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SIGNATURE ALFRED A. BINGHAM III
TITLE TREASURER
<PAGE>
EXHIBIT INDEX
-------------
27. Financial Data Schedule.
77B. Accountant's report on internal control.
77C. Matters Submitted to a Vote of Shareholders.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT FOR THE PERIOD ENDED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
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<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 86,384
<INVESTMENTS-AT-VALUE> 83,836
<RECEIVABLES> 1,735
<ASSETS-OTHER> 97
<OTHER-ITEMS-ASSETS> 202
<TOTAL-ASSETS> 85,870
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<OTHER-ITEMS-LIABILITIES> 640
<TOTAL-LIABILITIES> 640
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</TABLE>
<PAGE>
Exhibit 77b
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of
CIGNA Investment Securities, Inc.
In planning and performing our audit of the financial statements of CIGNA
Investment Securities, Inc. (formerly INA Investment Securities, Inc.)(the
"Fund") for the year ended December 31, 1999, we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management and the
Trustees of CIGNA Investment Securities, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
February 18, 2000
<PAGE>
Exhibit 77c
ITEM 77C
MATTERS SUBMITTED TO A VOTE OF SHAREHOLDERS
A Special Meeting of the Shareholders of the Fund was held on Tuesday, December
7, 1999. At the meeting, shareholders approved a change in the Fund's investment
objective to permit investment of up to 35% of Fund assets in high yield, below
investment grade securities, and an amendment to the Fund's fundamental
restriction on commodities to permit investment in futures and options on
futures on foreign currency in order to hedge currency risk.
A change to the Fund's investment objective permitting investment of up to 35%
of the Fund's assets in high yield securities was approved by shareholders, as
follows:
FOR AGAINST ABSTAIN
--- ------- -------
1,996,046.048 596,901.056 59,627.996
An amendment to the Fund's fundamental restriction on commodities to permit
investment in futures and options on futures on foreign currency was approved by
the Fund's shareholders, as follows:
FOR AGAINST ABSTAIN
--- ------- -------
1,828,670.230 732,940.567 90,964.303
There were 2,139,639.90 broker non-votes with respect to these two matters.
