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[CIGNA TREE LEAVES GRAPHIC APPEARS HERE]
CIGNA Variable
Products S&P 500
Index Fund
________________________________________________________________________________
SEMIANNUAL REPORT
JUNE 30, 2000
[CIGNA TREE LOGO GRAPHIC APPEARS HERE]
CIGNA
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1
DEAR SHAREHOLDERS:
We are pleased to provide this report for CIGNA Variable Products S&P 500 Index
Fund (the "Fund"), covering the six months ended June 30, 2000.
THE MARKET ENVIRONMENT
The only constant in the U.S. equity markets during the first quarter of the new
millennium seemed to be volatility. Investors moved between bargain hunting in
"old economy" stocks and perceived opportunities for relative value rotation
within "new economy" stocks.
Many of the large cap high technology names which had achieved new highs in the
final days of 1999, including Microsoft, Yahoo!, Lucent and America Online, were
down from their highs 15% to 25% by the end of January -- dragging the S&P
500(R) Index with them. By February 25, the Index had declined 8%. However, the
trend toward value stocks was dramatically reversed in March, as investors
returned to high growth technology names, driving the Index to its single
highest monthly return -- 9.7% -- in nine years. As a result, the S&P 500(R)
rebounded to provide a 2.29% return for the full quarter. The Fund performed in
line with the Index for the same period, generating a net total return of 2.19%.
During the second quarter, U.S. equity markets were heavily influenced by events
unfolding in the domestic fixed income markets. Despite several early signals
that growth was slowing, the Federal Reserve (Fed) continued to raise interest
rates, increasing the federal funds rate to 6.50% in May, its highest level
since 1991.
Projected capital cost increases and wage pressures, along with several
high-profile reported earnings misses, pulled the S&P 500(R) Index down 5% over
the first two months of the quarter. However, later in the quarter U.S. equity
markets staged a mild rally, convinced that the state of fixed income markets
provided further evidence of an economic slowdown. Consequently, rates were left
unchanged at the Fed's June meeting.
The S&P 500(R) Index was able to recover a portion of its previous losses,
finishing with a quarterly total return of -2.66%. On a year-to-date basis, the
return of the Index is down 0.42%, which represents its first negative
semi-annual return since 1994. In this environment, the Fund has closely tracked
its benchmark, generating a -2.70% net total return during the quarter and a
-0.57% return year-to-date.
"Old economy" stocks, whose earnings are perceived to be most vulnerable to
increasing costs of capital, continued to suffer most. These "value" stocks
became an even greater value during the quarter, as the S&P 500/BARRA Value
Index, which lost 4.30%, lagged the results of the S&P 500/BARRA Growth Index,
which lost 1.47%. Mid-cap stocks, as measured by the S&P MidCap 400/BARRA Value
Index, which slipped 3.30%, gave back some of their considerable first quarter
gains, while the S&P SmallCap 600 Index, which advanced 1.01%, generated the
most attractive returns.
Technology stocks, which remain the single largest sector of the Index,
continued to forfeit previous gains. Returns for this group were further
depressed by Microsoft's antitrust woes, as the software giant finished the
quarter with a -9.20% total return. Defensive stocks gained on growing
expectations of an economic slowdown; the health care, consumer staples, energy
and utilities sectors were the best performers.
As was the case in the first quarter, the growing market breadth has continued
to afford active managers the opportunity to outperform passive managers.
According to Lipper Analytical Services, the majority of stock funds have
outperformed the
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2
S&P500(R) for the first half of 2000, although results posted by both types of
managers have lagged the results of the average money market account.
OUTLOOK
Second quarter results continue to reinforce the view that the Fed's interest
rate hikes to date should successfully produce a soft landing for the economy. A
shift in assets from overpriced technology names to undervalued and ignored
components of the equity markets has already begun. However, while specific
sectors appear to be capable of delivering solid returns, the broad equity
market, as represented by the S&P500(R) Index, will be faced with a number of
challenges over the remainder of the year. The cash flows into equity mutual
funds that have supported market levels for some time have slowed significantly,
according to the Investment Company Institute. Additionally, the wealth effect
that has fueled demand appears to be dissipating. Sustained increases in
corporate borrowing rates and rising business costs for labor and energy have
begun to erode profit margins. Although earnings growth has surpassed its peak,
earnings disappointments are likely to increase. However, an economic slowdown
should support positive, yet unspectacular, equity returns going forward.
