-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FmeZ4urar5CX1sUnwQzoegFkc3TtmUGnNvHLwLu7jR9tf5sc9kI0JQDTQZN6/2nP AF1XRbefXHe5+jWpoXBdyg== 0000950147-99-001019.txt : 19990915 0000950147-99-001019.hdr.sgml : 19990915 ACCESSION NUMBER: 0000950147-99-001019 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PILGRIM INVESTMENT FUNDS INC/MD CENTRAL INDEX KEY: 0000061448 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 136066974 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: SEC FILE NUMBER: 811-01939 FILM NUMBER: 99711391 BUSINESS ADDRESS: STREET 1: TWO RENAISSANCE SQUARE 40 N CENTRAL STREET 2: STE 1200 CITY: PHOENIX STATE: AZ ZIP: 85004-4424 BUSINESS PHONE: 6024178100 MAIL ADDRESS: STREET 1: TWO RENAISSANCE SQ STREET 2: 40 N CENTRAL STE 1200 CITY: PHOENIX STATE: AZ ZIP: 85004-4424 FORMER COMPANY: FORMER CONFORMED NAME: PILGRIM INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19950503 FORMER COMPANY: FORMER CONFORMED NAME: PILGRIM MAGNACAP FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MAGNACAP FUND INC DATE OF NAME CHANGE: 19850701 NSAR-B 1 NSAR B OF PILGRIM INVESTMENT FUNDS 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 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 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 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 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 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 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 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 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 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 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 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 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 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 EX-27.11 2 FDS-PILGRIM MAGNACAP FUND CLASS A
6 061448 PILGRIM INVESTMENT FUNDS, INC. 11 PILGRIM MAGNACAP FUND CLASS A 1000 U.S. DOLLARS 12-MOS JUN-30-1999 JUL-01-1998 JUN-30-1999 1 361634 497602 4972 76 0 502650 0 0 963 963 0 315997 20826 21541 536 0 49186 0 135968 368508 6372 1530 0 6780 1122 49186 17755 68063 0 714 45964 0 13503 14936 1829 60466 0 46093 0 0 3201 0 6788 359074 17.07 .07 2.37 .04 1.78 0 17.69 1.35

EX-27.12 3 FDS-PILGRIM MAGNACAP FUND CLASS B
6 061448 PILGRIM INVESTMENT FUNDS, INC. 12 PILGRIM MAGNACAP FUND CLASS B 1000 U.S. DOLLARS 12-MOS JUN-30-1999 JUL-01-1998 JUN-30-1999 1 361634 497602 4972 76 0 502650 0 0 963 963 0 315997 6696 5925 536 0 49186 0 135968 116227 6372 1530 0 6780 1122 49186 17755 68063 0 0 45964 0 2873 1308 516 60466 0 46093 0 0 3201 0 6788 113563 16.86 (.04) 2.32 0 1.78 0 17.36 2.05

EX-27.13 4 FDS-PILGRIM MAGNACAP FUND CLASS C
6 061448 PILGRIM INVESTMENT FUNDS, INC. 13 PILGRIM MAGNACAP FUND CLASS C 1000 U.S. DOLLARS 1-MO JUN-30-1999 JUN-01-1999 JUN-30-1999 1 361634 497602 4972 76 0 502650 0 0 963 963 0 315997 35 0 537 0 49186 0 135968 601 6372 1530 0 6780 1122 49186 17755 68063 0 0 45964 0 35 0 0 60466 0 46093 0 0 3201 0 6788 229 16.54 0 .38 0 0 0 16.92 0

EX-27.14 5 FDS-PILGRIM MAGNACAP FUND CLASS M
6 061448 PILGRIM INVESTMENT FUNDS, INC. 14 PILGRIM MAGNACAP FUND CLASS M 1000 U.S. DOLLARS 12-MOS JUN-30-1999 JUL-01-1998 JUN-30-1999 1 361634 497602 4972 76 0 502650 0 0 963 963 0 315997 933 944 536 0 49186 0 135968 16351 6372 1530 0 6780 1122 49186 17755 68063 0 1 45964 0 211 239 96 60466 0 46093 0 0 3201 0 6788 16204 16.95 (.01) 2.35 0 1.78 0 17.51 1.80

