Exhibit (5c)
CIGNA Variable Products Group
000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
February 25, 1997
CIGNA Investments, Inc.
000 Xxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000
Re: Master Investment Advisory Agreement Dated as of April 26, 1988 Between
CIGNA Investments, Inc. (the "Adviser") and CIGNA Variable Products Group
(the "Trust")
Dear Madam or Sir:
Please be advised that the Trust has established seven new series of shares:
Intermediate Bond Index Fund, Long-Term Bond Index Fund, Utility Index Fund,
REIT Index Fund, Small Cap Index Fund, International Index Fund and Emerging
Markets Index Fund. The Trust desires to retain you to render management and
investment advisory services pursuant to the above-captioned Master Investment
Advisory Agreement for these new series. The advisory fee payable with respect
to these additional series is set forth on Schedule A-3 attached hereto.
If you are willing to render management and investment advisory services
pursuant to the Master Investment Advisory Agreement and the fee schedule
attached hereto, would you please so indicate by signing below.
Copies of the Master Trust Agreement establishing the Trust are on file with the
Secretary of the Commonwealth of Massachusetts, and notice is hereby given that
this document is executed on behalf of the Trust by an officer of the Trust and
not individually and that any obligations of or arising out of this document are
not binding upon any of the Trustees, officers, shareholders, employees or
agents of the Trust individually, but are binding only upon the assets and
property of the Trust.
Sincerely,
CIGNA Variable Products Group
By: /s/ R. Xxxxx Xxxxx
--------------------------------------
By: R. Xxxxx Xxxxx
Its: Chairman of the Board and President
Accepted and Agreed to this 31st day of March, 1997.
-------
CIGNA Investments, Inc.
By: /s/ Xxxxxx X. Xxxxx, III
--------------------------------------
By: Xxxxxx X. Xxxxx, III
Its: President
SCHEDULE A-3
To Letter dated February 25, 1997
Compensation Schedule for the following Series:
Intermediate Bond Index Fund
Long-Term Bond Index Fund
Utility Index Fund
REIT Index Fund
Small Cap Index Fund
International Index Fund
Emerging Markets Index Fund
The Trust shall pay the Adviser as full compensation for all services rendered
and all facilities furnished hereunder, a management fee for each Series by
applying the following percentages of the average daily net asset value of each
Series for the calendar year, computed in the manner used for the determination
of the offering price of Shares of the Series:
Intermediate Bond Index Fund - .35
Long-Term Bond Index Fund - .35
Utility Index Fund - .25
REIT Index Fund - .25
Small Cap Index Fund - .50
International Index Fund - .50
Emerging Markets Index Fund - .50
The fee accrued as of the end of each month shall be paid no later than the 15th
of the following month.
