PILGRIM AMERICA MASTERS SERIES INC
NSAR-B, 1996-08-29
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<PAGE>      
PAGE  1
000 B000000 06/30/96
000 C000000 0000944689
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
"001 A000000 PILGRIM AMERICA MASTERS SERIES, INC."
001 B000000 811-9040
001 C000000 6024178100
002 A000000 40 N CENT.AVE.STE.1200 2 RENAISSANCE SQ.
002 B000000 PHOENIX
002 C000000 AZ
002 D010000 85004
002 D020000 4424
003  000000 N
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 BARCLAYS BZW
020 C000001     41
020 A000002 JARDINE FLEMING
020 C000002     36
020 A000003 W.I. CARR
020 C000003     30
020 A000004 BARING SECURITIES
020 C000004     25
020 A000005 KLEINWORT
020 C000005     20
020 A000006 CREDIT LYONNAIS
020 C000006     17
020 A000007 G.K. GOH SECURITIES
020 C000007     16
020 A000008 UBS SECURITIES
020 C000008     13
020 A000009 PHILEO ALLIED
020 C000009     10
020 A000010 SCHRODER
020 C000010      9
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022 A000001 STATE STREET
022 C000001    196749
022 D000001       734
<PAGE>      
PAGE  3
022 A000002 GENERAL ELECTRIC
022 C000002    196907
022 D000002         0
022 A000003 MERRILL LYNCH
022 C000003     33449
022 D000003         0
022 A000004 BANK OF AMERICA
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022 D000004       101
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022 C000006      1176
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050  00AA00 N
051  00AA00 N
<PAGE>     
PAGE  4
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
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059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00     1000
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062 B00AA00   0.0
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077 A000000 Y
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080 A00AA00 RELIANCE INSURANCE CO.
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<PAGE>     
PAGE  5
082 A00AA00 Y
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<PAGE>     
PAGE  6
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<PAGE>      
PAGE  7
055 A000100 N
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<PAGE>      
PAGE  8
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<PAGE>     
PAGE  9
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<PAGE>     
PAGE  10
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<PAGE>      
PAGE  11
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<PAGE>      
PAGE  12
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<PAGE>     
PAGE  13
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<PAGE>      
PAGE  14
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<PAGE>      
PAGE  15
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<PAGE>      
PAGE  16
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SIGNATURE   MICHAEL J. ROLAND                            
TITLE       SR. VICE PRESIDENT  
 

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   011
   <NAME>                     Asia Pacific Equity Fund - Class A
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<OVERDISTRIB-NII-PRIOR>                             0 
<OVERDIST-NET-GAINS-PRIOR>                          0 
<GROSS-ADVISORY-FEES>                             170 
<INTEREST-EXPENSE>                                  0 
<GROSS-EXPENSE>                                   211 
<AVERAGE-NET-ASSETS>                            7,323 
<PER-SHARE-NAV-BEGIN>                           10.00
<PER-SHARE-NII>                                  0.03
<PER-SHARE-GAIN-APPREC>                          0.34
<PER-SHARE-DIVIDEND>                                0
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                             0.02
<PER-SHARE-NAV-END>                             10.35
<EXPENSE-RATIO>                                  2.00
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   012
   <NAME>                     Asia Pacific Equity Fund - Class B
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                           <C>
<PERIOD-TYPE>                 10-MOS   
<FISCAL-YEAR-END>                         JUN-30-1996
<PERIOD-START>                            SEP-01-1995
<PERIOD-END>                              JUN-30-1996
<EXCHANGE-RATE>                                     1  
<INVESTMENTS-AT-COST>                          42,364  
<INVESTMENTS-AT-VALUE>                         42,160  
<RECEIVABLES>                                   1,606  
<ASSETS-OTHER>                                    234  
<OTHER-ITEMS-ASSETS>                              130  
<TOTAL-ASSETS>                                 44,130  
