-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D2I8XnX3Aso/IdZtUw16LoN3FctV4uI6xIWFDg9xh3TW3591pvpglYgpAWNV2vJv 6eORB+58C5kVXvfZ6M6h4A== 0000912057-95-008052.txt : 19951002 0000912057-95-008052.hdr.sgml : 19951002 ACCESSION NUMBER: 0000912057-95-008052 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950926 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CG VARIABLE ANNUITY SEPARATE ACCOUNT II CENTRAL INDEX KEY: 0000928718 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 033-83020 FILM NUMBER: 95576200 BUSINESS ADDRESS: STREET 1: 900 COTTAGE GROVE RD CITY: BLOOMFIELD STATE: CT ZIP: 06002 MAIL ADDRESS: STREET 1: 900 COTTAGE GROVE RD CITY: HARTFORD STATE: CT ZIP: 06152-2251 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CG VARIABLE LIFE INSURANCE SEPARATE ACCOUNT I CENTRAL INDEX KEY: 0000930597 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-08780 FILM NUMBER: 95576201 BUSINESS ADDRESS: STREET 1: 900 COTTAGE GROVE RD CITY: BLOOMFIELD STATE: CT ZIP: 06002 BUSINESS PHONE: 2037266000 MAIL ADDRESS: STREET 1: 900 COTTAGE GROVE RD CITY: HARTFORD STATE: CT ZIP: 06152-2251 N-30B-2 1 N-30B-2 ACCRU VARIABLE ANNUITY VARIABLE UNIVERSAL LIFE SEMI ANNUAL REPORT 6/30/95 CAPITAL STRATEGIES FOR THE SAVVY INVESTOR FROM CIGNA THOMAS C. JONES President CIGNA Individual Insurance August 16, 1995 Dear Client: This report reviews the performance of the ACCRU Variable Annuity and ACCRU Variable Universal Life products for the period from the date each sub-account was initially funded through June 30, 1995. This was a period of considerable economic and financial volatility. It is a pleasure to report that virtually all of the active investment vehicles underlying these ACCRU products gained ground for the period, with some achieving substantial growth in a period of rapidly rising equity markets. A number of disappointing economic indicators in 1995's first half led to a foreboding that the economy might well be in for a "soft landing" or worse, rather than unbridled expansion as experienced in late 1994. There was softness in consumer and housing spending and a perceived risk to business investment spending. In response to these and other signs of softness, the Federal Reserve reduced short-term interest rates during the first week of July for the first time in nearly three years. Gross Domestic Product (GDP) growth in the first half of 1995 was in the 2.5% range. This is down sharply from the 5.1% growth of the last quarter of 1994. Growth continued to derive primarily from continued increases in productivity, which should help to sustain U.S. industry's profitability recovery. Liquidity was abundant and the dollar was cheap, helping the U.S. to gain market share in key export markets. Mortgage rates have fallen sharply since the peak late last year. As a result, a modest refinancing surge is now under way. The domestic equity market was strong in the first half of 1995, returning 20.21% as measured by the Standard & Poor's Composite Index of 500 stocks. The return for the second quarter of 1995 was 9.54%, the closest period to our ACCRU history for which S&P data was available. The investment grade bond market, as represented by the Lehman Brothers Government/Corporate Bond Index, had a return of 11.80% in the half and 6.49% for the second quarter. Despite some confusing signs, the outlook is for reacceleration of economic growth into the second half of 1995 and early 1996. It should be noted that it has now been almost five years since the S&P 500 Index has experienced a correction of 10% or more, compared to an average interval of about 18 months, and the U.S. equity market appears to be at a level that provides little tolerance for bad news of any kind. World financial markets rallied broadly in recent months in response to easing credit market conditions, rising liquidity trends, steadily improving corporate profitability, and declining interest rates worldwide. Following is a summary of sub-account performances for the period from the date each sub-account was initially funded through June 30, 1995:
