October 1, 2013 ING Equity Trust

Exhibit (d)(11)(iv)

October 1, 2013

ING Equity Trust

0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx, Xxxxx 000

Scottsdale, Arizona 85258-2034

Re:

Expense Limitation Recoupments

Ladies and Gentlemen:

ING Investments, LLC (“IIL”), and ING Equity Trust (“IET”) have entered into the Expense Limitation Agreement dated May 13, 2013 (the “ELA”).  The ELA provides that IIL will limit the expense ratios of ING MidCap Opportunities Fund and ING SmallCap Opportunities Fund (each a “Fund” together, the “Funds”) through waivers of advisory fees and reimbursements of expenses.  

Under Section 2 of the ELA, captioned “Right to Recoupment,” if IIL has waived or reduced any advisory fees relating to the 36 months prior to the date of any month-end calculation pursuant to Section 1.4 of the ELA (the “Calculation Date”), IIL is entitled to recoup monies from each Fund if, among other things, on the Calculation Date the “aggregate Term to Date Fund Operating Expenses” of a class of each Fund are less than the class’   “Pro-Rated Expense Cap” (as each such term is defined under the ELA).   

By XXX’s execution of this letter agreement, XXX agrees that, beginning on October 1, 2013 for each Fund’s Classes A, B, C, I, O, R, R6, and W shares (the “ELA Amendment Date”), IIL’s right to recoupment under the ELA with respect to each Fund will be modified to reflect increases to each Fund’s expense limits implemented on the ELA Amendment Date.  The modification is as follows:

If on any Calculation Date the aggregate Term to Date Fund Operating Expenses for any class of each Fund are less than the Pro-Rata Expense Cap for that class and IIL elects to recoup waivers and reimbursements paid to each Fund during the preceding 36-month period which have not already been recouped, with respect to any waivers or fee reductions effected prior to the ELA Amendment Date, IIL waives its right to recoupment for amounts paid that are attributable to the difference between:  (1) the Pro-Rata Expense Cap implemented on the ELA Amendment Date; and (2) the Pro-Rata Expense Cap in effect for each Fund prior to the ELA Amendment Date.  IIT acknowledges that any payments recouped by IIL pursuant to Section 2 of the ELA for any class prior to the ELA Amendment Date are not subject to this waiver agreement.

Please indicate your agreement to this Agreement by executing below in the place indicated.

October 1, 2013
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			ING Investments, LLC
			By:	/s/Xxxx Xxxxx
				Xxxx Xxxxx
				Senior Vice President
Accepted By:	/s/Xxxxxxxx X. Xxxxxxxx
	Xxxxxxxx X. Xxxxxxxx
	Senior Vice President
	ING Equity Trust