<PAGE> PAGE 1
000 B000000 06/30/99
000 C000000 061448
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PILGRIM INVESTMENT FUNDS, INC.
001 B000000 811-1939
001 C000000 6024178100
002 A000000 40 NORTH CENTRAL AVENUE, SUITE 1200
002 B000000 PHOENIX
002 C000000 AZ
002 D010000 85004
002 D020000 4408
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 PILGRIM MAGNACAP FUND
007 C030100 N
007 C010200 2
007 C020200 PILGRIM 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 INVESTMENTS,INC.
008 B00AA01 A
008 C00AA01 801-48282
008 D01AA01 PHOENIX
008 D02AA01 AZ
008 D03AA01 85004
008 D04AA01 4408
010 A00AA01 PILGRIM GROUP, INC.
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85004
010 C04AA01 4408
011 A00AA01 PILGRIM SECURITIES INC.
011 B00AA01 8-48020
<PAGE> PAGE 2
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85004
011 C04AA01 4408
012 A00AA01 PILGRIM GROUP, INC.
012 B00AA01 85-
012 C01AA01 PHOENIX
012 C02AA01 AZ
012 C03AA01 85004
012 C04AA01 4408
013 A00AA01 KPMG LLP
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90017
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 19
019 C00AA00 PILGRIMINV
020 A000001 AUTRANET
020 B000001 13-2961507
020 C000001 158
020 A000002 MORGAN STANLEY
020 B000002 13-2655998
020 C000002 51
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 39
020 A000004 PRUDENTIAL SECURITIES
020 B000004 13-2308901
020 C000004 36
020 A000005 GOLDMAN SACHS
020 B000005 13-5108880
020 C000005 32
020 A000006 SALOMON BROTHERS
020 B000006 13-3082694
020 C000006 23
020 A000007 BERNSTEIN & CO.
020 B000007 13-2625874
020 C000007 22
020 A000008 LIPPER
020 B000008 13-3627345
020 C000008 18
020 A000009 OPPENHEIMER
020 B000009 13-2798343
020 C000009 13
<PAGE> PAGE 3
020 A000010 COWEN & CO.
020 B000010 13-5616116
020 C000010 13
021 000000 501
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 10313162
022 D000001 90052
022 A000002 GENERAL ELECTRIC CAPITAL
022 B000002 06-1362678
022 C000002 3176516
022 D000002 0
022 A000003 FORD MOTOR CREDIT
022 C000003 876613
022 D000003 0
022 A000004 DONALDSON LUFKIN JENRETTE
022 B000004 13-2741729
022 C000004 123075
022 D000004 74668
022 A000005 SALOMON BROTHERS
022 B000005 13-3082694
022 C000005 80786
022 D000005 54329
022 A000006 GOLDMAN SACHS
022 B000006 13-5108880
022 C000006 43597
022 D000006 37271
022 A000007 CS FIRST BOSTON
022 B000007 13-5659485
022 C000007 38162
022 D000007 20993
022 A000008 JP MORGAN
022 B000008 13-3224016
022 C000008 30526
022 D000008 27185
022 A000009 ING BARINGS
022 B000009 NA
022 C000009 13229
022 D000009 39051
022 A000010 BEAR STEARNS
022 B000010 13-3299429
022 C000010 21829
022 D000010 29858
023 C000000 14954884
023 D000000 624733
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
<PAGE> PAGE 4
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
080 A00AA00 AIG INSURANCE CO.
080 C00AA00 8000
081 A00AA00 Y
081 B00AA00 24
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 18319
028 A020100 1
028 A030100 0
<PAGE> PAGE 5
028 A040100 16262
028 B010100 16095
028 B020100 0
028 B030100 0
028 B040100 18772
028 C010100 29073
028 C020100 4191
028 C030100 0
028 C040100 30294
028 D010100 25027
028 D020100 0
028 D030100 0
028 D040100 23163
028 E010100 20447
028 E020100 0
028 E030100 0
028 E040100 20960
028 F010100 11273
028 F020100 0
028 F030100 0
028 F040100 12963
028 G010100 120234
028 G020100 4192
028 G030100 0
028 G040100 122414
028 H000100 98633
029 000100 Y
030 A000100 526
030 B000100 5.75
030 C000100 0.00
031 A000100 88
031 B000100 0
032 000100 438
033 000100 0
034 000100 Y
035 000100 270
036 A000100 Y
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 100
<PAGE> PAGE 6
043 000100 2076
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 30000
048 A020100 1.000
048 B010100 220000
048 B020100 0.750
048 C010100 250000
048 C020100 0.625
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 500000
048 K020100 0.500
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 Y
<PAGE> PAGE 7
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
<PAGE> PAGE 8
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 203217
071 B000100 235055
071 C000100 419535
071 D000100 48
072 A000100 12
072 B000100 1530
072 C000100 6372
072 D000100 0
