EXHIBIT (d)(5)(ii)
[ING FUNDS LOGO]
January 1, 2004
Xxxxxxx Xxxxxxx
Senior Vice President
Aeltus Investment Management, Inc.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
Dear Xx. Xxxxxxx:
Pursuant to the Sub-Advisory Agreement dated August 1, 2003 between ING
Investments, LLC and Aeltus Investment Management, Inc. (the "Agreement") we
hereby modify the fees payable to the Sub-Adviser for ING Classic Money Market
Fund, ING High Yield Bond Fund, ING Intermediate Bond Fund and ING National
Tax-Exempt Bond Fund (the "Funds") as indicated below:
SERIES ANNUAL SUB-ADVISER FEE
------ ----------------------
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS)
ING Classic Money Market Fund 0.1125%
ING High Yield Bond Fund 0.2925%
ING Intermediate Bond Fund 0.2250%
ING National Tax-Exempt Bond Fund 0.2250%
Upon your acceptance, the Agreement will be modified to give effect to
the foregoing by amending Schedule A of the Agreement, effective January 1,
2004. The Amended Schedule A, with the annual sub-advisory fees indicated for
the Funds, is attached hereto.
Please signify your acceptance of the modified fees under the Agreement
with respect to the Funds by signing below.
Very sincerely,
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
Executive Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
January 1, 2004
Page 2
ACCEPTED AND AGREED TO:
Aeltus Investment Management, Inc.
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------
Name: Xxxxxxx X. Xxxxxx
Title: SVP & CFO, Duly Authorized
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
AMENDED SCHEDULE A
WITH RESPECT TO THE
SUB-ADVISORY AGREEMENT
BETWEEN
ING INVESTMENTS, LLC
AND
AELTUS INVESTMENT MANAGEMENT, INC.
ANNUAL SUB-ADVISER FEE
----------------------
SERIES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS)
------
ING Classic Money Market Fund 0.1125%
ING GNMA Income Fund 0.2700% of first $150 million of assets
0.2250% of assets in excess of $150 million up to
$400 million
0.2025% of assets in excess of $400 million up to
$800 million
0.1800% of assets in excess of $800 million
ING High Yield Bond Fund 0.2925%
ING High Yield Opportunity Fund 0.2700%
ING Intermediate Bond Fund 0.2250%
ING Lexington Money Market Trust 0.2250% of first $500 million of assets
0.2025% of assets in excess of $500 million
ING Money Market Fund 0.1575%
ING National Tax-Exempt Bond Fund 0.2250%
