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 September 1, 2000 to
the Class A, B, C, M and T Income Funds Prospectus dated July 31, 2000
(This Supplement supercedes the supplement dated July 31, 2000.)
1. 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.
2. ACQUISITION OF RELIASTAR FINANCIAL CORP. BY ING GROEP N.V.
On September 1, 2000, ING Groep N.V. (NYSE: ING) acquired ReliaStar Financial
Corp. (NYSE: RLR), the indirect parent company of Pilgrim Investments, Inc.
("Pilgrim Investments"), Adviser to the Funds, and Pilgrim Securities, Inc.
("Pilgrim Securities"), Distributor to the Funds. ING Group is a global
financial institution active in the fields of insurance, banking, and asset
management in more than 65 countries, with almost 100,000 employees.
Pilgrim Investments and Pilgrim Securities are expected to remain intact after
the acquisition. 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.
Under the provisions of the advisory contracts between the Pilgrim Funds and
Pilgrim Investments, those agreements might be deemed to terminate automatically
at the time of the acquisition. As a result, the Board of Directors/Trustees and
the shareholders of the Funds approved new advisory contracts between the
Pilgrim Funds and Pilgrim Investments, which took effect immediately after the
acquisition.
Please be advised of the new address of the Pilgrim Funds, effective
immediately:
ING Pilgrim Funds
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
