<PAGE>
ITT Hartford Life Insurance Companies
Separate
Accounts
and
Mutual Funds
--------------
SEMI-ANNUAL REPORT
JUNE 30, 1995
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<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Letter to Contractholders....................................................... 1
Performance Summary of Hartford Mutual Funds.................................... 2
Investment Review............................................................... 3
HARTFORD LIFE INSURANCE COMPANIES SEPARATE ACCOUNT FINANCIAL STATEMENTS AND
FOOTNOTES
Hartford Life Insurance Company DC Variable Account I......................... 12
Hartford Life Insurance Company Separate Account One.......................... 20
Hartford Life Insurance Company Separate Account Two.......................... 28
Hartford Life Insurance Company Separate Account Variable Life One............ 38
Hartford Life Insurance Company Separate Account Five......................... 46
Hartford Life & Accident Insurance Company Separate Account One............... 54
ITT Hartford Life & Annuity Insurance Company Separate Account One............ 62
ITT Hartford Life & Annuity Insurance Company Separate Account Five........... 70
HARTFORD MUTUAL FUNDS
Statements of Net Assets as of June 30, 1995:
Hartford Bond Fund, Inc..................................................... 78
Hartford Stock Fund, Inc.................................................... 80
HVA Money Market Fund, Inc.................................................. 82
Hartford Advisers Fund, Inc................................................. 83
Hartford U.S. Government Money Market Fund, Inc............................. 86
Hartford Capital Appreciation Fund, Inc..................................... 87
Hartford Mortgage Securities Fund, Inc...................................... 90
Hartford Index Fund, Inc.................................................... 92
Hartford International Opportunities Fund, Inc.............................. 97
Hartford Dividend and Growth Fund, Inc...................................... 99
Hartford International Advisers Fund, Inc................................... 101
Statements of Operations for the Six Months Ended June 30, 1995:
Hartford Mutual Funds....................................................... 104
Statements of Changes in Net Assets for the Six Months Ended June 30, 1995 and
the Year Ended December 31, 1994:
Hartford Mutual Funds....................................................... 106
Notes to Financial Statements:
Hartford Mutual Funds....................................................... 110
Hartford Mutual Funds Financial Highlights...................................... 116
Calvert Responsibly Invested Balanced Portfolio Financial Statements and
Footnotes..................................................................... 119
</TABLE>
Contract owners should refer to the prospectus provided to them at the time of
purchase of their contract for a description of investment alternatives
available in the Separate Accounts. This prospectus, along with the financial
information contained in this report, provides them with complete and
up-to-date financial information regarding the Separate Accounts.
This report is prepared for the general information of contract owners and is
not an offer of contracts. It should not be used in connection with any offer,
except in conjunction with the appropriate prospectus which contains all
pertinent information including the applicable sales, administrative and other
charges.
<PAGE>
LETTER TO CONTRACTHOLDERS
Dear Contractholders,
The rate of economic growth slowed significantly in the first six months of
1995. Consumers pulled back after spending freely in the fourth quarter of
1994, and production cuts followed as manufacturers and retailers sought to
bring inventories back into line. By late spring, when continued drops in
production and surprising declines in employment indicated the slowdown had
intensified, concerns about the possibility of recession surfaced. The Federal
Reserve, which had maintained a firm anti-inflation stance through February
when it raised interest rates for the seventh time in just a year, shifted
policy and cut the Federal Funds rate by 25 basis points on July 6.
Despite the recession concerns, the economy appears to be undergoing a
mini-cycle -- a period of temporary weakness within a longer up cycle --
triggered by an inventory correction. By the end of the second quarter,
employment had resumed its growth trend and healthy increases in housing and
retail sales indicated that demand was picking up again. Although production
won't follow suit immediately, the question is less whether growth will
reaccelerate, than how much.
How that question is answered will have a good deal to do with determining how
the financial markets perform in the second half of the year. Slower first
half growth muted many of the inflationary pressures that had built in the
pipeline during the latter half of 1994. Just as late cycle inflation concerns
were a key in the lackluster financial market performance of 1994, diminishing
inflation concerns were a major factor in the spectacular performance of both
stocks and bonds over the first six months of this year. If, as currently
expected, economic growth remains moderate over the remainder of 1995, any
increases in the rate of inflation should remain moderate as well, providing a
positive background for the markets. While we remain positive in our long term
outlook for the financial markets, we would caution that the markets have gone
a long way toward discounting a continued benign environment, and investors
should not expect the returns of the last six months to be repeated.
Lowndes A. Smith Joseph H. Gareau
CHAIRMAN PRESIDENT
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1
<PAGE>
PERFORMANCE SUMMARY OF HARTFORD MUTUAL FUNDS
<TABLE>
<CAPTION>
FUNDS
TOTAL RETURNS FOR THE YEARS ENDED
6/30/95* 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock................... 18.27% (1.89)% 14.34% 10.04% 24.58% (3.87)% 26.02% 19.00% 5.41% 12.33% 31.49% 0.57%
Bond.................... 11.35 (3.95) 10.24 5.53 16.43 8.39 12.10 7.60 (0.01) 12.19 20.62 13.21
HVA Money Market........ 2.90 3.95 2.94 3.63 6.01 8.09 9.10 7.40 6.49 6.77 8.53 10.73
U.S. Government Money
Market................. 2.77 3.67 2.68 3.22 5.61 7.52 8.43 6.92 5.75 6.29 8.07 10.24
Advisers................ 15.65 (2.74) 12.25 8.30 20.33 1.26 21.72 14.24 6.08 12.70 26.85 7.39
Capital Appreciation.... 18.66 2.50 20.80 16.98 53.99 (10.90) 24.11 26.37 (4.31) 9.03 36.18 10.90
Mortgage Securities..... 10.45 (1.61) 6.31 4.64 14.71 9.70 13.13 8.38 2.64 11.13 20.61 --
Index................... 19.81 0.94 9.12 6.82 29.53 (3.99) 30.47 16.35 (12.91) -- -- --
International
Opportunities.......... 3.72 (1.94) 33.73 (4.43) 13.00 (11.76) -- -- -- -- -- --
Dividend and Growth..... 16.04 1.96 -- -- -- -- -- -- -- -- -- --
International
Advisers............... 7.03 -- -- -- -- -- -- -- -- -- --
MARKET INDEXES
Standard & Poor's 500
Stock Index............ 20.19% 1.31% 10.06% 7.61% 30.39% (3.11)% 31.62% 16.60% 5.49% 18.66% 31.70% 6.26%
Shearson Lehman
Gov't/Corp. Bond
Index.................. 11.79 (3.51) 11.03 7.58 16.13 8.28 14.24 7.58 2.29 15.62 21.30 15.02
90-Day Treasury Bills... 2.96 4.14 3.12 3.70 5.90 7.95 8.67 6.56 5.97 6.41 7.97 10.27
EAFEGDP................. 4.08 7.81 33.56 (9.65) 10.73 -- -- -- -- -- -- --
<FN>
* Six months ended June 30, 1995.
The inception dates of the Funds are as follows: Stock and Bond
Securities--August 31, 1977, HVA Money Market--June 30, 1980, U.S. Government
Money Market and Advisers--March 31, 1983, Capital Appreciation--April 2, 1984,
Mortgage Securities--January 1, 1985, Index--May 1, 1987, International
Opportunities--July 2, 1990, Dividend and Growth--March 8, 1994, and
International Advisers--March 1, 1995.
The performance figures for mutual funds do not include insurance charges that
are included in the unit values of individual plans.
Total return consists of any change in the market price of securities owned by
the various mutual funds, as well as income from dividends or interest.
Calculations assume reinvestment of income. Performance figures represent past
results and are not a guarantee of future performance. An investor's unit when
redeemed, may be worth more or less than original cost. Results do not take
into account personal income taxes and capital gains where applicable. Market
indices are included as a broad measure of market performance, and no direct
comparison with funds is intended.
</TABLE>
2
<PAGE>
INVESTMENT REVIEW - HARTFORD BOND FUND, INC.
JUNE 30, 1995
For the first six months of 1995, the Hartford Bond Fund returned 11.4% (net of
mutual fund expenses) versus 11.8% for its benchmark index, the Lehman
Government/Corporate Bond Index.
We managed the Fund conservatively during the period emphasizing quality.
Throughout the quarter we maintained a well diversified corporate position
comprised of various sectors and issuers within the investment grade corporate
market. Our corporate holdings outperformed duration equivalent treasuries
although relative to the benchmark index, return was slightly lower due to our
preference for high quality and shorter maturities. Performance benefited from
our short duration collateralized mortgage obligation (CMO) position which also
outperformed duration equivalent treasuries and by our reduction in mortgage
pass-throughs which were sold in favor of corporate issues and treasuries.
Relative performance was hindered slightly by our conservative duration
position during the early part of the bond market rally.
Late in the period, we lengthened duration to match that of the market. We also
began purchasing additional corporates as spreads widened relative to
treasuries. We will continue to emphasize quality in the portfolio.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
BOND LGC
<S> <C> <C>
12/31/84 10,000 10,000
1985 12,062 12,130
1986 13,532 14,025
1987 13,531 14,346
1988 14,559 15,433
1989 16,321 17,631
1990 17,690 19,091
1991 20,597 22,170
1992 21,736 23,851
1993 23,962 26,481
1994 23,015 25,552
6/30/95 25,627 28,564
</TABLE>
3
<PAGE>
INVESTMENT REVIEW - HARTFORD STOCK FUND, INC.
JUNE 30, 1995
For the six months ending June 30, 1995, the Hartford Stock Fund returned 18.3%
(net of mutual fund expenses). The Fund underperformed its benchmark as the S&P
500 Composite Index returned 20.2%. The primary difference between the Fund's
performance and that of the S&P 500 Index resulted from the Fund's
underweighting in the technology sector.
The U.S. equity market continued to respond positively to falling intermediate
and long-term interest rates which reflected continuing weak news on the
economy. U.S. equities also benefited from weakness in foreign markets,
particularly Japan, where financial, social and political problems, and natural
disasters have hurt stock prices. Takeovers, a strong new issue market and a
revival of smaller capitalization stocks also helped push the U.S. equity
averages into higher ground.
For the six months ending June 30, 1995, technology, finance and health care
led the pack in terms of sector performance while consumer discretionary,
utilities, and energy lagged. We have kept the Fund underweighted in the
technology sector, feeling that valuations are stretched, but technology stocks
continue to surge as investors remain convinced that the semi-conductor cycle
has been suspended and that any company whose corporate logo ends in "net" is
destined to do great things. While the Fund has suffered on a relative basis
due to this underweighting, we feel comfortable with our more diversified
approach to the market, remembering that it is much better to be early than
late.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
STOCK S&P 500
<S> <C> <C>
1984 10,000 10,000
1985 13,149 13,170
1986 14,770 15,628
1987 15,569 16,451
1988 18,528 19,182
1989 23,348 25,247
1990 22,445 24,462
1991 27,962 31,896
1992 30,769 34,323
1993 35,181 37,776
1994 34,516 38,271
6/30/95 40,823 45,998
</TABLE>
4
<PAGE>
INVESTMENT REVIEW - HARTFORD ADVISERS FUND, INC.
JUNE 30, 1995
For the six months ending June 30, 1995, the Hartford Advisers Fund returned
15.6% (net of mutual fund expenses). The Fund outperformed its Composite
benchmark, which returned 15.4%. The Composite Index is a combination of three
indices with the following weightings: 55% S&P 500 Index, 35% Lehman Brothers
Government/Corporate Bond Index (LGC) and 10% 90-day Treasury Bill Index.
The bond market continues to demonstrate pronounced volatility. Since the peak
in rates during late 1994, the yields of intermediate-term Treasury notes have
now fallen in excess of 200 basis points and the yields of long-term Treasury
bonds have fallen by 160 basis points. This is the largest decline in interest
rates to occur prior to a move by the Federal Reserve to ease monetary policy
by lowering the Federal Funds rate in many years. The decline in interest rates
produced a powerful rally in bond prices during the first half of 1995. Since
we expect intermediate-term interest rates to decline farther, we are not yet
reducing the portion of the Fund allocated to fixed income. Rather we will
shorten duration given that long-term rates are now near our target level and
emphasize intermediate-term securities since this sector will benefit as the
Federal Reserve lowers the Federal Funds rate. We expect to increase the
portfolio's holdings of mortgage-backed securities since current pricing far
overstates the negative implications of refinancing given current interest rate
levels or even rates below current levels. In light of our expectation that
corporate earnings will continue to grow at a reasonable rate and that the
equity market is fairly valued, we have raised the Fund's equity ratio from 56%
as of December 31, 1994 to 61% as of June 30, 1995.
As of June 30, 1995, the fixed income portfolio's allocation to government
bonds was equal to that of the Lehman Government/Corporate Bond Index (76% of
assets). Further, the portfolio was underweight in corporate bonds and
overweight in mortgage-backed securities relative to its benchmark.
(Please refer to the Management Discussion & Analysis for the Stock Fund for a
review of the Advisers Fund's equity component and a review of the overall
equity market.)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
ADVISERS S&P 500 LGC
<S> <C> <C> <C>
1984 10,000 10,000 10,000
1985 12,685 13,170 12,130
1986 14,296 15,628 14,025
1987 15,165 16,451 14,346
1988 17,325 19,182 15,433
1989 21,088 25,247 17,631
1990 21,353 24,462 19,091
1991 25,694 31,896 22,170
1992 27,827 34,323 23,851
1993 31,236 37,776 26,481
1994 30,380 38,271 25,552
6/30/95 35,135 45,998 28,564
</TABLE>
5
<PAGE>
INVESTMENT REVIEW - HARTFORD CAPITAL APPRECIATION FUND, INC.
JUNE 30, 1995
For the six months ending June 30, 1995, the Hartford Capital Appreciation
Fund, formerly the Hartford Aggressive Growth Fund, returned 18.7% (net of
mutual fund expenses). The Fund outperformed the 40%/60% Composite of the S&P
500 and the Russell 2500 Indices which returned 18.3%.
As of June 30, 1995, the small cap sector of the portfolio represented 53% of
assets. In terms of size, the Fund's asset-weighted market capitalization of
$3.2 billion was up from $2.9 billion at the end of 1994 due to market
appreciation. The market capitalization was unchanged from the end of the first
quarter despite the market's rise as a result of our tilting the portfolio
toward smaller companies during the second quarter. As suggested previously,
this continued high level of exposure to small cap companies may result in
relatively volatile and sometimes unfavorable relative performance in specific
quarters. However, we believe the Fund's smaller-cap bias will provide
contractholders with overall results superior to that of the general equity
market over the longer term.
Trading activity during the first half of 1995 was active. The Fund started the
year with 183 positions; we purchased 91 new holdings and eliminated 83, for a
net increase of 8 names. The Fund's biggest winners were concentrated in the
technology sector, and were generally of relatively small size. Strong
performers included CIRRUS LOGIC INC., an extremely innovative specialty
circuit manufacturer that is benefiting from the continued boom in personal
computer demand and CREDENCE SYSTEMS, a maker of semiconductor test equipment.
The Fund's strategy remains dual-faceted. We maintain an emphasis on smaller
companies with dynamic earnings growth prospects, and couple that with an
opportunistic trading approach to larger cap stocks where we see a catalyst for
outperformance.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CAPITAL APPRECIATION S&P 500 RUSSELL 2500
<S> <C> <C> <C>
1984 10,000 10,000 10,000
1985 13,618 13,170 13,121
1986 14,848 15,628 14,693
1987 14,208 16,451 14,005
1988 17,954 19,182 17,189
1989 22,283 25,247 20,528
1990 19,854 24,462 17,474
1991 30,574 31,896 25,636
1992 35,765 34,323 29,784
1993 43,204 37,776 34,710
1994 44,284 38,271 34,339
6/30/95 52,548 45,998 40,166
</TABLE>
6
<PAGE>
INVESTMENT REVIEW - HARTFORD MORTGAGE SECURITIES FUND, INC.
JUNE 30, 1995
For the first six months of 1995, the Hartford Mortgage Securities Fund
returned 10.5% (net of mutual fund expenses) versus 10.7% for its benchmark
index, the Lehman Mortgage-Backed Securities Index.
Fund performance benefited during the period because of our positions in
longer-dated Treasuries, which outperformed mortgages. We protected against
prepayment risk during the rally by increasing positions in GNMAs, which are
less sensitive to prepayments than other pass-through securities, and by
reducing high coupon holdings in favor of lower coupons. Relative performance
was hindered by our conservative positioning during the early part of the bond
market rally. Overall, the Fund returned slightly more than the Index, but not
enough to cover expenses.
Although mortgages underperformed other sectors of the bond market in the first
six months of 1995, they provided strong positive total returns. Late in the
period, as interest rates backed up in response to stronger economic data, the
relative attractiveness of mortgages increased, and we reversed some of our
earlier trades, reducing Treasury positions in favor of pass-throughs.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
MORTGAGE LEHMAN MBS INDEX
<S> <C> <C>
1984 10,000 10,000
1985 12,061 12,521
1986 13,403 14,203
1987 13,757 14,812
1988 14,910 16,103
1989 16,868 18,575
1990 18,504 20,567
1991 21,226 23,800
1992 22,211 25,459
1993 23,612 27,200
1994 23,232 26,762
6/30/95 25,660 29,634
</TABLE>
7
<PAGE>
INVESTMENT REVIEW - HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC.
JUNE 30, 1995
For the six months ending June 30, 1995, the Hartford International
Opportunities Fund returned 3.7% (net of mutual fund expenses). The Fund
underperformed its benchmark, the Morgan Stanley Capital International--Europe
Australia Far East--Gross Domestic Product--Weighted Index (EAFE GDP Net),
which returned 4.1%.
In general, markets throughout the world were up for the first half of 1995. In
the first quarter of 1995, many international equity markets declined in
response to the deepening crises in Latin America, an earthquake in Japan, and
new lows for the U.S. dollar. The second quarter of 1995 saw global bond market
rallies fueled by signs of a U.S. economic slowdown and increased probability
of an easing in monetary policy. The global bond market rallies, in turn,
provided broad support for rallies in many international equity markets.
Japan was the key exception, as weak economic news continued to depress stock
prices; the market was off -22% in local terms for the first half of 1995 as
measured by the MSCI Index. Due to yen strength, however, the market was down
only -8% in U.S. dollar terms. The Fund's largest single country weighting is
in Japan, and the market's disappointing performance as well as the Fund's
focus on Japanese stocks which are positioned to benefit from economic recovery
held back returns during the six-month period ending June 30, 1995. The Fund's
performance relative to the Index was also held back by exposure to emerging
markets such as Mexico, which are not in the EAFE Index. On the other hand, the
Fund's significant exposure and overweighting relative to its benchmark in
Sweden, Spain and Norway helped performance as those markets performed well.
Going forward, the Fund continues to focus on Japanese companies that will
benefit from the important structural changes taking place in its economy. In
Europe, the focus is on companies that can benefit from both recovering
economies and improving cost structures that result from companies
restructuring to face the challenge of overvalued currencies.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
INTERNATIONAL
OPPORTUNITIES EAFEGDP
<S> <C> <C>
7/2/90 10,000 10,000
1990 8,824 8,469
1991 9,971 9,376
1992 9,529 8,471
1993 12,744 11,314
1994 12,496 12,198
6/30/95 12,961 12,696
</TABLE>
8
<PAGE>
INVESTMENT REVIEW - HARTFORD DIVIDEND AND GROWTH FUND, INC.
JUNE 30, 1995
The Hartford Dividend and Growth Fund's return was 16.0% (net of mutual fund
expenses) for the six months ending June 30, 1995, trailing the S&P 500 Index's
return of 20.2%. The more conservative nature of the Fund's investments makes
it difficult for the Fund to keep pace in this ebbullient market environment.
In particular, the high-flying technology sector, which includes semiconductor
and computer component companies, was the market leader, and the Fund has very
few opportunities to find income-oriented names in this sector.
U.S. stock market sentiment continued to be positive against the backdrop of
slower economic growth, low inflation, lower long-term interest rates, and
strong, albeit slowing, corporate earnings. Positive results were broad-based
as all sectors in the S&P 500 Index and the Fund posted positive returns. The
top three performing sectors for the six month period ending June 30, 1995 were
technology, finance and health care.
The technology sector represented 11% of the S&P 500 Index as of June 30, 1995,
and returned 39% for the first half of 1995. However, this sector does not
offer many income-oriented opportunities and the Fund was hurt on a relative
basis due to its typical underweight position (3% as of June 30, 1995). In
addition, the Fund owns more conservative names within the sector, which
trailed in this heady environment.
Broad diversification across economic sectors is an ongoing part of the Fund's
investment strategy. Since the focus of the Fund's investment approach is stock
selection, the sector representation will be fairly stable over time,
reflecting the profile of the Fund's income-oriented universe.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
DIVIDEND & GROWTH S&P 500
<S> <C> <C>
3/9/94 10,000 10,000
3/31/94 9,707 9,554
6/30/94 9,935 9,594
9/30/94 10,419 10,062
12/31/94 10,196 10,060
3/31/95 11,034 11,039
6/30/95 11,831 12,091
</TABLE>
9
<PAGE>
INVESTMENT REVIEW - HARTFORD INTERNATIONAL ADVISERS FUND, INC.
JUNE 30, 1995
The Hartford International Advisers Fund returned 3.9% (net of mutual fund
expenses) in the second quarter, the first full quarter since the Fund's
inception on March 1, 1995. The Fund outperformed its Composite benchmark,
which returned 3.1%. The Composite Index is a combination of three indices with
the following weightings: 55% Morgan Stanley Capital International--Europe
Australia Far East-- Gross Domestic Product--Weighted Index (EAFE GDP Net), 35%
Salomon Brothers non-U.S. World Government Bond Hedged Index, and 10% 90-day
Treasury Bill Index.
The second quarter was a good one for global financial markets. Slowing growth
in Europe and North America relieved pressure on inflation and increased the
chances of lower short term rates. This fueled bond market rallies and
underpinned stock markets worldwide. In the second quarter, the fixed income
portfolio's slightly longer than Index duration and large positions in Europe
(58%) and Japan (28%) contributed to the Fund's outperformance relative to its
benchmark. A tactical addition to higher yielding countries (Italy, Spain,
Sweden and Australia) during the quarter enhanced performance as well. After
the Fund's first full quarter since its inception, its equity position was 64%
of the portfolio. Fixed income securities made up 28% of the portfolio and cash
the remaining 8%.
The International Advisers Fund is an international flexibly-managed portfolio
which invests in equity, debt, and money market securities that are denominated
in non-U.S. currencies and traded in non-U.S. markets. The allocation of assets
among equity, debt, and money market securities is based upon the projected
investment environment for financial assets, relative fundamental values and
attractiveness of each asset class, and expected future returns of those asset
classes.
(Please refer to the Management Discussion & Analysis for the International
Opportunities Fund for a review of the International Advisers Fund's equity
component and a review of the overall international equity market.)
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
INTERNATIONAL
ADVISERS EAFEGDP
<S> <C> <C>
3/1/95 10,000 10,000
3/31/95 8,824 8,469
4/30/95 9,971 9,376
5/31/95 9,529 8,471
6/30/95 12,744 11,314
</TABLE>
10
<PAGE>
HARTFORD LIFE INSURANCE COMPANY
DC VARIABLE ACCOUNT-I
<PAGE>
DC VARIABLE ACCOUNT-I
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------- ------------- ------------ --------------
<S> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 32,228,883
Cost $ 31,239,558
Market Value......... $32,145,410 -- -- --
Hartford Stock Fund,
Inc.
Shares 95,807,156
Cost $230,781,963
Market Value......... -- $ 301,093,149 -- --
HVA Money Market Fund,
Inc.
Shares 20,670,087
Cost $ 20,670,087
Market Value......... -- -- $20,670,087 --
Hartford Advisers Fund,
Inc.
Shares 229,042,523
Cost $331,938,752
Market Value......... -- -- -- $410,922,899
Hartford U.S.
Government Money
Market Fund, Inc.
Shaes 8,302,402
Cost $ 8,302,402
Market Value......... -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 74,409,686
Cost $182,132,374
Market Value......... -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 23,601,466
Cost $ 24,910,458
Market Value......... -- -- -- --
Hartford Index Fund,
Inc.
Shares 19,446,949
Cost $ 26,015,541
Market Value......... -- -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 36,564,539
Cost $ 40,777,535
Market Value......... -- -- -- --
Calvert Responsibly
Invested Balanced
Portfolio
Shares 8,585,746
Cost $ 12,028,918
Market Value......... -- -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 1,329,682
Cost $ 1,509,660
Market Value......... -- -- -- --
Dividends Receivable... -- -- -- --
Due From Hartford Life
Insurance Company..... 22,308 188,924 6,839 101,420
Receivable from fund
shares sold -- -- -- --
-------------- ------------- ------------ --------------
Total Assets........... 32,167,718 301,282,073 20,676,926 411,024,319
-------------- ------------- ------------ --------------
LIABILITIES:
Due to Hartford Life
Insurance Company..... -- -- -- --
Payable for fund shares
purchased............. 22,311 188,910 7,277 101,459
-------------- ------------- ------------ --------------
Total Liabilities...... 22,311 188,910 7,277 101,459
-------------- ------------- ------------ --------------
Net Assets (variable
annuity contract
liabilities).......... $32,145,407 $ 301,093,163 $20,669,649 $410,922,860
-------------- ------------- ------------ --------------
-------------- ------------- ------------ --------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
GROUP SUB-ACCOUNTS:
Units Owned by
Participants.......... 8,299,883 37,811,476 8,032,819 124,282,628
Unit Price............. $ 3.872995 $ 7.963010 $ 2.573150 $ 3.306358
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
12
<PAGE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL
MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------------- ----------------- ----------------------- ----------- ------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 32,228,883
Cost $ 31,239,558
Market Value......... -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 95,807,156
Cost $230,781,963
Market Value......... -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 20,670,087
Cost $ 20,670,087
Market Value......... -- -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 229,042,523
Cost $331,938,752
Market Value......... -- -- -- -- --
Hartford U.S.
Government Money
Market Fund, Inc.
Shares 8,302,402
Cost $ 8,302,402
Market Value......... $8,302,403 -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 74,409,686
Cost $182,132,374
Market Value......... -- $237,546,970 -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 23,601,466
Cost $ 24,910,458
Market Value......... -- -- $24,820,482 -- --
Hartford Index Fund,
Inc.
Shares 19,446,949
Cost $ 26,015,541
Market Value......... -- -- -- $35,001,201 --
Hartford International
Opportunities Fund,
Inc.
Shares 36,564,539
Cost $ 40,777,535
Market Value......... -- -- -- -- $43,705,960
Calvert Responsibly
Invested Balanced
Portfolio
Shares 8,585,746
Cost $ 12,028,918
Market Value......... -- -- -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 1,329,682
Cost $ 1,509,660
Market Value......... -- -- -- -- --
Dividends Receivable... -- -- -- -- --
Due From Hartford Life
Insurance Company..... 13,245 146,133 21,724 46,951 --
Receivable from fund
shares sold -- -- -- -- 5,272
----------- ----------------- ------------ ----------- ------------------
Total Assets........... 8,315,648 237,693,103 24,842,206 35,048,152 43,711,232
----------- ----------------- ------------ ----------- ------------------
LIABILITIES:
Due to Hartford Life
Insurance Company..... -- -- -- -- 5,273
Payable for fund shares
purchased............. 11,141 146,111 22,085 46,947 --
----------- ----------------- ------------ ----------- ------------------
Total Liabilities...... 11,141 146,111 22,085 46,947 5,273
----------- ----------------- ------------ ----------- ------------------
Net Assets (variable
annuity contract
liabilities).......... $8,304,507 $237,546,992 $24,820,121 $35,001,205 $43,705,959
----------- ----------------- ------------ ----------- ------------------
----------- ----------------- ------------ ----------- ------------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
GROUP SUB-ACCOUNTS:
Units Owned by
Participants.......... 4,621,608 47,304,673 11,116,286 16,881,206 35,887,831
Unit Price............. $ 1.796887 $ 5.021639 $ 2.232771 $ 2.073383 $ 1.217849
<CAPTION>
CALVERT
RESPONSIBLY INVESTED DIVIDEND AND
BALANCED PORTFOLIO GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT
-------------------- ------------
<S> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares
Cost
Market Value......... -- --
Hartford Stock Fund,
Inc.
Shares
Cost
Market Value......... -- --
HVA Money Market Fund,
Inc.
Shares
Cost
Market Value......... -- --
Hartford Advisers Fund,
Inc.
Shares
Cost
Market Value......... -- --
Hartford U.S.
Government Money
Market Fund, Inc.
Shares
Cost
Market Value......... -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... -- --
Hartford Mortgage
Securities Fund, Inc.
Shares
Cost
Market Value......... -- --
Hartford Index Fund,
Inc.
Shares
Cost
Market Value......... -- --
Hartford International
Opportunities Fund,
Inc.
Shares
Cost
Market Value......... -- --
Calvert Responsibly
Invested Balanced
Portfolio
Shares
Cost
Market Value......... $14,518,498 --
Hartford Dividend and
Growth Fund, Inc.
Shares
Cost
Market Value......... -- $1,509,349
Dividends Receivable... -- --
Due From Hartford Life
Insurance Company..... -- 14,602
Receivable from fund
shares sold 8,363 --
-------------------- ------------
Total Assets........... 14,526,861 1,523,951
-------------------- ------------
LIABILITIES:
Due to Hartford Life
Insurance Company..... 8,608 --
Payable for fund shares
purchased............. -- 14,603
-------------------- ------------
Total Liabilities...... 8,608 14,603
-------------------- ------------
Net Assets (variable
annuity contract
liabilities).......... $14,518,253 $1,509,348
-------------------- ------------
-------------------- ------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
GROUP SUB-ACCOUNTS:
Units Owned by
Participants.......... 8,276,692 1,441,370
Unit Price............. $ 1.754113 $ 1.047162
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
13
<PAGE>
DC VARIABLE ACCOUNT-I
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 1,026,367 $ 3,360,010 $ 612,799 $ 7,383,810
EXPENSES:
Mortality and expense
undertakings.......... (184,588) (1,655,134) (127,505) (2,223,947)
------------- ------------ ----------- -------------
Net investment income
(loss) 841,779 1,704,876 485,294 5,159,863
------------- ------------ ----------- -------------
Capital gains income... -- 10,831,040 -- 4,358,491
------------- ------------ ----------- -------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... (336,360) (66,670) -- 82,100
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 2,613,313 32,301,613 -- 43,472,701
------------- ------------ ----------- -------------
Net gains (losses) on
investments......... 2,276,953 32,234,943 -- 43,554,801
------------- ------------ ----------- -------------
Net increase
(decrease) in net
assets resulting
from operations..... $ 3,118,732 $ 44,770,859 $ 485,294 $53,073,155
------------- ------------ ----------- -------------
------------- ------------ ----------- -------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
14
<PAGE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL
MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------------- ------------------- --------------- ----------- ------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $229,292 $ 1,127,806 $ 783,335 $ 399,015 $ 459,340
EXPENSES:
Mortality and expense
undertakings.......... (49,867) (1,229,015) (139,701) (127,187) (261,427)
-------- ------------------- --------------- ----------- ------------------
Net investment income
(loss) 179,425 (101,209) 643,634 271,828 197,913
-------- ------------------- --------------- ----------- ------------------
Capital gains income... -- 10,643,508 -- 11,084 398,201
-------- ------------------- --------------- ----------- ------------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... -- 16,239 8,249 7,904 (33,723)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ -- 24,434,446 1,511,224 5,068,218 777,648
-------- ------------------- --------------- ----------- ------------------
Net gains (losses) on
investments......... -- 24,450,685 1,519,473 5,076,122 743,925
-------- ------------------- --------------- ----------- ------------------
Net increase
(decrease) in net
assets resulting
from operations..... $179,425 $34,992,984 $2,163,107 $ 5,359,034 $1,340,039
-------- ------------------- --------------- ----------- ------------------
-------- ------------------- --------------- ----------- ------------------
<CAPTION>
CALVERT
RESPONSIBLY INVESTED DIVIDEND AND
BALANCED PORTFOLIO GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT
-------------------- ------------
<S> <C> <C>
INVESTMENT INCOME:
Dividends.............. $-- $3,134
EXPENSES:
Mortality and expense
undertakings.......... (77,982) (767)
----------- ------
Net investment income
(loss) (77,982) 2,367
----------- ------
Capital gains income... -- --
----------- ------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 3,482 2
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 2,090,811 (311)
----------- ------
Net gains (losses) on
investments......... 2,094,293 (309)
----------- ------
Net increase
(decrease) in net
assets resulting
from operations..... $2,016,311 $2,058
----------- ------
----------- ------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
15
<PAGE>
DC VARIABLE ACCOUNT-I
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 841,779 $ 1,704,876 $ 485,294 $ 5,159,863
Capital gains income... -- 10,831,040 -- 4,358,491
Net realized gain
(loss) on security
transactions.......... (336,360) (66,670) -- 82,100
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 2,613,313 32,301,613 -- 43,472,701
-------------- ------------- ------------ -------------
Net increase (decrease)
in net assets
resulting from
operations............ 3,118,732 44,770,859 485,294 53,073,155
-------------- ------------- ------------ -------------
UNIT TRANSACTIONS:
Purchases.............. 1,592,833 16,410,996 1,260,328 25,928,591
Net transfers.......... (455,715) (11,186,286) (615,769) (19,240,007)
Surrenders............. (3,918,129) (16,778,863) (4,472,617) (12,435,326)
-------------- ------------- ------------ -------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (2,781,011) (11,554,153) (3,828,058) (5,746,742)
-------------- ------------- ------------ -------------
Total increase
(decrease) in net
assets................ 337,721 33,216,706 (3,342,764) 47,326,413
NET ASSETS:
Beginning of period.... 31,807,686 267,876,457 24,012,413 363,596,447
-------------- ------------- ------------ -------------
End of period.......... $ 32,145,407 $ 301,093,163 $ 20,669,649 $410,922,860
-------------- ------------- ------------ -------------
-------------- ------------- ------------ -------------
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
MONEY
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------- ------------- ------------ -------------
OPERATIONS:
Net investment income
(loss)................ $ 1,652,986 $ 2,373,994 $ 613,882 $ 7,463,826
Capital gains income... 650,208 15,856,002 -- 10,712,050
Net realized gain
(loss) on security
transactions.......... (140,993) 39,836 -- 28,808
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (4,003,835) (26,606,667) -- (32,581,374)
-------------- ------------- ------------ -------------
Net increase (decrease)
in net assets
resulting from
operations............ (1,841,634) (8,336,835) 613,882 (14,376,690)
-------------- ------------- ------------ -------------
UNIT TRANSACTIONS:
Purchases.............. 3,601,922 35,187,253 2,801,239 57,966,836
Net transfers.......... (6,164,436) (15,185,779) (1,191,454) (28,384,065)
Surrenders............. (1,013,995) (6,193,345) (988,021) (7,931,157)
-------------- ------------- ------------ -------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (3,576,509) 13,808,129 621,764 21,651,614
-------------- ------------- ------------ -------------
Total increase
(decrease) in net
assets................ (5,418,143) 5,471,294 1,235,646 7,274,924
NET ASSETS:
Beginning of period.... 37,225,829 262,405,163 22,776,767 356,321,523
-------------- ------------- ------------ -------------
End of period.......... $ 31,807,686 $ 267,876,457 $ 24,012,413 $363,596,447
-------------- ------------- ------------ -------------
-------------- ------------- ------------ -------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
16
<PAGE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL
MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------------- ----------------- ---------------- ------------ ------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 179,425 $ (101,209) $ 643,634 $ 271,828 $ 197,913
Capital gains income... -- 10,643,508 -- 11,084 398,201
Net realized gain
(loss) on security
transactions.......... -- 16,239 8,249 7,904 (33,723)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ -- 24,434,446 1,511,224 5,068,218 777,648
----------- ----------------- ---------------- ------------ ------------------
Net increase (decrease)
in net assets
resulting from
operations............ 179,425 34,992,984 2,163,107 5,359,034 1,340,039
----------- ----------------- ---------------- ------------ ------------------
UNIT TRANSACTIONS:
Purchases.............. 634,792 21,327,004 1,454,728 2,820,649 5,682,610
Net transfers.......... (82,649) (3,785,500) (295,060) 397,462 (8,029,039)
Surrenders............. (837,231) (11,169,911) (429,978) (262,479) (495,817)
----------- ----------------- ---------------- ------------ ------------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (285,088) 6,371,593 729,690 2,955,632 (2,842,246)
----------- ----------------- ---------------- ------------ ------------------
Total increase
(decrease) in net
assets................ (105,663) 41,364,577 2,892,797 8,314,666 (1,502,207)
NET ASSETS:
Beginning of period.... 8,410,170 196,182,415 21,927,324 26,686,539 45,208,166
----------- ----------------- ---------------- ------------ ------------------
End of period.......... $8,304,507 $237,546,992 $24,820,121 $ 35,001,205 $43,705,959
----------- ----------------- ---------------- ------------ ------------------
----------- ----------------- ---------------- ------------ ------------------
U.S. GOVERNMENT CAPITAL MORTGAGE INTERNATIONAL
MONEY MARKET FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------------- ----------------- ---------------- ------------ ------------------
OPERATIONS:
Net investment income
(loss)................ $ 196,800 $ (1,425,188) $ 1,223,281 $ 423,644 $ 62,453
Capital gains income... -- 13,497,320 106,840 -- --
Net realized gain
(loss) on security
transactions.......... -- (78,820) (44,959) 1,961 (17,178)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ -- (9,904,942) (1,952,973) (357,829) (1,594,350)
----------- ----------------- ---------------- ------------ ------------------
Net increase (decrease)
in net assets
resulting from
operations............ 196,800 2,088,370 (667,811) 67,776 (1,549,075)
----------- ----------------- ---------------- ------------ ------------------
UNIT TRANSACTIONS:
Purchases.............. 1,166,725 40,896,682 3,455,947 5,768,930 12,504,519
Net transfers.......... (933,407) 3,087,541 (4,681,841) (2,082,307) 10,413,798
Surrenders............. (248,081) (3,745,743) (712,860) (477,506) (426,493)
----------- ----------------- ---------------- ------------ ------------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (14,763) 40,238,480 (1,938,754) 3,209,117 22,491,824
----------- ----------------- ---------------- ------------ ------------------
Total increase
(decrease) in net
assets................ 182,037 42,326,850 (2,606,565) 3,276,893 20,942,749
NET ASSETS:
Beginning of period.... 8,228,133 153,855,565 24,533,889 23,409,646 24,265,417
----------- ----------------- ---------------- ------------ ------------------
End of period.......... $8,410,170 $196,182,415 $21,927,324 $ 26,686,539 $45,208,166
----------- ----------------- ---------------- ------------ ------------------
----------- ----------------- ---------------- ------------ ------------------
<CAPTION>
CALVERT
RESPONSIBLY INVESTED DIVIDEND AND
BALANCED PORTFOLIO GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT
-------------------- ------------
<S> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ (77,982) $ 2,367
Capital gains income... -- --
Net realized gain
(loss) on security
transactions.......... 3,482 2
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 2,090,811 (311)
-------------------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 2,016,311 2,058
-------------------- ------------
UNIT TRANSACTIONS:
Purchases.............. 1,523,775 25,401
Net transfers.......... (621,147) 1,482,096
Surrenders............. (277,842) (207)
-------------------- ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 624,786 1,507,290
-------------------- ------------
Total increase
(decrease) in net
assets................ 2,641,097 1,509,348
NET ASSETS:
Beginning of period.... 11,877,156 --
-------------------- ------------
End of period.......... $14,518,253 $ 1,509,348
-------------------- ------------
-------------------- ------------
CALVERT
RESPONSIBLY INVESTED
BALANCED PORTFOLIO
SUB-ACCOUNT
--------------------
OPERATIONS:
Net investment income
(loss)................ $ 224,634
Capital gains income... --
Net realized gain
(loss) on security
transactions.......... 2,432
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (737,526)
--------------------
Net increase (decrease)
in net assets
resulting from
operations............ (510,460)
--------------------
UNIT TRANSACTIONS:
Purchases.............. 3,457,379
Net transfers.......... (2,115,714)
Surrenders............. (282,097)
--------------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 1,059,568
--------------------
Total increase
(decrease) in net
assets................ 549,108
NET ASSETS:
Beginning of period.... 11,328,048
--------------------
End of period.......... $11,877,156
--------------------
--------------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
17
<PAGE>
DC VARIABLE ACCOUNT-I
HARTFORD LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
DC Variable Account-I (the Account) is a separate investment account with
Hartford Life Insurance Company (the Company) and is registered with the
Securities and Exchange Commission (SEC) as a unit investment trust under
the Investment Company Act of 1940, as amended. Both the Company and the
Account are subject to supervision and regulation by the Department of
Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Hartford and Calvert
Responsibly Invested Series mutual funds are valued at the closing net
asset value per share as determined by the appropriate Fund as of June
30, 1995.
c) FEDERAL INCOME TAXES--For Federal income tax purposes, the Fund intends
to qualify as a regulated investment company under Subchapter M of the
Internal Revenue Code by distributing substantially all of its taxable
income to variable annuity contract owners and otherwise complying with
the requirements for regulated investment companies. Accordingly, no
provision for Federal income taxes has been made. For purposes of
determining net realized taxable gains to be distributed, the capital
gains and losses of each Sub-Account are combined. Distribution of any
net realized capital gains so determined will be made to the contract
owners of the Sub-Account having net realized capital gains. The
cumulative realized losses used to offset realized capital gains in each
Sub-Account will be considered in the determination of future
distributions of realized capital gains to each Sub-Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable
annuity contracts, provides the mortality and expense undertakings and,
with respect to the Account, receives a maximum annual fee of up to 1.25%
of the Account's average daily net assets.
b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted
through termination of units of interest from applicable contract owners'
accounts, in accordance with the terms of the contracts.
18
<PAGE>
HARTFORD LIFE INSURANCE COMPANY
SEPARATE ACCOUNT ONE
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
BOND FUND STOCK FUND
SUB-ACCOUNT SUB-ACCOUNT
------------- -----------
<S> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 1,429,309
Cost $ 1,424,453
Market Value......... $ 1,425,608 --
Hartford Stock Fund,
Inc.
Shares 1,329,261
Cost $ 3,149,181
Market Value......... -- $ 4,177,469
HVA Money Market Fund,
Inc.
Shares 3,053,259
Cost $ 3,053,259
Market Value......... -- --
Hartford Advisers Fund,
Inc.
Shares 8,426,440
Cost $10,853,310
Market Value......... -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 1,962,779
Cost $ 3,767,593
Market Value......... -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 3,327,981
Cost $ 3,596,816
Market Value......... -- --
Hartford Index Fund,
Inc.
Shares 69,205
Cost $ 70,288
Market Value......... -- --
Due From Hartford Life
Insurance Company..... 86,169 --
Receivable from fund
shares sold........... -- 188,308
------------- -----------
Total Assets........... 1,511,777 4,365,777
------------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company..... -- 188,307
Payable for fund shares
purchased............. 86,170 --
------------- -----------
Total Liabilities...... 86,170 188,307
------------- -----------
Net Assets (variable
life insurance
contract
liabilities).......... $ 1,425,607 $ 4,177,470
------------- -----------
------------- -----------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 730,253 1,455,939
Unit Price............. $ 1.952210 $ 2.869262
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
20
<PAGE>
<TABLE>
<CAPTION>
MONEY CAPITAL MORTGAGE
MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ------------- ----------------- --------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 1,429,309
Cost $ 1,424,453
Market Value......... -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 1,329,261
Cost $ 3,149,181
Market Value......... -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 3,053,259
Cost $ 3,053,259
Market Value......... $3,053,259 -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 8,426,440
Cost $10,853,310
Market Value......... -- $15,117,793 -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 1,962,779
Cost $ 3,767,593
Market Value......... -- -- $6,266,015 -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 3,327,981
Cost $ 3,596,816
Market Value......... -- -- -- $3,499,872 --
Hartford Index Fund,
Inc.
