Exhibit (d)(2)(Y)(i)
[ING FUNDS LOGO]
September 23, 2005
Xxxx Xxxxx
Pioneer Investment Management, Inc.
00 Xxxxx Xxxxxx, 00xx Xxxxx
Xxxxxx, XX 00000
Dear Xx. Xxxxx:
Pursuant to Section 6 of the Portfolio Management Agreement dated April 29,
2005, among ING Investors Trust, Directed Services, Inc. and Pioneer Investment
Management, Inc. (the "Agreement") we hereby modify the fees payable to the
Portfolio Manager for ING Pioneer Mid Cap Value Portfolio (the "Portfolio"),
effective September 23, 2005.
Upon your acceptance, the Agreement will be modified to reflect the fee
changes to the annual portfolio management fees for the Portfolio as indicated
on AMENDED SCHEDULE A of the Agreement. The AMENDED SCHEDULE A, with the annual
portfolio management fees indicated for the Portfolio, is attached hereto.
Please signify your acceptance of the modified fees under the Agreement
with respect to the Portfolio by signing below.
Very sincerely,
/s/ Xxxxxx X. Xxxx
------------------
Xxxxxx X. Xxxx
Senior Vice President
ING Investors Trust
ACCEPTED AND AGREED TO:
Pioneer Investment Management, Inc.
By: /s/ Xxxx X. Xxxxxxx
-----------------------------------
Name: Xxxx X. Xxxxxxx
-----------------------------------
Title: Exec. V.P. and XXX, Xxxx Authorized
-----------------------------------
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investors Trust
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
AMENDED SCHEDULE A
COMPENSATION FOR SERVICES TO SERIES
For the services provided by Portfolio Manager to the following Series of
the Trust, pursuant to the attached Portfolio Management Agreement, the Manager
will pay the Portfolio Manager a fee, computed daily and payable monthly, based
on the average daily net assets of the Series at the following annual rates of
the average daily net assets of the Series:
SERIES RATE
------ ----
ING Pioneer Fund Portfolio 0.40% on first $500 million
0.35% on next $500 million
0.30% on assets in excess of $1 billion
ING Pioneer Mid Cap Value Portfolio 0.35%
If this Agreement becomes effective or terminates before the end of any
month, the fee for the period from the effective date to the end of the month or
from the beginning of such month to the date of termination, as the case may be,
shall be prorated according to the proportion that such period bears to the full
month in which such effectiveness or termination occurs.
2