Sincerely,
/s/ Richard H. Forde
Richard H. Forde
PRESIDENT
CIGNA VARIABLE PRODUCTS
S&P 500 INDEX FUND
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CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND INVESTMENTS IN SECURITIES 3
June 30, 2000 (Unaudited)
MARKET
NUMBER OF VALUE
SHARES (000)
------------------------------------------------------------------
COMMON STOCKS - 85.1%
General Electric Co. 210,900 $ 11,178
Intel Corp. 71,400 9,545
Cisco Systems, Inc.* 148,300 9,426
Microsoft Corp.* 112,200 8,976
Pfizer, Inc. 134,150 6,439
Exxon Corp. 74,162 5,822
Wal-Mart Stores, Inc. 95,000 5,474
Oracle Corp.* 60,536 5,089
Citigroup, Inc. 71,888 4,331
Nortel Networks Corp. 63,140 4,309
International Business Machines Corp. 37,800 4,141
Lucent Technologies, Inc. 69,436 4,114
American International Group, Inc. 32,812 3,855
Merck & Co., Inc. 49,000 3,755
E M C Corp.* 46,224 3,556
SBC Communications, Inc. 72,294 3,127
Sun Microsystems, Inc.* 33,800 3,074
Coca-Cola Co. 52,800 3,033
Johnson & Johnson 29,600 3,016
Royal Dutch Petroleum Co. 45,700 2,813
WorldCom, Inc.* 61,013 2,799
Dell Computer Corp.* 54,900 2,707
Hewlett-Packard Co. 21,300 2,660
America Online, Inc.* 49,000 2,585
Home Depot, Inc. 49,350 2,464
Bristol-Myers Squibb Co. 42,000 2,446
Lilly (Eli) & Co. 24,100 2,407
Texas Instruments, Inc. 34,900 2,397
Viacom, Inc., Class B* 32,333 2,205
A T & T Corp. 67,686 2,141
Time Warner, Inc. 28,000 2,128
Morgan Stanley, Dean Witter, Discover & Co. 24,140 2,010
Disney (Walt) Co. 44,300 1,719
BellSouth Corp. 39,900 1,701
Tyco International Ltd. 35,839 1,698
Bell Atlantic Corp. 32,894 1,671
American Home Products Corp. 27,700 1,627
Procter & Gamble Co. 27,900 1,597
Corning, Inc. 5,900 1,592
Schering-Plough Corp. 31,100 1,571
MARKET
NUMBER OF VALUE
SHARES (000)
-------------------------------------------------------------------
Applied Materials, Inc.* 17,200 $ 1,559
Amgen, Inc.* 21,900 1,538
Bank of America Corp. 35,318 1,519
American Express Company 28,500 1,486
Abbott Laboratories 33,000 1,471
Yahoo, Inc.* 11,600 1,437
Pharmacia Corp. 27,030 1,397
PepsiCo, Inc. 30,800 1,369
Motorola, Inc. 45,891 1,334
Wells Fargo & Co. 34,360 1,331
Philip Morris Companies, Inc. 48,700 1,294
GTE Corp. 20,600 1,282
Medtronic, Inc. 25,300 1,260
Chase Manhattan Corp. 26,226 1,208
Chevron Corp. 13,900 1,179
Sprint Corp. (PCS Group)* 19,500 1,160
Federal National Mortgage Association 21,700 1,132
Ford Motor Co. 25,600 1,101
Micron Technology, Inc.* 11,800 1,039
Enron Corp. 15,600 1,006
NEXTEL Communications, Inc., Class A* 16,200 991
Schwab (Charles) Corp. 29,025 976
du Pont (E.I.) de Nemours & Co. 22,178 970
Merrill Lynch & Co., Inc. 8,300 955
McDonald's Corp. 28,700 945
Sprint Corp. (FON Group) 18,500 944
VERITAS Software Corp.* 8,300 938
Qualcomm, Inc.* 15,600 936
Compaq Computer Corp. 35,875 917
U.S. West, Inc. 10,699 917
Schlumberger Ltd. 12,100 903
MediaOne Group, Inc.* 13,000 860
Boeing Company 19,376 810
Gillette Co. 22,300 779
Comcast Corp., Class A (Special) 19,100 774
Colgate-Palmolive Co. 12,300 736
Bank of New York, Inc. 15,600 725
Automatic Data Processing, Inc. 13,400 718
Anheuser-Busch Companies, Inc. 9,600 717
Agilent Technologies, Inc. 9,628 710
Siebel System, Inc.* 4,300 703
The Notes to Financial Statements are an integral part of these statements.
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CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND INVESTMENTS IN SECURITIES 4
June 30, 2000 (Unaudited) (Continued)
MARKET
NUMBER OF VALUE
SHARES (000)
--------------------------------------------------------------------
Minnesota Mining and Manufacturing Co. 8,500 $ 701
Walgreen Co. 21,300 686
Kimberly-Clark Corp. 11,732 673
General Motors Corp. 11,400 662
FleetBoston Financial Corp. 19,401 660
Banc One Corp. 24,319 646
Computer Associates International, Inc. 12,512 640
Texaco, Inc. 11,700 623
Federal Home Loan Mortgage Corp. 14,700 595
United Technologies Corp. 10,100 595
Tellabs, Inc.* 8,700 595
Marsh & McLennann Companies, Inc. 5,700 595
Honeywell, Inc. 16,787 566
Gap (The), Inc. 18,062 564
Target Corp 9,700 563
Analog Devices, Inc.* 7,400 562
Xilins, Inc.* 6,800 561
Emerson Electric Co. 9,100 549
Clear Channel Communications, Inc.* 7,200 540
ADC Telecommunications, Inc.* 6,400 537
Seagram Company Ltd. 9,200 534
Alcoa, Inc. 18,368 533
Solectron Corp.* 12,600 528
Network Appliance, Inc.* 6,500 523
Unilever NV 12,135 522
First Union Corp. 20,928 519
Global Crossing Ltd.* 18,770 494
Safeway, Inc.* 10,800 487
MBNA Corp. 16,968 460
Halliburton Co. 9,400 444
First Data Corp. 8,900 442
Cardinal Health, Inc. 5,950 440
Firstar Corp. 20,773 438
Duke Energy Co. 7,762 438
Baxter International, Inc. 6,200 436
Dow Chemical Co. 14,400 435
Altera Corp. 4,200 428
Linear Technology Corp. 6,600 422
3Com Corp.* 7,300 421
AES Corp.* 9,200 420
ALLTEL Corp. 6,700 415
MARKET
NUMBER OF VALUE
SHARES (000)
-------------------------------------------------------------------
Electronic Data Systems Corp. 10,000 $ 413
Household International, Inc. 9,946 413
Fifth Third Bancorp 6,525 413
Bestfoods 5,900 409
Maxim Integrated Products, Inc.* 5,900 401
Eastman Kodak Co. 6,700 399
Mellon Financial Corp. 10,800 394
Kroger Co.* 17,700 391
Morgan (J.P.) & Co. 3,500 385
Williams Companies, Inc. 9,200 384
Kohl's Corp.* 6,900 384
Gateway, Inc.* 6,700 380
Illinois Tool Works, Inc. 6,400 365
HCA - The Healthcare Co. 11,900 361
State Street Corp. 3,400 361
Sara Lee Corp. 18,500 357
Apple Computer, Inc.* 6,800 356
Allstate Corp. 15,896 354
Gannett Co., Inc. 5,900 353
LSI Logic Corp.* 6,500 352
CIGNA Corp. 3,700 346
Associates First Capital Corp., Class A 15,438 344
Washington Mutual, Inc. 11,705 338
Omnicom Group 3,800 338
Southern Company 14,300 333
Lowes Companies, Inc. 8,100 333
CVS Corp. 8,300 332
Paychex, Inc. 7,900 332
Heinz (H.J.) Co. 7,500 328
Conoco, Inc., Class B 13,258 326
Medimmune, Inc.* 4,400 326
Adobe Systems, Inc. 2,500 325
Guidant Corp.* 6,500 322
American General Corp. 5,198 317
Costco Wholesale Corp.* 9,400 310
United Healthcare Corp. 3,600 309
U. S. Bancorp, Inc. 16,002 308
Northern Trust Corp. 4,700 306
International Paper Co. 10,151 303
Albertson's, Inc. 9,013 300
Comverse Technology, Inc.* 3,200 298
The Notes to Financial Statements are an integral part of these statements.
