As filed with the Securities and Exchange Commission on April 19, 1996
Registration Nos. 2-91302
811-4031
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
EGISTRATION STATEMENT UNDER SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 18
and/or
REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 18
PILGRIM GOVERNMENT SECURITIES INCOME FUND, INC.
(Exact Name of Registrant as Specified in Charter)
Two Renaissance Square
40 North Central Avenue, 12th Floor
Phoenix, Arizona 85004
(Address of Principal Executive Office)(Zip Code)
Registrant's Telephone Number, including area code: (602) 331-1080
James M. Hennessy, Esq.
Pilgrim America Investments, Inc.
Two Renaissance Square, 12th
Floor, 40 North Central Avenue,
Phoenix, Arizona 85004
(Name and Address of Agent for Service of Process)
With copies to:
Jeffrey S. Puretz, Esq.
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005
It is proposed that this filing become effective:
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<S> <C>
X Immediately upon filing pursuant on April , 1996 pursuant to
to paragraph (b) paragraph (b)
60 days after filing pursuant to on April , 1996 pursuant to
paragraph (a)(1) paragraph (a)(1)
75 days after filing pursuant to on April , 1996 pursuant to
paragraph (a)(2) paragraph (a)(2) of Rule 485
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If appropriate, check the following:
this post-effective amendment designates a new effective date for a
previously filed post-effective amendment
Registrant has registered an indefinite number of shares of common stock
under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment
Company Act of 1940. Registrant filed its Rule 24f-2 Notice for the fiscal year
ending June 30, 1995 on August 30, 1995.
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CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 18 to the Registration Statement of
Pilgrim Government Securities Income Fund, Inc. is comprised of the following
papers and documents:
1. The facing sheet to register a
definite number of Shares of common
stock with no par value per share;
2. Signature pages; and
3. Exhibit 10, the opinion and consent
of Dechert Price & Rhoads, counsel to
the Registrant, as to the legality of the Shares
being registered.
With the exception of the items listed above, this Post-Effective Amendment
No. 18 under the Securities Act of 1933 incorporates by reference all materials
filed as part of Post-Effective Amendment No. 17 to Form N-1A for Pilgrim
Government Securities Income Fund, Inc., File No. 2-91302.
The sole purpose of this Post-Effective Amendment No. 18 is to register a
definite number of additional Shares of common stock of Pilgrim Government
Securities Income Fund, Inc., pursuant to Rule 24e-2(a) under the Investment
Company Act of 1940.
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Pilgrim Government Securities Income Fund, Inc.
Fiscal Year 1996
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<CAPTION>
Calculation of Registration Fee
<S> <C> <C> <C> <C>
Number of Proposed Maximum Proposed Maximum Amount
Title of Securities Shares Being Offering Price Per Aggregate Offering of Reg'n
Being Registered Registrered Unit Price Fee
Shares of Common 1,456,987 $ 13.35 $290,000 $100*
Stock, no par value
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The fee for 1,456,987 shares to be registered by this filing has been computed
on the basis of maximum offering price per share in effect on April 4, 1996.
* Calculation of the proposed maximum offering price has been made pursuant to
Rule 24e-2. During its fiscal year ended June 30, 1995, the Fund redeemed
$20,207,240 of securities. During the current fiscal year the Fund used
$1,046,472 of securities it redeeemed during its fiscal year ended June 30,
1995, for a reduction pursuant to Rule 24f-2(c). The Fund is currently
registering 1,456,987 shares, which is equal to the remaining $19,160,768
redeemed during its fiscal year ended June 30, 1995 (which, when divided by the
offering price per share on April 4, 1996, equals 1,435,264 shares) plus 21,723
shares. During its current fiscal year the Fund filed no other post-effective
amendments for the purpose of the reduction pursuant to Rule 24e-2(a).
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and
the Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all the requirements for effectiveness of this Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused
this Post-Effective Amendment No. 18 to the Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Phoenix and State of Arizona, on the 9th day of April, 1996.
PILGRIM GOVERNMENT SECURITIES INCOME FUND, INC.
By: /s/ Robert W. Stallings
Robert W. Stallings
Chairman
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Amendment to the Registration Statement has been signed below by the
following persons in the capacities and on the date indicated.
Signature Title Date
Principal Executive Officer
/s/ Robert W. Stallings
(Robert W. Stallings) Chairman, President and April 9, 1996
Director
Principal Financial and Accounting Officer
/s/ Michael J. Roland
(Michael J. Roland) Treasurer and Principal April 9, 1996
Accounting Officer
Majority of Directors:
Mary A. Baldwin*
Al Burton*
Bruce S. Foerster*
Jock Patton*
*By:
/s/ Robert W. Stallings April 9, 1996
(Robert W. Stallings)
Attorney-in-Fact
/s/ Robert W. Stallings April 9, 1996
(Robert W. Stallings)
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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, being a duly
elected Director of Pilgrim Government Securities Income Fund, Inc. (the
"Fund"), constitutes and appoints Robert W. Stallings, James R. Reis, James M.
Hennessy, Nancy L. Peden, Michael J. Roland, Jeffrey S. Puretz, and Paul F.
Roye, and each of them, his true and lawful attorneys-in-fact and agents with
full power of substitution and resubstitution for him in his name, place and
stead, in any and all capacities, to sign the Fund's registration statement and
any and all amendments thereto, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and conforming all that said attorneys-in-fact and
agents, or any of them, or his substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.
Dated: January 30, 1996
/s/ Jock Patton
Jock Patton
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Exhibit List
Exhibit Number Exhibit Name
(10) Opinion and Consent of Dechert Price & Rhoads
DECHERT PRICE & RHOADS
1500 K Street, N.W.
Suite 500
Washington, D.C. 20005
(202) 626-3300
April 18, 1996
Pilgrim Government Securities Income Fund, Inc.
Two Renaissance Square
40 North Central Avenue, Suite 1200
Phoenix, Arizona 85004
Dear Sirs:
As counsel for Pilgrim Government Securities Income Fund, Inc. (the
"Fund"), 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). We also have examined such other corporate records,
agreements, documents and instruments as we deemed appropriate.
Based upon the foregoing, it is our opinion that the Shares being
registered pursuant to Post-Effective Amendment No. 18 to the Fund's
Registration Statement will, when sold in accordance with the terms of the
Registration Statement and the prospectus included therein, and delivered by the
Fund against receipt of the net asset value of the Shares, in accordance with
the requirements of applicable law, have been duly and validly authorized,
legally and validly issued, and are fully paid and non-assessable.
We consent to the filing of this opinion in connection with Post-Effective
Amendment No. 18 which is filed on behalf of the Fund pursuant to Section 24(e)
of the Investment Company Act of 1940.
Very truly yours,
