Securities Act File No. 33-67852
Securities Act File No. 02-34552
Securities Act File No. 33-56094
Securities Act File No. 02-91302
Securities Act File No. 02-48906
Securities Act File No. 33-05827
PILGRIM FUNDS
Supplement dated July 31, 2000
to the Class A, B, C, M and T Income Funds Prospectus dated July 31, 2000
Pilgrim GNMA Income Fund -- Class B and Class C
Class B and Class C shares of Pilgrim GNMA Income Fund are not currently
available for purchase. All references in the prospectus to Class B and Class C
shares of GNMA Income Fund should be disregarded.
Acquisition of ReliaStar Financial Corp. by ING Groep N.V.
On May 1, 2000, ReliaStar Financial Corp. (NYSE: RLR), the indirect parent
company of Pilgrim Investments, Inc., Adviser to the Funds, and Pilgrim
Securities, Inc., Distributor to the Funds, entered into an agreement under
which it will be acquired by ING Group (NYSE: ING). ING Group is a global
financial institution active in the field of insurance, banking, and asset
management in more than 60 countries, with almost 90,000 employees. Completion
of the acquisition is contingent upon, among other things, approval by the
Directors/Trustees of the Pilgrim Funds and certain shareholder and regulatory
approvals. The closing of the acquisition is expected to occur during the third
quarter of 2000.
Pilgrim Investments and Pilgrim Securities are expected to remain intact after
the transaction. Pilgrim Investments does not currently anticipate that there
will be any changes in the investment personnel primarily responsible for
management of the Funds as a result of the acquisition.
The advisory contracts between the Funds and Pilgrim Investments may terminate
automatically at the time of the acquisition. As a result, the Boards of the
Pilgrim Funds have approved new advisory contracts between the Funds and Pilgrim
Investments, and shareholder approval of these contracts has been, or is being
sought at shareholder meetings.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
