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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
SIGNATURE MIKE J ROLAND
TITLE CHIEF FINANCIAL OFFICER
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> LARGE CAP GROWTH FUND CLASS Q
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> MID CAP GROWTH FUND CLASS A
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<CIK> 895430
<NAME> PILGRIM MUTUAL FUNDS
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<NAME> MID CAP GROWTH FUND CLASS B
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<CIK> 895430
<NAME> PILGRIM MUTUAL FUNDS
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<NAME> MID CAP GROWTH FUND CLASS C
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> SMALL CAP GROWTH FUND CLASS A
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> SMALL CAP GROWTH FUND CLASS B
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> SMALL CAP GROWTH FUND CLASS C
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> SMALL CAP GROWTH FUND CLASS Q
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> PILGRIM MUTUAL FUNDS
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<NAME> PILGRIM MUTUAL FUNDS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 895430
<NAME> PILGRIM MUTUAL FUNDS
<SERIES>
<NUMBER> 104
<NAME> PILGRIM BALANCED FUND CLASS Q
<MULTIPLIER> 1,000
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 895430
<NAME> PILGRIM MUTUAL FUNDS
<SERIES>
<NUMBER> 111
<NAME> PILGRIM CONVERTIBLE FUND CLASS A
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 895430
<NAME> PILGRIM MUTUAL FUNDS
<SERIES>
<NUMBER> 112
<NAME> PILGRIM CONVERTIBLE FUND CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
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<NUMBER-OF-SHARES-SOLD> 377
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-END> 25.34
<EXPENSE-RATIO> 2.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 895430
<NAME> PILGRIM MUTUAL FUNDS
<SERIES>
<NUMBER> 113
<NAME> PILGRIM CONVERTIBLE FUND CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1999
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<PAID-IN-CAPITAL-COMMON> 173402
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<SHARES-COMMON-PRIOR> 0
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<ACCUMULATED-NET-GAINS> 35558
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49883
<NET-ASSETS> 100276
<DIVIDEND-INCOME> 972
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<EXPENSES-NET> 1213
<NET-INVESTMENT-INCOME> 1055
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 204
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<SHARES-REINVESTED> 3
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-END> 23.78
<EXPENSE-RATIO> 2.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 895430
<NAME> PILGRIM MUTUAL FUNDS
<SERIES>
<NUMBER> 114
<NAME> PILGRIM CONVERTIBLE FUND CLASS Q
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1999
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<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
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<INVESTMENTS-AT-VALUE> 258311
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<PAID-IN-CAPITAL-COMMON> 173402
<SHARES-COMMON-STOCK> 779
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 17537
<DIVIDEND-INCOME> 972
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<EXPENSES-NET> 1213
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<DISTRIBUTIONS-OF-INCOME> 743
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 393
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<SHARES-REINVESTED> 4
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.23
</TABLE>
EXHIBIT 77K TO FORM N-SAR FOR PILGRIM MUTUAL FUNDS
At a meeting of the Board held on May 24, 1999, the Board of Trustees
of Pilgrim Mutual Funds (the "Trust"), as well as the Trustees who were members
of the Trust's Audit Committee, selected KPMG LLP to act as the independent
auditors of the Trust in place of Ernst & Young LLP for the fiscal year ended
June 30, 1999. Ernst & Young formally resigned as independent auditors for the
Trust on July 13, 1999.
Ernst & Young's report on Pilgrim Mutual Funds' financial statements
for any of the prior two fiscal years did not contain an adverse opinion or
disclaimer or opinion and was not qualified or modified as to uncertainty, audit
scope, or accounting principles. During Pilgrim Mutual Funds' two prior fiscal
years, there were no disagreements with Ernst & Young on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
Ernst & Young, would have caused it to make reference to the subject matter of
the disagreement(s) in connection with its report.
<PAGE>
[LETTERHEAD OF ERNST & YOUNG LLP]
August 30, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Gentlemen:
We have read the statements made by Pilgrim Mutual Funds (formerly
Nicholas-Applegate Mutual Funds) (copy attached), which we understand will be
filed with the Commission, pursuant to Item 77K of Form N-SAR, as part of the
Funds filing on Form N-SAR for the fiscal year ended June 30, 1999. We agree
with the statements concerning our Firm in such Form N-SAR.
Very truly yours,
/s/ Ernst & Young LLP
Attachment
The Board of Directors
Pilgrim Mutual Funds:
In planning and performing our audit of the financial statements of the Pilgrim
LargeCap Growth Fund, Pilgrim MidCap Growth Fund, Pilgrim SmallCap Growth Fund,
Pilgrim Worldwide Growth Fund, Pilgrim International Core Growth Fund, Pilgrim
International SmallCap Growth Fund, Pilgrim Emerging Countries Fund, Pilgrim
Strategic Income Fund, Pilgrim High Yield II Fund, Pilgrim Balanced Fund, and
Pilgrim Convertible Fund (eleven of the funds comprising the Pilgrim Mutual
Funds) for the three month period ended June 30, 1999, we considered the Funds'
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 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 judgments 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 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, error or fraud may occur
and not be detected. Also, projection of internal control to future periods is
subject to the risk that it 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 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 procedures for safeguarding
securities that we consider to be material weaknesses as defined above as of
June 30, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of the Funds and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
KPMG LLP
August 20, 1999
