EX-77.(e)(10)
[LETTERHEAD OF ING FUNDS]
April 28, 2006
Xxxxx Xxxxxxxx
Chief Operating Officer
ING Clarion Real Estate Securities
000 Xxxxx Xxxxxx-Xxxxxxx Xxxx
Xxxxx 000
Xxxxxx, XX 00000
Dear Xx. Xxxxxxxx:
Pursuant to the Sub-Advisory Agreement dated January 3, 2006 between ING
Investments, LLC and ING Clarion Real Estate Securities L.P. (the "Agreement"),
we hereby notify you of our intention to modify the annual sub-adviser fee for
ING Global Real Estate Portfolio (the "Portfolio"), effective April 28, 2006,
upon all of the terms and conditions set forth in the Agreement. Upon your
acceptance, the Agreement will be modified to give effect to the foregoing by
amending Schedule A of the Agreement. The Amended Schedule A, with the annual
sub-adviser fee indicated for the Portfolio, is attached hereto.
Please signify your acceptance to the modified sub-adviser fee with
respect to the Portfolio by signing below where indicated.
Very sincerely,
/s/Xxxx Xxxxx
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
ING Clarion Real Estate Securities L.P.
By: /s/ X. Xxxxxx Xxxxxxxx
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Name: X. Xxxxxx Xxxxxxxx
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Title: CIO, Duly Authorized
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AMENDED SCHEDULE A
with respect to the
SUB-ADVISORY AGREEMENT
between
ING INVESTMENTS, LLC
and
ING CLARION REAL ESTATE SECURITIES L.P.
Series Annual Sub-Adviser Fee
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(as a percentage of average daily net assets)
ING Global Real Estate 0.40% on first $250 million;
Portfolio 0.375% on next $250 million; and
0.35% thereafter
