CNA CAPITAL
SELECT(SM)
VARIABLE UNIVERSAL LIFE
SEMI-ANNUAL REPORT
FLEXIBLE PREMIUM VARIABLE
UNIVERSAL LIFE
ISSUED BY THE
VALLEY FORGE LIFE INSURANCE
COMPANY
JUNE 30, 1997
[CNA LOGO]
FOR ALL THE COMMITMENTS YOU MAKE(R)
<PAGE>
- --------------------------------------------------------------------------------
Dear Policyowner:
- --------------------------------------------------------------------------------
I am pleased to present the Semi-Annual Report for CNA Capital Select
Variable Universal Life, issued by Valley Forge Life Insurance Company, one of
the CNA insurance companies. This report summarizes investments under each of
CNA Capital Select Variable Universal Life's 18 variable funds from inception
through June 30, 1997. A document summarizing the separate Semi-Annual Reports
for each of the six fund managers is being distributed simultaneously.
CNA Capital Select Variable Universal Life offers 18 variable subaccounts
from such well-known fund managers as Fidelity Management & Research Company,
Federated Advisors, Fred Alger Management, Inc., Massachusetts Financial
Services Company, Societe Generale Asset Management Corp. (SoGen) and Van Eck
Associates Corp. The full list of funds is found in the Notes To Financial
Statements, Note 1. Organization, in this report.
We'd like to take this opportunity to remind you of some of the tools CNA
Capital Select Variable Universal Life offers for managing the investment
component of your life insurance policy.
- You can transfer monies from one subaccount to another without tax
consequences.
- You are allowed 12 free transfers per year (no charge from CNA); one of
which can be from the fixed-interest account. You can transfer up to 25%
of the fixed-interest account value. No maximums apply to transfers from
the variable subaccounts. The minimum transfer amount is $500, and at
least $500 must remain in the subaccount from which the transfer is made
or the entire balance will be moved.
- You can establish Dollar Cost Averaging, which transfers fixed-dollar
amounts from the money market subaccount to other subaccounts at periodic
intervals. This service is provided at no charge.
- You can maintain a predetermined fund mix using our Automatic Subaccount
Rebalancing feature. Monies are transferred between and among specified
subaccounts on a quarterly, semi-annual or annual basis to return to the
fund mix you want. This service is also provided at no charge.
You should refer to your contract and prospectus for additional information
regarding these features.
With 18 variable fund choices and with features like Dollar Cost Averaging
and Automatic Subaccount Rebalancing, CNA Capital Select Variable Universal Life
is designed to give you a great deal of control over the investment portion of
your policy. However, if you'd prefer the security of a guaranteed
fixed-interest account, this policy is also at your service. And regardless of
your choices, any growth in your cash value is tax-deferred. Paid to a
beneficiary as life insurance proceeds, the earnings within the policy will be
income tax free.
CNA Capital Select Variable Universal Life offers a combination of benefits
that is rare in the insurance industry: guaranteed death protection combined
with the opportunity to guide the investment component of the contract as you
see fit. We sincerely hope the policy is meeting your needs. We welcome your
comments and suggestions, and thank you for choosing CNA Capital Select Variable
Universal Life.
Sincerely,
S/ALAN S. LURTY
Alan S. Lurty, FLMI
Senior Vice President and Chief Operating Officer, Annuities
- --------------------------------------------------------------------------------
1
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
VALLEY FORGE LIFE INSURANCE COMPANY
VARIABLE LIFE SEPARATE ACCOUNT
============================================================================================================================
<CAPTION>
FEDERATED FEDERATED FEDERATED FIDELITY
PRIME MONEY UTILITY HIGH INCOME FIDELITY ASSET FIDELITY FIDELITY
JUNE 30, 1997 (UNAUDITED) FUND II FUND II BOND FUND II EQUITY-INCOME MANAGER INDEX 500 CONTRAFUND
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at market value:
Federated Insurance Series $- $ 82 $ 57
Variable Insurance Products Fund $ 102
Variable Insurance Products Fund II $ 78 $1,651 $ 178
The Alger American Fund
MFS Variable Insurance Trust
SoGen Variable Funds, Inc.
