<PAGE> PAGE 1
000 A000000 12/31/95
000 C000000 0000944689
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 AMERICA MASTERS SERIES, INC.
001 B000000 811-9040
001 C000000 6024178100
002 A000000 2 RENAISSANCE SQ, 40 N CENTRAL STE 1200
002 B000000 PHOENIX
002 C000000 AZ
002 D010000 85004
002 D020000 4424
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 ASIA-PACIFIC EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 MIDCAP VALUE FUND
007 C030200 N
007 C010300 3
007 C020300 LARGECAP VALUE FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 PILGRIM AMERICA INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-8178
008 D01AA01 PHOENIX
008 D02AA01 AZ
008 D03AA01 85004
008 D04AA01 4424
010 A00AA01 PILGRIM AMERICA GROUP, INC.
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85004
010 C04AA01 4424
<PAGE> PAGE 2
011 A00AA01 PILGRIM AMERICA SECURITIES, INC.
011 B00AA01 8-8272
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85004
011 C04AA01 4424
012 A00AA01 INVESTORS FIDUCIARY TRUST CO.
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
012 C04AA01 1594
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90017
015 A00AA01 INVESTORS FIDUCIARY TRUST CO.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 C04AA01 1716
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 8
019 C00AA00 PILGRIMAME
020 A000001 CREDIT LYONNAI'S
020 C000001 11147
020 A000002 JARDINE FLEMING
020 C000002 7933
020 A000003 WARBURG
020 C000003 5402
020 A000004 BARING SECURITIES
020 C000004 4689
020 A000005 BARCLAYS
020 C000005 4423
020 A000006 SCHRODER
020 C000006 2278
020 A000007 WI CARR
020 C000007 1774
020 A000008 CHAPMAN COMPANY
020 C000008 1476
020 A000009 MORGAN GRENFELL
020 C000009 1395
020 A000010 KLEINWORTH
020 C000010 1018
021 000000 41535
022 A000001 STATE STREET
022 C000001 104008
022 D000001 734
<PAGE> PAGE 3
022 A000002 BANK OF AMERICA
022 C000002 101
022 D000002 101
022 A000003 SOLOMON BROTHERS
022 C000003 160
022 D000003 0
022 A000004 JARDINE FLEMING
022 C000004 120
022 D000004 32
022 A000005 MERRILL LYNCH
022 C000005 87
022 D000005 0
022 A000006 SMITH BARNEY
022 C000006 57
022 D000006 0
022 A000007 HERZOG, HEINE, G.
022 C000007 49
022 D000007 0
022 A000008 LEHMAN BROTHERS
022 C000008 44
022 D000008 0
022 A000009 BEAR STEARNS
022 C000009 34
022 D000009 0
022 A000010 OPPENHEIMER
022 C000010 34
022 D000010 0
023 C000000 104781
023 D000000 867
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 Y
030 A00AA00 0
030 B00AA00 5.75
<PAGE> PAGE 4
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 Y
035 00AA00 0
036 A00AA00 Y
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
<PAGE> PAGE 5
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
077 A000000 N
<PAGE> PAGE 6
078 000000 N
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 1608
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 713
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 1700
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 2727
028 F020100 0
028 F030100 0
028 F040100 24
028 G010100 6748
028 G020100 0
028 G030100 0
028 G040100 24
028 H000100 4842
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 5
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.250
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
<PAGE> PAGE 7
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 0
048 K020100 0.000
066 A000100 Y
066 C000100 Y
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
071 A000100 6687
071 B000100 217
071 C000100 2258
071 D000100 10
072 A000100 4
072 B000100 14
072 C000100 9
072 D000100 0
072 E000100 0
072 F000100 12
072 G000100 0
072 H000100 0
072 I000100 7
072 J000100 2
072 K000100 0
072 L000100 2
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 6
072 T000100 5
072 U000100 10
072 V000100 0
072 W000100 1
072 X000100 45
072 Y000100 24
072 Z000100 2
<PAGE> PAGE 8
072AA000100 0
072BB000100 12
072CC010100 75
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 5
074 B000100 1359
074 C000100 0
074 D000100 26
074 E000100 0
074 F000100 6515
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 54
074 K000100 24
074 L000100 486
074 M000100 146
074 N000100 8615
074 O000100 1624
074 P000100 8
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 193
074 S000100 0
074 T000100 6790
074 U010100 392
074 U020100 196
074 V010100 9.88
074 V020100 9.86
074 W000100 0.0000
074 X000100 710
074 Y000100 0
075 A000100 0
075 B000100 2895
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 0
028 B030200 0
<PAGE> PAGE 9
028 B040200 0
028 C010200 946
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 173
028 D020200 0
028 D030200 0
028 D040200 2
028 E010200 267
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 110
