Exhibit (d)(12)(ii)
(ING FUNDS LOGO)
May 1, 2004
Board of Trustees
ING Equity Trust
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
RE: VOLUNTARY EXPENSE LIMITATIONS
Ladies and Gentlemen:
Pursuant to our letter agreement dated August 21, 2003, whereby we modified the
voluntary expense limitations to affect a waiver of the investment management
fee for the Class A, B and C shares of ING Principal Protection Fund VII (the
"Fund"), a series of ING Equity Trust, we hereby further modify the voluntary
expense limitations outlined in that agreement.
The expense limitations will be set based on the schedule below:
MAXIMUM OPERATING EXPENSE LIMIT
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
---------------------------------------
TARGET EQUITY RATIO CLASS A CLASS B CLASS C
------------------- ------- ------- -------
31% or more 1.75% 2.50% 2.50%
28% - 30.99% 1.55% 2.30% 2.30%
25% - 27.99% 1.35% 2.10% 2.10%
22% - 24.99% 1.15% 1.90% 1.90%
less than 22% 0.95% 1.70% 1.70%
The Target Equity Ratio is calculated daily by the asset allocation model used
by the Fund's sub-adviser and will be the basis upon which future increases in
the operating expense limit are implemented. Once a particular operating expense
limit level is reached, it will not be reduced even if the Target Equity Ratio
declines as a result of a decline in the equity market. The new operating
expense limit will be collected and will be used in subsequent model
calculations to determine the equity ratio.
This letter agreement was approved November 11, 2003, but was postponed by
management until May 1, 2004, and supercedes our letter agreement of August
21, 2003.
Sincerely,
/s/ Xxxxxxx X. Xxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxx
Executive Vice President
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax:000-000-0000
xxx.xxxxxxxx.xxx
