The board of directors of the $396 million Pilgrim Bank and Thrift Fund is asking shareholders to approve changes to the fund’s investment mandate to allow it to invest in other financial service firms including investment management companies, brokerage firms, insurance companies and electronic trading networks.

Until now, it could only invest in banks and thrifts. If approved, the fund would change its name to the Pilgrim Financial Services Fund. The proposed change was included in a March 13 preliminary proxy statement.

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