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CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND INVESTMENTS IN SECURITIES 5
June 30, 2000 (Unaudited) (Continued)
MARKET
NUMBER OF VALUE
SHARES (000)
--------------------------------------------------------------------
Sysco Corp. 7,000 $ 295
Xerox Corp. 14,100 293
SunTrust Banks, Inc. 6,400 292
PNC Financial Services Group, Inc. 6,200 291
PE Corp. (Biosystems Group) 4,400 290
Sanmina Corp.* 3,300 282
Interpublic Group of Companies, Inc. 6,400 275
Phillips Petroleum Co. 5,400 274
Coastal Corp. 4,500 274
Best Buy Co., Inc.* 4,300 272
Providian Financial Corp. 3,000 270
Teradyne Inc.* 3,600 265
Seagate Technology, Inc.* 4,800 264
Hartford Financial Services Group, Inc. 4,700 263
Campbell Soup Company 9,000 262
Computer Sciences Corp.* 3,500 261
AFLAC, Inc. 5,600 257
Kellogg Co. 8,600 256
Carnival Corp. 13,100 255
Advanced Micro Devices, Inc.* 3,300 255
Caterpillar, Inc. 7,500 254
Scientific-Atlanta, Inc. 3,400 253
Waste Management, Inc. 13,132 250
Sears, Roebuck & Company 7,500 245
General Mills, Inc. 6,400 245
El Paso Energy Corp Del. 4,808 245
Lehman Brothers Holdings, Inc. 2,540 240
Transocean Sedco Forex, Inc. 4,471 239
Harley-Davidson, Inc. 6,400 236
Wachovia Corp. 4,300 233
Fedex Corp.* 6,100 232
NIKE, Inc., Class B 5,800 231
Tribune Company 6,500 228
KLA-Tencor Corp.* 3,900 228
Chubb Corp. 3,700 228
Avon Products, Inc. 5,100 227
McGraw-Hill Cos., Inc. 4,200 227
General Dynamics Corp. 4,300 225
National City Corp. 13,100 224
Baker Hughes, Inc. 6,990 224
Pitney-Bowes, Inc. 5,600 224
MARKET
NUMBER OF VALUE
SHARES (000)
-------------------------------------------------------------------
Clorox Co. 5,000 $ 224
Burlington Northern Santa Fe Corp. 9,667 222
Conexant Systems, Inc. 4,500 219
Weyerhaeuser Co. 5,000 215
Dominion Resources, Inc. 4,998 214
Cendant Corp.* 15,004 210
Quaker Oats Co. 2,800 210
Allergan, Inc. 2,800 209
Lockheed Martin Corp. 8,360 207
Biogen, Inc.* 3,200 206
National Semiconductor Corp.* 3,600 204
Kansas City Southern Inds., Inc. * 2,300 204
Southwest Airlines Co. 10,725 203
American Electric Power Co., Inc. 6,800 201
Molex, Inc. 4,175 201
Wrigley (Wm.) Jr. Company 2,500 200
PG & E Corp. 8,100 199
ConAgra, Inc. 10,400 198
Aegon NV ARS* 5,530 197
Union Pacific Corp. 5,300 197
Limited, Inc. 9,000 195
Aetna, Inc. 3,042 195
Radioshack Corp. 4,100 194
Mercury Interactive Corp.* 2,000 194
Boston Scientific Corp.* 8,800 193
Marriott International, Inc. 5,300 191
BMC Software, Inc.* 5,200 190
FPL Group, Inc. 3,800 188
Capital One Financial Corp. 4,200 187
Reliant Energy, Inc. 6,307 186
Lexmark Int'l. Group, Inc. Class A* 2,700 182
Deere (John) & Co. 4,900 181
Nabisco Group Holding Corp. 6,900 179
Tenet Healthcare Corp.* 6,600 178
BB&T Corp. 7,400 177
Burlington Resources, Inc. 4,610 176
Delphi Automotive System Corp. 11,926 174
TXU Corp. 5,900 174
Dover Corp. 4,300 174
Textron, Inc. 3,200 174
Masco Corp. 9,500 172
The Notes to Financial Statements are an integral part of these statements.
