(ING FUNDS LOGO)
(d)(3)(ii)
June 19, 2006
Xxxxxxx Xxxxxxx
Senior Vice President
ING Investment Management Co.
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 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 Global
Bond Fund, a newly established series of ING Mutual Funds (the "Fund"), upon all
of the terms and conditions set forth in the Agreement, effective June 19, 2006.
Upon your acceptance, the Agreement will be modified to give effect to the
foregoing by adding the above-mentioned Fund to AMENDED SCHEDULE A of the
Agreement. The AMENDED SCHEDULE A, with the annual sub-advisory fees indicated
for the Fund, is attached hereto.
AMENDED SCHEDULE A has also been updated to reflect the removal of ING
Worldwide Growth Fund.
Please signify your acceptance to act as Sub-Adviser under the Agreement
with respect to the Fund by signing below.
Very sincerely,
----------------------------------------
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
ING Investment Management Co.
By:
---------------------------------
Name:
-------------------------------
Title: , Duly Authorized
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0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
FORM OF
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
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(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS)
ING Global Bond Fund 0.18%
ING International Fund 0.4500%
ING Precious Metals Fund 0.4500% of first $50 million of assets
0.3375% for assets in excess of $50 million