Shares 69,205
Cost $ 70,288
Market Value......... -- -- -- -- $ 124,557
Due From Hartford Life
Insurance Company..... 136,999 4,485 801 -- --
Receivable from fund
shares sold........... -- -- -- -- 24,645
----------- ------------- ----------------- --------------- -----------
Total Assets........... 3,190,258 15,122,278 6,266,816 3,499,872 149,202
----------- ------------- ----------------- --------------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company..... -- -- -- 49 24,645
Payable for fund shares
purchased............. 139,689 4,486 893 2,979 --
----------- ------------- ----------------- --------------- -----------
Total Liabilities...... 139,689 4,486 893 3,028 24,645
----------- ------------- ----------------- --------------- -----------
Net Assets (variable
life insurance
contract
liabilities).......... $3,050,569 $15,117,792 $6,265,923 $3,496,844 $ 124,557
----------- ------------- ----------------- --------------- -----------
----------- ------------- ----------------- --------------- -----------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 1,905,697 5,936,888 1,774,026 1,786,633 58,078
Unit Price............. $ 1.600763 $ 2.546417 $ 3.532036 $ 1.957225 $ 2.144639
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
21
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
BOND FUND
SUB-ACCOUNT
-------------
<S> <C>
INVESTMENT INCOME:
Dividends.............. $48,203
EXPENSES:
Mortality and expense
undertakings.......... (6,556)
-------------
Net investment income
(loss).............. 41,647
-------------
Capital gains income... --
-------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 3,126
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 105,716
-------------
Net gains (losses) on
investments......... 108,842
-------------
Net increase
(decrease) in net
assets resulting
from operations..... $150,489
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
22
<PAGE>
<TABLE>
<CAPTION>
MONEY CAPITAL MORTGAGE
STOCK FUND MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- ------------- ----------------- --------------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 48,322 $ 83,507 $281,938 $ 31,380 $114,173 $ 2,063
EXPENSES:
Mortality and expense
undertakings.......... (18,026) (13,018) (66,162) (26,632) (15,440) (794)
----------- ----------- ------------- -------- --------------- -----------
Net investment income
(loss).............. 30,296 70,489 215,776 4,748 98,733 1,269
----------- ----------- ------------- -------- --------------- -----------
Capital gains income... 153,099 -- 167,329 302,062 -- 72
----------- ----------- ------------- -------- --------------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 20,663 -- 124,445 45,123 413 18,179
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 451,399 -- 1,558,239 641,781 225,320 13,168
----------- ----------- ------------- -------- --------------- -----------
Net gains (losses) on
investments......... 472,062 -- 1,682,684 686,904 225,733 31,347
----------- ----------- ------------- -------- --------------- -----------
Net increase
(decrease) in net
assets resulting
from operations..... $655,457 $ 70,489 2$,065,789 $993,714 $324,466 $32,688
----------- ----------- ------------- -------- --------------- -----------
----------- ----------- ------------- -------- --------------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
23
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
BOND FUND
SUB-ACCOUNT
--------------
<S> <C>
OPERATIONS:
Net investment income
(loss)................ $ 41,647
Capital gains income... --
Net realized gain
(loss) on security
transactions.......... 3,126
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 105,716
--------------
Net increase (decrease)
in net assets
resulting from
operations............ 150,489
--------------
UNIT TRANSACTIONS:
Net transfers.......... (40,150)
Surrenders............. (125,298)
Loan withdrawals....... (38,333)
Cost of Insurance...... (11,492)
--------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (215,273)
--------------
Total increase
(decrease) in net
assets................ (64,784)
NET ASSETS:
Beginning of period.... 1,490,391
--------------
End of period.......... $ 1,425,607
--------------
--------------
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
BOND FUND
SUB-ACCOUNT
--------------
OPERATIONS:
Net investment income
(loss)................ $ 84,424
Capital gains income... 34,954
Net realized gain
(loss) on security
transactions.......... (2,033)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (201,856)
Net increase (decrease)
in net assets
resulting from
operations............ (84,511)
--------------
UNIT TRANSACTIONS:
Net transfers.......... (219,456)
Surrenders............. (26,377)
Loan withdrawals....... (74,506)
Cost of Insurance...... (24,983)
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (345,322)
--------------
Total increase
(decrease) in net
assets................ (429,833)
NET ASSETS:
Beginning of period.... 1,920,224
--------------
End of period.......... $ 1,490,391
--------------
--------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
24
<PAGE>
<TABLE>
<CAPTION>
MONEY CAPITAL MORTGAGE
STOCK FUND MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- ------------- ----------------- --------------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 30,296 $ 70,489 $ 215,776 $ 4,748 $ 98,733 $ 1,269
Capital gains income... 153,099 -- 167,329 302,062 -- 72
Net realized gain
(loss) on security
transactions.......... 20,663 -- 124,445 45,123 413 18,179
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 451,399 -- 1,558,239 641,781 225,320 13,168
----------- ----------- ------------- ----------------- --------------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ 655,457 70,489 2,065,789 993,714 324,466 32,688
----------- ----------- ------------- ----------------- --------------- -----------
UNIT TRANSACTIONS:
Net transfers.......... 25,305 310,833 (184,930) (25,836) (7,771) (82,145)
Surrenders............. (190,015) (258,718) (448,763) (111,585) (69,569) 89
Loan withdrawals....... (24,360) (122,987) (209,063) (158,389) (55,838) --
Cost of Insurance...... (21,709) (23,344) (100,949) (24,154) (24,624) (1,411)
----------- ----------- ------------- ----------------- --------------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (210,779) (94,216) (943,705) (319,964) (157,802) (83,467)
----------- ----------- ------------- ----------------- --------------- -----------
Total increase
(decrease) in net
assets................ 444,678 (23,727) 1,122,084 673,750 166,664 (50,779)
NET ASSETS:
Beginning of period.... 3,732,792 3,074,296 13,995,708 5,592,173 3,330,180 175,336
----------- ----------- ------------- ----------------- --------------- -----------
End of period.......... $ 4,177,470 $3,050,569 $15,117,792 $6,265,923 $3,496,844 $124,557
----------- ----------- ------------- ----------------- --------------- -----------
----------- ----------- ------------- ----------------- --------------- -----------
MONEY CAPITAL MORTGAGE
STOCK FUND MARKET FUND ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- ------------- ----------------- --------------- -----------
OPERATIONS:
Net investment income
(loss)................ $ 46,497 $ 90,826 $ 345,822 $ (28,296) $ 206,426 $ 3,204
Capital gains income... 236,643 -- 453,826 485,588 16,717 --
Net realized gain
(loss) on security
transactions.......... (20,713) -- (25,086) 6,972 (7,377) 3,219
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (385,338) -- (1,318,233) (363,873) (310,572) (4,499)
Net increase (decrease)
in net assets
resulting from
operations............ (122,911) 90,826 (543,671) 100,391 (94,806) 1,924
----------- ----------- ------------- ----------------- --------------- -----------
UNIT TRANSACTIONS:
Net transfers.......... 107,279 264,281 (102,059) 35,545 (55,220) (30,371)
Surrenders............. (86,467) (230,770) (251,306) (22,032) (119,281) (6,692)
Loan withdrawals....... (63,052) (29,062) (125,220) (84,214) (162,353) --
Cost of Insurance...... (43,091) (47,718) (208,377) (46,505) (50,108) (3,635)
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (85,331) (43,269) (686,962) (117,206) (386,962) (40,698)
----------- ----------- ------------- ----------------- --------------- -----------
Total increase
(decrease) in net
assets................ (208,242) 47,557 (1,230,633) (16,815) (481,768) (38,774)
NET ASSETS:
Beginning of period.... 3,941,034 3,026,739 15,226,341 5,608,988 3,811,948 214,110
----------- ----------- ------------- ----------------- --------------- -----------
End of period.......... $ 3,732,792 $3,074,296 $13,995,708 $5,592,173 $3,330,180 $175,336
----------- ----------- ------------- ----------------- --------------- -----------
----------- ----------- ------------- ----------------- --------------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
25
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Separate Account One (the Account) is a separate investment account within
Hartford Life Insurance Company (the Company) and is registered with the
Securities and Exchange Commission (SEC) as a unit investment trust under
the Investment Company Act of 1940, as amended. Both the Company and the
Account are subject to supervision and regulation by the Department of
Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds
are valued at the closing net asset value per share as determined by the
appropriate Fund as of June 30, 1995.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as an
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the operations of the
Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable
life insurance contracts, provides the mortality and expense undertakings
and, with respect to the Account, receives an annual fee of 0.90% of the
Account's average daily net assets.
b) DEDUCTION OF OTHER FEES--In accordance with the terms of the contracts,
the Company makes deductions for the cost of insurance, administrative
fees, and state premium taxes. These charges are deducted through
termination of units of interest from applicable contract owners'
accounts.
26
<PAGE>
HARTFORD LIFE INSURANCE COMPANY
SEPARATE ACCOUNT TWO
<PAGE>
SEPARATE ACCOUNT TWO
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY U.S. GOVERNMENT
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------- ------------ --------------- --------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 177,317,248
Cost $ 181,192,045
Market Value......... $ 176,857,996 -- -- -- --
Hartford Stock Fund,
Inc.
Shares 252,580,879
Cost $ 678,847,336
Market Value......... -- $ 793,785,930 -- -- --
HVA Money Market Fund,
Inc.
Shares 222,733,906
Cost $ 222,733,906
Market Value......... -- -- $222,733,906 -- --
Hartford Advisers Fund,
Inc.
Shares 1,144,228,590
Cost $1,853,207,155
Market Value......... -- -- -- $2,052,849,070 --
Hartford U.S.
Government Money
Market Fund, Inc.
Shares 1,327,610
Cost $ 1,327,610
Market Value......... -- -- -- -- $1,327,609
Hartford Capital
Appreciation Fund,
Inc.
Shares 263,353,269
Cost $ 702,216,100
Market Value......... -- -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 209,335,085
Cost $ 225,537,130
Market Value......... -- -- -- -- --
Hartford Index Fund,
Inc.
Shares 68,220,923
Cost $ 95,782,921
Market Value......... -- -- -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 247,485,479
Cost $ 277,452,230
Market Value......... -- -- -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 52,111,152
Cost $ 54,119,349
Market Value......... -- -- -- -- --
Hartford International
Advisers Fund, Inc.
Shares 2,367,937
Cost $ 2,596,888
Market Value......... -- -- -- -- --
Calvert Responsibly
Invested Balanced
Portfolio
Shares 803,469
Cost $ 1,163,236
Market Value......... -- -- -- -- --
Smith Barney Daily
Dividend Fund, Inc.
Shares 587,430
Cost $ 587,430
Market Value......... -- -- -- -- --
Smith Barney
Appreciation Fund,
Inc.
Shares 11,522
Cost $ 74,418
Market Value......... -- -- -- -- --
Smith Barney Government
and Agencies Fund
Shares 44,846
Cost $ 44,846
Market Value......... -- -- -- -- --
Dividends Receivable... -- -- -- -- --
Due From Hartford Life
Insurance Company..... 1,484 11,843 11,873,222 460,390 1,274
Receivable from fund
shares sold........... 208,189 5,156,355 1,140 52,883 331
--------------- ------------- ------------ --------------- -----------
Total Assets........... 177,067,669 798,954,128 234,608,268 2,053,362,343 1,329,214
--------------- ------------- ------------ --------------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company..... 208,020 5,156,416 1,295 52,878 39
Payable for fund shares
purchased............. 1,484 11,842 11,868,254 462,056 1,183
--------------- ------------- ------------ --------------- -----------
Total Liabilities...... 209,504 5,168,258 11,869,549 514,934 1,222
--------------- ------------- ------------ --------------- -----------
Net Assets (variable
annuity contract
liabilities).......... $ 176,858,165 $ 793,785,870 $222,738,719 $2,052,847,409 $1,327,992
--------------- ------------- ------------ --------------- -----------
--------------- ------------- ------------ --------------- -----------
<CAPTION>
CAPITAL
APPRECIATION FUND
SUB-ACCOUNT
------------------
<S> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Stock Fund,
Inc.
Shares
Cost
Market Value......... --
HVA Money Market Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Advisers Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford U.S.
Government Money
Market Fund, Inc.
Shares
Cost
Market Value......... --
Hartford Capital
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... $840,734,243
Hartford Mortgage
Securities Fund, Inc.
Shares
Cost
Market Value......... --
Hartford Index Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford International
Opportunities Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Dividend and
Growth Fund, Inc.
Shares
Cost
Market Value......... --
Hartford International
Advisers Fund, Inc.
Shares
Cost
Market Value......... --
Calvert Responsibly
Invested Balanced
Portfolio
Shares
Cost
Market Value......... --
Smith Barney Daily
Dividend Fund, Inc.
Shares
Cost
Market Value......... --
Smith Barney
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... --
Smith Barney Government
and Agencies Fund
Shares
Cost
Market Value......... --
Dividends Receivable... --
Due From Hartford Life
Insurance Company..... 146,354
Receivable from fund
shares sold........... 4,478,843
------------------
Total Assets........... 845,359,440
------------------
LIABILITIES:
Due to Hartford Life
Insurance Company..... 4,476,263
Payable for fund shares
purchased............. 146,353
------------------
Total Liabilities...... 4,622,616
------------------
Net Assets (variable
annuity contract
liabilities).......... $840,736,824
------------------
------------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
28
<PAGE>
<TABLE>
<CAPTION>
INTERNATIONAL CALVERT
MORTGAGE OPPORTUNITIES DIVIDEND AND INTERNATIONAL RESPONSIBLY INVESTED
SECURITIES FUND INDEX FUND FUND GROWTH FUND ADVISERS FUND BALANCED PORTFOLIO
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------ ----------------- ------------ ------------- --------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 177,317,248
Cost $ 181,192,045
Market Value......... -- -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 252,580,879
Cost $ 678,847,336
Market Value......... -- -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 222,733,906
Cost $ 222,733,906
Market Value......... -- -- -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 1,144,228,590
Cost $1,853,207,155
Market Value......... -- -- -- -- -- --
Hartford U.S.
Government Money
Market Fund, Inc.
Shares 1,327,610
Cost $ 1,327,610
Market Value......... -- -- -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 263,353,269
Cost $ 702,216,100
Market Value......... -- -- -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 209,335,085
Cost $ 225,537,130
Market Value......... $220,147,240 -- -- -- -- --
Hartford Index Fund,
Inc.
Shares 68,220,923
Cost $ 95,782,921
Market Value......... -- $122,786,063 -- -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 247,485,479
Cost $ 277,452,230
Market Value......... -- -- $295,821,870 -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 52,111,152
Cost $ 54,119,349
Market Value......... -- -- -- $59,181,261 -- --
Hartford International
Advisers Fund, Inc.
Shares 2,367,937
Cost $ 2,596,888
Market Value......... -- -- -- -- $ 2,496,871 --
Calvert Responsibly
Invested Balanced
Portfolio
Shares 803,469
Cost $ 1,163,236
Market Value......... -- -- -- -- -- $1,358,665
Smith Barney Daily
Dividend Fund, Inc.
Shares 587,430
Cost $ 587,430
Market Value......... -- -- -- -- -- --
Smith Barney
Appreciation Fund,
Inc.
Shares 11,522
Cost $ 74,418
Market Value......... -- -- -- -- -- --
Smith Barney Government
and Agencies Fund
Shares 44,846
Cost $ 44,846
Market Value......... -- -- -- -- -- --
Dividends Receivable... -- -- -- -- -- --
Due From Hartford Life
Insurance Company..... 2,148 206,308 165,021 360,952 24,833 1,048
Receivable from fund
shares sold........... 264,740 -- 237 52 -- --
--------------- ------------ ----------------- ------------ ------------- -----------
Total Assets........... 220,414,128 122,992,371 295,987,128 59,542,265 2,521,704 1,359,713
--------------- ------------ ----------------- ------------ ------------- -----------
LIABILITIES:
Due to Hartford Life
Insurance Company..... 260,531 -- 237 49 -- --
Payable for fund shares
purchased............. 2,176 206,254 165,047 360,953 24,833 1,053
--------------- ------------ ----------------- ------------ ------------- -----------
Total Liabilities...... 262,707 206,254 165,284 361,002 24,833 1,053
--------------- ------------ ----------------- ------------ ------------- -----------
Net Assets (variable
annuity contract
liabilities).......... $220,151,421 $122,786,117 $295,821,844 $59,181,263 $ 2,496,871 $1,358,660
--------------- ------------ ----------------- ------------ ------------- -----------
--------------- ------------ ----------------- ------------ ------------- -----------
<CAPTION>
SMITH BARNEY SMITH BARNEY
DAILY DIVIDEND SMITH BARNEY GOVERNMENT AND
FUND APPRECIATION FUND AGENCIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------- ------------------ --------------
<S> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares
Cost
Market Value......... -- -- --
Hartford Stock Fund,
Inc.
Shares
Cost
Market Value......... -- -- --
HVA Money Market Fund,
Inc.
Shares
Cost
Market Value......... -- -- --
Hartford Advisers Fund,
Inc.
Shares
Cost
Market Value......... -- -- --
Hartford U.S.
Government Money
Market Fund, Inc.
Shares
Cost
Market Value......... -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares
Cost
Market Value......... -- -- --
Hartford Index Fund,
Inc.
Shares
Cost
Market Value......... -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares
Cost
Market Value......... -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares
Cost
Market Value......... -- -- --
Hartford International
Advisers Fund, Inc.
Shares
Cost
Market Value......... -- -- --
Calvert Responsibly
Invested Balanced
Portfolio
Shares
Cost
Market Value......... -- -- --
Smith Barney Daily
Dividend Fund, Inc.
Shares
Cost
Market Value......... $587,430 -- --
Smith Barney
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... -- $ 137,072 --
Smith Barney Government
and Agencies Fund
Shares
Cost
Market Value......... -- -- $44,846
Dividends Receivable... 1,245 -- 102
Due From Hartford Life
Insurance Company..... -- -- --
Receivable from fund
shares sold........... -- 14 --
-------------- -------- -------
Total Assets........... 588,675 137,086 44,948
-------------- -------- -------
LIABILITIES:
Due to Hartford Life
Insurance Company..... 820 344 130
Payable for fund shares
purchased............. -- -- --
-------------- -------- -------
Total Liabilities...... 820 344 130
-------------- -------- -------
Net Assets (variable
annuity contract
liabilities).......... $587,855 $ 136,742 $44,818
-------------- -------- -------
-------------- -------- -------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
29
<PAGE>
SEPARATE ACCOUNT TWO
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
UNITS
OWNED BY UNIT CONTRACT
PARTICIPANTS PRICE LIABILITY
------------ --------- --------------
<S> <C> <C> <C>
DEFERRED ANNUITY CONTRACTS IN THE ACCUMULATION
PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Bond Fund Qualified 1.00%....................... 346,513 3.414270 $ 1,183,090
Bond Fund Non-Qualified 1.00%................... 2,595,088 3.362359 8,725,618
Bond Fund 1.25%................................. 85,423,440 1.777880 151,872,626
Bond Fund .25%.................................. 157,972 1.166164 184,221
Stock Fund Qualified 1.00%...................... 950,601 4.916115 4,673,263
Stock Fund Non-Qualified 1.00%.................. 3,603,742 4.700877 16,940,747
Stock Fund 1.25%................................ 261,708,476 2.562814 670,710,145
Stock Fund .25%................................. 1,505,389 1.326641 1,997,111
Money Market Fund Qualified 1.00%............... 1,225,004 2.315764 2,836,821
Money Market Fund Non-Qualified 1.00%........... 13,673,923 2.316855 31,680,498
Money Market Fund 1.25%......................... 122,398,481 1.495975 183,105,067
Money Market Fund .25%.......................... 440,941 1.094241 482,496
Advisers Fund Qualified 1.00%................... 4,240,735 3.405870 14,443,391
Advisers Fund Non-Qualified 1.00%............... 14,422,300 3.405870 49,120,480
Advisers Fund 1.25%............................. 851,745,933 2.287948 1,948,750,404
Advisers Fund .25%.............................. 1,596,163 1.257137 2,006,595
U.S. Government Money Market Fund Qualified
1.00%.......................................... 19,649 1.852204 36,394
U.S. Government Money Market Fund 1.25%......... 47,958 1.439260 69,024
Capital Appreciation Fund Qualified 1.00%....... 928,021 5.157839 4,786,583
Capital Appreciation Fund Non-Qualified 1.00%... 2,824,600 5.155497 14,562,215
Capital Appreciation Fund 1.25%................. 249,927,824 3.083934 770,760,914
Capital Appreciation Fund .25%.................. 3,441,061 1.461920 5,030,556
Mortgage Securities Fund Qualified 1.00%........ 1,301,927 2.291425 2,983,268
Mortgage Securities Fund Non-Qualified 1.00%.... 10,685,879 2.291425 24,485,891
Mortgage Securities Fund 1.25%.................. 105,365,136 1.796584 189,297,317
Mortgage Securities Fund .25%................... 131,115 1.144403 150,048
Index Fund 1.25%................................ 55,484,402 2.083167 115,583,275
Index Fund .25%................................. 271,105 1.315179 356,551
International Opportunities Fund Qualified
1.00%.......................................... 439,584 1.232891 541,960
International Opportunities Fund Non-Qualified
1.00%.......................................... 1,890,622 1.232846 2,330,846
International Opportunities Fund 1.25%.......... 234,371,169 1.217560 285,360,960
International Opportunities Fund .25%........... 1,368,046 1.342187 1,836,173
Dividend and Growth Fund Qualified 1.00%........ 36,645 1.167748 42,792
Dividend and Growth Fund Non-Qualified 1.00%.... 469,999 1.167748 548,841
Dividend and Growth Fund 1.25%.................. 50,172,617 1.163924 58,397,113
Dividend and Growth Fund .25%................... 138,783 1.179296 163,666
International Advisers Fund Qualified 1.00%..... 10,000 1.066698 10,667
International Advisers Fund Non-Qualified
1.00%.......................................... 34,997 1.066698 37,331
International Advisers Fund 1.25%............... 2,287,660 1.065796 2,438,179
International Advisers Fund .25%................ 10,000 1.069404 10,694
Smith Barney Daily Dividend, Inc. Qualified
1.00%.......................................... 81,999 2.514275 206,168
Smith Barney Daily Dividend, Inc. Non-Qualified
1.00%.......................................... 146,695 2.601905 381,687
Smith Barney Appreciation Fund, Inc. Qualified
1.00%.......................................... 23,904 5.720450 136,742
Smith Barney Government and Agencies, Inc.
Qualified 1.0%................................. 19,756 2.268517 44,818
--------------
Sub-total Individual Sub-Accounts............... 4,569,303,246
--------------
GROUP SUB-ACCOUNTS:
Bond Fund Qualified 1.00% QP.................... 1,617,197 3.998960 6,467,107
Bond Fund 1.25% DCII............................ 1,377,438 3.872567 5,334,222
Bond Fund .15% DCII............................. 304,387 3.628662 1,104,516
Stock Fund Qualified 1.00% QP................... 4,165,332 8.221028 34,243,312
Stock Fund Qualified .825% QP................... 1,395,303 6.596889 9,204,660
Stock Fund Non-Qualified 1.00% NQ............... 88,628 6.450376 571,684
Stock Fund Non-Qualified .825% NQ............... 857,051 6.608473 5,663,797
Stock Fund 1.25% DCII........................... 4,195,766 7.959209 33,394,979
Stock Fund .15% DCII............................ 849,870 6.146923 5,224,084
Money Market Fund Qualified .375% QP............ 2,192 2.879630 6,311
Money Market Fund 1.25% DCII.................... 983,562 2.569341 2,527,107
Money Market Fund .15% DCII..................... 271,574 2.485043 674,873
Advisers Fund 1.25% DCII........................ 8,698,148 3.305844 28,754,722
Advisers Fund .15% DCII......................... 640,846 3.776740 2,420,308
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
30
<PAGE>
<TABLE>
<CAPTION>
UNITS
OWNED BY UNIT CONTRACT
PARTICIPANTS PRICE LIABILITY
------------ --------- --------------
GROUP SUB-ACCOUNTS -- (CONTINUED)
<S> <C> <C> <C>
U.S. Government Money Market Fund 1.25% DCII.... 533,435 1.796456 $ 958,292
U.S. Government Money Market Fund .15% DCII..... 41,657 2.058213 85,739
Capital Appreciation Fund 1.25% DCII............ 7,856,854 5.020704 39,446,936
Capital Appreciation Fund .15% DCII............. 683,491 5.674194 3,878,261
Mortgage Securities Fund 1.25% DCII............. 1,008,342 2.232190 2,250,810
Mortgage Securities Fund .15% DCII.............. 85,834 2.504199 214,945
Index Fund 1.25% DCII........................... 2,586,986 2.073383 5,363,812
Index Fund .15% DCII............................ 233,223 2.245676 523,744
International Opportunities Fund 1.25% DCII..... 4,143,407 1.217732 5,045,559
International Opportunities Fund .15% DCII...... 314,608 1.286347 404,695
Dividend and Growth Fund 1.25% DCII............. 27,559 1.046900 28,851
Calvert Responsibly Invested Balanced Portfolio
1.25% DCII..................................... 784,978 1.653053 1,297,610
--------------
Sub-total Group Sub-Accounts.................... 195,090,936
--------------
TOTAL ACCUMULATION PERIOD......................... 4,764,394,182
--------------
ANNUITY CONTRACTS IN THE ANNUITY PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Bond Fund Non-Qualified 1.00%................... 560 3.362359 1,882
Bond Fund 1.25%................................. 143,290 1.777880 254,752
Stock Fund Non-Qualified 1.00%.................. 7,188 4.700877 33,791
Stock Fund 1.25%................................ 258,066 2.562814 661,375
Money Market Fund Qualified 1.00%............... 18,432 2.315764 42,684
Money Market Fund Non-Qualified 1.00%........... 117,935 2.316855 273,238
Money Market Fund 1.25%......................... 420,060 1.495975 628,400
Advisers Fund Qualified 1.00%................... 5,259 3.405870 17,913
Advisers Fund Non-Qualified 1.00%............... 69,102 3.405870 235,351
Advisers Fund 1.25%............................. 799,219 2.287948 1,828,573
U.S. Government Money Market Fund Qualified
1.00%.......................................... 22,132 1.852204 40,993
Capital Appreciation Fund Non-Qualified 1.00%... 4,879 5.155497 25,156
Capital Appreciation Fund 1.25%................. 66,149 3.083934 203,998
Mortgage Securities Fund Non-Qualified 1.00%.... 112,032 2.291425 256,714
Mortgage Securities Fund 1.25%.................. 104,959 1.796584 188,567
Index Fund 1.25%................................ 53,363 2.083167 111,165
International Opportunities Fund 1.25%.......... 133,944 1.217560 163,085
--------------
Sub-total Individual Sub-Accounts............... 4,967,637
--------------
GROUP SUB-ACCOUNTS:
Bond Fund Qualified 1.00% QP.................... 89,992 3.998960 359,876
Bond Fund 1.25% DCII............................ 339,496 3.872567 1,314,722
Bond Fund 1.00% DCII............................ 13,942 3.983149 55,533
Stock Fund Qualified 1.00% QP................... 236,334 8.221028 1,942,908
Stock Fund Qualified .825% QP................... 55,414 6.596889 365,560
Stock Fund Non-Qualified 1.00% NQ............... 704 6.450376 4,540
Stock Fund Non-Qualified .825% NQ............... 62,958 6.608473 416,056
Stock Fund 1.25% DCII........................... 964,050 7.959209 7,673,075
Stock Fund 1.00% DCII........................... 4,809 8.195289 39,415
Stock Fund .15% DCII............................ 4,127 6.146923 25,368
Money Market Fund 1.25% DCII.................... 187,295 2.569341 481,225
Advisers Fund 1.25% DCII........................ 1,566,244 3.305844 5,177,759
Advisers Fund .15% DCII......................... 24,337 3.776740 91,913
U.S. Government Money Market Fund 1.25% DCII.... 76,567 1.796456 137,550
Capital Appreciation Fund 1.25% DCII............ 406,757 5.020704 2,042,205
Mortgage Securities Fund 1.25% DCII............. 145,087 2.232190 323,862
Index Fund 1.25% DCII........................... 408,786 2.073383 847,570
International Opportunities Fund 1.25% DCII..... 113,790 1.217732 138,566
Calvert Responsibly Invested Balanced Portfolio
1.25% DCII..................................... 36,931 1.653053 61,049
--------------
Sub-total Group Sub-Accounts.................... 21,498,752
--------------
TOTAL ANNUITY PERIOD.............................. 26,466,389
--------------
GRAND TOTAL....................................... $4,790,860,571
--------------
--------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
31
<PAGE>
SEPARATE ACCOUNT TWO
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY U.S. GOVERNMENT CAPITAL
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND APPRECIATION FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------- ------------- ----------- -------------- -------------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 5,645,050 $ 8,722,110 $6,309,356 $ 37,105,352 $35,622 $ 3,917,489
EXPENSES:
Mortality and expense
undertakings.......... (1,026,949) (4,358,777) (1,319,385) (11,914,428) (7,542) (4,483,796)
-------------- ------------- ----------- -------------- ------- -----------------
Net investment income
(loss).............. 4,618,101 4,363,333 4,989,971 25,190,924 28,080 (566,307)
-------------- ------------- ----------- -------------- ------- -----------------
Capital gains income... -- 26,305,598 -- 21,614,744 -- 34,687,769
-------------- ------------- ----------- -------------- ------- -----------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 89,657 1,341,583 -- 862,217 -- 487,685
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 12,358,100 84,049,908 -- 218,783,502 -- 87,461,444
-------------- ------------- ----------- -------------- ------- -----------------
Net gains (losses) on
investments......... 12,447,757 85,391,491 -- 219,645,719 -- 87,949,129
-------------- ------------- ----------- -------------- ------- -----------------
Net increase
(decrease) in net
assets resulting
from operations..... $17,065,858 $ 116,060,422 $4,989,971 $266,451,387 $28,080 $122,070,591
-------------- ------------- ----------- -------------- ------- -----------------
-------------- ------------- ----------- -------------- ------- -----------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
32
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE INTERNATIONAL DIVIDEND AND INTERNATIONAL
SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND ADVISERS FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------- ------------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 7,191,633 $ 1,393,906 $ 3,093,270 $ 706,931 $18,318
EXPENSES:
Mortality and expense
undertakings.......... (1,318,473) (657,738) (1,815,699) (267,465) (3,795)
--------------- ------------- ------------------ ------------ -------------
Net investment income
(loss).............. 5,873,160 736,168 1,277,571 439,466 14,523
--------------- ------------- ------------------ ------------ -------------
Capital gains income... -- 38,706 2,695,768 -- --
--------------- ------------- ------------------ ------------ -------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... (497,195) 201,181 (549,216) 1,239 (281)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 14,750,806 17,754,160 5,096,667 5,519,807 (9,016)
--------------- ------------- ------------------ ------------ -------------
Net gains (losses) on
investments......... 14,253,611 17,955,341 4,547,451 5,521,046 (9,297)
--------------- ------------- ------------------ ------------ -------------
Net increase
(decrease) in net
assets resulting
from operations..... $20,126,771 $ 18,730,215 $ 8,520,790 $5,960,512 $ 5,226
--------------- ------------- ------------------ ------------ -------------
--------------- ------------- ------------------ ------------ -------------
<CAPTION>
CALVERT SMITH BARNEY SMITH BARNEY
RESPONSIBLY INVESTED DAILY DIVIDEND SMITH BARNEY GOVERNMENT AND
BALANCED PORTFOLIO FUND APPRECIATION FUND AGENCIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------------- -------------- ----------------- --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $-- $17,126 $-- $1,248
EXPENSES:
Mortality and expense
undertakings.......... (7,320) (3,109) (638) (230)
-------- ------- ------- ------
Net investment income
(loss).............. (7,320) 14,017 (638) 1,018
-------- ------- ------- ------
Capital gains income... -- -- -- --
-------- ------- ------- ------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 52 -- 27 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 188,221 -- 20,157 --
-------- ------- ------- ------
Net gains (losses) on
investments......... 188,273 -- 20,184 --
-------- ------- ------- ------
Net increase
(decrease) in net
assets resulting
from operations..... $180,953 $14,017 $19,546 $1,018
-------- ------- ------- ------
-------- ------- ------- ------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
33
<PAGE>
SEPARATE ACCOUNT TWO
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
CAPITAL
MONEY U.S. GOVERNMENT APPRECIATION
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------ ------------ ----------- --------------- ------------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................. $ 4,618,101 $ 4,363,333 $ 4,989,971 $ 25,190,924 $ 28,080 $ (566,307)
Capital gains income... -- 26,305,598 -- 21,614,744 -- 34,687,769
Net realized gain
(loss) on security
transactions.......... 89,657 1,341,583 -- 862,217 -- 487,685
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 12,358,100 84,049,908 -- 218,783,502 -- 87,461,444
------------ ------------ ----------- --------------- ------------------- ----------------
Net increase (decrease)
in net assets
resulting from
operations............ 17,065,858 116,060,422 4,989,971 266,451,387 28,080 122,070,591
------------ ------------ ----------- --------------- ------------------- ----------------
UNIT TRANSACTIONS:
Purchases............... 6,482,121 36,524,759 23,343,247 64,440,284 133,522 62,266,445
Net transfers.......... 88,174 12,701,116 (34,224,080) (22,382,219) 28,367 38,492,902
Surrenders............. (6,399,472) (17,765,288) (13,030,072) (56,618,253) (66,626) (14,611,484)
Net annuity
transactions.......... 133,337 162,396 (29,590) (124,702) (6,952) 49,443
------------ ------------ ----------- --------------- ------------------- ----------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 304,160 31,622,983 (23,940,495) (14,684,890) 88,311 86,197,306
------------ ------------ ----------- --------------- ------------------- ----------------
Total increase
(decrease) in net
assets................ 17,370,018 147,683,405 (18,950,524) 251,766,497 116,391 208,267,897
NET ASSETS:
Beginning of period..... 159,488,147 646,102,465 241,689,243 1,801,080,912 1,211,601 632,468,929
------------ ------------ ----------- --------------- ------------------- ----------------
End of period.......... $176,858,165 $793,785,870 $222,738,719 $ 2,052,847,409 $1,327,992 $840,736,824
------------ ------------ ----------- --------------- ------------------- ----------------
------------ ------------ ----------- --------------- ------------------- ----------------
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
CAPITAL
MONEY U.S. GOVERNMENT APPRECIATION
BOND FUND STOCK FUND MARKET FUND ADVISERS FUND MONEY MARKET FUND FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------ ------------ ----------- --------------- ------------------- ----------------
OPERATIONS:
Net investment income
(loss)................ $ 8,147,222 $ 5,872,155 $ 6,069,008 $ 36,400,916 $ 28,918 $ (4,596,707)
Capital gains income... 3,020,067 34,722,942 -- 47,447,226 -- 42,093,901
Net realized gain
(loss) on security
transactions.......... (421,917) (203,916) -- 414,315 -- 316,913
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (19,519,205) (59,765,259) -- (154,737,742) -- (28,599,970)
------------ ------------ ----------- --------------- ------------------- ----------------
Net increase (decrease)
in net assets
resulting from
operations............ (8,773,833) (19,374,078) 6,069,008 (70,475,285) 28,918 9,214,137
------------ ------------ ----------- --------------- ------------------- ----------------
UNIT TRANSACTIONS:
Purchases.............. 29,721,918 105,127,448 72,433,601 419,190,064 205,153 147,740,784
Net transfers.......... (10,176,062) 20,445,965 10,951,538 14,104,761 (151,291) 33,684,129
Surrenders............. (11,477,200) (25,527,779) (33,930,464) (88,886,489) (65,287) (18,517,067)
Net annuity
transactions.......... 284,001 1,000,538 596,459 2,114,613 (29,641) 396,915
------------ ------------ ----------- --------------- ------------------- ----------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 8,352,657 101,046,172 50,051,134 346,522,949 (41,066) 163,304,761
------------ ------------ ----------- --------------- ------------------- ----------------
Total increase
(decrease) in net
assets................ (421,176) 81,672,094 56,120,142 276,047,664 (12,148) 172,518,898
NET ASSETS:
Beginning of period.... 159,909,323 564,430,371 185,569,101 1,525,033,248 1,223,749 459,950,031
------------ ------------ ----------- --------------- ------------------- ----------------
End of period.......... $159,488,147 $646,102,465 $241,689,243 $ 1,801,080,912 $1,211,601 $632,468,929
------------ ------------ ----------- --------------- ------------------- ----------------
------------ ------------ ----------- --------------- ------------------- ----------------
</TABLE>
* From Inception, March 8, 1994, to December 31, 1994.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
34
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE INTERNATIONAL DIVIDEND AND INTERNATIONAL
SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND ADVISERS FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ------------ ------------------- ------------ --------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................. $ 5,873,160 $ 736,168 $ 1,277,571 $ 439,466 $ 14,523
Capital gains income... -- 38,706 2,695,768 -- --
Net realized gain
(loss) on security
transactions.......... (497,195) 201,181 (549,216) 1,239 (281)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 14,750,806 17,754,160 5,096,667 5,519,807 (9,016)
--------------- ------------ ------------------- ------------ -----------
Net increase (decrease)
in net assets
resulting from
operations............ 20,126,771 18,730,215 8,520,790 5,960,512 5,226
--------------- ------------ ------------------- ------------ -----------
UNIT TRANSACTIONS:
Purchases............... 3,757,596 6,142,895 13,229,884 12,504,729 739,349
Net transfers.......... (8,558,325) 5,561,953 (20,687,275) 11,847,430 1,762,848
Surrenders............. (8,729,327) (2,098,010) (6,139,908) (986,712) (10,552)
Net annuity
transactions.......... 38,103 65,012 18,728 -- --
--------------- ------------ ------------------- ------------ -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (13,491,953) 9,671,850 (13,578,569) 23,365,447 2,491,645
--------------- ------------ ------------------- ------------ -----------
Total increase
(decrease) in net
assets................ 6,634,818 28,402,065 (5,057,779) 29,325,959 2,496,871
NET ASSETS:
Beginning of period..... 213,516,603 94,384,052 300,879,623 29,855,304 --
--------------- ------------ ------------------- ------------ -----------
End of period.......... $220,151,421 $122,786,117 $295,821,844 $59,181,263 $2,496,871
--------------- ------------ ------------------- ------------ -----------
--------------- ------------ ------------------- ------------ -----------
CALVERT
MORTGAGE INTERNATIONAL DIVIDEND AND RESPONSIBLY INVESTED
SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND BALANCED PORTFOLIO
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT* SUB-ACCOUNT
--------------- ------------ ------------------- ------------ --------------------
OPERATIONS:
Net investment income
(loss)................ $ 12,903,970 $ 1,155,546 $ 415,635 $ 284,164 $ 20,465
Capital gains income... 1,176,728 -- -- -- --
Net realized gain
(loss) on security
transactions.......... (2,117,604) 177,595 (38,119) 1,622 (180)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (19,218,450) (1,319,890) (9,418,006) (486,442) (59,462)
--------------- ------------ ------------------- ------------ -----------
Net increase (decrease)
in net assets
resulting from
operations............ (7,255,356) 13,251 (9,040,490) (200,656) (39,177)
--------------- ------------ ------------------- ------------ -----------
UNIT TRANSACTIONS:
Purchases.............. 19,118,960 11,954,835 93,762,262 13,185,613 376,701
Net transfers.......... (49,453,490) (438,563) 55,977,196 17,422,326 (75,712)
Surrenders............. (20,146,010) (3,246,522) (7,306,583) (551,979) (19,945)
Net annuity
transactions.......... 137,102 59,473 (104,557) -- 4,610
--------------- ------------ ------------------- ------------ -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (50,343,438) 8,329,223 142,328,318 30,055,960 285,654
--------------- ------------ ------------------- ------------ -----------
Total increase
(decrease) in net
assets................ (57,598,794) 8,342,474 133,287,828 29,855,304 246,477
NET ASSETS:
Beginning of period.... 271,115,397 86,041,578 167,591,795 -- 777,861
--------------- ------------ ------------------- ------------ -----------
End of period.......... $213,516,603 $ 94,384,052 $300,879,623 $29,855,304 $1,024,338
--------------- ------------ ------------------- ------------ -----------
--------------- ------------ ------------------- ------------ -----------
<CAPTION>
CALVERT SMITH BARNEY SMITH BARNEY
RESPONSIBLY INVESTED DAILY DIVIDEND SMITH BARNEY GOVERNMENT AND
BALANCED PORTFOLIO FUND APPRECIATION FUND AGENCIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------------- -------------- ----------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................. $ (7,320) $ 14,017 $ (638) $ 1,018
Capital gains income... -- -- -- --
Net realized gain
(loss) on security
transactions.......... 52 -- 27 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 188,221 -- 20,157 --
----------- -------------- -------- -------
Net increase (decrease)
in net assets
resulting from
operations............ 180,953 14,017 19,546 1,018
----------- -------------- -------- -------
UNIT TRANSACTIONS:
Purchases............... 204,981 -- -- --
Net transfers.......... (47,256) (10,709) -- --
Surrenders............. (15,353) (61,369) (25) (4,293)
Net annuity
transactions.......... 10,997 -- -- --
----------- -------------- -------- -------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 153,369 (72,078) (25) (4,293)
----------- -------------- -------- -------
Total increase
(decrease) in net
assets................ 334,322 (58,061) 19,521 (3,275)
NET ASSETS:
Beginning of period..... 1,024,338 645,916 117,221 48,093
----------- -------------- -------- -------
End of period.......... $1,358,660 $587,855 $136,742 $44,818
----------- -------------- -------- -------
----------- -------------- -------- -------
SMITH BARNEY SMITH BARNEY
SMITH BARNEY APPRECIATION GOVERNMENT AND
DAILY DIVIDEND FUND FUND AGENCIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------------- -------------- -----------------
OPERATIONS:
Net investment income
(loss)................ $ 17,386 $ 743 $ 1,269
Capital gains income... -- 6,550 --
Net realized gain
(loss) on security
transactions.......... -- (476) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ -- (9,210) --
----------- -------------- --------
Net increase (decrease)
in net assets
resulting from
operations............ 17,386 (2,393) 1,269
----------- -------------- --------
UNIT TRANSACTIONS:
Purchases.............. -- 50 --
Net transfers.......... (18,624) 2,681 --
Surrenders............. (84,827) (2,515) (6,354)
Net annuity
transactions.......... -- -- --
----------- -------------- --------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (103,451) 216 (6,354)
----------- -------------- --------
Total increase
(decrease) in net
assets................ (86,065) (2,177) (5,085)
NET ASSETS:
Beginning of period.... 731,981 119,398 53,178
----------- -------------- --------
End of period.......... $ 645,916 $117,221 $ 48,093
----------- -------------- --------
----------- -------------- --------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
35
<PAGE>
SEPARATE ACCOUNT TWO
HARTFORD LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Separate Account Two (the Account) is a separate investment account within
Hartford Life Insurance Company (the Company) and is registered with the
Securities and Exchange Commission (SEC) as a unit investment trust under
the Investment Company Act of 1940, as amended. Both the Company and the
Account are subject to supervision and regulation by the Department of
Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Hartford, Smith
Barney and Calvert Responsibily Invested Series mutual funds are valued
at the closing net asset value per share as determined by the appropriate
Fund as of June 30, 1995.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as an
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the operations of the
Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable
annuity contracts, provides the mortality and expense undertakings and,
with respect to the Account, receives a maximum annual fee of up to 1.25%
of the Account's average daily net assets.
b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted
through termination of units of interest from applicable contract owners'
accounts, in accordance with the terms of the contracts.
