Exhibit (d)(11)
[ING PILGRIM LETTERHEAD]
XxxxXxx Xxxxxxxxx
Senior Vice President
Aeltus Investment Management, Inc.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
February 26, 2002
Pursuant to Section 1 of the Sub-Adviser Agreement dated May 9, 2001
and amended November 2, 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
ING Principal Protection Fund III, 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 "ING Principal Protection Fund III" 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 ING Principal Protection Fund III by signing below.
Very sincerely,
Xxxxxxx X. Xxxxxx
Executive Vice President
ING Pilgrim Investments, LLC
ACCEPTED AND AGREED TO:
Aeltus Investment Management, Inc.
By___________________________
XxxxXxx Xxxxxxxxx
Senior Vice President
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Pilgrim Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxxxxxx.xxx
FORM OF
AMENDED AND RESTATED
SCHEDULE A
WITH RESPECT TO THE
SUB-ADVISER AGREEMENT
DATED MAY 9, 2001 AND AMENDED NOVEMBER 2, 2001
BETWEEN
ING PILGRIM INVESTMENTS, LLC
AND
AELTUS INVESTMENT MANAGEMENT, INC.
EFFECTIVE FEBRUARY 26, 2002
ANNUAL INVESTMENT
SERIES MANAGEMENT FEE APPROVED BY BOARD REAPPROVAL DATE
------ -------------- ----------------- ---------------
Pilgrim Principal Offering Phase 0.125% May 9, 2001 May 9, 2003
Protection Fund Guarantee Period 0.40%
Index Plus
LargeCap Period 0.30%
Pilgrim Principal Offering Phase 0.125% November 2, 2001 September 1, 2003**
Protection Fund II* Guarantee Period 0.40%
Index Plus
LargeCap Period 0.30%
ING Principal Offering Phase 0.125% February 26, 2002 September 1, 2003
Protection Guarantee Period 0.40%
Fund III*** Index Plus
LargeCap Period 0.30%
450299.2.02
--------------------------------
* This Amended and Restated Schedule A is effective with respect to this
Fund upon the effective date of the initial Registration Statement with
respect to the Fund: November 5, 2001.
** Effective November 2, 2001, the Board of Trustees approved amending
certain agreements for the Funds whose annual renewal requires approval
by the Board. The amendment changes the date of the agreements to
September 1 for the purpose of aligning the annual renewal of such
agreements with the annual renewal of the advisory agreements.
*** 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.
