Exhibit - (d)(25)
(ING FUNDS LOGO)
January 1, 2005
ING Equity Trust
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, Xxxxxxx 00000-0000
Re: Expense Limitations
Ladies and Gentlemen:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, ING Investments, LLC ("ING Investments"), the Adviser
to ING Disciplined LargeCap Fund and ING SmallCap Opportunities Fund (the
"Funds"), agrees that ING Investments shall, from January 1, 2005 through and
including December 31, 2005, waive all or a portion of its investment
management fee and/or reimburse expenses in amounts necessary so that after
such waivers and/or reimbursements, the maximum total operating expense ratios
of the Funds shall be as follows:
MAXIMUM OPERATING EXPENSE RATIOS
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
---------------------------------------
NAME OF FUND Class A Class B Class C Class I Class Q
------------ ------- ------- ------- ------- -------
ING Disciplined LargeCap Fund 1.36% 2.11% 2.11% 1.11% N/A
ING SmallCap Opportunities Fund 1.50% 2.25% 2.25% 1.25% 1.50%
ING Investments acknowledges that any fees waived or expenses reimbursed
during the term of this Agreement shall not be eligible for recoupment at any
time in the future.
ING Investments, LLC
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------------
Xxxxxxx X. Xxxxxx
Executive Vice President
Your signature below acknowledges
acceptance of this Agreement:
By: /s/ Xxxxxx X. Xxxx
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Xxxxxx X. Xxxx
Senior Vice President
ING Equity Trust
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
