PILGRIM AMERICA MASTERS SERIES INC
NSAR-B, 1998-09-01
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<PAGE>      PAGE  1
000 B000000 06/30/98
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 NORTH CENTRAL AVENUE, SUITE 1200
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 COMPANY
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 KPMG PEAT MARWICK 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    8
019 C00AA00 PILGRIMAME
020 A000001 STANDARD AND POORS
020 B000001 13-2671951
020 C000001     48
020 A000002 JARDINE FLEMING
020 C000002     29
020 A000003 CREDIT LYONNAIS
020 C000003     29
020 A000004 BARING SECURITIES
020 B000004 13-3107580
020 C000004     29
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005     28
020 A000006 MORGAN STANLEY
020 B000006 13-2655998
020 C000006     27
020 A000007 DEUTSCHE, MORGAN, GRENFELL
020 B000007 13-2730828
020 C000007     24
020 A000008 FIDELITY
020 B000008 04-2270522
020 C000008     21
020 A000009 WARBURG SECURITIES
020 C000009     20
020 A000010 DBS SECURITIES
020 C000010     17
<PAGE>      PAGE  3
021  000000      563
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001   1195049
022 D000001      1703
022 A000002 GENERAL ELECTRIC CAPITAL
022 C000002    240769
022 D000002         0
022 A000003 MORGAN STANLEY
022 B000003 13-2655998
022 C000003      1852
022 D000003      2583
022 A000004 PRUDENTIAL SECURITIES
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022 C000004      1826
022 D000004       469
022 A000005 DOMINION SECURITIES
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022 C000005       525
022 D000005      1102
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022 D000006       118
022 A000007 SMITH BARNEY SHEARSON LEHMAN
022 B000007 13-1912900
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022 D000007         0
022 A000008 BEAR STEARNS
022 B000008 13-3299429
022 C000008       783
022 D000008       160
022 A000009 HANIFEN, IMHOFF, INC.
022 B000009 84-0503513
022 C000009         0
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022 A000010 JERRERIES & CO.
022 B000010 95-2622900
022 C000010        39
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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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  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>                         0000944689
<NAME>                        Pilgrim America Masters Series, Inc.
<SERIES>
   <NUMBER>                   011
   <NAME>                     Pilgrim America Asia-Pacific Equity Fund Class A
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<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
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<ACCUMULATED-NET-GAINS>                                    0 
<OVERDISTRIBUTION-GAINS>                              24,680 
<ACCUM-APPREC-OR-DEPREC>                              12,088 
<NET-ASSETS>                                          11,796 
<DIVIDEND-INCOME>                                        841 
<INTEREST-INCOME>                                        200 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                         1,034 
<NET-INVESTMENT-INCOME>                                    7 
<REALIZED-GAINS-CURRENT>                             (22,770)
<APPREC-INCREASE-CURRENT>                            (17,728)
<NET-CHANGE-FROM-OPS>                                (40,492)
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                                   0 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                               11,942 
<NUMBER-OF-SHARES-REDEEMED>                           12,266 
<SHARES-REINVESTED>                                        0 
<NET-CHANGE-IN-ASSETS>                               (48,664)
<ACCUMULATED-NII-PRIOR>                                    0 
<ACCUMULATED-GAINS-PRIOR>                                  0 
<OVERDISTRIB-NII-PRIOR>                                   50 
<OVERDIST-NET-GAINS-PRIOR>                             2,172 
<GROSS-ADVISORY-FEES>                                    554 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                        1,393 
<AVERAGE-NET-ASSETS>                                  20,374   
<PER-SHARE-NAV-BEGIN>                                  10.93 
<PER-SHARE-NII>                                         0.03 
<PER-SHARE-GAIN-APPREC>                                (6.50)
<PER-SHARE-DIVIDEND>                                       0 
<PER-SHARE-DISTRIBUTIONS>                                  0 
<RETURNS-OF-CAPITAL>                                       0
<PER-SHARE-NAV-END>                                     4.46 
<EXPENSE-RATIO>                                         2.00 
<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>                   012
   <NAME>                     Pilgrim America Asia-Pacific Equity Fund Class B
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                JUN-30-1998
<PERIOD-START>                                   JUL-01-1997
<PERIOD-END>                                     JUN-30-1998
<EXCHANGE-RATE>                                            1 
<INVESTMENTS-AT-COST>                                 37,618 
<INVESTMENTS-AT-VALUE>                                25,530 
<RECEIVABLES>                                            150 
<ASSETS-OTHER>                                            75 
<OTHER-ITEMS-ASSETS>                                       0 
<TOTAL-ASSETS>                                        25,834 
