PILGRIM AMERICA INVESTMENT FUNDS INC
NSAR-B, 1996-08-29
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<PAGE>      
PAGE  1
000 B000000 06/30/96
000 C000000 0000061448
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
"001 A000000 PILGRIM AMERICA INVESTMENT FUNDS, INC."
001 B000000 811-1939
001 C000000 6024178100
"002 A000000 40N.CENT.AVE.,STE1200 2 RENAISSANCE SQ."
002 B000000 PHOENIX
002 C000000 AZ
002 D010000 85004
002 D020000 4424
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 MAGNACAP FUND
007 C030100 N
007 C010200  2
007 C020200 HIGH YIELD FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
"008 A00AA01 PILGRIM AMERICA INVESTMENTS, INC."
008 B00AA01 A
008 C00AA01 801-48282
008 D01AA01 PHOENIX
008 D02AA01 AZ
008 D03AA01 85004
008 D04AA01 4424
"010 A00AA01 PILGRIM AMERICA GROUP, INC."
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85004
010 C04AA01 4424
"011 A00AA01 PILGRIM AMERICA SECURITIES, INC."
011 B00AA01 8-48020
<PAGE>      
PAGE  2
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85004
011 C04AA01 4424
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90017
015 A00AA01 INVESTORS FUDUCIARY TRUST CO.
015 B00AA01 C
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015 E01AA01 X
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020 A000002 INTERSTATE SECURITIES
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<PAGE>      
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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>      
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<PAGE>     
PAGE  9
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<PAGE>      
PAGE  10
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<PAGE>      
PAGE  11
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<PAGE>      
PAGE  12
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SIGNATURE   MICHAEL J. ROLAND                            
TITLE       SR. VICE PRESIDENT  
 

