EX-99.77(E)(10) 12 e601654_ex99-77e10.txt [LETTERHEAD OF ING FUNDS] EX-77.(e)(10) [LETTERHEAD OF ING FUNDS] April 28, 2006 David Makowicz Chief Operating Officer ING Clarion Real Estate Securities 259 North Radnor-Chester Road Suite 205 Radnor, PA 19087 Dear Mr. Makowicz: Pursuant to the Sub-Advisory Agreement dated January 3, 2006 between ING Investments, LLC and ING Clarion Real Estate Securities L.P. (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 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 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/Todd Modic Todd Modic Senior Vice President ING Investments, LLC ACCEPTED AND AGREED TO: ING Clarion Real Estate Securities L.P. By: /s/ T. Ritson Ferguson --------------------------- Name: T. Ritson Ferguson ------------------------- Title: CIO, Duly Authorized ------------------------- 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 0.40% on first $250 million; Portfolio 0.375% on next $250 million; and 0.35% thereafter