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SIGNATURE JAMES REIS
TITLE EXEC. VICE PRESIDENT
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 750
<TOTAL-LIABILITIES> 1,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,391
<SHARES-COMMON-STOCK> 2,786
<SHARES-COMMON-PRIOR> 1,726
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 50
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,172
<ACCUM-APPREC-OR-DEPREC> 5,641
<NET-ASSETS> 30,169
<DIVIDEND-INCOME> 1,099
<INTEREST-INCOME> 125
<OTHER-INCOME> 0
<EXPENSES-NET> 1,470
<NET-INVESTMENT-INCOME> (246)
<REALIZED-GAINS-CURRENT> (2,112)
<APPREC-INCREASE-CURRENT> 5,844
<NET-CHANGE-FROM-OPS> 3,486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,612
<NUMBER-OF-SHARES-REDEEMED> 552
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,173
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 20
<OVERDIST-NET-GAINS-PRIOR> 48
<GROSS-ADVISORY-FEES> 773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,811
<AVERAGE-NET-ASSETS> 24,787
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.83
<EXPENSE-RATIO> 2.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944689
<NAME> Pilgrim America Masters Series, Inc.
<SERIES>
<NUMBER> 013
<NAME> Pilgrim America Masters Asia-Pacific Equity Fund-Class M
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 67,358
<INVESTMENTS-AT-VALUE> 73,009
<RECEIVABLES> 1,510
<ASSETS-OTHER> 403
<OTHER-ITEMS-ASSETS> 101
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<PAYABLE-FOR-SECURITIES> 464
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 750
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,391
<SHARES-COMMON-STOCK> 1,027
<SHARES-COMMON-PRIOR> 628
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 50
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,172
<ACCUM-APPREC-OR-DEPREC> 5,641
<NET-ASSETS> 11,155
<DIVIDEND-INCOME> 1,099
<INTEREST-INCOME> 125
<OTHER-INCOME> 0
<EXPENSES-NET> 1,470
<NET-INVESTMENT-INCOME> (246)
<REALIZED-GAINS-CURRENT> (2,112)
<APPREC-INCREASE-CURRENT> 5,844
<NET-CHANGE-FROM-OPS> 3,486
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 566
<NUMBER-OF-SHARES-REDEEMED> 167
<SHARES-REINVESTED> 0
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<OVERDISTRIB-NII-PRIOR> 20
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<PER-SHARE-NAV-BEGIN> 10.32
<PER-SHARE-NII> (0.05)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944689
<NAME> Pilgrim America Masters Series, Inc.
<SERIES>
<NUMBER> 021
<NAME> Pilgrim America Masters MidCap Value Fund-Class A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 43,279
<INVESTMENTS-AT-VALUE> 48,827
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<TOTAL-ASSETS> 50,647
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 2,026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,169
<SHARES-COMMON-STOCK> 1,160
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 1,025
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,548
<NET-ASSETS> 16,985
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<INTEREST-INCOME> 99
<OTHER-INCOME> 0
<EXPENSES-NET> 548
<NET-INVESTMENT-INCOME> (141)
<REALIZED-GAINS-CURRENT> 1,180
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<NUMBER-OF-SHARES-SOLD> 1,232
<NUMBER-OF-SHARES-REDEEMED> 278
<SHARES-REINVESTED> 7
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NII> (0.02)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944689
<NAME> Pilgrim America Masters Series, Inc.
<SERIES>
<NUMBER> 022
<NAME> Pilgrim America Masters MidCap Value Fund-Class B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 43,279
<INVESTMENTS-AT-VALUE> 48,827
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<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 94
<TOTAL-ASSETS> 50,647
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,169
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 121
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 23,258
<DIVIDEND-INCOME> 308
<INTEREST-INCOME> 99
<OTHER-INCOME> 0
<EXPENSES-NET> 548
<NET-INVESTMENT-INCOME> (141)
<REALIZED-GAINS-CURRENT> 1,180
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944689
<NAME> Pilgrim America Masters Series, Inc.
<SERIES>
<NUMBER> 023
<NAME> Pilgrim America Masters MidCap Value Fund-Class M
<MULTIPLIER> 1,000
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<S> <C>
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (141)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944689
<NAME> Pilgrim America Masters Series, Inc.