<PAYABLE-FOR-SECURITIES>                        1,067  
<SENIOR-LONG-TERM-DEBT>                             0  
<OTHER-ITEMS-LIABILITIES>                         427  
<TOTAL-LIABILITIES>                             1,494  
<SENIOR-EQUITY>                                     0  
<PAID-IN-CAPITAL-COMMON>                       42,908  
<SHARES-COMMON-STOCK>                           1,726  
<SHARES-COMMON-PRIOR>                               0  
<ACCUMULATED-NII-CURRENT>                           0  
<OVERDISTRIBUTION-NII>                             20  
<ACCUMULATED-NET-GAINS>                             0  
<OVERDISTRIBUTION-GAINS>                           48  
<ACCUM-APPREC-OR-DEPREC>                         (204) 
<NET-ASSETS>                                   17,789
<DIVIDEND-INCOME>                                 103        
<INTEREST-INCOME>                                  25
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                    149
<NET-INVESTMENT-INCOME>                           (21)
<REALIZED-GAINS-CURRENT>                          (74)
<APPREC-INCREASE-CURRENT>                        (204)  
<NET-CHANGE-FROM-OPS>                            (282) 
<EQUALIZATION>                                      0   
<DISTRIBUTIONS-OF-INCOME>                           0   
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               2 
<NUMBER-OF-SHARES-SOLD>                        18,231 
<NUMBER-OF-SHARES-REDEEMED>                       245 
<SHARES-REINVESTED>                                 1
<NET-CHANGE-IN-ASSETS>                         42,602 
<ACCUMULATED-NII-PRIOR>                             0 
<ACCUMULATED-GAINS-PRIOR>                           0 
<OVERDISTRIB-NII-PRIOR>                             0 
<OVERDIST-NET-GAINS-PRIOR>                          0 
<GROSS-ADVISORY-FEES>                             170 
<INTEREST-EXPENSE>                                  0 
<GROSS-EXPENSE>                                   222 
<AVERAGE-NET-ASSETS>                            6,512 
<PER-SHARE-NAV-BEGIN>                           10.00
<PER-SHARE-NII>                                 (0.01)
<PER-SHARE-GAIN-APPREC>                          0.32
<PER-SHARE-DIVIDEND>                                0
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                             10.31
<EXPENSE-RATIO>                                  2.75
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   013
   <NAME>                     Asia Pacific Equity Fund - Class M
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                           <C>
<PERIOD-TYPE>                 10-MOS   
<FISCAL-YEAR-END>                         JUN-30-1996
<PERIOD-START>                            SEP-01-1995
<PERIOD-END>                              JUN-30-1996
<EXCHANGE-RATE>                                     1  
<INVESTMENTS-AT-COST>                          42,364  
<INVESTMENTS-AT-VALUE>                         42,160  
<RECEIVABLES>                                   1,606  
<ASSETS-OTHER>                                    234  
<OTHER-ITEMS-ASSETS>                              130  
<TOTAL-ASSETS>                                 44,130  
<PAYABLE-FOR-SECURITIES>                        1,067  
<SENIOR-LONG-TERM-DEBT>                             0  
<OTHER-ITEMS-LIABILITIES>                         427  
<TOTAL-LIABILITIES>                             1,494  
<SENIOR-EQUITY>                                     0  
<PAID-IN-CAPITAL-COMMON>                       42,908  
<SHARES-COMMON-STOCK>                             628  
<SHARES-COMMON-PRIOR>                               0  
<ACCUMULATED-NII-CURRENT>                           0  
<OVERDISTRIBUTION-NII>                             20  
<ACCUMULATED-NET-GAINS>                             0  
<OVERDISTRIBUTION-GAINS>                           48  
<ACCUM-APPREC-OR-DEPREC>                         (204) 
<NET-ASSETS>                                    6,476
<DIVIDEND-INCOME>                                  28        
<INTEREST-INCOME>                                  22
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                     53
<NET-INVESTMENT-INCOME>                            (3)
<REALIZED-GAINS-CURRENT>                          (74)
<APPREC-INCREASE-CURRENT>                        (204)  
<NET-CHANGE-FROM-OPS>                            (282) 
<EQUALIZATION>                                      0   
<DISTRIBUTIONS-OF-INCOME>                           0   
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               1 
<NUMBER-OF-SHARES-SOLD>                         6,796 
<NUMBER-OF-SHARES-REDEEMED>                       270 
<SHARES-REINVESTED>                               948 