Date Initially Funded Beginning AUV (1) Ending AUV VARIABLE ANNUITY (Inception Date) as of Inception Date as of 6/30/95 (2) % Change - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ Alger American Growth Portfolio 4/12/95 $10.00 11.4426010 14.43% Alger American Leveraged AllCap Portfolio 6/2/95 $10.00 11.5788120 15.79% Alger American MidCap Growth Portfolio 4/10/95 $10.00 11.6179000 16.18% Alger American Small Capital Portfolio 4/10/95 $10.00 12.0443400 20.44% - ------------------------------------------------------------------------------------------------------------------------------ Fidelity VIP Equity Income Portfolio 4/10/95 $10.00 10.5864240 5.86% Fidelity VIP Money Market Portfolio 6/8/95 $10.00 10.0273470 0.27% Fidelity VIP II: Asset Manager Portfolio 4/12/95 $10.00 10.3043070 3.04% Fidelity VIP II: Investment Grade Bond Portfolio (3) (3) (3) (3) - ------------------------------------------------------------------------------------------------------------------------------ MFS Total Return Series (3) (3) (3) (3) MFS Utilities Series (3) (3) (3) (3) MFS World Government Series (3) (3) (3) (3) - ------------------------------------------------------------------------------------------------------------------------------ Neuberger & Berman AMT Balanced Portfolio (3) (3) (3) (3) Neuberger & Berman AMT Limited Maturity Bond Portfolio 5/3/95 $10.00 10.1761330 1.76% Neuberger & Berman AMT Partners Portfolio 4/12/95 $10.00 10.8271750 8.27% - ------------------------------------------------------------------------------------------------------------------------------ Quest for Value Global Equity Portfolio 4/10/95 $10.00 10.8940530 8.94% Quest for Value Managed Portfolio 6/19/95 $10.00 9.9960500 -0.04% Quest for Value Small Cap Portfolio 6/27/95 $10.00 10.0428290 0.43% - ------------------------------------------------------------------------------------------------------------------------------ Date Initially Funded Beginning AUV Ending AUV VARIABLE UNIVERSAL LIFE (Inception Date) as of Inception Date as of 6/30/95 % Change - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ Alger American Growth Portfolio 5/2/95 $10.00 11.1999150 12.00% Alger American Leveraged AllCap Portfolio 5/2/95 $10.00 12.2511200 22.51% Alger American MidCap Growth Portfolio 5/2/95 $10.00 11.4447310 14.45% Alger American Small Capital Portfolio 5/2/95 $10.00 11.7665710 17.67% - ------------------------------------------------------------------------------------------------------------------------------ Fidelity VIP Equity Income Portfolio 5/2/95 $10.00 10.4033980 4.03% Fidelity VIP II: Asset Manager Portfolio (3) (3) (3) (3) Fidelity VIP II: Investment Grade Bond Portfolio (3) (3) (3) - ------------------------------------------------------------------------------------------------------------------------------ MFS Total Return Series (3) (3) (3) (3) MFS Utilities Series (3) (3) (3) (3) MFS World Government Series 5/2/95 $10.00 10.1414790 1.41% - ------------------------------------------------------------------------------------------------------------------------------ Neuberger & Berman AMT Balanced Portfolio (3) (3) (3) (3) Neuberger & Berman AMT Limited Maturity Bond Portfolio (3) (3) (3) (3) Neuberger & Berman AMT Partners Portfolio 5/2/95 $10.00 10.7431310 7.43% - ------------------------------------------------------------------------------------------------------------------------------ Quest for Value Global Equity Portfolio (3) (3) (3) (3) Quest for Value Managed Portfolio 5/2/95 $10.00 10.9419360 9.42% Quest for Value Small Cap Portfolio (3) (3) (3) (3) - ------------------------------------------------------------------------------------------------------------------------------ (1) AUV - Accumulation Unit Value (2) Variable Annuity unit values reflect the Company's waiver of its mortality and expense risk charges at a rate of 1.20% per year throughout the April 10 - June 30 period. Had these charges been imposed, ending accumulation unit values would have been lower. (3) As of June 30, 1995, no premium payments had yet been allocated to these funds.