<SERIES>
<NUMBER> 031
<NAME> Pilgrim America Masters LargeCap Value Fund-Class A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
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<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 24,328
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<RECEIVABLES> 366
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<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,044
<SHARES-COMMON-STOCK> 632
<SHARES-COMMON-PRIOR> 215
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,464
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 8,961
<DIVIDEND-INCOME> 324
<INTEREST-INCOME> 51
<OTHER-INCOME> 0
<EXPENSES-NET> 381
<NET-INVESTMENT-INCOME> (6)
<REALIZED-GAINS-CURRENT> 1,682
<APPREC-INCREASE-CURRENT> 2,599
<NET-CHANGE-FROM-OPS> 4,275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 119
<DISTRIBUTIONS-OTHER> 21
<NUMBER-OF-SHARES-SOLD> 539
<NUMBER-OF-SHARES-REDEEMED> 132
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 22,097
<ACCUMULATED-NII-PRIOR> 15
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 482
<AVERAGE-NET-ASSETS> 6,151
<PER-SHARE-NAV-BEGIN> 11.77
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> 0.05
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.17
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944689
<NAME> Pilgrim America Masters Series, Inc.
<SERIES>
<NUMBER> 032
<NAME> Pilgrim America Masters LargeCap Value Fund-Class B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 24,328
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 285
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,044
<SHARES-COMMON-STOCK> 969
<SHARES-COMMON-PRIOR> 122
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,780
<NET-ASSETS> 13,611
<DIVIDEND-INCOME> 324
<INTEREST-INCOME> 51
<OTHER-INCOME> 0
<EXPENSES-NET> 381
<NET-INVESTMENT-INCOME> (6)
<REALIZED-GAINS-CURRENT> 1,682
<APPREC-INCREASE-CURRENT> 2,599
<NET-CHANGE-FROM-OPS> 4,275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 170
<DISTRIBUTIONS-OTHER> 3
<NUMBER-OF-SHARES-SOLD> 896
<NUMBER-OF-SHARES-REDEEMED> 60
<SHARES-REINVESTED> 11
<NET-CHANGE-IN-ASSETS> 22,097
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> 130
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-GAIN-APPREC> 2.59
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<PER-SHARE-NAV-END> 14.04
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944689
<NAME> Pilgrim America Masters Series, Inc.
<SERIES>
<NUMBER> 033
<NAME> Pilgrim America Masters LargeCap Value Fund-Class M
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
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<PERIOD-END> JUN-30-1997
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<SHARES-COMMON-PRIOR> 106
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<INTEREST-INCOME> 51
<OTHER-INCOME> 0
<EXPENSES-NET> 381
<NET-INVESTMENT-INCOME> (6)
<REALIZED-GAINS-CURRENT> 1,682
<APPREC-INCREASE-CURRENT> 2,599
<NET-CHANGE-FROM-OPS> 4,275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 60
<DISTRIBUTIONS-OTHER> 2
<NUMBER-OF-SHARES-SOLD> 3,185
<NUMBER-OF-SHARES-REDEEMED> 437
<SHARES-REINVESTED> 58
<NET-CHANGE-IN-ASSETS> 22,097
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> 130
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 482
<AVERAGE-NET-ASSETS> 3,101
<PER-SHARE-NAV-BEGIN> 11.73
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.62
<PER-SHARE-DIVIDEND> 0.00
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.10
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Directors
Pilgrim America Masters Series, Inc.:
In planning and performing our audit of the financial statements of Pilgrim
America Masters Asia-Pacific Equity Fund, Pilgrim America Masters MidCap Value
Fund, and Pilgrim America Masters LargeCap Value Fund (the three Funds
comprising Pilgrim America Masters Series, Inc.), as of and for the year ended
June 30, 1997, we considered the Funds' internal control structure, including
procedures 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
the internal control structure.
The management of Pilgrim America Masters Asia-Pacific Equity Fund, Pilgrim
America Masters MidCap Value Fund, and Pilgrim America Masters LargeCap Value
Fund are responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from unauthorized
use or disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risks that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 1, 1997
