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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE MICHAEL ROLAND
TITLE CFO
<TABLE> <S> <C>
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<CIK> 1063946
<NAME> PILGRIM EQUITY TRUST
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<NUMBER> 10
<NAME> PILGRIM MIDCAP OPPORTUNITIES CLASS A
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<NAME> PILGRIM EQUITY TRUST
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<TABLE> <S> <C>
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<NAME> PILGRIM EQUITY TRUST
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<NAME> PILGRIM MIDCAP OPPORTUNITIES CLASS C
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<CIK> 1063946
<NAME> PILGRIM EQUITY TRUST
<SERIES>
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of Pilgrim Funds and Pilgrim Equity Trust:
In planning and performing our audits of the financial statements and financial
highlights of Pilgrim Funds (formerly Northstar Funds), comprising Pilgrim
Growth Opportunities Fund (formerly Northstar Growth Fund), Pilgrim SmallCap
Opportunities Fund (formerly Northstar Special Fund), Pilgrim Balance Sheet
Opportunities Fund (formerly Northstar Balance Sheet Opportunities Fund),
Pilgrim High Yield Fund III (formerly Northstar High Yield Fund), Pilgrim
Government Securities Fund (formerly Northstar Government Securities Fund) and
the financial staements and financial highlights of Pilgrim Equity Trust
(formerly Northstar Equity Trust), comprising MidCap Opportunities Fund
(formerly Nothstar Mid-Cap Growth Fund), (collectively, the "Funds"), for the
year ended December 31, 1999, we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Pilgrim Funds and Pilgrim Equity Trust, and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
New York, New York
February 17, 2000
