EXHIBIT (d)(2)(i)
[ING FUNDS LOGO]
February 9, 2005
Xx. Xxxxxxx Xxxxxxx
ING Investment Management Co.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
Dear Xx. Xxxxxxx:
Pursuant to the Sub-Adviser Agreement dated August 7, 2001, as amended,
between ING Investments, LLC and ING Investment Management Co. (formerly Aeltus
Investment Management, Inc.) (the "Agreement"), we hereby modify the fees
payable to the Sub-Adviser for ING VP High Yield Bond Portfolio (the
"Portfolio"). Upon your acceptance, the Agreement will be modified to give
effect to the foregoing by modifying the annual sub-advisory fee for the
Portfolio as indicated on AMENDED SCHEDULE A of the Agreement, effective April
29, 2005. The AMENDED SCHEDULE A, with the annual sub-advisory fees indicated
for the Portfolio, is attached hereto.
In addition, AMENDED SCHEDULE A of the Agreement has been updated to
remove ING VP Growth Opportunities Portfolio, as this fund recently merged into
another fund.
Please signify your acceptance to the modification of the annual
sub-advisory fee for the Portfolio by signing below where indicated.
Very sincerely,
/s/ Xxxxxxx X. Xxxxxx
------------------------
Xxxxxxx X. Xxxxxx
Executive 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-ADVISER AGREEMENT
BETWEEN
ING INVESTMENTS, LLC
AND
ING INVESTMENT MANAGEMENT CO.
(FORMERLY AELTUS INVESTMENT MANAGEMENT, INC.)
FUND ANNUAL INVESTMENT MANAGEMENT FEE
--------------------------------------- -----------------------------------------------
(as a percentage of average daily net assets)
ING VP Convertible Portfolio 0.3375%
ING VP Disciplined LargeCap Portfolio 0.3375% of the first $250 million of assets
0.3150% of the next $250 million of assets
0.2925% of the next $250 million of assets
0.2700% of the next $250 million of assets
0.2475% of the assets in excess of $1 billion
ING VP Financial Services Portfolio 0.3375% of the first $500 million of assets
0.3150% of the assets in excess of $500 million
ING VP High Yield Bond Portfolio 0.2835% of the first $750 million of assets
0.2700% of the next $250 million of assets
0.2475% of the assets in excess of $1 billion
ING VP International Value Portfolio 0.4500%
ING VP MagnaCap Portfolio 0.3375%
ING XX XxxXxx Opportunities Portfolio 0.3375%
ING VP SmallCap Opportunities Portfolio 0.3375% of the first $250 million of assets
0.3150% of the next $250 million of assets
0.2925% of the next $250 million of assets
0.2700% of the next $250 million of assets
0.2475% of the assets in excess of $1 billion
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