ING Investment Management, Inc. announced today that it will change the underlying fund holdings of five of the Ensemble Portfolios.

The Ensemble Portfolios currently consist of six all-equity “fund-of- funds” which invest in funds managed by three global investment managers, ING Investment Management, Inc., AIM Trimark Investments and Fidelity Investments.

Due to changes being implemented by AIM Trimark Investments in its Trimark Enterprise Small Cap Fund, the five Ensemble Portfolios which invest in this small cap fund will be modified on or about August 6, 2004 to replace this fund with the ING Canadian Small Cap Equity Fund.

According to John Lockbaum, senior vice president and managing director of ING Investment Management, “the replacement of the Trimark Enterprise Small Cap Fund with the ING Canadian Small Cap Equity Fund should be seamless for investors since the investment objectives as well as the target weightings and underlying funds will remain the same. Furthermore, there will be no increases in management fees or the expenses charged to the portfolios”.

ING Investment Management, Inc. is a member of Amsterdam-based ING Groep N.V., one of the world’s largest providers of insurance, banking and investment products and services. ING employs more than 115,000 people in over 50 countries.