March 1, 2012 Todd Modic Senior Vice President ING Investments, LLC
Exhibit (e)(1)
March 1, 2012
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Suite 100
Scottsdale, AZ 85258
Ladies and Gentlemen:
Effective January 21, 2011, del Rey Global Investors, LLC (“del Rey”) was added as a sub-adviser to the ING International Value Fund (the “Fund”) resulting in a reduction in the blended sub-advisory rate payable by ING Investments, LLC (“ING Investments”) on behalf of the Fund.
By our execution of this letter agreement, we hereby notify you of our intention to lower the annual investment management fee for the Fund with a corresponding reduction, if a benefit exists, based upon the aggregate blended sub-advisory fee of all sub-advisory fee rates for the Fund (the “Reduction”) for the period from March 1, 2012 through March 1, 2013. The Reduction shall be calculated as follows:
Reduction = 50% x (aggregate blended sub-advisory fee of all sub-advisory fee rates for the Fund prior to the January 21,2011 addition of del Rey (the “Expense Reductions”) – the aggregate blended sub-advisor fee rates after the Expense Reductions.)
The Reduction shall be limited to an annual maximum of 50% of the savings to ING Investments, based on the level of assets transferred from the investment sleeve managed by Xxxxxxx Investment Partners, L.P. to del Rey on January 21, 2011.
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| 0000 X. Xxxxxxxxxx Xxxxx Xx. Suite 100 Scottsdale, AZ 00000-0000 |
Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx |
ING Mayflower Trust |
Please indicate your agreement to this reduction by executing below in the place indicated.
Very sincerely,
/s/Xxxx Xxxxx
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
Agreed and Accepted:
(on behalf of the Fund)
| By: | /s/Xxxxxxxx X. Xxxxxxxx Xxxxxxxx X. Xxxxxxxx Senior Vice President |