072 E000100 0
072 F000100 3201
072 G000100 0
072 H000100 0
072 I000100 825
072 J000100 159
072 K000100 71
072 L000100 60
072 M000100 31
072 N000100 84
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 50
072 S000100 55
072 T000100 2076
072 U000100 0
072 V000100 0
072 W000100 168
072 X000100 6780
072 Y000100 0
<PAGE> PAGE 9
072 Z000100 1122
072AA000100 49186
072BB000100 0
072CC010100 17755
072CC020100 0
072DD010100 715
072DD020100 0
072EE000100 45964
073 A010100 0.0361
073 A020100 0.0000
073 B000100 1.6241
073 C000100 0.0000
074 A000100 6
074 B000100 0
074 C000100 37058
074 D000100 0
074 E000100 0
074 F000100 460544
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 3637
074 K000100 0
074 L000100 1334
074 M000100 71
074 N000100 502650
074 O000100 0
074 P000100 4
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 959
074 S000100 0
074 T000100 501687
074 U010100 20826
074 U020100 6696
074 V010100 17.69
074 V020100 17.36
074 W000100 0.0000
074 X000100 37315
074 Y000100 0
075 A000100 0
075 B000100 489070
076 000100 0.00
028 A010200 24240
028 A020200 1537
028 A030200 0
028 A040200 8740
028 B010200 21418
028 B020200 1357
<PAGE> PAGE 10
028 B030200 0
028 B040200 9186
028 C010200 19987
028 C020200 1626
028 C030200 0
028 C040200 13041
028 D010200 15687
028 D020200 1647
028 D030200 0
028 D040200 12878
028 E010200 13888
028 E020200 1625
028 E030200 0
028 E040200 10917
028 F010200 10635
028 F020200 1322
028 F030200 0
028 F040200 10187
028 G010200 105855
028 G020200 9114
028 G030200 0
028 G040200 64949
028 H000200 41286
029 000200 Y
030 A000200 1436
030 B000200 4.75
030 C000200 0.00
031 A000200 240
031 B000200 0
032 000200 1196
033 000200 0
034 000200 Y
035 000200 392
036 A000200 Y
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 2671
044 000200 0
045 000200 Y
<PAGE> PAGE 11
046 000200 N
047 000200 Y
048 000200 0.600
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
054 A000200 Y
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
<PAGE> PAGE 12
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 1.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 96.7
062 Q000200 0.2
062 R000200 0.0
063 A000200 0
063 B000200 8.0
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
<PAGE> PAGE 13
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 818461
071 B000200 599892
071 C000200 326159
071 D000200 184
072 A000200 12
072 B000200 37453
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 2176
072 G000200 0
072 H000200 0
072 I000200 513
072 J000200 74
072 K000200 55
072 L000200 51
072 M000200 19
072 N000200 131
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 20
072 S000200 36
072 T000200 2671
072 U000200 0
072 V000200 0
072 W000200 67
072 X000200 5813
072 Y000200 442
072 Z000200 32082
072AA000200 0
072BB000200 39881
072CC010200 0
072CC020200 9009
072DD010200 11903
<PAGE> PAGE 14
072DD020200 19945
072EE000200 0
073 A010200 0.6244
073 A020200 0.5722
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 4323
074 D000200 403828
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 983
074 J000200 2988
074 K000200 42
074 L000200 10807
074 M000200 89
074 N000200 423060
074 O000200 1776
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 3480
074 S000200 0
074 T000200 417804
074 U010200 22170
074 U020200 44173
074 V010200 5.93
074 V020200 5.92
074 W000200 0.0000
074 X000200 28551
074 Y000200 0
075 A000200 0
075 B000200 416925
076 000200 0.00
SIGNATURE MIKE J ROLAND
TITLE CHIEF FINANCIAL OFFICER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 11
<NAME> PILGRIM MAGNACAP FUND CLASS A
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 361634
<INVESTMENTS-AT-VALUE> 497602
<RECEIVABLES> 4972
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 502650
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 963
<TOTAL-LIABILITIES> 963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 315997
<SHARES-COMMON-STOCK> 20826
<SHARES-COMMON-PRIOR> 21541
<ACCUMULATED-NII-CURRENT> 536
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49186
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 135968
<NET-ASSETS> 368508
<DIVIDEND-INCOME> 6372
<INTEREST-INCOME> 1530
<OTHER-INCOME> 0
<EXPENSES-NET> 6780