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CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND INVESTMENTS IN SECURITIES 6
June 30, 2000 (Unaudited) (Continued)
MARKET
NUMBER OF VALUE
SHARES (000)
--------------------------------------------------------------------
Convergys Corp.* 3,300 $ 171
May Department Stores Co. 7,050 169
Aon Corp. 5,425 169
Unocal Corp. 5,100 169
KeyCorp 9,516 168
American Power Conversion Co. 4,100 167
USX-Marathon Group 6,600 165
St. Paul Companies, Inc. 4,832 165
Occidental Petroleum Corp. 7,800 164
PPG Industries, Inc. 3,700 164
Franklin Resources, Inc. 5,300 161
Avery Dennison Corp. 2,400 161
Public Service Enterprises Group, Inc. 4,600 159
Rohm & Haass Co.* 4,585 158
Novellus System, Inc.* 2,800 158
PECO Energy Co. 3,900 157
Newell Rubbermaid, Inc. 6,007 155
Staples, Inc.* 9,950 153
Barrick Gold Corp. 8,400 153
Edison International 7,400 152
Becton, Dickinson and Co. 5,300 152
Air Products & Chemicals, Inc. 4,900 151
Comerica, Inc. 3,350 150
Federated Department Stores, Inc.* 4,400 149
Starbucks Corp.* 3,900 149
Lincoln National Corp. 4,100 148
Danaher Corp. 3,000 148
Coca-Cola Enterprises, Inc. 9,000 147
Unicom Corp. 3,800 147
Alcan Aluminum Ltd. 4,600 143
Circuit City Stores, Inc. 4,300 143
New York Times Co., Class A 3,600 142
Entergy Corp. 5,200 141
Ingersoll-Rand Co.* 3,500 141
Hershey Foods Corp. 2,900 141
Apache Corp. 2,400 141
Raytheon Co., Class B 7,200 139
Consolidated Edison Co. of N.Y., Inc. 4,700 139
Golden West Financial Corp. 3,400 139
Union Carbide Corp. 2,800 139
Dow Jones & Co., Inc. 1,900 139
MARKET
NUMBER OF VALUE
SHARES (000)
-------------------------------------------------------------------
Dollar General Corp. 7,047 $ 137
Paine Webber Group, Inc. 3,000 137
Delta Air Lines, Inc. 2,700 137
Anadarko Petroleum Corp. 2,700 133
Loews Corp. 2,200 132
AmSouth Bancorporation 8,300 131
ALZA Corp.* 2,200 130
Sapient Corp.* 1,200 128
Praxair, Inc. 3,400 127
Archer-Daniels-Midland Co. 12,874 126
Ralston Purina Co. 6,300 126
Rockwell International Corp. 4,000 126
TJX Companies, Inc. 6,600 124
McKesson HBOC, Inc. 5,923 124
SLM Holding Corp. 3,300 124
Jefferson-Pilot Corp. 2,175 123
Norfolk Southern Corp. 8,100 121
Kerr-McGee Corp. 2,038 120
Mattel, Inc. 8,945 118
Union Pacific Resources Group, Inc. 5,349 118
Amerada Hess Corp. 1,900 117
IMS Health, Inc. 6,400 115
FirstEnergy Corp. 4,900 115
TRW, Inc. 2,600 113
Cox Communications, Inc., Class A* 2,458 112
Columbia Energy Group 1,700 112
Progressive Corp, Ohio 1,500 111
Cincinnati Financial Corp. 3,500 110
C P & L Energy, Inc.* 3,400 109
Bed Bath & Beyond, Inc.* 3,000 109
Watson Pharmaceuticals, Inc.* 2,000 108
Eaton Corp. 1,600 107
Fort James Corp. 4,600 106
Price (T. Rowe) & Assoc., Inc. 2,500 106
Synovus Financial Corp. 5,950 105
Ecolab, Inc. 2,700 105
Charter One Financial, Inc. 4,500 104
Constellation Energy Group 3,200 104
UNUMProvident Corp. 5,125 103
Penney (J.C.) Co., Inc. 5,500 101
Bear Stearns Companies, Inc. 2,425 101
The Notes to Financial Statements are an integral part of these statements.
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CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND INVESTMENTS IN SECURITIES 7
June 30, 2000 (Unaudited) (Continued)
MARKET
NUMBER OF VALUE
SHARES (000)
--------------------------------------------------------------------
MBIA, Inc. 2,100 $ 101
Tiffany & Co. 1,500 101
MGIC Investment Corp. 2,200 100
Northrop Grumman Corp. 1,500 99
Cabletron Systems, Inc.* 3,900 98
Ameren Corp. 2,900 98
Florida Progress Corp. 2,100 98
CSX Corp. 4,600 97
Dun & Bradstreet Corp. 3,400 97
Unisys Corp.* 6,600 96
PeopleSoft, Inc.* 5,730 96
DTE Energy Co. 3,100 95
Georgia-Pacific Corp. 3,600 94
Wellpoint Health Networks* 1,300 94
Tricon Global Restaurants, Inc.* 3,240 92
Biomet, Inc. 2,400 92
Johnson Controls, Inc. 1,800 92
Regions Financial Corp. 4,600 91
Summit Bancorp 3,700 91
Sealed Air Corp.* 1,736 91
Vulcan Materials Co. 2,100 90
Young & Rubicam, Inc. 1,500 86
Tosco Corp. 3,000 85
CenturyTel, Inc. 2,950 85
Knight-Ridder, Inc. 1,600 85
Bausch & Lomb, Inc. 1,100 85
Cinergy Corp. 3,320 84
Union Planters Corp. 3,000 84
PE Corp. (Celera Genomics Group)* 900 84
AMR Corp Del.* 3,100 82
