(d)(5)(iv)
[LOGO]
October 15, 2007
Xxxxx Xxxxxxxx
Chief Operating Officer
ING Clarion Real Estate Securities L.P.
000 Xxxxx Xxxxxx-Xxxxxxx Xxxx
Xxxxx 000
Xxxxxx, XX 00000
Dear Xx. Xxxxxxxx:
Pursuant to the Sub-Advisory Agreement dated September 23, 2002 between ING
Investments, LLC and ING Clarion Real Estate Securities L.P., as amended (the
"Agreement"), we hereby notify you of our intention to retain you as
Sub-Adviser to render investment advisory services to ING Asia-Pacific Real
Estate Fund and ING European Real Estate Fund, each a newly established series
of ING Mutual Funds (each a "Fund," together, the "Funds"), effective
October 15, 2007, 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 adding the above-mentioned Funds to the Amended Schedule A
of the Agreement. The Amended Schedule A, with the annual sub-advisory fees
indicated for the Funds, is attached hereto.
In addition, your services to each Fund are deemed to be exclusive for two
years, commencing on the effective date of this Agreement. You agree that
during this two-year term you shall not provide advisory, sub-advisory or
similar services to any investment company that is managed in the same style as
the Funds. This provision is not intended to limit your ability to provide
advisory services to the Funds.
Please signify your acceptance to act as Sub-Adviser under the Agreement
with respect to the Funds by signing below where indicated.
Very sincerely,
By: /s/ Xxxx Xxxxx
------------------------------
Name: Xxxx Xxxxx
Title: Senior Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
ING Clarion Real Estate
Securities L.P.
By: /s/ Xxxxx X. Xxxxxxxx
--------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Chief Operating Officer ,
Duly Authorized
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
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
------ -------------------------------------
(as a percentage of average daily net
assets)
ING Asia-Pacific Real Estate Fund/1/ 0.50% on the first $250 million of
assets
0.45% on the next $250 million of
assets
0.40% thereafter
ING European Real Estate Fund/1/ 0.50% on the first $250 million of
assets
0.45% on the next $250 million of
assets
0.40% thereafter
ING Global Real Estate Fund 0.40% on the first $250 million of
assets
0.375% on the next $250 million of
assets
0.35% thereafter
ING International Real Estate Fund 0.50% on the first $250 million of
assets
0.45% on the next $250 million of
assets
0.40% thereafter
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/1/ Amended effective October 15, 2007 to add ING Asia-Pacific Real Estate
Fund and ING European Real Estate Fund as Series subject to the Agreement.