(d)(6)(v)
[ING FUNDS LOGO]
April 28, 2006
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 April
28, 2006, 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,
/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. 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 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
