SEC FILE NO. 33-56094
PILGRIM FUNDS
Supplement dated October 2, 2000
to the Prospectus dated July 31, 2000
Class: Q
ADDITION OF PORTFOLIO MANAGERS FOR THE PILGRIM EMERGING COUNTRIES FUND
On page 66 of the Prospectus under the section "MANAGEMENT OF FUNDS," the
disclosure is hereby amended to reflect that Jan Wim Derks, Eric Anderson and
Bratin Sanyal share the responsibility for the day-to-day management of 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 Pilgrim 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 Pilgrim 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 a member of the portfolio management team that
manages the Lexington Emerging Markets Fund and the Pilgrim 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.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
