Contract

(d)(1)(iv)

March 1, 2014

Xxxx Xxxxx

Senior Vice President

ING Investments, LLC

0000 X. Xxxxxxxxxx Xxxxx Xxxx

Suite 100

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 Small Cap Fund, formerly, 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. On May 13, 2013, Acadian executed a new Sub-Advisory Agreement.

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, 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 March 1, 2014 through March 1,2015. 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.)

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 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 Fund)
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 xxx.xxxxxxxx.xxx ING Mutual Funds