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Nonqualified Historical Fund Performance

Fourth Quarter 2003

Important Information:

The performance quoted represents past performance. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, please call 1-888-244-6237.

Performance benchmark indexes represent the full one-quarter, year-to-date, 1-year, 3- year, 5-year or 10-year time periods, even if the Fund's inception-to-date performance is for a period less than the respective benchmark period.

Securities products offered through Prudential Retirement Brokerage Services, Inc.(PRBS) , P.O. Box 150476, Hartford, CT 06115-0476. Prudential Retirement is a Prudential Financial business.

Insurance products are issued by Connecticut General Life Insurance Company, Hartford, CT and CIGNA Life Insurance Company, Hartford, CT.

CIGNA Life Insurance Company , Hartford, CT a Prudential Financial company is acting as an administrative agent for Connecticut General Life Insurance Company, Bloomfield, CT.

Please consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. Prospectuses contain this and other information about the investment company. For more complete information on mutual funds, including charges and expenses, investment objectives and risks please contact CIGNA Financial Services, Inc. at 1.888.244.6237 for a prospectus and most recent performance data. Read the prospectus carefully before investing.

At times, certain funds' performance may be extraordinarily high due to investing in sectors that achieved unprecedented returns. There can be no assurance that this performance can be repeated in the future.

The nonqualified deferred compensation funds in the chart below are grouped by investment type. All cumulative and average annualized returns shown are for the time periods ending December 31, 2003. Performance information for time periods ending June 30, 2004 is also available.

  Cumulative Returns1 as of 12/31/2003 (%) Average Annualized Returns1 as of 12/31/2003 (%)
Fund Name Inception Date Fund Assets Month Prior 3 Months Year To Date 1 Year 3 Year 5 Year 10 Year Since Inception Ratio Expense

  Investment Type: Large Cap Stock — Value

Large Cap Value/John A. Levin & Co. (Retail Class)2 3 4  01/20/00 $10 6.43 13.88 28.09 28.09 -3.82 n/a n/a 0.26 1.25
Large Cap Value/John A. Levin & Co. (Premier Class)2 3 4  01/20/00 $10 6.46 14.13 28.47 28.47 -3.56 n/a n/a 0.52 1.00
Large Cap Value/John A. Levin & Co. (Institutional Class)2 3 4  01/20/00 $5 6.47 14.11 28.74 28.74 -3.38 n/a n/a 0.72 0.80
AllianceBernstein Growth and Income (Class A Shares) (CABDX)5 6  7/32 $3,055 6.61 11.89 31.76 31.76 -1.70 3.64 11.84 n/a 1.14
American Century Income & Growth (Advisor Class Shares) (AMADX) 12/15/97 $898 5.44 13.22 29.33 29.33 -1.69 -0.05 n/a 4.26 0.94
Credit Suisse Large Cap Value (Advisor Shares) (CSLVX)7  06/06/03 $23 6.30 12.59 24.28 24.28 -0.75 3.18 10.99 n/a 1.55
Fidelity Advisor Equity Income (Class T Shares) (FEIRX)8  9/92 $2,466 6.46 13.60 28.41 28.41 1.86 3.59 10.93 n/a 1.2
Neuberger Berman Partners Fund Trust Class*;  (NBPTX)2  08/30/93 $311 3.82 13.57 35.66 35.66 -0.48 1.30 9.48 n/a 1.05
S&P; 500 Index     5.24 12.18 28.68 28.68 -4.05 -0.57 11.07 n/a n/a
Russell 1000 Value Index     6.16 14.19 30.03 30.03 1.22 3.56 11.88 n/a n/a
Lipper Large-Cap Value Funds Index     6.13 13.37 28.00 28.00 -2.04 1.20 10.05 n/a n/a

  Investment Type: Large Cap Stock — Blend

S&P; 500® Index (Retail Class)2 3  01/21/00 $45 5.16 12.05 27.97 27.97 -4.62 n/a n/a -5.53 0.60
S&P; 500® Index (Premier Class)2 3  01/21/00 $9 5.21 12.03 28.48 28.48 -4.27 n/a n/a -5.19 0.35
S&P; 500® Index (Institutional Class)2 3  07/01/97 $138 5.18 12.02 28.29 28.29 -4.27 -0.80 n/a 4.82 0.25
AIM Premier Equity (Class A Shares)*;  (AVLFX)9  5/84 $5,150 4.57 10.48 24.90 24.90 -9.11 -3.66 8.09 n/a 1.17
Dreyfus Founders Growth and Income (Class F Shares) (FRMUX)10  7/38 $233 3.48 11.01 30.67 30.67 -6.99 -5.73 5.39 n/a 1.10
Federated Max-Cap (Institutional Service Shares)*;  (FMXSX)2  09/07/93 $604 5.26 12.07 27.77 27.77 -4.72 -1.32 10.29 n/a 0.64
Fidelity Advisor Growth Opportunities (Class T Shares)*;  (FAGOX)11  11/87 $4,711 4.68 10.95 29.25 29.25 -5.24 -6.29 6.38 n/a 0.86
Gabelli Growth (Class AAA Shares) (GABGX) 4/87 $1,884 4.31 13.31 31.38 31.38 -12.92 -2.89 9.37 n/a 1.43
INVESCO Core Equity (Investor Class Shares) (FIIIX)2  2/60 $2,531 5.10 10.00 23.61 23.61 -4.36 0.56 7.80 n/a 1.05
First Quadrant Tax-Managed Equity (MFQTX)12  12/00 $54 2.72 10.46 29.29 29.29 -1.22 n/a n/a -0.17 0.99
S&P; 500 Index     5.24 12.18 28.68 28.68 -4.05 -0.57 11.07 n/a n/a
Russell 1000 Index     4.79 12.26 29.89 29.89 -3.78 -0.13 11.00 n/a n/a
Lipper Large-Cap Core Funds Index     4.81 10.86 24.81 24.81 -5.03 -1.09 9.27 n/a n/a