36
<PAGE>
HARTFORD LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VARIABLE LIFE ONE
<PAGE>
SEPARATE ACCOUNT VARIABLE LIFE ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 1,142,067
Cost $1,096,439
Market Value......... $1,139,110 -- --
Hartford Stock Fund,
Inc.
Shares 1,354,360
Cost $3,931,436
Market Value......... -- $4,256,347 --
HVA Money Market Fund,
Inc.
Shares 4,796,171
Cost $4,796,171
Market Value......... -- -- $4,796,171
Hartford Advisers Fund,
Inc.
Shares 1,834,549
Cost $3,055,528
Market Value......... -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 1,552,048
Cost $4,483,750
Market Value......... -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 563,477
Cost $ 574,571
Market Value......... -- -- --
Hartford Index Fund,
Inc.
Shares 312,798
Cost $ 497,363
Market Value......... -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 2,445,995
Cost $2,899,296
Market Value......... -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 9,242
Cost $ 10,065
Market Value......... -- -- --
Due from Hartford Life
Insurance Company..... 291 3,654 153,230
------------- ----------- -----------
Total Assets........... 1,139,401 4,260,001 4,949,401
------------- ----------- -----------
LIABILITIES:
Payable for fund shares
purchased............. 290 3,776 153,399
------------- ----------- -----------
Total Liabilities...... 290 3,776 153,399
------------- ----------- -----------
Net Assets (variable
life insurance
contract
liabilities).......... $1,139,111 $4,256,225 $4,796,002
------------- ----------- -----------
------------- ----------- -----------
Units Outstanding........ 1,017,283 3,353,616 4,407,044
Accumulation Unit Value
at end of period....... $ 1.119757 $ 1.269145 $ 1.088258
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
38
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 1,142,067
Cost $1,096,439
Market Value......... -- -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 1,354,360
Cost $3,931,436
Market Value......... -- -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 4,796,171
Cost $4,796,171
Market Value......... -- -- -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 1,834,549
Cost $3,055,528
Market Value......... $3,291,346 -- -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 1,552,048
Cost $4,483,750
Market Value......... -- $4,954,789 -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 563,477
Cost $ 574,571
Market Value......... -- -- $ 592,581 -- -- --
Hartford Index Fund,
Inc.
Shares 312,798
Cost $ 497,363
Market Value......... -- -- -- $ 562,983 -- --
Hartford International
Opportunities Fund,
Inc.
Shares 2,445,995
Cost $2,899,296
Market Value......... -- -- -- -- $2,923,722 --
Hartford Dividend and
Growth Fund, Inc.
Shares 9,242
Cost $ 10,065
Market Value......... -- -- -- -- -- $ 10,491
Due from Hartford Life
Insurance Company..... 3,262 11,554 -- 265 5,507 --
------------- ----------------- --------------- ----------- ------------------ ------------
Total Assets........... 3,294,608 4,966,343 592,581 563,248 2,929,229 10,491
------------- ----------------- --------------- ----------- ------------------ ------------
LIABILITIES:
Payable for fund shares
purchased............. 3,367 11,555 -- 265 5,506 --
------------- ----------------- --------------- ----------- ------------------ ------------
Total Liabilities...... 3,367 11,555 -- 265 5,506 --
------------- ----------------- --------------- ----------- ------------------ ------------
Net Assets (variable
life insurance
contract
liabilities).......... $3,291,241 $4,954,788 $ 592,581 $ 562,983 $2,923,723 $ 10,491
------------- ----------------- --------------- ----------- ------------------ ------------
------------- ----------------- --------------- ----------- ------------------ ------------
Units Outstanding........ 2,722,941 3,759,971 529,045 447,081 2,423,669 10,000
Accumulation Unit Value
at end of period....... $ 1.208708 $ 1.317773 $ 1.120096 $ 1.259242 $ 1.206321 $ 1.049122
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
39
<PAGE>
SEPARATE ACCOUNT VARIABLE LIFE ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $26,569 $ 38,581 $165,135
------------- ----------- -----------
Net investment income
(loss).............. 26,569 38,581 165,135
------------- ----------- -----------
Capital gains income... -- 85,946 --
------------- ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 6,993 5,627 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 49,744 376,426 --
------------- ----------- -----------
Net gains (losses) on
investments......... 56,737 382,053 --
------------- ----------- -----------
Net increase
(decrease) in net
assets resulting
from operations..... $83,306 $506,580 $165,135
------------- ----------- -----------
------------- ----------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
40
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 56,670 $ 20,925 $18,268 $ 5,601 $ 27,883 $ 61
------------- -------- ------- ----------- -------- -----
Net investment income
(loss).............. 56,670 20,925 18,268 5,601 27,883 61
------------- -------- ------- ----------- -------- -----
Capital gains income... 30,081 159,934 -- 117 19,345 --
------------- -------- ------- ----------- -------- -----
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 2,907 (48) 51 130 651 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 329,398 488,979 35,591 65,281 56,160 426
------------- -------- ------- ----------- -------- -----
Net gains (losses) on
investments......... 332,305 488,931 35,642 65,411 56,811 426
------------- -------- ------- ----------- -------- -----
Net increase
(decrease) in net
assets resulting
from operations..... $419,056 $669,790 $53,910 $71,129 $104,039 $487
------------- -------- ------- ----------- -------- -----
------------- -------- ------- ----------- -------- -----
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
41
<PAGE>
SEPARATE ACCOUNT VARIABLE LIFE ONE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- --------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 26,569 $ 38,581 $ 165,135
Capital gains income... -- 85,946 --
Net realized gain
(loss) on security
transactions.......... 6,993 5,627 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 49,744 376,426 --
----------- ----------- --------------
Net increase (decrease)
in net assets
resulting from
operations............ 83,306 506,580 165,135
----------- ----------- --------------
UNIT TRANSACTIONS:
Purchases.............. 41,012 302,345 8,285,618
Net transfers.......... 715,777 1,836,277 (10,345,838)
Surrenders............. (4,874) (68,296) (109,266)
Loan withdrawals....... -- (4,113) (234,491)
Cost of Insurance...... (12,656) (75,337) (181,973)
----------- ----------- --------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 739,259 1,990,876 (2,585,950)
----------- ----------- --------------
Total increase
(decrease) in net
assets................ 822,565 2,497,456 (2,420,815)
NET ASSETS:
Beginning of period.... 316,546 1,758,769 7,216,817
----------- ----------- --------------
End of period.......... $ 1,139,111 $ 4,256,225 $ 4,796,002
----------- ----------- --------------
----------- ----------- --------------
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- --------------
OPERATIONS:
Net investment income
(loss)................ $ 6,922 $ 20,615 $ 99,860
Capital gains income... 311 27,224 --
Net realized gain
(loss) on security
transactions.......... (195) (175) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (7,019) (60,514) --
----------- ----------- --------------
Net increase (decrease)
in net assets
resulting from
operations............ 19 (12,850) 99,860
----------- ----------- --------------
UNIT TRANSACTIONS:
Purchases.............. 37,028 290,304 20,258,603
Net transfers.......... 272,187 1,294,999 (13,565,371)
Surrenders............. (4,429) (35,895) (142,419)
Loan withdrawals....... (14) (4,367) (435,997)
Cost of insurance...... (5,283) (61,111) (265,027)
----------- ----------- --------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 299,489 1,483,930 5,849,789
----------- ----------- --------------
Total increase
(decrease) in net
assets................ 299,508 1,471,080 5,949,649
NET ASSETS:
Beginning of period.... 17,038 287,689 1,267,168
----------- ----------- --------------
End of period.......... $ 316,546 $ 1,758,769 $ 7,216,817
----------- ----------- --------------
----------- ----------- --------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
42
<PAGE>
<TABLE>
<CAPTION>
CAPTIAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 56,670 $ 20,925 $ 18,268 $ 5,601 $ 27,883 $ 61
Capital gains income... 30,081 159,934 -- 117 19,345 --
Net realized gain
(loss) on security
transactions.......... 2,907 (48) 51 130 651 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 329,398 488,979 35,591 65,281 56,160 426
------------- ----------------- --------------- ----------- ------------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ 419,056 669,790 53,910 71,129 104,039 487
------------- ----------------- --------------- ----------- ------------------ ------------
UNIT TRANSACTIONS:
Purchases.............. 286,398 602,515 3,389 96,827 446,789 10,000
Net transfers.......... 312,493 1,228,792 47,088 215,933 525,323 4
Surrenders............. (37,497) (75,993) (3,151) (7,901) (73,589) --
Loan withdrawals....... (6,663) (4,811) -- (709) (5,257) --
Cost of Insurance...... (52,140) (108,507) (3,310) (14,095) (66,922) --
------------- ----------------- --------------- ----------- ------------------ ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 502,591 1,641,996 44,016 290,055 826,344 10,004
------------- ----------------- --------------- ----------- ------------------ ------------
Total increase
(decrease) in net
assets................ 921,647 2,311,786 97,926 361,184 930,383 10,491
NET ASSETS:
Beginning of period.... 2,369,594 2,643,002 494,655 201,799 1,993,340 --
------------- ----------------- --------------- ----------- ------------------ ------------
End of period.......... $3,291,241 $4,954,788 $ 592,581 $562,983 $2,923,723 $ 10,491
------------- ----------------- --------------- ----------- ------------------ ------------
------------- ----------------- --------------- ----------- ------------------ ------------
CAPITAL MORTGAGE INTERNATIONAL
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNTIIES FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------
OPERATIONS:
Net investment income
(loss)................ $ 51,536 $ 6,904 $ 20,821 $ 2,556 $ 17,054
Capital gains income... 17,202 73,831 23 -- --
Net realized gain
(loss) on security
transactions.......... 1,897 240 (255) 2 (309)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (96,460) (37,253) (17,533) (324) (49,550)
------------- ----------------- --------------- ----------- ------------------
Net increase (decrease)
in net assets
resulting from
operations............ (25,825) 43,722 3,056 2,234 (32,805)
------------- ----------------- --------------- ----------- ------------------
UNIT TRANSACTIONS:
Purchases.............. 434,023 701,847 6,854 68,645 487,568
Net transfers.......... 1,557,649 1,548,441 487,586 116,406 1,394,539
Surrenders............. (40,579) (85,763) (3,931) (6,167) (56,052)
Loan withdrawals....... (26,091) (2,817) -- -- (5,771)
Cost of insurance...... (51,186) (109,663) (3,376) (8,623) (65,611)
------------- ----------------- --------------- ----------- ------------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 1,873,816 2,052,045 487,133 170,261 1,754,673
------------- ----------------- --------------- ----------- ------------------
Total increase
(decrease) in net
assets................ 1,847,991 2,095,767 490,189 172,495 1,721,868
NET ASSETS:
Beginning of period.... 521,603 547,235 4,466 29,304 271,472
------------- ----------------- --------------- ----------- ------------------
End of period.......... $2,369,594 $2,643,002 $ 494,655 $201,799 $1,993,340
------------- ----------------- --------------- ----------- ------------------
------------- ----------------- --------------- ----------- ------------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
43
<PAGE>
SEPARATE ACCOUNT VARIABLE LIFE ONE
HARTFORD LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Separate Account Variable Life One (the Account) is a separate investment
account within Hartford Life Insurance Company (the Company) and is
registered with the Securities and Exchange Commission (SEC) as a unit
investment trust under the Investment Company Act of 1940, as amended. The
Account consists of ninteen sub-accounts. These financial statements include
nine sub-accounts which invest solely in the Hartford Mutual Funds (the
Funds). The other ten sub-accounts, which invest in the Putnam Capital
Manager Trust Funds, are presented in separate financial statements. Both
the Company and the Account are subject to supervision and regulation by the
Department of Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds
are valued at the closing net asset value per share as determined by the
appropriate Fund as of June 30, 1995.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as an
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the operations of the
Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
In accordance with the terms of the contracts, the Company makes deductions
for mortality and expense undertakings, cost of insurance, administrative
fees, and state premium taxes. These charges are deducted through
termination of units of interest from applicable contract owners' accounts.
44
<PAGE>
HARTFORD LIFE INSURANCE COMPANY
SEPARATE ACCOUNT FIVE
<PAGE>
Separate Account Five
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 81,608
Cost $ 80,294
Market Value......... $ 81,397 -- --
Hartford Stock Fund,
Inc.
Shares 148,111
Cost $ 453,266
Market Value......... -- $ 465,468 --
HVA Money Market Fund,
Inc.
Shares 2,891,326
Cost $2,891,326
Market Value......... -- -- $2,891,326
Hartford Advisers Fund,
Inc.
Shares 580,593
Cost $1,027,261
Market Value......... -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 345,783
Cost $1,056,706
Market Value......... -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 155,405
Cost $ 162,887
Market Value......... -- -- --
Hartford Index Fund,
Inc.
Shares 31,597
Cost $ 54,815
Market Value......... -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 89,427
Cost $ 107,269
Market Value......... -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 263,645
Cost $ 295,213
Market Value......... -- -- --
Hartford International
Advisers Fund, Inc.
Shares 30,664
Cost $ 31,838
Market Value......... -- -- --
Receivable from fund
shares sold........... 3,283 -- 56,930
Receivable from
Hartford Life
Insurance Co.......... -- -- --
------------- ----------- -----------
Total Assets........... 84,680 465,468 2,948,256
------------- ----------- -----------
LIABILITIES:
Payable to Hartford
Life Insurance Co..... 3,245 -- 57,145
Payable for fund shares
purchased............. -- -- --
------------- ----------- -----------
Total Liabilities...... 3,245 -- 57,145
------------- ----------- -----------
Net Assets............. $ 81,435 $ 465,468 $2,891,111
------------- ----------- -----------
------------- ----------- -----------
VARIABLE LIFE POLICIES:
Units Owned by
Participants.......... 73,190 397,676 2,812,795
Unit Price............. $ 1.112657 $ 1.170469 $ 1.027843
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
46
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE
CAPITAL SECURITIES INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- -------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 81,608
Cost $ 80,294
Market Value......... -- -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 148,111
Cost $ 453,266
Market Value......... -- -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 2,891,326
Cost $2,891,326
Market Value......... -- -- -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 580,593
Cost $1,027,261
Market Value......... $1,041,637 -- -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 345,783
Cost $1,056,706
Market Value......... -- $1,103,886 -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 155,405
Cost $ 162,887
Market Value......... -- -- $ 163,431 -- -- --
Hartford Index Fund,
Inc.
Shares 31,597
Cost $ 54,815
Market Value......... -- -- -- $ 56,869 -- --
Hartford International
Opportunities Fund,
Inc.
Shares 89,427
Cost $ 107,269
Market Value......... -- -- -- -- $ 106,893 --
Hartford Dividend and
Growth Fund, Inc.
Shares 263,645
Cost $ 295,213
Market Value......... -- -- -- -- -- $ 299,268
Hartford International
Advisers Fund, Inc.
Shares 30,664
Cost $ 31,838
Market Value......... -- -- -- -- -- --
Receivable from fund
shares sold........... 156,332 48,021 -- 5,360 -- 41,757
Receivable from
Hartford Life
Insurance Co.......... -- -- -- -- 13,285 --
------------- ----------------- -------------- ----------- ---------- ------------
Total Assets........... 1,197,969 1,151,907 163,431 62,229 120,178 341,025
------------- ----------------- -------------- ----------- ---------- ------------
LIABILITIES:
Payable to Hartford
Life Insurance Co..... -- 47,966 -- 5,299 13,209 41,757
Payable for fund shares
purchased............. 156,311 -- -- -- -- --
------------- ----------------- -------------- ----------- ---------- ------------
Total Liabilities...... 156,311 47,966 -- 5,299 13,209 41,757
------------- ----------------- -------------- ----------- ---------- ------------
Net Assets............. $1,041,658 $1,103,941 $ 163,431 $ 56,930 $ 106,969 $ 299,268
------------- ----------------- -------------- ----------- ---------- ------------
------------- ----------------- -------------- ----------- ---------- ------------
VARIABLE LIFE POLICIES:
Units Owned by
Participants.......... 906,455 933,495 147,889 47,708 101,246 259,327
Unit Price............. $ 1.149155 $ 1.182589 $1.105096 $1.193297 $1.056533 $1.154020
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Stock Fund,
Inc.
Shares
Cost
Market Value......... --
HVA Money Market Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Advisers Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Capital
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Mortgage
Securities Fund, Inc.
Shares
Cost
Market Value......... --
Hartford Index Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford International
Opportunities Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Dividend and
Growth Fund, Inc.
Shares
Cost
Market Value......... --
Hartford International
Advisers Fund, Inc.
Shares
Cost
Market Value......... $ 32,334
Receivable from fund
shares sold........... --
Receivable from
Hartford Life
Insurance Co.......... --
-------------
Total Assets........... 32,334
-------------
LIABILITIES:
Payable to Hartford
Life Insurance Co..... --
Payable for fund shares
purchased............. --
-------------
Total Liabilities...... --
-------------
Net Assets............. $ 32,334
-------------
-------------
VARIABLE LIFE POLICIES:
Units Owned by
Participants.......... 30,210
Unit Price............. $1.070282
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
47
<PAGE>
SEPARATE ACCOUNT FIVE
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $1,027 $ 1,990 $15,423
EXPENSES:
Mortality and expense
undertakings.......... -- -- --
------ ----------- -----------
Net investment
income.............. 1,027 1,990 15,423
------ ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... (17) -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,103 12,202 --
------ ----------- -----------
Net gains (losses) on
investments......... 1,086 12,202 --
------ ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ $2,113 $14,192 $15,423
------ ----------- -----------
------ ----------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
48
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 4,969 $ 2,135 $1,228 $ 286 $701 $1,184
EXPENSES:
Mortality and expense
undertakings.......... -- -- -- -- -- --
------------- ------- ------ ----------- ----- ------
Net investment
income.............. 4,969 2,135 1,228 286 701 1,184
------------- ------- ------ ----------- ----- ------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... (1,411) 1,221 -- 47 (16) 1
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 14,376 47,179 544 2,055 (376) 4,055
------------- ------- ------ ----------- ----- ------
Net gains (losses) on
investments......... 12,965 48,400 544 2,102 (392) 4,056
------------- ------- ------ ----------- ----- ------
Net increase (decrease)
in net assets
resulting from
operations............ $17,934 $50,535 $1,772 $2,388 $309 $5,240
------------- ------- ------ ----------- ----- ------
------------- ------- ------ ----------- ----- ------
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
INVESTMENT INCOME:
Dividends.............. $249
EXPENSES:
Mortality and expense
undertakings.......... --
-----
Net investment
income.............. 249
-----
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 495
-----
Net gains (losses) on
investments......... 495
-----
Net increase (decrease)
in net assets
resulting from
operations............ $744
-----
-----
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
49
<PAGE>
Separate Account Five
HARTFORD LIFE INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- ------------
<S> <C> <C> <C>
OPERATIONS:
Net investment
income................ $ 1,027 $ 1,990 $ 15,423
Net realized gain
(loss) on security
transactions.......... (17) -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,103 12,202 --
----------- ----------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 2,113 14,192 15,423
----------- ----------- ------------
UNIT TRANSACTIONS:
Purchases.............. 10,000 10,000 6,352,004
Net transfers.......... 69,514 442,039 (3,025,530)
Surrenders............. (157) (538) (9,955)
Loan Withdrawal........ -- -- (435,888)
Cost of Insurance...... (35) (225) (4,943)
----------- ----------- ------------
Net increase in net
assets resulting from
unit transactions..... 79,322 451,276 2,875,688
----------- ----------- ------------
Total increase in net
assets................ 81,435 465,468 2,891,111
NET ASSETS:
Beginning of period.... -- -- --
----------- ----------- ------------
End of period.......... $81,435 $465,468 $ 2,891,111
----------- ----------- ------------
----------- ----------- ------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
50
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment
income................ $ 4,969 $ 2,135 $ 1,228 $ 286 $ 701 $ 1,184
Net realized gain
(loss) on security
transactions.......... (1,411) 1,221 -- 47 (16) 1
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 14,376 47,179 544 2,055 (376) 4,055
------------- ----------------- --------------- ----------- -------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 17,934 50,535 1,772 2,388 309 5,240
------------- ----------------- --------------- ----------- -------- ------------
UNIT TRANSACTIONS:
Purchases.............. 10,000 10,000 10,000 10,000 10,000 10,000
Net transfers.......... 1,015,230 1,045,756 152,013 44,609 96,774 284,629
Surrenders............. (1,049) (1,720) (299) (57) (67) (412)
Loan Withdrawal........ -- -- -- -- -- --
Cost of Insurance...... (457) (630) (55) (10) (47) (189)
------------- ----------------- --------------- ----------- -------- ------------
Net increase in net
assets resulting from
unit transactions..... 1,023,724 1,053,406 161,659 54,542 106,660 294,028
------------- ----------------- --------------- ----------- -------- ------------
Total increase in net
assets................ 1,041,658 1,103,941 163,431 56,930 106,969 299,268
NET ASSETS:
Beginning of period.... -- -- -- -- -- --
------------- ----------------- --------------- ----------- -------- ------------
End of period.......... $1,041,658 $1,103,941 $163,431 $56,930 $106,969 $299,268
------------- ----------------- --------------- ----------- -------- ------------
------------- ----------------- --------------- ----------- -------- ------------
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
--------------
<S> <C>
OPERATIONS:
Net investment
income................ $ 249
Net realized gain
(loss) on security
transactions.......... --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 495
-------
Net increase (decrease)
in net assets
resulting from
operations............ 744
-------
UNIT TRANSACTIONS:
Purchases.............. 10,000
Net transfers.......... 21,748
Surrenders............. (146)
Loan Withdrawal........ --
Cost of Insurance...... (12)
-------
Net increase in net
assets resulting from
unit transactions..... 31,590
-------
Total increase in net
assets................ 32,334
NET ASSETS:
Beginning of period.... --
-------
End of period.......... $32,334
-------
-------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
51
<PAGE>
SEPARATE ACCOUNT FIVE
HARTFORD LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Separate Account Five (the Account) is a separate investment account within
Hartford Life Insurance Company (the Company) and is registered with the
Securities and Exchange Commission (SEC) as a unit investment trust under
the Investment Company Act of 1940, as amended. Both the Company and the
Account are subject to supervision and regulation by the Department of
Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Funds are valued at
the closing net asset value per share as determined by the appropriate
Fund as of June 30, 1995.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as an
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the operations of the
Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
In accordance with the terms of the contracts, the Company makes deductions
for mortality and expense undertakings, cost of insurance, administrative
fees, and state premium taxes. These charges are deducted through
termination of units of interest from applicable contract owners' accounts.
52
<PAGE>
HARTFORD LIFE & ACCIDENT
INSURANCE COMPANY
SEPARATE ACCOUNT ONE
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE & ACCIDENT INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 374,825
Cost $ 379,857
Market Value......... $ 373,854 -- --
Hartford Stock Fund,
Inc.
Shares 580,815
Cost $ 1,669,601
Market Value......... -- $1,825,327 --
HVA Money Market Fund,
Inc.
Shares 422,650
Cost $ 422,650
Market Value......... -- -- $ 422,650
Hartford Advisers Fund,
Inc.
Shares 6,674,305
Cost $11,071,794
Market Value......... -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 759,659
Cost $ 2,017,764
Market Value......... -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 318,903
Cost $ 347,525
Market Value......... -- -- --
Hartford Index Fund,
Inc.
Shares 501,671
Cost $ 703,477
Market Value......... -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 1,133,912
Cost $ 1,246,959
Market Value......... -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 71,981
Cost $ 73,362
Market Value......... -- -- --
Hartford International
Advisers Fund
Shares 40,426
Cost $ 41,434
Market Value......... -- -- --
Due from Hartford Life
and Accident Insurance
Company............... 968 1,489 --
Receivable from fund
shares sold........... -- -- 55
------------- ----------- -----------
Total Assets........... 374,822 1,826,816 422,705
------------- ----------- -----------
LIABILITIES:
Due to Hartford Life
and Accident Insurance
Company............... -- -- 56
Payable for fund shares
purchased............. 937 545 --
------------- ----------- -----------
Total Liabilities...... 937 545 56
------------- ----------- -----------
Net Assets (variable
annuity contract
liabilities).......... $ 373,885 $1,826,271 $ 422,649
------------- ----------- -----------
------------- ----------- -----------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 210,298 712,604 261,711
Unit Price............. $ 1.777880 $ 2.562814 $ 1.495975
ANNUITY CONTRACTS IN THE
ANNUITY PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... -- -- 20,814
Unit Price............. -- -- $ 1.495975
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
54
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 374,825
Cost $ 379,857
Market Value......... -- -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 580,815
Cost $ 1,669,601
Market Value......... -- -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 422,650
Cost $ 422,650
Market Value......... -- -- -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 6,674,305
Cost $11,071,794
Market Value......... $11,974,304 -- -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 759,659
Cost $ 2,017,764
Market Value......... -- $2,425,151 -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 318,903
Cost $ 347,525
Market Value......... -- -- $ 335,375 -- -- --
Hartford Index Fund,
Inc.
Shares 501,671
Cost $ 703,477
Market Value......... -- -- -- $ 902,923 -- --
Hartford International
Opportunities Fund,
Inc.
Shares 1,133,912
Cost $ 1,246,959
Market Value......... -- -- -- -- $1,355,376 --
Hartford Dividend and
Growth Fund, Inc.
Shares 71,981
Cost $ 73,362
Market Value......... -- -- -- -- -- $ 81,707
Hartford International
Advisers Fund
Shares 40,426
Cost $ 41,434
Market Value......... -- -- -- -- -- --
Due from Hartford Life
and Accident Insurance
Company............... 716 196 -- 577 803 --
Receivable from fund
shares sold........... 250 -- 34 -- -- 8
------------- ----------------- --------------- ----------- ------------------ ------------
Total Assets........... 11,975,270 2,425,347 335,409 903,500 1,356,179 81,715
------------- ----------------- --------------- ----------- ------------------ ------------
LIABILITIES:
Due to Hartford Life
and Accident Insurance
Company............... -- -- 64 -- -- 8
Payable for fund shares
purchased............. -- 484 -- 395 836 --
------------- ----------------- --------------- ----------- ------------------ ------------
Total Liabilities...... -- 484 64 395 836 8
------------- ----------------- --------------- ----------- ------------------ ------------
Net Assets (variable
annuity contract
liabilities).......... $11,975,270 $2,424,863 $ 335,345 $ 903,105 $1,355,343 $ 81,707
------------- ----------------- --------------- ----------- ------------------ ------------
------------- ----------------- --------------- ----------- ------------------ ------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 5,234,066 786,289 186,657 433,525 1,113,163 70,199
Unit Price............. $ 2.287948 $ 3.083934 $ 1.796584 $ 2.083167 $ 1.217560 $ 1.163924
ANNUITY CONTRACTS IN THE
ANNUITY PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... -- -- -- -- -- --
Unit Price............. -- -- -- -- -- --
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Stock Fund,
Inc.
Shares
Cost
Market Value......... --
HVA Money Market Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Advisers Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Capital
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Mortgage
Securities Fund, Inc.
Shares
Cost
Market Value......... --
Hartford Index Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford International
Opportunities Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Dividend and
Growth Fund, Inc.
Shares
Cost
Market Value......... --
Hartford International
Advisers Fund
Shares
Cost
Market Value......... $ 42,627
Due from Hartford Life
and Accident Insurance
Company............... --
Receivable from fund
shares sold........... 4
-------------
Total Assets........... 42,631
-------------
LIABILITIES:
Due to Hartford Life
and Accident Insurance
Company............... 4
Payable for fund shares
purchased............. --
-------------
Total Liabilities...... 4
-------------
Net Assets (variable
annuity contract
liabilities).......... $ 42,627
-------------
-------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 39,995
Unit Price............. $ 1.065796
ANNUITY CONTRACTS IN THE
ANNUITY PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... --
Unit Price............. --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
55
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE & ACCIDENT INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $14,171 $ 20,362 $ 7,978
EXPENSES:
Mortality and expense
undertakings.......... (2,654) (10,536) (1,731)
------------- ----------- -----------
Net investment income
(loss).............. 11,517 9,826 6,247
------------- ----------- -----------
Capital gains income... -- 63,009 --
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 5,451 657 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 26,680 197,647 --
------------- ----------- -----------
Net gains (losses) on
investments......... 32,131 198,304 --
------------- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ $43,648 $271,139 $ 6,247
------------- ----------- -----------
------------- ----------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
56
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 217,002 $ 11,484 $10,776 $ 10,927 $14,736 $1,057
EXPENSES:
Mortality and expense
undertakings.......... (70,396) (13,306) (2,027) (5,248) (8,895) (413)
------------- -------- ------- ----------- ------- ------
Net investment income
(loss).............. 146,606 (1,822) 8,749 5,679 5,841 644
------------- -------- ------- ----------- ------- ------
Capital gains income... 127,329 104,823 -- 314 13,530 --
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 3,264 342 157 2,173 (4,989) 3
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,283,562 252,530 21,142 137,798 24,429 8,548
------------- -------- ------- ----------- ------- ------
Net gains (losses) on
investments......... 1,286,826 252,872 21,299 139,971 19,440 8,551
------------- -------- ------- ----------- ------- ------
Net increase (decrease)
in net assets
resulting from
operations............ $1,560,761 $355,873 $30,048 $145,964 $38,811 $9,195
------------- -------- ------- ----------- ------- ------
------------- -------- ------- ----------- ------- ------
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
INVESTMENT INCOME:
Dividends.............. $ 514
EXPENSES:
Mortality and expense
undertakings.......... (131)
------
Net investment income
(loss).............. 383
------
Capital gains income... --
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 303
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,193
------
Net gains (losses) on
investments......... 1,496
------
Net increase (decrease)
in net assets
resulting from
operations............ $1,879
------
------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
57
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE & ACCIDENT INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 11,517 $ 9,826 $ 6,247
Capital gains income... -- 63,009 --
Net realized gain
(loss) on security
transactions.......... 5,451 657 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 26,680 197,647 --
------------- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ 43,648 271,139 6,247
------------- ----------- -----------
UNIT TRANSACTIONS:
Purchases.............. 17,402 39,978 30,586
Net transfers.......... (72,782) (27,649) 61,622
Surrenders............. (1,918) (13,451) (310)
Net annuity
transactions.......... -- -- (1,207)
------------- ----------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (57,298) (1,122) 90,691
------------- ----------- -----------
Total increase
(decrease) in net
assets................ (13,650) 270,017 96,938
NET ASSETS:
Beginning of period.... 387,535 1,556,254 325,711
------------- ----------- -----------
End of period.......... $ 373,885 $ 1,826,271 $ 422,649
------------- ----------- -----------
------------- ----------- -----------
HARTFORD LIFE & ACCIDENT INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
OPERATIONS:
Net investment income
(loss)................ $ 15,733 $ 13,537 $ 7,242
Capital gains income... 4,170 75,267 --
Net realized gain
(loss) on security
transactions.......... (2,306) (482) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (34,023) (138,536) --
------------- ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ (16,426) (50,214) 7,242
------------- ----------- -----------
UNIT TRANSACTIONS:
Purchases.............. 57,432 296,833 160,695
Net transfers.......... 130,427 146,495 (94,589)
Surrenders............. 371 (15,344) (30,707)
Net annuity
transactions.......... -- -- 31,095
------------- ----------- -----------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 188,230 427,984 66,494
------------- ----------- -----------
Total increase
(decrease) in net
assets................ 171,804 377,770 73,736
NET ASSETS:
Beginning of period.... 215,731 1,178,484 251,975
------------- ----------- -----------
End of period.......... $ 387,535 $ 1,556,254 $ 325,711
------------- ----------- -----------
------------- ----------- -----------
</TABLE>
* From Inception, March 8, 1994, to December 31, 1994.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
58
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 146,606 $ (1,822) $ 8,749 $ 5,679 $ 5,841 $ 644
Capital gains income... 127,329 104,823 -- 314 13,530 --
Net realized gain
(loss) on security
transactions.......... 3,264 342 157 2,173 (4,989) 3
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,283,562 252,530 21,142 137,798 24,429 8,548
------------- ----------------- --------------- ----------- ------------------ -------------
Net increase (decrease)
in net assets
resulting from
operations............ 1,560,761 355,873 30,048 145,964 38,811 9,195
------------- ----------------- --------------- ----------- ------------------ -------------
UNIT TRANSACTIONS:
Purchases.............. 44,970 65,727 325 3,730 33,101 100
Net transfers.......... (275,986) 172,553 (6,648) (6,386) (213,847) 23,696
Surrenders............. (83,141) (11,151) (1,598) (298) (6,876) (4)
Net annuity
transactions.......... -- -- -- -- -- --
------------- ----------------- --------------- ----------- ------------------ -------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... (314,157) 227,129 (7,921) (2,954) (187,622) 23,792
------------- ----------------- --------------- ----------- ------------------ -------------
Total increase
(decrease) in net
assets................ 1,246,604 583,002 22,127 143,010 (148,811) 32,987
NET ASSETS:
Beginning of period.... 10,728,666 1,841,861 313,218 760,095 1,504,154 48,720
------------- ----------------- --------------- ----------- ------------------ -------------
End of period.......... $11,975,270 $2,424,863 $335,345 $903,105 $1,355,343 $81,707
------------- ----------------- --------------- ----------- ------------------ -------------
------------- ----------------- --------------- ----------- ------------------ -------------
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT*
------------- ----------------- --------------- ----------- ------------------ -------------
OPERATIONS:
Net investment income
(loss)................ $ 217,957 $ (14,837) $ 17,832 $ 9,368 $ 2,246 818
Capital gains income... 268,203 131,711 1,262 -- -- --
Net realized gain
(loss) on security
transactions.......... (7,057) (8,874) (2,951) 81 (6,682) (617)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (924,313) (103,586) (25,542) (11,389) (46,248) (203)
------------- ----------------- --------------- ----------- ------------------ -------------
Net increase (decrease)
in net assets
resulting from
operations............ (445,210) 4,414 (9,399) (1,940) (50,684) (2)
------------- ----------------- --------------- ----------- ------------------ -------------
UNIT TRANSACTIONS:
Purchases.............. 2,881,917 364,450 92,206 20,149 362,667 897
Net transfers.......... 651,815 26,386 (43,532) 15,263 413,531 47,825
Surrenders............. (310,624) (20,307) (1,681) (732) (10,485) --
Net annuity
transactions.......... -- -- -- -- -- --
------------- ----------------- --------------- ----------- ------------------ -------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 3,223,108 370,529 46,993 34,680 765,713 48,722
------------- ----------------- --------------- ----------- ------------------ -------------
Total increase
(decrease) in net
assets................ 2,777,898 374,943 37,594 32,740 715,029 48,720
NET ASSETS:
Beginning of period.... 7,950,768 1,466,918 275,624 727,355 789,125 --
------------- ----------------- --------------- ----------- ------------------ -------------
End of period.......... $10,728,666 $1,841,861 $313,218 $760,095 $1,504,154 $48,720
------------- ----------------- --------------- ----------- ------------------ -------------
------------- ----------------- --------------- ----------- ------------------ -------------
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
OPERATIONS:
Net investment income
(loss)................ $ 383
Capital gains income... --
Net realized gain
(loss) on security
transactions.......... 303
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 1,193
-------------
Net increase (decrease)
in net assets
resulting from
operations............ 1,879
-------------
UNIT TRANSACTIONS:
Purchases.............. 20,000
Net transfers.......... 20,748
Surrenders............. --
Net annuity
transactions.......... --
-------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 40,748
-------------
Total increase
(decrease) in net
assets................ 42,627
NET ASSETS:
Beginning of period.... --
-------------
End of period.......... $42,627
-------------
-------------
OPERATIONS:
Net investment income
(loss)................
Capital gains income...
Net realized gain
(loss) on security
transactions..........
Net unrealized
appreciation
(depreciation) of
investments during the
period................
Net increase (decrease)
in net assets
resulting from
operations............
UNIT TRANSACTIONS:
Purchases..............
Net transfers..........
Surrenders.............
Net annuity
transactions..........
Net increase (decrease)
in net assets
resulting from unit
transactions..........
Total increase
(decrease) in net
assets................
NET ASSETS:
Beginning of period....
End of period..........
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
59
<PAGE>
SEPARATE ACCOUNT ONE
HARTFORD LIFE & ACCIDENT INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Separate Account One (the Account) is a separate investment account within
Hartford Life & Accident Insurance Company (the Company) and is registered
with the Securities and Exchange Commission (SEC) as a unit investment trust
under the Investment Company Act of 1940, as amended. Both the Company and
the Account are subject to supervision and regulation by the Department of
Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds
are valued at the closing net asset value per share as determined by the
appropriate Fund as of June 30, 1995.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as an
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the operations of the
Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable
annuity contracts, provides the mortality and expense undertakings and,
with respect to the Account, receives a maximum annual fee of 1.25% of
the Account's average daily net assets.
b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted
through termination of units of interest from applicable contract owners'
accounts, in accordance with the terms of the contracts.
60
<PAGE>
ITT HARTFORD LIFE &
ANNUITY INSURANCE COMPANY
SEPARATE ACCOUNT ONE
<PAGE>
Separate Account One
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 66,273,018
Cost $ 67,901,625
Market Value......... $66,101,371 -- --
Hartford Stock Fund,
Inc.
Shares 109,294,849
Cost $323,004,085
Market Value......... -- $ 343,480,920 --
HVA Money Market Fund,
Inc.
Shares 55,182,458
Cost $ 55,182,458
Market Value......... -- -- $55,182,458
Hartford Advisers Fund,
Inc.
Shares 563,376,010
Cost $957,731,658
Market Value......... -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 141,450,369
Cost $411,887,565
Market Value......... -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 48,746,991
Cost $ 52,667,911
Market Value......... -- -- --
Hartford Index Fund,
Inc.
Shares 19,451,082
Cost $ 30,768,289
Market Value......... -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 192,873,440
Cost $226,620,325
Market Value......... -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 47,623,053
Cost $ 49,796,075
Market Value......... -- -- --
Hartford International
Advisers Fund, Inc.
Shares 1,200,638
Cost $ 1,270,273
Market Value......... -- -- --
Due from ITT Hartford
Life and Annuity
Insurance Company..... 55,538 827,132 --
Receivable from fund
shares sold........... -- -- 263,370
------------- ------------- ------------
Total Assets........... 66,156,909 344,308,052 55,445,828
------------- ------------- ------------
LIABILITIES:
Due to ITT Hartford
Life and Annuity
Insurance Company..... -- -- 264,362
Payable for fund shares
purchased............. 54,473 827,580 --
------------- ------------- ------------
Total Liabilities...... 54,473 827,580 264,362
------------- ------------- ------------
Net Assets (variable
annuity contract
liabilities).......... $66,102,436 $ 343,480,472 $55,181,466
------------- ------------- ------------
------------- ------------- ------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 37,180,482 133,991,352 36,886,623
Unit Price............. $ 1.777880 $ 2.562814 $ 1.495975
ANNUITY CONTRACTS IN THE
ANNUITY PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... -- 33,385 --
Unit Price............. -- $ 2.562814 --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
62
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
-------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 66,273,018
Cost $ 67,901,625
Market Value......... -- -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 109,294,849
Cost $323,004,085
Market Value......... -- -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 55,182,458
Cost $ 55,182,458
Market Value......... -- -- -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 563,376,010
Cost $957,731,658
Market Value......... $1,010,747,267 -- -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 141,450,369
Cost $411,887,565
Market Value......... -- $451,568,986 -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 48,746,991
Cost $ 52,667,911
Market Value......... -- -- $51,264,773 -- -- --
Hartford Index Fund,
Inc.
Shares 19,451,082
Cost $ 30,768,289
Market Value......... -- -- -- $35,008,642 -- --
Hartford International
Opportunities Fund,
Inc.
Shares 192,873,440
Cost $226,620,325
Market Value......... -- -- -- -- $230,543,551 --
Hartford Dividend and
Growth Fund, Inc.
Shares 47,623,053
Cost $ 49,796,075
Market Value......... -- -- -- -- -- $54,057,880
Hartford International
Advisers Fund, Inc.
Shares 1,200,638
Cost $ 1,270,273
Market Value......... -- -- -- -- -- --
Due from ITT Hartford
Life and Annuity
Insurance Company..... 1,148,969 1,799,118 -- 98,302 146,636 355,482
Receivable from fund
shares sold........... -- -- 58,535 -- -- --
-------------- ----------------- --------------- ----------- ------------------ ------------
Total Assets........... 1,011,896,236 453,368,104 51,323,308 35,106,944 230,690,187 54,413,362
-------------- ----------------- --------------- ----------- ------------------ ------------
LIABILITIES:
Due to ITT Hartford
Life and Annuity
Insurance Company..... -- -- 57,965 -- -- --
Payable for fund shares
purchased............. 1,149,249 1,709,302 -- 97,149 146,786 355,485
-------------- ----------------- --------------- ----------- ------------------ ------------
Total Liabilities...... 1,149,249 1,709,302 57,965 97,149 146,786 355,485
-------------- ----------------- --------------- ----------- ------------------ ------------
Net Assets (variable
annuity contract
liabilities).......... $1,010,746,987 $451,658,802 $51,265,343 $35,009,795 $230,543,401 $54,057,877
-------------- ----------------- --------------- ----------- ------------------ ------------
-------------- ----------------- --------------- ----------- ------------------ ------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 441,628,063 146,446,292 28,534,899 16,806,043 189,329,226 46,444,507
Unit Price............. $ 2.287948 $ 3.083934 $ 1.796584 $ 2.083167 $ 1.217560 $ 1.163924
ANNUITY CONTRACTS IN THE
ANNUITY PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 142,024 9,112 -- -- 19,472 --
Unit Price............. $ 2.287948 $ 3.083934 -- -- $ 1.217560 --
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Stock Fund,
Inc.
Shares
Cost
Market Value......... --
HVA Money Market Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Advisers Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Capital
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Mortgage
Securities Fund, Inc.
Shares
Cost
Market Value......... --
Hartford Index Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford International
Opportunities Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Dividend and
Growth Fund, Inc.
Shares
Cost
Market Value......... --
Hartford International
Advisers Fund, Inc.
