Exhibit 16

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001

                                        /s/ John G. Turner
                                        ----------------------------------------
                                        John G. Turner

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Alan L. Gosule
                                        ----------------------------------------
                                        Alan L. Gosule

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Paul S. Doherty
                                        ----------------------------------------
                                        Paul S. Doherty

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Walter H. May
                                        ----------------------------------------
                                        Walter H. May


                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Richard A. Wedemeyer
                                        ----------------------------------------
                                        Richard A. Wedemeyer

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Jock Patton
                                        ----------------------------------------
                                        Jock Patton

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Thomas J. McInerney
                                        ----------------------------------------
                                        Thomas J. McInerney

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ David W.C. Putnam
                                        ----------------------------------------
                                        David W.C. Putnam

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Blaine E. Rieke
                                        ----------------------------------------
                                        Blaine E. Rieke

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
James M. Hennessy, Kimberly A. Anderson, Jeffrey S. Puretz and Karen L.
Anderberg, and each of them his true and lawful attorney-in-fact as agent with
full power of substitution and resubstitution of him in his name, place and
stead, to sign any and all registration statements or Form N-14 applicable to
Pilgrim Equity Trust, and any amendment or supplement thereto, and to file the
same with all exhibits thereto and other documents in connection therewith, with
the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: November 2, 2001


                                        /s/ Michael J. Roland
                                        ----------------------------------------
                                        Michael J. Roland

                                POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and appoints
Kimberly A. Anderson, Jeffrey S. Puretz and Karen L. Anderberg, and each of them
his true and lawful attorney-in-fact as agent with full power of substitution
and resubstitution of him in his name, place and stead, to sign any and all
registration statements or Form N-14 applicable to Pilgrim Equity Trust, and any
amendment or supplement thereto, and to file the same with all exhibits thereto
and other documents in connection therewith, with the U.S. Securities and
Exchange Commission, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and
necessary to be done, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitutes, may lawfully do or cause to be done by virtue hereof.

Dated: November 2, 2001


                                        /s/ James M. Hennessy
                                        ----------------------------------------
                                        James M. Hennessy