EX-27.21 6 FDS-PILGRIM HIGH YIELD FUND CLASS A
6 061448 PILGRIM INVESTMENT FUNDS, INC. 021 PILGRIM HIGH YIELD FUND CLASS A 1,000 U.S. DOLLAR 12-MOS JUN-30-1999 JUL-01-1998 JUN-30-1999 1 418478 409135 13836 89 0 423060 1775 0 3481 5256 0 468338 22170 14769 0 0 0 41190 (9344) 131535 0 37454 0 5372 32082 (39880) (9009) (16807) 0 11713 0 190 23077 16690 1013 141292 1300 0 0 9099 2176 0 5858 131561 6.94 0.58 (0.96) 0.62 0 0.01 5.93 1.00

EX-27.22 7 FDS-PILGRIM HIGH YIELD FUND CLASS B
6 061448 PILGRIM INVESTMENT FUNDS, INC. 022 PILGRIM HIGH YIELD FUND CLASS B 1,000 U.S. DOLLAR 12-MOS JUN-30-1999 JUL-01-1998 JUN-30-1999 1 418478 409135 13836 89 0 423060 1775 0 3481 5256 0 468338 44173 14769 0 0 0 41190 (9344) 261589 0 37454 0 5372 32082 (39880) (9009) (16807) 0 19566 0 379 28534 7951 1285 141292 1300 0 0 9099 2176 0 5858 260564 6.94 0.53 (0.96) 0.56 0 0.01 5.92 1.75

EX-27.23 8 FDS-PILGRIM HIGH YIELD FUND CLASS C
6 061448 PILGRIM INVESTMENT FUNDS, INC. 023 PILGRIM HIGH YIELD FUND CLASS C 1,000 U.S. DOLLARS 1-MO JUN-30-1999 MAY-27-1999 JUN-30-1999 1 418478 409135 13836 89 0 423060 1775 0 3481 5256 0 468338 93 0 0 0 0 41190 (9344) 551 0 37454 0 5372 32082 (39880) (9009) (16807) 0 0 0 0 93 0 0 141292 1300 0 0 9099 2176 0 5858 225 5.91 0.05 0.01 0.05 0 0 5.92 1.75

EX-27.24 9 FDS-PILGRIM HIGH YIELD FUND CLASS M
6 061448 PILGRIM INVESTMENT FUNDS, INC. 024 PILGRIM HIGH YIELD FUND CLASS M 1,000 U.S. DOLLARS 1-MO JUN-30-1999 JUN-02-1999 JUN-30-1999 1 418478 409135 13836 89 0 423060 1775 0 3481 5256 0 468338 4071 14769 0 0 0 41190 (9344) 24129 0 37454 0 5372 32082 (39880) (9009) (16807) 0 2104 0 35 2190 1174 197 141292 1300 0 0 9099 2176 0 5858 24575 6.92 0.55 (0.95) 0.58 0 0.01 5.93 1.50

EX-27.25 10 FDS-PILGRIM HIGH YIELD FUND CLASS Q
6 061448 PILGRIM INVESTMENT FUNDS, INC. 025 PILGRIM HIGH YIELD FUND CLASS Q 1,000 U.S. DOLLAR 12-MOS JUN-30-1999 JUL-01-1998 JUN-30-1999 1 418478 409135 13836 89 0 423060 1775 0 3481 5256 0 468338 22170 14769 0 0 0 41190 (9344) 131535 0 37454 0 5372 32082 (39880) (9009) (16807) 0 0 0 0 0 0 0 141292 1300 0 0 9099 2176 0 5858 0 5.91 0.03 (0.01) 0 0 0 5.93 0

EX-99.1 11 INTERNAL CONTROL LETTER FROM KPMG LLP 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 ~~-----END PRIVACY-ENHANCED MESSAGE-----~~