Exhibit (q)(1)

                       FOR PILGRIM INVESTMENT FUNDS, INC.
                                  on behalf of
                              Pilgrim MagnaCap Fund
                             Pilgrim High Yield Fund

                                    EXHIBITS

(e)(1)  Form of Investment Management Agreement between PIF, on behalf of
        Pilgrim MagnaCap Fund, and ING Pilgrim Investments is incorporated by
        reference to Post-Effective Amendment No. 47 to the Registration
        Statement on Form N-1A as filed on November 2, 2000.

(e)(2)  Form of Investment Management Agreement between PIF, on behalf of
        Pilgrim High Yield Fund, and ING Pilgrim Investments is incorporated by
        reference to Post-Effective Amendment No. 47 to the Registration
        Statement on Form N-1A as filed on November 2, 2000.