028 F020200 0
028 F030200 0
028 F040200 10
028 G010200 1496
028 G020200 0
028 G030200 0
028 G040200 12
028 H000200 1065
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 2
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
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
<PAGE> PAGE 10
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
066 A000200 Y
066 C000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 1399
071 B000200 63
071 C000200 879
071 D000200 7
072 A000200 4
072 B000200 2
072 C000200 4
072 D000200 0
072 E000200 0
072 F000200 4
072 G000200 0
072 H000200 0
072 I000200 3
072 J000200 1
072 K000200 0
072 L000200 2
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 6
072 T000200 2
072 U000200 10
072 V000200 0
072 W000200 1
072 X000200 29
072 Y000200 22
072 Z000200 -1
072AA000200 0
072BB000200 2
072CC010200 70
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
<PAGE> PAGE 11
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 160
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 1405
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 22
074 L000200 30
074 M000200 146
074 N000200 1763
074 O000200 42
074 P000200 2
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 168
074 S000200 0
074 T000200 1551
074 U010200 91
074 U020200 43
074 V010200 10.36
074 V020200 10.33
074 W000200 0.0000
074 X000200 91
074 Y000200 0
075 A000200 0
075 B000200 998
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 1195
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 51
028 D020300 0
028 D030300 0
<PAGE> PAGE 12
028 D040300 0
028 E010300 305
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 196
028 F020300 0
028 F030300 0
028 F040300 1
028 G010300 1747
028 G020300 0
028 G030300 0
028 G040300 1
028 H000300 1549
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 2
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 1.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
066 A000300 Y
<PAGE> PAGE 13
066 C000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 1976
071 B000300 311
071 C000300 1105
071 D000300 28
072 A000300 4
072 B000300 3
072 C000300 9
072 D000300 0
072 E000300 0
072 F000300 5
072 G000300 0
072 H000300 0
072 I000300 3
072 J000300 3
072 K000300 0
072 L000300 2
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 6
072 T000300 2
072 U000300 10
072 V000300 0
072 W000300 1
072 X000300 32
072 Y000300 24
072 Z000300 4
072AA000300 20
072BB000300 0
072CC010300 79
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 222
074 C000300 0
074 D000300 0
074 E000300 0
<PAGE> PAGE 14
074 F000300 1763
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 24
074 L000300 14
074 M000300 146
074 N000300 2169
074 O000300 150
074 P000300 2
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 168
074 S000300 0
074 T000300 1849
074 U010300 127
074 U020300 19
074 V010300 10.74
074 V020300 10.72
074 W000300 0.0000
074 X000300 71
074 Y000300 0
075 A000300 0
075 B000300 1193
076 000300 0.00
SIGNATURE MICHAEL J ROLAND
TITLE SENIOR V.P.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> ASIA PACIFIC CLASS A
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,823,670
<INVESTMENTS-AT-VALUE> 7,900,401
<RECEIVABLES> 564,666
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 149,840
<TOTAL-ASSETS> 8,615,644
<PAYABLE-FOR-SECURITIES> 1,623,943
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201,297
<TOTAL-LIABILITIES> 1,825,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,725,311
<SHARES-COMMON-STOCK> 392,433
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 12,486
<ACCUM-APPREC-OR-DEPREC> 75,361
<NET-ASSETS> 6,790,404
<DIVIDEND-INCOME> 7,132
<INTEREST-INCOME> 7,132
<OTHER-INCOME> 0
<EXPENSES-NET> (11,302)
<NET-INVESTMENT-INCOME> 2,962
<REALIZED-GAINS-CURRENT> (12,486)
<APPREC-INCREASE-CURRENT> 75,361
<NET-CHANGE-FROM-OPS> 65,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,748,556
<NUMBER-OF-SHARES-REDEEMED> 23,245
<SHARES-REINVESTED> 23,245
<NET-CHANGE-IN-ASSETS> 6,790,404
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,110
<AVERAGE-NET-ASSETS> 2,854,100
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.88
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> ASIA PACIFIC CLASS B
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,823,670
<INVESTMENTS-AT-VALUE> 7,900,401
<RECEIVABLES> 564,666
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 149,840
<TOTAL-ASSETS> 8,615,644
<PAYABLE-FOR-SECURITIES> 1,623,943
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201,297
<TOTAL-LIABILITIES> 1,825,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,725,311
<SHARES-COMMON-STOCK> 195,688
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 12,486