<NET-CHANGE-IN-ASSETS>                         42,602 
<ACCUMULATED-NII-PRIOR>                             0 
<ACCUMULATED-GAINS-PRIOR>                           0 
<OVERDISTRIB-NII-PRIOR>                             0 
<OVERDIST-NET-GAINS-PRIOR>                          0 
<GROSS-ADVISORY-FEES>                             170 
<INTEREST-EXPENSE>                                  0 
<GROSS-EXPENSE>                                    82 
<AVERAGE-NET-ASSETS>                            2,555 
<PER-SHARE-NAV-BEGIN>                           10.00
<PER-SHARE-NII>                                     0
<PER-SHARE-GAIN-APPREC>                          0.33
<PER-SHARE-DIVIDEND>                                0
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                             0.01
<PER-SHARE-NAV-END>                             10.32
<EXPENSE-RATIO>                                  2.50
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   031
   <NAME>                     Masters Large Cap Value Fund - Class A
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                           <C>
<PERIOD-TYPE>                 10-MOS   
<FISCAL-YEAR-END>                         JUN-30-1996
<PERIOD-START>                            SEP-01-1995
<PERIOD-END>                              JUN-30-1996
<EXCHANGE-RATE>                                     1  
<INVESTMENTS-AT-COST>                           4,791  
<INVESTMENTS-AT-VALUE>                          4,972  
<RECEIVABLES>                                     376  
<ASSETS-OTHER>                                     10  
<OTHER-ITEMS-ASSETS>                              130  
<TOTAL-ASSETS>                                  5,489  
<PAYABLE-FOR-SECURITIES>                          264  
<SENIOR-LONG-TERM-DEBT>                             0  
<OTHER-ITEMS-LIABILITIES>                          30  
<TOTAL-LIABILITIES>                               294  
<SENIOR-EQUITY>                                     0  
<PAID-IN-CAPITAL-COMMON>                        4,868  
<SHARES-COMMON-STOCK>                             215  
<SHARES-COMMON-PRIOR>                               0  
<ACCUMULATED-NII-CURRENT>                          15  
<OVERDISTRIBUTION-NII>                              0  
<ACCUMULATED-NET-GAINS>                           130  
<OVERDISTRIBUTION-GAINS>                            0  
<ACCUM-APPREC-OR-DEPREC>                          181  
<NET-ASSETS>                                    2,530
<DIVIDEND-INCOME>                                  28        
<INTEREST-INCOME>                                   3
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                     23
<NET-INVESTMENT-INCOME>                             8
<REALIZED-GAINS-CURRENT>                          146 
<APPREC-INCREASE-CURRENT>                         181   
<NET-CHANGE-FROM-OPS>                             327  
<EQUALIZATION>                                      0   
<DISTRIBUTIONS-OF-INCOME>                           6   
<DISTRIBUTIONS-OF-GAINS>                            3
<DISTRIBUTIONS-OTHER>                              12
<NUMBER-OF-SHARES-SOLD>                         2,326 
<NUMBER-OF-SHARES-REDEEMED>                        82 
<SHARES-REINVESTED>                                21 
<NET-CHANGE-IN-ASSETS>                          5,161 
<ACCUMULATED-NII-PRIOR>                             0 
<ACCUMULATED-GAINS-PRIOR>                           0 
<OVERDISTRIB-NII-PRIOR>                             0 
<OVERDIST-NET-GAINS-PRIOR>                          0 
<GROSS-ADVISORY-FEES>                              18 
<INTEREST-EXPENSE>                                  0 
<GROSS-EXPENSE>                                    70 
<AVERAGE-NET-ASSETS>                            1,553 
<PER-SHARE-NAV-BEGIN>                           10.00
<PER-SHARE-NII>                                  0.07
<PER-SHARE-GAIN-APPREC>                          1.87
<PER-SHARE-DIVIDEND>                             0.07
<PER-SHARE-DISTRIBUTIONS>                        0.09
<RETURNS-OF-CAPITAL>                             0.01
<PER-SHARE-NAV-END>                             11.77
<EXPENSE-RATIO>                                  1.75
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   032
   <NAME>                     Masters Large Cap Value Fund - Class B
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                           <C>
<PERIOD-TYPE>                 10-MOS   
<FISCAL-YEAR-END>                         JUN-30-1996
<PERIOD-START>                            SEP-01-1995
<PERIOD-END>                              JUN-30-1996
<EXCHANGE-RATE>                                     1  
<INVESTMENTS-AT-COST>                           4,791  
