The magnetic polarization of the Lu 5d states through the Ho(1-x)Lu(x)(Fe(1-y)Al(y))(2) series has been studied by means of x-ray magnetic circular dichroism. A combined study of the dichroic signals performed at the Fe K-, Ho L(2)- and Lu L(2,3)-edges gives a complete picture of the polarization scheme at the conduction band. The results show that in the presence of competing localized magnetic moments, μ(Fe)(3d) and μ(Ho)(4f), the dichroic signal at the Lu site is mainly due to the Fe atoms, the effect of the magnetic rare-earth being negligible. Estimation of the spin and orbital components of the Lu(5d) induced magnetic moment have been obtained by applying the magneto-optical sum rules derived for x-ray magnetic circular dichroism.