PILGRIM ADVISORY FUNDS INC
N-14, EX-99.14, 2000-12-13
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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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