<PAGE> PAGE 1
000 A000000 12/31/1999
000 C000000 0000784055
000 D000000 N
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000 F000000 Y
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000 J000000 A
001 A000000 PILGRIM BANK AND THRIFT FUND
001 B000000 811-4504
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002 A000000 40 NORTH CENTRAL AVENUE SUITE 1200
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<PAGE> PAGE 2
012 A000001 PILGRIM GROUP, INC.
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014 A000002 WASHINGTON SQUARE SECURITIES, INC.
014 B000002 8-0000000
014 A000003 PRIMEVEST FINANCIAL SERVICES, INC.
014 B000003 8-00000000
014 A000004 GRANITE INVESTMENT SECURITIES, INC.
014 B000004 8-00000000
014 A000005 FINANCIAL NORTHEASTERN SECURITIES
014 B000005 8-00000000
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015 B000001 C
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020 B000007 13-2638166
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020 B000008 75-1565705
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<PAGE> PAGE 3
020 C000009 1
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE MICHAEL J. ROLAND
TITLE CFO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 784055
<NAME> PILGRIM BANK & THRIFT FUND
<SERIES>
<NUMBER> 1
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<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 500249662
<INVESTMENTS-AT-VALUE> 460966409
<RECEIVABLES> 7973935
<ASSETS-OTHER> 1316471
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<TABLE> <S> <C>
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<NAME> PILGRIM BANK & THRIFT FUND
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</TABLE>
SHAREHOLDER MEETINGS
- --------------------------------------------------------------------------------
I. A special meeting of the shareholders of the Pilgrim Mutual Funds was held in
San Diego, California on October 26, 1999. A brief description of each matter
voted upon as well as the results are outlined below:
<TABLE>
<CAPTION>
Shares
Shares voted against Shares Broker
voted for or withheld abstained non-vote Total
------------- --------------- ----------- ---------- -------------
<S> <C> <C> <C> <C> <C>
1. Election of Trustees to serve until the election and qualifications of their successors:
Name
- ----
Mary A. Baldwin 173,566,928 3,019,701 -- -- 176,586,629
Al Burton 173,526,092 3,110,537 -- -- 176,536,629
Paul S. Doherty 173,562,130 3,024,499 -- -- 176,586,629
Robert B. Goode, Jr. 173,524,538 3,062,091 -- -- 176,586,629
Alan L. Gosule 173,601,730 2,984,899 -- -- 176,586,629
Mark Lipson 173,603,955 2,982,674 -- -- 176,586,629
Walter H. May 173,589,664 2,966,965 -- -- 176,586,629
Jock Patton 173,607,208 2,979,421 -- -- 176,586,629
David W.C. Putnam 173,596,791 2,989,838 -- -- 176,586,629
John R. Smith 173,440,576 3,146,053 -- -- 176,586,629
Robert W. Stallings 173,605,732 2,980,897 -- -- 176,586,629
John G. Turner 173,594,721 2,991,908 -- -- 176,586,629
David W. Wallace 173,459,812 3,125,817 -- -- 176,586,629
2. Approval of the selection of independent public accountants, KPMG LLP, for the fiscal year ended June 30, 2000
Fund
- ----
Pilgrim Bank & Thrift Fund, Inc. 22,631,201 506,895 -- -- 23,138,096
Pilgrim Advisory Funds, Inc. 7,158,402 124,438 -- -- 7,282,840
Pilgrim Investment Funds, Inc. 72,087,236 2,071,003 -- -- 74,158,239
