[LOGO] ING FUNDS
Exhibit (d)(15)(v)
January 1, 2008
ING Equity Trust
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
Re: Expense Limitations
Ladies and Gentlemen:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, ING Investments, LLC ("ING Investments"), the Adviser
to ING MidCap Opportunities Fund (the "Fund"), agrees that ING Investments
shall, from January 1, 2008 through and including October 1, 2009, 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 Fund shall be as follows:
Maximum Operating Expense Limit
Name of Fund (as a percentage of average net assets)
--------------------------------------------------------------------------
Class A Class B Class C Class I Class Q
------- ------- ------- ------- -------
ING MidCap Opportunities Fund 1.35% 2.10% 2.10% 1.10% 1.35%
We are willing to be bound by this letter agreement to lower our fees for
the period from January 1, 2008 through and including October 1, 2009. 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. This
letter agreement shall terminate upon termination of the Expense Limitation
Agreement.
Sincerely,
/s/ Xxxx Xxxxx
-----------------
Name: Xxxx Xxxxx
Title: Senior Vice President
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx Tel: 000.000.0000 ING Investments, LLC
Xxxxxxxxxx, XX 00000-0000 Fax: 000.000.0000
xxx.xxxxxxxx.xxx
