EXHIBIT d(12)(ii)
[ING FUNDS LOGO]
August 21, 2003
Board of Trustees
ING Equity Trust
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
RE: VOLUNTARY EXPENSE LIMITATIONS
Ladies and Gentlemen:
Pursuant to our letter agreement dated June 24, 2003, whereby we waived an
additional 0.80% (80 basis points) to affect a waiver of the investment
management fee for the Class A, B and C shares of ING Principal Protection Fund
VII (the "Fund"), a series of ING Equity Trust, we hereby modify the voluntary
expense limitations outlined in that agreement.
Rather than calculating the fees based on the actual percentage of assets in the
Equity Component as outlined in the Restated Expense Limitation Agreement, fees
collected will be based upon a target percentage of assets in the Equity
Component according to the schedule below.
TOTAL EQUITY MAXIMUM OPERATING EXPENSE LIMIT
RATIO (AS A PERCENTAGE OF AVERAGE NET ASSETS)
------------ --------------------------------------------
CLASS A CLASS B CLASS C
------- ------- -------
27% - 30% 1.75% 2.50% 2.50%
24% - 26% 1.55% 2.30% 2.30%
21% - 23% 1.35% 2,10% 2.10%
18% - 20% 1.15% 1.90% 1.90%
16% - 17% 0.95% 1.70% 1.70%
Under the fee schedule, the target equity ratio, calculated daily by the model
above, will determine when any increase in fee level would occur. Once a
particular fee level is reached, it will not be reduced even if the equity
percentage declines as a result of a decline in the equity market. The new fee
will be collected and will be used in subsequent model calculations to determine
the equity ratio.
This Agreement shall terminate upon termination of the Expense Limitation
Agreement.
Sincerely,
/s/ Xxxxxxx X. Xxxxxx
-----------------------
Xxxxxxx X. Xxxxxx
Executive Vice President
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx Tel: 000.000.0000 ING Investments, LLC
Xxxxxxxxxx, XX 00000-2034 Fax; 000.000.0000
xxx.xxxxxxxx.xxx
