EXHIBIT (d)(5)(iii)
[ING FUNDS LOGO]
June 4, 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 High Yield Bond Fund
and ING Intermediate Bond Fund (the "Funds") to include breakpoints. Upon your
acceptance, the Agreement will be modified to give effect to the foregoing by
adding breakpoints to the annual sub-advisory fees for the Funds as indicated on
AMENDED SCHEDULE A of the Agreement. The AMENDED SCHEDULE A, with the annual
sub-advisory fees indicated for the Funds, is attached hereto.
AMENDED SCHEDULE A has also been updated by the removal of ING Strategic
Bond Fund as this fund was recently dissolved.
Please signify your acceptance to the addition of breakpoints for the
Funds by signing below where indicated.
Very sincerely,
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Executive Vice President
ING Investments, LLC
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
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SERIES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS)
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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% of first $250 million of assets
0.2700% of next $250 million of assets
0.2475% of assets in excess of $500 million
ING High Yield Opportunity Fund 0.2700%
ING Intermediate Bond Fund 0.2250% of first $500 million of assets
0.2025% of assets in excess of $500 million up to $1 billion
0.19125% of assets in excess of $1 billion up to $2 billion
0.1800% of assets in excess of $2 billion
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%