Contract

(d)(1)(iii)

March 1, 2014

ING Mutual Funds

0000 X. Xxxxxxxxxx Xxxxx Xx.

Suite 100

Scottsdale, AZ 85258

Ladies and Gentlemen:

By this letter dated March 1, 2014, we agree to waive the investment management fee payable to us under the Investment Management Agreement, dated May 7, 2013 between ING Investments, LLC and ING Mutual Funds (the “Agreement”). Such waiver will be in an amount equal to the investment management fees allocated to, and otherwise payable by, the Class P shares of ING Global Bond Fund, a series of ING Mutual Funds, thereby reducing the post-waiver fee rate payable by the Class P shares to 0.00%.

By this letter, we agree to waive the investment management fee in this manner for the period from March 1, 2014 through March 1, 2015 (the “Waiver Period”).

Notwithstanding the foregoing, termination or modification of this letter requires approval of the Board of Trustees of ING Mutual Funds.

Please indicate your agreement to this reduction in fee by executing below in the place indicated.

		Very sincerely,
By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President
		ING Investments, LLC

Agreed and Accepted:
ING Mutual Funds
(on behalf of the Funds)
By:		/s/ Xxxxxxxx X. Xxxxxxxx
		Xxxxxxxx X. Xxxxxxxx
		Senior Vice President

0000 X. Xxxxxxxxxx Xxxxx Xx. Suite 100 Scottsdale, AZ 00000-0000 Tel: 000-000-0000 Fax: 000-000-0000 ING Investments, LLC