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<PAGE> PAGE 7
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SIGNATURE MIKE J ROLAND
TITLE CHIEF FINANCIAL OFFI
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SUPPLEMENT DATED NOVEMBER 1, 1998 TO THE
PROSPECTUS FOR THE PILGRIM FUNDS
DATED NOVEMBER 1, 1998
The Board of Directors of the Funds has approved a change in the name
of each Fund (except Pilgrim Government Securities Income Fund), to be effective
on November 16, 1998. The Prospectus for the Funds dated November 1, 1998
reflects the new names of each Fund effective on November 16, 1998. The
following table shows the name of each Fund as in effect prior to November 16,
1998, and the new names which will become effective on November 16, 1998:
NAME PRIOR TO NOVEMBER 16, 1998 NAME EFFECTIVE ON NOVEMBER 16, 1998
- ------------------------------- -----------------------------------
Pilgrim America MagnaCap Fund Pilgrim MagnaCap Fund
Pilgrim America Masters LargeCap Pilgrim LargeCap Leaders Fund
Value Fund
Pilgrim America Masters MidCap Value Fund Pilgrim MidCap Value Fund
Pilgrim America Bank and Thrift Fund Pilgrim Bank and Thrift Fund
Pilgrim America Masters Asia-Pacific Pilgrim Asia-Pacific Equity Fund
Equity Fund
Pilgrim America High Yield Fund Pilgrim High Yield Fund
Pilgrim Government Securities Pilgrim Government Securities
Income Fund Income Fund
Each Fund listed above is a series of a registered investment company.
The Board of Directors has also approved a change to the name of each such
investment company, also to be effective on November 16, 1998. On that date, the
name of Pilgrim America Masters Series, Inc. becomes Pilgrim Advisory Funds,
Inc., the name of Pilgrim America Investment Funds, Inc. becomes Pilgrim
Investment Funds, Inc., and the name of Pilgrim America Bank and Thrift Fund,
Inc. becomes Pilgrim Bank and Thrift Fund, Inc. The Prospectus reflects the
names of each investment company as they will become effective on November 16,
1998.
