September 6, 2008
Exhibit 99.B(d)(16)(iii)
September 6, 2008
Xxxx Xxxxx
Pioneer Investment Management, Inc.
00 Xxxxx Xxxxxx, 17th Floor
Boston, MA 02109
Dear Xx. Xxxxx:
Pursuant to Sections 1 and 6 of the Sub-Advisory Agreement dated December 7, 2005, as amended, between Directed Services, LLC and Pioneer Investment Management, Inc. (the “Agreement”) we hereby notify you of our intention to modify the fees payable to the Sub-Adviser to render investment advisory services to ING Pioneer High Yield Portfolio (the “Portfolio”), effective September 6, 2008, 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. A form of the Amended Schedule A, which indicates the annual management fees for the Portfolio, is attached hereto.
Please signify your acceptance to the modified sub-advisory fees, with respect to the Portfolio, by signing below.
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Very sincerely, |
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/s/ Xxxx Xxxxx |
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Xxxx Xxxxx |
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Senior Vice President |
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ING Partners, Inc. |
ACCEPTED AND AGREED TO:
Pioneer Investment Management, Inc.
By: |
/s/ Xxxx X. Xxxxxxx |
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Name: |
Xxxx Xxxxxxx |
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Title: |
Chief Financial Officer, Duly Authorized |
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0000 X. Xxxxxxxxxx Xxxxx
Xx. |
Tel: 000-000-0000 |
ING Partners, Inc. |
AMENDED SCHEDULE A
COMPENSATION FOR SERVICES TO SERIES
For the services provided by Pioneer Investment Management, Inc. (“Sub-Adviser”) to the following Series of ING Partners, Inc., pursuant to the attached Sub-Advisory Agreement, Directed Services, LLC will pay the Sub-Adviser a fee, computed daily and payable monthly, based on the average daily net assets of the Series at the following annual rates of the average daily net assets of the Series:
SERIES |
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RATE |
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ING Pioneer High Yield Portfolio |
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0.30% on the
first $500 million in assets; and |
If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs.
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