Exhibit (j)(2)

                             [LETTERHEAD OF DECHERT]


February 28, 2001


Pilgrim Investment Funds, Inc.
7337 East Doubletree Ranch Road
Scottsdale, Arizona  85258-2034

Re:  Pilgrim Investment Funds, Inc.
     (File Nos. 002-34552 and 811-01939)


Dear Sirs:

We hereby consent to all references to our firm in Post-Effective  Amendment No.
48 to the Registration  Statement of Pilgrim  Investment  Funds,  Inc. In giving
such  consent,  however,  we do not admit  that we are within  the  category  of
persons whose consent is required by Section 7 of the Securities Act of 1933, as
amended, and the rules and regulations thereunder.

Very truly yours,