  Investment Type: Large Cap Stock — Growth

Large Cap Growth/Morgan Stanley (Retail Class)2 3 4  01/20/00 $6 3.61 10.00 24.06 24.06 -8.76 n/a n/a -9.98 1.25
Large Cap Growth/Morgan Stanley (Premier Class)2 3 4  01/20/00 $5 3.64 9.97 24.34 24.34 -8.54 n/a n/a -9.76 1.00
Large Cap Growth/Morgan Stanley (Institutional Class)2 3 4  01/20/00 $3 3.55 10.00 24.49 24.49 -8.36 n/a n/a -9.61 0.80
AllianceBernstein Premier Growth (Class A Shares) (APGAX)5 13  9/92 $1,718 3.06 8.29 22.71 22.71 -14.22 -8.19 8.30 n/a 1.89
American Century Ultra® (Advisor Class Shares) (TWUAX) 10/02/96 $679 1.81 9.23 25.59 25.59 -6.43 -1.55 n/a 6.07 1.24
American Century Ultra® (Investor Class Shares)*;  (TWCUX) 11/81 $21,744 1.80 9.27 25.83 25.83 -6.17 -1.32 8.88 n/a 0.99
Dreyfus Founders Growth (Class F Shares)*;  (FRGRX)10  1/62 $500 3.15 10.45 31.42 31.42 -11.18 -6.65 6.29 n/a 1.39
Fidelity Advisor Equity Growth (Class T Shares) (FAEGX)14  9/92 $5,577 2.79 10.91 31.83 31.83 -9.22 -2.04 9.54 n/a 1.27
Fidelity Advisor Large Cap (Class T Shares) (FALGX)15  02/20/96 $287 4.42 10.34 24.15 24.15 -7.96 -3.05 n/a 6.64 1.27
Janus Fund*;  (JANSX) 2/70 $17,223 3.12 13.11 31.71 31.71 -11.00 -2.47 8.70 n/a 0.85
S&P; 500 Index     5.24 12.18 28.68 28.68 -4.05 -0.57 11.07 n/a n/a
Russell 1000 Growth Index     3.46 10.41 29.75 29.75 -9.36 -5.11 9.21 n/a n/a
Lipper Large-Cap Growth Funds Index     2.82 10.10 26.97 26.97 -11.43 -5.53 7.77 n/a n/a

  Investment Type: Mid Cap Stock — Value

American Century Equity Income (Investor Class) (TWEIX) 08/01/94 $2,105 6.43 11.49 24.25 24.25 9.52 9.85 n/a 14.98 1.00
Russell Midcap Index     3.00 13.97 40.06 40.06 3.47 7.23 12.18 n/a n/a
Russell Midcap Value Index     4.32 15.22 38.07 38.07 8.48 8.73 13.04 n/a n/a
Lipper Mid-Cap Value Funds Index     4.08 14.77 39.08 39.08 8.21 9.42 10.71 n/a n/a

  Investment Type: Mid Cap Stock — Blend

Fidelity Advisor Value Strategies (Class T Shares) (FASPX)16  12/83 $1,136 -0.06 14.06 59.99 59.99 9.77 11.81 11.20 n/a 1.35
PIMCO CCM Mid-Cap (Class A Shares) (PFMAX)17  01/17/97 $133 0.35 11.14 30.56 30.56 -5.82 3.76 n/a n/a 1.11
Strong Opportunity (Investor Class) (SOPFX) 12/85 $2,709 3.90 11.79 37.46 37.46 -1.49 6.72 11.84 n/a 1.41
Russell Midcap Index     3.00 13.97 40.06 40.06 3.47 7.23 12.18 n/a n/a
Lipper Mid-Cap Core Funds Index     2.54 13.07 36.59 36.59 2.38 7.89 10.95 n/a n/a

