Pilgrim America Masters Asia-Pacific Equity Fund
Pilgrim America Masters MidCap Value Fund
Pilgrim America Masters LargeCap Value Fund
Series of
PILGRIM AMERICA MASTERS SERIES, INC.
Supplement Dated April 9, 1996
To Prospectus of July 25, 1995
(as supplemented November 24, 1995)
Page 16, under the section entitled "Waiver of CDSCs", is hereby amended to
include the following language at the end of the first paragraph:
The CDSC also may be waived for Class B Shares redeemed pursuant to a
Systematic Withdrawal Plan, up to a maximum of 12% per year of a shareholder's
account value based on the value of the account at the time the Plan is
established and annually thereafter, provided all dividends and distributions
are reinvested and that total redemptions do not exceed 12% annually. In
determining whether a CDSC is applicable, it will be assumed that shares held in
the shareholder's account that are not subject to such charge are redeemed
first.
Page 20, under the section entitled "Retirement Plans", is hereby amended
to include the following language at the end of the first paragraph:
IFTC currently receives compensation for the annual maintenance of IRA
accounts. The 1996 annual $12.00 IFTC IRA custodian fee will be waived for IRA
accounts established in any of the mutual funds of Pilgrim America Group between
April 3, 1996, and June 30, 1996. Such waiver is only applicable to those IRA
accounts where IFTC has been appointed custodian by the shareholder. In
addition, the waiver is applicable only for 1996 and shareholders will be
responsible for IRA custodial fees in subsequent years.
