Supplement dated June 16, 1998 to the
Prospectus for the Pilgrim America Elite Series
Dated November 1, 1997
Paragraph number (2) under the caption "Special Purchases without a
Sales Charge" on page 17 is hereby replaced with the following paragraph:
2) Any person who can document that Fund shares were purchased with
proceeds from the redemption (within the previous 90 days) of shares
from any unaffiliated mutual fund on which a sales charge was paid or
which were subject at any time to a CDSC, and which unaffiliated fund
was: with respect to purchases of the MagnaCap Fund, a domestic growth
fund, with respect to purchases of the High Yield Fund, a high yield
bond fund, and with respect to purchases of the Government Securities
Income Fund, a government securities fund.
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Supplement dated June 16, 1998 to the
Statement of Additional Information
for Pilgrim Government Securities Income Fund
Dated November 1, 1997
The following disclosure is added to the Statement of Additional
Information, and this disclosure also effectively modifies current disclosure in
the Prospectus for the Pilgrim America Elite Series dated November 1, 1997
regarding this type of dealer concession:
The Distributor of the Trust may, at its own expense, pay
concessions to dealers which may, depending on the dealer's
satisfaction of the required conditions, be periodic and may be up to
0.30% of the value of the Funds' shares sold by the dealer during a
particular period.