  Investment Type: Mid Cap Stock — Growth

American Century Heritage (Advisor Class) (ATHAX) 07/11/97 $14 0.18 11.50 21.24 21.24 -8.98 5.89 n/a 4.66 1.25
Artisan Mid Cap (Investor Shares) (ARTMX)18  06/27/97 $4,222 2.46 11.51 31.80 31.80 -1.04 14.24 n/a 20.26 1.20
Baron Asset (BARAX) 6/87 $2,014 1.72 9.44 27.34 27.34 -2.89 1.34 10.21 n/a 1.35
Credit Suisse Emerging Growth (Advisor Shares)*;  (WEGTX)19  4/91 $39 0.04 12.28 44.71 44.71 -9.07 -1.47 6.33 n/a 1.85
INVESCO Dynamics (Investor Class Shares) (FIDYX)2 20  9/67 $4,088 1.17 13.82 38.27 38.27 -14.68 -0.32 8.91 n/a 1.21
Russell Midcap Index     3.00 13.97 40.06 40.06 3.47 7.23 12.18 n/a n/a
Russell Midcap Growth Index     1.09 12.16 42.71 42.71 -6.13 2.01 9.40 n/a n/a
Lipper Mid-Cap Growth Funds Index     0.51 10.97 35.41 35.41 -8.56 2.18 8.25 n/a n/a

  Investment Type: Small Cap Stock — Value 21

Small Cap Value/Perkins, Wolf, McDonnell and Co., LLC (Retail Class)2 3 4 22  01/20/00 $29 4.59 14.91 40.07 40.07 12.98 n/a n/a 16.93 1.50
Small Cap Value/Perkins, Wolf, McDonnell and Co., LLC (Premier Class)2 3 4 22  01/20/00 $33 4.60 15.02 40.53 40.53 13.24 n/a n/a 17.21 1.25
Small Cap Value/Perkins, Wolf, McDonnell and Co., LLC (Institutional Class)2 3 4 22  01/20/00 $48 4.70 15.07 40.82 40.82 13.47 n/a n/a 17.45 1.05
Janus Small Cap Value (Investor Shares)*;  (JSCVX)23  10/87 $3,198 5.19 14.75 36.78 36.78 11.50 14.98 16.74 n/a 1.12
Royce Total Return (RYTRX)2  12/15/93 $2,794 3.43 11.66 29.99 29.99 13.65 12.23 14.47 n/a 1.20
Strong Advisor Small Cap Value (Class A Shares) (SMVAX)11  11/30/00 $674 6.50 20.62 48.49 48.49 17.91 n/a n/a 21.71 1.58
Russell 2000 Index     2.03 14.52 47.25 47.25 6.27 7.13 9.47 n/a n/a
Russell 2000 Value Index     3.62 16.37 46.03 46.03 13.83 12.28 12.70 n/a n/a
Lipper Small-Cap Value Funds Index     4.30 16.47 47.55 47.55 15.36 12.55 12.14 n/a n/a

  Investment Type: Small Cap Stock — Blend 21

Gabelli Small Cap Growth (Class AAA Shares) (GABSX) 10/91 $622 4.55 14.82 37.56 37.56 10.87 11.62 12.39 n/a 1.45
Russell 2000 Index     2.03 14.52 47.25 47.25 6.27 7.13 9.47 n/a n/a
Lipper Small-Cap Core Funds Index     2.78 14.85 40.90 40.90 6.82 9.39 11.11 n/a n/a

  Investment Type: Small Cap Stock — Growth 21

Small Cap Growth/TimesSquare (Retail Class)2 3  01/21/00 $11 0.71 11.13 37.02 37.02 0.30 n/a n/a 2.91 1.50
Small Cap Growth/TimesSquare (Premier Class)2 3  01/21/00 $67 0.79 11.23 37.53 37.53 0.57 n/a n/a 3.18 1.25
Small Cap Growth/TimesSquare (Institutional Class)2 3  01/21/00 $325 0.79 11.29 37.48 37.48 0.66 n/a n/a 3.31 1.05
INVESCO Small Company Growth (Investor Class Shares)*;  (FIEGX)2 20  12/91 $879 -1.59 9.56 33.49 33.49 -10.19 2.93 8.18 n/a 1.50
Loomis Sayles Small Cap Growth (Retail Class Shares)*;  (LCGRX)2  12/31/96 $31 -4.02 7.34 42.83 42.83 -22.68 -6.32 n/a 0.27 1.25
Managers Special Equity (MGSEX)24  6/84 $3,290 2.05 15.05 42.50 42.50 0.73 8.94 12.10 n/a 1.38
Russell 2000 Index     2.03 14.52 47.25 47.25 6.27 7.13 9.47 n/a n/a
Russell 2000 Growth Index     0.45 12.68 48.54 48.54 -2.03 0.86 5.43 n/a n/a
Lipper Small-Cap Growth Funds Index     0.14 12.12 44.74 44.74 -3.02 6.16 9.05 n/a n/a

  Investment Type: Global Stock — Growth 25

Dreyfus Founders Worldwide Growth (Class F Shares)*;  (FWWGX)10  12/89 $71 4.68 15.14 36.97 36.97 -10.07 -3.37 3.22 n/a 1.88
IDEX JCC Global (Class A Shares)*;  (IGLBX)2 20 26  10/92 $192 5.99 13.51 22.58 22.58 -11.88 -1.67 7.78 n/a 1.88
Janus Adviser Worldwide (Class I Shares) (JWGRX)27  09/13/93 $1,129 5.50 12.62 22.83 22.83 -10.48 n/a n/a 5.93 1.21
Janus Worldwide*;  (JAWWX) 5/91 $10,965 5.88 13.14 24.23 24.23 -10.84 -0.64 8.90 n/a 0.87
Oppenheimer Global (Class A Shares) OPPAX)11  12/69 $7,182 6.51 16.99 43.08 43.08 -0.72 10.05 11.39 n/a 1.23
Morgan Stanley Capital International World Index     6.30 14.37 33.76 33.76 -3.51 -0.39 7.58 n/a n/a
Lipper Global Funds Index     6.03 14.21 32.03 32.03 -3.29 2.04 6.53 n/a n/a

