Securities Act File No. 33-849
Securities Act File No. 33-56881
Securities Act File No. 33-847
Securities Act File No. 33-56094
PILGRIM FUNDS
SUPPLEMENT DATED SEPTEMBER 15, 2000 TO
THE CLASS Q PROSPECTUS DATED JULY 31, 2000
DECLARATION OF DIVIDENDS - PILGRIM GROWTH OPPORTUNITIES FUND, PILGRIM MIDCAP
OPPORTUNITIES FUND, PILGRIM SMALLCAP OPPORTUNITIES FUND, PILGRIM LARGECAP GROWTH
FUND AND PILGRIM INTERNATIONAL CORE GROWTH FUND
On September 14, 2000, the Board of Trustees of the Pilgrim Growth
Opportunities Fund ("Growth Opportunities"), Pilgrim MidCap Opportunities Fund
("MidCap Opportunities"), a series of Pilgrim Equity Trust, Pilgrim SmallCap
Opportunities Fund ("SmallCap Opportunities"), Pilgrim LargeCap Growth Fund
("LargeCap Growth"), a series of Pilgrim Mutual Funds, and Pilgrim International
Core Growth Fund ("International Core Growth") (each a "Fund"), declared a
dividend from income and undistributed net capital gains in the total amount of:
TOTAL
DISTRIBUTION
NET ASSETS AS A % OF
SHORT TERM LONG TERM OF THE FUND AS NET ASSETS AS
FUND* CAPITAL GAIN CAPITAL GAIN OF 9/14/00 OF 9/14/00
----- ------------ ------------ ------------ ----------
GROWTH
OPPORTUNITIES $ 7,091,303 $ 2,478,029 $914,058,482 1.05%
MIDCAP
OPPORTUNITIES $ 3,458,445 $ 856,936 $176,041,314 2.45%
SMALLCAP
OPPORTUNITIES $69,191,140 $28,077,866 $749,492,439 12.98%
LARGECAP
GROWTH $ 3,104,837 $ 335,021 $760,513,976 0.45%
INTERNATIONAL
CORE GROWTH $ 571,660 $ 642,546 $ 85,380,339 1.42%
*PER SHARE AMOUNTS WILL BE DETERMINED ON THE RECORD DATE, AS DEFINED BELOW.
The ex-dividend, calculation and re-investment date of the dividends will
be November 16, 2000, and the payable date will be November 20, 2000, to
shareholders of record as of November 15, 2000 ("Record Date"). The Funds may
declare an additional dividend by November 15, 2000, depending on the amount of
additional gains, if any. Accordingly, it is expected that the Funds will
distribute a dividend on November 16, 2000 in an amount of at least the amount
shown above, although the amount of the distribution may be greater.
Generally, dividends and distributions are taxable to shareholders who are
subject to tax whether received in cash or reinvested in shares of the Funds.
Shareholders will be notified as to the federal tax status of dividends and
distributions they receive and any tax withheld thereon in January 20001.
Distributions by the Funds reduce the net asset values of the Funds' shares.
Investors should be careful to consider the tax implication of buying shares
just prior to a distribution by the Fund. The price of shares purchased at that
time includes the amount of the forthcoming distribution. Investors should
consult their tax advisors for further information on the tax consequences of
their investment.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
