SEC FILE NO. 33-67852
RULE 497(e)
PILGRIM FUNDS
Supplement dated April 11, 2000
to the Prospectus dated January 4, 2000
Class I
Change in Portfolio Manager for the Pilgrim Research Enhanced Index Fund
The disclosure on page 15 of the Prospectus is hereby amended to reflect that
Nanette Buziak, Timothy Devlin and Bernard Kroll share the responsibility for
the day-to-day management of the Pilgrim Research Enhanced Index Fund (the
"Fund").
Ms. Buziak has co-managed the Fund since April 1999. At J.P. Morgan Investment
Management Inc., she serves as a Portfolio Manager and Member of the Structured
Equity Group.
Ms. Buziak has over 8 years of investment management experience. Before joining
J.P. Morgan Investment Management Inc. in 1997, Ms. Buziak was an index
arbitrage trader and convertible bond portfolio manager at First Marathon
America, Inc.
Mr. Kroll has co-managed the Fund since March 2000. At J.P. Morgan Investment
Management Inc., he serves as a Portfolio Manager and Member of the Structured
Equity Group.
Mr. Kroll has over 20 years of investment management experience. Before joining
J.P. Morgan Investment Management Inc. in 1996, Mr. Kroll was an equity
derivatives specialist at Goldman Sachs & Co. Earlier, he managed his own
software development firm and options broker-dealer, and managed several
derivative businesses at Kidder, Peabody & Co.
Mr. James Wiess no longer serves as portfolio manager of the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