<PAYABLE-FOR-SECURITIES>                                   0 
<SENIOR-LONG-TERM-DEBT>                                    0 
<OTHER-ITEMS-LIABILITIES>                                689 
<TOTAL-LIABILITIES>                                      689 
<SENIOR-EQUITY>                                            0 
<PAID-IN-CAPITAL-COMMON>                              62,096 
<SHARES-COMMON-STOCK>                                  2,079 
<SHARES-COMMON-PRIOR>                                  2,786 
<ACCUMULATED-NII-CURRENT>                                  0 
<OVERDISTRIBUTION-NII>                                   183 
<ACCUMULATED-NET-GAINS>                                    0 
<OVERDISTRIBUTION-GAINS>                              24,680 
<ACCUM-APPREC-OR-DEPREC>                              12,088 
<NET-ASSETS>                                           9,084 
<DIVIDEND-INCOME>                                        841 
<INTEREST-INCOME>                                        200 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                         1,034 
<NET-INVESTMENT-INCOME>                                    7 
<REALIZED-GAINS-CURRENT>                             (22,770)
<APPREC-INCREASE-CURRENT>                            (17,728)
<NET-CHANGE-FROM-OPS>                                (40,492)
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                                   0 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                                  760 
<NUMBER-OF-SHARES-REDEEMED>                            1,468 
<SHARES-REINVESTED>                                        0 
<NET-CHANGE-IN-ASSETS>                               (48,664)
<ACCUMULATED-NII-PRIOR>                                    0 
<ACCUMULATED-GAINS-PRIOR>                                  0 
<OVERDISTRIB-NII-PRIOR>                                   50 
<OVERDIST-NET-GAINS-PRIOR>                             2,172 
<GROSS-ADVISORY-FEES>                                    554 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                        1,393 
<AVERAGE-NET-ASSETS>                                  17,259 
<PER-SHARE-NAV-BEGIN>                                  10.83 
<PER-SHARE-NII>                                        (0.03)
<PER-SHARE-GAIN-APPREC>                                (6.43)
<PER-SHARE-DIVIDEND>                                       0 
<PER-SHARE-DISTRIBUTIONS>                                  0 
<RETURNS-OF-CAPITAL>                                       0
<PER-SHARE-NAV-END>                                     4.37 
<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 Asia-Pacific Equity Fund Class M
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                JUN-30-1998
<PERIOD-START>                                   JUL-01-1997
<PERIOD-END>                                     JUN-30-1998
<EXCHANGE-RATE>                                            1 
<INVESTMENTS-AT-COST>                                 37,618 
<INVESTMENTS-AT-VALUE>                                25,530 
<RECEIVABLES>                                            150 
<ASSETS-OTHER>                                            75 
<OTHER-ITEMS-ASSETS>                                       0 
<TOTAL-ASSETS>                                        25,834 
<PAYABLE-FOR-SECURITIES>                                   0 
<SENIOR-LONG-TERM-DEBT>                                    0 
<OTHER-ITEMS-LIABILITIES>                                689 
<TOTAL-LIABILITIES>                                      689 
<SENIOR-EQUITY>                                            0 
<PAID-IN-CAPITAL-COMMON>                              62,096 
<SHARES-COMMON-STOCK>                                    969
<SHARES-COMMON-PRIOR>                                  1,027 
<ACCUMULATED-NII-CURRENT>                                  0 
<OVERDISTRIBUTION-NII>                                   183 
<ACCUMULATED-NET-GAINS>                                    0 
<OVERDISTRIBUTION-GAINS>                              24,680 
<ACCUM-APPREC-OR-DEPREC>                              12,088 
<NET-ASSETS>                                           4,265 
<DIVIDEND-INCOME>                                        841 
<INTEREST-INCOME>                                        200 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                         1,034 
<NET-INVESTMENT-INCOME>                                    7 
<REALIZED-GAINS-CURRENT>                             (22,770)
<APPREC-INCREASE-CURRENT>                            (17,728)
<NET-CHANGE-FROM-OPS>                                (40,492)
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                                   0 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                                1,112 
<NUMBER-OF-SHARES-REDEEMED>                            1,170 
<SHARES-REINVESTED>                                        0 
<NET-CHANGE-IN-ASSETS>                               (48,664)
<ACCUMULATED-NII-PRIOR>                                    0 
<ACCUMULATED-GAINS-PRIOR>                                  0 
<OVERDISTRIB-NII-PRIOR>                                   50 
<OVERDIST-NET-GAINS-PRIOR>                             2,172 
<GROSS-ADVISORY-FEES>                                    554 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                        1,393 
<AVERAGE-NET-ASSETS>                                   6,654 
<PER-SHARE-NAV-BEGIN>                                  10.86 
<PER-SHARE-NII>                                         0.00 