Harcourt General, Inc. 1,500 82
SouthTrust Corp. 3,600 81
Eastman Chemical Co. 1,700 81
Brown-Forman Corporation, Class B 1,500 81
Parker-Hannifin Corp. 2,325 80
St Jude Medical Center, Inc.* 1,750 80
Compuware Corp.* 7,600 79
Equifax, Inc. 3,000 79
Old Kent Financial Corp. 2,940 79
Fortune Brands, Inc. 3,400 78
Sabre Holdings Corp 2,740 78
MARKET
NUMBER OF VALUE
SHARES (000)
-------------------------------------------------------------------
Goodrich, (B.F.) Co. 2,300 $ 78
NCR Corp. 2,000 78
Huntington Bancshares, Inc. 4,879 77
Newmont Mining Corp. 3,563 77
Genuine Parts Co. 3,750 75
Ceridian Corp.* 3,100 75
Black & Decker Corp. 1,900 75
Whirlpool Corp. 1,600 75
Millipore Corp. 1,000 75
Sempra Energy 4,354 74
Sherwin-Williams Co. 3,500 74
Tektronix, Inc.* 1,000 74
Toys 'R Us, Inc.* 5,000 73
Dana Corp. 3,443 73
Countrywide Credit Industries, Inc. 2,400 73
Citrix Systems, Inc.* 3,800 72
Thermo Electron Corp.* 3,400 72
New Century Energies, Inc. 2,400 72
Hilton Hotels Corp. 7,600 71
Kmart Corp.* 10,300 70
Nordstrom, Inc. 2,900 70
GPU, Inc. 2,600 70
Leggett & Platt, Inc. 4,200 69
Torchmark Corp. 2,800 69
Conseco, Inc. 6,958 68
Block (H & R), Inc. 2,100 68
Northern States Power Co. 3,300 67
Placer Dome, Inc. 6,900 66
Goodyear Tire and Rubber Co. 3,300 66
PP & L Resources, Inc. 3,000 66
AutoZone, Inc.* 3,000 66
International Flavors & Fragrances, Inc. 2,200 66
Maytag Corp. 1,800 66
PACCAR, Inc. 1,650 66
PerkinElmer, Inc. 1,000 66
Novell, Inc.* 7,000 65
Cooper Industries, Inc. 2,000 65
Mallinckrodt Group, Inc. 1,500 65
Parametric Technology Corp.* 5,800 64
Phelps Dodge Corp. 1,716 64
Inco Ltd.* 4,100 63
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
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CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND INVESTMENTS IN SECURITIES 8
June 30, 2000 (Unaudited) (Continued)
MARKET
NUMBER OF VALUE
SHARES (000)
----------------------------------------------------------------------
Willamette Industries, Inc. 2,300 $ 63
Grainger (W.W.), Inc. 2,000 62
Donnelley (R.R.) & Sons Co. 2,700 61
Sigma-Aldrich Corp. 2,100 61
Rowan Companies, Inc.* 2,000 61
Pinnacle West Cap Corp. 1,800 61
HealthSouth Corp.* 8,400 60
VF Corp. 2,500 60
Nucor Corp. 1,800 60
U.S. Airways Group, Inc.* 1,500 59
Harrah's Entertainment, Inc.* 2,750 58
ITT Industries, Inc. 1,900 58
Comcast Corp., Class A 1,500 58
SuperValu, Inc. 3,000 57
Andrew Corp.* 1,693 57
SAFECO Corp. 2,800 56
Mead Corp.* 2,200 56
Sunoco, Inc. 1,900 56
Hasbro, Inc. 3,675 55
CMS Energy Corp. 2,500 55
Niagara Mohawk Hldgs, Inc.* 3,800 53
UST, Inc. 3,600 53
Westvaco Corp. 2,150 53
Ashland, Inc. 1,500 53
Bard (C. R.), Inc. 1,100 53
Fluor Corp. 1,600 51
Temple-Inland, Inc. 1,200 50
Pall Corp. 2,600 48
Adaptec, Inc.* 2,100 48
Coors (Adolph) Co., Class B 800 48
Wendy's International, Inc. 2,600 46
Liz Claiborne, Inc. 1,300 46
Engelhard Corp. 2,650 45
Stanley Works 1,900 45
Autodesk, Inc. 1,300 45
Office Depot, Inc.* 7,000 44
Winn-Dixie Stores, Inc. 3,100 44
Darden Restaurants, Inc. 2,700 44
Shared Medical Systems Corp. 600 44
Navistar International Corp., Inc.* 1,400 43
Visteon Corp.* 3,352 41
MARKET
NUMBER OF VALUE
SHARES (000)
-------------------------------------------------------------------
Crown Cork & Seal Co., Inc. 2,700 $ 41
Homestake Mining Co. 5,500 38
Allied Waste Industries, Inc.* 3,800 38
Energizer Holdings, Inc.* 2,100 38
Deluxe Corp. 1,600 38
Great Lakes Chemical Corp. 1,200 38
Eastern Enterprises 600 38
Alberto-Culver Co., Class B 1,200 37
Meredith Corp. 1,100 37
Bemis Company, Inc. 1,100 37
Owens-Illinois, Inc.* 3,100 36
USX-U.S. Steel Group 1,900 35
FMC Corp.* 600 35
Rite-Aid Corp.* 5,200 34
Quintiles Transnational Co.* 2,400 34
Crane Co. 1,400 34
NICOR, Inc. 1,000 33
Freeport McMoRan Copper & Gold, Inc.,
Class B 3,500 32
Hercules, Inc. 2,300 32
Allegheny Technologies, Inc. 1,770 32
Brunswick Corp. 1,900 31
Boise Cascade Corp. 1,200 31
Snap-On, Inc. 1,150 31
Tupperware Corp. 1,300 29
Pactiv Corp.* 3,600 28
Consolidated Stores Corp.* 2,300 28
Centex Corp. 1,200 28
Waddell & Reed Financial, Inc., Class B 954 28
American Greetings Corp., Class A 1,400 27
Dillard's, Inc., Class A 2,100 26
Quest Diagnostics, Inc.* 362 26
