January 1, 2010 Todd Modic Senior Vice President ING Investments, LLC
Exhibit 99.B(d)(1)(iv)
January 1, 2010
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Scottsdale, AZ 85258
Ladies and Gentlemen:
Pursuant to the Sub-Advisory Agreement dated March 1, 2005, between Acadian Asset Management LLC (“Acadian”), sub-adviser to ING International SmallCap Multi-Manager Fund (the “Fund”), a series of ING Mutual Funds, and ING Investments, LLC (“IIL”), the sub-advisory fee rate payable by IIL to Acadian on behalf of the Fund is reduced effective as of January 1, 2010.
Pursuant to the Sub-Advisory Agreement dated December 17, 2007, between Xxxxxxxx Investment Management North America, Inc. (“Schroder”), sub-adviser to the Fund, the sub-advisory fee rate payable by IIL to Schroder on behalf of the Fund was reduced on June 1, 2009.
By our execution of this letter agreement, which supersedes the previous letter agreement dated June 1, 2009, 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 1, 2010 through and including March 1, 2011. 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 June 1, 2009 and January 1, 2010 expense reductions (the “Expense Reductions”) – the aggregate blended sub-adviser fee rates after the Expense Reductions.)
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 |
| 0000 X. Xxxxxxxxxx Xxxxx Xx. Scottsdale, AZ 00000-0000 |
Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx |
ING Mutual Funds |
