January 21, 2011 Todd Modic Senior Vice President ING Investments, LLC
Exhibit (d)(1)(iv)
January 21, 2011
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
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 January 21, 2011 through and including March 1, 2012. 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.
Please indicate your agreement to this reduction by executing below in the place indicated.
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Very sincerely, |
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/s/ Xxxx Xxxxx |
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Xxxx Xxxxx |
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Senior Vice President |
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ING Investments, LLC |
Agreed and Accepted:
(on behalf of the Fund)
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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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0000 X. Xxxxxxxxxx Xxxxx Xx. |
Tel: 000-000-0000 |
