Morningstar Profiles Four More CIGNA Charter Funds(R)

Additional CIGNA Funds Evaluated by Morningstar for Investment Performance



Apr 12, 2001, 01:00 ET from CIGNA Retirement & Investment Services

    HARTFORD, Conn., April 12 /PRNewswire/ -- CIGNA Retirement & Investment
 Services announced today that Morningstar Inc. has profiled and evaluated four
 additional portfolios in the CIGNA Charter Funds(R) family of institutional
 commingled separate accounts.
     With the additions, Morningstar now evaluates 15 CIGNA Charter Funds(R),
 and eleven -- or 73 percent -- carry hypothetical Morningstar Star Ratings(TM)
 of four or five stars.  The ratings are considered hypothetical because they
 are assigned to CIGNA's separate accounts as a means to compare the
 institutional funds with the Morningstar universe of mutual funds.
     Of the newly evaluated funds, three received hypothetical star ratings.
 They are:
 
      Fund Mandate/Style  12/31/00 Morningstar Rating   Investment Subadvisor
 
      Small Company Growth          *****               TimesSquare Capital
                                                             Management
      Foreign Stock II              ****                Bank of Ireland Asset
                                                             Management
      Small Company Value           ****                Berger, LLC
 
     In addition, the Midsize Company Growth Fund, managed by Artisan Partners
 Limited Partnership was also evaluated and profiled.  Based on its analysis of
 December 31, 2000, Morningstar considers this fund to be similarly managed to
 the Artisan Mid Cap mutual fund, which received an overall Morningstar Rating
 of five stars and was recently cited in the February 2001 issue of Money
 Magazine as a performer that "was miles ahead with a 23.7 percent return."
 The magazine ranked the Artisan Mid Cap mutual fund in the "top ten percent of
 its peers."(1)
     "Investors clearly value Morningstar's reputation for developing
 comprehensive, unbiased financial information, and we believe these profiles
 will help our plan sponsors, participants and pension consultants effectively
 evaluate and compare our institutional retirement plan offerings with retail
 mutual funds," said George Palms, vice president, product development, at
 CIGNA Retirement & Investment Services.
     "In evaluating our institutional portfolios, Morningstar employs the same
 rigorous analysis and objective commentary used to profile retail funds,
 ensuring that participants in 401(k) plans using CIGNA investment products
 have access to familiar and respected tools when considering investment
 options.  Eventually, all funds in the Charter Funds family will receive a
 hypothetical rating by Morningstar(2)," he added.
     CIGNA introduced the Charter Funds in 1998 to provide retirement plan
 clients with access to leading institutional money managers, many of whom do
 not typically manage retail investments.  The funds, which now number 25,
 offer a wide array of investment choices covering a full range of asset
 classes.  And each fund is clearly named to reflect a consistent, disciplined
 investment style, allowing investors to easily understand and execute asset
 allocation decisions without concern that funds may change style.
     The funds are an integral part of CIGNA's "manager-of-managers" program,
 which not only offers access to top institutional funds, but also continuously
 monitors those funds through the organization's Due Diligence Advisor Program
 to ensure that each mandate continues to deliver solid performance and remains
 true to its investment style.  As of year-end 2000, 80 percent of the Charter
 Funds yielded top-quartile performance relative to peers.
     CIGNA proactively distributes the Morningstar Profiles to plan sponsors.
 For more information or copies of the evaluations, plan sponsors and pension
 consultants should contact their CIGNA representative.  Plan participants can
 call CIGNA's AnswerLine at 1.800.253.2287 (1.800.834.2766 for the hearing
 impaired). Others may call 1.800.840.5452.  For more information about the
 Charter Funds or to access the Morningstar Profiles available on CIGNA's
 web-site, go to
 http://www.cigna.com/consumer/services/com_options/qualified/morningstar.html.
 
     About Morningstar
     Chicago-based Morningstar, Inc. is an independent provider of reliable,
 unbiased investment information. Morningstar.com is listed among the top
 investing sites by publications such as The Wall Street Journal, Barron's,
 SmartMoney, Money, Worth, and U.S. News & World Report.  Morningstar provides
 investment information for a number of leading Web sites, including Microsoft
 MoneyCentral, Quicken.com, America Online, Yahoo! Finance, and Netscape
 Personal Finance.  ClearFuture is offered by Morningstar Associates, LLC, a
 registered investment adviser and subsidiary of Morningstar, Inc.
     For more information about Morningstar, view http://www.morningstar.com.
 