  Investment Type: International Stock — Value 25

Templeton Foreign (Class A) (TEMFX) Shares)28  10/82 $12,040 5.39 11.81 30.51 30.51 3.16 8.04 6.99 n/a 1.22
Morgan Stanley Capital International Europe, Australia and Far East Index (net)     7.81 17.08 38.59 38.59 -2.91 -0.05 4.47 n/a n/a
Lipper International Funds Index     6.81 15.45 36.00 36.00 -1.86 2.13 5.31 n/a n/a

  Investment Type: International Stock — Blend 25

International Blend/Bank of Ireland (Retail Class)2 3 4  01/24/00 $3 6.85 15.59 28.22 28.22 -6.19 n/a n/a -5.82 1.50
International Blend/Bank of Ireland (Premier Class)2 3 4  01/24/00 $5 6.98 15.64 28.56 28.56 -5.81 n/a n/a -5.46 1.25
International Blend/Bank of Ireland (Institutional Class)2 3 4  01/24/00 $4 7.05 15.87 28.79 28.79 -5.60 n/a n/a -5.24 1.05
Janus Overseas*;  (JAOSX) 05/01/94 $2,724 7.20 16.13 36.79 36.79 -7.15 3.94 n/a 10.52 0.91
Morgan Stanley Capital International Europe, Australia and Far East Index (net)     7.81 17.08 38.59 38.59 -2.91 -0.05 4.47 n/a n/a
Lipper International Funds Index     6.81 15.45 36.00 36.00 -1.86 2.13 5.31 n/a n/a

  Investment Type: International Stock — Growth 25

American Century International Growth (Advisor Class Shares) (TWGAX) 10/02/96 $248 5.98 13.85 25.11 25.11 -9.72 0.44 n/a 6.10 1.50
Fidelity Advisor Overseas (Class T Shares) (FAERX)11  4/90 $1,200 7.04 16.45 44.11 44.11 -2.88 1.17 5.04 n/a 1.46
Morgan Stanley Capital International Europe, Australia and Far East Index (net)     7.81 17.08 38.59 38.59 -2.91 -0.05 4.47 n/a n/a
Lipper International Funds Index     6.81 15.45 36.00 36.00 -1.86 2.13 5.31 n/a n/a

  Investment Type: Other — Specialty 29

INVESCO Technology - Investor Class (FTCHX)20  1/84 $1,464 -0.81 12.12 43.16 43.16 -25.60 -4.87 7.50 n/a 1.77
S&P; 500 Index     5.24 12.18 28.68 28.68 -4.05 -0.57 11.07 n/a n/a
Lipper Science and Technology Funds Index     0.47 12.25 51.31 51.31 -16.66 -2.89 9.26 n/a n/a

  Investment Type: Balanced — Value

Balanced (sub-advised by Wellington Management) (Retail Class)2 3 4 30  01/20/00 $6 4.10 8.77 18.79 18.79 1.08 n/a n/a 1.64 1.25
Balanced (sub-advised by Wellington Management) (Premier Class)2 3 4 30  01/20/00 $6 4.18 8.84 19.08 19.08 1.36 n/a n/a 1.89 1.00
Balanced (sub-advised by Wellington Management) (Institutional Class)2 3 4 30  01/20/00 $5 4.14 8.90 19.27 19.27 1.52 n/a n/a 2.08 0.80
AllianceBernstein Balanced Shares (Class A Shares) (CABNX)5 31  6/32 $628 5.16 8.75 22.78 22.78 3.72 5.65 9.72 n/a 1.10
Gabelli Westwood Balanced (Class AAA Shares) (WEBAX)2  10/91 $148 4.78 7.07 14.37 14.37 0.96 4.33 10.09 n/a 1.50
INVESCO Total Return (Investor Class Shares)*;  (FSFLX)2  9/87 $1,065 3.55 6.90 16.42 16.42 0.33 -0.82 7.35 n/a 1.24
S&P; 500 Index     5.24 12.18 28.68 28.68 -4.05 -0.57 11.07 n/a n/a
Lipper Balanced Funds Index     3.58 7.95 19.94 19.94 1.20 2.95 8.27 n/a n/a

  Investment Type: Balanced — Blend

Dreyfus Founders Balanced (Class F Shares)*;  (FRINX)10  2/63 $120 2.36 7.07 18.96 18.96 -4.01 -4.98 4.51 n/a 1.45
Fidelity Advisor Balanced (Class T Shares)*;  (FAIGX)14  1/87 $1,389 3.17 5.27 17.55 17.55 1.59 0.65 5.53 n/a 1.20
S&P; 500 Index     5.24 12.18 28.68 28.68 -4.05 -0.57 11.07 n/a n/a
Lipper Balanced Funds Index     3.58 7.95 19.94 19.94 1.20 2.95 8.27 n/a n/a