Shares
Cost
Market Value......... $1,266,013
Due from ITT Hartford
Life and Annuity
Insurance Company..... 20,460
Receivable from fund
shares sold........... --
-------------
Total Assets........... 1,286,473
-------------
LIABILITIES:
Due to ITT Hartford
Life and Annuity
Insurance Company..... --
Payable for fund shares
purchased............. 20,461
-------------
Total Liabilities...... 20,461
-------------
Net Assets (variable
annuity contract
liabilities).......... $1,266,012
-------------
-------------
DEFERRED ANNUITY
CONTRACTS IN THE
ACCUMULATION PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... 1,187,856
Unit Price............. $ 1.065796
ANNUITY CONTRACTS IN THE
ANNUITY PERIOD:
INDIVIDUAL SUB-ACCOUNTS:
Units Owned by
Participants.......... --
Unit Price............. --
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
63
<PAGE>
SEPARATE ACCOUNT ONE
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ------------ ------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 2,003,621 $ 3,523,079 $1,272,735
EXPENSES:
Mortality and expense
undertakings.......... (373,029) (1,791,724) (275,929)
------------- ------------ ------------
Net investment income
(loss).............. 1,630,592 1,731,355 996,806
------------- ------------ ------------
Capital gains income... -- 10,042,632 --
------------- ------------ ------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... (374) (399) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 4,386,800 34,291,395 --
------------- ------------ ------------
Net gains (losses) on
investments......... 4,386,426 34,290,996 --
------------- ------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ $ 6,017,018 $ 46,064,983 $ 996,806
------------- ------------ ------------
------------- ------------ ------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
64
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 17,639,230 $ 2,005,116 $1,649,480 $ 350,069 $ 2,336,509 $ 608,905
EXPENSES:
Mortality and expense
undertakings.......... (5,680,157) (2,297,631) (309,548) (163,356) (1,343,921) (228,907)
------------- ----------------- --------------- ----------- ------------------ ------------
Net investment income
(loss).............. 11,959,073 (292,515) 1,339,932 186,713 992,588 379,998
------------- ----------------- --------------- ----------- ------------------ ------------
Capital gains income... 10,002,290 17,026,540 -- 8,809 1,900,624 --
------------- ----------------- --------------- ----------- ------------------ ------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... (7,267) (554) 10,341 (1,058) 16,525 113
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 103,783,366 45,303,765 3,230,997 4,302,893 3,843,369 4,658,735
------------- ----------------- --------------- ----------- ------------------ ------------
Net gains (losses) on
investments......... 103,776,099 45,303,211 3,241,338 4,301,835 3,859,894 4,658,848
------------- ----------------- --------------- ----------- ------------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ $ 125,737,462 $62,037,236 $4,581,270 $ 4,497,357 $ 6,753,106 $5,038,846
------------- ----------------- --------------- ----------- ------------------ ------------
------------- ----------------- --------------- ----------- ------------------ ------------
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
INVESTMENT INCOME:
Dividends.............. $ 8,307
EXPENSES:
Mortality and expense
undertakings.......... (1,545)
-------------
Net investment income
(loss).............. 6,762
-------------
Capital gains income... --
-------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 388
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (4,260)
-------------
Net gains (losses) on
investments......... (3,872)
-------------
Net increase (decrease)
in net assets
resulting from
operations............ $ 2,890
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
65
<PAGE>
SEPARATE ACCOUNT ONE
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------ ------------- ------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 1,630,592 $ 1,731,355 $ 996,806
Capital gains income... -- 10,042,632 --
Net realized gain
(loss) on security
transactions.......... (374) (399) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 4,386,800 34,291,395 --
------------ ------------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 6,017,018 46,064,983 996,806
------------ ------------- ------------
UNIT TRANSACTIONS:
Purchases.............. 6,920,419 44,039,272 21,785,683
Net transfers.......... 820,910 16,364,610 (9,958,944)
Surrenders............. (1,623,856) (4,931,827) (2,789,813)
Net annuity
transactions.......... -- (782) --
------------ ------------- ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 6,117,473 55,471,273 9,036,926
------------ ------------- ------------
Total increase
(decrease) in net
assets................ 12,134,491 101,536,256 10,033,732
NET ASSETS:
Beginning of period.... 53,967,945 241,944,216 45,147,734
------------ ------------- ------------
End of period.......... $ 66,102,436 $ 343,480,472 $ 55,181,466
------------ ------------- ------------
------------ ------------- ------------
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------ ------------- ------------
OPERATIONS:
Net investment income
(loss)................ $ 2,545,533 $ 1,930,589 $ 953,750
Capital gains income... 757,945 8,908,976 --
Net realized gain
(loss) on security
transactions.......... (3,236) (23,731) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (5,831,746) (17,046,792) --
------------ ------------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ (2,531,504) (6,230,958) 953,750
------------ ------------- ------------
UNIT TRANSACTIONS:
Purchases.............. 21,372,612 89,041,867 40,174,720
Net transfers.......... (2,221,994) 28,767,921 (14,446,701)
Surrenders............. (2,964,388) (5,703,110) (2,731,912)
Net annuity
transactions.......... -- 73,792 --
------------ ------------- ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 16,186,230 112,180,470 22,996,107
------------ ------------- ------------
Total increase
(decrease) in net
assets................ 13,654,726 105,949,512 23,949,857
NET ASSETS:
Beginning of period.... 40,313,219 135,994,704 21,197,877
------------ ------------- ------------
End of period.......... $ 53,967,945 $ 241,944,216 $ 45,147,734
------------ ------------- ------------
------------ ------------- ------------
</TABLE>
* From Inception, March 8, 1994, to December 31, 1994.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
66
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
--------------- ----------------- --------------- ------------ ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss)................ $ 11,959,073 $ (292,515) $ 1,339,932 $ 186,713 $ 992,588 $ 379,998
Capital gains income... 10,002,290 17,026,540 -- 8,809 1,900,624 --
Net realized gain
(loss) on security
transactions.......... (7,267) (554) 10,341 (1,058) 16,525 113
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 103,783,366 45,303,765 3,230,997 4,302,893 3,843,369 4,658,735
--------------- ----------------- --------------- ------------ ------------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ 125,737,462 62,037,236 4,581,270 4,497,357 6,753,106 5,038,846
--------------- ----------------- --------------- ------------ ------------------ ------------
UNIT TRANSACTIONS:
Purchases.............. 70,448,624 64,170,197 2,433,868 6,499,737 19,193,048 16,764,619
Net transfers.......... 9,554,186 26,291,671 (2,863,098) 3,380,761 283,967 10,592,179
Surrenders............. (20,100,240) (5,636,277) (1,456,623) (417,023) (3,342,465) (515,845)
Net annuity
transactions.......... (21,849) (316) -- -- (298) --
--------------- ----------------- --------------- ------------ ------------------ ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 59,880,721 84,825,275 (1,885,853) 9,463,475 16,134,252 26,840,953
--------------- ----------------- --------------- ------------ ------------------ ------------
Total increase
(decrease) in net
assets................ 185,618,183 146,862,511 2,695,417 13,960,832 22,887,358 31,879,799
NET ASSETS:
Beginning of period.... 825,128,804 304,796,291 48,569,926 21,048,963 207,656,043 22,178,078
--------------- ----------------- --------------- ------------ ------------------ ------------
End of period.......... $ 1,010,746,987 $451,658,802 $51,265,343 $ 35,009,795 $230,543,401 $ 54,057,877
--------------- ----------------- --------------- ------------ ------------------ ------------
--------------- ----------------- --------------- ------------ ------------------ ------------
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT*
--------------- ----------------- --------------- ------------ ------------------ ------------
OPERATIONS:
Net investment income
(loss)................ $ 15,380,919 $ (1,940,695) $ 2,663,939 $ 228,555 $ 293,757 $ 192,756
Capital gains income... 16,501,543 14,446,172 213,039 -- -- --
Net realized gain
(loss) on security
transactions.......... 23,627 (149,645) (34,292) (7,380) (12,268) (265)
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (59,864,328) (9,016,266) (4,263,500) (259,651) (6,002,430) (396,930)
--------------- ----------------- --------------- ------------ ------------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ (27,958,239) 3,339,566 (1,420,814) (38,476) (5,720,941) (204,439)
--------------- ----------------- --------------- ------------ ------------------ ------------
UNIT TRANSACTIONS:
Purchases.............. 323,714,540 122,054,442 10,417,811 7,532,638 101,186,682 15,598,653
Net transfers.......... 47,515,115 33,168,295 (6,272,107) 1,088,140 35,079,810 6,923,603
Surrenders............. (26,173,012) (5,255,587) (1,961,038) (680,688) (3,519,088) (139,739)
Net annuity
transactions.......... 176,273 23,166 -- -- 23,455 --
--------------- ----------------- --------------- ------------ ------------------ ------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 345,232,916 149,990,316 2,184,666 7,940,090 132,770,859 22,382,517
--------------- ----------------- --------------- ------------ ------------------ ------------
Total increase
(decrease) in net
assets................ 317,274,677 153,329,882 763,852 7,901,614 127,049,918 22,178,078
NET ASSETS:
Beginning of period.... 507,854,127 151,466,409 47,806,074 13,147,349 80,606,125 --
--------------- ----------------- --------------- ------------ ------------------ ------------
End of period.......... $ 825,128,804 $304,796,291 $48,569,926 $ 21,048,963 $207,656,043 $ 22,178,078
--------------- ----------------- --------------- ------------ ------------------ ------------
--------------- ----------------- --------------- ------------ ------------------ ------------
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
OPERATIONS:
Net investment income
(loss)................ $ 6,762
Capital gains income... --
Net realized gain
(loss) on security
transactions.......... 388
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (4,260)
-------------
Net increase (decrease)
in net assets
resulting from
operations............ 2,890
-------------
UNIT TRANSACTIONS:
Purchases.............. 688,453
Net transfers.......... 585,159
Surrenders............. (10,490)
Net annuity
transactions.......... --
-------------
Net increase (decrease)
in net assets
resulting from unit
transactions.......... 1,263,122
-------------
Total increase
(decrease) in net
assets................ 1,266,012
NET ASSETS:
Beginning of period.... --
-------------
End of period.......... $1,266,012
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
67
<PAGE>
SEPARATE ACCOUNT ONE
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Separate Account One (the Account) is a separate investment account within
ITT Hartford Life & Annuity Insurance Company (the Company) and is
registered with the Securities and Exchange Commission (SEC) as a unit
investment trust under the Investment Company Act of 1940, as amended. Both
the Company and the Account are subject to supervision and regulation by the
Department of Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Hartford mutual funds
are valued at the closing net asset value per share as determined by the
appropriate Fund as of June 30, 1995.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as an
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the operations of the
Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
a) MORTALITY AND EXPENSE UNDERTAKINGS--The Company, as issuer of variable
annuity contracts, provides the mortality and expense undertakings and,
with respect to the Account, receives a maximum annual fee of 1.25% of
the Account's average daily net assets.
b) DEDUCTION OF ANNUAL MAINTENANCE FEE--Annual maintenance fees are deducted
through termination of units of interest from applicable contract owners'
accounts, in accordance with the terms of the contracts.
68
<PAGE>
ITT HARTFORD LIFE & ANNUITY
INSURANCE COMPANY
SEPARATE ACCOUNT FIVE
<PAGE>
Separate Account Five
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF NET ASSETS & LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 16,451
Cost $ 15,674
Market Value......... $ 16,408 -- --
Hartford Stock Fund,
Inc.
Shares 139,528
Cost $ 429,278
Market Value......... -- $ 438,495 --
HVA Money Market Fund,
Inc.
Shares 1,032,430
Cost $1,032,430
Market Value......... -- -- $1,032,430
Hartford Advisers Fund,
Inc.
Shares 218,670
Cost $ 387,143
Market Value......... -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 194,036
Cost $ 605,376
Market Value......... -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 30,623
Cost $ 31,607
Market Value......... -- -- --
Hartford Index Fund,
Inc.
Shares 19,909
Cost $ 33,904
Market Value......... -- -- --
Hartford International
Opportunities Fund,
Inc.
Shares 125,273
Cost $ 150,378
Market Value......... -- -- --
Hartford Dividend and
Growth Fund, Inc.
Shares 137,542
Cost $ 155,113
Market Value......... -- -- --
Hartford International
Advisers Fund, Inc.
Shares 26,233
Cost $ 27,135
Market Value......... -- -- --
Receivable from fund
shares sold........... -- -- 229,125
Receivable from ITT
Hartford Life and
Annuity Insurance
Co.................... -- -- --
----------- ----------- -----------
Total Assets........... 16,408 438,495 1,261,555
----------- ----------- -----------
LIABILITIES:
Payable to ITT Hartford
Life and Annuity
Insurance Co.......... -- -- 228,020
Payable for fund shares
purchased............. -- -- --
----------- ----------- -----------
Total Liabilities...... -- -- 228,020
----------- ----------- -----------
Net Assets............. $ 16,408 $ 438,495 $1,033,535
----------- ----------- -----------
----------- ----------- -----------
VARIABLE LIFE POLICIES:
Units Owned by
Participants.......... 14,747 374,632 1,005,537
Unit Price............. $1.112657 $1.170469 $ 1.027843
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
70
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares 16,451
Cost $ 15,674
Market Value......... -- -- -- -- -- --
Hartford Stock Fund,
Inc.
Shares 139,528
Cost $ 429,278
Market Value......... -- -- -- -- -- --
HVA Money Market Fund,
Inc.
Shares 1,032,430
Cost $1,032,430
Market Value......... -- -- -- -- -- --
Hartford Advisers Fund,
Inc.
Shares 218,670
Cost $ 387,143
Market Value......... $ 392,314 -- -- -- -- --
Hartford Capital
Appreciation Fund,
Inc.
Shares 194,036
Cost $ 605,376
Market Value......... -- $ 619,444 -- -- -- --
Hartford Mortgage
Securities Fund, Inc.
Shares 30,623
Cost $ 31,607
Market Value......... -- -- $ 32,205 -- -- --
Hartford Index Fund,
Inc.
Shares 19,909
Cost $ 33,904
Market Value......... -- -- -- $ 35,833 -- --
Hartford International
Opportunities Fund,
Inc.
Shares 125,273
Cost $ 150,378
Market Value......... -- -- -- -- $ 149,741 --
Hartford Dividend and
Growth Fund, Inc.
Shares 137,542
Cost $ 155,113
Market Value......... -- -- -- -- -- $ 156,127
Hartford International
Advisers Fund, Inc.
Shares 26,233
Cost $ 27,135
Market Value......... -- -- -- -- -- --
Receivable from fund
shares sold........... -- 76,798 -- -- -- 11,207
Receivable from ITT
Hartford Life and
Annuity Insurance
Co.................... -- -- -- -- -- --
------------- ----------------- --------------- ----------- ---------- ------------
Total Assets........... 392,314 696,242 32,205 35,833 149,741 167,334
------------- ----------------- --------------- ----------- ---------- ------------
LIABILITIES:
Payable to ITT Hartford
Life and Annuity
Insurance Co.......... 1 76,813 -- -- 1 11,207
Payable for fund shares
purchased............. -- -- -- -- -- --
------------- ----------------- --------------- ----------- ---------- ------------
Total Liabilities...... 1 76,813 -- -- 1 11,207
------------- ----------------- --------------- ----------- ---------- ------------
Net Assets............. $ 392,313 $ 619,429 $ 32,205 $ 35,833 $ 149,740 $ 156,127
------------- ----------------- --------------- ----------- ---------- ------------
------------- ----------------- --------------- ----------- ---------- ------------
VARIABLE LIFE POLICIES:
Units Owned by
Participants.......... 341,392 523,791 29,142 30,029 141,728 135,289
Unit Price............. $1.149155 $1.182589 $1.105096 $1.193297 $1.056533 $1.154020
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
ASSETS:
Investments:
Hartford Bond Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Stock Fund,
Inc.
Shares
Cost
Market Value......... --
HVA Money Market Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Advisers Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Capital
Appreciation Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Mortgage
Securities Fund, Inc.
Shares
Cost
Market Value......... --
Hartford Index Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford International
Opportunities Fund,
Inc.
Shares
Cost
Market Value......... --
Hartford Dividend and
Growth Fund, Inc.
Shares
Cost
Market Value......... --
Hartford International
Advisers Fund, Inc.
Shares
Cost
Market Value......... $ 27,661
Receivable from fund
shares sold........... --
Receivable from ITT
Hartford Life and
Annuity Insurance
Co.................... --
-------------
Total Assets........... 27,661
-------------
LIABILITIES:
Payable to ITT Hartford
Life and Annuity
Insurance Co.......... --
Payable for fund shares
purchased............. --
-------------
Total Liabilities...... --
-------------
Net Assets............. $ 27,661
-------------
-------------
VARIABLE LIFE POLICIES:
Units Owned by
Participants.......... 25,845
Unit Price............. $1.070282
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
71
<PAGE>
SEPARATE ACCOUNT FIVE
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ 393 $ 1,780 $5,271
EXPENSES:
Mortality and expense
undertakings.......... -- -- --
------ ----------- -----------
Net investment
income.............. 393 1,780 5,271
------ ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... -- 1 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 735 9,217 --
------ ----------- -----------
Net gains (losses) on
investments......... 735 9,218 --
------ ----------- -----------
Net increase (decrease)
in net assets
resulting from
operations............ $1,128 $10,998 $5,271
------ ----------- -----------
------ ----------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
72
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $1,935 $ 1,230 $ 475 $ 194 $ 734 $ 445
EXPENSES:
Mortality and expense
undertakings.......... -- -- -- -- -- --
------ ------- ------ ----------- ----- ------
Net investment
income.............. 1,935 1,230 475 194 734 445
------ ------- ------ ----------- ----- ------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 1 1,163 -- -- (1) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 5,171 14,068 598 1,929 (638) 1,014
------ ------- ------ ----------- ----- ------
Net gains (losses) on
investments......... 5,172 15,231 598 1,929 (639) 1,014
------ ------- ------ ----------- ----- ------
Net increase (decrease)
in net assets
resulting from
operations............ $7,107 $16,461 $1,073 $2,123 $ 95 $1,459
------ ------- ------ ----------- ----- ------
------ ------- ------ ----------- ----- ------
<CAPTION>
INTERNATIONAL
ADVISERS
FUND
SUB-ACCOUNT
-----------
<S> <C>
INVESTMENT INCOME:
Dividends.............. $230
EXPENSES:
Mortality and expense
undertakings.......... --
-----
Net investment
income.............. 230
-----
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 526
-----
Net gains (losses) on
investments......... 526
-----
Net increase (decrease)
in net assets
resulting from
operations............ $756
-----
-----
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
73
<PAGE>
SEPARATE ACCOUNT FIVE
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONEY
BOND FUND STOCK FUND MARKET FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- ----------- ------------
<S> <C> <C> <C>
OPERATIONS:
Net investment
income................ $ 393 $ 1,780 $ 5,271
Net realized gain
(loss) on security
transactions.......... -- 1 --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 735 9,217 --
----------- ----------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 1,128 10,998 5,271
----------- ----------- ------------
UNIT TRANSACTIONS:
Purchases.............. 10,000 10,000 2,786,011
Net transfers.......... 5,290 418,031 (1,740,167)
Surrenders............. (8) (376) (2,963)
Loan Withdrawal........ -- -- (12,801)
Cost of Insurance...... (2) (158) (1,816)
----------- ----------- ------------
Net increase in net
assets resulting from
unit transactions..... 15,280 427,497 1,028,264
----------- ----------- ------------
Total increase in net
assets................ 16,408 438,495 1,033,535
NET ASSETS:
Beginning of period.... -- -- --
----------- ----------- ------------
End of period.......... $16,408 $438,495 $ 1,033,535
----------- ----------- ------------
----------- ----------- ------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
74
<PAGE>
<TABLE>
<CAPTION>
CAPITAL MORTGAGE INTERNATIONAL DIVIDEND AND
ADVISERS FUND APPRECIATION FUND SECURITIES FUND INDEX FUND OPPORTUNITIES FUND GROWTH FUND
SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
------------- ----------------- --------------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment
income................ $ 1,935 $ 1,230 $ 475 $ 194 $ 734 $ 445
Net realized gain
(loss) on security
transactions.......... 1 1,163 -- -- (1) --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 5,171 14,068 598 1,929 (638) 1,014
------------- -------- ------- ----------- -------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 7,107 16,461 1,073 2,123 95 1,459
------------- -------- ------- ----------- -------- ------------
UNIT TRANSACTIONS:
Purchases.............. 10,000 10,000 10,000 10,000 10,000 10,000
Net transfers.......... 375,793 595,101 21,171 23,755 139,754 144,335
Surrenders............. (414) (1,973) (27) (33) (77) 372
Loan Withdrawal........ -- -- -- -- -- --
Cost of Insurance...... (173) (160) (12) (12) (32) (39)
------------- -------- ------- ----------- -------- ------------
Net increase in net
assets resulting from
unit transactions..... 385,206 602,968 31,132 33,710 149,645 154,668
------------- -------- ------- ----------- -------- ------------
Total increase in net
assets................ 392,313 619,429 32,205 35,833 149,740 156,127
NET ASSETS:
Beginning of period.... -- -- -- -- -- --
------------- -------- ------- ----------- -------- ------------
End of period.......... $392,313 $619,429 $32,205 $35,833 $149,740 $156,127
------------- -------- ------- ----------- -------- ------------
------------- -------- ------- ----------- -------- ------------
<CAPTION>
INTERNATIONAL
ADVISERS FUND
SUB-ACCOUNT
-------------
<S> <C>
OPERATIONS:
Net investment
income................ $ 230
Net realized gain
(loss) on security
transactions.......... --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 526
-------------
Net increase (decrease)
in net assets
resulting from
operations............ 756
-------------
UNIT TRANSACTIONS:
Purchases.............. 10,000
Net transfers.......... 16,937
Surrenders............. (23)
Loan Withdrawal........ --
Cost of Insurance...... (9)
-------------
Net increase in net
assets resulting from
unit transactions..... 26,905
-------------
Total increase in net
assets................ 27,661
NET ASSETS:
Beginning of period.... --
-------------
End of period.......... $27,661
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
75
<PAGE>
SEPARATE ACCOUNT FIVE
ITT HARTFORD LIFE & ANNUITY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Separate Account Five (the Account) is a separate investment account within
ITT Hartford Life & Annuity Insurance Company (the Company) and is
registered with the Securities and Exchange Commission (SEC) as a unit
investment trust under the Investment Company Act of 1940, as amended. Both
the Company and the Account are subject to supervision and regulation by the
Department of Insurance of the State of Connecticut and the SEC.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of investments
sold is determined on the basis of identified cost. Dividend and capital
gains income are accrued as of the ex-dividend date.
b) SECURITY VALUATION--The investment in shares of the Funds are valued at
the closing net asset value per share as determined by the appropriate
Fund as of June 30, 1995.
c) FEDERAL INCOME TAXES--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed as an
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the operations of the
Account.
3. ADMINISTRATION OF THE ACCOUNT AND RELATED CHARGES:
In accordance with the terms of the contracts, the Company makes deductions
for mortality and expense undertakings, cost of insurance, administrative
fees, and state premium taxes. These charges are deducted through
termination of units of interest from applicable contract owners' accounts.
76
<PAGE>
HARTFORD MUTUAL FUNDS
STATEMENTS OF NET ASSETS
<PAGE>
Hartford Bond Fund, Inc.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Principal Market Principal Market
Amount Value Amount Value
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
LONG-TERM BONDS -- 95.8%
FEDERAL AGENCIES
COLLATERALIZED MORTGAGE
OBLIGATION -- 3.3%
Federal Home Loan Mortgage
Corporation
$ 1,000,000 7.800% due 05/15/12......... $ 1,010,580
290,272 8.000% due 01/15/19......... 289,790
1,974,531 8.100% due 12/15/04......... 2,003,260
Federal National Mortgage
Association
5,848,731 7.500% due 01/25/19 -
02/25/19.................... 5,859,148
-------------
9,162,778
-------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 2.8%
Oakwood Mortgage Investors
5,535,708 8.400% due 02/15/15......... 5,651,061
2,238,543 Paine Webber 94-7 Class AA
6.750% due 04/25/24......... 2,214,177
-------------
7,865,238
-------------
FEDERAL AGENCIES -- 4.8%
Federal National Mortgage
Association
5,000,000 5.800% due 12/10/03......... 4,790,810
3,000,000 6.250% due 08/12/03......... 2,901,795
5,000,000 8.200% due 03/10/16......... 5,637,945
-------------
13,330,550
-------------
U.S. GOVERNMENT SECURITIES --
48.0%
U.S. Treasury Bonds
15,300,000 8.125% due 08/15/19......... 17,852,149
2,900,000 8.750% due 05/15/17......... 3,576,967
13,400,000 8.875% due 08/15/17......... 16,737,431
1,500,000 11.750% due 11/15/14........ 2,222,343
U.S. Treasury Notes
3,000,000 5.250% due 07/31/98......... 2,943,750
13,000,000 5.750% due 10/31/97 -
08/15/03.................... 12,794,841
10,600,000 6.500% due 04/30/99 -
05/15/05.................... 10,801,125
32,500,000 6.875% due 02/28/97 -
07/31/99.................... 33,246,875
10,200,000 7.500% due 01/31/97 -
11/15/01.................... 10,789,684
1,000,000 7.750% due 11/30/99......... 1,067,187
16,900,000 10.750% due 02/15/03........ 21,536,938
-------------
133,569,290
-------------
BANKS -- 1.1%
Bank of New York
3,000,000 7.625% due 07/15/02......... 3,128,772
-------------
CHEMICALS -- 1.1%
Ethyl Corp.
3,000,000 9.800% due 09/15/98......... 3,022,992
-------------
CONSUMER NON-DURABLES -- 1.2%
Archer Daniels Midland
1,000,000 8.125% due 06/01/12......... 1,104,866
Georgia-Pacific Corp.
2,000,000 9.850% due 06/15/97......... 2,117,778
-------------
3,222,644
-------------
ENERGY & SERVICES -- 1.8%
Enron Corp.
1,000,000 9.650% due 05/15/01......... 1,143,979
Mobil Oil
735,375 9.170% due 02/29/00......... 807,256
ENERGY & SERVICES --
(CONTINUED)
Union Oil Co. of California
Mountains
$ 2,500,000 9.375% due 02/15/11......... $ 2,947,300
-------------
4,898,535
-------------
FINANCIAL SERVICES -- 7.5%
Aristar Inc.
3,000,000 6.250% due 07/15/96......... 3,002,139
Associates Corp. N A
2,500,000 9.700% due 05/01/97......... 2,647,963
Chrysler Financial Corp.
2,500,000 8.125% due 12/15/96......... 2,563,260
Ford Motor Credit Company
3,000,000 7.750% due 11/15/02......... 3,150,351
General Motors Acceptance
Corp.
4,000,000 5.875% due 01/12/99......... 3,908,600
Lehman Brothers
3,000,000 10.000% due 05/15/99........ 3,283,673
Transamerica Financial
2,500,000 6.340% due 06/20/00......... 2,474,325
-------------
21,030,311
-------------
FOREIGN GOVERNMENTS -- 4.3%
Bank of Montreal
3,000,000 10.000% due 09/01/98........ 3,301,683
KFW International Finance Inc.
1,000,000 7.000% due 03/01/13......... 989,896
Province of Manitoba Debenture
3,000,000 9.625% due 12/01/18......... 3,732,150
Republic of Italy
1,500,000 6.000% due 09/27/03......... 1,422,447
Skandinaviska Enskilda Banken
2,500,000 6.875% due 02/15/09......... 2,417,398
-------------
11,863,574
-------------
HEALTH CARE -- 0.9%
Columbia Healthcare
2,500,000 6.410% due 06/15/00......... 2,483,200
-------------
TECHNOLOGY -- 1.3%
Motorola Inc
3,100,000 8.400% due 08/15/31......... 3,686,771
-------------
TELECOMMUNICATIONS -- 3.3%
Cox Communications
3,000,000 6.375% due 06/15/00......... 2,970,180
Reed Elsevier Capital
3,000,000 7.500% due 05/15/25......... 3,053,790
Tele-Communications, Inc.
Notes
1,000,000 8.650% due 09/15/04......... 1,057,319
Time Warner Entertainment
Notes
2,000,000 8.375% due 03/15/23......... 2,003,653
-------------
9,084,942
-------------
UTILITIES -- 6.4%
Bell Telephone Co. of
Pennsylvania
3,000,000 8.350% due 12/15/30......... 3,532,344
Chesapeake & Potomac Telephone
1,500,000 8.300% due 08/01/31......... 1,681,481
Commonwealth Edison
3,000,000 6.375% due 07/15/00......... 2,956,401
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
78
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET PRINCIPAL MARKET
AMOUNT VALUE AMOUNT VALUE
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
LONG-TERM BONDS -- (CONTINUED)
UTILITIES -- (CONTINUED)
Commonwealth Edison First
Mortgage
$ 1,450,000 5.250% due 04/01/96......... $ 1,435,080
GTE Corp.
3,000,000 8.850% due 03/01/98......... 3,185,937
Ohio Edison Co. Mortgage Bond
1,000,000 8.500% due 05/01/96......... 1,016,753
Texas Utilities Electric
4,000,000 5.875% due 04/01/98......... 3,939,308
-------------
17,747,304
-------------
ASSET-BACKED BONDS -- 6.8%
American Express 92-1A
2,000,000 6.050% due 06/15/98......... 1,997,280
Corestates Home Equity Trust
94-A1
4,518,677 6.650% due 05/15/09......... 4,513,028
Dean Witter Discover 93-1
3,000,000 5.300% due 10/16/01......... 2,883,960
Green-Tree Financial 93-3 A-2
5,000,000 4.900% due 10/15/18......... 4,907,500
Green-Tree Financial 93-3 A-3
5,000,000 5.200% due 10/15/18......... 4,853,200
-------------
19,154,968
-------------
CERTIFICATES OF DEPOSIT --
1.2%
Abbey National First Capital
3,000,000 8.200% due 10/15/04......... 3,270,654
-------------
Total Long-Term Bonds......... $ 266,522,523
-------------
-------------
SHORT-TERM SECURITIES -- 2.4%
REPURCHASE AGREEMENT
$ 6,769,000 Interest in $61,511,000 joint
repurchase agreement dated
06/30/95 with Shawmut Bank
6.100% due 07/03/95;
maturity amount $6,772,441;
(Collateralized by
$62,920,000 U.S. Treasury
Note 4.250% due 11/16/95)... $ 6,769,000
-------------
-------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total long-term bonds........................ 95.8 % $266,522,523
Total short-term securities.................. 2.4 6,769,000
------ ------------
Total investment in securities
*(Identified cost $264,330,074)............ 98.2 273,291,523
Excess of cash and receivables over
liabilities................................ 1.8 4,849,637
------ ------------
Net assets (Applicable to $.99741 per share
based on 278,863,409 shares outstanding)... 100.0% $278,141,160
------ ------------
------ ------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
800,000,000 shares; outstanding 278,863,409
shares............................................. $ 27,886,341
Capital surplus...................................... 255,340,249
Undistributed net realized (loss) on investments..... (14,046,879)
Unrealized appreciation of investments............... 8,961,449
------------
Net assets, applicable to shares outstanding......... $278,141,160
------------
------------
<FN>
* Aggregate cost for Federal income tax purposes.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
79
<PAGE>
HARTFORD STOCK FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- --------------- ----------- ---------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- 90.9%
COMPUTER & SERVICES -- 4.0%
*40,000 BMC Software Inc.............. $ 3,090,000
190,000 International Business Machine
Corp........................ 18,240,000
*200,000 Novell Inc.................... 3,987,500
285,000 Pitney Bowes Inc.............. 10,936,875
180,000 Xerox......................... 21,105,000
---------------
57,359,375
---------------
CONSUMER DURABLES -- 2.4%
320,000 Chrysler Corp................. 15,320,012
425,000 General Motors Corp........... 19,921,875
---------------
35,241,887
---------------
CONSUMER NON-DURABLES -- 9.2%
300,000 Anheuser Busch Cos. Inc....... 17,062,500
250,000 General Mills Company......... 12,843,750
375,000 Kimberly Clark Corp........... 22,453,125
340,000 Pepsico Inc................... 15,512,500
425,000 Philip Morris................. 31,609,375
200,000 Proctor and Gamble............ 14,375,000
707,000 Sara Lee Corp................. 20,149,500
---------------
134,005,750
---------------
CONSUMER SERVICES -- 1.9%
*575,000 Circus Circus Enterprises..... 20,268,750
450,000 International Game
Technology.................. 6,918,750
---------------
27,187,500
---------------
ELECTRONICS -- 0.9%
200,000 Motorola Inc.................. 13,425,000
---------------
ENERGY AND SERVICES -- 8.8%
300,000 Amoco Corporation............. 19,987,500
500,000 Burlington Resources.......... 18,437,500
450,000 Exxon......................... 31,781,250
300,000 Fluor Corp.................... 15,600,000
275,000 Kerr McGee Corp............... 14,746,875
300,000 Schlumberger Ltd.............. 18,637,500
300,000 Total S.A. ADR................ 9,075,000
---------------
128,265,625
---------------
FINANCIAL SERVICES -- 11.9%
500,000 Allstate Corp................. 14,812,500
350,000 American Express Co........... 12,293,750
200,000 Bank of New York Co........... 8,075,000
350,000 Citicorp...................... 20,256,250
247,400 Franklin Resources Inc........ 11,009,300
325,000 Greenpoint Financial.......... 7,678,125
200,000 Marsh and McLennan Cos.,
Inc......................... 16,225,000
330,000 Merrill Lynch & Co. Inc....... 17,325,000
230,000 J.P. Morgan................... 16,128,750
200,000 Nationsbank Corp.............. 10,725,000
300,000 Salomon Inc................... 12,037,500
117,200 State Street Boston Corp...... 4,321,750
500,000 Travelers Group Inc........... 21,875,000
---------------
172,762,925
---------------
HEALTH CARE -- 10.5%
580,000 Abbott Laboratories........... 23,490,000
150,000 American Home Products
Corp........................ 11,606,250
210,000 Bristol-Myers Squibb
Company..................... 14,306,250
HEALTH CARE -- (CONTINUED)
300,000 IVAX Corp..................... $ 7,387,500
270,000 Johnson & Johnson............. 18,258,750
200,000 Pfizer, Inc................... 18,475,000
375,000 SmithKline Beecham PLC ADR
Unit........................ 16,968,750
875,000 US Healthcare Inc............. 26,796,875
350,000 United States Surgical........ 7,306,250
80,000 Warner-Lambert Company........ 6,910,000
---------------
151,505,625
---------------
INDUSTRIAL MATERIALS -- 12.3%
250,000 Air Products & Chemical
Corp........................ 13,937,500
440,000 Aluminum Company of America... 22,055,000
330,000 Dow Chemical.................. 23,718,750
525,000 Dupont EI De Nemours.......... 36,093,750
250,000 Eastman Chemical Co........... 14,875,000
54,800 Englehard Corp................ 2,349,550
250,000 International Paper Co........ 21,437,500
650,000 Louisiana Pacific Corp........ 17,062,500
450,000 Phelps Dodge Corp............. 26,550,000
---------------
178,079,550
---------------
MANUFACTURING -- 4.7%
260,000 Caterpillar, Inc.............. 16,705,000
640,000 General Electric.............. 36,080,000
390,000 Ingersoll-Rand Company........ 14,917,500
---------------
67,702,500
---------------
MEDIA & SERVICES -- 9.3%
190,000 CBS Inc....................... 12,730,000
180,000 Capital Cities/ABC Inc........ 19,440,000
133,200 Carnival Corp. Class A........ 3,113,550
460,000 Gannett Co., Inc.............. 24,955,000
603,750 Gaylord Entertainment Class
A........................... 15,244,688
530,000 Time Warner Inc............... 21,796,250
*815,001 Viacom Inc.-Class B........... 37,591,898
---------------
134,871,386
---------------
REAL ESTATE -- 1.1%
400,000 General Growth Properties..... 8,150,000
350,000 Spieker Properties............ 7,831,250
---------------
15,981,250
---------------
RETAIL -- 7.7%
450,000 Albertson's Inc............... 13,387,500
425,000 Home Depot Inc................ 17,265,625
360,000 May Department Stores Co...... 14,985,000
875,000 McDonalds Corp................ 34,234,375
1,175,000 Wal-Mart...................... 31,431,250
---------------
111,303,750
---------------
TECHNOLOGY -- 0.6%
*165,000 Computer Sciences Corp........ 9,384,375
---------------
TRANSPORTATION -- 1.4%
360,000 Union Pacific Corp............ 19,935,000
---------------
UTILITIES -- 4.2%
450,000 AT&T Corp..................... 23,906,250
950,000 MCI Communications............ 20,900,000
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
80
<PAGE>
<TABLE>
<CAPTION>
MARKET PRINCIPAL MARKET
SHARES VALUE AMOUNT VALUE
- ----------- --------------- ----------- ---------------
<C> <S> <C> <C> <C> <C>
OMMON STOCKS -- (CONTINUED)
UTILITIES -- (CONTINUED)
*87,850 Portugal Telecom S.A. ADR..... $ 1,669,150
500,000 Telefonos De Mexico ADR....... 14,812,500
---------------
61,287,900
---------------
Total common stocks........... $ 1,318,299,398
---------------
---------------
PREFERRED STOCKS -- 4.0%
CONSUMER DURABLES -- 1.1%
160,000 Ford Motor Company Series A... $ 15,540,000
---------------
CONSUMER NON-DURABLES -- 1.6%
3,850,000 RJR Nabisco Preferred Equity
Redemption Cumulative
Stock....................... 23,581,250
---------------
ENERGY -- 0.8%
191,000 Occidental Petroleum 144A..... 11,054,125
---------------
REAL ESTATE -- 0.5%
347,500 Security Pacific Trust........ 7,731,875
---------------
Total Preferred Stocks........ $ 57,907,250
---------------
---------------
<CAPTION>
PRINCIPAL
AMOUNT
- ------------
CONVERTIBLE CORPORATE BONDS -- 0.8%
CONSUMER SERVICES -- 0.3%
Autotote Corporation
$16,000,000 5.500% due 08/20/01......... $ 4,305,520
---------------
INDUSTRIAL -- 0.5%
1,400,000 Cemex SA
4.250% due 11/01/97......... 1,057,000
Empresas ICA Sociedad
12,150,000 5.000% due 03/15/04......... 6,469,875
---------------
7,526,875
---------------
Total Convertible Corporate
Bonds........................ $ 11,832,395
----------------
----------------
SHORT-TERM SECURITIES -- 4.8%
$69,100,000 Repurchase Agreement dated
06/30/95 with Paine Webber
6.200% due 07/03/95;
maturity amount $69,135,702;
(Collateralized by $68,480,000
U.S. Treasury Notes 5.375% to
10.500% due 08/15/95
to 05/31/98)................. $ 69,100,000
---------------
---------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total common stocks.......................... 90.9% $1,318,299,398
Total preferred stocks....................... 4.0 57,907,250
Total convertible corporate bonds............ 0.8 11,832,395
Total short-term securities.................. 4.8 69,100,000
------ --------------
Total investment in securities
**(Identified cost $1,249,434,845)......... 100.5 1,457,139,043
Excess of liabilities over cash and
receivables................................ (0.5) (7,397,775)
------ --------------
Net assets (Applicable to $3.14270 per share
based on 461,304,386 shares outstanding)... 100.0% $1,449,741,268
------ --------------
------ --------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
800,000,000 shares; outstanding 461,304,386
shares............................................. $ 46,130,439
Capital surplus...................................... 1,172,453,289
Undistributed net realized gain on investments....... 23,453,342
Unrealized appreciation of investments............... 207,704,198
--------------
Net assets, applicable to shares outstanding......... $1,449,741,268
--------------
--------------
<FN>
* Non-income producing during period.
** Aggregate cost for Federal income tax purposes.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
81
<PAGE>
HVA MONEY MARKET FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Amortized Amortized
Principal Cost and Principal Cost and
Amount Value Amount Value
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMERCIAL PAPER -- 83.0%
Abbey National North American
$ 5,500,000 5.850% due 09/20/95......... $ 5,429,394
Air Products & Chemicals
5,000,000 5.830% due 09/15/95......... 4,940,081
5,000,000 5.900% due 09/08/95......... 4,945,097
American Home Food Products
4,000,000 6.600% due 07/03/95......... 4,000,000
American Honda Finance
4,000,000 6.550% due 07/28/95......... 3,981,806
5,000,000 6.560% due 07/06/95......... 4,997,267
ANZ (Delaware) Inc.
5,000,000 5.850% due 09/07/95......... 4,946,375
Aristar Inc.
5,000,000 5.850% due 09/27/95......... 4,930,125
5,000,000 5.970% due 09/05/95......... 4,946,933
AT&T Company
5,000,000 5.820% due 08/30/95......... 4,953,117
3,000,000 5.830% due 09/28/95......... 2,957,733
Bass Finance C.I. Ltd.
5,000,000 5.830% due 09/28/95......... 4,929,554
5,000,000 6.120% due 07/19/95......... 4,986,400
Bausch & Lomb Inc.
10,000,000 5.850% due 09/21/95 -
09/25/95.................... 9,867,725
Commerzbank U.S. Finance
2,600,000 6.000% due 08/09/95......... 2,583,967
Corporate Asset Funding
Company
1,700,000 5.970% due 08/04/95......... 1,690,979
Dean Witter, Discover Card
5,000,000 5.950% due 07/24/95......... 4,982,646
Eaton Corp.
5,000,000 5.870% due 09/22/95......... 4,933,963
Eksportfinans
5,000,000 5.810% due 11/06/95......... 4,898,325
Finova Capital
5,000,000 6.150% due 07/10/95......... 4,994,021
Ford Motor Credit Corp.
5,000,000 5.950% due 07/24/95......... 4,982,646
General Electric Capital
5,000,000 5.700% due 09/05/95......... 4,930,583
5,000,000 5.880% due 09/26/95......... 4,949,333
General Motors Acceptance
Corp.
5,000,000 6.100% due 07/14/95......... 4,990,681
5,000,000 6.450% due 08/02/95......... 4,973,125
General Signal Corp.
5,000,000 5.920% due 08/28/95......... 4,953,956
5,000,000 5.930% due 08/29/95......... 4,953,054
Goldman Sachs Group Limited
Partnership
5,000,000 5.750% due 09/11/95......... 4,944,097
5,000,000 6.500% due 07/17/95......... 4,987,361
Greyhound Financial
4,000,000 6.570% due 07/11/95......... 3,994,160
MBNA America Bank Notes
5,000,000 6.230% due 07/05/95......... 5,000,000
Monsanto Co.
5,000,000 5.850% due 10/02/95......... 4,926,063
5,000,000 6.140% due 07/10/95......... 4,994,031
National Rural Utilities
5,000,000 5.870% due 08/22/95......... 4,959,236
NYNEX Corp.
$ 5,000,000 5.770% due 09/05/95......... $ 4,948,711
5,000,000 6.030% due 07/31/95......... 4,976,550
Pacific Dunlop Australia
5,000,000 5.920% due 08/14/95......... 4,965,466
Pacific Dunlop Holding
5,000,000 5.950% due 08/14/95......... 4,965,291
RTZ America Inc.
10,000,000 5.930% due 08/07/95 -
08/09/95.................... 9,940,700
Sherwood Medical
5,000,000 6.080% due 07/10/95......... 4,994,089
Skandinaviska Enskiolda
5,000,000 6.640% due 07/05/95......... 4,998,155
Sony Capital Corp.
5,000,000 5.940% due 07/19/95......... 4,986,800
Spintab
5,000,000 6.100% due 07/11/95......... 4,993,222
Svenska Handelsbanken Inc.
5,000,000 5.970% due 08/17/95......... 4,962,687
Tambrands Inc.
5,000,000 5.990% due 07/17/95......... 4,988,353
5,000,000 6.070% due 08/16/95......... 4,962,905
US Bankcorp
5,000,000 5.950% due 07/20/95......... 4,985,951
5,000,000 6.050% due 07/07/95......... 4,996,639
USL Capital
5,000,000 5.950% due 07/24/95......... 4,982,645
Whirlpool Corp.
5,000,000 5.980% due 08/01/95......... 4,975,914
5,000,000 6.020% due 08/01/95......... 4,975,753
Zeneca, Inc.
