Securities Act File No. 333-02265


                     PILGRIM TROIKA DIALOG RUSSIA FUND, INC.

                     Supplement dated August 22, 2000 to the
            International Equity Funds Prospectus dated July 31, 2000

The chart entitled "Fees You Pay Directly" in the section entitled "What You Pay
To Invest" is revised to reflect  that shares of Pilgrim  Troika  Dialog  Russia
Fund,  Inc.  are subject to a redemption  fee of 2.0% of the amount  redeemed if
shares are redeemed within 365 days of purchase.

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