Exhibit g(v)
[CIGNA LOGO APPEARS HERE]
To: Xxxx Xxxxxx, State Street Bank and Trust CIGNA Retirement &
Company Investment Services
From: Xx Xxxxxxx, CIGNA Funds
Date: August 22, 2003
Re: Price Source Authorization
Reference is made to the Custodian Agreements between the CIGNA Funds ("Funds")
(named in the attachment) and State Street Bank and Trust Company. Capitalized
terms used in this Price Source Authorization or in any attachment or supplement
shall have the meanings provided in the Custodian Agreement unless otherwise
specified. Pursuant to the Custodian Agreement, the Funds hereby direct State
Street to calculate the net asset values ("NAV") of the Funds, in accordance
with the terms of the Funds' currently effective Prospectuses. State Street will
perform the NAV calculations subject to the terms and conditions of the
Custodian Agreement and this Authorization.
The Funds hereby authorizes State Street to use the pricing sources specified on
the attached Authorization Matrix (as amended from time to time) as sources for
prices of assets in calculating the net asset values of the Funds. The Funds
understand that State Street does not assume responsibility for the accuracy of
the quotations provided by the specified pricing sources and that State Street
shall have no liability for any incorrect data provided by the pricing sources
specified by the Funds, except as may arise from State Street's lack of
reasonable care in performing agreed upon tolerance checks as to the data
furnished and calculating the net asset value of the Funds in accordance with
the data furnished to State Street. The Funds also acknowledge that prices
supplied by the Funds or an affiliate may be subject to approval of the Fund's
Board and are not the responsibility of State Street.
The Funds agree to indemnify and hold State Street harmless from any claim, loss
or damage arising as a result of using prices furnished by any specified pricing
source.
State Street agrees that written notice of any change in the name of any
specified pricing source will be sent to the Funds as such information is
available to State Street.
Kindly acknowledge your acceptance of the terms of this letter in the space
provided below.
The foregoing terms are hereby accepted:
CIGNA Funds (named in the attachment)
By: /s/ Xxxxxx X. Xxxxxxx XXX
-------------------------------
Title: Vice President and Treasurer
STATE STREET BANK AND TRUST COMPANY
By: /s/ Xxxx X. Xxxxxx
-------------------------------
Vice President
Exhibit g(v)
Title:
----------------------------
Authorization Matrix to be attached to Price Source Authorization Dated August
22, 2003
Client: CIGNA FUNDS GROUP, CIGNA VARIABLE PRODUCTS GROUP, CIGNA HIGH INCOME
SHARES, CIGNA INVESTMENT SECURITIES, VP LLC FUNDS
Primary Secondary Tertiary Fourth
Security Type Source Source Source Source
------------------- -------------- ------------ ------------
Equities
U.S. Listed Equities (NYSE, AMEX) Bridge/Reuters
U.S. OTC Equities (NASDAQ) Bridge/Reuters
Foreign Equities Bridge/Reuters
Listed ADR's Bridge/Reuters
Fixed Income
Municipal Bonds XX Xxxxx FT Interactive
U.S. Treasuries and Agencies FT Interactive Reuters (EJV) Xxxxxx Index Bear Xxxxxxx
High Yield FT Interactive Reuters (EJV) TES Bear Xxxxxxx
MBS and ABS FT Interactive Reuters (EJV) Xxxxxx Index Bear Xxxxxxx
Corporates FT Interactive Reuters (EJV) Xxxxxx Index Bear Xxxxxxx
Eurobonds/Foreign Bonds FT Interactive FRI
Money Market
Discounted instruments State Street Matrix
Intrest bearing instruments Bloomberg
Variable Rate Notes FT Interactive
Other Assets
Options Bridge/Reuters
Futures Bridge/Reuters
Non-listed ADR's FT Interactive FRI
Exchange Rates Bridge/Reuters
Forward Points Bridge/Reuters
Manual
Back-up Pricing Pricing Default Valuation
Security Type Source Logic Logic Point
--------------------- ------- --------------- ---------------
Equities
U.S. Listed Equities (NYSE, AMEX) Bloomberg/Client Last Bid U.S. Mkt. Close
U.S. OTC Equities (NASDAQ) Bloomberg/Client NOCP Bid U.S. Mkt. Close
Foreign Equities Reuters Last Bid U.S. Mkt. Close
Listed ADR's Bloomberg/Client Last Bid U.S. Mkt. Close
Fixed Income
Municipal Bonds Bloomberg/Client Bid U.S. Mkt. Close
U.S. Treasuries and Agencies Bloomberg/Client Bid U.S. Mkt. Close
High Yield Bloomberg/Client Bid U.S. Mkt. Close
MBS and ABS Bloomberg/Client Bid U.S. Mkt. Close
Corporates Bloomberg/Client Bid U.S. Mkt. Close
Eurobonds/Foreign Bonds Bloomberg/Client Bid U.S. Mkt. Close
Money Market
Discounted instruments Goldman/Xxxxx./Client Bid U.S. Mkt. Close
Intrest bearing instruments Xxxxxxx Xxxxx/Client Bid U.S. Mkt. Close
Variable Rate Notes Blmberg/Gldmn/Client Bid U.S. Mkt. Close
Other Assets
Options Bloomberg/Client Last Bid U.S. Mkt. Close
Futures Bloomberg/Client Last Bid U.S. Mkt. Close
Non-listed ADR's Bloomberg/Client Bid U.S. Mkt. Close
Exchange Rates Bloomberg/Client Last Bid U.S. Mkt. Close
Forward Points Bloomberg/Client Last Bid U.S. Mkt. Close
Price Source and Methodology Authorization
State Street performs a Data Quality review process as specified in the Sources
Status Pricing Matrix on the NAVigator Pricing System which specifies pricing
tolerance thresholds, index and price aging details.
TES: S&P Premiun Pricing Service
FRI: FRI Corporation' Securities Evaluation Service (SVS)
Reuters (EJV): Formerly Bridge
Authorized by: /s/ Xxxxxx X. Xxxxxxx XXX Accepted by: /s/ Xxxx X. Xxxxxx
------------------------- ------------------
CIGNA Funds Group
8713 Money Market Fund
8716 Large Cap Growth/Xxxxxx Xxxxxxx Fund
8717 Large Cap Value/Xxxx X. Xxxxx Fund
8718 Balanced Fund (sub-advised by Wellington Management)
8719 Small Cap Growth/TimesSquare Fund
8720 Small Cap Value/Xxxxxx Fund
8721 International Blend/Bank of Ireland Fund
8722 S&P 500 Index Fund
8724 Core Plus Fixed Income Fund
CIGNA Variable Products Group
1004 Times Square VP S&P 500 Index Fund
8715 TimesSquare VP Money Market Fund
8723 TimesSquare VP Core Plus Bond Fund
VP LLC Funds
8728 TimesSquare VP Government Money Market Fund, LLC
8719 Times Square VP Mortgage Backed Securities Fund, LLC
Closed End Funds
1011 CIGNA Hiogh Income Shares
8701 CIGNA Investment Securities, Inc.
