Rule 497(e)
2-34552
PILGRIM AMERICA MAGNACAP FUND
PILGRIM AMERICA HIGH YIELD FUND
PILGRIM GOVERNMENT SECURITIES INCOME FUND
Supplement dated February 23, 1998
to Prospectus dated November 1, 1997
Page 24 of the Prospectus is amended to remove the second paragraph under
Investment Personnel.
Page 25 of the Prospectus is amended to add the following paragraph after the
discussion of Mr. Underwood's experience:
Jeffery B. Cross, Vice President of the Investment Manager, is a co-manager of
MagnaCap Fund. Mr. Cross joined Pilgrim America in August 1997 from Delta
Ventures Financial Council, Inc., where he was in charge of equity analysis.
Prior to joining Delta Ventures in 1991, he was executive vice president of a
manufacturing engineer consulting firm. Mr. Cross began his business career in
the 1970's working as a junior equity analyst for John Cross & Associates, an
SEC-registered investment advisor in Cincinnati, Ohio. He is an advisory
director of the CAD Institute. Mr. Cross has three Magna Cum Laude Bachelor of
Science degrees from Miami University, Oxford, Ohio, in Chemistry, Physics, and
Mathematics. He has a masters degree from Stanford University and has done
post-graduate work in business and chemical engineering at Arizona State
University.