5,000,000 5.900% due 08/21/95......... 4,959,847
-------------
257,993,512
-------------
CORPORATE NOTES -- 1.6%
5,000,000 5.840% due 11/16/95......... 4,998,558
-------------
REPURCHASE AGREEMENT -- 11.4%
35,486,000 Interest in $61,511,000 joint
repurchase agreement dated
06/30/95 with Shawmut Bank
6.100% due 07/03/95;
maturity amount $35,504,039;
(Collateralized by
$62,920,000 U.S. Treasury
Note 4.250% due 11/16/95)... 35,486,000
-------------
Total Short-Term Securities... $ 298,478,070
-------------
-------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total investment in securities
*(Identified cost $298,478,070)............ 96.0% $298,478,070
Excess of cash and receivables over
liabilities................................ 4.0 12,304,217
------ ------------
Net assets (Applicable to $1.00 per share
based on 310,782,287 shares outstanding)... 100.0% $310,782,287
------ ------------
------ ------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
800,000,000 shares; outstanding 310,782,287
shares............................................. $ 31,078,228
Capital surplus...................................... 279,704,059
------------
Net assets, applicable to shares outstanding......... $310,782,287
------------
------------
<FN>
* Aggregate cost for Federal income tax purposes.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
82
<PAGE>
HARTFORD ADVISERS FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- -------------- ----------- --------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- 57.6%
COMPUTER & SERVICES -- 2.3%
*50,000 BMC Software Inc.............. $ 3,862,500
235,000 International Business Machine
Corp........................ 22,560,000
*200,000 Novell Inc.................... 3,987,500
500,000 Pitney Bowes Inc.............. 19,187,500
280,000 Xerox......................... 32,830,000
--------------
82,427,500
--------------
CONSUMER DURABLES -- 1.5%
500,000 Chrysler Corp................. 23,937,512
650,000 General Motors Corp........... 30,468,750
--------------
54,406,262
--------------
CONSUMER NON-DURABLES -- 6.1%
430,000 Anheuser Busch Cos. Inc....... 24,456,250
375,000 General Mills Co.............. 19,265,625
375,000 Kimberly Clark Corp........... 37,421,875
600,000 Pepsico Inc................... 27,375,000
650,000 Philip Morris................. 48,343,750
310,000 Proctor and Gamble............ 22,281,250
1,218,000 Sara Lee Corp................. 34,713,000
--------------
213,856,750
--------------
CONSUMER SERVICES -- 1.4%
*1,070,000 Circus Circus Enterprises..... 37,717,500
650,000 International Game
Technology.................. 9,993,750
--------------
47,711,250
--------------
ELECTRONICS -- 0.6%
290,000 Motorola Inc.................. 19,466,250
--------------
ENERGY AND SERVICES -- 5.5%
500,000 Amoco Corporation............. 33,312,500
640,000 Burlington Resources.......... 23,600,000
700,000 Exxon......................... 49,437,500
450,000 Fluor Corp.................... 23,400,000
475,000 Kerr McGee Corp............... 25,471,875
500,000 Schlumberger Ltd.............. 31,062,500
300,000 Total S.A. ADR................ 9,075,000
--------------
195,359,375
--------------
FINANCIAL SERVICES -- 7.5%
900,000 Allstate Corp................. 26,662,500
500,000 American Express Co........... 17,562,500
350,000 Bank of New York Co........... 14,131,250
550,000 Citicorp...................... 31,831,250
279,800 Franklin Resources Inc........ 12,451,100
325,000 Greenpoint Financial Corp..... 7,678,125
325,000 Marsh and McLennan Cos.,
Inc......................... 26,365,625
450,000 Merrill Lynch & Co. Inc....... 23,625,000
400,000 J.P. Morgan................... 28,050,000
350,000 Nationsbank Corp.............. 18,768,750
400,000 Salomon Inc................... 16,050,000
117,300 State Street Boston Corp...... 4,325,438
850,000 Travelers Group Inc........... 37,187,500
--------------
264,689,038
--------------
HEALTH CARE -- 6.5%
900,000 Abbott Laboratories........... 36,450,000
200,000 American Home Products
Corp........................ 15,475,000
320,000 Bristol-Myers Squibb
Company..................... 21,800,000
HEALTH CARE -- (CONTINUED)
450,000 IVAX Corp..................... $ 11,081,250
440,000 Johnson & Johnson............. 29,755,000
300,000 Pfizer, Inc................... 27,712,500
625,000 SmithKline Beecham PLC ADR
Unit........................ 28,281,250
1,250,000 US Healthcare Inc............. 38,281,250
600,000 United States Surgical........ 12,525,000
95,000 Warner-Lambert Company........ 8,205,625
--------------
229,566,875
--------------
INDUSTRIAL MATERIALS -- 7.6%
380,000 Air Products & Chemical
Corp........................ 21,185,000
640,000 Aluminum Company of America... 32,080,000
500,000 Dow Chemical.................. 35,937,500
775,000 Dupont EI De Nemours.......... 53,281,250
400,000 Eastman Chemical Co........... 23,800,000
172,300 Englehard Corp................ 7,387,363
380,000 International Paper Co........ 32,585,000
950,000 Louisiana Pacific Corp........ 24,937,500
650,000 Phelps Dodge Corp............. 38,350,000
--------------
269,543,613
--------------
MANUFACTURING -- 2.9%
340,000 Caterpillar, Inc.............. 21,845,000
990,000 General Electric.............. 55,811,250
630,000 Ingersoll-Rand Company........ 24,097,500
--------------
101,753,750
--------------
MEDIA & SERVICES -- 5.9%
320,000 CBS Inc....................... 21,440,000
280,000 Capital Cities/ABC Inc........ 30,240,000
194,800 Carnival Corp. Class A........ 4,553,450
740,000 Gannett Co., Inc.............. 40,145,000
876,750 Gaylord Entertainment Class
A........................... 22,137,938
850,000 Time Warner Inc............... 34,956,250
*1,200,000 Viacom Inc.-Class B........... 55,350,000
--------------
208,822,638
--------------
REAL ESTATE -- 0.7%
600,000 General Growth Properties..... 12,225,000
500,000 Spieker Properties............ 11,187,500
--------------
23,412,500
--------------
RETAIL -- 5.0%
1,000,000 Albertson's Inc............... 29,750,000
565,000 Home Depot Inc................ 22,953,125
600,000 May Department Stores Co...... 24,975,000
1,375,000 McDonalds Corp................ 53,796,875
1,725,000 Wal-Mart...................... 46,143,750
--------------
177,618,750
--------------
TECHNOLOGY -- 0.5%
*285,000 Computer Sciences Corp........ 16,209,375
--------------
TRANSPORTATION -- 0.9%
580,000 Union Pacific Corp............ 32,117,500
--------------
UTILITIES -- 2.7%
750,000 AT&T Corp..................... 39,843,750
1,375,000 MCI Communications............ 30,250,000
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
83
<PAGE>
HARTFORD ADVISERS FUND, INC.
STATEMENT OF NET ASSETS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET PRINCIPAL MARKET
SHARES VALUE AMOUNT VALUE
- ----------- -------------- ----------- --------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- (CONTINUED)
UTILITIES -- (CONTINUED)
*135,000 Portugal Telecom S.A. ADR..... $ 2,565,000
770,000 Telefonos De Mexico ADR....... 22,811,250
--------------
95,470,000
--------------
Total Common Stocks........... $2,032,431,426
--------------
--------------
PREFERRED STOCKS -- 2.7%
CONSUMER DURABLES -- 0.7%
264,000 Ford Motor Company Series A... $ 25,641,000
--------------
CONSUMER NON-DURABLES -- 1.0%
5,600,000 RJR Nabisco Preferred Equity
Redemption Cumulative
Stock....................... 34,300,000
--------------
ENERGY -- 0.7%
397,200 Occidental Petroleum 144A..... 22,987,950
--------------
REAL ESTATE -- 0.3%
591,900 Security Pacific Trust........ 13,169,775
--------------
Total Preferred Stocks........ $ 96,098,725
--------------
--------------
PRINCIPAL
AMOUNT
- -----------
U.S. TREASURIES & AGENCIES -- 30.9%
U.S. TREASURY NOTES &
BONDS -- 27.8%
$150,000,000 6.250% due 05/31/00......... 151,687,500
165,000,000 6.500% due 08/15/97......... 167,113,980
100,000,000 6.875% due 10/31/96......... 101,281,200
100,000,000 7.250% due 05/15/16......... 106,468,700
310,000,000 7.500% due 11/15/01 -
11/15/16.................... 335,229,600
110,000,000 7.750% due 12/31/99......... 117,425,000
--------------
979,205,980
--------------
FEDERAL HOME LOAN MORTGAGE
CORP. CMO -- 0.0%
2,073 8.500% due 03/15/97......... 2,138
--------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION -- 0.2%
646,424 6.000% due 02/01/20......... 612,234
2,720,691 8.750% due 08/25/21......... 2,855,175
4,261,291 9.000% due 09/25/00......... 4,287,754
--------------
7,755,163
--------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 2.9%
98,291,078 8.000% due 01/15/22 -
04/15/25.................... 100,569,998
--------------
1,087,533,279
--------------
Total U.S. Treasuries &
Agencies.................... $1,087,533,279
--------------
--------------
CONVERTIBLE CORPORATE BONDS -- 0.4%
CONSUMER SERVICES -- 0.1%
Autotote Corporation
24,000,000 5.500% due 08/20/01......... 6,458,280
--------------
INDUSTRIAL -- 0.3%
Cemex SA
1,400,000 4.250% due 11/01/97......... 1,057,000
CONVERTIBLE CORPORATE BONDS -- (CONTINUED)
INDUSTRIAL -- (CONTINUED)
Empresas ICA Sociedad
$15,400,000 5.000% due 03/15/04......... $ 8,200,500
--------------
9,257,500
--------------
Total Convertible Corporate
Bonds....................... $ 15,715,780
--------------
--------------
NON-CONVERTIBLE CORPORATE BONDS -- 6.6%
ASSET-BACKED -- 0.2%
5,000,000 Discover Card 92-A
5.500% due 05/16/98......... 4,981,450
550,753 GMAC 92-D Grantor Trust
5.550% due 05/15/97......... 550,103
--------------
5,531,553
--------------
CONSUMER SERVICES -- 0.3%
10,000,000 Hertz Corp.
6.000% due 02/01/01......... 9,664,760
--------------
FEDERAL AGENCIES -- 0.0%
1,481,105 Resolution Trust Corp. 91-6 E
11.626% due 05/25/24........ 1,597,203
--------------
FINANCIAL SERVICES -- 4.7%
10,000,000 Bank of Boston Corp.
6.625% due 02/01/04......... 9,672,200
15,000,000 CIT Group Holdings
6.750% due 04/30/98......... 15,184,155
10,000,000 Chemical Banking Corp.
8.500% due 02/15/02......... 10,851,710
12,000,000 Countrywide Funding
6.100% due 07/31/96......... 11,971,440
10,000,000 Dean Witter Discover
5.000% due 04/01/96......... 9,920,720
5,000,000 First National Bank of Boston
8.000% due 09/15/04......... 5,311,260
10,000,000 Ford Motor Credit Company
5.625% due 12/15/98......... 9,745,600
15,000,000 General Motors Acceptance
Corp.
5.625% due 02/01/99......... 14,530,260
10,000,000 Great Western Financial
8.625% due 12/01/98......... 10,582,270
15,000,000 Home Savings America
6.000% due 11/01/00......... 14,523,330
880,075 Merrill Lynch Mortgage
Investors
6.850% due 04/15/12......... 880,392
5,000,000 National Bank of Detroit
8.250% due 11/01/24......... 5,570,425
15,000,000 Society National Bank
6.500% due 04/25/97......... 15,074,550
19,000,000 Society Bank
6.700% due 04/15/96......... 19,096,140
12,000,000 World Savings & Loan
Association
7.625% due 02/18/97......... 12,264,120
--------------
165,178,572
--------------
HEALTHCARE -- 0.3%
Zeneca Group PLC
10,000,000 6.300% due 06/15/03......... 9,724,810
--------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
84
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET MARKET
AMOUNT VALUE VALUE
- ----------- -------------- --------------
<C> <S> <C> <C> <C> <C>
NON-CONVERTIBLE CORPORATE BONDS -- (CONTINUED)
RETAIL -- 0.2%
JC Penney
$ 9,500,000 6.000% due 05/01/06......... $ 8,787,500
--------------
UTILITIES -- 0.6%
Pacific Gas & Electric
11,000,000 7.875% due 03/01/02......... 11,637,527
Southern California Gas Co.
10,000,000 5.750% due 11/15/03......... 9,316,640
--------------
20,954,167
--------------
Total Non-Convertible
Corporate Bonds............. $ 221,438,565
--------------
--------------
FOREIGN GOVERNMENT -- 0.3%
Thailand Kingdom MTN
10,000,000 5.880% due 09/30/00......... 9,657,900
--------------
--------------
SHORT-TERM SECURITIES -- 2.5%
89,165,000 Repurchase Agreement dated
06/30/95 with Lehman
Brothers 6.200% due
07/03/95; maturity amount
$89,211,069; (Collateralized
by $56,330,000 U.S. Treasury
Bond 13.250% due
05/15/14)................... $ 89,165,000
--------------
--------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total common stocks.......................... 57.6 % $2,032,431,426
Total preferred stocks....................... 2.7 96,098,725
Total U.S. Treasuries & Agencies............. 30.9 1,087,533,279
Total convertible corporate bonds............ 0.4 15,715,780
Total non-convertible corporate bonds........ 6.3 221,438,565
Total foreign governments.................... 0.3 9,657,900
Total short-term securities.................. 2.5 89,165,000
------ --------------
Total investment in securities
**(Identified cost $3,214,407,852)......... 100.7 3,552,040,675
Excess liabilities over cash and
receivables................................ (0.7) (25,577,704)
------ --------------
Net assets (Applicable to $1.79409 per share
based on 1,965,604,865 shares
outstanding)............................... 100.0% $3,526,462,971
------ --------------
------ --------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
3,000,000,000 shares; outstanding 1,965,604,865
shares............................................. $ 196,560,485
Capital surplus...................................... 2,979,003,016
Undistributed net realized gain on investments....... 13,266,646
Unrealized appreciation of investments............... 337,632,823
--------------
Net assets, applicable to shares outstanding......... $3,526,462,971
--------------
--------------
<FN>
* Non-income producing during period.
** Aggregate cost for Federal income tax purposes.
</TABLE>
<PAGE>
HARTFORD U.S. GOVERNMENT MONEY MARKET FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Amortized Amortized
Principal Cost and Cost and
Amount Value Value
- ----------- ------------- -------------
<C> <S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCIES -- 82.0%
Federal Farm Credit Bank
$ 500,000 5.790% due 8/28/95.......... $ 495,497
460,000 5.820% due 8/17/95.......... 456,654
315,000 5.840% due 8/22/95.......... 312,445
500,000 5.870% due 07/21/95......... 498,533
500,000 6.030% due 09/07/95......... 494,473
260,000 6.380% due 07/18/95......... 259,309
Federal Home Loan Banks
500,000 5.700% due 09/05/95......... 494,933
770,000 5.930% due 09/05/95 -
09/25/95.................... 760,993
Federal Home Loan Mortgage
Association
500,000 5.860% due 08/10/95......... 496,907
500,000 5.880% due 07/07/95......... 499,673
1,000,000 5.900% due 07/07/95......... 999,344
350,000 6.020% due 08/15/95......... 347,483
Federal National Mortgage
Association
500,000 5.700% due 09/11/95......... 494,458
300,000 5.730% due 10/23/95......... 294,652
500,000 5.770% due 09/25/95......... 493,268
500,000 5.890% due 07/14/95......... 499,100
-------------
7,897,722
-------------
REPURCHASE AGREEMENT -- 18.0%
1,731,000 Interest in $61,511,000 joint
repurchase agreement dated
06/30/95 with Shawmut Bank
6.100% due 07/03/95;
maturity amount $1,731,880;
(Collateralized by
$62,920,000 U.S. Treasury
Note 4.250% due 11/16/95) 1,731,000
-------------
Total Short-Term Securities... $ 9,628,722
-------------
-------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total investment in securities
*(Identified cost $9,628,722).............. 100.0% $ 9,628,722
Excess of cash and receivables over
liabilities................................ 0.0 1,290
------ ------------
Net assets (Applicable to $1.00 per share
based on 9,630,012 shares outstanding)..... 100.0% $ 9,630,012
------ ------------
------ ------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Common stock, par value $.10 per share; authorized
100,000,000 shares; outstanding 9,630,012 shares... $ 963,001
Capital surplus...................................... 8,667,011
------------
Net assets, applicable to shares outstanding......... $ 9,630,012
------------
------------
<FN>
* Aggregate cost for Federal income tax purposes.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
86
<PAGE>
HARTFORD CAPITAL APPRECIATION FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- -------------- ----------- --------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- 84.1%
BUSINESS SERVICES -- 3.4%
*315,000 Catalytica Inc................ $ 1,023,750
*525,000 Ionics Inc.................... 18,243,750
300,000 McKesson...................... 14,025,000
300,000 Pittston Services Group....... 7,200,000
*420,300 Tetra Technologies............ 5,096,137
*160,000 Vivus......................... 2,400,000
205,000 WMX Technologies Inc.......... 5,816,875
--------------
53,805,512
--------------
COMPUTER SERVICES -- 6.0%
*287,000 Bisys Group Inc............... 6,385,750
*300,000 BMC Software Inc.............. 23,175,000
*215,000 Compuware Corp................ 6,611,250
430,000 Danka Business Systems PLC.... 10,400,625
*80,000 General Magic Inc............. 1,080,000
*200,000 Meridian Data................. 1,100,000
*197,100 Planar Systems Inc............ 4,385,475
*222,600 Policy Management Systems..... 10,239,600
*985,000 SHL Systemhouse Inc........... 6,895,000
*440,000 Symbol Technologies........... 16,885,000
*200,000 3D Systems Corp............... 3,700,000
*100,000 UUNET Technologies............ 2,750,000
--------------
93,607,700
--------------
CONSUMER DURABLES -- 1.8%
180,570 Chrysler Corp................. 8,644,789
*150,000 Detroit Diesel Corp........... 3,168,750
220,000 EK Chor China Motorcycle
Co.......................... 3,547,500
*350,000 International Imaging
Materials................... 8,925,000
*330,000 Lojack Corporation............ 3,650,625
--------------
27,936,664
--------------
CONSUMER NON-DURABLES -- 2.0%
*190,000 Duracraft Corp................ 5,082,500
205,000 Eastman Kodak................. 12,428,125
*520,000 Fort Howard Corp.............. 7,345,000
*65,800 Neopath Inc................... 1,085,700
280,000 Universal Corp. VA............ 5,880,000
--------------
31,821,325
--------------
CONSUMER SERVICES -- 0.8%
*625,000 Hanover Direct Inc............ 1,796,875
*200,000 Rogers Cantel Mobile
Communications Class B...... 4,750,000
450,000 Sotheby's Hlds-Class A........ 6,131,250
--------------
12,678,125
--------------
ELECTRONICS -- 7.3%
346,100 Augat Inc..................... 7,095,050
*141,300 Broadband Technologies Inc.... 3,497,175
*126,300 California Microwave.......... 3,165,394
*150,000 Cirrus Logic Inc.............. 9,403,125
*345,000 Cognex Corp................... 13,886,250
*200,000 General Datacomm Industries
Inc......................... 2,500,000
*440,000 General Instrument............ 16,885,000
360,000 Molex Inc Non Voting.......... 13,140,000
350,000 Northern Telecom Ltd.......... 12,775,000
450,000 Philips NV ADR................ 19,237,500
*350,200 Silicon Valley Group.......... 12,694,750
--------------
114,279,244
--------------
ENERGY & SERVICES -- 3.7%
125,000 Coflexip ADR.................. $ 3,171,875
*250,000 ENSCO International Inc....... 3,968,750
*300,000 Input Output Inc.............. 10,800,000
297,000 Pogo Producing Go............. 6,793,875
*385,000 Rowan Cos..................... 3,128,125
300,000 USX-Marathon Group............ 5,925,000
*300,000 Varco International........... 2,475,000
300,000 Vastar Resources Inc.......... 9,262,500
700,000 YPF S.A. Sponsored ADR........ 13,212,500
--------------
58,737,625
--------------
FINANCIAL SERVICES -- 8.5%
380,000 Ace Ltd....................... 11,020,000
200,000 Charter One Financial......... 4,900,000
150,000 Chubb Corp.................... 12,018,750
*700,000 Dime Bancorp Inc.............. 7,000,000
350,000 First Bank System Inc......... 14,350,000
490,000 Greenpoint Financial Corp..... 11,576,250
*261,800 Imperial Credit Industries.... 3,239,775
97,300 John Alden Financial.......... 1,666,263
361,300 Legg Mason Inc................ 9,755,100
80,070 Long Island Bancorp........... 1,521,330
270,000 The Money Store............... 9,669,375
312,300 Morgan Stanley Group.......... 25,296,300
*340,100 Prepaid Legal Services........ 2,019,343
320,000 Transatlantic Holding Inc..... 20,800,000
--------------
134,832,486
--------------
FOREIGN SECURITIES -- 1.1%
400,000 Fujisawa Pharmaceutical
(Japan)..................... 4,196,597
209,902 Hafslund Nyco A (Norway)...... 4,944,407
*260,000 Northstar Energy (Canada)..... 2,107,929
*300,000 Talisman Energy (Canada)...... 5,574,989
--------------
16,823,922
--------------
HEALTHCARE -- 11.0%
290,000 A L Pharmaceutical Inc.-Class
A........................... 5,437,500
*200,000 Amylin Pharm Inc.............. 1,575,000
*200,000 Athena Neurosciences.......... 1,825,000
*400,000 Beverly Enterprises........... 4,950,000
*419,700 Coram Healthcare.............. 5,928,263
*300,000 Datascope..................... 5,175,000
*145,000 Genetics Institute-Depository
Shares...................... 4,893,750
*348,750 Grancare Inc.................. 5,623,594
*450,000 Guidant Corp.................. 10,800,000
*450,000 Haemonetics................... 8,662,500
91,520 Hafslund Nycomed-Class B
ADR......................... 2,116,400
*146,800 Healthdyne Technology Inc..... 1,504,700
*250,000 Heart Technology Inc.......... 4,843,750
*213,100 Hillhaven Corp................ 6,020,075
*150,000 Immunex....................... 1,950,000
*249,000 Incontrol..................... 2,365,500
*185,700 Isomedix Inc.................. 2,506,950
215,000 Loewen Group Inc.............. 7,659,375
*380,000 Medisense..................... 7,362,500
*340,000 Pacific Physician Services.... 4,420,000
*500,000 Physician Corp. of America.... 6,812,500
300,000 Pioneer Hi-Bred
International............... 12,600,000
200,000 Rhone-Poulenc Rorer........... 8,175,000
*167,000 Sybron Corp................... 6,659,125
*354,000 Syncor International Corp..... 3,849,750
81,800 United Healthcare Corp........ 3,384,475
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
87
<PAGE>
HARTFORD CAPITAL APPRECIATION FUND, INC.
STATEMENT OF NET ASSETS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- -------------- ----------- --------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- (CONTINUED)
HEALTHCARE -- (CONTINUED)
575,000 United States Surgical........ $ 12,003,125
*240,000 Value Health Inc.............. 7,740,000
300,000 Zeneca Group ADR.............. 15,375,000
--------------
172,218,832
--------------
INDUSTRIAL MATERIAL -- 10.0%
500,000 Alcan Aluminum Ltd............ 15,125,000
*1,000,000 Algoma Steel Inc.............. 5,080,000
*415,400 Beazer Homes USA Inc.......... 6,906,025
315,000 British Steel PLC-ADR......... 8,741,250
341,400 Commonwealth Aluminum......... 6,465,263
150,000 Georgia-Pacific Corp.......... 13,012,500
300,000 Louisiana Pacific Corp........ 7,875,000
*242,000 M/I Schottenstein Homes
Inc......................... 2,117,500
270,000 Morton International.......... 7,897,500
350,000 Nova Corp..................... 2,975,000
*280,000 Owens Corning Fiberglass
Corp........................ 10,325,000
125,000 Phelps Dodge Corp............. 7,375,000
678,700 Precision Castparts Corp...... 23,839,338
580,000 Quanex Corp................... 14,355,000
*950,000 Repap Enterprises............. 7,362,500
*320,000 Southern Energy Homes Inc..... 4,480,000
*450,000 Uniroyal Chemical............. 5,118,750
280,000 Wellman Inc................... 7,665,000
--------------
156,715,626
--------------
MANUFACTURING -- 5.4%
115,000 Boeing Company................ 7,201,875
200,000 Cherry Corp-Class A........... 2,650,000
487,500 Credence Systems Corp......... 14,746,875
52,500 Kemet Corp.................... 2,756,250
200,000 McDonnell Douglas Corp........ 15,350,000
270,000 Northrop Grumman Corp......... 14,073,750
460,000 Oak Industries Inc............ 11,845,000
350,000 Spartan Motors Inc............ 3,062,500
100,000 Watkins-Johnson Company....... 4,450,000
200,000 York International Corp....... 9,000,000
--------------
85,136,250
--------------
MEDIA & SERVICES -- 5.5%
*87,200 American Radio Systems........ 1,983,800
*290,000 Comcast UK Cable.............. 4,676,250
*215,000 Emmis Broadcast Corp.......... 5,858,750
*268,000 Evergreen Media Corp. Class
A........................... 6,968,000
*381,100 Intl Family Entertainment
Class B..................... 6,002,325
*350,000 Jacor Communications Inc...... 5,600,000
*222,500 Lodgenet Entertainment
Corp........................ 2,002,500
100,000 Mobil Media Corp.............. 2,050,000
103,200 SFA Broadcasting Inc Class
A........................... 2,760,600
278,700 E.W. Scripps Co............... 8,988,075
*250,000 Viacom Inc.-Class B........... 11,531,227
*415,000 Westwood One Inc.............. 6,069,375
*292,500 Young Broadcasting............ 8,116,875
200,000 Globalstar Telecom............ 2,650,000
470,000 Royal Caribbean............... 10,340,000
--------------
85,597,777
--------------
REAL ESTATE -- 1.6%
295,000 Avalon Properties Inc......... 5,863,125
175,000 Felcor Suite Hotels Inc....... 4,462,500
REAL ESTATE -- (CONTINUED)
250,000 Liberty Property Trust........ $ 4,906,250
125,000 Oasis Residential............. 2,718,750
210,000 Saul Centers Inc.............. 3,360,000
128,700 Starwood Lodging Trust........ 3,024,450
--------------
24,335,075
--------------
RETAIL -- 8.5%
*640,000 Carr-Gottstein Foods Co....... 4,080,000
*500,000 Cheesecake Factory............ 12,875,000
*250,000 Eckerd Corp................... 8,000,000
*675,000 Egghead Inc................... 9,028,125
*150,000 Ethan Allen Inc............... 2,662,500
*400,000 Federated Department Store.... 10,300,000
230,800 Fingerhut Companies Inc....... 3,606,250
200,000 The Gap, Inc.................. 6,975,000
*367,200 Good Guys Inc................. 4,039,200
300,000 Intelligent Electronics....... 4,087,500
*678,500 Landry's Seafood
Restaurants................. 13,570,000
200,000 Mercantile Stores, Inc........ 9,300,000
*300,000 Outback Steakhouse............ 8,662,500
*400,000 Perrigo....................... 4,425,000
*220,000 Petsmart Inc.................. 6,325,000
*200,000 Rite Aid Corp................. 5,125,000
*490,000 Sports And Recreation......... 6,431,250
*278,700 The Sports Authority Inc...... 5,678,512
*379,500 Urban Outfitters Inc.......... 8,254,125
--------------
133,424,962
--------------
TECHNOLOGY -- 1.3%
*150,000 American Superconductor
Corp........................ 2,137,500
*244,000 Chipcom Corp.................. 5,795,000
*100,000 Digital Equipment Corp........ 4,075,000
*10,000 LSI Logic Corp................ 391,250
*165,000 Picturetel Corp............... 7,940,623
--------------
20,339,373
--------------
TRANSPORTATION & SERVICES --
5.0%
*250,000 AMR........................... 18,656,250
300,000 American President Cos........ 7,125,000
*300,000 Landstar System Inc........... 7,725,000
*460,000 M.S. Carriers................. 8,740,000
*195,000 Railtex....................... 4,631,250
300,000 Skywest Inc................... 6,787,500
*350,000 Swift Transportation.......... 5,862,500
500,000 Transportation-Marine......... 2,500,000
450,000 Werner Enterprises, Inc....... 9,000,000
250,000 Stolt Nielson................. 7,187,500
--------------
78,215,000
--------------
UTILITIES -- 1.2%
*250,000 The Columbia Gas System,
Inc......................... 7,937,500
*380,000 Petersburg Long Distance
Inc......................... 2,232,500
200,000 Pinnacle West................. 4,900,000
*200,000 Portugal Telecom S.A. ADR..... 3,800,000
--------------
18,870,000
--------------
Total Common Stocks........... $1,319,375,498
--------------
--------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
88
<PAGE>
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE VALUE
- ----------- -------------- --------------
<C> <S> <C> <C> <C> <C>
CONVERTIBLE PREFERRED STOCKS -- 1.4%
BUSINESS SERVICES -- 0.4%
200,000 Technip ADS 144A $ 6,230,000
--------------
CONSUMER NON-DURABLES -- 0.7%
1,750,000 RJR Nabisco Preferred Equity
Redemption Cumulative
Stock....................... 10,718,750
--------------
FINANCIAL SERVICES -- 0.3%
160,000 Glendale Federal.............. 5,440,000
--------------
Total convertible preferred
stocks...................... $ 22,388,750
--------------
--------------
CONVERTIBLE CORPORATE BONDS -- 0.7%
CONSUMER DURABLES
6,850,000 Rohr Inc.
7.750% due 05/15/04......... $ 10,531,875
--------------
--------------
NON-CONVERTIBLE PREFERRED STOCK -- 1.2%
320,000 Nokia Preferred ADS........... $ 19,080,000
--------------
--------------
PRINCIPAL
AMOUNT
- -----------
SHORT-TERM SECURITIES -- 13.1%
$ 2,100,000 U.S. Treasury Bill
5.660% due 12/14/95......... 2,045,853
2,100,000 5.840% due 12/14/95......... 2,044,131
1,600,000 6.035% due 12/14/95......... 1,556,012
1,160,000 6.745% due 12/14/95......... 1,124,356
--------------
6,770,352
--------------
198,752,000 Repurchase Agreement dated
06/30/95 with Swiss Bank
Corp. 6.130% due 07/03/95
maturity amount $198,853,529
(Collateralized by
$88,600,000 U.S. Treasury
Bond 12.000% due 08/15/13
and $57,790,000 U.S.
Treasury Note 4.750% due
08/31/98 and $12,050,000
U.S. Treasury Bill 5.400%
due 11/16/95)............... 198,752,000
--------------
Total Short-Term Securities... $ 205,522,352
--------------
--------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total common stocks.......................... 84.1% $1,319,375,498
Total convertible preferred stocks........... 1.4 22,388,750
Total convertible corporate bonds............ 0.7 10,531,875
Total non-convertible preferred stocks....... 1.2 19,080,000
Total short-term securities.................. 13.1 205,522,352
------ --------------
Total investment in securities
**(Identified cost $1,389,628,020)......... 100.5% 1,576,898,475
Excess of liabilities over
cash and receivables....................... (0.5) (7,430,595)
------ --------------
Net assets (Applicable to $3.19242 per share
based on 491,623,365 shares outstanding)... 100.0% $1,569,467,880
------ --------------
------ --------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
800,000,000 shares; outstanding 491,623,365
shares............................................. $ 49,162,337
Capital surplus...................................... 1,266,712,284
Undistributed net realized gain on investments....... 66,496,625
***Unrealized gain on futures contracts.............. 430,233
Unrealized appreciation of investments............... 187,270,455
Unrealized depreciation on forward currency
contracts.......................................... (604,054)
--------------
Net assets, applicable to shares outstanding......... $1,569,467,880
--------------
--------------
<FN>
* Non-income producing during period.
** Aggregate cost for Federal income tax purposes.
*** The Fund has 280 Standard & Poor's 500 September 1995 futures contracts open
at June 30, 1995. These contracts have a value of $76,601,000. The fund has
800 Standard & Poor's 400 (MIDCAP) September 1995 futures contracts open at
June 30, 1995. These contracts have a value of $79,820,000.
</TABLE>
FUTURES CURRENCY CONTRACTS -- NOTE 2 -- OUTSTANDING AT JUNE 30, 1995
<TABLE>
<CAPTION>
UNREALIZED
TOTAL AGGREGATE DELIVERY APPRECIATION/
DESCRIPTION VALUE FACE VALUE DATE (DEPRECIATION)
- ------------------------------ ---------- ---------- --------- -------------
<S> <C> <C> <C> <C>
Dutch Guilders (Sell) $12,604,054 $12,000,000 11/20/95 $(604,054)
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
89
<PAGE>
HARTFORD MORTGAGE SECURITIES FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Principal Market Principal Market
Amount Value Amount Value
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
LONG-TERM BONDS -- 97.1%
FEDERAL AGENCIES
COLLATERALIZED MORTGAGE
OBLIGATION -- 8.1%
Federal Home Loan Mortgage
Corp.
$ 4,679,000 5.850% due 02/15/18......... $ 4,546,818
2,112,748 8.100% due 12/15/04......... 2,143,489
-------------
6,690,307
-------------
Federal National Mortgage
Association
1,348,812 7.950% due 03/25/20......... 1,363,676
6,654,440 8.500% due 03/25/19 -
06/30/19.................... 6,799,952
5,000,000 8.750% due 02/25/18......... 5,043,600
2,866,378 9.000% due 01/25/17 -
03/25/19.................... 2,872,847
1,220,486 9.250% due 12/25/03......... 1,231,373
1,345,093 11.000% due 04/01/09........ 1,484,874
-------------
18,796,322
-------------
FEDERAL AGENCIES MORTGAGE
PASS-THROUGHS -- 64.6%
Federal Home Loan Mortgage
Corp.
16,382,008 6.500% due 12/01/23 -
06/01/24.................... 15,760,971
14,591,359 7.000% due 03/01/23 -
07/01/24.................... 14,345,131
2,600,000 7.500% due 05/01/24 -
06/01/25.................... 2,606,821
8,105,363 8.000% due 02/01/13 -
11/01/24.................... 8,254,770
18,951,656 8.500% due 07/01/01 -
06/01/25.................... 19,515,423
643,316 10.000% due 09/01/05........ 674,707
-------------
61,157,823
-------------
Federal National Mortgage
Association
15,150,000 6.500% due 01/01/09......... 14,913,206
28,160,676 7.000% due 10/01/07 -
08/01/24.................... 27,758,157
19,200,000 7.500% due 12/31/24......... 19,316,485
19,508,705 8.000% due 06/01/24 - 01/01
25.......................... 19,868,311
13,000,000 9.000% due 05/01/24......... 13,540,253
-------------
95,396,412
-------------
Government National Mortgage
Association
19,979,802 7.500% due 04/15/22 -
10/15/24.................... 20,079,767
2,901,446 8.000% due 09/15/05 -
11/15/06.................... 2,993,830
13,926,269 8.500% due 09/15/19 -
06/15/25.................... 14,457,916
5,186,433 9.500% due 10/15/09 -
11/15/09.................... 5,558,559
3,144,109 10.000% due 11/15/09 -
05/15/13.................... 3,425,393
918,314 11.000% due 02/15/10 -
09/15/10.................... 1,041,561
115,095 11.250% due 01/15/01........ 122,695
119,166 12.000% due 05/15/15........ 135,864
132,017 12.500% due 06/15/14 -
08/15/15.................... 152,957
43,653 13.000% due 11/15/14........ 50,924
8,814 13.500% due 07/15/14........ 10,352
-------------
48,029,818
-------------
ASSET BACKED -- 6.9%
Corestates 94-1 A
4,566,216 6.650% due 05/15/09......... 4,560,508
Green Tree Financial
5,000,000 4.900% due 10/15/18......... 4,907,500
5,000,000 5.200% due 10/15/18......... 4,853,200
3,100,000 5.450% due 10/15/18......... 2,985,455
4,500,000 5.850% due 01/15/19......... 4,422,555
-------------
21,729,218
-------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 7.0%
CMC 92-D IIL
$ 1,613,564 7.200% due 12/25/08......... $ 1,621,359
CMO 52
(A) 1,192,121 0.000% due 05/01/17......... 931,976
CWF 93-C
4,077,624 6.500% due 01/25/24......... 4,070,300
General Electric 94-24
4,799,184 7.00% due 07/25/24.......... 4,793,569
Housing Securities Inc. 93E
5,816,682 10.000% due 09/25/08........ 6,385,501
Paine Webber 94-7 CL AA
4,477,086 6.750% due 04/25/24......... 4,428,354
-------------
22,231,059
-------------
CONVENTIONAL MORTGAGE PASS-
THROUGHS -- 0.2%
Ryland Series 82
568,248 10.250% due 09/13/11........ 586,006
-------------
U.S. GOVERNMENTS -- 10.3%
U.S. Treasury Bond
12,345,000 8.875% due 08/15/17......... 15,419,670
U.S. Treasury Note
10,525,000 7.875% due 11/15/04......... 11,715,642
4,400,000 10.750% due 02/15/03........ 5,607,250
-------------
32,742,562
-------------
Total Long-Term Bonds......... $307,359,527
-------------
-------------
SHORT-TERM SECURITIES -- 27.0%
COMMERCIAL PAPER -- 23.7%
Electronic Data Systems
10,000,000 5.980% due 07/17/95......... 9,976,744
Fleet Mortgage Group
5,000,000 6.020% due 07/19/95......... 4,986,622
General Signal Corp.
10,000,000 6.000% due 07/18/95......... 9,975,000
Goldman Sachs Group
10,000,000 5.900% due 07/17/95......... 9,977,056
Pacific Dunlop Australia
10,000,000 5.950% due 07/13/95......... 9,983,472
USL Capital
10,000,000 5.940% due 07/13/95......... 9,983,500
Volkswagon of America
10,000,000 5.970% due 07/19/95......... 9,973,467
Whirlpool Corp.
4,000,000 5.970% due 07/17/95......... 3,990,713
6,035,000 5.980% due 07/17/95......... 6,020,966
-------------
74,867,540
-------------
REPURCHASE AGREEMENTS -- 3.3%
10,634,000 Interest in $61,511,000 joint
repurchase agreement dated
06/30/95 with Shawmut Bank
6.100% due 07/03/95;
maturity amount $10,639,406;
(Collateralized by
$62,920,000 U.S. Treasury
Note 4.250% due 11/16/95)... 10,634,000
-------------
Total Short-Term Securities... $ 85,501,540
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
90
<PAGE>
<TABLE>
<CAPTION>
MARKET
VALUE
-------------
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total long-term bonds........................ 97.1% $307,359,527
Total short-term securities.................. 27.0 85,501,540
-------- ------------
Total investment in securities
*(Identified cost $387,296,394)............ 124.1 392,861,067
Excess of liabilities over cash and
receivables................................ (24.1) (76,336,714 )
-------- ------------
Net assets (Applicable to $1.05165 per share
based on 300,979,294 shares outstanding)... 100.0% $316,524,353
-------- ------------
-------- ------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
800,000,000 shares; outstanding 300,979,294 shares
outstanding.......................................... $ 30,097,928
Capital surplus........................................ 298,746,934
Undistributed net realized (loss) on investments....... (17,885,182)
Unrealized appreciation of investments................. 5,564,673
------------
Net assets, applicable to shares outstanding........... $316,524,353
------------
------------
<FN>
* Non-income producing during period.
** Aggregate cost for Federal income tax purposes.
(A) Principal Only -- Securities created by investment bankers by separating
regular bonds into their principal and coupon components and selling each
piece separately. If the underlying bonds are subject to prepayment, the
interest only investor is at risk for faster than anticipated prepayments
and the principal only investor is at risk for slower than anticipated
prepayments.