<ACCUM-APPREC-OR-DEPREC> 75,361
<NET-ASSETS> 6,790,404
<DIVIDEND-INCOME> 2,355
<INTEREST-INCOME> 2,355
<OTHER-INCOME> 0
<EXPENSES-NET> (5,333)
<NET-INVESTMENT-INCOME> (623)
<REALIZED-GAINS-CURRENT> (12,486)
<APPREC-INCREASE-CURRENT> 75,361
<NET-CHANGE-FROM-OPS> 65,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,748,556
<NUMBER-OF-SHARES-REDEEMED> (23,245)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,790,404
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,110
<AVERAGE-NET-ASSETS> 2,854,100
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (0.14)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> 2.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> ASIA PACIFIC CLASS M
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,823,670
<INVESTMENTS-AT-VALUE> 7,900,401
<RECEIVABLES> 564,666
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 149,840
<TOTAL-ASSETS> 8,615,644
<PAYABLE-FOR-SECURITIES> 1,623,943
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201,297
<TOTAL-LIABILITIES> 1,825,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,725,311
<SHARES-COMMON-STOCK> 99,788
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 12,486
<ACCUM-APPREC-OR-DEPREC> 75,361
<NET-ASSETS> 6,790,404
<DIVIDEND-INCOME> 2,109
<INTEREST-INCOME> 2,109
<OTHER-INCOME> 0
<EXPENSES-NET> (4,338)
<NET-INVESTMENT-INCOME> (120)
<REALIZED-GAINS-CURRENT> (12,486)
<APPREC-INCREASE-CURRENT> 75,361
<NET-CHANGE-FROM-OPS> 65,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,748,556
<NUMBER-OF-SHARES-REDEEMED> (23,245)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,790,404
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,110
<AVERAGE-NET-ASSETS> 2,854,100
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.87
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> MIDCAP VALUE CLASS A
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,334,550
<INVESTMENTS-AT-VALUE> 1,565,265
<RECEIVABLES> 52,036
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 145,143
<TOTAL-ASSETS> 1,763,181
<PAYABLE-FOR-SECURITIES> 42,434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,558
<TOTAL-LIABILITIES> 211,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,484,014
<SHARES-COMMON-STOCK> 91,074
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (1,197)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,747)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,119
<NET-ASSETS> 1,551,189
<DIVIDEND-INCOME> 2,078
<INTEREST-INCOME> 2,078
<OTHER-INCOME> 0
<EXPENSES-NET> (4,362)
<NET-INVESTMENT-INCOME> (206)
<REALIZED-GAINS-CURRENT> (1,747)
<APPREC-INCREASE-CURRENT> 70,119
<NET-CHANGE-FROM-OPS> 67,175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,496,704
<NUMBER-OF-SHARES-REDEEMED> (12,690)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,551,189
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,717
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,450
<AVERAGE-NET-ASSETS> 1,116,373
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.36
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> MIDCAP VALUE CLASS B
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,334,550
<INVESTMENTS-AT-VALUE> 1,565,265
<RECEIVABLES> 52,036
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 145,143
<TOTAL-ASSETS> 1,763,181
<PAYABLE-FOR-SECURITIES> 42,434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,558
<TOTAL-LIABILITIES> 211,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,484,014
<SHARES-COMMON-STOCK> 43,008
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (1,197)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,747)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,119
<NET-ASSETS> 1,551,189
<DIVIDEND-INCOME> 786
<INTEREST-INCOME> 786
<OTHER-INCOME> 0
<EXPENSES-NET> (2,453)
<NET-INVESTMENT-INCOME> (881)
<REALIZED-GAINS-CURRENT> (1,747)
<APPREC-INCREASE-CURRENT> 70,119
<NET-CHANGE-FROM-OPS> 67,175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,496,704
<NUMBER-OF-SHARES-REDEEMED> (12,690)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,551,189
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,717
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,450
<AVERAGE-NET-ASSETS> 1,116,373
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.35
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 023
<NAME> MIDCAP VALUE CLASS M
<MULTIPLIER> 1
<CURRENCY> U.S.DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,334,550
<INVESTMENTS-AT-VALUE> 1,565,265
<RECEIVABLES> 52,036
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 145,143
<TOTAL-ASSETS> 1,763,181
<PAYABLE-FOR-SECURITIES> 42,434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,558
