Exhibit 77(q)(1)(e)(1)
FIRST AMENDMENT TO SUB-ADVISER AGREEMENT
ING VARIABLE PRODUCTS TRUST
This First Amendment, effective as of July 1, 2003, amends the Sub-Adviser
Agreement (the "Agreement") dated the 7th day of August, 2001, as amended,
between ING Investments, LLC, (formerly known as ING Pilgrim Investments, LLC)
an Arizona limited liability company (the "Manager") and Aeltus Investment
Management, Inc., a Connecticut corporation (the "Sub-Adviser") with regards to
ING VP High Yield Bond Portfolio, ING VP Disciplined LargeCap Portfolio, ING VP
SmallCap Opportunities Portfolio, ING VP Convertible Portfolio, ING VP Growth
Opportunities Portfolio, ING VP International Value Portfolio, ING VP Large
Company Value Portfolio, ING VP MagnaCap Portfolio, ING XX XxxXxx Opportunities
Portfolio, and ING VP International Portfolio, each a Series of ING Variable
Products Trust.
W I T N E S S E T H
WHEREAS, the parties desire to amend the Agreement and agree that the
amendments will be effective as of July 1, 2003.
NOW, THEREFORE, the parties agree as follows:
1. Section 2(a)(ii) of the Agreement is hereby deleted in its entirety and
replaced with the following:
(ii) The Sub-Adviser will have no duty to vote any proxy solicited by or
with respect to the issuers of securities in which assets of the Series are
invested unless the Manager gives the Sub-Adviser written instructions to the
contrary. The Sub-Adviser will immediately forward any proxy it receives on
behalf of the Fund solicited by or with respect to the issuers of securities in
which assets of the Series are invested to the Manager or to any agent of the
Manager designated by the Manager in writing.
The Sub-Adviser will make appropriate personnel reasonably available for
consultation for the purpose of reviewing with representatives of the Manager
and/or the Board any proxy solicited by or with respect to the issuers of
securities in which assets of the Series are invested. Upon request, the
Sub-Adviser will submit a voting recommendation to the Manager for such proxies.
In making such recommendations, the Sub-Adviser shall use its good faith
judgment to act in the best interests of the Series. The Sub-Adviser shall
disclose to the best of its knowledge any conflict of interest with the issuers
of securities that are the subject of such recommendation including whether such
issuers are clients or are being solicited as clients of the Sub-Adviser or of
its affiliates.
2. In all other respects, the Agreement is hereby confirmed and remains in
full force and effect.
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed as of the day and year first above written.
ING INVESTMENTS, LLC
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Executive Vice President
AELTUS INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxxxx Xxxxxxx
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Name: Xxxxxxx Xxxxxxx
Title:
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