December 31, 2013 ING Equity Trust Suite 100 Scottsdale, Arizona 85258-2034 Re: Expense Limitations Ladies and Gentlemen:
(d)(16)(ii)
December 31, 2013
ING Equity Trust
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 May 13, 2013 (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 December 31, 2013 through October 1, 2015, 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 (as a percentage of average net assets) |
|||||||||||||||||||
| Class A | Class B | Class C | Class I | Class W | ||||||||||||||||
| ING Growth Opportunities Fund |
1.30% | 1.95% | 1.95% | 0.95% | 0.95% | |||||||||||||||
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| 0000 X. Xxxxxxxxxx Xxxxx Xx. Suite 100 Scottsdale, AZ 00000-0000 |
Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx |
ING Investments, LLC |
December 31, 2013
Page 2 of 2
We are willing to be bound by this letter agreement to lower our fee for the period from December 31, 2013 through October 1, 2015. 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.
Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Trustees of ING Equity Trust.
| 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 | ||
