[LOGO] ING FUNDS
(d)(5)(iv)
FORM OF
June 1, 2008
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 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 modify the annual
sub-adviser fee for ING Global Real Estate Fund (the "Fund"), 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 Amended Schedule A of the Agreement. The Amended Schedule A, with the
annual sub-adviser fee indicated for the Fund, is attached hereto.
Please signify your acceptance to the modified sub-adviser fee with respect
to the Fund by signing below where indicated.
Very sincerely,
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
ING Clarion Real Estate Securities L.P.
By:
---------------------------------
Name:
-------------------------------
Title: , Duly Authorized
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0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
FORM OF
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 Fund
0.400% on the first $200 million of assets;
0.350% on the next $550 million of assets; and
0.300% on assets in excess of $750 million
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