To review the performances and portfolios of mutual funds used in the ACCRU Variable Annuity and Variable Universal Life contracts, please consult the financial statements following the Table of Contents. We continue to do our utmost to assist in providing for your long-term financial security. Respectfully submitted, /s/ Thomas C. Jones Thomas C. Jones President TABLE OF CONTENTS THE ALGER AMERICAN FUND SEMI-ANNUAL REPORT ALGER AMERICAN GROWTH PORTFOLIO ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO ALGER AMERICAN MIDCAP GROWTH PORTFOLIO ALGER AMERICAN LEVERAGED ALLCAP PORTFOLIO FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS SEMI-ANNUAL REPORT* MONEY MARKET PORTFOLIO EQUITY-INCOME PORTFOLIO INVESTMENT GRADE BOND PORTFOLIO ASSET MANAGER PORTFOLIO MFS VARIABLE INSURANCE TRUST SEMI-ANNUAL REPORT MFS TOTAL RETURN SERIES MFS UTILITIES SERIES MFS WORLD GOVERNMENTS SERIES NEUBERGER & BERMAN ADVISERS MANAGEMENT TRUST SEMI-ANNUAL REPORT AMT BALANCED PORTFOLIO AMT LIMITED MATURITY BOND PORTFOLIO AMT PARTNERS PORTFOLIO QUEST FOR VALUE ACCUMULATION TRUST SEMI-ANNUAL REPORT QUEST FOR VALUE GLOBAL EQUITY PORTFOLIO QUEST FOR VALUE MANAGED PORTFOLIO QUEST FOR VALUE SMALL CAP PORTFOLIO * PLEASE NOTE THAT THE FIDELITY MONEY MARKET PORTFOLIO IS [LOGO-CIGNA USED IN CONNECTION WITH CONNECTICUT GENERAL LIFE'S VARIABLE INDIVIDUAL ANNUITY CONTRACT BUT NOT ITS VARIABLE LIFE INSURANCE CONTRACTS. INSURANCE] IN ADDITION, THE FIDELITY MATERIAL CONTAINED IN THIS SEMI-ANNUAL REPORT DISCUSS FUNDS NOT AVAILABLE TO FUND CONNECTICUT GENERAL LIFE'S CONTRACTS. There are incorporated herein by reference the following exhibits, each of which has been filed with the Securities and Exchange Commission in connection with the named entity's status as a registered investment company under the Investment Company Act of 1940. Exhibit 1. The Alger American Fund Semi-Annual Report, June 30, 1995, consisting of 23 numbered pages. Exhibit 2. Variable Insurance Products Fund and Variable Insurance Products Fund II Semi-Annual Reports, June 30, 1995, consisting of 49 and 52 numbered pages, respectively, in a single booklet, and an inside back cover common to both. Exhibit 3. MFS -Registered Trademark- Variable Insurance Trust 3(a) MFS -Registered Trademark- Total Return Series Semiannual Report, June 30, 1995, consisting of 14 unnumbered pages; 3(b) MFS -Registered Trademark- Utilities Series Semiannual Report, June 30, 1995, consisting of 14 unnumbered pages; 3(c) MFS -Registered Trademark- World Governments Series Semiannual Report, June 30, 1995, consisting of 17 unnumbered pages. Exhibit 4. Neuberger&Berman Advisers Management Trust 4(a) Balanced Portfolio Only, Semi-Annual Report, June 30, 1995, consisting of 23 numbered pages; 4(b) Limited Maturity Bond Portfolio Only, Semi-Annual Report, June 30, 1995, consisting of 20 numbered pages; 4(c) Partners Portfolio Only, Semi-Annual Report, June 30, 1995, consisting of 19 numbered pages. Exhibit 5. Quest for Value Accumulation Trust semi-annual report, June 30, 1995 5(a) Global Equity Portfolio, consisting of 13 partially numbered pages; 5(b) Managed Portfolio, consisting of 10 unnumbered pages; 5(c) Small Cap Portfolio, consisting of 13 unnumbered pages; and a back cover common to all three of these portfolios. -----END PRIVACY-ENHANCED MESSAGE-----