UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
SURETY CAPITAL CORPORATION
(Name of Issuer)
Common Stock
(Title of Class of Securities)
868666207
(CUSIP Number)
December 31, 1998
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that Section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 10
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CUSIP NO. 868666207
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1. Name Of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Pilgrim America Capital Corporation
86-0670679
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2. Check The Appropriate Box if a Member of a Group
(a) [ ] (b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Citizenship or Place of Organization:
Delaware
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5. Sole Voting Power 0
Number Of Shares __________________________________________________
Beneficially Owned
By Each Reporting 6. Shared Voting Power 0
Person With: __________________________________________________
7. Sole Dispositive Power 0
__________________________________________________
8. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned By Each Reporting Person
None. Pursuant to Rule 13d-4, Pilgrim America Capital Corporation
declares that the filing of this Schedule 13G shall not be deemed to be
an admission by it that it is, for purposes of Section 13(d) or 13(g)
of the Securities Exchange Act, the beneficial owner of any securities
covered by this statement.
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
0%
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12. Type of Reporting Person
HC
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Page 2 of 10
<PAGE>
CUSIP NO. 868666207
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1. Name Of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Pilgrim Group, Inc.
95-4516050
- --------------------------------------------------------------------------------
2. Check The Appropriate Box if a Member of a Group
(a) [ ] (b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Citizenship or Place of Organization:
Delaware
- --------------------------------------------------------------------------------
5. Sole Voting Power 0
Number Of Shares __________________________________________________
Beneficially Owned
By Each Reporting 6. Shared Voting Power 0
Person With: __________________________________________________
7. Sole Dispositive Power 0
__________________________________________________
8. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned By Each Reporting Person
None. Pursuant to Rule 13d-4, Pilgrim Group, Inc. declares that the
filing of this Schedule 13G shall not be deemed to be an admission by
it that it is, for purposes of Section 13(d) or 13(g) of the
Securities Exchange Act, the beneficial owner of any securities
covered by this statement.
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
0%
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12. Type of Reporting Person
HC
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Page 3 of 10
<PAGE>
CUSIP NO. 868666207
- --------------------------------------------------------------------------------
1. Name Of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Pilgrim Investments, Inc.
95-4516049
- --------------------------------------------------------------------------------
2. Check The Appropriate Box if a Member of a Group
(a) [ ] (b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Citizenship or Place of Organization:
Delaware
- ----------------------------- --------------------------------------------------
5. Sole Voting Power 0
Number Of Shares __________________________________________________
Beneficially Owned
By Each Reporting 6. Shared Voting Power 0
Person With: __________________________________________________
7. Sole Dispositive Power 0
__________________________________________________
8. Shared Dispositive Power 544,200
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9. Aggregate Amount Beneficially Owned By Each Reporting Person
544,200. Pursuant to Rule 13d-4, Pilgrim Investments, Inc. declares
that the filing of this Schedule 13G shall not be deemed to be an
admission by it that it is, for purposes of Section 13(d) or 13(g) of
the Securities Exchange Act, the beneficial owner of any securities
covered by this statement.
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
9.46%
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12. Type of Reporting Person
IA
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Page 4 of 10
<PAGE>
CUSIP NO. 868666207
- --------------------------------------------------------------------------------
1. Name Of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Pilgrim Bank and Thrift Fund, Inc.
95-4020286
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2. Check The Appropriate Box if a Member of a Group
(a) [ ] (b) [ ]
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3. SEC Use Only
- --------------------------------------------------------------------------------
4. Citizenship or Place of Organization:
Maryland
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5. Sole Voting Power 544,200
Number Of Shares __________________________________________________
Beneficially Owned
By Each Reporting 6. Shared Voting Power 0
Person With: __________________________________________________
7. Sole Dispositive Power 0
__________________________________________________
8. Shared Dispositive Power 544,200
- --------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned By Each Reporting Person
544,200
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
9.46%
- --------------------------------------------------------------------------------
12. Type of Reporting Person:
IV
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Page 5 of 10
<PAGE>
Item 1.
(a) Name of Issuer:
Surety Capital Corporation
(b) Address of Issuer's Principal Executive Offices:
1845 Precinct Line Road, Suite 100, Hurst, Texas 76054
Item 2.
(a) Name of Person Filing:
Pilgrim America Capital Corporation
Pilgrim Group, Inc.
Pilgrim Investments, Inc.
Pilgrim Bank and Thrift Fund, Inc.
(b) Address of Principal Business Offices or, if none, Residence:
40 North Central Avenue, Suite 1200, Phoenix, Arizona 85004-4424
(c) Citizenship
Not applicable
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
868666207
Item 3. If this statement is filed pursuant to Sections 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Securities
Exchange Act of 1934 (the "Act").
(b) [ ] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act.
Page 6 of 10
<PAGE>
(d) [X] Investment company registered under Section 8 of the Investment
Company Act of 1940.
(e) [X] An investment advisor in accordance with Section
240.13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan or endowment fund in accordance with
Section 240.13d-1(b)(1)(ii)(F).
(g) [X] A parent holding company or control person in accordance with
Section 240.13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940.
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Items (a) through (c): See items 1 and 5-11 of the cover pages to this
filing.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Pilgrim Investments, Inc., which is a registered investment adviser
under Section 203 of the Investment Advisers Act, is a wholly-owned
subsidiary of Pilgrim Group, Inc., which is a wholly-owned subsidiary
of Pilgrim America Capital Corporation. The reported shares are
beneficially owned by Pilgrim Bank and Thrift Fund, Inc., which is a
registered investment company for which Pilgrim Investments, Inc.
serves as investment adviser.
Item 8. Identification and Classification of Members of the Group
Not applicable
Page 7 of 10
<PAGE>
Item 9. Notice of Dissolution of Group
Not applicable
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
PILGRIM AMERICA CAPITAL CORPORATION
February 4, 1999 By: /s/ James M. Hennessy
(Date) Name: James M. Hennessy
Title: Executive Vice President
PILGRIM GROUP, INC.
February 4, 1999 By: /s/ James M. Hennessy
(Date) Name: James M. Hennessy
Title: Executive Vice President
PILGRIM INVESTMENTS, INC.
February 4, 1999 By: /s/ James M. Hennessy
(Date) Name: James M. Hennessy
Title: Executive Vice President
Page 8 of 10
<PAGE>
PILGRIM BANK AND THRIFT FUND, INC.
February 4, 1999 By: /s/ James M. Hennessy
(Date) Name: James M. Hennessy
Title: Executive Vice President
Page 9 of 10
<PAGE>
Joint Filing Agreement
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing with each
other of a Schedule 13G, and all amendments thereto, with respect to each
holding of Pilgrim Bank and Thrift Fund, Inc. as to which such a report must be
made, and that each such Schedule and all amendments thereto are made on behalf
of each of them.
IN WITNESS WHEREOF, the undersigned hereby execute this agreement this
4th day of February, 1999.
PILGRIM AMERICA CAPITAL CORPORATION
By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM GROUP, INC.
By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM INVESTMENTS, INC.
By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
PILGRIM BANK AND THRIFT FUND, INC.
By: /s/ James M. Hennessy
Name: James M. Hennessy
Title: Executive Vice President
Page 10 of 10