Van Eck Worldwide Insurance
Trust
------ ------ ------ ------ ------ ------ ------
TOTAL INVESTMENTS - 82 57 102 78 1,651 178
------ ------ ------ ------ ------ ------ ------
TOTAL ASSETS - 82 57 102 78 1,651 178
TOTAL LIABILITIES - - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------
PARTICIPANTS' EQUITY--NET ASSETS $- $ 82 $ 57 $ 102 $ 78 $1,651 $ 178
=============================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------
===========================================================================================================================
<CAPTION>
VAN ECK VAN ECK
ALGER ALGER MFS MFS SOGEN WORLDWIDE WORLDWIDE
SMALL ALGER MID-CAP EMERGING MFS GROWTH W/ MFS OVERSEAS HARD EMERGING
CAPITAL GROWTH GROWTH GROWTH RESEARCH INCOME TOTAL RETURN PORTFOLIO ASSETS MARKETS TOTAL
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 139
102
1,907
$382 $2,001 $133 2,516
$554 $410 $201 $219 1,384
$373 373
$ 58 $193 251
---- ------ ---- ---- ---- ---- ---- ---- ---- ---- ------
382 2,001 133 554 410 201 219 373 58 193 6,672
---- ------ ---- ---- ---- ---- ---- ---- ---- ---- ------
382 2,001 133 554 410 201 219 373 58 193 6,672
- - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------
$382 $2,001 $133 $554 $410 $201 $219 $373 $ 58 $193 $6,672
========================================================================================================================
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
VALLEY FORGE LIFE INSURANCE COMPANY
VARIABLE LIFE SEPARATE ACCOUNT
===============================================================================================================================
<CAPTION>
FEDERATED FEDERATED FEDERATED FIDELITY
FOR THE PERIOD FROM INCEPTION TO PRIME MONEY UTILITY HIGH INCOME FIDELITY ASSET FIDELITY FIDELITY
JUNE 30, 1997 (UNAUDITED) FUND II FUND II BOND FUND II EQUITY-INCOME MANAGER INDEX 500 CONTRAFUND
- ---------------------------------------------------------------------------------------------------------------------------
MAY 1, JUNE 10, APRIL 8, JUNE 10, JUNE 10, APRIL 8, APRIL 8,
INCEPTION DATE: 1997 1997 1997 1997 1997 1997 1997
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends $ - $ - $ - $ - $ - $ - $ -
------ ----- ---- ----- ----- ----- ------
- - - - - - -
------ ----- ---- ----- ----- ----- ------
Expenses:
Mortality and expense risk
charges - - - - - 1 -
Policy fees/Cost of insurance 34 59 41 59 44 460 81
------ ----- ---- ------ ------ ------ ------
34 59 41 59 44 461 81
------ ----- ---- ------ ------ ------ ------
NET INVESTMENT INCOME
(LOSS) (34) (59) (41) (59) (44) (461) (81)
------ ----- ---- ------ ------ ------ ------
Investment gain (loss):
Net realized gain (loss) - - 1 1 - 39 3
Net unrealized gain - 1 - - 1 20 -
------ ----- ---- ------ ------ ------ ------
NET REALIZED AND UNREALIZED
INVESTMENT GAIN (LOSS) - 1 1 1 1 59 3
- --------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN
PARTICIPANTS' EQUITY RESULTING
FROM OPERATIONS $ (34) $ (58) $(40) $ (58) $ (43) $ (402) $ (78)
==========================================================================================================================
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------------------------------------------
==========================================================================================================================
<CAPTION>
VAN ECK
ALGER ALGER MFS MFS MFS SOGEN VAN ECK WORLDWIDE
SMALL ALGER MID-CAP EMERGING MFS GROWTH W/ TOTAL OVERSEAS WORLDWIDE EMERGING
CAPITAL GROWTH GROWTH GROWTH RESEARCH INCOME RETURN PORTFOLIO HARD ASSETS MARKETS TOTAL
- -------------------------------------------------------------------------------------------------------------------------
FEB. 24, FEB. 24, MAY 29, FEB. 24, APRIL 8, APRIL 8, FEB. 24, FEB. 24, APRIL 8, APRIL 2,
1997 1997 1997 1997 1997 1997 1997 1997 1997 1997
- -------------------------------------------------------------------------------------------------------------------------
<S><C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 8 $ 1 $ - $ - $ - $ - $ - $ - $ - $ - $ 9
----- ----- ---- ----- ----- ----- ---- ----- ---- ---- -------
8 1 - - - - - - - - 9
----- ----- ---- ----- ----- ----- ---- ----- ---- ---- -------
1 1 - 1 - - - - - - 4
151 200 40 207 160 110 65 154 41 91 1,997
----- ----- ---- ----- ----- ----- ---- ----- ---- ---- -------
152 201 40 208 160 110 65 154 41 91 2,001
----- ----- ---- ----- ----- ----- ---- ----- ---- ---- -------
(144) (200) (40) (208) (160) (110) (65) (154) (41) (91) (1,992)
----- ----- ---- ----- ----- ----- ---- ----- ---- ---- -------
- (3) - 18 3 4 - 14 1 2 83
10 106 2 3 17 4 8 - 1 11 184
----- ----- ---- ----- ----- ----- ---- ----- ---- ---- -------
10 103 2 21 20 8 8 14 2 13 267
- -------------------------------------------------------------------------------------------------------------------------
$(134) $ (97) $(38) $(187) $(140) $(102) $(57) $(140) $(39) $(78) $(1,725)
