PILGRIM EQUITY TRUST
485BPOS, EX-14, 2001-01-18
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                                                                      Exhibit 14

                         CONSENT OF INDEPENDENT AUDITORS


We consent to the use of our report  dated  December 5, 2000 with respect to ING
Mid Cap Growth  Fund (one of the funds  comprising  ING Funds  Trust),  which is
incorporated  by  reference,  in this  Registration  Statement  on Form  N-14 of
Pilgrim Equity Trust.


                                          /s/ ERNST & YOUNG LLP

New York, New York
January 17, 2001



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