[ING Letterhead] EXHIBIT (d)(12)
Xxxxxxx X. Xxxxxx
Executive Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
May 24, 2002
Pursuant to Section 1 of the Investment Management Agreement dated May
9, 2001, amended November 2, 2001 and amended and restated March 1, 2002 between
Pilgrim Equity Trust and ING Pilgrim Investments, LLC (Pilgrim Equity Trust was
renamed ING Equity Trust and ING Pilgrim Investments, LLC merged into ING
Investments, LLC, both as of March 1, 2002) (the "Agreement") we hereby notify
you of our intention to retain you as Manager to render investment advisory
services to ING Principal Protection Fund IV, a newly established series of ING
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 IV" to Schedule A of the
Agreement. The Amended and Restated Schedule A, with the annual investment
management fee indicated for the series, is attached hereto.
Please signify your acceptance to act as Manager under the Agreement
with respect to ING Principal Protection Fund IV by signing below.
Very sincerely,
Xxxxxx X. Xxxx
Senior Vice President
ING Equity Trust
ACCEPTED AND AGREED TO:
ING Investments, LLC
By___________________________
Xxxxxxx X. Xxxxxx
Executive Vice President
AMENDED AND RESTATED
SCHEDULE A
WITH RESPECT TO THE
INVESTMENT MANAGEMENT AGREEMENT
DATED MAY 9, 2001, AMENDED NOVEMBER 2, 2001 AND
AMENDED AND RESTATED MARCH 1, 2002
BETWEEN
PILGRIM EQUITY TRUST
(RENAMED ING EQUITY TRUST AS OF MARCH 1, 2002)
AND
ING PILGRIM INVESTMENTS, LLC
(MERGED INTO ING INVESTMENTS, LLC AS OF MARCH 1, 2002)
EFFECTIVE MAY 24, 2002
ANNUAL INVESTMENT
SERIES MANAGEMENT FEE APPROVED BY BOARD REAPPROVAL DATE
------ -------------- ----------------- ---------------
ING Principal Offering Phase 0.25% May 9, 2001 May 9, 2003
Protection Fund Guarantee Period 0.80%
Index Plus
LargeCap Period 0.60%
ING Principal Offering Phase 0.25% November 2, 2001 September 1, 2003
Protection Fund II Guarantee Period 0.80%
Index Plus
LargeCap Period 0.60%
ING Principal Offering Phase 0.25% February 26, 2002 September 1, 2003
Protection Guarantee Period 0.80%
Fund III Index Plus
LargeCap Period 0.60%
ING Principal Offering Phase 0.25% May 24, 2002 September 1, 2003
Protection Guarantee Period 0.80%
Fund IV* Index Plus
LargeCap Period 0.60%
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* This Amended and Restated Schedule A will be effective with respect to the
Fund upon the effective date of the initial Registration Statement with
respect to the Fund.