=========================================================================================================================
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
VALLEY FORGE LIFE INSURANCE COMPANY
VARIABLE LIFE SEPARATE ACCOUNT
============================================================================================================================
<CAPTION>
FEDERATED FEDERATED FEDERATED FIDELITY
FOR THE PERIOD FROM INCEPTION TO PRIME MONEY UTILITY HIGH INCOME FIDELITY ASSET FIDELITY FIDELITY
JUNE 30, 1997 (UNAUDITED) FUND II FUND II BOND FUND II EQUITY-INCOME MANAGER INDEX 500 CONTRAFUND
- ---------------------------------------------------------------------------------------------------------------------------
MAY 1, JUNE 10, APRIL 8, JUNE 10, JUNE 10, APRIL 8, APRIL 8,
INCEPTION DATE: 1997 1997 1997 1997 1997 1997 1997
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income $ (34) $ (59) $ (41) $ (59) $ (44) $ (461) $ (81)
Net realized gain (loss) - - 1 1 - 39 3
Net unrealized gain - 1 - - 1 20 -
----- ------ ------ ------ ------ ------- ------
Change in net assets resulting
from operations (34) (58) (40) (58) (43) (402) (78)
From capital transactions:
Net premiums/deposits 139 140 97 160 121 2,053 256
Transfers among sub-accounts and
with the Fixed Account -- net (105) - - - - - -
----- ------ ------ ------ ------ ------- ------
Change in net assets resulting from
capital transactions 34 140 97 160 121 2,053 256
Increase in net assets - 82 57 102 78 1,651 178
Net assets at beginning of period - - - - - - -
----- ------ ------ ------ ------ ------- ------
Net assets at end of period $ - $ 82 $ 57 $ 102 $ 78 $ 1,651 $ 178
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value per unit at end of
period $1.00 $12.37 $10.35 $22.06 $16.60 $103.62 $17.93
===========================================================================================================================
Units outstanding at end of period - 6.66 5.53 4.60 4.72 15.93 9.94
===========================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------
=======================================================================================================================
<CAPTION>
VAN ECK
ALGER ALGER MFS MFS SOGEN VAN ECK WORLDWIDE
SMALL ALGER MID-CAP EMERGING MFS GROWTH W/ MFS OVERSEAS WORLDWIDE EMERGING
CAPITAL GROWTH GROWTH GROWTH RESEARCH INCOME TOTAL RETURN PORTFOLIO HARD ASSETS MARKETS
- ----------------------------------------------------------------------------------------------------------------------
FEB. 24, FEB. 24, MAY 29, FEB. 24, APRIL 8, APRIL 8, FEB. 24, FEB. 24, APRIL 8, APRIL 2,
1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 TOTAL
- ----------------------------------------------------------------------------------------------------------------------
<S><C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ (144) $ (200) $ (40) $ (208) $ (160) $ (110) $ (65) $ (154) $ (41) $ (91) $(1,992)
- (3) - 18 3 4 - 14 1 2 83
10 106 2 3 17 4 8 - 1 11 184
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -------
(134) (97) (38) (187) (140) (102) (57) (140) (39) (78) (1,725)
496 2,077 171 720 550 303 276 492 97 250 8,398
20 21 - 21 - - - 21 - 21 (1)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -------
516 2,098 171 741 550 303 276 513 97 271 8,397
382 2,001 133 554 410 201 219 373 58 193 6,672
- - - - - - - - - - -
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -------
$ 382 $2,001 $ 133 $ 554 $ 410 $ 201 $ 219 $ 373 $ 58 $ 193 $6,672
- ----------------------------------------------------------------------------------------------------------------------
$39.53 $39.53 $22.51 $14.67 $14.92 $15.31 $15.27 $10.76 $15.94 $15.29
======================================================================================================================
9.68 50.61 5.92 37.71 27.51 13.12 14.35 34.70 3.64 12.60
======================================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
VALLEY FORGE LIFE INSURANCE COMPANY
VARIABLE LIFE SEPARATE ACCOUNT
PERIOD FROM INCEPTION TO JUNE 30, 1997 -- UNAUDITED
================================================================================
NOTE 1. ORGANIZATION
- --------------------------------------------------------------------------------
Valley Forge Life Insurance Company Variable Life Separate Account
("Variable Account"), a unit investment trust registered with the Securities and
Exchange Commission under the Investment Company Act of 1940, is a separate
account of Valley Forge Life Insurance Company ("VFL"). The assets of the
Variable Account are held separate from VFL's general account and its other
separate accounts. VFL is a wholly-owned subsidiary of Continental Assurance
Company ("Assurance") which is wholly-owned by CNA Financial Corporation
("CNA"). Loews Corporation owns approximately 84% of the outstanding common
stock of CNA.
