(d)(7)(iv)
[GRAPHIC]
May 22, 2007
Xxxxxxx Xxxxxxx
Senior Vice President
ING Investment Management Co.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
Dear Xx. Xxxxxxx:
Pursuant to Section 1 of the Sub-Advisory Agreement dated September 23,
2002, as amended (the "Agreement"), between ING Investments, LLC and ING
Investment Management Co. we hereby notify you of our intention to retain you
as Sub-Adviser to render investment advisory services to ING SmallCap Value
Choice Fund, a series of ING Equity Trust (the "Fund"), effective upon approval
by the Fund's shareholders of the Sub-Advisory Agreement with ING IM, upon all
of the terms and conditions set forth in the Agreement. Upon your acceptance,
the Agreement will be modified to give effect to the foregoing by adding the
above-mentioned Fund to the Amended Schedule A of the Agreement. The Amended
Schedule A, with the annual sub-advisory fees indicated for each series, is
attached hereto.
Amended Schedule A has also been updated by the removal of ING Convertible
Fund and ING Disciplined LargeCap Fund as these funds recently merged into
other funds.
Please signify your acceptance to act as Sub-Adviser under the Agreement
with respect to the Fund by signing below.
Very sincerely,
/s/ Xxxx Xxxxx
------------------------------
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
ING Investment Management Co.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------
Name: Xxxxxxx X. Xxxxxx
Title: EVP, 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.
Series Annual Sub-Adviser Fee
------ ---------------------------------------------
(as a percentage of average daily net 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..... 0.4500% on first $500 million of assets
0.4050% thereafter
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... 0.4500% of the first $100 million of assets
0.4050% of the next $150 million of assets
0.3600% 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.
