EXHIBIT (d)(7)
[On ING Pilgrim Investments, LLC Letterhead]
XxxxXxx Xxxxxxxxx
Senior Vice President
Aeltus Investment Management, Inc.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
November 2, 2001
Pursuant to Section 1 of the Sub-Adviser Agreement dated May 9, 2001 between ING
Pilgrim Investments, LLC and Aeltus Investment Management, Inc. (the
"Agreement") we hereby notify you of our intention to retain you as Sub-Adviser
to render investment advisory services to Pilgrim Principal Protection Fund II,
a newly established series of Pilgrim Equity Trust, upon all of the terms and
conditions set forth in the Agreement. Upon your acceptance, the Agreement has
been modified to give effect to the foregoing by adding the "Pilgrim Principal
Protection Fund II" to Schedule A of the Agreement. The Amended and Restated
Schedule A, with the annual investment management fees indicated for the series,
is attached hereto.
Please signify your acceptance to act as Sub-Adviser under the Agreement with
respect to Pilgrim Principal Protection Fund II by signing below.
Very Sincerely,
Xxxxxxx X. Xxxxxx
Senior Vice President
ING Pilgrim Investments, LLC
ACCEPTED AND AGREED TO:
Aeltus Investment Management, Inc.
By___________________________
XxxxXxx Xxxxxxxxx
Senior Vice President
FORM OF
AMENDED AND RESTATED
SCHEDULE A
WITH RESPECT TO THE
SUB-ADVISER AGREEMENT
DATED MAY 9, 2001
BETWEEN
ING PILGRIM INVESTMENTS, LLC
AND
AELTUS INVESTMENT MANAGEMENT, INC.
EFFECTIVE NOVEMBER 2, 2001
SERIES ANNUAL INVESTMENT MANAGEMENT FEE
------ --------------------------------
Pilgrim Principal Protection Fund Offering Phase 0.125%
Guarantee Period 0.40%
Index plus LargeCap Period 0.30%
Pilgrim Principal Protection Fund II* Offering Phase 0.125%
Guarantee Period 0.40%
Index plus LargeCap Period 0.30%
--------
* This Amended and Restated Schedule A will be effective with respect to
this Fund upon the effective date of the initial Registration Statement with
respect to the Fund.