The Variable Account currently offers 18 sub-accounts each of which invests
in shares of a corresponding fund (i.e. investment portfolios), wherein the
policyholders bear all of the investment risk. Each fund is either an open-end
diversified management investment company or a separate investment portfolio of
such a company and is managed by a registered investment advisor. The
sub-accounts are as follows:
FEDERATED INSURANCE SERIES:
Federated Prime Money
Fund II
Federated Utility Fund II
Federated High Income
Bond Fund II
FIDELITY VARIABLE INSURANCE PRODUCTS FUND (VIP):
Fidelity VIP Equity-
Income Portfolio
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II (VIP II):
Fidelity VIP II Asset
Manager Portfolio
Fidelity VIP II Index 500
Portfolio
Fidelity VIP II Contrafund
Portfolio
ALGER AMERICAN FUND:
Alger American Small
Capitalization Portfolio
Alger American Growth
Portfolio
Alger American MidCap
Growth Portfolio
MFS VARIABLE INSURANCE TRUST:
MFS Emerging Growth
Series
MFS Research Series
MFS Growth With Income
Series
MFS Limited Maturity
Series
MFS Total Return Series
SOGEN VARIABLE FUNDS, INC.:
SoGen Overseas Portfolio
VAN ECK WORLDWIDE INSURANCE TRUST:
Van Eck Worldwide Hard
Assets Fund
Van Eck Worldwide
Emerging Markets Fund
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
VALLEY FORGE LIFE INSURANCE COMPANY
VARIABLE LIFE SEPARATE ACCOUNT
PERIOD FROM INCEPTION TO JUNE 30, 1997 -- UNAUDITED
================================================================================
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
VALUATION OF INVESTMENTS -- Investments consists of shares in the
portfolios of the funds and are stated at fair value based on quoted market
prices.
RECOGNITION OF INVESTMENT INCOME -- Investment income consists of dividends
declared by the portfolios of the funds and are recognized on the date of
record.
REALIZED GAINS AND LOSSES -- Realized gains and losses represent the
difference between the proceeds from sales of shares by the Account and the cost
of such shares, which are determined using the average cost method.
POLICYHOLDER VARIABLE ACCOUNT ACTIVITY -- Variable Account activity is
reflected in individual Policyholder accounts on a daily basis.
FEDERAL INCOME TAXES -- Net investment income and realized gains and losses
on investments of the Variable Account are taxable to policyholders generally
upon distribution. Accordingly, no provision for income taxes has been recorded.
