Directed Services LLC January 21, 2011 Directed Services LLC West Chester, PA 19380 Ladies and Gentlemen:
(d)(16)(i)
Directed Services LLC
0000 Xxxxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000
January 21, 2011
Directed Services LLC
0000 Xxxxxxxx Xxxxx
West Chester, PA 19380
Ladies and Gentlemen:
Directed Services LLC (“DSL”) and ING Investment Management Co. (“IIM”) are parties to an Interim Sub-Advisory Agreement dated on or about January 21, 2011, which will be replaced by a Permanent New Sub-Advisory Agreement dated on or about June 7, 2011 (together, the “Agreements”), subject to shareholder approval. Under the Agreements, DSL has agreed to pay IIM an annual sub-advisory fee with respect to ING Global Bond Portfolio (formerly, ING Xxxxxxxxxxx Global Strategic Income Portfolio, the “Portfolio”) that is reflected in the table below under the heading “Annual Sub-Adviser Fee.”
By execution of this letter, IIM hereby voluntarily waives a portion of the annual sub-advisory fee that it is entitled to receive for the period from on or about January 21, 2011 through May 1, 2012. The amount of the sub-advisory fee waiver will be calculated in connection with the concurrent advisory fee waiver as indicated in the table below under the heading “Post-Waiver Annual Sub-Adviser Fee.”
|
Annual Sub-Adviser Fee |
|
Post-Waiver Annual Sub-Adviser Fee |
|
(as a percentage of average daily net assets) |
|
(as a percentage of average daily net assets) |
|
|
|
|
|
Gross Sub-Adviser Fee 0.225% on the first $4 billion in assets; 0.21375% on the next $1 billion in assets; 0.2025% on the next $1 billion in assets; 0.1935% thereafter. |
|
Net Sub-Adviser Fee 0.18% on all assets
|
[Remainder of this page intentionally left blank]
Please indicate your agreement to this waiver by executing below in the place indicated.
|
|
Very sincerely, |
|
|
|
|
|
|
|
|
/s/ Xxxx Xxxxx |
|
|
Xxxx Xxxxx |
|
|
Vice President |
|
|
Directed Services LLC |
Agreed and Accepted:
ING Investment Management Co.
|
By: |
/s/ Xxxxx Xxxxxx Xxxxxxxx |
|
|
|
|
|
|
Name: |
Xxxxx Xxxxxx Xxxxxxxx |
|
|
|
|
|
|
Title: |
SVP, Head of Prod Management |
|
