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Exhibit (d)(10)
FIRST AMENDMENT TO SUBADVISORY AGREEMENT
THIS AMENDMENT TO THE SUBADVISORY AGREEMENT (the "Amendment") is made and
entered into as of October 1, 1999 by and among ING MUTUAL FUNDS MANAGEMENT CO.
LLC (the "Investment Adviser"), a Delaware limited liability company, and ING
INVESTMENT MANAGEMENT ADVISORS B.V. (the "Sub-Adviser").
WHEREAS, Investment Adviser and Sub-Adviser are parties to a Subadvisory
Agreement dated as of October 30, 1998 (the "Agreement") wherein Investment
Adviser retained Sub-Adviser to furnish investment advisory services to the
Investment Adviser in connection with the underlying investment funds specified
on Schedule A of the Agreement (collectively, the "Funds," and each, a "Fund"),
each of which is an investment portfolio of the ING Funds Trust (the "Trust");
and
WHEREAS, the Investment Adviser and Sub-Adviser desire to amend and
supplement the Agreement upon the following terms and conditions.
NOW THEREFORE, for and in consideration of the mutual promises contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Investment Adviser and Sub-Adviser hereby
agree that the Agreement is amended and supplemented as follows:
1. The following paragraph shall be inserted as paragraph 1A to the
Agreement:
1A. Asset Allocation. A committee (the "Allocation
Committee") shall allocate the assets of each of the
Funds for which the Sub-Adviser and CRA Real Estate
Securities, L.P. act as co-sub-advisers
(collectively, the "Co-Sub-Advisers") among the
Co-Sub-Advisers. The Allocation Committee shall
consist of such persons jointly agreed upon by the
Co-Sub-Advisers.
2. The following paragraph shall replace the first paragraph of paragraph
2 in its entirety:
Subject always to the supervision of the Investment Adviser and the
Trust's Board of Trustees, the Sub-Adviser will furnish an
investment program in respect of, and make investment decisions for,
the portions of the Funds allocated to it by the Investment Adviser
or, with regard to the Funds to be managed by the Co-Sub-Advisers as
indicated on Schedule A, the portions of the Funds allocated to it
by the Allocation Committee. The Sub-Adviser will place all orders
for the purchase and sale of securities for such portions of the
Funds. In the performance of its duties, the Sub-Adviser will comply
with the provisions of the Trust's organizational documentation, and
the respective stated investment objective, policies and
restrictions of the Funds, as amended, will use its best efforts to
safeguard and promote the welfare of the Funds, and will comply with
other policies which the Trust's Board of Trustees or the Investment
Adviser, as the case may be, may from time to time determine and
communicate to the Sub-Adviser.
3. The following sentence shall be inserted after the first full sentence
of paragraph 7:
With regard to certain of the Funds indicated on Schedule A for
which the Co-Sub-Advisers provide co-sub-advisory services, the
Investment Adviser will split the fee equally between the
Sub-Adviser and CRA Real Estate Securities, L.P.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
by their duly authorized officers to be effective as of the date first above
written.
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ING INVESTMENT MANAGEMENT ING MUTUAL FUNDS MANAGEMENT CO. LLC
ADVISORS B.V.
By: /s/ By: /s/▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Title: Director Title: Senior Vice President
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Attest By: /s/ Attest By: /s/▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Title: Legal Advisor Title: Secretary
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