Exhibit (d)(10)
[TRUST LETTERHEAD]
Xxxxxxx X. Xxxxxx
Executive Vice President
ING Pilgrim Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
February 26, 2002
Pursuant to Section 1 of the Investment Management Agreement dated May
9, 2001 and amended November 2, 2001 between Pilgrim Equity Trust and ING
Pilgrim Investments, LLC (the "Agreement") we hereby notify you of our intention
to retain you as Manager 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 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 III by signing below.
Very sincerely,
Xxxxxx X. Xxxx
Senior Vice President
Pilgrim Equity Trust
ACCEPTED AND AGREED TO:
ING Pilgrim Investments, LLC
By___________________________
Xxxxxxx X. Xxxxxx
Executive Vice President
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 Pilgrim Equity Trust
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxxxxxx.xxx
FORM OF
AMENDED AND RESTATED
SCHEDULE A
WITH RESPECT TO THE
INVESTMENT MANAGEMENT AGREEMENT
DATED MAY 9, 2001 AND AMENDED NOVEMBER 2, 2001
BETWEEN
PILGRIM EQUITY TRUST
AND
ING PILGRIM INVESTMENTS, LLC
EFFECTIVE FEBRUARY 26, 2002
ANNUAL INVESTMENT
SERIES MANAGEMENT FEE APPROVED BY BOARD REAPPROVAL DATE
------ -------------- ----------------- ---------------
Pilgrim Principal Offering Phase 0.25% May 9, 2001 May 9, 2003
Protection Fund Guarantee Period 0.80%
Index Plus
LargeCap Period 0.60%
Pilgrim 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%
450298.2.02
------------------------
* This Amended and Restated Schedule A is or will be effective with
respect to each of these Funds upon the effective date of the initial
Registration Statement with respect to each respective Fund. The
Registration Statement for Pilgrim Principal Protection Fund II went
effective on 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 reapproval 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.