<INVESTMENTS-AT-VALUE>                          4,972  
<RECEIVABLES>                                     376  
<ASSETS-OTHER>                                     10  
<OTHER-ITEMS-ASSETS>                              130  
<TOTAL-ASSETS>                                  5,489  
<PAYABLE-FOR-SECURITIES>                          264  
<SENIOR-LONG-TERM-DEBT>                             0  
<OTHER-ITEMS-LIABILITIES>                          30  
<TOTAL-LIABILITIES>                               294  
<SENIOR-EQUITY>                                     0  
<PAID-IN-CAPITAL-COMMON>                        4,868  
<SHARES-COMMON-STOCK>                             122  
<SHARES-COMMON-PRIOR>                               0  
<ACCUMULATED-NII-CURRENT>                          15  
<OVERDISTRIBUTION-NII>                              0  
<ACCUMULATED-NET-GAINS>                           130  
<OVERDISTRIBUTION-GAINS>                            0  
<ACCUM-APPREC-OR-DEPREC>                          181  
<NET-ASSETS>                                    1,424
<DIVIDEND-INCOME>                                   3        
<INTEREST-INCOME>                                   2
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      6
<NET-INVESTMENT-INCOME>                            (1)
<REALIZED-GAINS-CURRENT>                          146 
<APPREC-INCREASE-CURRENT>                         181   
<NET-CHANGE-FROM-OPS>                             327  
<EQUALIZATION>                                      0   
<DISTRIBUTIONS-OF-INCOME>                           1   
<DISTRIBUTIONS-OF-GAINS>                            2
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                         1,501 
<NUMBER-OF-SHARES-REDEEMED>                       103 
<SHARES-REINVESTED>                                 3 
<NET-CHANGE-IN-ASSETS>                          5,161 
<ACCUMULATED-NII-PRIOR>                             0 
<ACCUMULATED-GAINS-PRIOR>                           0 
<OVERDISTRIB-NII-PRIOR>                             0 
<OVERDIST-NET-GAINS-PRIOR>                          0 
<GROSS-ADVISORY-FEES>                              18 
<INTEREST-EXPENSE>                                  0 
<GROSS-EXPENSE>                                    13 
<AVERAGE-NET-ASSETS>                              270 
<PER-SHARE-NAV-BEGIN>                           10.00
<PER-SHARE-NII>                                  0.06
<PER-SHARE-GAIN-APPREC>                          1.81
<PER-SHARE-DIVIDEND>                             0.06
<PER-SHARE-DISTRIBUTIONS>                        0.09
<RETURNS-OF-CAPITAL>                             0.01
<PER-SHARE-NAV-END>                             11.71
<EXPENSE-RATIO>                                  2.50
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   033
   <NAME>                     Masters Large Cap Value Fund
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars
       
<S>                           <C>
<PERIOD-TYPE>                 10-MOS   
<FISCAL-YEAR-END>                         JUN-30-1996
<PERIOD-START>                            SEP-01-1995
<PERIOD-END>                              JUN-30-1996
<EXCHANGE-RATE>                                     1  
<INVESTMENTS-AT-COST>                           4,791  
<INVESTMENTS-AT-VALUE>                          4,972  
<RECEIVABLES>                                     376  
<ASSETS-OTHER>                                     10  
<OTHER-ITEMS-ASSETS>                              130  
<TOTAL-ASSETS>                                  5,489  
<PAYABLE-FOR-SECURITIES>                          264  
<SENIOR-LONG-TERM-DEBT>                             0  
<OTHER-ITEMS-LIABILITIES>                          30  
<TOTAL-LIABILITIES>                               294  
<SENIOR-EQUITY>                                     0  
<PAID-IN-CAPITAL-COMMON>                        4,868  
<SHARES-COMMON-STOCK>                             106  
<SHARES-COMMON-PRIOR>                               0  
<ACCUMULATED-NII-CURRENT>                          15  
<OVERDISTRIBUTION-NII>                              0  
<ACCUMULATED-NET-GAINS>                           130  
<OVERDISTRIBUTION-GAINS>                            0  
<ACCUM-APPREC-OR-DEPREC>                          181  
<NET-ASSETS>                                    1,239
<DIVIDEND-INCOME>                                   5        
<INTEREST-INCOME>                                   2
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      7
<NET-INVESTMENT-INCOME>                             0
<REALIZED-GAINS-CURRENT>                          146 
<APPREC-INCREASE-CURRENT>                         181   