     CIGNA Retirement & Investment Services, a division of CIGNA Corporation
 (NYSE:   CI), is one of the nation's leading asset management and retirement
 services firms.  The organization offers defined benefit, defined contribution
 and non-qualified plans, either on a stand-alone basis or as part of a
 complete retirement solution customized to the needs of plan sponsors and
 tailored to the needs of plan participants.  With global invested assets of
 more than $85 billion, CIGNA Retirement & Investment Services provides
 retirement products to approximately 3,000 plan sponsors serving in excess of
 1.6 million plan participants.  Security products are offered through CIGNA
 Financial Services, Inc.  Member NASD/SIPC.
     CIGNA Corporation's subsidiaries are leading providers of employee
 benefits in the United States. Their products and services include managed and
 indemnity health care coverage; group life, accident and disability insurance;
 retirement services; and investment management. They also offer life insurance
 and employee benefits in selected international markets. As of December 31,
 2000, CIGNA Corporation had consolidated assets of $95.1 billion and
 shareholders' equity of $5.4 billion.  To find out more about CIGNA
 Corporation, go to http://www.cigna.com.
 
     (1) Performance of the Charter Midsize Company Stock Growth Fund may
         differ from that of the Artisan Mid Cap mutual fund. Current
         performance may be significantly lower than stated.
 
     (2) For separate accounts and other non-rated investments: Please note,
         some of the Morningstar proprietary calculations, including the
         Morningstar Rating(TM), are not customarily performed for this
         investment type. The evaluation of this investment does not affect the
         retail mutual fund data published by Morningstar. The underlying
         investment data are supplied by CIGNA. Morningstar cannot guarantee
         the accuracy or completeness of the data.  For each retail mutual fund
         with at least a three-year history, Morningstar calculates a
         Morningstar Rating metric each month by subtracting the return on a
         90-day U.S. Treasury Bill from the fund's load-adjusted return for the
         same period, and then adjusting this excess return for risk.  The top
         10% of funds in each broad asset class receive 5 stars, the next 22.5%
         receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive
         2 stars and the bottom 10% receive 1 star. The Overall Morningstar
         Rating for a fund is derived from a weighted average of the
         performance figures associated with its three-, five- and ten-year (if
         applicable) Morningstar Rating metrics. Each fund is rated exclusively
         against U.S.-domiciled domestic stock or international stock funds, as
         applicable. This investment's independent Morningstar Rating metric is
         then compared against the retail mutual fund universe breakpoints to
         determine its hypothetical rating. Past performance is no guarantee of
         future results.
 
     Contact: Ken Ferraro, CIGNA Public Affairs
              860.534.7468
              kenneth.ferraro@cigna.com
 
              Lisa Friedman, Makovsky & Co.
              212.508.9630
              Lfriedman@makovsky.com
 
 

SOURCE CIGNA Retirement & Investment Services
    HARTFORD, Conn., April 12 /PRNewswire/ -- CIGNA Retirement & Investment
 Services announced today that Morningstar Inc. has profiled and evaluated four
 additional portfolios in the CIGNA Charter Funds(R) family of institutional
 commingled separate accounts.
     With the additions, Morningstar now evaluates 15 CIGNA Charter Funds(R),
 and eleven -- or 73 percent -- carry hypothetical Morningstar Star Ratings(TM)
 of four or five stars.  The ratings are considered hypothetical because they
 are assigned to CIGNA's separate accounts as a means to compare the
 institutional funds with the Morningstar universe of mutual funds.
     Of the newly evaluated funds, three received hypothetical star ratings.
 They are:
 
      Fund Mandate/Style  12/31/00 Morningstar Rating   Investment Subadvisor
 
      Small Company Growth          *****               TimesSquare Capital
                                                             Management
      Foreign Stock II              ****                Bank of Ireland Asset
                                                             Management
      Small Company Value           ****                Berger, LLC
 