These instruments are used for a very small percentage of the funds assets
when they are determined they improve the portfolio's return profile.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
91
<PAGE>
HARTFORD INDEX FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- 96.7%
BUSINESS SERVICES -- 1.5%
2,800 Alco Standard Corp............ $ 223,650
*2,025 Andrew Corp................... 117,197
7,800 Donnelley (RR) & Sons......... 280,800
8,700 Dun & Bradstreet Corp......... 456,750
2,700 E G & G, Inc.................. 45,225
*2,900 Federal Express Corp.......... 176,175
1,900 Fleming Companies, Inc........ 50,350
6,350 Genuine Parts Co.............. 240,506
2,600 Grainger W W Inc.............. 152,750
5,100 Moore Corp. Ltd............... 112,838
2,500 National Service Industries
Inc......................... 72,188
2,500 Ogden Corp.................... 54,688
2,100 Pittston Services Group....... 50,400
4,100 Ryder Systems, Inc............ 97,887
3,000 Safety Kleen Corp............. 48,375
3,600 Supervalu, Inc................ 104,850
9,400 Sysco Corp.................... 277,300
24,900 WMX Technologies Inc.......... 706,537
-------------
3,268,466
-------------
COMPUTER & SERVICES -- 3.7%
*13,800 Cisco Systems Inc............. 697,762
*1,900 Data General Corp............. 18,287
29,900 International Business Machine
Corp........................ 2,870,400
*29,900 Microsoft Corp................ 2,702,213
*18,900 Novell Inc.................... 376,819
7,800 Pitney Bowes Inc.............. 299,325
*7,400 Silicon Graphics Inc.......... 295,075
5,500 Xerox......................... 644,875
-------------
7,904,756
-------------
CONSUMER DURABLES -- 2.8%
4,400 Black & Decker Corporation.... 135,850
1,500 Briggs & Stratton............. 51,750
4,900 Brunswick..................... 83,300
19,000 Chrysler Corp................. 909,625
4,300 Cooper Tire & Rubber
Company..................... 104,813
4,800 Dial Corp. Arizona............ 118,800
3,800 Echlin Inc.................... 132,050
2,400 Fleetwood..................... 47,400
52,900 Ford Motor Co................. 1,573,775
38,500 General Motors Corp........... 1,804,688
1,300 The B.F. Goodrich Co.......... 69,712
7,800 Goodyear Tire & Rubber
Company..................... 321,750
8,100 Masco Corporation............. 218,700
5,500 Maytag Corp................... 88,000
600 Skyline Corp.................. 10,875
2,100 Snap-On Tools................. 81,375
2,300 Stanley Works................. 87,112
3,800 Whirlpool Corp................ 209,000
-------------
6,048,575
-------------
CONSUMER NON-DURABLES -- 12.7%
1,400 Alberto Culver Co............. 42,350
9,700 American Brands Inc........... 385,575
3,800 American Greetings Corp. Class
A........................... 111,625
13,200 Anheuser Busch Cos. Inc....... 750,750
26,625 Archer-Daniels-Midland........ 495,891
3,500 Avon Products................. 234,500
1,600 Ball Corp..................... 55,800
3,600 Brown-Forman.................. 120,150
4,000 Brunos Inc.................... 46,500
7,500 CPC International............. 463,125
CONSUMER NON-DURABLES -- (CONTINUED)
*5,900 CUC International............. $ 247,800
12,800 Campbell Soup Co.............. 627,200
2,700 Clorox Company................ 176,175
65,200 Coca-Cola Co.................. 4,156,500
7,500 Colgate Palmolive Co.......... 548,438
12,550 Conagra Inc................... 437,681
2,000 Coors (Adolph) Class B........ 32,750
17,500 Eastman Kodak................. 1,060,938
3,900 Fruit of the Loom Inc......... 82,388
8,100 General Mills Co.............. 416,138
3,100 Giant Food, Inc............... 87,963
22,800 Gillette Co................... 1,017,450
2,000 Great Atlantic & Pacific Tea
Co.......................... 52,750
1,700 Handleman Co.................. 16,363
4,550 Hasbro, Inc................... 144,463
12,500 H.J. Heinz Company............ 554,688
4,500 Hershey Foods Corp............ 248,625
11,300 Kellogg Co.................... 806,537
8,300 Kimberly Clark Corp........... 496,962
3,900 Liz Claiborne, Inc............ 82,875
8,100 Newell Co..................... 198,450
3,700 Nike, Inc. Class B............ 310,800
40,500 Pepsico Inc................... 1,847,812
43,500 Philip Morris................. 3,235,312
2,300 Polaroid Corp................. 93,725
3,100 Premark International......... 160,812
35,400 Proctor and Gamble............ 2,544,375
6,900 Quaker Oats Co................ 226,837
5,200 Ralston Purina Group.......... 265,200
4,100 Reebok International Ltd...... 139,400
8,300 Rubbermaid, Inc............... 230,325
2,000 Russell Corp.................. 57,500
24,700 Sara Lee Corp................. 703,950
19,200 Seagram....................... 664,800
2,600 Stride Rite Corp.............. 26,975
10,100 UST Inc....................... 300,475
8,200 Unilever NV New York Shares... 1,067,025
3,300 V F Corp...................... 177,375
5,400 Whitman Corp.................. 104,625
3,900 Winn Dixie Stores Inc......... 225,224
6,000 Wrigley Wm. Jr. Co............ 278,250
-------------
26,860,197
-------------
CONSUMER SERVICES -- 1.0%
*25,400 Airtouch Communications....... 723,900
*3,000 Bally Entertainment Corp...... 36,750
5,400 H & R Block, Inc.............. 222,075
4,200 De Luxe Corp.................. 139,125
3,700 Harcourt General Inc.......... 157,250
1,600 John H. Harland Co............ 36,600
3,100 Hilton Hotels Corporation..... 217,775
7,800 Marriott International Inc.... 279,825
*6,550 Promus Cos. Inc............... 255,450
4,900 Service Corp. International... 154,963
-------------
2,223,713
-------------
ELECTRONICS -- 2.9%
5,300 Advanced Micro Devices Inc.... 192,788
10,800 Amp Inc. (I).................. 456,300
*4,300 Applied Materials............. 372,488
42,600 Intel Corp.................... 2,697,112
30,300 Motorola Inc.................. 2,033,887
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
92
<PAGE>
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- (CONTINUED)
ELECTRONICS -- (CONTINUED)
13,000 Northern Telecom Ltd.......... $ 474,500
-------------
6,227,075
-------------
ENERGY & SERVICES -- 9.5%
4,800 Amerada Hess Corp............. 234,600
18,200 American Barrick Resource..... 459,550
25,600 Amoco Corporation............. 1,705,600
3,200 Ashland Inc................... 112,400
8,300 Atlantic Richfield............ 910,925
7,300 Baker Hughes, Inc............. 149,650
6,500 Burlington Resources.......... 239,688
33,600 Chevron Corp.................. 1,566,600
5,450 Coastal Corp.................. 165,544
9,400 Dresser Industries............ 209,150
63,900 Exxon......................... 4,512,938
4,300 Fluor Corp.................... 223,600
5,900 Halliburton Co................ 210,925
1,300 Helmerich & Payne Inc......... 38,350
2,700 Kerr McGee Corp............... 144,788
1,700 Louisiana Land & Exploration
Co.......................... 67,788
2,800 McDermott International....... 67,550
20,400 Mobil Corp.................... 1,958,400
500 Nacco......................... 29,938
16,300 Occidential Petroleum Corp.... 372,863
*5,300 Oryx Energy Company........... 72,875
7,700 Panhandle Eastern Corp........ 187,687
2,400 Pennzoil Co................... 113,100
13,500 Phillips Petroleum............ 450,562
*4,300 Rowan Cos..................... 34,937
27,600 Royal Dutch Petroleum......... 3,363,750
*4,612 Santa Fe Energy Resources
Corp........................ 43,813
12,500 Schlumberger Ltd.............. 776,563
5,500 Sun Company, Inc.............. 150,562
13,400 Texaco Inc.................... 879,375
15,300 USX-Marathon Group............ 302,175
12,600 Unocal Corp................... 348,074
600 Zurn Industries............... 12,000
-------------
20,116,320
-------------
FINANCIAL SERVICES -- 11.1%
6,300 Aetna Life & Casualty Co...... 396,113
6,000 H.F. Ahmanson & Company....... 132,000
2,300 Alexander & Alexander......... 54,913
25,500 American Express Co........... 895,688
10,200 American General Corp......... 344,250
17,688 American International
Group....................... 2,016,375
20,290 Banc One Corp................. 654,353
5,700 Bank of Boston................ 213,750
9,800 Bank of New York Co........... 395,675
19,336 Bank America Corporation...... 1,017,557
4,000 Bankers Trust................. 248,000
5,000 Barnett Banks Inc............. 256,250
2,700 Beneficial Corp............... 118,800
6,500 Boatman Bancshares............ 229,125
4,000 Cigna Corporation............. 310,500
9,100 Chase Manhattan............... 427,700
12,368 Chemical Banking Corp......... 584,388
4,900 Chubb Corp.................... 392,613
20,500 Citicorp...................... 1,186,438
7,400 Corestates Financial Corp..... 258,075
8,656 Dean Witter Discover & Co..... 406,832
9,300 Federal Home Loan Mortgage
Corp........................ 639,375
14,000 Federal National Mortgage
Association................. 1,321,250
FINANCIAL SERVICES --
(CONTINUED)
4,600 First Chicago Corporation..... $ 275,425
4,200 First Fidelity Bancorp........ 247,800
3,900 First Interstate Bancorp...... 312,975
8,900 First Union Corporation....... 402,725
7,300 Fleet Financial Group Inc..... 271,013
4,600 General Re Corp............... 615,825
3,000 Golden West Financial......... 141,375
7,000 Great Western Financial
Corp........................ 144,375
5,000 Household International
Inc......................... 247,500
2,400 Jefferson Pilot Corp.......... 131,400
12,201 Keycorp....................... 382,806
5,300 Lincoln National Corp......... 231,875
7,600 MBNA Corp..................... 256,500
3,800 Marsh and McLennan Cos.,
Inc......................... 308,275
7,500 Mellon Bank Corporation....... 312,188
9,100 Merrill Lynch & Co. Inc....... 477,750
9,700 J.P. Morgan................... 680,213
8,200 National Bank of Detroit...... 262,400
7,500 National City Corp............ 220,313
13,964 Nationsbank Corp.............. 748,820
16,700 Norwest Corporation........... 480,125
11,800 PNC Bank Corp................. 311,225
4,900 Providian Corp................ 177,625
1,400 Pulte Corp.................... 39,200
3,500 Safeco Corp................... 201,031
4,700 St. Paul Cos, Inc............. 231,475
5,500 Salomon Inc................... 220,687
6,300 Shawmut National Corp......... 200,812
5,900 Sun Trust Banks, Inc.......... 343,674
4,000 Torchmark Corp................ 151,000
3,400 Transamerica Corp............. 198,050
16,491 Travelers Group Inc........... 721,480
4,000 Unum Corp..................... 187,500
5,500 USF&G Corporation............. 89,375
5,150 U.S. Bancorp Oregon........... 123,921
1,100 U.S. Life Corp................ 44,274
8,800 Wachovia Corp................. 314,600
2,500 Wells Fargo & Company......... 450,625
-------------
23,658,252
-------------
HEALTHCARE -- 9.2%
41,100 Abbott Laboratories........... 1,664,550
3,300 Allergan Inc.................. 89,513
*4,200 Alza Corp. Del................ 98,175
15,900 American Home Products
Corp........................ 1,230,263
*6,800 Amgen......................... 546,975
2,700 Bard C. R. Inc................ 81,000
3,000 Bausch & Lomb Inc............. 124,500
14,400 Baxter International.......... 523,800
3,400 Becton, Dickinson............. 198,050
*4,400 Beverly Enterprises........... 54,450
*6,000 Biomet........................ 93,000
*7,700 Boston Scientific Corp........ 245,438
26,100 Bristol-Myers Squibb
Company..................... 1,778,063
22,821 Columbia/HCA Healthcare
Corp........................ 987,019
2,200 Community Psychiatric
Centers..................... 24,750
33,200 Johnson & Johnson............. 2,245,150
15,100 Lilly Eli & Co................ 1,185,350
3,900 Mallinckrodt Group Inc........ 138,450
3,200 Manor Care Inc................ 93,200
5,900 Medtronic, Inc................ 455,038
63,700 Merck & Co., Inc.............. 3,121,300
1,200 Millipore Corp................ 81,000
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
93
<PAGE>
HARTFORD INDEX FUND, INC.
STATEMENT OF NET ASSETS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- (CONTINUED)
HEALTHCARE -- (CONTINUED)
*10,300 National Medical
Enterprises................. $ 148,063
16,300 Pfizer, Inc................... 1,505,713
4,400 Pioneer Hi-Bred
International............... 184,800
*2,400 St. Jude Medical Inc.......... 120,300
19,200 Schering-Plough Corp.......... 847,200
1,200 Shared Medical Systems
Corp........................ 48,150
8,900 United Healthcare Corp........ 368,237
8,200 US Healthcare Inc............. 251,124
2,900 United States Surgical........ 60,537
8,900 The Upjohn Company............ 337,087
6,900 Warner-Lambert Company........ 595,986
-------------
19,526,231
-------------
INDUSTRIAL MATERIALS -- 7.7%
5,700 Air Products & Chemical
Corp........................ 317,775
11,600 Alcan Aluminum Ltd............ 350,900
9,200 Aluminum Company of America... 461,150
*5,500 Armco Inc..................... 37,125
1,900 Armstrong World Industries,
Inc......................... 95,238
2,200 Asarco Corporation............ 67,100
2,700 Avery Dennison
International............... 108,000
662 Bassett Furniture Inc......... 18,536
2,700 Bemis Co...................... 70,200
*5,700 Bethlehem Steel Corp.......... 92,625
2,400 Boise Cascade Corp............ 97,200
1,500 Centex Corp................... 42,375
4,800 Champion International
Corp........................ 250,200
11,800 Corning Inc................... 386,450
1,600 Crane Company................. 58,000
*4,600 Crown Cork & Seal............. 230,575
4,800 Cyprus Amax Minerals.......... 136,800
14,400 Dow Chemical.................. 1,035,000
28,700 DuPont EI De Nemours.......... 1,973,125
4,275 Eastman Chemical Co........... 254,363
5,800 Echo Bay Mines Ltd............ 52,200
3,300 Ecolab Inc.................... 80,850
4,875 Englehard Corp................ 209,016
*1,900 FMC Corp...................... 127,775
2,200 Federal Paper Board Inc....... 77,825
1,100 First Mississippi Corp........ 37,538
4,700 Georgia-Pacific Corp.......... 407,725
1,800 Giddings & Lewis.............. 32,175
4,900 Grace (W.R.) Company.......... 300,738
3,400 Great Lakes Chemical.......... 204,850
6,100 Hercules Inc.................. 297,375
7,100 Homestake Mining.............. 117,150
6,000 Inco Co. Ltd.................. 169,500
2,500 Inland Steel Company.......... 76,250
5,700 International Flavors &
Fragrances.................. 283,575
6,500 International Paper Co........ 557,375
4,200 James River Corp.............. 116,025
1,700 Kaufman & Broad Home Corp..... 24,650
5,500 Louisiana Pacific Corp........ 144,375
2,900 Mead Corp. (The).............. 172,188
21,600 Minnesota Mining &
Manufacturing Co............ 1,236,600
6,000 Monsanto Co................... 540,750
1,700 Morrison Knudsen Corp......... 11,475
7,600 Morton International.......... 222,300
3,500 Nalco Chemical Co............. 127,313
4,344 Newmont Mining................ 181,918
4,500 Nucor Corp.................... 240,750
INDUSTRIAL MATERIALS --
(CONTINUED)
*2,500 Owens Corning Fiberglass
Corp........................ $ 92,188
10,700 PPG Industries, Inc........... 460,100
6,033 Pall Corp..................... 134,234
3,600 Phelps Dodge Corp............. 212,400
12,300 Placer Dome, Inc.............. 321,338
1,500 Potlatch Corp................. 62,625
7,100 Praxair....................... 177,500
3,200 Reynolds Metal Co............. 165,600
3,500 Rohm & Haas Co................ 192,063
6,807 Santa Fe Pacific Gold Corp.... 82,535
7,800 Scott Paper Co................ 386,100
4,400 Sherwin Williams.............. 156,750
2,600 Sigma Aldrich Corp............ 127,725
1,000 Springs Industries Inc........ 37,250
*4,730 Stone Container Corporation... 100,512
2,900 Temple-Inland Inc............. 138,112
3,860 USX-U.S. Steel Group.......... 132,687
3,600 Union Camp Corp............... 208,350
7,100 Union Carbide Corp............ 236,962
3,500 Westvaco Corp................. 154,874
10,600 Weyerhaeuser Company.......... 499,524
5,200 The Williams Companies........ 181,349
4,675 Worthington Industries........ 95,545
-------------
16,489,321
-------------
MANUFACTURING -- 7.8%
14,800 Allied Signal Inc............. 658,600
17,600 Boeing Company................ 1,102,200
10,300 Caterpillar, Inc.............. 661,775
1,700 Cincinnati Milacron Inc....... 45,900
6,000 Cooper Industries............. 237,000
2,100 Cummins Engine................ 91,613
6,300 Dana Corporation.............. 180,338
4,500 Deere & Company............... 385,313
2,900 Dover Corp.................... 210,975
4,000 Eaton Corp.................... 232,500
12,000 Emerson Electric Co........... 858,000
1,800 Foster Wheeler Corp........... 63,450
3,200 General Dynamics.............. 142,000
87,200 General Electric.............. 4,915,900
2,400 General Signal Corp........... 95,400
2,400 Harnischfeger Industries
Inc......................... 83,100
6,600 Honeywell Inc................. 284,625
5,900 Illinois Tool Works........... 324,500
5,400 Ingersoll-Rand Company........ 206,550
2,100 Johnson Controls, Inc......... 118,650
10,301 Lockheed Martin Corp.......... 650,251
4,400 Loral Corp.................... 227,700
11,427 Mattel, Inc................... 297,102
5,900 McDonnell Douglas Corp........ 452,825
*6,400 National Semiconductor
Corp........................ 177,600
*3,930 Navistar International
Corp........................ 59,441
2,500 Northrop Grumman
Corporation................. 130,313
1,000 Outboard Marine Corp.......... 19,625
2,395 Paccar Inc.................... 111,966
3,750 Parker-Hannifin Corp.......... 135,938
2,300 Raychem Corp.................. 88,263
6,300 Raytheon Co................... 489,038
11,100 Rockwell Intl. Corp........... 507,825
700 SPX Corp...................... 7,962
3,400 TRW, Inc...................... 271,574
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
94
<PAGE>
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- (CONTINUED)
MANUFACTURING -- (CONTINUED)
1,700 Tektronix Inc................. $ 83,724
9,300 Tenneco, Inc.................. 427,800
4,400 Textron, Inc.................. 255,750
1,600 Timken........................ 73,800
1,500 Trinova Corporation........... 52,500
3,900 Tyco International Ltd........ 210,600
6,400 United Technologies Corp...... 500,000
*2,080 Varity Corp................... 91,520
*2,700 Western Atlas Inc............. 119,811
18,400 Westinghouse Electric
Corporation................. 269,100
-------------
16,610,417
-------------
MEDIA & SERVICES -- 3.3%
3,245 CBS Inc....................... 217,415
*3,700 Cabletron Systems............. 197,025
7,900 Capital Cities/ABC Inc........ 853,200
12,300 Comcast Corp. Class A......... 228,319
*383 Cox Communications Class A.... 7,415
26,800 Walt Disney Company........... 1,490,750
5,000 Dow Jones & Co................ 184,375
7,200 Gannett Co., Inc.............. 390,600
4,000 Interpublic Group............. 150,000
*1,950 King World Productions,
Inc......................... 78,975
2,600 Knight Ridder Inc............. 147,875
2,600 McGraw-Hill, Companies,
Inc......................... 197,275
1,400 Meredith Corp................. 35,525
5,000 New York Times Co. Class A.... 117,500
*33,600 Tele-Communications, Inc.
Class A..................... 787,500
19,580 Time Warner Inc............... 805,228
5,800 Times Mirror Co. Class A...... 138,475
3,400 Tribune Company............... 208,675
*18,500 Viacom Inc. Class B........... 853,312
-------------
7,089,439
-------------
POLLUTION CONTROL -- 0.3%
11,000 Browning Ferris Industries
Inc......................... 397,375
14,300 Laidlaw Inc. Class B.......... 137,638
-------------
535,013
-------------
RETAIL -- 6.1%
13,100 Albertson's Inc............... 389,725
7,600 American Stores Co............ 213,750
900 Brown Group Inc............... 20,475
5,300 Charming Shoppes Inc.......... 27,825
5,000 Circuit City Store Inc........ 158,125
*8,100 Darden Restaurants............ 88,088
3,700 Dayton Hudson Corporation..... 265,475
5,800 Dillard Department Stores
Class A..................... 170,375
7,400 The Gap, Inc.................. 258,075
23,273 Home Depot Inc................ 945,479
2,300 Jostens Inc................... 48,875
23,500 K Mart Corporation............ 343,688
*5,700 Kroger Co..................... 153,188
18,400 The Limited, Inc.............. 404,800
3,300 Loews Corporation............. 399,300
1,100 Longs Drug Store.............. 41,250
8,200 Lowe's Companies.............. 244,975
1,200 Luby's Cafeterias............. 24,150
12,800 May Department Stores Co...... 532,800
35,700 McDonald's Corp............... 1,396,763
5,400 Melville Corporation.......... 184,950
1,900 Mercantile Stores, Inc........ 88,350
4,200 Nordstrom Inc................. 173,775
12,000 J.C. Penney................... 576,000
RETAIL -- (CONTINUED)
3,200 Pep Boys--Manny, Moe, Jack.... $ 85,600
*10,034 Price/Costco Inc.............. 163,053
4,300 Rite Aid Corp................. 110,188
*2,700 Ryan's Family Steak House..... 21,263
20,000 Sears Roebuck................. 1,197,500
*2,100 Shoney's Inc.................. 24,675
3,700 TJX Companies................. 49,025
3,749 Tandy Corp.................... 194,478
*14,300 Toys R Us..................... 418,274
118,300 Wal-Mart...................... 3,164,525
6,300 Walgreen Co................... 315,787
5,300 Wendy's International Inc..... 94,737
*6,800 F.W. Woolworth Company........ 102,850
-------------
13,092,211
-------------
TECHNOLOGY -- 3.9%
*6,100 Amdahl Corp................... 67,863
6,200 Apple Computer................ 287,913
2,500 Autodesk Inc.................. 107,500
7,400 Automatic Data Processing..... 465,275
*2,300 Ceridian Corporation.......... 84,813
*13,500 Compaq Computer............... 612,563
8,200 Computer Associates........... 555,550
*2,800 Computer Sciences Corp........ 159,250
*1,300 Cray Research Inc............. 31,688
*5,900 DSC Communications............ 274,350
*7,600 Digital Equipment Corp........ 309,700
6,200 First Data Corp............... 352,625
2,000 Harris Corp. Del.............. 103,250
26,300 Hewlett-Packard Co............ 1,959,350
*2,400 Intergraph Corp............... 26,700
*2,500 Lotus Development Corp........ 159,375
1,400 M/A Com, Inc.................. 16,450
10,600 Micron Technology Inc......... 581,675
*22,500 Oracle Corporation............ 859,406
2,200 Perkin Elmer.................. 78,100
3,900 Scientific Atlanta, Inc....... 85,800
*4,900 Sun Microsystems Inc.......... 237,650
*6,000 Tandem Computers.............. 96,750
2,900 Teledyne Inc.................. 71,050
24 Teledyne Inc. Preferred E
Series...................... 350
4,800 Texas Instruments............. 642,600
1,000 Thomas & Betts Corp........... 68,374
*8,800 Unisys Corp................... 95,700
*2,400 Zenith Electronics Corp....... 17,700
-------------
8,409,370
-------------
TRANSPORTATION & SERVICES --
1.4%
*3,900 AMR........................... 291,038
4,600 Burlington Northern Inc....... 291,525
5,400 CSX Corp...................... 405,675
4,000 Consolidated Rail
Corporation................. 222,500
2,200 Consolidated Freightways,
Inc......................... 48,675
2,600 Delta Airlines, Inc........... 191,750
6,800 Norfolk Southern Corp......... 458,150
2,000 Roadway Services.............. 94,500
7,788 Santa Fe Pacific Corp......... 198,594
7,400 Southwest Airlines............ 176,675
10,600 Union Pacific Corp............ 586,975
3,000 USAIR Group................... 34,875
1,400 Yellow Corp................... 25,375
-------------
3,026,307
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
95
<PAGE>
HARTFORD INDEX FUND, INC.
STATEMENT OF NET ASSETS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- (CONTINUED)
UTILITIES -- 11.7%
81,371 AT&T Corp..................... $ 4,322,834
9,700 Alltel Corp................... 246,138
9,600 American Electric Power....... 337,200
28,500 Ameritech Corp................ 1,254,000
7,600 Baltimore Gas and Electric.... 190,000
22,500 Bell Atlantic Corp............ 1,260,000
25,500 Bell South Corp............... 1,619,250
8,000 Carolina Power and Lighting... 242,000
9,800 Central & Southwest Corp...... 257,250
7,958 Cinergy Corp.................. 208,884
*2,600 The Columbia Gas System,
Inc......................... 82,550
12,100 Consolidated Edison NY........ 356,950
4,800 Consolidated Natural Gas
Co.......................... 181,200
7,500 Detroit Edison Inc............ 221,250
8,900 Dominion Resources, Inc....... 324,850
10,500 Duke Power Co................. 435,750
1,000 Eastern Enterprises........... 29,875
13,000 Enron Corp.................... 456,625
3,500 Enserch Corp.................. 59,938
11,700 Entergy Corp.................. 282,263
9,500 Florida Power & Light Group
Inc......................... 366,938
49,900 GTE Corp...................... 1,702,838
5,900 General Public Utilities...... 175,525
6,800 Houston Industries Inc........ 286,450
35,000 MCI Communications............ 770,000
7,400 Niagara Mohawk Power Corp..... 109,150
2,600 Nicor, Inc.................... 69,875
6,400 Noram Energy.................. 41,600
3,500 Northern States Power
Company..................... 161,438
21,900 Nynex Corporation............. 881,475
7,900 Ohio Edison Co................ 178,738
1,400 Oneok Inc..................... 29,925
11,400 Peco Energy Company........... 314,925
4,200 Pacific Enterprises........... 102,900
22,100 Pacific Gas & Electric
Company..................... 640,900
21,800 Pacific Telesis Group......... 583,150
14,600 Pacificorp.................... 273,750
1,800 Peoples Energy Corp........... 46,575
12,600 Public Service Enterprises.... 349,650
31,300 SBS Communications Inc........ 1,490,663
23,000 SCE Corp...................... 393,875
4,400 Sonat, Inc.................... 134,200
34,300 The Southern Co............... 767,462
17,900 Sprint Corp................... 601,887
11,600 Texas Utilities............... 398,750
UTILITIES -- (CONTINUED)
11,000 Unicom Corp................... $ 292,874
5,300 Union Electric Co............. 197,424
24,200 U.S. West, Inc................ 1,007,324
-------------
24,739,068
-------------
Total Common Stocks........... $ 205,824,731
-------------
-------------
PRINCIPAL
AMOUNT
- -----------
SHORT-TERM SECURITIES -- 3.0%
CORPORATE NOTES
Abbey National
$ 1,000,000 5.840% due 11/16/95......... $ 999,712
-------------
U.S. TREASURY BILLS
250,000 U.S. Treasury Bill
5.360% due 09/21/95......... 247,022
-------------
REPURCHASE AGREEMENT
5,186,000 Interest in $61,511,000 joint
repurchase agreement dated
06/30/95 with Shawmut Bank
6.100% due 07/03/95;
maturity amount $5,188,636;
(Collateralized by
$62,920,000 U.S. Treasury
Note 4.250% due 11/16/95)... 5,186,000
-------------
Total Short-Term Securities... $ 6,432,734
-------------
-------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total common stocks.......................... 96.7 % $205,824,731
Total short-term securities.................. 3.0 6,432,734
------ ------------
Total investment in securities
**(Identified cost $168,409,913)........... 99.7 212,257,465
Excess of cash and receivables over
liabilities................................ 0.3 659,394
------ ------------
Net assets (Applicable to $1.79983 per share
based on 118,298,001 shares outstanding)... 100.0% $212,916,859
------ ------------
------ ------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
400,000,000 shares; outstanding 118,298,001
shares............................................. $ 11,829,800
Capital surplus...................................... 154,144,134
Undistributed net realized gain on investments....... 3,082,058
***Unrealized gain on futures contract............... 13,315
Unrealized appreciation of investments............... 43,847,552
------------
Net assets, applicable to shares outstanding......... $212,916,859
------------
------------
<FN>
* Non-income producing during period.
** Aggregate cost for Federal income tax purposes.
*** The Fund has 21 Standard & Poor's 500, September 1995 futures contracts open
at June 30, 1995. These contracts have a value of $15,745,075.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
96
<PAGE>
HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Market Market
Shares Value Shares Value
- ----------- -------------- ----------- --------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- 93.0%
ARGENTINA -- 0.3%
34,000 Baesa ADR..................... $ 854,250
55,000 YPF S.A. Sponsored ADR........ 1,038,125
--------------
1,892,375
--------------
AUSTRALIA -- 4.5%
300,000 Advance BK Australia.......... 1,937,065
1,325,000 Australia & New Zealand
Banking..................... 4,705,924
876,035 Amcor Ltd..................... 6,459,187
519,835 Broken Hill Proprietary....... 6,395,470
1,829,001 Pacific Dunlop................ 3,845,605
374,127 National Australia Bank....... 2,955,173
--------------
26,298,424
--------------
AUSTRIAN -- 1.4%
58,900 EVN........................... 8,255,705
--------------
BELGIUM -- 0.4%
50,000 Delhaize Le Lion.............. 2,252,332
--------------
CANADA -- 2.5%
622,000 Canadian Pacific Ltd.......... 10,807,250
*75,000 Canadian Pacific Ltd. P.P..... 1,303,125
160,000 Westcoast Energy.............. 2,375,747
--------------
14,486,122
--------------
CHILE -- 0.6%
27,500 Compania de Telefon Chile..... 2,237,813
45,000 Enersis S.A-ADR............... 1,327,500
--------------
3,565,313
--------------
DENMARK -- 1.8%
378,000 Tele Danmark.................. 10,584,000
--------------
FRANCE -- 8.7%
20,335 Groupe Danone................. 3,426,752
25,000 Canal Plus SA................. 3,433,286
28,401 Euro RSCG..................... 2,973,650
188,650 Renault....................... 5,921,731
68,135 Saint Gobain.................. 8,245,485
94,700 Societe Generale.............. 11,088,718
97,700 Technip....................... 6,093,261
106,000 Total SA...................... 6,392,004
*32,000 Ugine SA...................... 2,253,475
--------------
49,828,362
--------------
GERMANY -- 3.9%
22,700 Bayer AG...................... 5,642,168
32,749 Mannesmann AG................. 10,006,113
*18,200 Veba AG....................... 7,146,803
--------------
22,795,084
--------------
HONG KONG -- 4.3%
2,520,000 Cathay Pacific Airways........ 3,680,972
2,069,000 Hong Kong
Telecommunications.......... 4,091,998
1,125,000 Hutchison Whampoa Ltd......... 5,438,857
788,000 Sun Hung KAI.................. 5,831,567
650,000 Swire Pacific Ltd............. 4,957,342
350,000 Wharf Holdings................ 1,142,387
--------------
25,143,123
--------------
INDIA -- 0.8%
200,000 India Tobacco Co. ADS......... 1,541,400
INDIA -- (CONTINUED)
225,000 Indo Gulf Fertilizer GDR...... $ 426,353
154,000 Reliance Industries GDS....... 2,589,541
--------------
4,557,293
--------------
ITALY -- 1.7%
1,530,000 Telecom Italia SPA............ 4,148,915
2,000,000 Stet.......................... 5,533,476
--------------
9,682,391
--------------
JAPAN -- 22.4%
306 DDI Corp...................... 2,458,122
582,000 Hitachi Ltd................... 5,809,687
2,000 Home Wide Corp................ 22,469
65,000 Ito-Yokado Ltd................ 3,432,369
500,000 Kajima Corp................... 4,973,420
1,200,000 Kawasaki Heavy Industries..... 4,437,094
175,000 Kokusai Electric.............. 3,266,391
80,000 Kyocera Corp.................. 6,596,574
9,000 Kyoritsu Air Tech............. 123,331
50,000 Mabuchi Motor................. 3,449,498
737,000 Minebea Co., Ltd.............. 4,736,302
615,000 Mitsubishi Corp............... 7,010,927
499,000 Mitsui Petrochemical.......... 3,784,501
97,000 Murata Manufacturing Co....... 3,678,323
69,000 Nihon Jumbo Co., Ltd.......... 1,948,139
490 Nippon Telegraph &
Telephone................... 4,109,864
2,165,000 NKK Corporation............... 5,089,604
200,000 Nomura Securities............. 3,496,751
782,000 Onoda Cement Co............... 3,565,883
75,000 Orix Corp..................... 2,498,523
25,000 Riso Kagaku................... 1,745,422
35,000 Sakura Bank................... 365,918
224,400 Sankyo........................ 5,222,304
53,000 Sanyo Shinpan Financial Co.... 3,881,867
85,000 Secom......................... 5,352,038
74,700 Seven Eleven.................. 5,356,515
77,000 Shimamura Co. Ltd............. 2,728,884
10,000 Shohkoh Fund.................. 1,795,629
350,000 Showa Corporation............. 2,315,416
124,000 Sony Corp..................... 5,961,961
761,000 Sumitomo Realty............... 4,548,919
365,000 Sumitomo Trust & Banking...... 4,441,229
167,000 TDK Corp...................... 7,615,121
325,000 Tokio Marine & Fire
Insurance................... 3,731,837
12,000 Tsutsumi Jewelry.............. 547,195
--------------
130,098,027
--------------
MALAYSIA -- 2.5%
750,000 Resort World.................. 4,400,361
2,617,400 Sime Darby Berhad............. 7,302,474
75,000 Telekom Malaysia.............. 569,278
500,000 Tenaga Nasional Berhad........ 2,041,193
--------------
14,313,306
--------------
MEXICO -- 0.5%
250,000 Kimberly Clark A.............. 2,864,583
--------------
NETHERLANDS -- 5.4%
530,000 Elesevier..................... 6,271,175
200,515 International Nederlanden
CVA......................... 11,110,911
35,000 Royal Dutch Petroleum......... 4,281,650
47,000 Unilever CVA.................. 6,126,471
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
97
<PAGE>
HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC.
STATEMENT OF NET ASSETS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET MARKET
SHARES VALUE SHARES VALUE
- ----------- -------------- ----------- --------------
<C> <S> <C>
NETHERLANDS -- (CONTINUED)
*146,000 Vendex International NV....... $ 3,870,426
--------------
31,660,633
--------------
NEW ZEALAND -- 2.3%
6,077,000 Brierley Investments.......... 4,599,779
1,916,000 Carter Holt................... 4,697,274
700,000 Lion Nathan................... 1,387,903
43,000 Telecom Corp. NZ ADR.......... 2,606,875
--------------
13,291,831
--------------
NORWAY -- 4.3%
232,101 Hafslund Nyco A Free.......... 5,467,322
135,000 Kvaerner...................... 6,140,750
141,000 Orkla AS A.................... 6,322,048
512,000 Saga Petro A Free............. 7,277,926
--------------
25,208,046
--------------
PHILIPPINES -- 0.2%
*2,882,900 C&P Homes..................... 1,437,192
--------------
PORTUGAL -- 0.6%
3,300 Banco Comm Port REGD.......... 43,729
*181,800 Portugal Telecom S.A. ADR..... 3,454,200
--------------
3,497,929
--------------
SINGAPORE -- 3.3%
512,875 Devel Bank of Singapore....... 5,835,215
1,000,000 Keppel Corp................... 8,157,424
325,000 OCBC FRGN..................... 3,604,651
175,000 United O/S Bank FRGN.......... 1,652,952
--------------
19,250,242
--------------
SPAIN -- 4.9%
125,000 Argentaria SA................. 4,625,992
245,000 Banco Bilbao Vizcaya.......... 7,081,335
94,000 Empresa Nac de Elec........... 4,648,693
15,000 Empresa Nacional de
Electricidad................ 738,750
750,000 Iberdrola SA.................. 5,656,632
160,000 Repsol........................ 5,060,000
30,000 Repsol SA..................... 945,253
--------------
28,756,655
--------------
SWEDEN -- 2.3%
158,000 Astra A Free.................. 4,885,274
387,000 Pharmacia AB-A................ 8,501,336
--------------
13,386,610
--------------
SWITZERLAND -- 3.5%
9,200 Ciba Geigy AG................. 6,762,585
6,600 Nestle SA..................... 6,892,005
18,800 Schweizerischer Bankver....... 6,680,369
--------------
20,334,959
--------------
UNITED KINGDOM -- 9.9%
373,000 Abbey National Plc............ $ 2,782,340
925,000 Bass.......................... 8,868,146
5,152,000 Bet Plc....................... 10,100,351
782,000 British Telecom Co. Plc....... 4,885,942
1,190,844 Cadbury Schweppes............. 8,712,104
1,070,500 Redland Plc................... 7,029,742
650,000 Royal Insurance Holding....... 3,201,307
1,145,000 Smith WH and Son A............ 5,985,974
1,475,000 Tomkins Plc................... 5,289,687
--------------
56,855,593
--------------
Total Common Stocks........... $ 540,296,130
--------------
--------------
PRINCIPAL
AMOUNT
- -----------
FOREIGN GOVERNMENT BONDS -- 0.5%
DEUTSCHLAND GOVERNMENT BOND
$ 5,000,000 6.200% due 01/15/20........... $ 3,062,627
--------------
--------------
</TABLE>
<TABLE>
<C> <S> <C>
SHORT-TERM SECURITIES -- 6.8%
39,730,000.. Repurchase Agreement dated
6/30/95 with Paine Webber
6.200% due 07/03/95;
maturity amount $39,750,527;
(Collateralized by
$38,585,000 U.S. Treasury
Note 7.125% due 10/15/98)... $ 39,730,000
---------------
---------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total common stocks.......................... 93.0% $ 540,296,130
Total foreign government bonds............... 0.5 3,062,627
Total short term securities.................. 6.8 39,730,000
------ --------------
Total investment in securities
**(identified cost $546,246,064)........... 100.3 583,088,757
Excess of liabilities over cash and
receivables................................ (0.3) (2,097,959)
------ --------------
Net assets (Applicable to $1.19531 per share
based on 486,058,681 shares outstanding)... 100.0% $ 580,990,798
------ --------------
------ --------------
SUMMARY OF SHAREHOLDER'S EQUITY
Capital Stock, Par Value $.10 per share authorized
1,500,000,000 shares, outstanding 486,058,681
shares............................................. $ 48,605,868
Capital surplus...................................... 503,827,138
Undistributed net realized (loss) on investments..... (8,842,740)
Unrealized appreciation of investments............... 36,842,693
Unrealized appreciation on forward currency
contracts.......................................... 555,357
Unrealized appreciation on translation on other
assets and liabilities in foreign currencies....... 2,482
--------------
Net assets, applicable to shares outstanding......... $ 580,990,798
--------------
--------------
<FN>
* Non-income producing during period.
** Aggregate cost for Federal income tax purposes.
</TABLE>
FORWARD CURRENCY CONTRACTS -- NOTE 2 -- OUTSTANDING AT JUNE 30, 1995
<TABLE>
<CAPTION>
TOTAL AGGREGATE DELIVERY UNREALIZED
DESCRIPTION VALUE FACE VALUE DATE APPREC./(DEPREC.)
- ------------------------------ ---------- ---------- --------- ----------------
<S> <C> <C> <C> <C>
Japanese Yen (Sell) $29,201,459 $28,645,231 08/23/95 $ (556,228)
Japanese Yen (Sell) 28,454,301 29,565,886 07/19/95 1,111,585
----------------
$ 555,357
----------------
----------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
98
<PAGE>
HARTFORD DIVIDEND AND GROWTH FUND, INC.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES MARKET VALUE SHARES VALUE
- ----------- -------------- ----------- --------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- 96.0%
BUSINESS SERVICES -- 0.7%
15,700 Dun & Bradstreet Corp......... $ 824,250
--------------
COMPUTER & SERVICES -- 2.9%
29,500 Xerox......................... 3,458,875
--------------
CONSUMER DURABLES -- 2.2%
88,000 Ford Motor Co................. 2,618,000
--------------
CONSUMER NON-DURABLES -- 10.9%
23,000 Avon Products................. 1,541,000
29,100 Eastman Kodak................. 1,764,188
49,600 Flowers Industries, Inc....... 979,600
63,000 Interstate Bakeries........... 1,039,500
28,700 Kimberly Clark Corp........... 1,718,413
53,000 Philip Morris................. 3,941,874
58,000 RJR Nabisco Holdings.......... 1,616,750
9,000 Sara Lee Corp................. 256,500
4,000 Universal Corp................ 84,000
--------------
12,941,825
--------------
ENERGY AND SERVICES -- 12.8%
40,800 Amoco Corporation............. 2,718,300
2,000 Atlantic Richfield............ 219,500
40,200 Exxon......................... 2,839,125
42,900 Pennzoil Co................... 2,021,663
21,500 Phillips Petroleum............ 717,563
49,500 Texaco Inc.................... 3,248,437
91,600 USX-Marathon Group............ 1,809,100
53,300 Unocal Corp................... 1,472,412
--------------
15,046,100
--------------
FINANCIAL SERVICES -- 15.0%
49,500 Allstate Corp................. 1,466,438
12,400 American International
Group....................... 1,413,600
40,900 Bank of New York Co........... 1,651,338
33,000 Corestates Financial Corp..... 1,150,875
70,100 First Bank System Inc......... 2,874,100
62,600 First Union Corporation....... 2,832,650
28,100 Fleet Financial Group Inc..... 1,043,212
70,000 Nationsbank Corp.............. 3,753,750
32,000 St. Paul Cos. Inc............. 1,576,000
--------------
17,761,963
--------------
HEALTH CARE -- 14.8%
40,000 American Home Products
Corp........................ 3,095,000
38,300 Baxter International.......... 1,393,163
41,800 Bristol-Myers Squibb
Company..................... 2,847,625
44,000 Lilly Eli & Co................ 3,454,000
72,900 Merck & Co., Inc.............. 3,572,100
35,200 Pfizer, Inc................... 3,251,600
--------------
17,613,488
--------------
INDUSTRIAL MATERIALS -- 9.7%
37,400 Albemarle Corp................ 584,375
22,600 Dow Chemical.................. 1,624,375
15,400 Dupont EI De Nemours.......... 1,058,750
INDUSTRIAL MATERIALS --
(CONTINUED)
28,400 Eastman Chemical Co........... $ 1,689,800
37,000 International Paper Co........ 3,172,750
14,700 Minnesota Mining &
Manufacturing Co............ 841,575
43,000 Nalco Chemical Co............. 1,564,125
16,000 PPG Industries, Inc........... 688,000
10,900 Witco Chemical Corp........... 351,525
--------------
11,575,275
--------------
MANUFACTURING -- 6.8%
12,000 Cooper Industries............. 474,000
29,000 Dana Corporation.............. 830,125
7,200 Eaton Corp.................... 418,500
37,330 General Electric.............. 2,104,479
43,000 Northrop Grumman Corp......... 2,241,374
15,600 Sundstrand Corp............... 932,100
23,900 Tenneco, Inc.................. 1,099,400
--------------
8,099,978
--------------
MEDIA & SERVICES -- 1.3%
28,200 Gannett Co., Inc.............. 1,529,850
--------------
REAL ESTATE -- 0.2%
9,600 Starwood Lodging Trust........ 220,800
--------------
RETAIL -- 4.4%
51,000 May Department Stores Co...... 2,122,875
67,000 Mercantile Stores, Inc........ 3,115,500
--------------
5,238,375
--------------
UTILITIES -- 14.3%
35,000 AT&T Corp..................... 1,859,375
21,400 BCE Inc....................... 687,475
9,100 Bell Atlantic Corp............ 509,600
17,600 CMS Energy Corp............... 433,400
6,900 Cincinnati Bell Inc........... 174,225
18,200 Cinergy Corp.................. 477,750
31,950 DQE Inc....................... 750,825
20,300 Entergy Corp.................. 489,738
9,100 Equitable Resources........... 262,763
33,000 Florida Power & Light Group
Inc......................... 1,274,625
29,000 Frontier Corp................. 696,000
19,000 N E Electric System........... 655,500
26,000 New York State Energy & Gas... 607,750
28,000 NYNEX Corporation............. 1,127,000
30,800 Pacific Gas & Electric
Company..................... 893,200
40,700 Pinnacle West................. 997,150
19,600 Public Service Co. of
Colorado.................... 637,000
35,000 SBC Communications Inc........ 1,666,875
29,200 SCE Corp...................... 500,050
34,200 Sierra Pacific Res............ 743,850
78,000 Westcoast Energy Inc.......... 1,150,500
13,100 Western Resources Inc......... 404,461
--------------
16,999,112
--------------
Total Common Stocks........... $ 113,927,891
--------------
--------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
99
<PAGE>
HARTFORD DIVIDEND AND GROWTH FUND, INC.
STATEMENT OF NET ASSETS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET MARKET
AMOUNT VALUE VALUE
- ----------- -------------- --------------
<C> <S> <C> <C> <C> <C>
CONVERTIBLE CORPORATE BONDS -- 0.6%
TRANSPORTATION
AMR Corp.
$ 710,000 6.125% due 11/01/24......... $ 738,400
--------------
--------------
SHORT-TERM SECURITIES --2.0%
2,420,000 Repurchase Agreement dated
06/30/95 with Lehman 6.200%
due 07/03/95; maturity
amount $2,421,250;
(Collateralized by
$2,280,000 U.S. Treasury
Note 8.625% due 08/15/97)... $ 2,420,000
--------------
--------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total common stocks 96.0% $113,927,891
Total convertible corporate bonds............ 0.6 738,400
Total short-term securities.................. 2.0 2,420,000
------ ------------
Total investment in securities
**(Identified cost $107,581,979)........... 98.6 117,086,291
Excess of cash and receivables over
liabilities................................ 1.4 1,616,742
------ ------------
Net assets (Applicable to $1.13512 per share
based on 104,572,714 shares outstanding)... 100.0% $118,703,033
------ ------------
------ ------------
SUMMARY OF SHAREHOLDERS' EQUITY:
Capital stock, par value $.10 per share; authorized
750,000,000 shares; outstanding 104,572,714
shares............................................. $ 10,457,271
Capital surplus...................................... 98,197,196
Undistributed net realized gain on investments....... 544,253
Unrealized appreciation of investments............... 9,504,312
------------
Net assets, applicable to shares outstanding......... $118,703,033
------------
------------
<FN>
* Non-income producing during period.
** Aggregate cost for Federal income tax purposes.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
100
<PAGE>
Hartford International Advisers Fund, Inc.
