Securities Act File No. 333-33445
PILGRIM FUNDS
Supplement dated November 16, 2000
to the Statement of Additional Information
dated November 1, 2000
ADDITION OF FUNDAMENTAL INVESTMENT RESTRICTION FOR PILGRIM BANK AND THRIFT FUND.
Effective November 2, 2000, the following disclosure supplements the
disclosure under "Investment Restrictions -- The Bank and Thrift Fund" beginning
on page 94 of the Statement of Additional Information:
(11) The Fund may not issue senior securities, except (1) insofar as the Fund
may be deemed to have issued a senior security by reason of borrowing money
in accordance with the Fund's fundamental restriction on borrowing and (2)
as permitted by the Investment Company Act of 1940, as amended, and the
rules and regulations promulgated thereunder or an exemption therefrom.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