Ryder System, Inc. 1,300 25
Payless ShoeSource, Inc.* 496 25
Louisiana-Pacific Corp. 2,100 23
Thomas & Betts Corp. 1,200 23
Peoples Energy Corp. 700 23
Timken Co. 1,200 22
Cummins Engine Co., Inc. 800 22
CommScope, Inc.* 500 21
Worthington Industries, Inc. 1,900 20
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
________________________________________________________________________________
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND INVESTMENTS IN SECURITIES 9
June 30, 2000 (Unaudited) (Continued)
MARKET
NUMBER OF VALUE
SHARES (000)
--------------------------------------------------------------------
Kaufman & Broad Home Corp. 1,000 $ 20
Pulte Corp. 900 20
Potlatch Corp. 600 20
Ball Corp. 600 19
Cooper Tire & Rubber Co. 1,600 18
Grace (W.R.) & Co. 1,500 18
Reebok International Ltd.* 1,100 18
National Service Industries, Inc. 900 18
Longs Drug Stores Corp. 800 17
Briggs & Stratton Corp. 500 17
Humana, Inc.* 3,300 16
Manor Care, Inc.* 2,300 16
Polaroid Corp. 900 16
ONEOK, Inc. 600 16
Newport News Shipbuilding & Dry Dock Co. 440 16
ChoicePoint, Inc.* 360 16
Russell Corp. 700 14
Autoliv, Inc. 579 14
Great Atlantic & Pacific Tea Co., Inc. 800 13
Springs Industries, Inc., Class A 400 13
Armstrong Holdings, Inc. 800 12
Neiman-Marcus Group.* 421 12
McDermott International, Inc. 1,200 11
Corn Products International, Inc. 425 11
Battle Mountain Gold Co. 4,500 10
Owens-Corning Fiberglas Corp. 1,100 10
Earthgrains Co. 512 10
Bethlehem Steel Corp.* 2,600 9
Teledyne Technologies, Inc.* 562 9
R. H. Donnelley Corp.* 420 8
Roadway Express, Inc. 300 7
Waddell & Reed Financial, Inc., Class A 221 7
Covance, Inc.* 725 6
Ryerson Tull, Inc. 600 6
Harland (John H.) Co. 400 6
General Semiconductor, Inc.* 375 6
Strattec Security Corp.* 180 6
Agribrands International, Inc.* 130 5
U.S. Industries, Inc. 320 4
Bally Total Fitness Holding Co.* 175 4
Tenneco, Inc. 660 3
MARKET
NUMBER OF VALUE
SHARES (000)
--------------------------------------------------------------------
Arch Coal, Inc. 369 $ 3
Schweitzer-Mauduit International, Inc. 230 3
Bassett Furniture Industries, Inc. 200 3
GC Companies, Inc.* 120 3
Octel Corp.* 200 2
Highlands Insurance Group, Inc.* 160 2
Aviall, Inc.* 300 1
Huttig Building Products, Inc.* 288 1
Water Pik Technologies, Inc.* 197 1
Crown Vantage, Inc.* 120 1
Abercrombie and Fitch Co., Class A* 92 1
Crescendo Pharmaceuticals, Class A* 50 1
Safety-Kleen Corp.* 560 1
Momentum Business Application, Class A* 86 1
Allergan Specialty Ther., Inc., Class A* 40 1
TOTAL COMMON STOCKS - 85.1%
(Cost - $155,833) 267,419
-------------
PREFERRED STOCK - 0 .0%
(Cost - $18)
Sealed Air Corp., Class A 475 23
-------------
WARRANTS -0 .0%
(Cost - $1)
Morrison Knudsen Corp., Expire 2003* 46 1
-------------
PRINCIPAL
(000)
-------------
SHORT-TERM OBLIGATIONS - 14.8%
COMMERCIAL PAPER - 13.6%
American Express Co.,
6.77%, 7/07/00 $ 11,550 $ 11,550
Daimler Chrysler NA, 6.78%, 7/5/00 12,302 12,302
Ford Motor Credit Co., 6.64%, 7/10/00 8,758 8,758
General Electric Cap. Corp., 6.81%,
7/6/00 10,026 10,026
-------------
42,636
-------------
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
________________________________________________________________________________
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND (Unaudited) (Continued) 10
MARKET
Principal VALUE
(000) (000)
--------------------------------------------------------------------
U. S. GOVERNMENT - 1.2%
U. S. Treasury Bills,
5.57%, 8/24/00** $ 1,785 $ 1,785
5.59%, 8/24/00 ** 694 694
5.94%, 8/24/00** 99 99
5.56%, 9/21/00** 1,068 1,068
-------------
3,646
-------------
TOTAL SHORT-TERM OBLIGATIONS
(Cost - $46,282) 46,282
-------------
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Total Cost - $202,134) 313,727
Cash and Others Assets, Less Liabilities - 0.1% 382
-------------
NET ASSETS - 100.0% $ 314,109
=============
* Non-income producing securities.
** This security, or a portion thereof, was pledged
as collateral for Stock Index Futures Contracts. At June
30, 2000, the Fund was long 136 S&P 500 Futures
Contracts expiring in Sept. 2000. Unrealized losses
amounted to $524,538. Underlying face value was
$49,980,938 and underlying market value was $49,456,400.
