EXHIBIT (d)(14)
[ING FUNDS LOGO]
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 amended and restated February 26, 2002 between ING
Investments, LLC (successor by merger to 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 IV, a newly established series of ING Equity Trust
(formerly 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 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,
-s- Xxxxxxx X. Xxxxxx
------------------------------
Xxxxxxx X. Xxxxxx
Executive Vice President
ING Investments, LLC
ACCEPTED AND AGREED TO:
Aeltus Investment Management, Inc.
-s- Xxxx Xxx Xxxxxxxxx
--------------------------
Xxxx Xxx Xxxxxxxxx
Senior Vice President
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Investments, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
AMENDED AND RESTATED
SCHEDULE A
WITH RESPECT TO THE
SUB-ADVISER AGREEMENT
DATED MAY 9, 2001, AMENDED NOVEMBER 2, 2001 AND AMENDED AND RESTATED
FEBRUARY 26, 2002
BETWEEN
ING INVESTMENTS, LLC
AN ARIZONA LIMITED LIABILITY COMPANY
(SUCCESSOR BY MERGER TO 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 Guarantee Period 0.40%
Fund II 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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* 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.
