<DISPLAY>
<FILER-NAME> PILGRIM AMERICA BANK AND THRIFT FUND
[FILE-NUMBER] 811-4504
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000 A000000 06/30/97
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<PAGE>
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012 A000001 INVESTORS FIDUCIARY TRUST COMPANY
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SIGNATURE JAMES R. REIS
TITLE EXEC. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000784055
<NAME> Pilgrim America Bank and Thrift Fund
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 148,345
<INVESTMENTS-AT-VALUE> 310,732
<RECEIVABLES> 996
<ASSETS-OTHER> 1,857
<OTHER-ITEMS-ASSETS> 41
<TOTAL-ASSETS> 313,626
<PAYABLE-FOR-SECURITIES> 2,756
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180
<TOTAL-LIABILITIES> 2,936
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,423
<SHARES-COMMON-STOCK> 14,141,241
<SHARES-COMMON-PRIOR> 14,141,241
<ACCUMULATED-NII-CURRENT> 1,798
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,082
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 162,387
<NET-ASSETS> 310,690
<DIVIDEND-INCOME> 3,229
<INTEREST-INCOME> 265
<OTHER-INCOME> 0
<EXPENSES-NET> 1,264
<NET-INVESTMENT-INCOME> 2,230
<REALIZED-GAINS-CURRENT> 29,582
<APPREC-INCREASE-CURRENT> 26,536
<NET-CHANGE-FROM-OPS> 58,348
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 58,348
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 431,916
<OVERDIST-NET-GAINS-PRIOR> 2,500
<GROSS-ADVISORY-FEES> 1,028
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,269
<AVERAGE-NET-ASSETS> 279,012
<PER-SHARE-NAV-BEGIN> 17.84
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 4.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Pilgrim America Bank and Thrift Fund
- --------------------------------------------------------------------------------
ANNUAL SHAREHOLDER MEETING
- --------------------------------------------------------------------------------
ANNUAL MEETING
An annual meeting of shareholders was held at the offices of the Fund on April
24, 1997. A brief description of each matter voted upon as well as the voting
results are outlined below.
<TABLE>
<CAPTION>
Shares
Shares voted against Shares Broker
voted for or withheld abstained non-vote Total
--------- ----------- --------- -------- -----
I. Proposal for the election of Directors:
<S> <C> <C> <C>
Mary A. Baldwin 12,099,050 212,658 - - 12,311,708
Al Burton 12,090,952 220,756 - - 12,311,708
Bruce S. Foerster 12,102,119 209,589 - - 12,311,708
Jock Patton 12,101,069 210,639 - - 12,311,708
Robert W. Stallings 12,099,972 211,736 - - 12,311,708
II. Ratification of KPMG Peat Marwick LLP as independent auditors for the Fund
for the fiscal year ending December 31, 1997:
12,077,673 128,445 105,589 - 12,311,707
III. Approval to transact such other business as may properly come before the
annual meeting of shareholders or any adjournments thereof:
11,546,116 433,414 332,177 - 12,311,707
</TABLE>