------------------------------------------------------------------
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND
TEN LARGEST POSITIONS (UNAUDITED)
(000)
General Electric Co. $11,178 4.2%
Intel Corp. 9,545 3.6%
Cisco Systems, Inc. 9,426 3.5%
Microsoft Corp. 8,976 3.4%
Pfizer, Inc. 6,439 2.4%
Exxon Corp. 5,822 2.2%
Wal-Mart Stores, Inc. 5,474 2.0%
Oracle Corp. 5,089 1.9%
Citigroup, Inc. 4,331 1.6%
Nortel Networks Corp. 4,309 1.6%
------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
(IN THOUSANDS)
ASSETS:
Investments at market value
(Cost - $202,134) $313,727
Cash 1
Receivable for investments sold 169
Dividend receivable 231
Interest receivable 21
Variation margin receivables 328
Investment for trustees' deferred
compensation plan 136
Other 28
----------
TOTAL ASSETS 314,641
----------
LIABILITIES:
Payable for investments purchased 233
Deferred trustees' fees payable 136
Accrued advisory fees payable 64
Other accrued expenses
(including $41 due to affiliate) 99
----------
TOTAL LIABILITIES 532
----------
NET ASSETS
(Equivalent to $22.70 per share
based on 13,837 shares
outstanding) $314,109
==========
COMPONENTS OF NET ASSETS:
Paid in capital $196,870
Undistributed net investment income 2,301
Unrealized net appreciation of
investments 111,067
Accumulated net realized gain 3,871
----------
NET ASSETS $314,109
==========
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
________________________________________________________________________________
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND 11
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
(IN THOUSANDS)
INVESTMENT INCOME
INCOME:
Dividends (net of foreign taxes withheld of $13) $ 1,423
Interest 1,314
----------------
2,737
EXPENSES:
Investment advisory fees 358
Custodian fees 84
Administrative services 54
Auditing and legal fees 16
Other 10
Trustees' fees 6
----------------
Total expenses 528
Less expenses waived by adviser (170)
----------------
Net Expenses 358
NET INVESTMENT INCOME 2,379
----------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from investments 2,556
Net realized loss from futures contracts (82)
Net unrealized depreciation of investments (4,642)
Net unrealized depreciation from futures contracts (1,664)
----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (3,832)
----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $ (1,453)
================
STATEMENTS OF CHANGES IN NET ASSETS
(IN THOUSANDS)
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2000 1999
--------------- ----------------
OPERATIONS:
Net investment income $ 2,379 $ 3,815
Net realized gain from investments 2,556 2,975
Net realized gain (loss) from futures
contracts (82) 4,645
Net unrealized appreciation (depreciation)
of investments (4,642) 35,518
Net unrealized appreciation (depreciation)
on futures contracts (1,664) 8
--------------- ----------------
Net increase (decrease) in net assets
from operations (1,453) 46,961
--------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
($0 and $0.51 per share) - (6,138)
From net realized gain
($0 and $0.45 per share) - (5,449)
--------------- ----------------
Total distributions to shareholders - (11,587)
--------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from shares sold 48,470 63,755
Value of distributions reinvested - 11,587
--------------- ----------------
48,470 75,342
Cost of shares redeemed (15,689) (34,410)
--------------- ----------------
Net increase from capital share
transactions 32,781 40,932
--------------- ----------------
NET INCREASE IN NET ASSETS 31,328 76,306
NET ASSETS:
Beginning of period 282,781 206,475
--------------- ----------------
End of period (Including undistributed
net investment income of $2,301
and overdistributed net
investment income of $78) $ 314,109 $ 282,781
=============== ================
TRANSACTIONS IN CAPITAL STOCK
Shares sold 2,148 2,989
Shares issued in reinvestment of
dividends and distributions - 518
--------------- -----------------
2,148 3,507
Shares redeemed (695) (1,590)
--------------- -----------------
Net increase in shares outstanding 1,453 1,917
=============== =================
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
________________________________________________________________________________
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND NOTES TO FINANCIAL STATEMENTS 12
(Unaudited)
1. UTILIZATION OF INDEXATION APPROACH. CIGNA Variable Products S&P 500 Index
Fund (the "Fund") seeks to achieve its long term growth objective by attempting
to replicate the total return performance, reduced by Fund expenses, of the
Standard & Poor's 500 Composite Stock Price Index.
2. SIGNIFICANT ACCOUNTING POLICIES. The Fund is a separate series of CIGNA
Variable Products Group, a Massachusetts business trust (the "Trust"). The Trust
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company. The preparation of
financial statements in accordance with accounting principles generally accepted
in the United States requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Fund in the
preparation of its financial statements.
A. SECURITY VALUATION - Equity securities, including warrants, that are listed
on a national securities exchange or part of the NASDAQ National Market System
are valued at the last sale price or, if there has been no sale that day, at the
last bid price. Debt and other equity securities traded in the over-the-counter
market, including listed securities whose primary markets are believed to be
over-the-counter, are valued at the most recent bid price. Short-term
investments with remaining maturities of up to and including 60 days are valued
at amortized cost, which approximates market. Short-term investments that mature
in more than 60 days are valued at current market quotations. Other securities
and assets of the Fund are appraised at fair value as determined in good faith
by, or under the authority of, the Trust's Board of Trustees.
FUTURES CONTRACTS - The Fund may purchase Standard & Poor's 500 futures
contracts with the objective of earning returns on its short-term investments
equivalent to returns on the Standard & Poor's 500 Composite Stock Price Index.
As a result, the purchase of futures contracts simulates a fully invested
position in the underlying index while maintaining liquidity. Upon entering into
a futures contract, the Fund is required to pledge to the broker an amount of
cash and/or securities equal to the initial margin requirements. During the
period a futures contract is open, changes in the value of a contract are
recognized as unrealized gains or losses by "marking to market" on a daily basis
to reflect the market value of the contract at the end of each day's trading.
Daily variation margin payments are received or made, depending on whether there
are unrealized gains or losses. When a contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. Futures
contracts include the risk that a change in the value of the contract may not
correlate with the value of the underlying securities.
B. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME - Security transactions
are accounted for on the trade date (date the order to buy or sell is executed).
Dividend income is recorded on the ex-dividend date, and interest income is
recorded on the accrual basis. Securities gains and losses are determined on the
basis of identified cost.
C. FEDERAL TAXES - It is the Fund's policy to continue to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income and capital gains, if any,
to its shareholders. Therefore, no federal income or excise taxes on realized
income have been accrued.
<PAGE>
________________________________________________________________________________
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND NOTES TO FINANCIAL STATEMENTS 13
(Unaudited) (Continued)
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - Dividends and distributions are
recorded by the Fund on the ex-dividend date. Payments in excess of financial
accounting income due to differences between financial and tax accounting, to
meet the minimum distribution requirements for tax basis income, are deducted
from paid in capital when such differences are determined to be permanent.
3. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES. Investment
advisory fees are paid or accrued to TimesSquare Capital Management, Inc.
("TimesSquare"), certain officers and directors of which are affiliated with the
Fund. Such advisory fees are based on an annual rate of 0.25% applied to the
daily average net assets of the Fund. TimesSquare has voluntarily agreed to
reimburse the Fund for any amount by which its expenses (including the advisory
fee but excluding interest, taxes, amortized organization expenses, transaction
costs incurred in acquiring and disposing of portfolio securities, and
extraordinary expenses) exceed 0.25% of average daily net assets until April 30,
2001, and afterwards to the extent described in the Fund's prospectus.
