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Pilgrim Fund Will Be Merged

Pilgrim Mutual Funds of Scottsdale, Ariz. has filed a proxy statement with the Securities and Exchange Commission seeking to merge its Pilgrim Global Income Fund into the Pilgrim Strategic Income Fund.

The new fund will be managed by ING Pilgrim Investments, also of Scottsdale. The merger has yet to be approved by Pilgrim Global Income Fund shareholders.

The Global Income Fund, introduced in July 1986, had total assets of $30. 5 million as of June 30.

If the merger is not approved, Global Income Fund's management may ask the fund's board to consider other action, including dissolving the fund, according to the filing.