<TOTAL-LIABILITIES> 211,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,484,014
<SHARES-COMMON-STOCK> 15,845
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (1,197)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,747)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,119
<NET-ASSETS> 1,551,189
<DIVIDEND-INCOME> 250
<INTEREST-INCOME> 249
<OTHER-INCOME> 0
<EXPENSES-NET> (601)
<NET-INVESTMENT-INCOME> (102)
<REALIZED-GAINS-CURRENT> (1,747)
<APPREC-INCREASE-CURRENT> 70,119
<NET-CHANGE-FROM-OPS> 67,175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,496,704
<NUMBER-OF-SHARES-REDEEMED> (12,690)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,551,189
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,717
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,450
<AVERAGE-NET-ASSETS> 1,116,373
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> LARGECAP VALUE FUND CLASS A
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,684,391
<INVESTMENTS-AT-VALUE> 1,985,283
<RECEIVABLES> 37,986
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 145,143
<TOTAL-ASSETS> 2,169,149
<PAYABLE-FOR-SECURITIES> 149,703
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,602
<TOTAL-LIABILITIES> 320,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,746,556
<SHARES-COMMON-STOCK> 127,260
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,602
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,539
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,147
<NET-ASSETS> 1,848,844
<DIVIDEND-INCOME> 5,260
<INTEREST-INCOME> 5,259
<OTHER-INCOME> 0
<EXPENSES-NET> (6,964)
<NET-INVESTMENT-INCOME> 3,555
<REALIZED-GAINS-CURRENT> 19,539
<APPREC-INCREASE-CURRENT> 79,147
<NET-CHANGE-FROM-OPS> 102,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,747,391
<NUMBER-OF-SHARES-REDEEMED> (835)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,848,844
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32,475
<AVERAGE-NET-ASSETS> 1,391,016
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.71
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.74
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> LARGECAP VALUE FUND CLASS B
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,684,391
<INVESTMENTS-AT-VALUE> 1,985,283
<RECEIVABLES> 37,986
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 145,143
<TOTAL-ASSETS> 2,169,149
<PAYABLE-FOR-SECURITIES> 149,703
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,602
<TOTAL-LIABILITIES> 320,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,746,556
<SHARES-COMMON-STOCK> 18,829
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,602
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,539
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,147
<NET-ASSETS> 1,848,844
<DIVIDEND-INCOME> 190
<INTEREST-INCOME> 189
<OTHER-INCOME> 0
<EXPENSES-NET> (437)
<NET-INVESTMENT-INCOME> (58)
<REALIZED-GAINS-CURRENT> 19,539
<APPREC-INCREASE-CURRENT> 79,147
<NET-CHANGE-FROM-OPS> 102,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,747,391
<NUMBER-OF-SHARES-REDEEMED> (835)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,848,844
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32,475
<AVERAGE-NET-ASSETS> 1,391,016
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.72
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.72
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 033
<NAME> LARGECAP VALUE FUND CLASS M
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,684,391
<INVESTMENTS-AT-VALUE> 1,985,283
<RECEIVABLES> 37,986
<ASSETS-OTHER> 737
<OTHER-ITEMS-ASSETS> 145,143
<TOTAL-ASSETS> 2,169,149
<PAYABLE-FOR-SECURITIES> 149,703
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,602
<TOTAL-LIABILITIES> 320,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,746,556
<SHARES-COMMON-STOCK> 26,149
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,602
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,539
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,147
<NET-ASSETS> 1,848,844
<DIVIDEND-INCOME> 599
<INTEREST-INCOME> 599
<OTHER-INCOME> 0
<EXPENSES-NET> (1,093)
<NET-INVESTMENT-INCOME> 105
<REALIZED-GAINS-CURRENT> 19,539
<APPREC-INCREASE-CURRENT> 79,147
<NET-CHANGE-FROM-OPS> 102,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,747,391
<NUMBER-OF-SHARES-REDEEMED> (835)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,848,844
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32,475
<AVERAGE-NET-ASSETS> 1,391,016
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.72
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.72
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