<TABLE> <S> <C>


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<CIK>                         061448
<NAME>                        Pilgrim America Investment Funds, Inc.
<SERIES>                      
   <NUMBER>                   021
   <NAME>                     High Yield Fund Class A
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         061448
<NAME>                        Pilgrim America Investment Funds, Inc.
<SERIES>                      
   <NUMBER>                   022
   <NAME>                     High Yield Fund Class B
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<CURRENCY>                    U.S. Dollars                 
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         061448
<NAME>                        Pilgrim America Investment Funds, Inc.
<SERIES>                      
   <NUMBER>                   023
   <NAME>                     High Yield Fund Class M
<MULTIPLIER>                  1,000                 
<CURRENCY>                    U.S. Dollars                 
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              JUN-30-1996         
<PERIOD-START>                                 JUL-17-1995
<PERIOD-END>                                   JUN-30-1996
<EXCHANGE-RATE>                                          1
<INVESTMENTS-AT-COST>                               24,365
<INVESTMENTS-AT-VALUE>                              24,701
<RECEIVABLES>                                        1,973
<ASSETS-OTHER>                                          12
<OTHER-ITEMS-ASSETS>                                     0
<TOTAL-ASSETS>                                      26,687   
<PAYABLE-FOR-SECURITIES>                             4,251 
<SENIOR-LONG-TERM-DEBT>                                  0
<OTHER-ITEMS-LIABILITIES>                              128
<TOTAL-LIABILITIES>                                  4,379 
<SENIOR-EQUITY>                                          0
<PAID-IN-CAPITAL-COMMON>                            33,183
<SHARES-COMMON-STOCK>                                  196
<SHARES-COMMON-PRIOR>                                    0
<ACCUMULATED-NII-CURRENT>                              155
<OVERDISTRIBUTION-NII>                                   0
<ACCUMULATED-NET-GAINS>                                  0
<OVERDISTRIBUTION-GAINS>                            11,366
<ACCUM-APPREC-OR-DEPREC>                               336
<NET-ASSETS>                                         1,243
<DIVIDEND-INCOME>                                        0
<INTEREST-INCOME>                                       21
<OTHER-INCOME>                                           0
<EXPENSES-NET>                                           3
<NET-INVESTMENT-INCOME>                                 18
<REALIZED-GAINS-CURRENT>                               734
<APPREC-INCREASE-CURRENT>                             (339)
<NET-CHANGE-FROM-OPS>                                2,006
<EQUALIZATION>                                           0
<DISTRIBUTIONS-OF-INCOME>                               13
<DISTRIBUTIONS-OF-GAINS>                                 0
<DISTRIBUTIONS-OTHER>                                    0  
<NUMBER-OF-SHARES-SOLD>                              1,258
<NUMBER-OF-SHARES-REDEEMED>                             28
<SHARES-REINVESTED>                                      8
<NET-CHANGE-IN-ASSETS>                               6,358
<ACCUMULATED-NII-PRIOR>                                  1
<ACCUMULATED-GAINS-PRIOR>                                0
<OVERDISTRIB-NII-PRIOR>                                  0
<OVERDIST-NET-GAINS-PRIOR>                          12,099
<GROSS-ADVISORY-FEES>                                  128
<INTEREST-EXPENSE>                                       0
<GROSS-EXPENSE>                                          4
<AVERAGE-NET-ASSETS>                                   199
<PER-SHARE-NAV-BEGIN>                                 6.20
<PER-SHARE-NII>                                       0.50
<PER-SHARE-GAIN-APPREC>                               0.14
<PER-SHARE-DIVIDEND>                                  0.48
<PER-SHARE-DISTRIBUTIONS>                                0
<RETURNS-OF-CAPITAL>                                     0
<PER-SHARE-NAV-END>                                   6.36
<EXPENSE-RATIO>                                       1.50
<AVG-DEBT-OUTSTANDING>                                   0
<AVG-DEBT-PER-SHARE>                                     0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         061448
<NAME>                        Pilgrim America Investment Funds, Inc.
<SERIES>
   <NUMBER>                   011
   <NAME>                     Pilgrim America Magna Cap Fund - Class A
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                             JUL-01-1995
<PERIOD-END>                               JUN-30-1996
<EXCHANGE-RATE>                                      1 
<INVESTMENTS-AT-COST>                          147,976 
<INVESTMENTS-AT-VALUE>                         257,559 
<RECEIVABLES>                                    1,641 
<ASSETS-OTHER>                                      33 
<OTHER-ITEMS-ASSETS>                                 0 
<TOTAL-ASSETS>                                 259,234 
<PAYABLE-FOR-SECURITIES>                        10,514 
<SENIOR-LONG-TERM-DEBT>                              0 
<OTHER-ITEMS-LIABILITIES>                          856 
<TOTAL-LIABILITIES>                             11,370 
<SENIOR-EQUITY>                                      0 
<PAID-IN-CAPITAL-COMMON>                       115,626 
<SHARES-COMMON-STOCK>                           14,107 
<SHARES-COMMON-PRIOR>                           15,059 
<ACCUMULATED-NII-CURRENT>                        1,276 
<OVERDISTRIBUTION-NII>                               0 
<ACCUMULATED-NET-GAINS>                         21,378 
<OVERDISTRIBUTION-GAINS>                             0 
<ACCUM-APPREC-OR-DEPREC>                       109,583 
<NET-ASSETS>                                   235,393 
<DIVIDEND-INCOME>                                4,949 
<INTEREST-INCOME>                                  100 
<OTHER-INCOME>                                       0 
<EXPENSES-NET>                                   3,793 
<NET-INVESTMENT-INCOME>                          1,256 
<REALIZED-GAINS-CURRENT>                        25,045 
<APPREC-INCREASE-CURRENT>                       17,315 
<NET-CHANGE-FROM-OPS>                           43,620 
<EQUALIZATION>                                       0 
<DISTRIBUTIONS-OF-INCOME>                          913 
<DISTRIBUTIONS-OF-GAINS>                         3,522 
<DISTRIBUTIONS-OTHER>                                0 
<NUMBER-OF-SHARES-SOLD>                         58,717 
<NUMBER-OF-SHARES-REDEEMED>                     76,979 
<SHARES-REINVESTED>                              3,447 
<NET-CHANGE-IN-ASSETS>                          36,533 
<ACCUMULATED-NII-PRIOR>                            920 
<ACCUMULATED-GAINS-PRIOR>                            0 
<OVERDISTRIB-NII-PRIOR>                              0 
<OVERDIST-NET-GAINS-PRIOR>                         101 
<GROSS-ADVISORY-FEES>                            1,805 
<INTEREST-EXPENSE>                                   0 
<GROSS-EXPENSE>                                  1,256 
<AVERAGE-NET-ASSETS>                           226,467 
<PER-SHARE-NAV-BEGIN>                            14.03 
<PER-SHARE-NII>                                   0.09 
<PER-SHARE-GAIN-APPREC>                           2.87 
<PER-SHARE-DIVIDEND>                              0.06 
<PER-SHARE-DISTRIBUTIONS>                         0.24 
<RETURNS-OF-CAPITAL>                                 0 
<PER-SHARE-NAV-END>                              16.69 
<EXPENSE-RATIO>                                   1.68 
<AVG-DEBT-OUTSTANDING>                               0 
<AVG-DEBT-PER-SHARE>                                 0 
                                                       
