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Exhibit 14 INDEPENDENT AUDITORS' CONSENT The Boards of Directors Pilgrim Advisory Funds, Inc. and Pilgrim SmallCap Asia Growth Fund, Inc.: We consent to the use of our reports on the Pilgrim Asia-Pacific Equity Fund and the Pilgrim SmallCap Asia Growth Fund, incorporated herein by reference, and to the reference to our firm under the heading "Financial Highlights" in the proxy statement/prospectus. /s/ KPMG LLP By: KPMG LLP Los Angeles, California November 29, 2000
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