STATEMENT OF NET ASSETS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Market Market
Shares Value Shares Value
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- 63.7%
ARGENTINA -- 0.3%
2,000 YPF S.A. Sponsored ADR........ $ 37,750
-------------
AUSTRALIA -- 3.2%
7,000 Advance BK Australia.......... 45,198
15,750 Amcor Ltd..................... 116,128
38,500 Australia & New Zealand
Banking..................... 136,738
10,376 Broken Hill Proprietary....... 127,655
5,000 National Australia Bank....... 39,494
-------------
465,213
-------------
AUSTRIAN -- 1.1%
1,100 EVN........................... 154,181
-------------
BELGIUM -- 0.6%
2,000 Delhaize Le Lion.............. 90,093
-------------
CANADA -- 1.6%
13,000 Canadian Pacific Ltd.......... 225,875
-------------
CHILE -- 0.4%
400 Compania de Telef Chile-ADR... 32,550
750 Enersis S.A.-ADR.............. 22,125
-------------
54,675
-------------
DENMARK -- 1.4%
7,000 Tele Danmark.................. 196,000
-------------
FRANCE -- 6.0%
750 Canal Plus SA................. 102,999
450 Euro RSCG..................... 47,116
203 Groupe Danone................. 34,209
3,600 Renault....................... 113,004
1,150 Saint Gobain.................. 139,169
1,500 Societe Generale.............. 175,640
2,000 Technip....................... 124,734
2,000 Total SA...................... 120,604
-------------
857,475
-------------
GERMANY -- 2.9%
400 Bayer AG...................... 99,421
650 Mannesmann AG................. 198,601
*300 Veba AG....................... 117,805
-------------
415,827
-------------
HONG KONG -- 2.8%
32,000 Cathay Pacific Airways........ 46,742
36,000 Hong Kong Telecommunica....... 71,200
25,000 Hutchison Whampoa Ltd......... 120,863
13,000 Sun Hung Kai.................. 96,206
10,000 Swire Pacific Ltd............. 76,267
-------------
411,278
-------------
INDIA -- 0.4%
10,000 Indo Gulf GDR................. 18,949
2,000 Reliance Inds GDS............. 33,630
-------------
52,579
-------------
ITALY -- 1.2%
46,000 Stet.......................... 127,270
15,000 Telecom Italia SPA............ 40,676
-------------
167,946
-------------
JAPAN -- 16.2%
20 DDI Corp...................... $ 160,662
10 East Japan Railway............ 51,388
9,000 Fujisawa Pharmaceutical....... 94,412
9,000 Hitachi Ltd................... 89,841
2,000 Home Wide Corp................ 22,469
1,000 Ito-Yokado Ltd................ 52,806
9,000 Kajima Corp................... 89,522
16,000 Kawasaki Heavy Industries..... 59,161
1,000 Kyocera Corp.................. 82,457
2,000 Kyoritsu Air Tech............. 27,407
1,000 Mabuchi Motor................. 68,990
9,000 Mitsubishi Corp............... 102,599
3,000 Mitsui Petrochemical.......... 22,753
10,000 Minebea Co., Ltd.............. 64,265
2,000 Murata Manufacturing Co....... 75,842
1,000 Nihon Jumbo Co., Ltd.......... 28,234
10 Nippon Telegraph &
Telephone................... 83,875
*36,000 NKK Corporation............... 84,631
4,000 Nomura Securities............. 69,935
10,000 Onoda Cement Co............... 45,600
2,000 Orix Corp..................... 66,626
600 Riso Kagaku................... 41,890
12,000 Sakura Bank................... 125,457
3,300 Sankyo........................ 76,798
1,000 Sanyo Shinpan Fin Co.......... 73,242
1,000 Secom......................... 62,965
1,000 Seven Eleven.................. 71,707
1,000 Shimamura Co. Ltd............. 35,440
100 Shohkoh Fund.................. 17,956
3,000 Showa Corporation............. 19,846
2,000 Sony Corp..................... 96,161
10,000 Sumitomo Realty............... 59,776
6,000 Sumitomo Trust & Banking...... 73,007
2,000 TDK Corp...................... 91,199
3,000 Tokio Marine & Fire
Insurance................... 34,448
100 Tsutsumi Jewelry.............. 4,560
-------------
2,327,927
-------------
MALAYSIA -- 1.7%
14,000 Resort World.................. 82,140
45,000 Sime Darby Berhad............. 125,549
5,000 Telekom Malaysia.............. 37,952
-------------
245,641
-------------
NETHERLANDS -- 3.9%
7,500 Elesevier..................... 88,743
3,575 Intl. Nederlanden CVA......... 198,097
500 Royal Dutch Petroleum......... 61,167
1,050 Unilever CVA.................. 136,868
*3,000 Vendex International.......... 79,529
-------------
564,404
-------------
NEW ZEALAND -- 1.4%
133,000 Brierley Investments.......... 100,670
28,000 Carter Holt................... 68,645
500 Telecom Corp. NZ ADR.......... 30,313
-------------
199,628
-------------
NORWAY -- 2.9%
4,344 Hafslund Nyco A-Free.......... 102,326
3,000 Kvaerner...................... 136,461
1,400 Orkla AS A.................... 62,772
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
101
<PAGE>
HARTFORD INTERNATIONAL ADVISERS FUND, INC.
STATEMENT OF NET ASSETS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MARKET PRINCIPAL MARKET
SHARES VALUE AMOUNT VALUE
- ----------- ------------- ----------- -------------
<C> <S> <C> <C> <C> <C>
COMMON STOCKS -- (CONTINUED)
NORWAY -- (CONTINUED)
8,000 Saga Petro A Free............. $ 113,718
-------------
415,277
-------------
PHILIPPINES -- 0.4%
*80,000 Pilipino Telephone............ 62,671
-------------
PORTUGAL -- 0.3%
*3,000 Portugal Telecom S.A. ADR..... 57,000
-------------
SINGAPORE -- 2.1%
8,000 Development Bank of
Singapore................... 91,020
14,000 Keppel Corp................... 114,204
5,000 OCBC Foreign.................. 55,456
5,000 United O/S Bank FRGN.......... 47,227
-------------
307,907
-------------
SPAIN -- 3.0%
5,100 Banco Bilbao Vizcaya.......... 147,407
3,150 Empresa Nacional de
Electricidad................ 155,138
4,350 Repsol........................ 137,569
-------------
440,114
-------------
SWEDEN -- 1.3%
2,500 Astra A Free.................. 77,299
5,000 Pharmacia AB-A................ 109,836
-------------
187,135
-------------
SWITZERLAND -- 2.4%
165 Ciba Geigy AG................. 121,285
150 Nestle SA..................... 156,636
200 Schweizerischer Bankver....... 71,068
-------------
348,989
-------------
UNITED KINGDOM -- 6.1%
5,000 Abbey National PLC 37,297
13,000 Bass.......................... 124,633
73,000 BET PLC....................... 143,114
11,000 British Telecom Co. PLC....... 68,728
20,500 Cadbury Schweppes............. 149,976
15,000 Redland PLC................... 98,502
7,500 Royal Insurance Holding....... 36,938
27,500 Smith WH and Son A............ 143,768
20,000 Tomkins PLC................... 71,725
-------------
874,681
-------------
Total Common Stocks........... $ 9,160,266
-------------
-------------
PRINCIPAL
AMOUNT
- -----------
U.S. GOVERNMENT NOTES -- 1.4%
$ 200,000 U.S. Treasury Note
6.250% due 05/31/00......... $ 202,250
-------------
-------------
FOREIGN GOVERNMENT BONDS -- 27.0%
AUSTRALIA -- 1.0%
$ 170,000 Australian Government
12.000% due 11/15/01........ $ 139,056
-------------
CANADA -- 1.5%
225,000 Canadian Government
6.500% due 06/01/04......... 148,967
100,000 7.750% due 09/01/99......... 73,546
-------------
222,513
-------------
DENMARK -- 1.7%
410,000 Denmark Kingdom
8.000% due 03/15/96......... 72,289
875,000 9.000% due 11/15/98......... 167,934
-------------
240,223
-------------
FRANCE -- 1.6%
1,300,000 France O.A.T.
5.500% due 04/25/04......... 233,567
-------------
GERMANY -- 5.5%
825,000 German Fed Unity
8.500% due 02/20/01......... 648,223
235,000 Deutschland Rep DBR 6.2
6.250% due 01/04/24......... 143,943
-------------
792,166
-------------
IRELAND -- 1.1%
95,000 Irish Gilts
8.000% due 10/18/00......... 152,823
-------------
ITALY -- 1.9%
500,000,000 Italy BTPS
8.500% due 01/01/99......... 275,848
-------------
JAPAN -- 8.1%
80,000,000 Japan Govt. #145
5.500% due 03/20/02......... 1,111,683
4,000,000 Japan Govt. #10
4.900% due 03/20/09......... 55,925
-------------
1,167,608
-------------
SPAIN -- 1.5%
7,000,000 Spanish Govt.
7.400% due 07/30/99......... 50,306
20,000,000 12.250% due 03/25/00........ 169,666
-------------
219,972
-------------
SWEDEN -- 0.5%
500,000 Swedish Govt.
10.250% due 05/05/00........ 68,037
-------------
UNITED KINGDOM -- 2.7%
250,000 UK Treasury Gilt
8.000% due 06/10/03......... 388,259
-------------
Total Foreign Government
Bonds....................... $ 3,900,072
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
102
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET MARKET
AMOUNT VALUE VALUE
- ----------- ------------- -------------
<C> <S> <C> <C> <C> <C>
SHORT-TERM SECURITIES -- 9.5%
$ 1,375,000 Repurchase Agreement dated
06/30/95 with Lehman 6.200%
due 07/03/95; maturity
amount $1,375,710;
(Collateralized by
$1,375,000 U.S. Treasury
Note 7.375% due 05/15/96)... $ 1,375,000
--------------
--------------
</TABLE>
<TABLE>
<S> <C> <C>
DIVERSIFICATION OF ASSETS:
Total common stocks.......................... 63.6% $ 9,160,266
Total U.S. government notes.................. 1.4 202,250
Total foreign government bonds............... 27.1 3,900,072
Total short term securities.................. 9.5 1,375,000
------ --------------
Total investment in securities
**(Identified cost $14,109,050)............ 101.6% 14,637,588
Excess of liabilities over cash and
receivables................................ (1.6) (227,613)
------ --------------
Net Assets (Applicable to $1.05445 per share
based on 13,665,898 shares outstanding).... 100.0% $ 14,409,975
------ --------------
------ --------------
SUMMARY OF SHAREHOLDER'S EQUITY:
Capital stock, par value $.10 per share authorized
750,000,000 shares, 13,665,898 outstanding
shares............................................. $ 1,366,590
Capital surplus...................................... 12,509,568
Undistributed net realized gain on investments....... 19,841
Unrealized appreciation of investments............... 528,538
Unrealized depreciation on forward currency
contracts.......................................... (13,952)
Unrealized depreciation on translation on other
assets and liabilities in foreign currencies....... (611)
--------------
Net assets, applicable to shares outstanding......... $ 14,409,975
--------------
--------------
<FN>
* Non-income producing during period.
**Aggregate cost for Federal income tax purposes.
</TABLE>
FORWARD CURRENCY CONTRACTS -- NOTE 2 -- OUTSTANDING AT JUNE 30, 1995
<TABLE>
<CAPTION>
UNREALIZED
TOTAL AGGREGATE DELIVERY APPRECIATION/
DESCRIPTION VALUE FACE VALUE DATE (DEPRECIATION)
- ------------------------------ ---------- ---------- --------- -------------
<S> <C> <C> <C> <C>
Japanese Yen (Buy) $ 141,085 $ 142,221 07/10/95 $ (1,136)
Australian Dollars (Sell) 138,954 139,168 08/01/95 214
Canadian Dollars (Sell) 74,281 74,220 08/01/95 (62)
German Deutschemarks (Sell) 802,323 800,305 10/05/95 (2,019)
Danish Krone (Sell) 241,227 240,554 08/01/95 (673)
Spanish Pesetas (Sell) 216,658 215,136 08/01/95 (1,522)
French Francs (Sell) 235,403 234,659 07/17/95 (744)
British Pounds (Sell) 389,953 386,784 08/01/95 (3,168)
Irish Punts (Sell) 152,696 152,612 08/01/95 (84)
Italian Lira (Sell) 277,284 276,328 08/01/95 (956)
Japanese Yen (Sell) 162,687 163,617 08/01/95 930
Japanese Yen (Sell) 1,019,382 1,014,737 09/05/95 (4,644)
Swedish Kronas (Sell) 68,090 68,003 08/01/95 (87)
-------------
$ (13,952)
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
103
<PAGE>
Hartford Mutual Funds
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
HVA
HARTFORD HARTFORD MONEY HARTFORD
BOND STOCK MARKET ADVISERS
FUND, INC. FUND, INC. FUND, INC. FUND, INC.
-------------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. $ -- $ 16,738,435 $ -- $ 25,894,778
Interest............... 9,465,947 2,110,842 9,141,640 47,807,293
Less: Foreign Tax
Withheld.............. -- -- -- (5,360)
-------------- ------------- ----------- -------------
Total Income......... 9,465,947 18,849,277 9,141,640 73,696,711
-------------- ------------- ----------- -------------
EXPENSES:
Investment advisory
services.............. 426,669 1,845,024 368,533 7,406,439
Administrative
services.............. 230,538 1,137,132 257,973 2,868,082
Accounting services.... 14,969 62,385 17,208 163,388
Custodian Fees......... 10,095 10,870 8,540 14,302
Board of Directors..... 1,307 6,062 1,679 15,881
Other.................. 16,969 69,939 15,359 177,988
-------------- ------------- ----------- -------------
Total expenses....... 700,547 3,131,412 669,292 10,646,080
-------------- ------------- ----------- -------------
Net investment
income................ 8,765,400 15,717,865 8,472,348 63,050,631
-------------- ------------- ----------- -------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 2,978,945 23,453,342 -- 13,266,646
Net realized gain
(loss) on futures
contracts............. -- -- -- --
Net realized gain
(loss) on options
contracts............. -- -- -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 16,331,816 177,050,184 -- 395,646,380
-------------- ------------- ----------- -------------
Net gain (loss) on
investments........... 19,310,761 200,503,526 -- 408,913,026
-------------- ------------- ----------- -------------
Net increase (decrease)
in net assets
resulting from
operations............ $ 28,076,161 $ 216,221,391 $8,472,348 $471,963,657
-------------- ------------- ----------- -------------
-------------- ------------- ----------- -------------
<FN>
* From inception March 1, 1995 to June 30, 1995.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
104
<PAGE>
<TABLE>
<CAPTION>
HARTFORD U.S. HARTFORD HARTFORD HARTFORD HARTFORD
GOVERNMENT CAPITAL MORTGAGE HARTFORD INTERNATIONAL DIVIDEND
MONEY MARKET APPRECIATION SECURITIES INDEX OPPORTUNITIES AND GROWTH
FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC.
-------------------- ------------- ------------- ----------- ------------------ -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............. -$- $ 7,881,600 $ -- $ 2,179,951 $ 8,405,843 $1,549,226
Interest............... 293,700 4,229,793 11,051,001 595,004 1,637,513 158,424
Less: Foreign Tax
Withheld.............. -- (266,345) -- (15,704) (1,602,448) (2,248)
----------- ------------- ------------- ----------- ------------------ -----------
Total Income......... 293,700 11,845,048 11,051,001 2,759,251 8,440,908 1,705,402
----------- ------------- ------------- ----------- ------------------ -----------
EXPENSES:
Investment advisory
services.............. 12,053 3,292,396 390,362 182,762 1,530,539 238,658
Administrative
services.............. 8,437 1,174,065 273,253 159,917 494,236 72,635
Accounting services.... 524 61,247 16,861 8,511 29,704 2,649
Custodian Fees......... 6,927 15,816 12,552 17,328 350,986 9,983
Board of Directors..... 51 5,989 1,615 824 2,919 268
Other.................. 813 72,592 34,948 11,905 31,492 7,543
----------- ------------- ------------- ----------- ------------------ -----------
Total expenses....... 28,805 4,622,105 729,591 381,247 2,439,876 331,736
----------- ------------- ------------- ----------- ------------------ -----------
Net investment
income................ 264,895 7,222,943 10,321,410 2,378,004 6,001,032 1,373,666
----------- ------------- ------------- ----------- ------------------ -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... -- 57,184,591 899,188 220,265 (7,908,035) 544,258
Net realized gain
(loss) on futures
contracts............. -- 9,102,534 39,780 2,993,376 -- --
Net realized gain
(loss) on options
contracts............. -- -- -- -- -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ -- 159,125,647 19,469,603 27,169,453 22,344,726 10,072,952
----------- ------------- ------------- ----------- ------------------ -----------
Net gain (loss) on
investments........... -- 225,412,772 20,408,571 30,383,094 14,436,691 10,617,210
----------- ------------- ------------- ----------- ------------------ -----------
Net increase (decrease)
in net assets
resulting from
operations............ $264,895 $232,635,715 $ 30,729,981 $32,761,098 $20,437,723 $11,990,876
----------- ------------- ------------- ----------- ------------------ -----------
----------- ------------- ------------- ----------- ------------------ -----------
<CAPTION>
HARTFORD
INTERNATIONAL
ADVISERS
FUND, INC.*
-------------
<S> <C>
INVESTMENT INCOME:
Dividends.............. $109,084
Interest............... 121,009
Less: Foreign Tax
Withheld.............. (20,200)
-------------
Total Income......... 209,893
-------------
EXPENSES:
Investment advisory
services.............. --
Administrative
services.............. 6,904
Accounting services.... 25
Custodian Fees......... 17,580
Board of Directors..... 3
Other.................. 1,375
-------------
Total expenses....... 25,887
-------------
Net investment
income................ 184,006
-------------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain
(loss) on security
transactions.......... 19,841
Net realized gain
(loss) on futures
contracts............. --
Net realized gain
(loss) on options
contracts............. --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 513,975
-------------
Net gain (loss) on
investments........... 533,816
-------------
Net increase (decrease)
in net assets
resulting from
operations............ $717,822
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
105
<PAGE>
HARTFORD MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
HVA
HARTFORD HARTFORD MONEY HARTFORD
BOND STOCK MARKET ADVISERS
FUND, INC. FUND, INC. FUND, INC. FUND, INC.
-------------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment
income................ $ 8,765,400 $ 15,717,865 $8,472,348 $ 63,050,631
Net realized gain
(loss) on security
transactions.......... 2,978,945 23,453,342 -- 13,266,646
Net realized gain
(loss) on futures
contracts............. -- -- -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 16,331,816 177,050,184 -- 395,646,380
-------------- ------------- ----------- -------------
Net increase
(decrease) in net
assets resulting
from operations..... 28,076,161 216,221,391 8,472,348 471,963,657
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income................ (8,765,400) (15,717,865) (8,472,348) (63,050,631)
Net realized gain on
security
transactions.......... -- (47,489,646) -- (36,509,652)
CAPITAL SHARE
TRANSACTIONS:
Proceeds from Fund
shares sold........... 102,339,072 249,203,734 553,048,584 93,483,246
Net asset value of Fund
shares issued upon
reinvestment of
dividends and capital
gains................. 8,765,400 63,207,511 8,472,348 99,560,283
Cost of Fund shares
redeemed.............. (99,732,160) (178,841,839) (572,203,317) (73,017,993)
-------------- ------------- ----------- -------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 11,372,312 133,569,406 (10,682,385) 120,025,536
-------------- ------------- ----------- -------------
Total increase
(decrease) in net
assets.............. 30,683,073 286,583,286 (10,682,385) 492,428,910
NET ASSETS:
Beginning of period.... 247,458,087 1,163,157,982 321,464,672 3,034,034,061
-------------- ------------- ----------- -------------
End of period.......... $278,141,160 $1,449,741,268 $310,782,287 $3,526,462,971
-------------- ------------- ----------- -------------
-------------- ------------- ----------- -------------
CHANGE IN CAPITAL SHARES
OUTSTANDING:
Shares sold............ 105,098,829 84,763,178 553,048,584 54,343,916
Shares issued upon
reinvestment of
dividends and capital
gains................. 9,077,589 22,717,761 8,472,348 59,720,053
Shares redeemed........ (102,540,686) (61,373,216) (572,203,317) (44,164,511)
-------------- ------------- ----------- -------------
Net increase (decrease)
in shares
outstanding........... 11,635,732 46,107,723 (10,682,385) 69,899,458
-------------- ------------- ----------- -------------
-------------- ------------- ----------- -------------
<FN>
* From Inception March 1, 1995 to June 30, 1995.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
106
<PAGE>
<TABLE>
<CAPTION>
HARTFORD U.S. HARTFORD HARTFORD HARTFORD HARTFORD
GOVERNMENT CAPITAL MORTGAGE HARTFORD INTERNATIONAL DIVIDEND
MONEY MARKET APPRECIATION SECURITIES INDEX OPPORTUNITIES AND GROWTH
FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC.
-------------------- ------------- ------------- ----------- ------------------ -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment
income................ $264,895 $ 7,222,943 $ 10,321,410 $ 2,378,004 $ 6,001,032 $1,373,666
Net realized gain
(loss) on security
transactions.......... -- 57,184,591 899,188 220,265 (7,908,035) 544,258
Net realized gain
(loss) on futures
contracts............. -- 9,102,534 39,780 2,993,376 -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ -- 159,125,647 19,469,603 27,169,453 22,344,726 10,072,952
----------- ------------- ------------- ----------- ------------------ -----------
Net increase
(decrease) in net
assets resulting
from operations..... 264,895 232,635,715 30,729,981 32,761,098 20,437,723 11,990,876
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income................ (264,895) (7,222,943) (10,321,410) (2,378,004) (6,001,032) (1,373,666)
Net realized gain on
security
transactions.......... -- (63,784,485) -- (65,176) (5,087,710) --
CAPITAL SHARE
TRANSACTIONS:
Proceeds from Fund
shares sold........... 1,654,018 470,596,756 11,590,165 65,849,259 32,584,888 52,377,825
Net asset value of Fund
shares issued upon
reinvestment of
dividends and capital
gains................. 264,895 71,007,428 10,321,410 2,443,180 11,088,742 1,321,716
Cost of Fund shares
redeemed.............. (1,908,200) (292,408,229) (29,942,360) (43,353,870) (35,796,916) (679,235)
----------- ------------- ------------- ----------- ------------------ -----------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 10,713 249,195,955 (8,030,785) 24,938,569 7,876,714 53,020,306
----------- ------------- ------------- ----------- ------------------ -----------
Total increase
(decrease) in net
assets.............. 10,713 410,824,242 12,377,786 55,256,487 17,225,695 63,637,516
NET ASSETS:
Beginning of period.... 9,619,299 1,158,643,638 304,146,567 157,660,372 563,765,103 55,065,517
----------- ------------- ------------- ----------- ------------------ -----------
End of period.......... 9,$630,012 $1,569,467,880 $316,524,353 $212,916,859 $580,990,798 $118,703,033
----------- ------------- ------------- ----------- ------------------ -----------
----------- ------------- ------------- ----------- ------------------ -----------
CHANGE IN CAPITAL SHARES
OUTSTANDING:
Shares sold............ 1,654,018 159,979,935 11,292,626 38,902,843 27,934,434 48,594,608
Shares issued upon
reinvestment of
dividends and capital
gains................. 264,895 26,034,952 10,060,930 1,445,436 9,633,822 1,219,782
Shares redeemed........ (1,908,200) (99,529,241) (29,347,435) (25,624,797) (31,018,718) (634,462)
----------- ------------- ------------- ----------- ------------------ -----------
Net increase (decrease)
in shares
outstanding........... 10,713 86,485,646 (7,993,879) 14,723,482 6,549,538 49,179,928
----------- ------------- ------------- ----------- ------------------ -----------
----------- ------------- ------------- ----------- ------------------ -----------
<CAPTION>
HARTFORD
INTERNATIONAL
ADVISERS
FUND, INC.*
-------------
<S> <C>
OPERATIONS:
Net investment
income................ $184,006
Net realized gain
(loss) on security
transactions.......... 19,841
Net realized gain
(loss) on futures
contracts............. --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ 513,975
-------------
Net increase
(decrease) in net
assets resulting
from operations..... 717,822
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income................ (184,006)
Net realized gain on
security
transactions.......... --
CAPITAL SHARE
TRANSACTIONS:
Proceeds from Fund
shares sold........... 13,938,728
Net asset value of Fund
shares issued upon
reinvestment of
dividends and capital
gains................. 27,618
Cost of Fund shares
redeemed.............. (90,187)
-------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 13,876,159
-------------
Total increase
(decrease) in net
assets.............. 14,409,975
NET ASSETS:
Beginning of period.... --
-------------
End of period.......... 14,$409,975
-------------
-------------
CHANGE IN CAPITAL SHARES
OUTSTANDING:
Shares sold............ 13,873,108
Shares issued upon
reinvestment of
dividends and capital
gains................. 26,151
Shares redeemed........ (233,361)
-------------
Net increase (decrease)
in shares
outstanding........... 13,665,898
-------------
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
107
<PAGE>
Hartford Mutual Funds
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
HARTFORD HARTFORD HVA
BOND STOCK MONEY MARKET
FUND, INC. FUND, INC. FUND, INC.
---------------- --------------- ---------------
<S> <C> <C> <C>
OPERATIONS:
Net investment
income................ $ 15,499,377 $ 23,456,619 $ 11,242,769
Net realized gain
(loss) on security
transactions.......... (15,502,624) 47,489,646 --
Net realized gain
(loss) on futures
contracts............. (1,484,713) -- --
Net realized gain
(loss) on options
contracts............. -- -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (8,713,699) (91,880,275) --
---------------- --------------- ---------------
Net increase (decrease)
in net assets
resulting from
operations............ (10,201,659) (20,934,010) 11,242,769
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income................ (15,499,377) (23,456,619) (11,242,769)
Net realized gain on
security
transactions.......... (4,467,655) (59,838,405) --
CAPITAL SHARE
TRANSACTIONS:
Proceeds from Fund
shares sold........... 321,606,810 491,044,914 1,169,307,801
Net asset value of Fund
shares issued upon
reinvestment of
dividends and capital
gains................. 19,967,032 83,295,024 11,242,769
Cost of Fund shares
redeemed.............. (303,548,769) (275,377,788) (1,093,173,662)
---------------- --------------- ---------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 38,025,073 298,962,150 87,376,908
---------------- --------------- ---------------
Total increase
(decrease) in net
assets.............. 7,856,382 194,733,116 87,376,908
NET ASSETS:
Beginning of period.... 239,601,705 968,424,866 234,087,764
---------------- --------------- ---------------
End of period.......... $ 247,458,087 $ 1,163,157,982 $ 321,464,672
---------------- --------------- ---------------
---------------- --------------- ---------------
CHANGE IN CAPITAL SHARES
OUTSTANDING:
Shares sold............ 324,129,384 170,123,593 1,169,307,801
Shares issued upon
reinvestment of
dividends and capital
gains................. 20,471,697 28,261,576 11,242,769
Shares redeemed........ (306,837,163) (95,662,565) (1,093,173,662)
---------------- --------------- ---------------
Net increase (decrease)
in shares
outstanding........... 37,763,918 102,722,604 87,376,908
---------------- --------------- ---------------
---------------- --------------- ---------------
<FN>
* From Inception, March 8, 1994, to December 31, 1994.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
108
<PAGE>
<TABLE>
<CAPTION>
HARTFORD
U.S. HARTFORD HARTFORD HARTFORD
HARTFORD GOVERNMENT CAPITAL MORTGAGE HARTFORD INTERNATIONAL
ADVISERS MONEY MARKET APPRECIATION SECURITIES INDEX OPPORTUNITIES
FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC. FUND, INC.
---------------- ------------ --------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment
income................ $ 95,563,451 $ 343,046 $ 3,956,139 $ 22,008,530 $ 3,760,674 $ 6,563,325
Net realized gain
(loss) on security
transactions.......... 36,509,652 -- 65,960,774 (18,809,782) 303,039 8,495,707
Net realized gain
(loss) on futures
contracts............. -- -- (2,071,865) (40,932) 60,051 --
Net realized gain
(loss) on options
contracts............. -- -- -- 26,563 -- --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (211,113,159) -- (40,815,773) (9,086,028) (2,407,858) (25,853,182)
---------------- ------------ --------------- -------------- ------------- -------------
Net increase (decrease)
in net assets
resulting from
operations............ (79,040,056) 343,046 27,029,275 (5,901,649) 1,715,906 (10,794,150)
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income................ (95,563,451) (343,046) (3,956,139) (22,008,530) (3,760,674) (6,563,325)
Net realized gain on
security
transactions.......... (75,830,481) -- (71,271,919) (1,593,324) -- --
CAPITAL SHARE
TRANSACTIONS:
Proceeds from Fund
shares sold........... 753,833,772 3,263,991 882,948,421 19,488,680 94,987,497 311,466,613
Net asset value of Fund
shares issued upon
reinvestment of
dividends and capital
gains................. 171,393,932 343,046 75,228,058 23,601,854 3,638,667 6,509,276
Cost of Fund shares
redeemed.............. (67,309,913) (3,437,141) (530,237,732) (74,638,761) (79,317,298) (18,461,122)
---------------- ------------ --------------- -------------- ------------- -------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 857,917,791 169,896 427,938,747 (31,548,227) 19,308,866 299,514,767
---------------- ------------ --------------- -------------- ------------- -------------
Total increase
(decrease) in net
assets.............. 607,483,803 169,896 379,739,964 (61,051,730) 17,264,098 282,157,292
NET ASSETS:
Beginning of period.... 2,426,550,258 9,449,403 778,903,674 365,198,297 140,396,274 281,607,811
---------------- ------------ --------------- -------------- ------------- -------------
End of period.......... $ 3,034,034,061 $ 9,619,299 $ 1,158,643,638 $ 304,146,567 $ 157,660,372 $563,765,103
---------------- ------------ --------------- -------------- ------------- -------------
---------------- ------------ --------------- -------------- ------------- -------------
CHANGE IN CAPITAL SHARES
OUTSTANDING:
Shares sold............ 449,571,900 3,263,991 310,435,654 18,922,336 61,853,526 257,732,430
Shares issued upon
reinvestment of
dividends and capital
gains................. 102,233,951 343,046 25,754,762 23,146,211 2,385,383 5,455,472
Shares redeemed........ (41,310,436) (3,437,141) (186,291,460) (72,966,325) (51,476,702) (15,397,114)
---------------- ------------ --------------- -------------- ------------- -------------
Net increase (decrease)
in shares
outstanding........... 510,495,415 169,896 149,898,956 (30,897,778) 12,762,207 247,790,788
---------------- ------------ --------------- -------------- ------------- -------------
---------------- ------------ --------------- -------------- ------------- -------------
<CAPTION>
HARTFORD
DIVIDEND AND GROWTH
FUND, INC.*
-------------------
<S> <C>
OPERATIONS:
Net investment
income................ $ 709,451
Net realized gain
(loss) on security
transactions.......... 68,307
Net realized gain
(loss) on futures
contracts............. --
Net realized gain
(loss) on options
contracts............. --
Net unrealized
appreciation
(depreciation) of
investments during the
period................ (900,465)
-------------------
Net increase (decrease)
in net assets
resulting from
operations............ (122,707)
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income................ (709,451)
Net realized gain on
security
transactions.......... (68,307)
CAPITAL SHARE
TRANSACTIONS:
Proceeds from Fund
shares sold........... 55,786,553
Net asset value of Fund
shares issued upon
reinvestment of
dividends and capital
gains................. 701,056
Cost of Fund shares
redeemed.............. (521,627)
-------------------
Net increase (decrease)
in net assets
resulting from capital
share transactions.... 55,965,982
-------------------
Total increase
(decrease) in net
assets.............. 55,065,517
NET ASSETS:
Beginning of period.... --
-------------------
End of period.......... $ 55,065,517
-------------------
-------------------
CHANGE IN CAPITAL SHARES
OUTSTANDING:
Shares sold............ 55,208,333
Shares issued upon
reinvestment of
dividends and capital
gains................. 696,988
Shares redeemed........ (512,536)
-------------------
Net increase (decrease)
in shares
outstanding........... 55,392,785
-------------------
-------------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
109
<PAGE>
HARTFORD MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
1. ORGANIZATION:
Hartford Bond Fund, Inc., Hartford Stock Fund, Inc., HVA Money Market Fund,
Inc., Hartford Advisers Fund, Inc., Hartford U.S. Government Money Market
Fund, Inc., Hartford Capital Appreciation Fund, Inc. (formerly Hartford
Aggressive Growth Fund, Inc.), Hartford Mortgage Securities Fund, Inc.,
Hartford Index Fund, Inc., Hartford International Opportunities Fund, Inc.,
Hartford Dividend and Growth Fund, Inc., and Hartford International Advisers
Fund, Inc. (the Funds) are organized under the laws of the State of Maryland
and are registered with the Securities and Exchange Commission (SEC) under
the Investment Company Act of 1940, as amended, as diversified open-ended
management investment companies.
Fund shares are made available to serve as the underlying investment media
of the variable annuity, variable life insurance and group pension contracts
issued by the affiliated life insurance company Separate Accounts of the ITT
Hartford Life Insurance Companies (Hartford Life Insurance Company, Hartford
Life and Accident Insurance Company and ITT Hartford Life and Annuity
Insurance Company.)
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the Funds,
which are in accordance with generally accepted accounting principles in the
investment company industry:
a) SECURITY TRANSACTIONS--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Security gains and
losses are determined on the basis of identified cost.
b) SECURITY VALUATION--Debt securities (other than short-term obligations)
are valued on the basis of valuations furnished by an unaffiliated pricing
service which determines valuations for normal institutional size trading
units of debt securities. Mortgage securities are valued at the bid price.
Short-term securities held in the HVA Money Market Fund, Inc. and the
Hartford U.S. Government Money Market Fund, Inc. are valued at amortized
cost or original cost plus accrued interest receivable, both of which
approximate market value. In the Hartford Advisers Fund, Inc., Hartford
Capital Appreciation Fund, Inc., Hartford Index Fund, Inc., Hartford Stock
Fund, Inc., Hartford Bond Fund, Inc., Hartford Mortgage Securities Fund,
Inc., Hartford International Opportunities Fund, Inc., Hartford Dividend
and Growth Fund, Inc., and Hartford International Advisers Fund, Inc.,
short-term investments with a maturity of 60 days or less when purchased
are valued at amortized cost, which approximates market value. Short-term
investments with a maturity of more than 60 days when purchased are valued
based on market quotations until the remaining days to maturity become
less than 61 days. From such time until maturity, the investments are
valued at amortized cost.
Equity securities are valued at the last sales price reported on principal
securities exchanges (domestic or foreign). If no sale took place on such
day and in the case of certain equity securities traded over-the-counter,
then such securities are valued at the mean between the bid and asked
prices. Securities quoted in foreign currencies are translated into U.S.
dollars at the current exchange rate. Options are valued at the last sales
price; if no sale took place on such day, then options are valued at the
mean between the bid and asked prices. Securities for which market
quotations are not readily available and all other assets are valued in
good faith at fair value by a person designated by the Funds' Board of
Directors.
c) FOREIGN CURRENCY TRANSACTIONS--The accounting records of the Funds are
maintained in U.S. dollars. All assets and liabilities initially expressed
in foreign currencies are converted into U.S. dollars at prevailing
exchange rates. Purchases and sales of investment securities, dividend and
interest income, and certain expenses are translated at the rates of
exchange prevailing on the respective dates of such transactions.
The funds do not isolate that portion of the results of operations
resulting from changes in the foreign exchange rates on investments from
the fluctuations arising from changes in the market prices of securities
held. Such fluctuations are included with the net realized and unrealized
gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales of foreign currencies, and the difference
between asset and liability amounts initially stated in foreign currencies
and the U.S. dollar value of the
110
<PAGE>
amounts actually received or paid. Net unrealized foreign exchange gains
or losses arise from changes in the value of portfolio securities and
other assets and liabilities at the end of the reporting period, resulting
from changes in the exchange rates.
d) REPURCHASE TRANSACTIONS--A repurchase agreement is an agreement by which
the seller of a security agrees to repurchase the security sold at a
mutually agreed upon time and price. At the time the Funds enter into a
repurchase agreement, the value of the underlying collateral
security(ies), including accrued interest, will be equal to or exceed the
value of the repurchase agreement and, in the case of repurchase
agreements exceeding one day, the value of the underlying security(ies),
including accrued interest, is required during the term of the agreement
to be equal to or exceed the value of the repurchase agreement. Securities
which serve to collateralize the repurchase agreement are held by each
Fund's custodian in book entry or physical form in the custodial account
of the Fund. Repurchase agreements are valued at cost plus accrued
interest receivable.
e) JOINT TRADING ACCOUNT--Pursuant to an exemptive order issued by the
Securities and Exchange Commission, the Funds may transfer uninvested cash
balances into a joint trading account managed by Hartford Investment
Management Company (HIMCO). These balances may be invested in one or more
repurchase agreements and/or short-term money market instruments.
f) FUTURES, OPTIONS ON FUTURES AND OPTIONS ACCOUNTING PRINCIPLES--The Funds
enter into futures contracts to retain their cash balance and yet be fully
exposed to the market thereby providing the liquidity necessary to
accommodate redemptions while at the same time providing shareholders the
investment return of a fully invested portfolio. A futures contract is an
agreement between two parties to buy and sell a security for a set price
on a future date. When the funds enter into such contracts, they are
required to deposit with their custodian an amount of "initial margin" of
cash or U.S. Treasury bills. Subsequent payments, called maintenance
margin, to and from the broker, are made on a daily basis as the price of
the underlying debt security fluctuates, making the long and short
positions in the futures contract more or less valuable (i.e.,
mark-to-market), which results in an unrealized gain or loss to the Funds.
The current market value of a traded futures contract is the last sale
price or, in the absence of a last sale price, the last offering price or,
in the absence of either of these prices, fair value is determined
according to procedures established by the Funds' Board of Directors.
At any time prior to expiration of the futures contract, the Funds may
close the position by taking an opposite position which would operate to
terminate the position in the futures contract. A final determination of
maintenance margin is then made, additional cash is required to be paid by
or released to the Funds and the Funds realize a gain or loss.
The premium paid by the Fund for the purchase of a call or put option is
included in the Fund's Statement of Net Assets as an investment and
subsequently "marked to market" to reflect the current market value of the
option purchased. If an option which the Fund has purchased expires on its
stipulated expiration date, the Fund realizes a loss in the amount of the
cost of the option. If the Fund enters into a closing transaction, it
realizes a gain or loss, depending on whether the proceeds from the sale
are greater or less than the cost of the option. If the Fund exercises a
put option, it realizes a gain or loss from the sale of the underlying
security and the proceeds from such sale will be decreased by the premium
originally paid. If the Fund exercises a call option, the cost of the
security which the Fund purchases upon exercise will be increased by the
premium originally paid.
g) FEDERAL INCOME TAXES--For Federal income tax purposes, the Funds intend
to continue to qualify as regulated investment companies under Subchapter
M of the Internal Revenue Code by distributing substantially all of their
taxable income to their shareholders or otherwise complying with the
requirements for regulated investment companies. Accordingly, no provision
for Federal income taxes has been made.
h) FUND SHARE VALUATION AND DIVIDEND DISTRIBUTIONS TO SHAREHOLDERS--Orders
for the Fund's shares are executed in accordance with the investment
instructions of the contract owners. Dividend income is accrued as of the
ex-dividend date. Interest income and expenses are accrued on a daily
basis. The net asset value of the Fund's shares is determined as of the
close of each business day of the New York Stock Exchange (the Exchange).
Orders for the purchase of the Funds' shares received prior to the close
of the Exchange on any day on which the fund is open for business are
priced at
111
<PAGE>
HARTFORD MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
the per-share net asset value determined as of the close of the Exchange.
Orders received after the close of the Exchange, or on a day on which the
Exchange and/or the Fund is not open for business, are priced at the
per-share net asset value next determined.
Dividends are declared by the Funds' Board of Directors based upon the
investment performance of the respective Funds. The policy with respect to
the Hartford Bond Fund, Inc., Hartford Stock Fund, Inc., Hartford Advisers
Fund, Inc., Hartford Capital Appreciation Fund, Inc., Hartford Mortgage
Securities Fund, Inc., Hartford Index Fund, Inc., Hartford International
Opportunities Fund, Inc., Hartford Dividend and Growth Fund, Inc., and
Hartford International Advisers Fund, Inc., is to distribute dividends
from net investment income monthly and distribute realized capital gains,
if any, annually.
The HVA Money Market Fund, Inc. and the Hartford U.S. Government Money
Market Fund, Inc. seek to maintain a stable net asset value per share of
$1.00 by declaring a daily dividend from net investment income, including
net short-term capital gains and losses, and by valuing their investments
using the amortized cost method. Dividends are distributed monthly.
i) RESTRICTED SECURITIES--The following securities are restricted for sale
to qualified institutional investors.
<TABLE>
<CAPTION>
PAR ACQUISITION MARKET % OF
FUND SECURITY VALUE DATE COST VALUE NET ASSETS
- ---------- ------------------------------------ ------------- ---------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
Stock Autotote Corp
5.500% due 8/15/01................ $ 16,000,000 8/13/93 $ 16,000,000 $ 4,305,520 0.3%
Advisers Autotote Corp
5.500% due 8/15/01................ $ 24,000,000 8/13/93 $ 24,000,000 $ 6,458,280 0.2%
</TABLE>
j) FOREIGN CURRENCY CONTRACTS--As of June 30, 1995, the Hartford
International Opportunities Fund, Inc., Hartford Capital Appreciation
Fund, Inc. and Hartford International Advisers Fund, Inc., have entered
into forward foreign currency exchange contracts that obligate the Funds
to repurchase currencies at specified future dates. The Funds enter into
forward foreign currency contracts to manage currency exchange rate risk.
Forward contracts involve elements of market risk in excess of the amount
reflected in the Statement of Net Assets. The Fund bears the risk of an
unfavorable change in the foreign exchange rate underlying the forward
contract.
3. EXPENSES:
a) INVESTMENT MANAGEMENT AND ADVISORY AGREEMENTS--The Hartford Investment
Management Company (HIMCO), a wholly-owned subsidiary of Hartford Life
Insurance Company (HL) provides investment management and supervision for
Hartford Stock Fund, Inc., Hartford Advisers Fund, Inc., Hartford Capital
Appreciation Fund, Inc., Hartford International Opportunities Fund, Inc.,
Hartford Dividend and Growth Fund, Inc., and Hartford International
Advisers, Fund, Inc., pursuant to an Investment Management Agreement,
which was approved by each Fund's Board of Directors and shareholders.
HIMCO also serves as investment adviser to Hartford Bond Fund, Inc., HVA
Money Market Fund, Inc., Hartford U.S. Government Money Market Fund, Inc.,
Hartford Mortgage Securities Fund, Inc., and Hartford Index Fund, Inc.
pursuant to an Agreement, which was approved by each Fund's Board of
Directors and shareholders. The annual fees paid to HIMCO are .25% of the
average daily net assets for the HVA Money Market Fund, Inc., Hartford
U.S. Government Money Market Fund, Inc. and Hartford Mortgage Securities
Fund, Inc., and .20% of the average daily net assets for the Hartford
Index Fund, Inc.
112
<PAGE>
The schedule below reflects the rates of compensation paid to HIMCO for
services rendered:
<TABLE>
<CAPTION>
HARTFORD BOND FUND, INC.
AND HARTFORD STOCK FUND, INC.
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------------------ ------------
<S> <C>
On first $250 million .325%
On next $250 million .300
On next $500 million .275
Over $1 billion .250
<CAPTION>
HARTFORD ADVISERS FUND, INC.,
HARTFORD CAPITAL APPRECIATION FUND, INC.,
HARTFORD INTERNATIONAL OPPORTUNITIES FUND, INC.,
HARTFORD DIVIDEND AND GROWTH FUND, INC.
AND HARTFORD INTERNATIONAL ADVISERS FUND, INC.
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------------------ ------------
<S> <C>
On first $250 million .575%
On next $250 million .525
On next $500 million .475
Over $1 billion .425
</TABLE>
For the Hartford International Advisers Fund, Inc., HIMCO has agreed to
waive its fees until its assets (excluding assets contributed by companies
affiliated with HIMCO) reach $20 million.
Wellington Management Company (Wellington), under a Sub-Investment
Advisory Agreement with HIMCO, furnishes an investment program to HIMCO,
for utilization by HIMCO in rendering services to the Hartford Stock Fund,
Inc., Hartford Advisers Fund, Inc., Hartford Capital Appreciation Fund,
Inc., Hartford International Opportunities Fund, Inc., Hartford Dividend
and Growth Fund, Inc. and Hartford International Advisers Fund, Inc.
Wellington determines the purchase and sale of portfolio securities and
places such orders for execution, in the name of the respective Fund. In
conjunction with such activities, Wellington regularly furnishes reports
to the Funds' Board of Directors concerning economics forecasts,
investment strategy, portfolio activity and performance of the Funds.
b) ADMINISTRATIVE SERVICES AGREEMENT--Under the Administrative Services
Agreement between HL and each of the Funds, HL provides administrative
services to the Funds and receives monthly compensation at the annual rate
of .175% of each Fund's average daily net assets. The Funds assume and pay
certain other expenses (including, but not limited to, shareholder
accounting, state taxes and directors' fees). Directors' fees represent
remuneration paid or accrued to directors not affiliated with HL or any
other related company.
c) OPERATING EXPENSES--Allocable expenses of the Funds are charged to each
fund based on the ratio of the net assets of each fund to the combined net
assets of the Funds. Nonallocable expenses are charged to each fund based
on specific identification.
4. UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS:
The aggregate gross unrealized appreciation on all investments where there
was an excess of value over tax cost, the aggregate gross unrealized
depreciation of investments where there was an excess of tax cost over value
and the net unrealized appreciation (depreciation) on investments as of June
30, 1995, were as follows:
<TABLE>
<CAPTION>
AGGREGATE GROSS AGGREGATE GROSS NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
APPRECIATION (DEPRECIATION) (DEPRECIATION)
--------------- --------------- --------------
<S> <C> <C> <C>
Hartford Bond Fund, Inc. $ 9,434,395 $ 472,946 $ 8,961,449
Hartford Stock Fund, Inc. 237,241,061 29,536,862 207,704,199
Hartford Advisers Fund, Inc. 389,650,996 52,018,173 337,632,823
Hartford Capital Appreciation Fund, Inc. 250,599,759 63,329,304 187,270,455
Hartford Mortgage Securities Fund, Inc. 7,385,597 1,820,924 5,564,673
Hartford Index Fund, Inc. 46,087,542 2,239,990 43,847,552
</TABLE>
113
<PAGE>
HARTFORD MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
AGGREGATE GROSS AGGREGATE GROSS NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
APPRECIATION (DEPRECIATION) (DEPRECIATION)
--------------- --------------- --------------
<S> <C> <C> <C>
Hartford International Opportunities Fund, Inc. 58,528,422 21,685,729 36,842,693
Hartford Dividend and Growth Fund, Inc. 10,066,472 562,160 9,504,312
Hartford International Advisers Fund, Inc. 695,929 167,390 528,539
</TABLE>
5. EQUITY OF AFFILIATES:
a) HARTFORD DIVIDEND AND GROWTH FUND, INC.--Hartford Accident & Indemnity
Insurance Company has ownership of 3,000,000 shares of Hartford Dividend
and Growth Fund, Inc. representing 2.9% of the total outstanding shares of
the Fund as of June 30, 1995.
b) HARTFORD INTERNATIONAL ADVISERS FUND, INC.--Hartford Life Insurance has
ownership of 10,000,000 shares of Hartford International Advisers Fund,
Inc. representing 73.2% of the total outstanding shares of the Fund as of
June 30, 1995.
c) At June 30, 1995, certain Hartford Life Insurance Company group pension
contracts held direct interest in shares as follows:
<TABLE>
<CAPTION>
PERCENT OF
TOTAL
SHARES SHARES
------------ -----------
<S> <C> <C>
Hartford Stock Fund, Inc.......................................................................... 69,427 0.02%
Hartford Advisers Fund, Inc....................................................................... 11,223,184 0.57%
Hartford Capital Appreciation Fund, Inc........................................................... 7,595,736 1.55%
Hartford Mortgage Securities Fund, Inc............................................................ 14,899,363 4.95%
Hartford Index Fund, Inc.......................................................................... 10,243,867 8.66%
Hartford International Opportunities Fund, Inc.................................................... 5,340,616 1.10%
</TABLE>
6. INVESTMENT TRANSACTIONS:
Investment transactions (excluding short-term investments) for the six
months ended June 30, 1995, were as follows:
<TABLE>
<CAPTION>
PURCHASES AT SALES AT
COST PROCEEDS
---------------- ----------------
<S> <C> <C>
Hartford Bond Fund, Inc................................................................. $ 304,261,221 $ 278,793,382
Hartford Stock Fund, Inc................................................................ 450,059,862 358,702,877
Hartford Advisers Fund, Inc............................................................. 1,409,917,053 1,333,334,706
Hartford Capital Appreciation Fund, Inc................................................. 594,807,077 493,791,367
Hartford Mortgage Securities Fund, Inc.................................................. 837,105,177 838,915,216
Hartford Index Fund, Inc................................................................ 34,028,483 1,780,092
Hartford International Opportunities Fund, Inc.......................................... 132,239,755 115,673,082
Hartford Dividend and Growth Fund, Inc.................................................. 71,913,408 21,414,555
Hartford International Advisers, Fund, Inc.............................................. 14,104,902 1,390,694
</TABLE>
114
<PAGE>
HARTFORD MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<PAGE>
HARTFORD MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
NET REALIZED
AND
NET ASSET UNREALIZED
VALUE AT NET GAINS OR TOTAL FROM
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT
OF PERIOD INCOME INVESTMENTS OPERATIONS
----------- ------------- ------------ -----------
<S> <C> <C> <C> <C>
HARTFORD BOND FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... $ 0.926 $ 0.032 $ 0.071 0.103
For the Year Ended
December 31, 1994..... 1.044 0.060 (0.100) (0.040)
1993................... 1.024 0.062 0.039 0.101
1992................... 1.061 0.074 (0.019) 0.055
1991................... 0.979 0.072 0.082 0.154
1990................... 0.976 0.075 0.003 0.078
HARTFORD STOCK FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 2.801 0.036 0.455 0.491
For the Year Ended
December 31, 1994..... 3.099 0.061 (0.111) (0.050)
1993................... 2.965 0.053 0.339 0.392
1992................... 2.927 0.051 0.219 0.270
1991................... 2.452 0.059 0.532 0.591
1990................... 2.775 0.070 (0.179) (0.109)
HVA MONEY MARKET FUND,
INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 1.000 0.029 -- 0.029
For the Year Ended
December 31, 1994..... 1.000 0.039 -- 0.039
1993................... 1.000 0.029 -- 0.029
1992................... 1.000 0.036 -- 0.036
1991................... 1.000 0.059 -- 0.059
1990................... 1.000 0.078 -- 0.078
HARTFORD ADVISERS FUND,
INC.
For the Six Months Ended
June 30, 1995
(Unaudited)............ 1.600 0.033 0.213 0.246
For the Year Ended
December 31, 1994..... 1.752 0.054 (0.099) (0.045)
1993................... 1.676 0.050 0.145 0.195
1992................... 1.649 0.059 0.070 0.129
1991................... 1.436 0.063 0.223 0.286
1990................... 1.543 0.074 (0.059) 0.015
HARTFORD U.S. GOVERNMENT
MONEY MARKET FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 1.000 0.027 -- 0.027
For the Year Ended
December 31, 1994..... 1.000 0.036 -- 0.036
1993................... 1.000 0.027 -- 0.027
1992................... 1.000 0.032 -- 0.032
1991................... 1.000 0.055 -- 0.055
1990................... 1.000 0.073 -- 0.073
HARTFORD CAPITAL
APPRECIATION FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 2.860 0.016 0.488 0.504
For the Year Ended
December 31, 1994..... 3.052 0.011 0.070 0.081
1993................... 2.634 0.003 0.526 0.529
1992................... 2.607 0.008 0.388 0.396
1991................... 1.709 0.021 0.898 0.919
1990................... 2.020 0.029 (0.246) (0.217)
HARTFORD MORTGAGE
SECURITIES FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 0.984 0.034 0.068 0.102
For the Year Ended
December 31, 1994..... 1.075 0.068 (0.085) (0.017)
1993................... 1.079 0.071 (0.004) 0.067
1992................... 1.115 0.086 (0.036) 0.050
1991................... 1.054 0.088 0.061 0.149
1990................... 1.045 0.087 0.009 0.096
HARTFORD INDEX FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 1.522 0.022 0.279 0.301
For the Year Ended
December 31, 1994..... 1.546 0.038 (0.024) 0.014
1993................... 1.450 0.035 0.096 0.131
1992................... 1.390 0.033 0.060 0.093
1991................... 1.134 0.036 0.294 0.330
1990................... 1.220 0.037 (0.086) (0.049)
HARTFORD INTERNATIONAL
OPPORTUNITIES FUND,
INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 1.176 0.012 0.030 0.042
For the Year Ended
December 31, 1994..... 1.215 0.016 (0.040) (0.024)
1993................... 0.917 0.009 0.298 0.307
1992................... 0.973 0.013 (0.056) (0.043)
1991................... 0.871 0.011 0.102 0.113
1990(1)................ 1.000 0.015 (0.129) (0.114)
HARTFORD DIVIDEND AND
GROWTH FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 1.000 0.017 0.136 0.153
From inception March 8,
1994 through December
31, 1994.............. 1.000 0.024 (0.005) 0.019
HARTFORD INTERNATIONAL
ADVISERS, INC.
From inception March 1,
1995 through June 30,
1995 (Unaudited)...... 1.000 0.016 0.054 0.070
<FN>
(1) From Effective Date (July 2, 1990) to December 31, 1990.
(2) Annualized.
(3) Management fees have been waived until assets (excluding assets contributed
by companies affiliated with HIMCO) reach $20 million. The ratio of
operating expenses to average net assets would have been higher if
management fees were not waived. The ratio of net investment income to
average net assets would have been lower if management fees were not
waived.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
116
<PAGE>
<TABLE>
<CAPTION>
NET ASSETS RATIO OF
DIVIDENDS NET INCREASE NET ASSET AT END OF OPERATING
FROM NET DISTRIBUTIONS (DECREASE) VALUE AT PERIOD EXPENSES
INVESTMENT FROM REALIZED IN END TOTAL (IN TO AVERAGE
INCOME CAPITAL GAINS NET ASSETS OF PERIOD RETURN THOUSANDS) NET ASSETS(2)
---------- ------------- ------------ ----------- --------- ------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
HARTFORD BOND FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... $ (0.032) $ -- 0.071 $ 0.997 11.35% $ 278,141 0.53 %
For the Year Ended
December 31, 1994..... (0.060) (0.018) (0.118) 0.926 (3.95) 247,458 0.55
1993................... (0.062) (0.019) 0.020 1.044 10.24 239,602 0.57
1992................... (0.074) (0.018) (0.037) 1.024 5.53 128,538 0.64
1991................... (0.072) -- 0.082 1.061 16.43 97,377 0.66
1990................... (0.075) -- 0.003 0.979 8.39 70,915 0.67
HARTFORD STOCK FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.036) (0.113) 0.342 3.143 18.27 1,449,741 0.48
For the Year Ended
December 31, 1994..... (0.061) (0.187) 0.298 2.801 (1.89) 1,163,158 0.50
1993................... (0.053) (0.205) 0.134 3.099 14.34 968,425 0.53
1992................... (0.051) (0.181) 0.038 2.965 10.04 569,903 0.57
1991................... (0.059) (0.057) 0.475 2.927 24.58 406,489 0.60
1990................... (0.070) (0.144) (0.323) 2.452 (3.87) 257,553 0.66
HVA MONEY MARKET FUND,
INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.029) -- -- 1.000 2.90 310,782 0.45
For the Year Ended
December 31, 1994..... (0.039) -- -- 1.000 3.95 321,465 0.47
1993................... (0.029) -- -- 1.000 2.94 234,088 0.48
1992................... (0.036) -- -- 1.000 3.63 190,246 0.53
1991................... (0.059) -- -- 1.000 6.01 177,483 0.54
1990................... (0.078) -- -- 1.000 8.09 194,462 0.57
HARTFORD ADVISERS FUND,
INC.
For the Six Months Ended
June 30, 1995
(Unaudited)............ (0.033) (0.019) 0.194 1.794 15.65 3,526,463 0.65
For the Year Ended
December 31, 1994..... (0.054) (0.052) (0.151) 1.600 (2.74) 3,034,034 0.65
1993................... (0.050) (0.069) 0.076 1.752 12.25 2,426,550 0.69
1992................... (0.059) (0.043) 0.027 1.676 8.30 985,747 0.78
1991................... (0.063) (0.010) 0.213 1.649 20.33 631,424 0.81
1990................... (0.074) (0.048) (0.107) 1.436 1.26 416,839 0.89
HARTFORD U.S. GOVERNMENT
MONEY MARKET FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.027) -- -- 1.000 2.77 9,630 0.60
For the Year Ended
December 31, 1994..... (0.036) -- -- 1.000 3.67 9,619 0.58
1993................... (0.027) -- -- 1.000 2.68 9,449 0.58
1992................... (0.032) -- -- 1.000 3.22 10,525 0.75
1991................... (0.055) -- -- 1.000 5.61 11,257 0.73
1990................... (0.073) -- -- 1.000 7.52 10,496 0.73
HARTFORD CAPITAL
APPRECIATION FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.016) (0.156) 0.332 3.192 18.66 1,569,468 0.69
For the Year Ended
December 31, 1994..... (0.011) (0.262) (0.192) 2.860 2.50 1,158,644 0.72
1993................... (0.003) (0.108) 0.418 3.052 20.80 778,904 0.76
1992................... (0.008) (0.361) 0.027 2.634 16.98 300,373 0.87
1991................... (0.021) -- 0.898 2.607 53.99 158,046 0.92
1990................... (0.029) (0.065) (0.311) 1.709 (10.90) 56,032 0.96
HARTFORD MORTGAGE
SECURITIES FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.034) -- 0.068 1.052 10.45 316,524 0.47
For the Year Ended
December 31, 1994..... (0.068) (0.005) (0.090) 0.984 (1.61) 304,147 0.48
1993................... (0.071) -- (0.004) 1.075 6.31 365,198 0.49
1992................... (0.086) -- (0.036) 1.079 4.64 258,711 0.56
1991................... (0.088) -- 0.061 1.115 14.71 162,484 0.58
1990................... (0.087) -- 0.009 1.054 9.70 105,620 0.58
HARTFORD INDEX FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.022) (0.001) 0.278 1.800 19.81 212,917 0.42
For the Year Ended
December 31, 1994..... (0.038) -- (0.024) 1.522 0.94 157,660 0.45
1993................... (0.035) -- 0.096 1.546 9.12 140,396 0.49
1992................... (0.033) -- 0.060 1.450 6.82 82,335 0.60
1991................... (0.036) (0.038) 0.256 1.390 29.53 47,770 0.67
1990................... (0.037) -- (0.086) 1.134 (3.99) 26,641 0.91
HARTFORD INTERNATIONAL
OPPORTUNITIES FUND,
INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.012) (0.011) 0.019 1.195 3.72 580,991 0.86
For the Year Ended
December 31, 1994..... (0.016) -- (0.040) 1.176 (1.94) 563,765 0.85
1993................... (0.009) -- 0.298 1.215 33.73 281,608 1.00
1992................... (0.013) -- (0.056) 0.917 (4.43) 47,560 1.23
1991................... (0.011) -- 0.102 0.973 13.00 22,854 1.24
1990(1)................ (0.015) -- (0.129) 0.871 (11.76) 9,352 1.04
HARTFORD DIVIDEND AND
GROWTH FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... (0.017) (0.001) 0.135 1.135 16.04 118,703 0.80
From inception March 8,
1994 through December
31, 1994.............. (0.024) (0.001) (0.006) 0.994 1.96 55,066 0.83
HARTFORD INTERNATIONAL
ADVISERS, INC.
From inception March 1,
1995 through June 30,
1995 (Unaudited)...... (0.016) -- 0.054 1.054 7.03 14,410 0.63 (3)
<CAPTION>
RATIO OF
NET
INVESTMENT
INCOME PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS(2) RATE
----------------- ------------
<S> <C> <C>
HARTFORD BOND FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 6.65% 113.7%
For the Year Ended
December 31, 1994..... 6.23 328.8
1993................... 5.93 494.3
1992................... 7.21 434.1
1991................... 7.29 337.0
1990................... 7.82 161.6
HARTFORD STOCK FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 2.42 28.8
For the Year Ended
December 31, 1994..... 2.17 63.8
1993................... 1.86 69.0
1992................... 1.90 69.8
1991................... 2.14 24.3
1990................... 2.76 20.2
HVA MONEY MARKET FUND,
INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 5.75 --
For the Year Ended
December 31, 1994..... 3.99 --
1993................... 2.91 --
1992................... 3.60 --
1991................... 5.88 --
1990................... 7.80 --
HARTFORD ADVISERS FUND,
INC.
For the Six Months Ended
June 30, 1995
(Unaudited)............ 3.85 42.6
For the Year Ended
December 31, 1994..... 3.34 60.0
1993................... 3.07 55.3
1992................... 3.55 72.8
1991................... 4.13 42.1
1990................... 4.65 35.7
HARTFORD U.S. GOVERNMENT
MONEY MARKET FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 5.49 --
For the Year Ended
December 31, 1994..... 3.63 --
1993................... 2.65 --
1992................... 3.19 --
1991................... 5.48 --
1990................... 7.29 --
HARTFORD CAPITAL
APPRECIATION FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 1.08 41.1
For the Year Ended
December 31, 1994..... 0.40 73.3
1993................... 0.12 91.4
1992................... 0.36 100.3
1991................... 0.92 107.2
1990................... 1.58 51.8
HARTFORD MORTGAGE
SECURITIES FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 6.61 279.6
For the Year Ended
December 31, 1994..... 6.65 365.7
1993................... 6.49 183.4
1992................... 7.96 277.2
1991................... 8.25 152.2
1990................... 8.42 85.6
HARTFORD INDEX FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 2.60 1.1
For the Year Ended
December 31, 1994..... 2.50 1.8
1993................... 2.36 0.8
1992................... 2.48 1.2
1991................... 2.89 6.7
1990................... 3.27 25.5
HARTFORD INTERNATIONAL
OPPORTUNITIES FUND,
INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 2.12 22.5
For the Year Ended
December 31, 1994..... 1.42 46.4
1993................... 0.84 31.8
1992................... 1.40 25.1
1991................... 1.17 24.7
1990(1)................ 2.65 3.0
HARTFORD DIVIDEND AND
GROWTH FUND, INC.
For the Six Months
Ended June 30, 1995
(Unaudited)........... 3.31 26.7
From inception March 8,
1994 through December
31, 1994.............. 3.52 27.8
HARTFORD INTERNATIONAL
ADVISERS, INC.
From inception March 1,
1995 through June 30,
1995 (Unaudited)...... 4.66 (3) 12.0
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
117
<PAGE>
CALVERT RESPONSIBLY INVESTED
BALANCED PORTFOLIO
FINANCIAL STATEMENTS AND NOTES
<PAGE>
INVESTMENT REVIEW - CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
FORMERLY CALVERT SOCIALLY RESPONSIBLE SERIES
JUNE 30, 1995
Both stocks and bonds rallied during the six months ended June 30, 1995, as
measured by broad market indicators.
The markets advanced as investors realized that the slowing pace of economic
growth made further interest rate hikes unlikely and a cut even possible. In
general, U.S. companies continued to post strong earnings, which also worked to
drive stock prices higher. Large-capitalization growth stocks led the rally.
The best performing stock market sectors included technology, health care and
financial services.
Shortly after the close of this reporting period, the Federal Reserve moved to
lower rates by reducing its target for the federal funds rate (the rate banks
charge each other) from 6% to 5.75%.
In seeking to provide investors with consistently competitive returns, the
Board of Directors selected a different investment manager. In February, NCM
Capital assumed responsibility for managing the equity portion of the Portfolio
and Calvert Asset Management Company assumed responsibility for managing the
Portfolio's fixed-income assets. U.S. Trust Company of Boston was the previous
investment manager.
The CRI Balanced Portfolio returned 17.35% for the six months ended June 30,
1995. This return compares favorably to the 13.72% return of the Lipper
Balanced Funds Average.
The Portfolio's above-average gain was due to substantial equity investments in
the better performing market sectors, including technology, financials,
consumer staples and capital goods. In addition, our holdings of major foreign
growth stocks, such as Ericsson and Philips, also contributed positive returns.
The fixed-income portion also made a strong contribution as we quickly brought
the Portfolio's duration out to a position longer than that of the benchmarks.
In addition, we added positions in corporate bonds, which enhanced Portfolio
diversification and boosted yields.
We are now adding to our exposure to cyclical stocks, as this area of the
market looks to be gathering momentum. As prices of technology stocks have
enjoyed an extended rally, the risk of a slowdown in this sector is high. We
will remain market-weighted in this sector. Financial and capital goods stocks
continue to show promise.
As of this writing, the stock market is giving back a little of the ground it
had gained during its long, previously uninterrupted rally. Bond markets have
corrected to a greater extent. This degree of volatility is to be expected, and
serves to remind investors that the markets typically don't go up in a straight
line. Despite such corrections, our outlook for the remainder of 1995 is one of
cautious optimism.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CRI BALANCED S&P 500 90-DAY T-BILL LEHMAN AGGREGATE BOND
<S> <C> <C> <C> <C>
9/1/86 10,000 10,000 10,000 10,000
1986 9,680 9,667 10,181 10,223
1987 10,336 10,175 10,782 10,505
1988 11,551 11,860 11,521 11,334
1989 13,941 15,611 12,492 12,981
1990 14,523 15,126 13,459 14,144
1991 16,905 19,724 14,196 16,407
1992 18,192 21,225 14,690 17,621
1993 19,647 23,360 15,137 19,339
1994 18,999 23,665 15,789 18,774
6/30/95 22,299 28,443 16,250 20,922
</TABLE>
119
<PAGE>
Acacia Capital Corporation
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Principal Principal
Amount Value Ratings (1) Amount Value Ratings (1)
---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C>
CORPORATE DEBT -- (10.7%)
AMR Corp., 9.82%, 3/7/01...... $ 525,000 $ 586,084 Baa3/BB+
BellSouth Savings, 9.19%,
7/1/03...................... 404,118 445,257 Aa1/AAA
BellSouth Telecommunications,
6.25%, 5/15/03.............. 500,000 491,425 Aaa/AAA
Chugach Elec Assn., Inc.,
9.14%, 3/15/22.............. 1,000,000 1,122,530 A3/A
CIT Group Hldgs, Inc., 6.11%,
5/11/98..................... 3,000,000 2,976,243 AA3/A+
Liberty Mutual Capital Corp.,
7.90%, 3/14/03.............. 500,000 520,033 A1/AA
Nationsbank Corp., 5.375%,
12/1/95..................... 1,000,000 997,500 A2/A
Payless Cashways, Inc.,
9.125%, 4/15/03............. 250,000 193,750 Ba3/B+
Polaroid Corp., 8.00%,
3/15/99..................... 250,000 260,663 Baa3/BBB+
Potomac Electric Power Co.,
6.70%, 5/28/97.............. 500,000 503,456 A2/A-
United Dominion Realty Trust,
Inc., 8.50%, 9/15/24........ 1,200,000 1,302,180 Baa1/BBB+
-----------
Total Corporate Debt (Cost
$9,282,079)................. 9,399,130
-----------
MUNICIPAL OBLIGATIONS -- (6.8%)
Conneaut, Pennsylvania School
District, 6.55% 11/1/03,
Ambac Insured............... 350,000 345,548 Aaa/AAA
Georgia State, 3.25%, 7/1/14.. 2,000,000 1,413,640 Aaa/AA+
Illinois Housing Development
Authority, 8.35%, 8/1/26.... 1,000,000 1,036,250 Aa/AA
New York State Environmental
General Obligation Bonds,
7.65%, 5/1/99............... 550,000 559,735 A/A-
New York State, Job
Development Authority,
7.70%, 3/1/03............... 500,000 516,525 A/NR
Richmond County, Georgia
Development Authority, Zero
Coupon, 12/1/21............. 4,810,000 790,956 AAA
San Diego County, General
Obligation Bonds, Series A,
6.38%, 8/15/03.............. 750,000 692,933 A/A+
University of Maryland Systems
Facility & Tuition Revenue
Bonds, Series B, 6.95%,
4/1/11...................... 670,000 642,108 Aa/AA+
-----------
Total Municipal Obligations
(Cost $6,073,760)........... 5,997,695
-----------
REPURCHASE AGREEMENTS, FOR DEPOSIT AT COST,
COLLATERALIZED BY SECURITIES ISSUED OR GUARANTEED
BY THE U.S. GOVERNMENT -- (8.8%)
Prudential Securities, Inc.,
6.08%, dated 6/30/95, due
7/5/95 ($7,911,171, FHLMC
Bond, 9.00%, 6/1/25)........ $7,700,000 $ 7,700,000
-----------
Total Repurchase Agreements
(Cost $7,700,000)........... 7,700,000
-----------
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES -- (20.1%)
Federal Home Loan Mortgage
Corp., 5.87%, 7/7/95........ 2,000,000 1,998,696
Federal Home Loan Mortgage
Corp., 6.00%, 12/15/19...... 1,000,000 968,450
Federal Home Loan Mortgage
Corp., 6.50%, 8/15/21....... 1,000,000 983,750
Federal National Mortgage
Assn., 6.00%, 9/5/95........ 2,700,000 2,671,200
Federal National Mortgage
Assn., 5.90%, 9/11/95....... 1,000,000 988,508
Federal National Mortgage
Assn., 8.00%, 3/15/00....... 1,000,000 1,011,980
Federal National Mortgage
Assn., 5.49%, 10/2/03....... 1,000,000 932,870
Federal National Mortgage
Assn., 7.00%, 12/25/19...... 1,000,000 982,810
Federal National Mortgage
Assn., 6.50%, 12/25/23...... 1,000,000 954,290
Federal National Mortgage
Assn., 7.93%, 2/14/25....... 3,000,000 3,340,380
Small Business Administration,
8.05%, 6/1/12............... 885,761 931,776
U.S. Department of Veteran
Affairs, 8.00%, 7/15/18..... 1,000,000 1,077,700
WNH Ltd Partnership, 9.40%,
10/1/99..................... 705,000 753,955
-----------
Total U.S. Government Agencies
and Instrumentalities (Cost
$16,911,002)................ 17,596,365
-----------
OTHER DEBT -- (1.4%)
Puget Power Consv., 6.45%,
4/11/05..................... 1,000,000 995,051 Aa2/AAA
South Africa Republic, 9.625%,
12/15/99.................... 250,000 259,375 Baa3/BB
-----------
Total Other Debt (Cost
$1,244,588)................. 1,254,426
-----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
120
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE SHARES VALUE
------- ---------- ------- -----------
<S> <C> <C> <C> <C> <C>
EQUITY SECURITIES -- (53.3%)
BEVERAGE HOTEL AND LEISURE -- (0.9%)
Delta Corp.................... 550,000 $ 804,094
-----------
804,094
-----------
BIOTECHNOLOGY -- (0.9%)
Amgen, Inc. (2)............... 9,380 754,504
-----------
754,504
-----------
BUSINESS EQUIPMENT AND SERVICES -- (1.8%)
Hewlett Packard Co............ 10,000 745,000
Xerox Corp.................... 7,350 861,788
-----------
1,606,788
-----------
CAPITAL GOODS -- (0.5%)
Grainger (W.W.), Inc.......... 6,900 405,375
-----------
405,375
-----------
COMMUNICATIONS -- (2.0%)
Ameritech Corp................ 27,500 1,210,000
DSC Communications Corp.
(2)......................... 12,425 577,763
-----------
1,787,763
-----------
COMPUTERS -- EQUIPMENT AND SERVICES -- (1.4%)
Sun Microsystems, Inc. (2).... 25,400 1,231,900
-----------
1,231,900
-----------
COMPUTERS -- SOFTWARE -- (0.6%)
Computer Associates
International, Inc.......... 6,900 467,475
-----------
467,475
-----------
CONSUMER PRODUCTS -- (4.7%)
American Greetings Corp....... 42,100 1,236,688
Colgate Palmolive Co.......... 6,500 475,312
Gillette Co................... 28,200 1,258,425
Polygram N.V.................. 20,000 1,182,500
-----------
4,152,925
-----------
DELIVERY -- (1.1%)
Federal Express Corp. (2)..... 16,400 996,300
-----------
996,300
-----------
ELECTRONICS -- (4.9%)
EMC Corp. (2)................. 53,300 1,292,525
Intel Corp.................... 10,600 671,113
Linear Technology Corp........ 7,900 521,400
Philips Electrs N.V........... 24,300 1,038,825
Teradyne, Inc. (2)............ 11,500 751,812
-----------
4,275,675
-----------
ENERGY -- (0.5%)
Northern Borders Partners
Limited Partnership......... 19,200 468,000
-----------
468,000
-----------
FINANCIAL SERVICES -- (6.3%)
Advanta Corp., Class A........ 13,400 558,613
Bank New York, Inc............ 22,800 920,550
Bank of Boston Corp........... 20,000 750,000
Baybanks, Inc................. 7,000 554,750
Federal National Mortgage
Assn........................ 10,600 1,000,375
Green Tree Finl Corp.......... 22,400 994,000
FINANCIAL SERVICES -- (CONTINUED)
UJB Finl Corp................. 24,200 $ 735,075
-----------
5,513,363
-----------
FOOD SERVICES -- (2.6%)
Kellogg Co.................... 17,250 1,231,219
Sysco Corp.................... 34,500 1,017,750
-----------
2,248,969
-----------
HEALTH CARE -- (1.1%)
Johnson & Johnson............. 14,800 1,000,850
-----------
1,000,850
-----------
INDUSTRIAL PRODUCTS -- (4.3%)
Applied Materials, Inc. (2)... 8,300 718,988
Briggs & Stratton Corp........ 17,500 603,750
Modine Manufacturing Co....... 15,000 551,250
Sealed Air Corp. (2).......... 20,800 915,200
Sigma Aldrich Corp............ 20,625 1,013,203
-----------
3,802,391
-----------
INSURANCE -- (1.1%)
AFLAC, Inc.................... 11,100 485,625
American International Group,
Inc......................... 4,200 478,800
-----------
964,425
-----------
MACHINERY -- (1.7%)
AGCO Corp..................... 20,000 750,000
Deere & Co.................... 8,200 702,125
-----------
1,452,125
-----------
MANUFACTURING -- (0.6%)
Dover Corp.................... 6,950 505,613
-----------
505,613
-----------
MEDIA AND PUBLISHING -- (0.8%)
Houghton Mifflin Co........... 13,000 685,750
-----------
685,750
-----------
MEDICAL DEVICES AND SUPPLIES -- (4.5%)
Becton Dickinson & Co......... 20,000 1,165,000
Boston Scientific Corp. (2)... 21,400 682,125
Cordis Corp. (2).............. 15,600 1,041,300
Medtronic, Inc................ 13,800 1,064,325
-----------
3,952,750
-----------
MERCHANDISING -- (1.4%)
Albertson's, Inc.............. 42,180 1,254,855
-----------
1,254,855
-----------
OIL & GAS -- (0.5%)
Plains Petroleum Co........... 15,000 444,375
-----------
444,375
-----------
PAPER AND PACKAGING -- (2.1%)
Chesapeake Corp............... 10 311
Consolidated Papers, Inc...... 17,500 1,008,438
Nampak........................ 190,000 851,690
-----------
1,860,439
-----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
121
<PAGE>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C>
EQUITY SECURITIES -- (CONTINUED)
PHARMACEUTICAL -- (1.7%)
Merck & Co., Inc.............. 30,500 $ 1,494,500
-----------
1,494,500
-----------
RETAIL -- (1.5%)
Consolidated Stores Corp.
(2)......................... 61,300 1,279,638
-----------
1,279,638
-----------
TELECOMMUNICATIONS -- (1.2%)
Ericsson L M Tel, Co., Class
B........................... 52,400 1,048,000
-----------
1,048,000
-----------
UTILITIES -- (2.6%)
Cinergy Corp.................. 45,400 1,191,750
Equitable Resources, Inc...... 38,900 1,123,233
-----------
2,314,983
-----------
Total Equity Securities (Cost
$39,309,360)................ 46,773,825
-----------
Total Investments (101.1%) (3)
(Cost $80,520,789) (4)...... $88,721,441
-----------
-----------
<FN>
Notes to Portfolio of Investments:
(1) Ratings: Moody's Investors Service, Inc.'s ratings of long-term corporate
debt obligations in descending order of quality are: Aaa, Aa, A, Baa, and
Ba. Standard & Poor's Corporation's ratings of long-term corporate debt are:
AAA, AA, A, BBB, BB, and B. Numerical modifiers and plus or minus indicate
the ranking of a security within its generic rating category. Moody's
ratings are indicated before Standard & Poor's ratings in the portfolio of
investments. NR: Obligation is not rated by a commercial rating service.
Obligation has been determined to be of appropriate quality for the
Portfolio by Calvert Asset Management Company, Inc., the Investment Advisor.
(2) These equity securities have not declared dividends in the past twelve
months.
(3) The percentages shown represent the percentage of the investments to net
assets.
(4) Cost of investments is substantially the same for Federal income tax
purposes.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
122
<PAGE>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value, see accompanying
portfolio...................................................... $88,721,441
Cash............................................................. 359
Interest and dividends receivable................................ 469,460
Receivable for shares sold....................................... 39,368
Other assets..................................................... 3,687
-----------
Total assets..................................................... 89,234,315
-----------
LIABILITIES:
Payable to Calvert Asset Management, Inc.--Note B................ 69,569
Payable for securities purchased................................. 1,431,283
Payable for shares redeemed...................................... 5,483
Accrued expenses and other liabilities........................... 8,852
-----------
Total liabilities................................................ 1,515,187
-----------
NET ASSETS......................................................... $87,719,128
-----------
-----------
NET ASSETS CONSISTING OF:
Paid-in capital applicable to 51,873,106 outstanding shares of
common stock, $1.00 par value
(70,000,000 shares authorized)................................. 75,589,690
Accumulated net investment income--net of distributions.......... 1,214,651
Accumulated realized gains/(losses) on investments-- net of
distributions.................................................. 2,729,060
Accumulated realized gains/(losses) on foreign currency
transactions--net of distributions............................. (14,982)
Net unrealized appreciation (depreciation) on investments........ 8,200,652
Net unrealized appreciation (depreciation) on foreign currency... 57
-----------
NET ASSETS......................................................... $87,719,128
-----------
-----------
NET ASSET VALUE, offering and redemption price per share
($87,719,128 DIVIDED BY 51,873,106)............................... $1.691
-----
-----
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
123
<PAGE>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income.................................................. $ 1,159,038
Dividend income.................................................. 403,033
-----------
Total investment income...................................... 1,562,071
-----------
Expenses--Note B:
Investment advisory fee........................................ 261,386
Directors' fees and expenses................................... 16,366
Federal and state registration fees............................ 2,804
Insurance...................................................... 778
Postage and delivery........................................... 469
Printing and stationery........................................ 53,035
Professional fees.............................................. 11,179
Miscellaneous expenses......................................... 1,381
-----------
Total expenses............................................... 347,398
-----------
Net investment income.......................................... 1,214,673
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY:
Net realized gain (loss) on investments.......................... 3,520,511
Net realized gain (loss) on foreign currency..................... (14,982)
Change in unrealized appreciation or depreciation of
investments.................................................... 7,431,304
Change in unrealized appreciation or depreciation of foreign
currency....................................................... 57
-----------
Net realized and unrealized gain (loss) on investments and
foreign currency............................................... 10,936,890
-----------
Net increase (decrease) in net assets resulting from
operations..................................................... $12,151,563
-----------
-----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
124
<PAGE>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1995 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1994
------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations
Net investment income.......................................... $ 1,214,673 $ 2,063,409
Net realized gain (loss) on investments........................ 3,520,511 (604,541)
Net realized gain (loss) on foreign currency................... (14,982) --
Change in unrealized appreciation or depreciation of
investments................................................... 7,431,304 (3,394,657)
Change in unrealized appreciation or depreciation of foreign
currency...................................................... 57 --
------------- -----------------
Net increase (decrease) in net assets resulting from
operations.................................................... 12,151,563 (1,935,789)
Distributions to shareholders
Net investment income.......................................... -- (2,067,159)
Capital share transactions--Note C............................. 8,974,885 16,595,869
------------- -----------------
Total increase (decrease) in net assets...................... 21,126,448 12,592,921
NET ASSETS:
Beginning of period.............................................. 66,592,680 53,999,759
------------- -----------------
End of period (including accumulated net investment income--net
of
distributions of $1,214,651 and ($22) for 1995 and 1994,
respectively.).................................................. $ 87,719,128 $66,592,680
------------- -----------------
------------- -----------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
125
<PAGE>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL: The Calvert Responsibly Invested Balanced Series ("Series") is a
series of Acacia Capital Corporation ("Fund"). The Fund is a Maryland
corporation and is registered under the Investment Company Act of 1940, as
amended ("Act"), as a diversified, open-end management investment company. The
Fund operates as a series fund, each series issuing a separate class of common
stock. Shares in the series are offered only to separate accounts of insurance
companies at a price equal to the net asset value per share, without a sales
charge.
PORTFOLIO VALUATION: Investments in the Series are valued as follows: (a)
securities for which market quotations are readily available are valued at the
most recent closing price, mean between bid and asked price, or yield
equivalent as obtained from one or more market makers for such securities; (b)
securities maturing within 60 days are valued at cost, plus or minus any
amortized discount or premium, unless the Board of Directors determines such
method not to be appropriate under the circumstances; and (c) fair values for
all other securities and assets for which market quotations are not readily
available are determined by the Advisor in good faith under the supervision of
the Board of Directors.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade-date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income is
recorded on the ex-dividend date and interest income, including, where
applicable, amortization of premium, and is recorded on the accrual basis.
FOREIGN CURRENCY TRANSACTIONS: The records of the Fund are maintained in U.S.
dollars. Foreign currency amounts are translated into U.S. dollars at the
current rate of exchange of such currency against the U.S. dollar to determine
the value of investments, assets and liabilities on the date of any
determination of net asset value of the Fund. Purchases and sales of securities
and income and expenses are converted at the prevailing rate of exchange on the
respective dates of such transactions.
SHARE VALUATION, DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The net asset
value per share, the price at which shares are issued and redeemed, is computed
by dividing the value of the Series' total assets, less its liabilities, by the
total number of shares outstanding each business day. The net asset value per
share fluctuates daily in response to changes in the market value of
investments. Dividends and distributions for the Series are paid annually.
FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify as a
regulated investment company by complying with the provisions of the Internal
Revenue Code available to certain investment companies, and to make
distributions of taxable income sufficient to relieve it from all, or
substantially all, federal income and excise taxes.
The Fund has unused realized capital loss carryforwards for federal income tax
purposes of $791,451 at June 30, 1995, which expire in 2002.
NOTE B -- INVESTMENT ADVISORY FEE
The Fund's investment advisor is Calvert Asset Management Company, Inc.
("Advisor"), a wholly-owned subsidiary of Calvert Group, Ltd., which itself is
an indirect, wholly-owned subsidiary of Acacia Mutual Life Insurance Company.
Under the Advisory Contract, the Advisor manages the investment and
reinvestment of the Fund's assets, and subject to the direction and control of
the Directors, provides office space, facilities and equipment to the Fund,
pays the salaries and fees of the affiliated Directors, and pays all Fund
advertising and promotional expenses. For its services, the Advisor receives a
fee of 0.70% of the first $500 million of average daily net assets of the
Series, 0.65% of the next $500 million of such assets, and 0.60% of such assets
in excess of $1 billion. Such fee is payable monthly.
The Advisory Contract provides for an expense reimbursement from the Advisor
should the Series' aggregate expenses, exclusive of interest, taxes, brokerage
and extraordinary expenses, exceed, on an annual basis, 1.5% of the Series'
average daily net assets. In addition, Series expenses reimbursed by the
Advisor may include operating expenses voluntarily assumed by the Advisor.
There was no reimbursement of expenses for the Series for the six months ended
June 30, 1995.
Certain officers and directors of the Fund are "affiliated persons," as defined
in the Act, of the Advisor. Each director of the Fund who is not affiliated
with the Advisor receives a meeting fee of $500 for each Board meeting
attended.
126
<PAGE>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
NOTE C -- NET ASSETS
The change in net assets resulting from capital share transactions for 1995 and
1994 is indicated below:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1995 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1994
------------- -----------------
<S> <C> <C>
In dollars
Shares sold................. $ 11,875,276 $21,821,042
Reinvestment of dividends... -- 2,067,159
Shares redeemed............. (2,900,391) (7,292,332)
------------- -----------------
$ 8,974,885 $16,595,869
------------- -----------------
------------- -----------------
In shares
Shares sold................. 7,521,851 14,565,450
Reinvestment of dividends... -- 1,425,675
Shares redeemed............. (1,892,312) (4,889,932)
------------- -----------------
5,629,539 11,101,193
------------- -----------------
------------- -----------------
</TABLE>
NOTE D -- INVESTMENT TRANSACTIONS
For the six months ended June 30, 1995, the Series made purchases and sales of
investment securities, other than short-term securities, of $66,805,397 and
$54,650,807, respectively.
NOTE E -- TAX BASIS OF INVESTMENT SECURITIES
At June 30, 1995, the Series' cost of investment securities for federal income
tax purposes was $80,520,789. Net unrealized appreciation aggregated $8,200,652
of which $8,810,995 related to appreciated securities and $610,343 related to
depreciated securities.
127
<PAGE>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 1995 ------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991
------------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $1.440 $1.537 $1.465 $1.403 $1.249
--------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................. .025 .046 .045 .044 .050
Net realized and unrealized gain
(loss) on investments................ .226 (.097) .072 .062 .154
--------- ------ ------ ------ ------
Total from investment
operations....................... .251 (.051) .117 .106 .204
--------- ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment
income............................... -- (.046) (.045) (.044) (.050)
--------- ------ ------ ------ ------
Total increase (decrease) in net
asset value...................... .251 (.097) .072 .062 .154
--------- ------ ------ ------ ------
Net asset value, end of period.......... $1.691 $1.440 $1.537 $1.465 $1.403
--------- ------ ------ ------ ------
--------- ------ ------ ------ ------
Total return............................ 17.43% (3.30)% 8.00% 7.61% 16.40%
--------- ------ ------ ------ ------
--------- ------ ------ ------ ------
Ratio of expenses to average net
assets................................. .93%(a) .80% .81% .85% .85%
--------- ------ ------ ------ ------
--------- ------ ------ ------ ------
Ratio of net investment income to
average net assets..................... 3.25%(a) 3.39% 3.69% 4.05% 4.49%
--------- ------ ------ ------ ------
--------- ------ ------ ------ ------
Portfolio turnover...................... 83% 43% 14% 15% 12%
--------- ------ ------ ------ ------
--------- ------ ------ ------ ------
Net assets, end of period............... $ 87,719,128 $66,592,680 $53,999,759 $28,471,358 $14,945,973
------------------ ------------ ------------ ------------ ------------
------------------ ------------ ------------ ------------ ------------
Number of shares outstanding at end of
period (in thousands).................. 51,873 46,244 35,142 19,433 10,656
------------------ ------------ ------------ ------------ ------------
------------------ ------------ ------------ ------------ ------------
<FN>
(a) annualized
</TABLE>
128
<PAGE>
DIRECTORS OF THE FUNDS:
JOSEPH A. BIERNAT - Director
JOSEPH H. GAREAU - Director/President
GOVERNOR WILLIAM A. O'NEILL - Director
MILLARD H. PRYOR, JR. - Director
LOWNDES A. SMITH - Director/Chairman
JOHN K. SPRINGER - Director
WINIFRED E. COLEMAN - Director
CUSTODIAN:
Chase Manahattan Bank
Brooklyn, NY 11245
INVESTMENT ADVISER FOR THE MUTUAL FUNDS:
The Hartford Investment Management Company (HIMCO)
Hartford Plaza
Hartford, CT 06115
SUB-ADVISER FOR THE HARTFORD STOCK FUND, INC., HARTFORD ADVISERS FUND, INC.,
HARTFORD CAPITAL APPRECIATION FUND, INC., HARTFORD INTERNATIONAL
OPPORTUNITIES
FUND, INC., HARTFORD DIVIDEND & GROWTH FUND, INC., HARTFORD INTERNATIONAL
ADVISERS FUND INC.:
Wellington Management Company
75 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER FOR THE SEPARATE ACCOUNTS:
Hartford Equity Sales Company, Inc. (HESCO)
Hartford Plaza
Hartford, CT 06115
Hartford Securities Distribution Company, Inc. (HSD)
Hartford Plaza
Hartford, CT 06115
<PAGE>
- --------------------------------------------------------------------------------
HARTFORD LIFE INSURANCE COMPANIES
BULK RATE
P.O. BOX 2999
U.S. POSTAGE
HARTFORD, CT 06104-2999
PAID
PERMIT NO. 54201
BOSTON, MA
HV-1892-18 Printed in U.S.A.