  Investment Type: Balanced — Growth

Janus Adviser Balanced (Class I Shares) (JABRX)32  09/30/93 $1,022 2.57 6.82 14.01 14.01 0.45 4.58 n/a 10.55 1.17
S&P; 500 Index     5.24 12.18 28.68 28.68 -4.05 -0.57 11.07 n/a n/a
Lipper Balanced Funds Index     3.58 7.95 19.94 19.94 1.20 2.95 8.27 n/a n/a

  Investment Type: Fixed Income — Domestic 33

Money Market (Retail Class)2 3 34 

(7-Day Annualized Yield)

 04/29/99 $298 0.01 0.03 0.26 0.26@ 0.13 1.46 n/a n/a 2.76 0.95
Money Market (Premier Class)2 3 34 

(7-Day Annualized Yield)

 01/26/00 $61.0 0.03 0.10 0.51 0.51@0.38 1.72 n/a n/a 2.70 0.70
Money Market (Institutional Class)2 3 34 

(7-Day Annualized Yield)

 12/81 $214 0.05 0.16 0.76 0.76@0.63 1.97 3.36 4.09 n/a 0.45
Citigroup 3-Month U.S. Treasury Bill Index     0.08 0.24 1.07 1.07 2.28 3.50 4.29 n/a n/a
Credit Suisse Fixed Income (Common Shares) (CUFIX)2  8/87 $126 0.92 0.85 6.57 6.57 4.94 4.79 5.92 n/a 0.92
Federated U.S. Government Securities: 2-5 Years (Institutional Service Shares)2  5/92 $116 0.72 -0.46 1.97 1.97 6.51 5.68 5.69 n/a 0.57
SSgA Intermediate (SSINX)2  09/01/93 $128 0.91 0.01 3.71 3.71 6.79 6.03 6.03 n/a 0.60
TimesSquare Core Plus Bond (Retail Class) (CPFRX)2 3  01/21/00 $3 1.10 0.81 7.20 7.20 7.93 n/a n/a 8.50 0.95
TimesSquare Core Plus Bond (Premier Class)2 3  01/21/00 $3 1.13 0.84 7.31 7.31 8.04 n/a n/a 8.62 0.85
TimesSquare Core Plus Bond (Institutional Class)2 3  12/31/99 $40 1.10 0.91 7.66 7.66 8.45 n/a n/a 8.81 0.45
Lehman Brothers Aggregate Bond Index     1.02 0.32 4.10 4.10 7.57 6.62 6.95 n/a n/a
Lehman Brothers Intermediate U.S. Government/Credit Index     0.87 0.06 4.31 4.31 7.68 6.65 6.63 n/a n/a
Federated High Yield Trust (FIGIX)2  8/84 $616 2.04 5.55 22.81 22.81 6.45 2.18 5.27 n/a 0.95
Lehman Brothers High Yield Bond Index     2.26 5.91 28.97 28.97 10.21 5.23 6.89 n/a n/a
Lipper High Yield Bond Funds Index     2.48 6.08 26.48 26.48 6.90 2.93 5.26 n/a n/a
Federated Prime Cash Series*;  (CTPXX)35 @ (7-Day Annualized Yield) 8/89 $4,702 0.01 0.03 0.27 0.27@0.14 1.54 2.90 3.73 n/a 1.05

  Investment Type: Stable Value

Guaranteed Income36  1/83 $11,765 n/a n/a n/a n/a n/a n/a n/a n/a  
5-Year U.S. Treasury Note Yield38      3.25 3.2337 2.9337 2.93 3.73 4.58 5.34 n/a n/a

Legend:

