SEC FILE NO. 33-56094
SEC FILE NO. 2-32488
PILGRIM FUNDS
Supplement dated October 2, 2000
to the Prospectus dated July 31, 2000
Classes: A, B, C, M and T
ADDITION OF PORTFOLIO MANAGERS FOR THE PILGRIM EMERGING COUNTRIES FUND AND THE
PILGRIM WORLDWIDE EMERGING MARKETS FUND
On page 42 of the Prospectus under the section "MANAGEMENT OF THE FUNDS," the
disclosure is hereby amended to reflect that Jan Wim Derks, Eric Anderson and
Bratin Sanyal will share the responsibility for the day-to-day management of the
Pilgrim Worldwide Emerging Markets Fund (the "Worldwide Emerging Markets Fund")
and the Pilgrim Emerging Countries Fund (the "Emerging Countries Fund") with
Richard T. Saler and Phillip A. Schwartz. The following disclosure is hereby
added:
EMERGING COUNTRIES FUND
Jan Wim Derks, Vice President of Pilgrim Investments, Inc. ("Pilgrim"), has
served as a member of the portfolio management team that manages the Emerging
Countries Fund since October 2000. Mr. Derks also serves as a member of the
portfolio management team that manages the Lexington Emerging Markets Fund and
the Worldwide Emerging Markets Fund. In addition to his role with Pilgrim, Mr.
Derks also serves as Director of Global Emerging Markets Equities at ING
Investment Management - Europe. Prior to joining ING Investment Management -
Europe, Mr. Derks managed a Latin American equity fund with ABN AMRO.
Eric Anderson, Vice President of Pilgrim, has served as a member of the
portfolio management team that manages the Emerging Countries Fund since October
2000. Mr. Anderson also serves as a member of the portfolio management team that
manages the Lexington Emerging Markets Fund and the Worldwide Emerging Markets
Fund. In addition to his role with Pilgrim, Mr. Anderson also serves as Senior
Portfolio Manager - Global Emerging Markets Equities at ING Investment
Management - Americas. Prior to joining ING Investment Management - Americas,
Mr. Anderson managed a Latin America equity portfolio and participated in the
management of an emerging market debt portfolio at Offitbank in New York.
Bratin Sanyal, Vice President of Pilgrim, has served as a member of the
portfolio management team that manages the Emerging Countries Fund since October
2000. Mr. Sanyal also serves as manager of the Lexington Emerging Markets Fund
and the Worldwide Emerging Markets Fund. In addition to his role with Pilgrim,
Mr. Sanyal serves as the Senior Portfolio Manager - Global Emerging Markets
Equities at ING Investment Management - Europe. Mr. Sanyal has held several
positions with ING Investment Management - Europe, most recently as an Asian
equity fund manager. Prior to joining ING Investment Management - Europe, he was
an economist at the World Bank where he structured debt workouts for the Highly
Indebted Countries.
The following disclosure is hereby added after the sub-section "INTERNATIONAL
FUND AND WORLDWIDE EMERGING MARKETS FUND":
Jan Wim Derks, Eric Anderson and Bratin Sanyal, whose backgrounds are described
above, have served as members of the portfolio management team that manages the
Worldwide Emerging Markets Fund since October 2000.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
