Exhibit(d)(3)(ii)
(ING FUNDS LOGO)
December 28, 2005
Xxxxxxx Xxxxxxx
Senior Vice President
ING Investment Management Co.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
Dear Xx. Xxxxxxx:
Pursuant to Section 1 of the Sub-Adviser Agreement dated September 23,
2002, as amended, between ING Investments, LLC and ING Investment Management Co.
(formerly, Aeltus Investment Management, Inc.) (the "Agreement") we hereby
notify you of our intention to retain you as Sub-Adviser to render investment
advisory services to ING Fundamental Research Fund and ING Opportunistic
LargeCap Fund, two newly established series of ING Equity Trust (the "Funds"),
effective December 28, 2005, upon all of the terms and conditions set forth in
the Agreement. Upon your acceptance, the Agreement will be modified to give
effect to the foregoing by adding the above-mentioned Funds to the AMENDED
SCHEDULE A of the Agreement. The AMENDED SCHEDULE A, with the annual
sub-advisory fees indicated for each series, is attached hereto.
AMENDED SCHEDULE A was also updated to remove ING Equity and Bond Fund, ING
Growth Opportunities Fund and ING Tax Efficient Equity Fund, as these funds
recently dissolved or merged into other funds.
Please signify your acceptance to act as Sub-Adviser under the Agreement
with respect to the Funds by signing below.
Very sincerely,
/s/ Xxxx Xxxxx
----------------------------------------
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
ING Investment Management Co.
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
ING INVESTMENT MANAGEMENT CO.
(FORMERLY AELTUS INVESTMENT MANAGEMENT, INC.)
SERIES ANNUAL SUB-ADVISER FEE
------ ---------------------------------------------
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS)
ING Convertible Fund 0.3375% of first $500 million of assets
0.3038% of next $500 million of assets
0.2925% of assets in excess of $1 billion
ING Disciplined LargeCap Fund 0.3150%
ING Financial Services Fund 0.4500% of first $30 million of assets
0.3375% of next $95 million of assets
0.3150% of assets in excess of $125 million
ING Fundamental Research Fund 0.3150% of first $500 million of assets
0.2925% of next $500 million
0.2700% of assets in excess of $1 billion
ING MidCap Opportunities Fund 0.4500% on first $500 million of assets
0.4050% thereafter
ING Opportunistic LargeCap Fund 0.3150% of first $500 million of assets
0.2925% of next $500 million
0.2700% of assets in excess of $1 billion
ING SmallCap Opportunities Fund 0.4500% of the first $100 million of assets
0.4050% of the next $150 million of assets
0.3600% of the next $250 million of assets
0.3375% of assets in excess of $500 million