*This fund is no longer available as a new investment option or for new plans.
1Performance data quoted represents past performance. Total return assumes reinvestment of dividends and capital gains distributions. The Since Inception return is shown for those Funds that have less than 10 years of performance history. With the exception of the Guaranteed Income option, the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Past performance is not necessarily indicative of future results. Due to recent market volatility, current performance may be less than the figures shown and certain funds may have increased their cash position for temporary, defensive purposes. Each Fund's portfolio may differ significantly from the securities held in the corresponding Index(es). Since each Index is not available for direct investment, its performance does not reflect the expenses associated with the active management of an actual portfolio.
2Reflects waivers of all or a portion of the advisory fees and/or reimbursement of other expenses for all or some of the periods. Without such waivers and reimbursements, investment performance during all or some of the periods would have been lower. The adviser can terminate this waiver at any time, unless otherwise noted in the prospectus.
3Institutional, Premier or Retail Share Class available, based on the amount of CIGNA-managed assets and other criteria.
4Each CIGNA mutual fund is managed with the same investment objective and strategy as the corresponding separate account managed by the applicable money manager. However, there is no guarantee that the CIGNA mutual fund will have the same investment performance as the separate account or as any other fund or account managed by the money manager.
5These are non-load-adjusted returns, which do not include the effects of the Fund's sales charge, which is waived when purchased by an employer-sponsored nonqualified deferred compensation plan as defined in the Statement of Additional Information to the Fund's prospectus, and would lower returns if taken into account.
6Effective March 31, 2003, the Fund's name was changed from Alliance Growth and Income to AllianceBernstein Growth & Income.
7The Advisor Shares were introduced 6/2003. Effective June 6, 2003, the Credit Suisse Strategic Value Fund merged into the Credit Suisse Large Cap Value Fund. The acquiring fund, the Large Cap Value Fund is the accounting survivor in connection with the reorganization and accordingly, its track record survives.
8The initial offering of Class T shares was on September 10, 1992, at which time a 0.65% 12b-1 fee (reduced to 0.50% effective January 1, 1996) was imposed. These are non-load-adjusted returns, which do not include the effects of the Fund’s sales charge, which is waived when purchased by an employee benefit plan as defined in the Fund’s prospectus, and would lower returns if taken into account.
9Effective July 1, 2002, the AIM Value Fund was renamed the “AIM Premier Equity Fund.” The Fund changed investment advisers on June 30, 1992. Reflects waivers of all or a portion of the advisory fees and/or reimbursement of other expenses for all or some of the periods. Without such waivers and reimbursements, investment performance during all or some of the periods would have been lower. Returns reflect the fact that there are no sales charges.
10Class F shares are purchased on a no-load basis and are available to new or existing CIGNA plans where either the number of employees eligible in the plan and any retirement plan serviced by CIGNA and offered by the same employer collectively exceeds 250, or the assets invested in Dreyfus Founders Funds through such plans collectively exceed $1 million.
11These are non-load-adjusted returns, which do not include the effects of the Fund’s sales charge, which is waived when purchased by an employee benefit plan as defined in the Fund’s prospectus, and would lower returns if taken into account.
12Effective July 31, 2003, the Managers U.S. Stock Market Plus Fund merged into the First Quadrant Tax-Managed Equity Fund.
13Effective March 31, 2003, the Fund's name was changed from Alliance Premier Growth to AllianceBernstein Premier Growth.
14The initial offering of Class T shares was on September 10, 1992, at which time a 0.65% 12b-1 fee (reduced to 0.50% effective January 1, 1996) was imposed. The Fund’s investment adviser has voluntarily agreed to limit expenses, which would increase the Fund’s performance. Without the adviser’s reimbursement of some expenses, the Fund's total return and yield would be lower. The Fund’s expense limitation may be terminated at any time, unless otherwise stated. These are non-load-adjusted returns, which do not include the effects of the Fund's sales charge, which is waived when purchased by an employee benefit plan as defined in the Fund's prospectus, and would lower returns if taken into account.
15The Fund’s investment adviser has voluntarily agreed to limit expenses, which would increase the Fund’s performance. Without the adviser’s reimbursement of some expenses, the Fund’s total return and yield would be lower. The Fund’s expense limitation may be terminated at any time, unless otherwise stated. These are non-load-adjusted returns, which do not include the effects of the Fund’s sales charge, which is waived when purchased by an employee benefit plan as defined in the Fund’s prospectus, and would lower returns if taken into account.
16The Fund’s investment adviser has voluntarily agreed to limit expenses, which would increase the Fund’s performance. Without the adviser’s reimbursement of some expenses, the Fund’s total return and yield would be lower. The Fund’s expense limitation may be terminated at any time, unless otherwise stated. These are non-load-adjusted returns, which do not include the effects of the Fund’s sales charge, which is waived when purchased by an employee benefit plan as defined in the Fund’s prospectus, and would lower returns if taken into account. Prior to July 1, 1999, Advisor Value Strategies operated under certain different investment policies. Accordingly, the Fund’s historical performance record may not represent its current investment policy. Investing in small cap stocks may carry more risk than investing in stocks of larger, more well-established companies.
