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FORTIS FINANCIAL GROUP ACQUIRES CARNEGIE MUTUAL FUNDS

 FORTIS FINANCIAL GROUP ACQUIRES CARNEGIE MUTUAL FUNDS
 ST. PAUL, Minn., June 8 /PRNewswire/ -- Fortis Financial Group


announced today that it has acquired six mutual fund portfolios with $184.4 million in net assets from The Carnegie Funds Group, Cleveland. The Carnegie portfolios were transferred into Fortis fund portfolios with similar investment objectives, policies and restrictions as of the close of business on June 5, 1992.
 "The similarities in objectives and structure of the Carnegie funds with the respective Fortis funds are striking," said Edward M. Mahoney, president of Fortis Financial Group. "We believe shareholders will be well served by Fortis' 43 years of investment management experience, established performance record and superior service."
 The Carnegie portfolios will be transferred into the following Fortis mutual fund portfolios.
 -- Carnegie Portfolio: Growth Series, Total Return Series, Emerging Growth Series, Diversified High Income Series, Government Series, Intermediate Government Series
 -- Acquiring Fortis Fund Portfolio: Growth Fund, Asset Allocation Portfolio, Capital Appreciation Portfolio, High Yield Portfolio, Government Total Return Portfolio, U.S. Government Securities Fund
 Shareholders of these Carnegie portfolios will receive a proportionate number of shares of the acquiring Fortis fund portfolio with the same value. The transaction will be tax-free to shareholders and the funds.
 St. Paul-based Fortis Financial Group (FFG), with approximately $2.1 billion in assets under management, has been managing money since 1949. FFG offers a family of mutual funds, fixed and variable annuities, and variable universal life insurance through its member companies, Fortis Advisers, Inc. (fund management); Fortis Investors, Inc. (member NASD, SIPC); and Fortis Benefits Insurance Co., issuer of FFG insurance products. The member companies are subsidiaries of Fortis, Inc., New York, which in turn is a subsidiary of Fortis International, N.V., a $40 billion worldwide financial services and insurance group.
 -0- 6/8/92
 /CONTACT: Edward M. Mahoney of Fortis Financial Group, 612-738-4270 or 800-800-2638; or David Hakensen or Nancy A. Johnson, 612-871-8877, or Andrew S. Edson, 212-752-8338, all of Padilla Speer Beardsley, for Fortis Financial/ CO: Fortis Financial Group ST: Minnesota IN: FIN SU: TNM


KH -- MN009 -- 7934 06/08/92 12:28 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
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