Exhibit d(2)(H)(ii)
SECOND AMENDMENT TO PORTFOLIO MANAGEMENT AGREEMENT
ING INVESTORS TRUST
This Second Amendment, effective as of September 1, 2003, amends the
Portfolio Management Agreement (the "Agreement") dated the 1st day of February,
2000 among ING Investors Trust, a Massachusetts business trust (the "Trust"),
Directed Services, Inc., a New York corporation (the "Manager") and Salomon
Brothers Asset Management Inc., a Delaware corporation (the "Portfolio Manager")
with regards to ING Salomon Brothers All Cap Portfolio and ING Salomon Brothers
Investors Portfolio, each a Series of the 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 September 1, 2003.
NOW, THEREFORE, the parties agree as follows:
1. Section 13 is hereby deleted in its entirety and replaced with the
following:
13. SERVICES NOT EXCLUSIVE.
(a) It is understood that the services of the Portfolio
Manager are not exclusive, and nothing in this Agreement shall prevent the
Portfolio Manager (or its affiliates) from providing similar services to other
clients, including investment companies (whether or not their investment
objectives and policies are similar to those of the Series) or from engaging in
other activities.
(b) The services of the Portfolio Manager to the Series and
the Trust are not to be deemed to be exclusive, and the Portfolio Manager shall
be free to render investment advisory or other services to others (including
other investment companies) and to engage in other activities, provided,
however, that the Portfolio Manager may not consult with any other portfolio
manager of the Trust concerning transactions in securities or other assets for
any investment portfolio of the Trust, including the Series, except that such
consultations are permitted between the current and successor portfolio managers
of the Series in order to effect an orderly transition of portfolio management
duties so long as such consultations are not concerning transactions prohibited
by Section 17(a) of the 1940 Act.
2. Each Section number and applicable references to each Section
following the inserted Section 13 above, will increase numerically by one (i.e.,
Section 13 will be Section 14, etc.).
3. Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to them in the Agreement.
4. 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 INVESTORS TRUST
By: /s/ Xxxxxx X. Naka
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Xxxxxx X. Naka
Senior Vice President
DIRECTED SERVICES, INC.
By: /s/ Xxxxx X. Xxxxxxxx
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Name: Xxxxx X. Xxxxxxxx
Title: SVP
SALOMON BROTHERS ASSET MANAGEMENT INC.
By: /s/ Xxxxx Xxxxxxx
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Name: Xxxxx Xxxxxxx
Title: Managing Director
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