<NET-CHANGE-FROM-OPS>                             327  
<EQUALIZATION>                                      0   
<DISTRIBUTIONS-OF-INCOME>                           1   
<DISTRIBUTIONS-OF-GAINS>                            2
<DISTRIBUTIONS-OTHER>                               1
<NUMBER-OF-SHARES-SOLD>                         1,200 
<NUMBER-OF-SHARES-REDEEMED>                        15 
<SHARES-REINVESTED>                                 3 
<NET-CHANGE-IN-ASSETS>                          5,161 
<ACCUMULATED-NII-PRIOR>                             0 
<ACCUMULATED-GAINS-PRIOR>                           0 
<OVERDISTRIB-NII-PRIOR>                             0 
<OVERDIST-NET-GAINS-PRIOR>                          0 
<GROSS-ADVISORY-FEES>                              18 
<INTEREST-EXPENSE>                                  0 
<GROSS-EXPENSE>                                    19 
<AVERAGE-NET-ASSETS>                              393 
<PER-SHARE-NAV-BEGIN>                           10.00
<PER-SHARE-NII>                                  0.06
<PER-SHARE-GAIN-APPREC>                          1.83
<PER-SHARE-DIVIDEND>                             0.06
<PER-SHARE-DISTRIBUTIONS>                        0.09
<RETURNS-OF-CAPITAL>                             0.01
<PER-SHARE-NAV-END>                             11.73
<EXPENSE-RATIO>                                  2.25
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   022
   <NAME>                     Masters Mid Cap Value Fund - Class B
<MULTIPLIER>                  1,000      
<CURRENCY>                    U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                  10-MOS 
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                             SEP-01-1995
<PERIOD-END>                               JUN-30-1996
<EXCHANGE-RATE>                                    1  
<INVESTMENTS-AT-COST>                          6,057  
<INVESTMENTS-AT-VALUE>                         6,455  
<RECEIVABLES>                                    203  
<ASSETS-OTHER>                                    11  
<OTHER-ITEMS-ASSETS>                             130  
<TOTAL-ASSETS>                                 6,799  
<PAYABLE-FOR-SECURITIES>                         534  
<SENIOR-LONG-TERM-DEBT>                            0  
<OTHER-ITEMS-LIABILITIES>                         22  
<TOTAL-LIABILITIES>                              556  
<SENIOR-EQUITY>                                    0  
<PAID-IN-CAPITAL-COMMON>                       5,734  
<SHARES-COMMON-STOCK>                            178  
<SHARES-COMMON-PRIOR>                              0  
<ACCUMULATED-NII-CURRENT>                         46  
<OVERDISTRIBUTION-NII>                             0  
<ACCUMULATED-NET-GAINS>                           65  
<OVERDISTRIBUTION-GAINS>                           0  
<ACCUM-APPREC-OR-DEPREC>                         398  
<NET-ASSETS>                                   2,123  
<DIVIDEND-INCOME>                                 35  
<INTEREST-INCOME>                                  3  
<OTHER-INCOME>                                     0  
<EXPENSES-NET>                                    18  
<NET-INVESTMENT-INCOME>                           21  
<REALIZED-GAINS-CURRENT>                          65  
<APPREC-INCREASE-CURRENT>                        398  
<NET-CHANGE-FROM-OPS>                            463  
<EQUALIZATION>                                     0  
<DISTRIBUTIONS-OF-INCOME>                          2  
<DISTRIBUTIONS-OF-GAINS>                           0  
<DISTRIBUTIONS-OTHER>                              0  
<NUMBER-OF-SHARES-SOLD>                        1,976  
<NUMBER-OF-SHARES-REDEEMED>                        5  
<SHARES-REINVESTED>                                1  
<NET-CHANGE-IN-ASSETS>                         6,210  
<ACCUMULATED-NII-PRIOR>                            0  
<ACCUMULATED-GAINS-PRIOR>                          0  
<OVERDISTRIB-NII-PRIOR>                            0  
<OVERDIST-NET-GAINS-PRIOR>                         0  
<GROSS-ADVISORY-FEES>                             20  
<INTEREST-EXPENSE>                                 0  
<GROSS-EXPENSE>                                   50  
<AVERAGE-NET-ASSETS>                           1,239  
<PER-SHARE-NAV-BEGIN>                          10.00  
<PER-SHARE-NII>                                 0.07  
<PER-SHARE-GAIN-APPREC>                         1.90  
<PER-SHARE-DIVIDEND>                            0.03  
<PER-SHARE-DISTRIBUTIONS>                          0  
<RETURNS-OF-CAPITAL>                               0  
<PER-SHARE-NAV-END>                            11.94  
<EXPENSE-RATIO>                                 2.50  