                                               

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         061448
<NAME>                        Pilgrim America Investment Funds, Inc.
<SERIES>
   <NUMBER>                   012
   <NAME>                     Pilgrim America Magna Cap Fund - Class B
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                             JUL-17-1995
<PERIOD-END>                               JUN-30-1996
<EXCHANGE-RATE>                                      1 
<INVESTMENTS-AT-COST>                          147,976 
<INVESTMENTS-AT-VALUE>                         257,559 
<RECEIVABLES>                                    1,641 
<ASSETS-OTHER>                                      33 
<OTHER-ITEMS-ASSETS>                                 0 
<TOTAL-ASSETS>                                 259,234 
<PAYABLE-FOR-SECURITIES>                        10,514 
<SENIOR-LONG-TERM-DEBT>                              0 
<OTHER-ITEMS-LIABILITIES>                          856 
<TOTAL-LIABILITIES>                             11,370 
<SENIOR-EQUITY>                                      0 
<PAID-IN-CAPITAL-COMMON>                       115,626 
<SHARES-COMMON-STOCK>                              634 
<SHARES-COMMON-PRIOR>                                0 
<ACCUMULATED-NII-CURRENT>                        1,276 
<OVERDISTRIBUTION-NII>                               0 
<ACCUMULATED-NET-GAINS>                         21,378 
<OVERDISTRIBUTION-GAINS>                             0 
<ACCUM-APPREC-OR-DEPREC>                       109,583 
<NET-ASSETS>                                    10,509 
<DIVIDEND-INCOME>                                   54 
<INTEREST-INCOME>                                   25 
<OTHER-INCOME>                                       0 
<EXPENSES-NET>                                      77 
<NET-INVESTMENT-INCOME>                              2 
<REALIZED-GAINS-CURRENT>                        25,045 
<APPREC-INCREASE-CURRENT>                       17,315 
<NET-CHANGE-FROM-OPS>                           43,620 
<EQUALIZATION>                                       0 
<DISTRIBUTIONS-OF-INCOME>                            0 
<DISTRIBUTIONS-OF-GAINS>                            25 
<DISTRIBUTIONS-OTHER>                                0 
<NUMBER-OF-SHARES-SOLD>                         10,409 
<NUMBER-OF-SHARES-REDEEMED>                        160 
<SHARES-REINVESTED>                                 25 
<NET-CHANGE-IN-ASSETS>                          36,533 
<ACCUMULATED-NII-PRIOR>                            920 
<ACCUMULATED-GAINS-PRIOR>                            0 
<OVERDISTRIB-NII-PRIOR>                              0 
<OVERDIST-NET-GAINS-PRIOR>                         101 
<GROSS-ADVISORY-FEES>                            1,805 
<INTEREST-EXPENSE>                                   0 
<GROSS-EXPENSE>                                     77 
<AVERAGE-NET-ASSETS>                             3,305 
<PER-SHARE-NAV-BEGIN>                            14.22 
<PER-SHARE-NII>                                   0.06 
<PER-SHARE-GAIN-APPREC>                           2.61 
<PER-SHARE-DIVIDEND>                              0.06 
<PER-SHARE-DISTRIBUTIONS>                         0.24 
<RETURNS-OF-CAPITAL>                                 0 
<PER-SHARE-NAV-END>                              16.59 
<EXPENSE-RATIO>                                   2.43 
<AVG-DEBT-OUTSTANDING>                               0 
<AVG-DEBT-PER-SHARE>                                 0 
                                                       