     In addition, the Midsize Company Growth Fund, managed by Artisan Partners
 Limited Partnership was also evaluated and profiled.  Based on its analysis of
 December 31, 2000, Morningstar considers this fund to be similarly managed to
 the Artisan Mid Cap mutual fund, which received an overall Morningstar Rating
 of five stars and was recently cited in the February 2001 issue of Money
 Magazine as a performer that "was miles ahead with a 23.7 percent return."
 The magazine ranked the Artisan Mid Cap mutual fund in the "top ten percent of
 its peers."(1)
     "Investors clearly value Morningstar's reputation for developing
 comprehensive, unbiased financial information, and we believe these profiles
 will help our plan sponsors, participants and pension consultants effectively
 evaluate and compare our institutional retirement plan offerings with retail
 mutual funds," said George Palms, vice president, product development, at
 CIGNA Retirement & Investment Services.
     "In evaluating our institutional portfolios, Morningstar employs the same
 rigorous analysis and objective commentary used to profile retail funds,
 ensuring that participants in 401(k) plans using CIGNA investment products
 have access to familiar and respected tools when considering investment
 options.  Eventually, all funds in the Charter Funds family will receive a
 hypothetical rating by Morningstar(2)," he added.
     CIGNA introduced the Charter Funds in 1998 to provide retirement plan
 clients with access to leading institutional money managers, many of whom do
 not typically manage retail investments.  The funds, which now number 25,
 offer a wide array of investment choices covering a full range of asset
 classes.  And each fund is clearly named to reflect a consistent, disciplined
 investment style, allowing investors to easily understand and execute asset
 allocation decisions without concern that funds may change style.
     The funds are an integral part of CIGNA's "manager-of-managers" program,
 which not only offers access to top institutional funds, but also continuously
 monitors those funds through the organization's Due Diligence Advisor Program
 to ensure that each mandate continues to deliver solid performance and remains
 true to its investment style.  As of year-end 2000, 80 percent of the Charter
 Funds yielded top-quartile performance relative to peers.
     CIGNA proactively distributes the Morningstar Profiles to plan sponsors.
 For more information or copies of the evaluations, plan sponsors and pension
 consultants should contact their CIGNA representative.  Plan participants can
 call CIGNA's AnswerLine at 1.800.253.2287 (1.800.834.2766 for the hearing
 impaired). Others may call 1.800.840.5452.  For more information about the
 Charter Funds or to access the Morningstar Profiles available on CIGNA's
 web-site, go to
 http://www.cigna.com/consumer/services/com_options/qualified/morningstar.html.
 
     About Morningstar
     Chicago-based Morningstar, Inc. is an independent provider of reliable,
 unbiased investment information. Morningstar.com is listed among the top
 investing sites by publications such as The Wall Street Journal, Barron's,
 SmartMoney, Money, Worth, and U.S. News & World Report.  Morningstar provides
 investment information for a number of leading Web sites, including Microsoft
 MoneyCentral, Quicken.com, America Online, Yahoo! Finance, and Netscape
 Personal Finance.  ClearFuture is offered by Morningstar Associates, LLC, a
 registered investment adviser and subsidiary of Morningstar, Inc.
     For more information about Morningstar, view http://www.morningstar.com.
 
     CIGNA Retirement & Investment Services, a division of CIGNA Corporation
 (NYSE:   CI), is one of the nation's leading asset management and retirement
 services firms.  The organization offers defined benefit, defined contribution
 and non-qualified plans, either on a stand-alone basis or as part of a
 complete retirement solution customized to the needs of plan sponsors and
 tailored to the needs of plan participants.  With global invested assets of
 more than $85 billion, CIGNA Retirement & Investment Services provides
 retirement products to approximately 3,000 plan sponsors serving in excess of
 1.6 million plan participants.  Security products are offered through CIGNA
 Financial Services, Inc.  Member NASD/SIPC.
     CIGNA Corporation's subsidiaries are leading providers of employee
 benefits in the United States. Their products and services include managed and
 indemnity health care coverage; group life, accident and disability insurance;
 retirement services; and investment management. They also offer life insurance
 and employee benefits in selected international markets. As of December 31,
 2000, CIGNA Corporation had consolidated assets of $95.1 billion and
 shareholders' equity of $5.4 billion.  To find out more about CIGNA
 Corporation, go to http://www.cigna.com.
 
     (1) Performance of the Charter Midsize Company Stock Growth Fund may
         differ from that of the Artisan Mid Cap mutual fund. Current
         performance may be significantly lower than stated.
 
     (2) For separate accounts and other non-rated investments: Please note,
         some of the Morningstar proprietary calculations, including the
         Morningstar Rating(TM), are not customarily performed for this
         investment type. The evaluation of this investment does not affect the
         retail mutual fund data published by Morningstar. The underlying
         investment data are supplied by CIGNA. Morningstar cannot guarantee
         the accuracy or completeness of the data.  For each retail mutual fund
         with at least a three-year history, Morningstar calculates a
         Morningstar Rating metric each month by subtracting the return on a
         90-day U.S. Treasury Bill from the fund's load-adjusted return for the
         same period, and then adjusting this excess return for risk.  The top
         10% of funds in each broad asset class receive 5 stars, the next 22.5%
         receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive
         2 stars and the bottom 10% receive 1 star. The Overall Morningstar
         Rating for a fund is derived from a weighted average of the
         performance figures associated with its three-, five- and ten-year (if
         applicable) Morningstar Rating metrics. Each fund is rated exclusively
         against U.S.-domiciled domestic stock or international stock funds, as
         applicable. This investment's independent Morningstar Rating metric is
         then compared against the retail mutual fund universe breakpoints to
         determine its hypothetical rating. Past performance is no guarantee of
         future results.
 
     Contact: Ken Ferraro, CIGNA Public Affairs
              860.534.7468
              kenneth.ferraro@cigna.com
 
              Lisa Friedman, Makovsky & Co.
              212.508.9630
              Lfriedman@makovsky.com
 
 SOURCE  CIGNA Retirement & Investment Services

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