<PER-SHARE-GAIN-APPREC>                                (6.46)
<PER-SHARE-DIVIDEND>                                       0 
<PER-SHARE-DISTRIBUTIONS>                                  0 
<RETURNS-OF-CAPITAL>                                       0 
<PER-SHARE-NAV-END>                                     4.40 
<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>                   021
   <NAME>                     Pilgrim America MidCap Value Fund-Class A
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                JUN-30-1998
<PERIOD-START>                                   JUL-01-1997
<PERIOD-END>                                     JUN-30-1998
<EXCHANGE-RATE>                                            1 
<INVESTMENTS-AT-COST>                                 71,639 
<INVESTMENTS-AT-VALUE>                                82,538 
<RECEIVABLES>                                          1,669 
<ASSETS-OTHER>                                            79 
<OTHER-ITEMS-ASSETS>                                       0 
<TOTAL-ASSETS>                                        84,306 
<PAYABLE-FOR-SECURITIES>                               2,875 
<SENIOR-LONG-TERM-DEBT>                                    0 
<OTHER-ITEMS-LIABILITIES>                                139 
<TOTAL-LIABILITIES>                                    3,014 
<SENIOR-EQUITY>                                            0 
<PAID-IN-CAPITAL-COMMON>                              66,624 
<SHARES-COMMON-STOCK>                                  1,637 
<SHARES-COMMON-PRIOR>                                  1,426
<ACCUMULATED-NII-CURRENT>                                  0 
<OVERDISTRIBUTION-NII>                                     0 
<ACCUMULATED-NET-GAINS>                                3,768 
<OVERDISTRIBUTION-GAINS>                                   0 
<ACCUM-APPREC-OR-DEPREC>                              10,899 
<NET-ASSETS>                                          27,485
<DIVIDEND-INCOME>                                        604 
<INTEREST-INCOME>                                        220 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                         1,498 
<NET-INVESTMENT-INCOME>                                 (674)
<REALIZED-GAINS-CURRENT>                               5,591 
<APPREC-INCREASE-CURRENT>                              5,351 
<NET-CHANGE-FROM-OPS>                                 10,269 
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                                 679 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                                1,473 
<NUMBER-OF-SHARES-REDEEMED>                            1,032 
<SHARES-REINVESTED>                                       36 
<NET-CHANGE-IN-ASSETS>                                32,671 
<ACCUMULATED-NII-PRIOR>                                    0 
<ACCUMULATED-GAINS-PRIOR>                              1,025 
<OVERDISTRIB-NII-PRIOR>                                  121 
<OVERDIST-NET-GAINS-PRIOR>                                 0 
<GROSS-ADVISORY-FEES>                                    679 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                        1,521 
<AVERAGE-NET-ASSETS>                                  22,637 
<PER-SHARE-NAV-BEGIN>                                  14.64 
<PER-SHARE-NII>                                        (0.07)
<PER-SHARE-GAIN-APPREC>                                 2.71 
<PER-SHARE-DIVIDEND>                                       0 
<PER-SHARE-DISTRIBUTIONS>                               0.49 
<RETURNS-OF-CAPITAL>                                       0 
<PER-SHARE-NAV-END>                                    16.79 
<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>                   022
   <NAME>                     Pilgrim America MidCap Value Fund-Class B
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                JUN-30-1998
<PERIOD-START>                                   JUL-01-1997
<PERIOD-END>                                     JUN-30-1998
<EXCHANGE-RATE>                                            1 
<INVESTMENTS-AT-COST>                                 71,639 
<INVESTMENTS-AT-VALUE>                                82,538 
<RECEIVABLES>                                          1,669 
<ASSETS-OTHER>                                            79 
<OTHER-ITEMS-ASSETS>                                       0 
<TOTAL-ASSETS>                                        84,306 
<PAYABLE-FOR-SECURITIES>                               2,875 
<SENIOR-LONG-TERM-DEBT>                                    0 
<OTHER-ITEMS-LIABILITIES>                                139 
<TOTAL-LIABILITIES>                                    3,014 
<SENIOR-EQUITY>                                            0 
<PAID-IN-CAPITAL-COMMON>                              66,624 
<SHARES-COMMON-STOCK>                                  2,464 
<SHARES-COMMON-PRIOR>                                  1,606 
<ACCUMULATED-NII-CURRENT>                                  0 
<OVERDISTRIBUTION-NII>                                     0 
<ACCUMULATED-NET-GAINS>                                3,768 
<OVERDISTRIBUTION-GAINS>                                   0 
<ACCUM-APPREC-OR-DEPREC>                              10,899 
<NET-ASSETS>                                          40,574 
<DIVIDEND-INCOME>                                        604 
<INTEREST-INCOME>                                        220 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                         1,498 
<NET-INVESTMENT-INCOME>                                 (674)