17These are non-load-adjusted returns, which do not include the effects of the Fund's sales charge, which is waived. Without such a waiver, investment performance would have been lower. Effective November 2, 2002, the Fund was renamed the PIMCO CCM Mid-Cap Fund. The Fund's objectives remain the same.
18The Fund invests in growth stocks of medium-sized companies, which tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Growth stocks may fall out of favor with investors and underperform other asset types during a given period.
19Effective December 12, 2001, the Fund changed its name from “Credit Suisse Warburg Pincus Emerging Growth (Advisor Class Shares)” to “Credit Suisse Emerging Growth (Advisor Class Shares).” The Fund’s investment objective and guidelines have remained the same.
20In recent years, the Fund’s returns have sustained significant gains and losses due to market volatility in the technology sector.
21Small capitalization securities are subject to market, liquidity and information risk. The price of the Fund's investments may go down and you could lose money on your investment. Small company securities may underperform, as compared to the securities of larger companies, and may also pose greater risk due to narrow product lines, limited financial resources, less depth in management or a limited trading market for their stocks. Some funds have recently benefited from historically unusual market conditions. As market conditions change, future performance of the funds will change.
22Effective May 1, 2003, the Fund's name was changed from Small Cap Value/Berger® Fund to Small Cap Value/Perkins, Wolf, McDonnell Fund. There has been no change in the firm responsible for managing the investment operation of the Fund.
23Returns shown for the Janus Small Cap Value Fund prior to 4/21/03 are those of the Berger Small Cap Value Fund.
24Effective December 22, 2003, Essex Investment Management replaced Pilgrim, Baxter & Associates as a sub-adviser for the Fund.
25Foreign securities are subject to special risks, such as currency fluctuation, political instability, and the potential for illiquid markets.
26These are no-load returns, which do not include the effects of the Fund's sales charge, which is waived. Without such a waiver, investment performance would have been lower. Class A shares, without a sales charge, are available to new or existing plans where either the number of employees eligible in the plan and any retirement plan offered by the same employer and serviced by CIGNA collectively exceeds 100, or the assets invested in IDEX Funds, through such plans, collectively exceed $1 million.
27This Fund commenced operations on August 1, 2000, after the reorganization of the Retirement Shares of Janus Aspen Series into the Funds. The returns for the reorganized Funds reflect the performance of the Retirement Shares of Janus Aspen Series prior to the reorganization. (The performance of the Retirement Shares prior to May 1, 1997 reflects the performance of a different class of Janus Aspen Series, restated to reflect the fees and expenses of the Retirement Shares on May 1, 1997, ignoring any fee and expense limitations.)
28On January 1, 1993, the Fund implemented a Rule 12b-1 plan, which affects subsequent performance. These are non-load-adjusted returns, which do not include the effects of the Fund's sales charge, which is waived when purchased by a group investment program as defined in the Fund's prospectus, and would lower returns if taken into account.
29Funds that concentrate investments in one or a group of industries may involve greater risks than more diversified funds, including greater potential for volatility. Some funds have recently benefited from historically unusual market conditions. As market conditions change, future performance of the funds will change.
30Effective October 1, 2001, Wellington Management Co., LLP replaced INVESCO, Inc. as sub-adviser for the Fund.
31Effective March 31, 2003, the Fund's name was changed from Alliance Balanced Shares to AllianceBernstein Balanced Shares.
32This Fund commenced operations on August 1, 2000, after the reorganization of the Retirement Shares of Janus Aspen Series into the Funds. The returns for the reorganized Funds reflect the performance of the Retirement Shares of Janus Aspen Series prior to the reorganization. (The performance of the Retirement Shares prior to May 1, 1997 reflects the performance of a different class of Janus Aspen Series, restated to reflect the fees and expenses of the Retirement Shares on May 1, 1997, ignoring any fee and expense limitations.)
33High yield securities are subject to a higher default risk and less liquidity than investment-grade securities. They are sensitive to the changes in the economy and to interest rate movement. A rise in interest rates may result in a decrease in the value of the investment.
34The annualized yield for the seven days ended December 31, 2003 was, for each Class of shares, as follows: Retail: 0.13%; Premier: 0.38%, and Institutional: 0.63%. The average maturity for each class was 32 days. The yield quotation more closely reflects the current earnings of the Fund than the total return quotation. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
35The Fund’s annualized yield for the 7 days ended December 31, 2003 was 0.14% and its average maturity was 44 days. Net yields are based on the average daily income dividend and average net asset value for the 7 days ended December 31, 2003. The 7-day net annualized yield is based on the average net income per share for the 7 days ended on the date of calculation and the offering price on that date. For an indefinite period of time, the investment adviser is waiving all or part of its fee and, in addition, may reimburse the Fund for all or part of its expenses. This increases income to the Fund and results in a higher return to investors. Otherwise, the 7-day yield would have been 0.10% and total return would have been lower. Total return represents the change in value of an investment after reinvesting all income and capital gains. Yield quotations more closely reflect the current earnings of the Fund than the total return quotation. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
36Similar to the process followed by banks with certificates of deposit, CIGNA declares a credited rate in advance that takes into account its expenses and other factors. Contact your CIGNA representative for additional information on specific declared rates for your plan.
37Annualized return.
38Results are as of 12/31/2003.