Pilgrim Mutual Funds 68,230,426 1,675,090 -- -- 69,905,516
3.a. Approval of the management agreement between Pilgrim Mutual Funds and Nicholas Applegate
Fund
- ----
Pilgrim Convertible Fund 7,745,962 390,963 -- -- 8,137,925
Pilgrim Emerging Countries Fund 7,742,317 153,510 -- -- 7,895,827
Pilgrim Int'l Core Growth Fund 1,572,037 41,967 -- -- 1,614,004
Pilgrim Int'l SmallCap Growth Fund 3,481,258 94,125 -- -- 3,575,383
Pilgrim LargeCap Growth Fund 4,102,660 150,348 -- -- 4,253,008
Pilgrim MidCap Growth Fund 10,912,221 629,116 -- -- 11,541,337
Pilgrim SmallCap Growth Fund 13,534,326 717,130 -- -- 14,251,456
Pilgrim Worldwide Growth Fund 8,123,819 618,136 -- -- 8,741,955
3.b. Approval of the management agreement between Pilgrim Mutual Funds and HSBC
Fund
- ----
Pilgrim Asia-Pacific Equity Fund 2,788,432 130,823 -- -- 2,919,255
4. Approval of sub-advisory between Pilgrim Investments, Inc. and the Funds
Fund
- ----
Pilgrim Bank & Thrift Fund, Inc. 22,043,033 1,095,063 -- -- 23,138,095
Pilgrim LargeCap Leaders Fund 1,667,693 38,937 -- -- 1,706,630
Pilgrim MidCap Value Fund 2,586,750 70,205 -- -- 2,656,955
Pilgrim Asia-Pacific Equity Fund 2,877,917 41,338 -- -- 2,919,255
Pilgrim MagnaCap Fund 16,433,186 953,331 -- -- 17,386,517
Pilgrim High Yield Fund 54,078,191 2,693,531 -- -- 56,771,722
Pilgrim Balanced Fund 1,573,739 58,095 -- -- 1,631,834
Pilgrim Convertible Fund 7,702,985 434,940 -- -- 8,137,925
Pilgrim Emerging Countries Fund 7,735,262 160,565 -- -- 7,895,827
Pilgrim High Yield II Fund 5,259,680 201,342 -- -- 5,461,022
Pilgrim Strategic Income Fund 998,479 41,275 -- -- 1,039,754
Pilgrim Int'l Core Growth Fund 1,576,276 37,728 -- -- 1,614,004
Pilgrim Int'l SmallCap Growth Fund 3,483,148 92,235 -- -- 3,575,383
Pilgrim LargeCap Growth Fund 4,116,432 136,576 -- -- 4,253,008
Pilgrim MidCap Growth Fund 10,794,994 746,343 -- -- 11,541,337
Pilgrim SmallCap Growth Fund 13,511,955 739,501 -- -- 14,251,456
Pilgrim Worldwide Growth Fund 8,086,550 655,405 -- -- 8,741,955
Pilgrim Money Market Fund 1,762,011 0 -- -- 1,762,011
</TABLE>
<PAGE>
TAX INFORMATION (unaudited)
- --------------------------------------------------------------------------------
Corporate shareholders are generally entitled to take the dividend received
deduction on the portion of the Funds' dividend distribution that qualifies
under tax law. The percentage of calendar year 1999 net investment income
dividends that qualify for the corporate dividends received deduction are as
follows:
MagnaCap Fund 99.89%
Bank and Thrift Fund 100%
Strategic Income Fund 7.39%
Shareholders are strongly advised to consult their own tax advisers with respect
to the tax consequences of their investments in the Funds. In January 2000,
shareholders, excluding corporate shareholders, should have received an IRS Form
1099 DIV regarding their federal tax status of the dividends and distributions
received from them in calendar 1999.
CHANGES IN CONTROL OF REGISTRANT
Disclosure regarding change in control of Registrant incorporated by response to
Post-Effective Amendment No. 8 to the Registrant's Registration Statement on
Form N-1A as filed on November 5, 1999.
EXHIBITS
(a) Form of Investment Management Agreement between the Fund and Pilgrim
Investments, Inc. incorporated by reference to Post-Effective Amendment No.
6 to the Registrant's Registration Statement on Form N-1A as filed on
September 2, 1999.
(h) Pilgrim will submit.
