[LOGO] ING FUNDS
Exhibit (d)(7)(v)
January 1, 2008
Xxxxxxx Xxxxxxx
Senior Vice President
ING Investment Management Co.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
Dear Xx. Xxxxxxx:
Pursuant to the Sub-Advisory Agreement dated September 23, 2002, as
amended, between ING Investments, LLC and ING Investment Management Co. (the
"Agreement") we hereby modify the fees payable to the Sub-Adviser for ING MidCap
Opportunities Fund and ING SmallCap Opportunities Fund (the "Portfolios").
Upon your acceptance, the Agreement will be modified to give effect to the
foregoing by modifying the annual sub-advisory fee for the Portfolios as
reflected on the Amended Schedule of the Agreement, effective January 1, 2008.
The Amended Schedule A, with the annual sub-advisory fees indicated for the
Portfolios, is attached to the letter.
Please signify your acceptance to the modification of the annual
sub-advisory fee for the Portfolios by signing below where indicated.
Very sincerely,
By: /s/ Xxxx Xxxxx
------------------------------------
Name: Xxxx Xxxxx
Title: Senior Vice President
ING Equity Trust
ACCEPTED AND AGREED TO:
ING Investment Management Co.
By: /s/ Xxx Xxxxxx
---------------------------------
Name: Xxx Xxxxxx
Title: SVP, Duly Authorized
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
AMENDED SCHEDULE A
with respect to the
SUB-ADVISORY AGREEMENT
between
ING INVESTMENTS, LLC
and
ING INVESTMENT MANAGEMENT CO.
Annual Sub-Adviser Fee
Series (as a percentage of average daily net assets)
------ ----------------------------------------------
ING Equity Dividend Fund 0.2925% on all assets
ING Financial Services Fund 0.4500% of first $30 million of assets
0.3375% of next $95 million of assets
0.3150% of assets in excess of $125 million
ING Fundamental Research Fund 0.3150% of first $500 million of assets
0.2925% of next $500 million
0.2700% of assets in excess of $1 billion
ING MidCap Opportunities Fund 0.3375%
ING Opportunistic LargeCap Fund 0.3150% of first $500 million of assets
0.2925% of next $500 million
0.2700% of assets in excess of $1 billion
ING SmallCap Opportunities Fund 0.405% of the first $250 million of assets
0.36% of the next $250 million of assets
0.3375% of assets in excess of $500 million
ING SmallCap Value Choice Fund 0.3375%/1/
/1/ as a percentage of average daily net assets under the management of ING
Investment Management Co.
