EXHIBIT h(4)(x)

                 TENTH AMENDMENT TO FINANCIAL GUARANTY AGREEMENT

      TENTH AMENDMENT, dated as of June 10, 2004 (the "Amendment"), to the
Financial Guaranty Agreement, dated as of July 3, 2001, as amended by the First
Amendment dated as of January 14, 2002, the Second Amendment dated as of March
28, 2002, the Third Amendment dated as of August 20, 2002, the Fourth Amendment
dated October 30, 2002, the Fifth Amendment dated November 12, 2002, the Sixth
Amendment dated February 10, 2003, the Seventh Amendment dated March 24, 2003,
the Eighth Amendment dated September 26, 2003, and the Ninth amended dated
January 31, 2004 (the "Agreement"), among MBIA INSURANCE CORPORATION (the
"Insurer"), ING INVESTMENTS, LLC ("ING") (successor to ING Pilgrim Investments,
LLC), AELTUS INVESTMENT MANAGEMENT, INC. ("Aeltus") (to be renamed ING
Investment Management Co.) and ING EQUITY TRUST (the "Fund") (formerly known as
Pilgrim Equity Trust).

                                   WITNESSETH:

      WHEREAS, ING, Aeltus and the Fund have requested, and upon this Amendment
becoming effected, the Insurer has agreed, that certain provisions of the
Agreement be amended in the manner provided for in this Amendment.

      NOW, THEREFORE, the parties hereto hereby agree as follows:

      1. Amendment to Section 2.1 of the Agreement. The first sentence of
Section 2.1 of the Agreement is hereby deleted and replaced with the following:

      2.1 Policies.

      During the period commencing on the Effective Date and ending on January
31, 2005, the Insurer agrees, subject to the conditions hereinafter set forth,
to issue Policies to the Fund in an aggregate amount equal to the sum of the
original aggregate amounts of all policies issued prior to June 10, 2004 plus
$400,000,000.

      3. No other Amendments; Confirmation. Except as expressly amended,
modified and supplemented by this Amendment or by any prior amendment, the
provisions of the Agreement are and shall remain in full force and effect.

      4. Governing Law. This Amendment and the rights and obligation of the
parties hereto shall be governed by, and construed and interpreted in accordance
with, the laws of the State of New York.

      5. Counterparts. This Amendment may be executed by one or more of the
parties to this Agreement on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument.



      IN WITNESS WHEREOF, each of the undersigned have caused this Amendment to
be duly executed and delivered by their proper and duly authorized officers as
of the day and year first above written.

AELTUS INVESTMENT                          MBIA INSURANCE CORPORATION
MANAGEMENT, INC.

/s/ Mary Ann Fernandez                     /s/ Michael S. Knopf
---------------------------------          ---------------------------------
By:    Mary Ann Fernandez                  By:    Michael S. Knopf
Title: Senior Vice President               Title: Director
                                                  Deputy General Counsel

ING EQUITY TRUST                           ING INVESTMENTS, LLC

/s/ Robert S. Naka                         /s/ Michael J. Roland
---------------------------------          ---------------------------------
By:    Robert S. Naka                      By:    Michael J. Roland
Title: Senior Vice President               Title: Executive Vice President