Supplement dated April 17, 1998 to the
Prospectus for the Pilgrim America Elite Series
Dated November 1, 1997
Change to the Investment Management Fee paid by Pilgrim America High Yield Fund
Effective April 17, 1998, pursuant to an Amendment to the Investment
Management Agreement between Pilgrim America Investment Funds, Inc., on behalf
of the Pilgrim America High Yield Fund ("High Yield Fund"), and Pilgrim America
Investments, Inc. ("PAII"), the investment management fee paid by the High Yield
Fund to PAII is equal to an annual rate of .60% of the High Yield Fund's average
daily net assets. This replaces the investment management fee for the High Yield
Fund as described on pages 4 and 24 of the Prospectus. All other terms of the
Investment Management Agreement as described in the Prospectus, and the fees for
the Pilgrim America MagnaCap Fund and the Pilgrim Government Securities Income
Fund, remain the same.
