Carl Dorf

CARL DORF is Senior Vice President and Senior Portfolio manager of
Pilgrim America Bank and Thrift Fund. Mr. Dorf joined Pilgrim America’s
predecessor in 1991 as a Vice President and Portfolio Manager for the
then $81 million closed-end, NYSE-listed fund (then called Regional
BankShares), and has been at the helm throughout its growth to almost
$780 million in total assets as of September 30, 1998. He also
participated for various periods in the management of Pilgrim’s growth-
and-income-oriented MagnaCap Fund, and in the convertible securities
portion of its Corporate Utilities Fund. Prior to joining Pilgrim
America, Mr. Dorf was a principal of Dorf & Associates Investment
Counsel. His 35+ years of portfolio management and research also include
stints with Moody’s Investors Service, as an analyst in the Banking &
Finance Department; with Nuveen Corp. as a financial security analyst;
with Loews Corp. as a fund manager reporting directly to Chairman
Laurence Tisch, with responsibility for $150 to $250 million of
corporate investment in utility and financial stocks; with BA Investment
Management Corp. as senior financial stock analyst, and with RNC Capital
Management as VP manager of 150 individual, pension, and profit-sharing
accounts. A Chartered Financial Analyst, Mr. Dorf is a member of the
Phoenix Society and the Association for Investment Management and
Research. He earned both BA/Finance and Investments and MBA/Finance
degrees from the Bernard Baruch School of Business and Public
Administration, The City College of New York. A father of five, Mr. Dorf
counts racquetball and tennis among his primary outside interests.
(FAT501) (6559)