EXHIBIT (d)(2)(i)
FIRST AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT
ING MUTUAL FUNDS
This First Amendment, effective as of September 2, 2004, amends the
Investment Management Agreement (the "Agreement") dated September 23, 2002
between ING Mutual Funds (the "Trust"), a Delaware business trust and ING
Investments, LLC, an Arizona limited liability company (the "Manager"), with
regards to ING Foreign Fund, ING Global Equity Dividend Fund, ING International
Fund, ING Precious Metals Fund and ING Russia Fund, each a Series of the Trust,
and any future Series of the Trust that may become party to the Agreement.
WITNESSETH
WHEREAS, the parties desire to amend the Agreement and agree that the
amendment will be effective as of September 2, 2004.
NOW, THEREFORE, the parties agree as follows:
1. Section 8 of the Agreement is hereby amended by inserting the words
"Board approved" in front of "trade association dues."
2. In all other respects, the Agreement is hereby confirmed and remains
in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed as of the day and year first above written.
ING MUTUAL FUNDS
By: /s/ Xxxxxx X. Naka
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Xxxxxx X. Naka
Senior Vice President
ING INVESTMENTS, LLC
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Executive Vice President
