Directed Services LLC June 7, 2011 Directed Services LLC West Chester, PA 19380 Ladies and Gentlemen:
(d)(17)(i)
Directed Services LLC
0000 Xxxxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000
June 7, 2011
Directed Services LLC
0000 Xxxxxxxx Xxxxx
West Chester, PA 19380
Ladies and Gentlemen:
Directed Services LLC (“DSL”) and ING Investment Management Advisors B.V. (“IIMA B.V.”) are parties to a Sub-Advisory Agreement dated June 7, 2011 (the “Agreement”), subject to shareholder approval. Under the Agreement, DSL has agreed to pay IIMA B.V. 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, IIMA B.V. hereby voluntarily waives a portion of the annual sub-advisory fee that it is entitled to receive for the period from June 7, 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.”
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Annual Sub-Adviser Fee |
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Post-Waiver Annual Sub-Adviser Fee |
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(as a percentage of average daily net assets) |
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(as a percentage of average daily net assets) |
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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. |
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Net Sub-Adviser Fee 0.18% on all assets |
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Please indicate your agreement to this waiver 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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Vice President | ||
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Directed Services LLC | ||
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Agreed and Accepted: |
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ING Investment Management Advisors B.V. |
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By: |
/s/ M.F.M van Elk |
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Name: |
X.X.X xxx Xxx |
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Title: |
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By: |
/s/ Xxxx Xxxxxxxxxx |
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Name: |
Xxxx Xxxxxxxxxx |
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Title: |
COO |
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