Exhibit 77(k)(f)

May 30, 2001

Securities and Exchange Commission
Washington, DC  20549
Ladies and Gentlemen:

We were  previously  principal  accountants for the Pilgrim High Yield Fund (the
"Fund") and,  under the date of August 4, 2000,  we reported on the statement of
assets and liabilities,  including the portfolio of investments,  of the Fund as
of June 30,  2000 and the  related  statement  of  operations  for the year then
ended,  the  statement  of  changes  in net  assets for each of the years in the
two-year period then ended,  and the financial  highlights for each of the years
in the five-year  period then ended.  On February 26, 2001,  our  appointment as
principal  accountants  was  terminated.  We have  read  the  Fund's  statements
included  under Item 77k of its Form N-SAR dated May 31, 2001, and we agree with
such statements.

                                Very truly yours,

                                /s/ KPMG LLP