Exhibit d(3)(i)
[ING FUNDS LOGO]
Xxxxxxx X. Xxxxxx July 7, 2003
Executive Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000
Pursuant to the Management Agreement dated September 23,2002, between
ING Mutual Funds and ING Investments, LLC (the "Agreement") we hereby notify you
of our intention to retain you as Manager to render investment advisory services
to ING Foreign Fund and ING Global Equity Dividend Fund, two newly established
series of ING Mutual Funds, upon all of the terms and conditions set forth in
the Agreement. Upon your acceptance, the Agreement has been modified to give
effect to the foregoing by adding the "ING Foreign Fund" and "ING Global Equity
Dividend Fund" to Schedule A of the Agreement. The Amended Schedule A, with the
annual investment management fee indicated for the series, is attached hereto.
Please signify your acceptance to act as Manager under the Agreement
with respect to the aforementioned Funds.
Very sincerely,
/s/ Xxxxxx X. Xxxx
---------------------
Xxxxxx X. Xxxx
Senior Vice President
ING Mutual Funds
ACCEPTED AND AGREED TO:
ING Investments, LLC
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------
Xxxxxxx X. Xxxxxx
Executive Vice President
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Mutual Funds
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
AMENDED
SCHEDULE A
WITH RESPECT TO THE
INVESTMENT MANAGEMENT AGREEMENT
BETWEEN
ING MUTUAL FUNDS
AND
ING INVESTMENTS, LLC
ANNUAL INVESTMENT
MANAGEMENT FEE
-------------- LAST CONTINUED/
(as a percentage of average APPROVED BY
SERIES daily net assets) BOARD REAPPROVAL DATE
------ ----- ---------------
ING International Fund 1.00% August 20,2002 September 1,2003
ING Precious Metals 1.00% of assets up to $50 million August 20, 2002 September 1,2003
Fund 0.75% of assets in excess of $50 million
ING Russia Fund 1.25% August 20,2002 September 1,2003
ING Global Equity 0.70% May 29,2003 September 1,2004
Dividend Fund*
ING Foreign Fund* 1.00% of assets up to $500 million May 29,2003 September 1,2004
0.90% of assets in excess of $500
million
*This Amended Schedule A to the Investment Management Agreement will be
effective with respect to this Fund upon the effective date of the initial
Registration Statement with respect to the Fund.