<NET-INVESTMENT-INCOME> 1122
<REALIZED-GAINS-CURRENT> 49186
<APPREC-INCREASE-CURRENT> 17755
<NET-CHANGE-FROM-OPS> 68063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 714
<DISTRIBUTIONS-OF-GAINS> 45964
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13503
<NUMBER-OF-SHARES-REDEEMED> 14936
<SHARES-REINVESTED> 1829
<NET-CHANGE-IN-ASSETS> 60466
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 46093
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6788
<AVERAGE-NET-ASSETS> 359074
<PER-SHARE-NAV-BEGIN> 17.07
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 2.37
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 1.78
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.69
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 12
<NAME> PILGRIM MAGNACAP FUND CLASS B
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 361634
<INVESTMENTS-AT-VALUE> 497602
<RECEIVABLES> 4972
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 502650
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 963
<TOTAL-LIABILITIES> 963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 315997
<SHARES-COMMON-STOCK> 6696
<SHARES-COMMON-PRIOR> 5925
<ACCUMULATED-NII-CURRENT> 536
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49186
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 135968
<NET-ASSETS> 116227
<DIVIDEND-INCOME> 6372
<INTEREST-INCOME> 1530
<OTHER-INCOME> 0
<EXPENSES-NET> 6780
<NET-INVESTMENT-INCOME> 1122
<REALIZED-GAINS-CURRENT> 49186
<APPREC-INCREASE-CURRENT> 17755
<NET-CHANGE-FROM-OPS> 68063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 45964
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2873
<NUMBER-OF-SHARES-REDEEMED> 1308
<SHARES-REINVESTED> 516
<NET-CHANGE-IN-ASSETS> 60466
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 46093
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6788
<AVERAGE-NET-ASSETS> 113563
<PER-SHARE-NAV-BEGIN> 16.86
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 2.32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.78
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.36
<EXPENSE-RATIO> 2.05
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 13
<NAME> PILGRIM MAGNACAP FUND CLASS C
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUN-01-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 361634
<INVESTMENTS-AT-VALUE> 497602
<RECEIVABLES> 4972
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 502650
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 963
<TOTAL-LIABILITIES> 963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 315997
<SHARES-COMMON-STOCK> 35
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 537
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49186
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 135968
<NET-ASSETS> 601
<DIVIDEND-INCOME> 6372
<INTEREST-INCOME> 1530
<OTHER-INCOME> 0
<EXPENSES-NET> 6780
<NET-INVESTMENT-INCOME> 1122
<REALIZED-GAINS-CURRENT> 49186
<APPREC-INCREASE-CURRENT> 17755
<NET-CHANGE-FROM-OPS> 68063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 45964
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 60466
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 46093
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6788
<AVERAGE-NET-ASSETS> 229
<PER-SHARE-NAV-BEGIN> 16.54
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .38
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.92
<EXPENSE-RATIO> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 14
<NAME> PILGRIM MAGNACAP FUND CLASS M
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 361634
<INVESTMENTS-AT-VALUE> 497602
<RECEIVABLES> 4972
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 502650
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 963
<TOTAL-LIABILITIES> 963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 315997
<SHARES-COMMON-STOCK> 933
<SHARES-COMMON-PRIOR> 944
<ACCUMULATED-NII-CURRENT> 536
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49186
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 135968
<NET-ASSETS> 16351
<DIVIDEND-INCOME> 6372
<INTEREST-INCOME> 1530
<OTHER-INCOME> 0
<EXPENSES-NET> 6780
<NET-INVESTMENT-INCOME> 1122
<REALIZED-GAINS-CURRENT> 49186
