[ING Letterhead] EXHIBIT (d)(13)
Xxxx Xxx Xxxxxxxxx
Senior Vice President
Aeltus Investment Management, Inc.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
May 24, 2002
Pursuant to Section 1 of the Sub-Adviser Agreement dated May 9, 2001,
amended November 2, 2001 and February 26, 2002 between ING Pilgrim Investments,
LLC (which merged into ING Investments, LLC as of March 1, 2002) 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 IV, a newly established series of Pilgrim Equity
Trust (renamed ING Equity Trust as of March 1, 2002), 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 IV" 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 IV by signing below.
Very sincerely,
Xxxxxxx X. Xxxxxx
Executive Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
Aeltus Investment Management, Inc.
By___________________________
Xxxx Xxx Xxxxxxxxx
Senior Vice President
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 MAY 24, 2002
ANNUAL INVESTMENT
SERIES MANAGEMENT FEE APPROVED BY BOARD REAPPROVAL DATE
------ -------------- ----------------- ---------------
ING Principal Offering Phase 0.125% May 9, 2001 May 9, 2003
Protection Fund Guarantee Period 0.40%
Index Plus
LargeCap Period 0.30%
ING 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%
ING Principal Offering Phase 0.125% May 24, 2002 September 1, 2003
Protection Guarantee Period 0.40%
Fund IV** Index Plus
LargeCap Period 0.30%
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* Merged into ING Investments, LLC as of March 1, 2002.
** 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.