as contemplated by the Form S-6 Registration
Statement, will constitute legal, validly issued and binding obligations
of the Company.
I hereby consent to the filing of this opinion as an exhibit to the Form S-6
Registration Statement for the Policies and the Account.
Sincerely,
/s/ Lynda Godkin
Lynda Godkin
<PAGE>
ARTHUR ANDERSEN LLP
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
As independent public accountants, we hereby consent to the use of our
reports (and to all references to our Firm) included in or made a part of
this Registration Statement File No. 333-83057 for Hartford Life and Annuity
Insurance Company Separate Account VL I on Form S-6.
/s/ Arthur Andersen LLP
Hartford, Connecticut
October 27, 1999
