[ING LOGO]
EXHIBIT (d)(22)
Xxxx Xxx Xxxxxxxxx
Senior Vice President
Aeltus Investment Management, Inc.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
April 3, 2003
Pursuant to Section 1 of the Sub-Adviser Agreement dated May 9, 2001, as
amended, 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 VII, 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 VII" 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 VII 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
Tel: 000-000-0000 ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xx. Fax: 000-000-0000
Scottsdale, AZ 85258-2034 xxx.xxxxxxxx.xxx
FORM OF AMENDED AND RESTATED
SCHEDULE A
WITH RESPECT TO THE
SUB-ADVISER AGREEMENT
BETWEEN
ING INVESTMENTS, LLC
AN ARIZONA LIMITED LIABILITY COMPANY
(SUCCESSOR BY MERGER TO ING PILGRIM INVESTMENTS, LLC)
AND
AELTUS INVESTMENT MANAGEMENT, INC
ANNUAL INVESTMENT LAST CONTINUED/
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%
ING Principal Offering Phase 0.125% August 20, 2002 September 1, 2003
Protection Guarantee Period 0.40%
Fund V Index Plus
LargeCap Period 0.30%
ANNUAL INVESTMENT LAST CONTINUED/
SERIES MANAGEMENT FEE APPROVED BY BOARD REAPPROVAL DATE
------ ----------------- ----------------- ---------------
ING Principal Offering Phase 0.125% November 22, 2002 September 1, 2004
Protection Guarantee Period 0.40%
Fund VI Index Plus
LargeCap Period 0.30%
ING Principal Offering Phase 0.125% November 22, 2002 September 1, 2004
Protection Guarantee Period 0.40%
Fund VII* Index Plus
LargeCap Period 0.30%
----------------------
* This Amended and Restated Schedule A will be effective with respect to the
Fund upon the effective date of the post-effective amendment to the Trust's
Registration Statement with respect to the Fund.
