[LOGO ING FUNDS]
April 28, 2006
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000
Dear Xx. Xxxxx:
Pursuant to the Amended and Restated Investment Management Agreement dated
February 1, 2005, between ING Mutual Funds and ING Investments, LLC (the
"Agreement") we hereby notify you of our intention to modify the annual
investment management fee for ING Global Real Estate Fund (the "Fund"),
effective April 28, 2006, upon all of the terms and conditions set forth in the
Agreement. Upon your acceptance, the Agreement will be modified to give effect
to the foregoing by amending Amended Schedule A of the Agreement. The Amended
Schedule A, with the annual investment management fee indicated for the Fund, is
attached hereto.
Please signify your acceptance to the modified investment management fee
with respect to the aforementioned Fund.
Very sincerely,
/s/ Xxxxxx X. Xxxx
----------------------------
Xxxxxx X. Xxxx
Executive Vice President
ING Mutual Funds
ACCEPTED AND AGREED TO:
ING Investments, LLC
By: /s/ Xxxx Xxxxx
--------------------------
Xxxx Xxxxx
Senior Vice President
AMENDED SCHEDULE A
with respect to the
AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT
between
ING MUTUAL FUNDS
and
ING INVESTMENTS, LLC
Annual Investment Management Fee
Series (as a percentage of average daily net assets)
ING Diversified International Fund 0.00%
ING Emerging Countries Fund 1.25%
ING Emerging Markets Fixed Income Fund 0.65% on the first $250 million of assets
0.60% on the next $250 million of assets
0.55% on assets in excess of $500 million
ING Global Real Estate Fund 0.80% of the first $250 million of assets
0.775% of the next $250 million of assets
0.70% of assets in excess of $500 million
ING Global Value Choice Fund 1.00% of the first $250 million of assets
0.90% of the next $250 million of assets
0.80% of the next $500 million of assets
0.75% of assets in excess of $1 billion
ING Greater China Fund 1.15% on the first $100 million of assets
1.05% on the next $150 million of assets
0.95% on assets in excess of $250 million
ING Index Plus International Equity Fund 0.55%
ING International Capital Appreciation Fund 0.85% on the first $500 million of assets
0.80% on the next $500 million of assets
0.75% on assets in excess of $1 billion
1
Annual Investment Management Fee
Series (as a percentage of average daily net assets)
ING International Real Estate Fund 1.00% on the first $250 million of assets
0.90% on the next $250 million of assets
0.80% on assets in excess of $500 million
ING International SmallCap Fund 1.00% of the first $500 million of assets
0.90% of the next $500 million of assets
0.85% of assets in excess of $1 billion
ING International Value Choice Fund 1.00%
2
