Supplement dated June 16, 1998 to the
Prospectus for Pilgrim America Bank and Thrift Fund, Inc.
Dated May 1, 1998
Paragraph number (2) under the caption "Special Purchases without a
Sales Charge" on page 16 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 fund invested
primarily in financial service entities.
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Supplement dated June 16, 1998 to the
Statement of Additional Information
for Pilgrim America Bank and Thrift Fund, Inc.
Dated May 1, 1998
The following disclosure is added to the Statement of Additional
Information, and this disclosure also effectively modifies current disclosure in
the Prospectus for Pilgrim America Bank and Thrift Fund, Inc. dated May 1, 1998
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.