<AVG-DEBT-OUTSTANDING>                             0  
<AVG-DEBT-PER-SHARE>                               0  
                                               


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   023
   <NAME>                     Masters Mid Cap Value Fund - Class M
<MULTIPLIER>                  1,000      
<CURRENCY>                    U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                  10-MOS 
<FISCAL-YEAR-END>                        JUN-30-1996
<PERIOD-START>                           SEP-01-1995
<PERIOD-END>                             JUN-30-1996
<EXCHANGE-RATE>                                    1  
<INVESTMENTS-AT-COST>                          6,057  
<INVESTMENTS-AT-VALUE>                         6,455  
<RECEIVABLES>                                    203  
<ASSETS-OTHER>                                    11  
<OTHER-ITEMS-ASSETS>                             130  
<TOTAL-ASSETS>                                 6,799  
<PAYABLE-FOR-SECURITIES>                         534  
<SENIOR-LONG-TERM-DEBT>                            0  
<OTHER-ITEMS-LIABILITIES>                         22  
<TOTAL-LIABILITIES>                              556  
<SENIOR-EQUITY>                                    0  
<PAID-IN-CAPITAL-COMMON>                       5,734  
<SHARES-COMMON-STOCK>                            145  
<SHARES-COMMON-PRIOR>                              0  
<ACCUMULATED-NII-CURRENT>                         46  
<OVERDISTRIBUTION-NII>                             0  
<ACCUMULATED-NET-GAINS>                           65  
<OVERDISTRIBUTION-GAINS>                           0  
<ACCUM-APPREC-OR-DEPREC>                         398  
<NET-ASSETS>                                   1,731  
<DIVIDEND-INCOME>                                  8  
<INTEREST-INCOME>                                  3  
<OTHER-INCOME>                                     0  
<EXPENSES-NET>                                     7  
<NET-INVESTMENT-INCOME>                            4  
<REALIZED-GAINS-CURRENT>                          65  
<APPREC-INCREASE-CURRENT>                        398  
<NET-CHANGE-FROM-OPS>                            463  
<EQUALIZATION>                                     0  
<DISTRIBUTIONS-OF-INCOME>                          1  
<DISTRIBUTIONS-OF-GAINS>                           0  
<DISTRIBUTIONS-OTHER>                              0  
<NUMBER-OF-SHARES-SOLD>                        1,660  
<NUMBER-OF-SHARES-REDEEMED>                        9  
<SHARES-REINVESTED>                                1  
<NET-CHANGE-IN-ASSETS>                         6,210  
<ACCUMULATED-NII-PRIOR>                            0  
<ACCUMULATED-GAINS-PRIOR>                          0  
<OVERDISTRIB-NII-PRIOR>                            0  
<OVERDIST-NET-GAINS-PRIOR>                         0  
<GROSS-ADVISORY-FEES>                             20  
<INTEREST-EXPENSE>                                 0  
<GROSS-EXPENSE>                                   16  
<AVERAGE-NET-ASSETS>                             401  
<PER-SHARE-NAV-BEGIN>                          10.00  
<PER-SHARE-NII>                                 0.06  
<PER-SHARE-GAIN-APPREC>                         1.91  
<PER-SHARE-DIVIDEND>                            0.04  
<PER-SHARE-DISTRIBUTIONS>                          0  
<RETURNS-OF-CAPITAL>                               0  
<PER-SHARE-NAV-END>                            11.93  
<EXPENSE-RATIO>                                 2.50  
<AVG-DEBT-OUTSTANDING>                             0  
<AVG-DEBT-PER-SHARE>                               0  
                                               


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<CIK>                         944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   021
   <NAME>                     Masters Mid Cap Value Fund - Class A
<MULTIPLIER>                  1,000      
<CURRENCY>                    U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                  10-MOS 
<FISCAL-YEAR-END>                        JUN-30-1996
<PERIOD-START>                           SEP-01-1995
<PERIOD-END>                             JUN-30-1996
<EXCHANGE-RATE>                                    1  
<INVESTMENTS-AT-COST>                          6,057  
<INVESTMENTS-AT-VALUE>                         6,455  
<RECEIVABLES>                                    203  
<ASSETS-OTHER>                                    11  
<OTHER-ITEMS-ASSETS>                             130  
<TOTAL-ASSETS>                                 6,799  
<PAYABLE-FOR-SECURITIES>                         534  
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</TABLE>


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