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SIGNATURE JAMES R. REIS
TITLE EXEC. VICE PRESIDENT
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100
KPMG Peat Marwick LLP 1897-1997
725 South Figueroa Street Telephone 213 972 4000 Telefax 213 622 1217
Los Angeles, CA 90017
The Board of Directors
Pilgrim America Bank and Thrift Fund.:
In planning and performing our audit of the financial statements Pilgrim America
Bank and Thrift Fund as of and for the year ended December 31, 1997, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Pilgrim America Bank and Thrift Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risks that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
February 4, 1998
Pilgrim America Bank and Thrift Fund N-SAR 12/31/97
Exhibit 77C
The quarterly report dated September 30, 1997 for Pilgrim America Bank and
Thrift Fund (SEC File #811-4504 and 1933 Act #333-33445) is herein incorporated
by reference. See page 6 of the Report for the Special Shareholder Meeting
Results.
Pilgrim America Bank and Thrift Fund N-SAR 12/31/97
Exhibit 77Q1a&e
Amended and restated Articles of Incorporation for the Registrant is
incorporated by reference from Registrant's Proxy Statement filed with the
Securities and Exchange Commission on August 27, 1997.
Amended and restated Investment Advisory Contract for the Registrant is
incorporated by reference from Registrant's Proxy Statement filed with the
Securities and Exchange Commission on August 27, 1997.
Pilgrim America Bank and Thrift Fund N-SAR 12/31/97
Exhibit 77Q1d
The rights of the holders of Class B shares, a new class of securities, are set
forth in the amended and restated Articles of Incorporation incorporated by
reference from Registrant's Proxy Statement filed with the Securities and
Exchange Commission on August 27, 1997.