                                               

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         061448
<NAME>                        Pilgrim America Investment Funds, Inc.
<SERIES>
   <NUMBER>                   013
   <NAME>                     Pilgrim America Magna Cap Fund - Class M
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                             JUL-17-1995
<PERIOD-END>                               JUN-30-1996
<EXCHANGE-RATE>                                      1 
<INVESTMENTS-AT-COST>                          147,976 
<INVESTMENTS-AT-VALUE>                         257,559 
<RECEIVABLES>                                    1,641 
<ASSETS-OTHER>                                      33 
<OTHER-ITEMS-ASSETS>                                 0 
<TOTAL-ASSETS>                                 259,234 
<PAYABLE-FOR-SECURITIES>                        10,514 
<SENIOR-LONG-TERM-DEBT>                              0 
<OTHER-ITEMS-LIABILITIES>                          856 
<TOTAL-LIABILITIES>                             11,370 
<SENIOR-EQUITY>                                      0 
<PAID-IN-CAPITAL-COMMON>                       115,626 
<SHARES-COMMON-STOCK>                              118 
<SHARES-COMMON-PRIOR>                                0 
<ACCUMULATED-NII-CURRENT>                        1,276 
<OVERDISTRIBUTION-NII>                               0 
<ACCUMULATED-NET-GAINS>                         21,378 
<OVERDISTRIBUTION-GAINS>                             0 
<ACCUM-APPREC-OR-DEPREC>                       109,583 
<NET-ASSETS>                                     1,961 
<DIVIDEND-INCOME>                                    7 
<INTEREST-INCOME>                                    3 
<OTHER-INCOME>                                       0 
<EXPENSES-NET>                                      12 
<NET-INVESTMENT-INCOME>                            (2) 
<REALIZED-GAINS-CURRENT>                        25,045 
<APPREC-INCREASE-CURRENT>                       17,315 
<NET-CHANGE-FROM-OPS>                           43,620 
<EQUALIZATION>                                       0 
<DISTRIBUTIONS-OF-INCOME>                            0 
<DISTRIBUTIONS-OF-GAINS>                             3 
<DISTRIBUTIONS-OTHER>                                0 
<NUMBER-OF-SHARES-SOLD>                          2,108 
<NUMBER-OF-SHARES-REDEEMED>                        192 
<SHARES-REINVESTED>                                  4 
<NET-CHANGE-IN-ASSETS>                          36,533 
<ACCUMULATED-NII-PRIOR>                            920 
<ACCUMULATED-GAINS-PRIOR>                            0 
<OVERDISTRIB-NII-PRIOR>                              0 
<OVERDIST-NET-GAINS-PRIOR>                         101 
<GROSS-ADVISORY-FEES>                            1,805 
<INTEREST-EXPENSE>                                   0 
<GROSS-EXPENSE>                                     13 
<AVERAGE-NET-ASSETS>                               603 
<PER-SHARE-NAV-BEGIN>                            14.22 
<PER-SHARE-NII>                                   0.08 
<PER-SHARE-GAIN-APPREC>                           2.63 
<PER-SHARE-DIVIDEND>                              0.06 
<PER-SHARE-DISTRIBUTIONS>                         0.24 
<RETURNS-OF-CAPITAL>                                 0 
<PER-SHARE-NAV-END>                              16.63 
<EXPENSE-RATIO>                                   2.18 
<AVG-DEBT-OUTSTANDING>                               0 
<AVG-DEBT-PER-SHARE>                                 0 
                                                       
                                               

</TABLE>


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