Supplement dated April 7, 1998 to the
Statement of Additional Information for
Pilgrim America High Yield Fund series of
Pilgrim America Investment Funds, Inc.
Dated November 1, 1997
The third paragraph under "Execution of Portfolio Transactions" on page
23 is hereby replaced with the following paragraph:
While it will continue to be the Fund's general policy to seek first to
obtain the most favorable price and execution available, in selecting a broker
to execute portfolio transactions for the Fund, the Fund may also give weight to
the ability of a broker to furnish brokerage and research services to the Fund
or the Investment Manager, even if the specific services were not imputed to the
Fund and were useful to the Investment Manager in advising other clients. In
negotiating commissions with a broker, the Fund may therefore pay a higher
commission than would be the case if no weight were given to the furnishing of
these supplemental services, provided that the amount of such commission has
been determined in good faith by the Investment Manager to be reasonable in
relation to the value of the brokerage and research services provided by such
broker.
