(d)(11)(ii)

                   FIRST AMENDMENT TO SUB-ADVISORY AGREEMENT

                               ING EQUITY TRUST

   This First Amendment, effective as of December 15, 2006, amends the
Sub-Advisory Agreement (the "Agreement") dated the 28th day of July 2005
between ING Investments, LLC, an Arizona limited liability company (the
"Manager") and NWQ Investment Management Company, LLC, a Delaware limited
liability company (the "Sub-Adviser").

                              W I T N E S S E T H

   WHEREAS, the parties desire to amend the Agreement and agree that the
amendment will be effective as of December 15, 2006.

   NOW, THEREFORE, the parties agree as follows:

   1. The first two sentences of Section 17 (a) are hereby deleted in their
entirety and replaced with the following:

      With respect to each Series identified as a Series on Schedule A hereto
   as in effect on the date of this Amendment, unless earlier terminated with
   respect to any Series this Agreement shall continue in full force and effect
   through November 30, 2007. Thereafter, unless earlier terminated with
   respect to a Series, the Agreement shall continue in full force and effect
   with respect to each such Series for periods of one year, provided that such
   continuance is specifically approved at least annually by (i) the vote of a
   majority of the Board of Trustees of the Fund, or (ii) the vote of a
   majority of the outstanding voting shares of the Series (as defined in the
   1940 Act), and provided that such continuance is also approved by the vote
   of a majority of the Board of Trustees of the Fund who are not parties to
   this Agreement or "interested persons" (as defined in the 1940 Act) of the
   Fund or the Manager, cast in person at a meeting called for the purpose of
   voting on such approval.

      With respect to any Series that was added to Schedule A hereto as a
   Series after the date of this Amendment, the Agreement shall become
   effective on the later of (i) the date Schedule A is amended to reflect the
   addition of such Series as a Series under the Agreement or (ii) the date
   upon which the shares of the Series are first sold to the public, subject to
   the condition that the Fund's Board of Trustees, including a majority of
   those Trustees who are not interested persons (as such term is defined in
   the 1940 Act) of the Manager, and the shareholders of such Series, shall
   have approved this Agreement. Unless terminated earlier as provided herein
   with respect to any such Series, the Agreement shall continue in full force
   and effect for a period of two years from the date of its effectiveness (as
   identified above) with respect to that Series. Thereafter, unless earlier
   terminated with respect to a Series, the Agreement shall continue in full
   force and effect with respect to each such Series for periods of one year,
   provided that such continuance is specifically approved at least annually by
   (i) the vote of a majority of the Board of Trustees of the Fund, or
   (ii) vote of a majority of the outstanding voting shares



   of such Series (as defined in the 1940 Act), and provided that such
   continuance is also approved by the vote of a majority of the Board of
   Trustees of the Fund who are not parties to this Agreement or "interested
   persons" (as defined in the 1940 Act) of the Fund or the Manager, cast in
   person at a meeting called for the purpose of voting on such approval.

   2. Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to them in the Agreement.

   3. In all other respects, the Agreement is hereby confirmed and remains in
full force and effect.

   IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed as of the day and year first above written.

                                           ING INVESTMENTS, LLC

                                           By:    /s/ Todd Modic
                                                  ------------------------------
                                                  Todd Modic
                                                  Senior Vice President

                                           NWQ INVESTMENT MANAGEMENTCOMPANY, LLC

                                           By:    /s/ Michael C. Mendez
                                                  ------------------------------
                                           Name:  Michael C. Mendez
                                           Title: President