U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Pilgrim Government Securities
Income Fund, Inc.
Two Renaissance Square
40 North Central Avenue
12th Floor
Phoenix, AZ 85004
2. Name of each series or class of funds for which this notice
is filed:
Pilgrim Government Securities Income Fund, Inc. - Class A
Pilgrim Government Securities Income Fund, Inc. - Class B
Pilgrim Government Securities Income Fund, Inc. - Class M
3. Investment Company Act File Number: 811-4031
Securities Act File Number: 2-91302
4. Last day of fiscal year for which this notice is filed:
6/30/96
5. Check box if this notice is being filed more than 180 days
after the close of the issuer's fiscal year for purposes of
reporting securities sold after the close of the fiscal year
but before termination of the issuer's 24f-2 declaration:
N/A
[ ]
6. Date of termination of issuer's declaration under rule 24f-
2(a)(1), if applicable (see instruction A.6): N/A
7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to rule 24f-2 in a prior fiscal year,
but which remained unsold at the beginning of the fiscal
year: $29,712,919
8. Number and amount of securities registered during the fiscal
year other than pursuant to rule 24f-2:
Number: 1,456,987
Amount: $19,160,768
<PAGE>
9. Number and aggregate sale price of securities sold during
the fiscal year:
Number: 453,140
Amount: $5,795,389
*Includes 76,574 shares (aggregate sale price of $985,701)
issued in connection with the dividend reinvestment plan
10. Number and aggregate sale price of securities sold during
the fiscal year in reliance upon registration pursuant to
rule 24f-2:
Number: 453,140
Amount: $5,795,389
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable (see instruction B.7):
(Included in Item 9 above.)
12. Calculation of registration fee:
(i) Aggregate sale price of securities
sold during the fiscal year in
reliance on rule 24f-2 (from Item
10): $5,795,389
(ii) Aggregate price of shares issued in
connection with dividend
reinvestment plans (from Item 11,
if applicable): 0
(iii) Aggregate price of shares redeemed
or repurchased during the fiscal
year (if applicable): -5,795,389
(iv) Aggregate price of shares redeemed
or repurchased and previously
applied as a reduction to filing
fees pursuant to rule 24e-2 (if
applicable): 0
(v) Net aggregate price of securities
sold and issued during the fiscal
year in reliance on rule 24f-2
(line (i), plus line (ii), less
line (iii), plus line (iv)) (if
applicable): 0
(vi) Multiplier prescribed by Section
6(b) of the Securities Act of 1933
<PAGE>
or other applicable law or
regulation (see instruction C.6):
X 1/2900
(vii) Fee due (line (i) or line (v)
multiplied by line (vi)): 0
Instruction: Issuers should complete lines (ii), (iii), (iv),
and (v) only if the form is being filed within 60
days after the close of the issuer's fiscal year.
13. Check box if fees are being remitted to the Commission's
lockbox depository as described in Section 3a of the
Commission's Rules of Informal and Other Procedures (17 CFR
202.3a).
[ ]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
SIGNATURES
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the date
indicated.
By (Signature and Title):
/s/ Keith Shintani
Assistant Vice President
Date: 8/29/96
DECHERT PRICE & RHOADS
1500 K Street, N.W.
Suite 500
Washington, D.C. 20005-1208
August 29, 1996
Pilgrim Government Securities
Income Fund, Inc.
Two Renaissance Square, 12th Floor
40 North Central Avenue
Phoenix, Arizona 85004
Dear Sir or Madam:
As counsel for Pilgrim Government Securities Income Fund, Inc. (the "Fund")
during the fiscal year ended June 30, 1996, we are familiar with the
registration of the Fund under the Investment Company Act of 1940 (File No.
811-4031) and the registration statement relating to its shares of common stock
(the "Shares") under the Securities Act of 1933 (File No. 2- 91302) (the
"Registration Statement"). We also have examined such other Fund records,
agreements, documents and instruments as we deemed appropriate.
Based on the foregoing, it is our opinion with respect to the Shares the
registration of which is being made definite by the Notice pursuant to Rule
24f-2 under the Investment Company Act of 1940 ("Notice") being filed by the
Fund for its fiscal year ended June 30, 1996, assuming such Shares were sold at
the public offering price and delivered by the Fund against receipt of the net
asset value of the Shares in compliance with the terms of the Registration
Statement and the requirements of applicable law, that such Shares were, when
sold, duly and validly authorized, legally and validly issued, and fully paid
and non- assessable.
We consent to the filing of this opinion in connection with the Notice for
the fiscal year ended June 30, 1996 pursuant to Rule 24f-2 under the Investment
Company Act of 1940 to be filed on behalf of the Fund with the Securities and
Exchange Commission.
Very truly yours,
/s/ Dechert Price & Rhoads