For administrative services, the Fund reimburses TimesSquare for a portion of
the compensation and related expenses of the Fund's Treasurer and Secretary and
certain persons who assist in carrying out the responsibilities of those
offices. For the six months ending June 30, 2000, the Fund paid or accrued
$54,270.
TimesSquare is an indirect, wholly-owned subsidiary of CIGNA Corporation.
4. TRUSTEES' FEES. Trustees' fees represent remuneration paid or accrued to
trustees who are not employees of CIGNA Corporation or any of its affiliates.
Trustees may elect to defer receipt of all or a portion of their fees which are
invested in mutual fund shares in accordance with a deferred compensation plan.
5. PURCHASES AND SALES OF SECURITIES. Purchases and sales of securities,
excluding short-term obligations, aggregated $29,813,679 and $6,313,915,
respectively, for the six months ending June 30, 2000. As of June 30, 2000, the
cost of securities, excluding short term obligations, held for federal income
tax purposes was $202,489,087. At June 30, 2000, unrealized appreciation for
federal income tax purposes aggregated $111,237,769, of which $120,331,081
related to appreciated securities and $9,093,312 related to depreciated
securities.
6. CAPITAL STOCK. The Fund offers an unlimited number of shares of beneficial
interest without par value. Of the 13,837,168 shares outstanding at June 30,
2000, 13,682,172 shares were held by Connecticut General Life Insurance Company
("CG Life") relating to variable annuity and variable universal life insurance
contracts issued by CG Life. The remainder, representing 1.1% of the shares
outstanding, was held by an employee benefit plan established by CG Life for
certain of its employees.
<PAGE>
________________________________________________________________________________
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND NOTES TO FINANCIAL STATEMENTS 14
(Unaudited) (Continued)
7. FINANCIAL HIGHLIGHTS. The following selected per share data, ratios and
supplemental data is computed on the basis of a share outstanding throughout the
period:
<TABLE>
<CAPTION>
(UNAUDITED)
6 MOS. ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE, BEGINNING OF PERIOD $ 22.83 $ 19.73 $ 15.83 $ 12.40 $ 10.75 $ 8.19
---------- ----------- ----------- ---------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (d) 0.16 0.32 0.34 0.25 0.22 0.21
Net realized and unrealized gain (loss) (0.29) 3.75 4.14 3.86 2.17 2.80
---------- ----------- ----------- ---------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS (0.13) 4.07 4.48 4.11 2.39 3.01
---------- ----------- ----------- ---------- --------- ---------
LESS DISTRIBUTIONS:
From net investment income - (0.51) (0.40) (0.32) (0.29) (0.27)
From capital gains - (0.46) (0.18) (0.36) (0.45) (0.18)
---------- ----------- ----------- ---------- --------- ---------
TOTAL DISTRIBUTIONS - (0.97) (0.58) (0.68) (0.74) (0.45)
---------- ----------- ----------- ---------- ---------- ---------
NET ASSET VALUE, END OF PERIOD $ 22.70 $ 22.83 $ 19.73 $ 15.83 $ 12.40 $ 10.75
========== =========== =========== ========== ========== ==========
TOTAL INVESTMENT RETURN (c) (0.57)%(a) 20.77% 28.60% 33.35% 22.48% 36.82%
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.25% (b) 0.25% 0.25% 0.25% 0.60% 0.73%
Net investment income 1.66% (b) 1.57% 2.14% 1.93% 1.78% 2.05%
Fees and expenses waived or borne by the
Adviser (c) 0.12% (b) 0.13% 0.19% 0.30% 0.04% 0.00%
Portfolio turnover 2% (a) 3% 2% 4% 4% 4%
Net assets, end of period (000 omitted) $314,109 $282,781 $206,475 $116,308 $71,513 $66,283
</TABLE>
(a) Not annualized.
(b) Annualized.
(c) Had the Adviser not waived or reimbursed a portion of expenses, total
return would have been reduced.
(d) Net investment income per share has been calculated in accordance with SEC
requirements, with the exception that end of the year accumulated
undistributed/(overdistributed) net investment income has not been adjusted
to reflect current year permanent differences between financial and tax
accounting.
<PAGE>
________________________________________________________________________________
CIGNA VARIABLE PRODUCTS S&P 500 INDEX FUND 15
TRUSTEES OFFICERS
Hugh R. Beath Richard H. Forde
ADVISORY DIRECTOR CHAIRMAN OF THE BOARD
ADMEDIA CORPORATE ADVISORS, INC. AND PRESIDENT
Thomas C. Jones Alfred A. Bingham III
PRESIDENT, CIGNA RETIREMENT & VICE PRESIDENT AND TREASURER
INVESTMENT SERVICES AND
CHAIRMAN OF THE BOARD, Jeffrey S. Winer
TIMESSQUARE CAPITAL VICE PRESIDENT AND SECRETARY
MANAGEMENT, INC.
Russell H. Jones
VICE PRESIDENT AND TREASURER
KAMAN CORPORATION
Paul J. McDonald
SPECIAL ADVISOR TO THE BOARD OF DIRECTORS
FRIENDLY ICE CREAM CORPORATION
________________________________________________________________________________
"Standard & Poor's(R)," "S&P(R)," "S&P 500(R)," "Standard & Poor's 500," and
"500" are trademarks of the Standard & Poor's Corporation (S&P) and have been
licensed for use by CG Life. The S&P 500 Index Fund is not sponsored, endorsed,
sold or promoted by S&P, and S&P makes no representation regarding the
advisability of investing in the Fund.
CIGNA Variable Products S&P 500 Index Fund is an open-end, diversified
management investment company that seeks to achieve its long term growth
objective by attempting to replicate the total return performance, reduced by
Fund expenses, of the Standard & Poor's 500 Composite Stock Price Index. The
investment adviser is TimesSquare Capital Management, Inc., 900 Cottage Grove
Road, Hartford, Connecticut 06152.
