May 23, 2014 Mary Jean Milner Managing Director BNY MellonVoya MUTUAL FUNDS • July 14th, 2014
December 31, 2013 ING Mutual Funds 7337 East Doubletree Ranch Road Suite 100 Scottsdale, AZ 85258-2034Voya MUTUAL FUNDS • July 14th, 2014
ING Mutual Funds (“IMF”), ING Investments, LLC (“IIL”) and CBRE Clarion Securities LLC (“Clarion”) are parties to an Expense Limitation Agreement dated May 13, 2013 (the “ELA”) that limits the expenses of ING International Real Estate Fund (“Real Estate Fund”), a series of IMF. Pursuant to the ELA: (1) IIL waives its investment advisory fee in an amount sufficient to achieve Real Estate Fund’s Operating Expense Limits, as set out in the ELA; and (2) for so long as the sub-advisory fees payable to Clarion with respect to Real Estate Fund are equal to 50% of the advisory fee payable to IIL by the Fund, Clarion reduces its sub-advisory fees in an amount sufficient to pay 50% of any Excess Amount, as such term is defined in the ELA, paid by IIL to Real Estate Fund under the ELA. Real Estate Fund’s Operating Expense Limits under the ELA are as follows:
May 23, 2014 Mary Jean Milner Managing Director BNY MellonVoya MUTUAL FUNDS • July 14th, 2014
