October 1, 2011 ING Equity Trust
Exhibit (d)(12)(iii)
October 1, 2011
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Suite 100
Scottsdale, Arizona 85258-2034
| Re: | Expense Limitations |
Ladies and Gentlemen:
In accordance with the expense limitation agreement between ING Investments, LLC (“ING Investments”) and ING Equity Trust, dated January 26, 2009 (the “Expense Limitation Agreement”) with regard to ING Growth Opportunities Fund (the “Fund”), ING Investments has waived all or a portion of its investment management fee and/or reimbursed expenses. By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, ING Investments, the Adviser to the Fund, agrees that ING Investments shall, from October 1, 2011 through and including October 1, 2012, 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:
| Name of Fund |
Maximum Operating Expense Ratios |
|||||||||||||||||||
| Class A | Class B | Class C | Class I | Class W | ||||||||||||||||
| ING Growth Opportunities Fund | 1.35 | % | 2.00 | % | 2.00 | % | 1.00 | % | 1.00 | % | ||||||||||
We are willing to be bound by this letter agreement to lower our fee for the period from October 1, 2011 through and including October 1, 2012. The method of computation to determine the amount of the fee waiver and the definitions as set forth in the Expense Limitation Agreement shall apply, subject to possible recoupment by ING Investments within three years. This letter agreement shall terminate upon termination of the Expense Limitation Agreement.
| ING Investments, LLC | ||
| By: | /s/ Xxxx Xxxxx | |
| Xxxx Xxxxx | ||
| Senior Vice President | ||
| Your signature below acknowledges acceptance of this Agreement: | ||||||
| By: | /s/ Xxxxxxxx X. Xxxxxxxx | |||||
| Xxxxxxxx X. Xxxxxxxx | ||||||
| Senior Vice President | ||||||
| ING Equity Trust | ||||||
| 0000 X. Xxxxxxxxxx Xxxxx Xx. | Tel: 000-000-0000 | ING Investments, LLC | ||
| Suite 100 | Fax: 000-000-0000 | |||
| Scottsdale, AZ 85258-2034 | xxx.xxxxxxxx.xxx |