<APPREC-INCREASE-CURRENT> 17755
<NET-CHANGE-FROM-OPS> 68063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1
<DISTRIBUTIONS-OF-GAINS> 45964
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211
<NUMBER-OF-SHARES-REDEEMED> 239
<SHARES-REINVESTED> 96
<NET-CHANGE-IN-ASSETS> 60466
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 46093
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3201
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6788
<AVERAGE-NET-ASSETS> 16204
<PER-SHARE-NAV-BEGIN> 16.95
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 2.35
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.78
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.51
<EXPENSE-RATIO> 1.80
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 021
<NAME> PILGRIM HIGH YIELD FUND CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 418478
<INVESTMENTS-AT-VALUE> 409135
<RECEIVABLES> 13836
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 423060
<PAYABLE-FOR-SECURITIES> 1775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3481
<TOTAL-LIABILITIES> 5256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468338
<SHARES-COMMON-STOCK> 22170
<SHARES-COMMON-PRIOR> 14769
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 41190
<ACCUM-APPREC-OR-DEPREC> (9344)
<NET-ASSETS> 131535
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37454
<OTHER-INCOME> 0
<EXPENSES-NET> 5372
<NET-INVESTMENT-INCOME> 32082
<REALIZED-GAINS-CURRENT> (39880)
<APPREC-INCREASE-CURRENT> (9009)
<NET-CHANGE-FROM-OPS> (16807)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11713
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 190
<NUMBER-OF-SHARES-SOLD> 23077
<NUMBER-OF-SHARES-REDEEMED> 16690
<SHARES-REINVESTED> 1013
<NET-CHANGE-IN-ASSETS> 141292
<ACCUMULATED-NII-PRIOR> 1300
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9099
<GROSS-ADVISORY-FEES> 2176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5858
<AVERAGE-NET-ASSETS> 131561
<PER-SHARE-NAV-BEGIN> 6.94
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.96)
<PER-SHARE-DIVIDEND> 0.62
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.01
<PER-SHARE-NAV-END> 5.93
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 022
<NAME> PILGRIM HIGH YIELD FUND CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 418478
<INVESTMENTS-AT-VALUE> 409135
<RECEIVABLES> 13836
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 423060
<PAYABLE-FOR-SECURITIES> 1775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3481
<TOTAL-LIABILITIES> 5256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468338
<SHARES-COMMON-STOCK> 44173
<SHARES-COMMON-PRIOR> 14769
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 41190
<ACCUM-APPREC-OR-DEPREC> (9344)
<NET-ASSETS> 261589
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37454
<OTHER-INCOME> 0
<EXPENSES-NET> 5372
<NET-INVESTMENT-INCOME> 32082
<REALIZED-GAINS-CURRENT> (39880)
<APPREC-INCREASE-CURRENT> (9009)
<NET-CHANGE-FROM-OPS> (16807)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19566
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 379
<NUMBER-OF-SHARES-SOLD> 28534
<NUMBER-OF-SHARES-REDEEMED> 7951
<SHARES-REINVESTED> 1285
<NET-CHANGE-IN-ASSETS> 141292
<ACCUMULATED-NII-PRIOR> 1300
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9099
<GROSS-ADVISORY-FEES> 2176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5858
<AVERAGE-NET-ASSETS> 260564
<PER-SHARE-NAV-BEGIN> 6.94
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.96)
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.01
<PER-SHARE-NAV-END> 5.92
<EXPENSE-RATIO> 1.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 023
<NAME> PILGRIM HIGH YIELD FUND CLASS C
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> MAY-27-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 418478
<INVESTMENTS-AT-VALUE> 409135
<RECEIVABLES> 13836
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 423060
<PAYABLE-FOR-SECURITIES> 1775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3481
<TOTAL-LIABILITIES> 5256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468338
<SHARES-COMMON-STOCK> 93
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 41190