USE OF ESTIMATES -- The preparation of financial statements in conformity
with generally accepted accounting principals (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
VALLEY FORGE LIFE INSURANCE COMPANY
VARIABLE LIFE SEPARATE ACCOUNT
PERIOD FROM INCEPTION TO JUNE 30, 1997 -- UNAUDITED
================================================================================
NOTE 3. INVESTMENTS
- --------------------------------------------------------------------------------
At June 30, 1997, the investments of the respective subaccounts are as
follows:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES COST VALUE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
INSURANCE SERIES:
Federated Prime Money Fund II -- $ -- $ --
Federated Utility Fund II 7 81 82
Federated High Income Bond Fund II 6 57 57
VARIABLE INSURANCE PRODUCTS FUND:
Equity-Income 5 102 102
VARIABLE INSURANCE PRODUCTS FUND II:
Asset Manager 5 77 78
Index 500 16 1,630 1,651
Contrafund 10 178 178
THE ALGER AMERICAN FUND:
Small Capitalization 10 373 382
Growth 51 1,895 2,001
MidCap Growth 6 131 133
MFS VARIABLE INSURANCE TRUST:
Emerging Growth 38 552 554
Research 28 393 410
Growth With Income 13 197 201
Limited Maturity -- -- --
Total Return 14 211 219
SOGEN VARIABLE FUNDS, INC.:
Overseas 35 373 373
VAN ECK WORLDWIDE INSURANCE TRUST:
Hard Assets 4 57 58
Emerging Markets 13 181 193
</TABLE>
- --------------------------------------------------------------------------------
NOTE 4. PURCHASES AND SALES
- --------------------------------------------------------------------------------
The aggregate cost of purchases and proceeds from sales of Insurance
Series, VIP Fund, VIP Fund II, Alger American Fund, MFS Variable Insurance
Trust, SoGen Variable Funds, Inc. and Van Eck Worldwide Insurance Trust shares
from the date of inception to June 30, 1997, were $11,902 and $5,507,
respectively.
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
VALLEY FORGE LIFE INSURANCE COMPANY
VARIABLE LIFE SEPARATE ACCOUNT
PERIOD FROM INCEPTION TO JUNE 30, 1997 -- UNAUDITED
================================================================================
NOTE 5. CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------
A monthly deduction is made from each policy to compensate VFL for
administration expenses associated with the policies and the Variable Account.
These expenses relate to premium payment billing and collection, recordkeeping,
processing death benefit claims, policy loans, policy changes, reporting and
overhead costs, processing applications and establishing policy records. The
monthly policy fee is $6.00 per month. The monthly first-year issue fee is
$20.00 per month during the first policy year and the monthly specified amount
increase fee is $10.00 per month for the first 12 months after an increase in
the specified amount.
A monthly deduction is made from each policy for the cost of insurance and
any charges for supplemental riders. The cost of insurance charge is based on
the sex, attained age, issue age, risk class, and number of years that the
policy or increment of specified amount has been in force. These monthly charges
are deducted proportionately from the value of each Variable sub-account and/or
the Fixed Account option. The Fixed Account is part of the general account of
VFL and is not included in these financial statements.
VFL deducts a daily charge from the assets of the Variable Account to
compensate it for mortality and expense risks that it assumes under the Policy.
The daily charge is approximately equal to an annual rate of 0.90% of the net
assets of the Variable Account during the first 10 years and an approximate
annual rate of 0.45% of the net assets of the Variable Account during policy
years 11 and thereafter.
VFL deducts an amount equal to 3.5% from each premium payment to cover
federal tax liabilities and state and local premium taxes.
VFL permits 12 free transfers between and among the sub-accounts and the
Fixed Account per Policy year. For each additional transfer, VFL charges $25 at
the time each such transfer is processed. The fee is deducted from the amount
being transferred.
- --------------------------------------------------------------------------------
NOTE 6. DIVERSIFICATION REQUIREMENTS
- --------------------------------------------------------------------------------
Under the provisions of Section 817(h) of the Internal Revenue Code of 1986
(the Code), a variable life insurance policy will not be treated as life
insurance under Section 7702 of the Code for any period for which the
investments of the segregated asset account on which the policy is based are not
adequately diversified. The Code provides that the "adequately diversified"
requirement may be met if the underlying investments satisfy either a statutory
safe harbor test or diversification requirements set forth in regulations issued
by the Secretary of the Treasury. VFL believes, based on assurances from the
mutual fund managers, that the mutual funds satisfy the requirement of the
regulations.
- --------------------------------------------------------------------------------
11
<PAGE>
The principal underwriter of this
product is CNA Investor Services,
Inc., a registered broker-dealer
and member of the National
Association of Securities Dealers.
CNA Investor Services, Inc., is
an affiliate of CNA Financial
Corporation. CNA life insurance
products are issued by the
Valley Forge Life Insurance
Company, one of the CNA
insurance companies.
CNA is a registered service mark
of CNA Financial Corporation. The
policy form numbers for this
product are: V100-1132-A Series,
V100-1133-A Series. CNA Capital
Select Variable Universal Life is
not available in all states.
MAILING ADDRESS:
CNA Insurance Companies
Variable Product Team
P.O. Box 305139
Nashville TN 37230-5139
[CNA LOGO]
FOR ALL THE COMMITMENTS YOU MAKE(R)
AG-127396-A 8/97 Printed in USA
