UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
International Aircraft Investors
--------------------------------
(Name of Issuer)
Common Stock
------------------------------
(Title of Class of Securities)
458860103
--------------
(CUSIP Number)
December 31, 1999
-------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
- -------------------
CUSIP NO. 458860103
- -------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Pilgrim Holdings Corporation
06-1389975
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
N/A (b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
0
------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None. Pursuant to Rule 13d-4, Pilgrim Holdings Corporation declares that the
filing of this Schedule 13G shall not be deemed to be an admission by it that
it is, for purposes of Section 13(d) or 13(g) of the Securities Exchange Act,
the beneficial owner of any securities covered by this statement.
----------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
N/A
-----------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
-----------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC
-----------------------------------------------------------------------------
PAGE 2 OF 9 PAGES
<PAGE>
- -------------------
CUSIP NO. 458860103
- -------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Pilgrim Group, Inc.
95-4516050
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
N/A (b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
0
------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None. Pursuant to Rule 13d-4, Pilgrim Group, Inc. declares that the filing of
this Schedule 13G shall not be deemed to be an admission by it that it is,
for purposes of Section 13(d) or 13(g) of the Securities Exchange Act, the
beneficial owner of any securities covered by this statement.
-----------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
N/A
-----------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
-----------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC
-----------------------------------------------------------------------------
PAGE 3 OF 9 PAGES
<PAGE>
- -------------------
CUSIP NO. 458860103
- -------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Pilgrim Investments, Inc.
95-4516049
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
N/A (b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
375,000
------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,000. Pursuant to Rule 13d-4, Pilgrim Investments, Inc. declares that the
filing of this Schedule 13G shall not be deemed to be an admission by it that
it is, for purposes of Section 13(d) or 13(g) of the Securities Exchange Act,
the beneficial owner of any securities covered by this statement.
-----------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
N/A
-----------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.9%
-----------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
-----------------------------------------------------------------------------
PAGE 4 OF 9 PAGES
<PAGE>
- -------------------
CUSIP NO. 458860103
- -------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Pilgrim Bank and Thrift Fund, Inc.
95-4020286
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
N/A (b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
-----------------------------------------------------------------------------
5 SOLE VOTING POWER
375,000
NUMBER OF ------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
375,000
------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,000
-----------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
N/A
-----------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.90%
-----------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IV
-----------------------------------------------------------------------------
PAGE 5 OF 9 PAGES
<PAGE>
ITEM 1.
(a) Name of Issuer:
International Aircraft Investors
(b) Address of Issuer's Principal Executive Offices:
3655 Torrance Boulevard, Suite 410 Torrance, California 90503
ITEM 2.
(a) Name of Person Filing:
Pilgrim Holdings Corporation
Pilgrim Group, Inc.
Pilgrim Investments, Inc.
Pilgrim Bank and Thrift Fund, Inc.
(b) Address of Principal Business Offices or, if none, Residence:
Pilgrim Holdings Corporation: 40 North Central Avenue, Suite 1200,
Phoenix, Arizona 85004-4424
(c) Citizenship
Not applicable
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
458860103
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-2(b) OR
(c), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or Dealer registered under section 15 of the Act,
(b) [ ] Bank as defined in section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in section 3(a)(19) of the Act,
Page of 6 of 9
<PAGE>
(d) [X] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [X] An investment adviser in accordance with ss.240.13d-1(b)(1)
(ii)(E),
(f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F),
(g) [X] A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G),
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act,
(i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] A group, in accordance with ss.13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
Items (a) through (c): See items 1 and 5-11 of the cover pages to this
filing.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Pilgrim Investments, Inc., which is a registered investment adviser
under Section 203 of the Investment Advisers Act, is a wholly-owned
subsidiary of Pilgrim Group, Inc., which is a wholly-owned subsidiary of
Pilgrim Holdings Corporation. The reported shares were beneficially
owned by Pilgrim Bank and Thrift Fund, Inc., which is a registered
investment company for which Pilgrim Investments, Inc. serves as
investment adviser.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable
Page 7 of 9
<PAGE>
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the ordinary
course of business and were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
PILGRIM HOLDINGS CORPORATION
Feburary 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM GROUP, INC.
February 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM INVESTMENTS, INC.
February 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM BANK AND THRIFT FUND, INC.
February 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
Page 8 of 9
<PAGE>
Joint Filing Agreement
In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree to the joint filing with each other of
a Schedule 13G, and all amendments thereto, with respect to each holding of
Pilgrim Bank and Thrift Fund, Inc. as to which such a report must be made, and
that each such Schedule and all amendments thereto are made on behalf of each of
them.
IN WITNESS WHEREOF, the undersigned hereby execute this agreement this 14th
day of February, 2000.
PILGRIM HOLDINGS CORPORATION
Feburary 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM GROUP, INC.
February 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM INVESTMENTS, INC.
February 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM BANK AND THRIFT FUND, INC.
February 14, 2000 By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
Page 9 of 9
