April 4, 2008
Exhibit 99.B(d)(4)(i)
April 4, 2008
ING Series Fund, Inc.
ING Strategic Allocation Portfolios, Inc.
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Scottsdale, Arizona 85258-2034
Re: Expense Limitations
Ladies and Gentlemen:
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, ING Investments, LLC (“IIL”), the Adviser to ING Strategic Allocation Conservative Fund, ING Strategic Allocation Growth Fund, and ING Strategic Allocation Moderate Fund, each a series of ING Series Fund, Inc., and ING VP Strategic Allocation Conservative Portfolio, ING VP Strategic Allocation Growth Portfolio, and ING VP Strategic Allocation Moderate Portfolio, each a Series of ING Strategic Allocation Portfolios, Inc. (collectively, the “Funds”), agrees that as a result of the conversion of each of the Funds to a fund-of-funds structure, IIL shall, from April 4, 2008 through and including April 4, 2011, waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Funds shall be reflected as below:
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Maximum Operating Expense Limit(1) |
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Name of Fund |
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Class A |
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Class B |
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Class C |
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Class I |
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Class O |
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Class R |
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Class S |
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ING Strategic Allocation |
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1.20 |
% |
1.95 |
% |
1.95 |
% |
0.95 |
% |
1.20 |
% |
N/A |
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N/A |
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ING Strategic Allocation |
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1.25 |
% |
2.00 |
% |
2.00 |
% |
1.00 |
% |
1.25 |
% |
N/A |
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N/A |
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ING Strategic Allocation |
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1.15 |
% |
1.90 |
% |
1.90 |
% |
0.90 |
% |
1.15 |
% |
N/A |
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N/A |
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(1) These operating expense limits take into account operating expenses incurred at the underlying Fund level.
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0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx |
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Tel: 000.000.0000 |
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ING Investments, LLC |
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Scottsdale, AZ 00000-0000 |
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Fax: 000.000.0000 |
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xxx.xxxxxxxx.xxx |
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Maximum Operating Expense Limit(1) |
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Name of Fund |
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Class A |
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Class B |
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Class C |
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Class I |
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Class O |
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Class R |
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Class S |
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ING VP Strategic Allocation |
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1.20 |
% |
N/A |
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N/A |
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0.70 |
% |
N/A |
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N/A |
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0.95 |
% |
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ING VP Strategic Allocation |
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1.21 |
% |
N/A |
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N/A |
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0.71 |
% |
N/A |
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N/A |
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0.96 |
% |
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ING VP Strategic Allocation |
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1.15 |
% |
N/A |
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N/A |
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0.65 |
% |
N/A |
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N/A |
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0.90 |
% |
(1) These operating expense limits take into account operating expenses incurred at the underlying Fund level.
Please indicate your agreement to this reduction in fee by executing below in the place indicated.
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ING Investments, LLC |
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By: |
/s/ Xxxx Xxxxx |
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Xxxx Xxxxx |
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Senior Vice President |
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Accepted: |
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By: |
/s/ Xxxxxxxx X. Xxxxxxxx |
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Xxxxxxxx X. Xxxxxxxx |
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Senior Vice President |
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ING Series Fund, Inc. |
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ING Strategic Allocation Portfolios, Inc. |
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