<ACCUM-APPREC-OR-DEPREC> (9344)
<NET-ASSETS> 551
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37454
<OTHER-INCOME> 0
<EXPENSES-NET> 5372
<NET-INVESTMENT-INCOME> 32082
<REALIZED-GAINS-CURRENT> (39880)
<APPREC-INCREASE-CURRENT> (9009)
<NET-CHANGE-FROM-OPS> (16807)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 93
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 141292
<ACCUMULATED-NII-PRIOR> 1300
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9099
<GROSS-ADVISORY-FEES> 2176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5858
<AVERAGE-NET-ASSETS> 225
<PER-SHARE-NAV-BEGIN> 5.91
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.92
<EXPENSE-RATIO> 1.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 024
<NAME> PILGRIM HIGH YIELD FUND CLASS M
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUN-02-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 418478
<INVESTMENTS-AT-VALUE> 409135
<RECEIVABLES> 13836
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 423060
<PAYABLE-FOR-SECURITIES> 1775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3481
<TOTAL-LIABILITIES> 5256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468338
<SHARES-COMMON-STOCK> 4071
<SHARES-COMMON-PRIOR> 14769
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 41190
<ACCUM-APPREC-OR-DEPREC> (9344)
<NET-ASSETS> 24129
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37454
<OTHER-INCOME> 0
<EXPENSES-NET> 5372
<NET-INVESTMENT-INCOME> 32082
<REALIZED-GAINS-CURRENT> (39880)
<APPREC-INCREASE-CURRENT> (9009)
<NET-CHANGE-FROM-OPS> (16807)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2104
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 35
<NUMBER-OF-SHARES-SOLD> 2190
<NUMBER-OF-SHARES-REDEEMED> 1174
<SHARES-REINVESTED> 197
<NET-CHANGE-IN-ASSETS> 141292
<ACCUMULATED-NII-PRIOR> 1300
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9099
<GROSS-ADVISORY-FEES> 2176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5858
<AVERAGE-NET-ASSETS> 24575
<PER-SHARE-NAV-BEGIN> 6.92
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> (0.95)
<PER-SHARE-DIVIDEND> 0.58
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.01
<PER-SHARE-NAV-END> 5.93
<EXPENSE-RATIO> 1.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 061448
<NAME> PILGRIM INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 025
<NAME> PILGRIM HIGH YIELD FUND CLASS Q
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 418478
<INVESTMENTS-AT-VALUE> 409135
<RECEIVABLES> 13836
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 423060
<PAYABLE-FOR-SECURITIES> 1775
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3481
<TOTAL-LIABILITIES> 5256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468338
<SHARES-COMMON-STOCK> 22170
<SHARES-COMMON-PRIOR> 14769
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 41190
<ACCUM-APPREC-OR-DEPREC> (9344)
<NET-ASSETS> 131535
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37454
<OTHER-INCOME> 0
<EXPENSES-NET> 5372
<NET-INVESTMENT-INCOME> 32082
<REALIZED-GAINS-CURRENT> (39880)
<APPREC-INCREASE-CURRENT> (9009)
<NET-CHANGE-FROM-OPS> (16807)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 141292
<ACCUMULATED-NII-PRIOR> 1300
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9099
<GROSS-ADVISORY-FEES> 2176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5858
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 5.91
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.93
<EXPENSE-RATIO> 0
</TABLE>
The Board of Directors
Pilgrim Investment Funds, Inc.:
In planning and performing our audit of the financial statements of the Pilgrim
MagnaCap Fund and Pilgrim High Yield Fund (two of the funds comprising the
Pilgrim Investment Funds, Inc.) for the year ended June 30, 1999, we considered
the Funds' internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of internal control to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including procedures for safeguarding
securities that we consider to be material weaknesses as defined above as of
June 30, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of the Funds and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
KPMG LLP
August 20, 1999