Index Definitions

(Indexes are unmanaged and investors cannot invest in an index directly.)

 
  5-Year U.S. Treasury Note (Yield): The average weekly yield for U.S. Treasuries with a maturity of five years (negotiable debt obligations of the U.S. Government, considered intermediate in maturity).
  Citigroup 3-Month U.S. Treasury Bill Index: Performance based on short-term securities issued by the U.S. Treasury with a maturity of 91 days, issued at a discount from face value. The index is rebalanced monthly based on market capitalization.
  Lehman Brothers Aggregate Bond Index: Composed of securities from Lehman Brothers U.S. Government/Credit Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.
  Lehman Brothers High Yield Bond Index: All bonds included in the Lehman Brothers High Yield Bond Index must be dollar-denominated and nonconvertible and have at least one year remaining to maturity and an outstanding par value of at least $90 million. This index includes fixed rate, publicly issued, noninvestment-grade debt registered with the SEC (Securities and Exchange Commission). Pay-in-kind (PIK) bonds, Eurobonds, 144A bonds, and debt from designated emerging market countries are excluded. Yankees, global bonds (SEC registered) of issuers in G-7 countries, original issue zeros and step-up coupons are included. Generally, securities must be rated Ba1 or lower (including defaulted issuers) by Moody's Investors Service, BB+ or lower by Standard & Poor’s, or below investment grade by Fitch Investors Service. A small number of unrated bonds is included in the index; to be eligible, they must have previously held a high yield rating or have been associated with a high yield issuer and must trade accordingly.
  Lehman Brothers Intermediate U.S. Government/Credit Index: Composed of all bonds covered by the Lehman Brothers U.S. Government Bond and U.S. Credit Indexes with maturities between 1 and 9.99 years. This index includes all publicly issued, fixed rate, non-convertible investment-grade corporate debt. Issues are rated at least Baa by Moody’s Investors Service or BBB by Standard & Poor’s, if unrated by Moody’s. Collateralized Mortgage Obligations (CMOs) are not included. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.
  Lipper Balanced Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to conserve principal by maintaining a balanced portfolio of stocks and bonds). Typically, the stock/bond ratio ranges around 60%/40%.
  Lipper Current High Yield Bond Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to seek a high [relative] current yield from fixed income securities without regard to quality or maturity restrictions). These funds tend to invest in lower-grade debt issues.
  Lipper Global Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to invest at least 25% of its portfolio in securities traded outside of the United States). These funds may own U.S. securities as well.
  Lipper International Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to invest assets in securities whose primary trading markets are outside the United States).
  Lipper Large-Cap Core Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; 500 Index.
  Lipper Large-Cap Growth Funds Index: Represents the average of the 30 largest qualifying mutual funds based on year-end total net assets) in the Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; 500 Index.
  Lipper Large-Cap Value Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Large-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; 500 Index.
  Lipper Mid-Cap Core Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; MidCap 400 Index.
  Lipper Mid-Cap Growth Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; MidCap 400 Index.
  Lipper Mid-Cap Value Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Mid-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; MidCap 400 Index.
  Lipper Science and Technology Funds Index: Represents the average of the 30 largest qualifying mutual funds in the Lipper Science and Technology universe (based on year-end total net assets). These funds, by portfolio practice, invest at least 65% of their equity assets in science technology stocks.
  Lipper Small-Cap Core Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; SmallCap 600 Index.
  Lipper Small-Cap Growth Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; SmallCap 600 Index.
  Lipper Small-Cap Value Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P; SuperComposite 1500 Index. Small-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P; SmallCap 600 Index.
  Morgan Stanley Capital International (MSCI) Europe, Australia and Far East (EAFE) Index (net): A market capitalization-weighted index comprised of companies representative of the market structure of 21 developed market countries in Europe, Australia and the Far East. The MSCI EAFE Index is available both in local currency and U.S. dollar terms. The returns shown in the performance chart are calculated with dividends reinvested and are net of foreign withholding tax.
  Morgan Stanley Capital International (MSCI) World Index: A market capitalization-weighted index comprised of companies representative of the market structure of 23 developed market countries in North America (including the U.S.), Europe, and the Asia/Pacific region. The MSCI World Index is available both in local currency and U.S. dollar terms. The returns shown in the performance chart are calculated with dividends reinvested.
  Morgan Stanley Capital International (MSCI) World Index (net): A market capitalization-weighted index comprised of companies representative of the market structure of 23 developed market countries in North America (including the U.S.), Europe, and the Asia/Pacific region. The MSCI World Index is available both in local currency and U.S. dollar terms. The returns shown in the performance chart are calculated with dividends reinvested and are net of foreign withholding tax.
  Russell 1000® Growth Index: A market capitalization-weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth rates.
  Russell 1000® Index: A market capitalization-weighted index that measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index.
  Russell 1000® Value Index: A market capitalization-weighted index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth rates.
  Russell 2000® Growth Index: A market capitalization-weighted index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth rates.
  Russell 2000® Index: A market capitalization-weighted index that measures the performance of the 2000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index.
  Russell 2000® Value Index: A market capitalization-weighted index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth rates.
  Russell 3000® Index: A market capitalization-weighted index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
  Russell Midcap® Growth Index: A market capitalization-weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth rates. The stocks are also members of the Russell 1000® Growth Index.
  Russell Midcap® Index: A market capitalization-weighted index that measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 24% of the total market capitalization of the Russell 1000® Index.
  Russell Midcap® Value Index: A market capitalization-weighted. Index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth rates. The stocks are also members of the Russell 1000® Value Index.
  S&P; 500® Index (registered trademark of The McGraw-Hill Companies, Inc.): An unmanaged index of 500 common stocks, weighted by market capitalization, representing approximately 75% of NYSE (New York Stock Exchange) capitalization and 30% of NYSE issues. (Index performance includes the reinvestment of dividends and capital gains.)
  S&P; Mid-Cap 400 Index: Consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index, with each stock affecting the Index in proportion to its market value.
  S&P; Small-Cap 600 Index: A capitalization-weighted index of 600 domestic stocks chosen for market size, liquidity and industry representation. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issues' total market value, which is the share price times the number of shares outstanding. These are summed for all 600 stocks and divided by a predetermined base value. The base value for the S&P; Small-Cap 600 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.
  S&P; SuperComposite 1500 Index: A combination of the S&P; 500, S&P; MidCap 400, and S&P; SmallCap 600 Indexes, provides a broad representation of the entire U.S. market, representing 87% of total U.S. equity market capitalization.

  
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