June 1, 2008 David Makowicz Chief Operating Officer ING Clarion Real Estate Securities

Exhibit 77(e)(4)

June 1, 2008

Xxxxx Xxxxxxxx

Chief Operating Officer

ING Clarion Real Estate Securities

000 Xxxxx Xxxxxx-Xxxxxxx Xxxx

Suite 205

Radnor, PA  19087

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., as amended, (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 June 1, 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.  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                                                      

Name:      X. Xxxxxx Xxxxxxxx

Title:         CIO                             , Duly Authorized

0000 X. Xxxxxxxxxx Xxxxx Xx. Scottsdale, AZ 00000-0000 Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx ING Investments, LLC

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 Global Real Estate Portfolio	0.400% on first $200 million of assets; 0.350% on next $550 million of assets; and 0.300% on assets in excess of $750 million