<REALIZED-GAINS-CURRENT>                               5,591 
<APPREC-INCREASE-CURRENT>                              5,351 
<NET-CHANGE-FROM-OPS>                                 10,269 
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                               1,045 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                                1,202 
<NUMBER-OF-SHARES-REDEEMED>                              404 
<SHARES-REINVESTED>                                       60 
<NET-CHANGE-IN-ASSETS>                                32,671 
<ACCUMULATED-NII-PRIOR>                                    0 
<ACCUMULATED-GAINS-PRIOR>                              1,025 
<OVERDISTRIB-NII-PRIOR>                                  121 
<OVERDIST-NET-GAINS-PRIOR>                                 0 
<GROSS-ADVISORY-FEES>                                    679 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                        1,521 
<AVERAGE-NET-ASSETS>                                  33,834 
<PER-SHARE-NAV-BEGIN>                                  14.49 
<PER-SHARE-NII>                                        (0.18)
<PER-SHARE-GAIN-APPREC>                                 2.65 
<PER-SHARE-DIVIDEND>                                       0 
<PER-SHARE-DISTRIBUTIONS>                               0.49 
<RETURNS-OF-CAPITAL>                                       0 
<PER-SHARE-NAV-END>                                    16.47 
<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>                   023
   <NAME>                     Pilgrim America MidCap Value Fund-Class M
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                JUN-30-1998
<PERIOD-START>                                   JUL-01-1997
<PERIOD-END>                                     JUN-30-1998
<EXCHANGE-RATE>                                            1 
<INVESTMENTS-AT-COST>                                 71,639 
<INVESTMENTS-AT-VALUE>                                82,538 
<RECEIVABLES>                                          1,669 
<ASSETS-OTHER>                                            79 
<OTHER-ITEMS-ASSETS>                                       0 
<TOTAL-ASSETS>                                        84,306 
<PAYABLE-FOR-SECURITIES>                               2,875 
<SENIOR-LONG-TERM-DEBT>                                    0 
<OTHER-ITEMS-LIABILITIES>                                139 
<TOTAL-LIABILITIES>                                    3,014 
<SENIOR-EQUITY>                                            0 
<PAID-IN-CAPITAL-COMMON>                              66,624 
<SHARES-COMMON-STOCK>                                    801 
<SHARES-COMMON-PRIOR>                                    578
<ACCUMULATED-NII-CURRENT>                                  0 
<OVERDISTRIBUTION-NII>                                     0 
<ACCUMULATED-NET-GAINS>                                3,768 
<OVERDISTRIBUTION-GAINS>                                   0 
<ACCUM-APPREC-OR-DEPREC>                              10,899 
<NET-ASSETS>                                          13,232
<DIVIDEND-INCOME>                                        604 
<INTEREST-INCOME>                                        220 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                         1,498 
<NET-INVESTMENT-INCOME>                                 (674)
<REALIZED-GAINS-CURRENT>                               5,591 
<APPREC-INCREASE-CURRENT>                              5,351 
<NET-CHANGE-FROM-OPS>                                 10,269 
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                                 354 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                                  317 
<NUMBER-OF-SHARES-REDEEMED>                              117 
<SHARES-REINVESTED>                                       23 
<NET-CHANGE-IN-ASSETS>                                32,671 
<ACCUMULATED-NII-PRIOR>                                    0 
<ACCUMULATED-GAINS-PRIOR>                              1,025 
<OVERDISTRIB-NII-PRIOR>                                  121 
<OVERDIST-NET-GAINS-PRIOR>                                 0 
<GROSS-ADVISORY-FEES>                                    679 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                        1,521 
<AVERAGE-NET-ASSETS>                                  11,410 
<PER-SHARE-NAV-BEGIN>                                  14.49 
<PER-SHARE-NII>                                        (0.15)
<PER-SHARE-GAIN-APPREC>                                 2.67 
<PER-SHARE-DIVIDEND>                                       0 
<PER-SHARE-DISTRIBUTIONS>                               0.49 
<RETURNS-OF-CAPITAL>                                       0 
<PER-SHARE-NAV-END>                                    16.52 
<EXPENSE-RATIO>                                         2.25 
<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>                   031
   <NAME>                     Pilgrim America LargeCap Value Fund-Class A
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                JUN-30-1998
<PERIOD-START>                                   JUL-01-1997
<PERIOD-END>                                     JUN-30-1998
<EXCHANGE-RATE>                                            1 
<INVESTMENTS-AT-COST>                                 24,066 
<INVESTMENTS-AT-VALUE>                                28,752 
<RECEIVABLES>                                             91 
<ASSETS-OTHER>                                            74 
<OTHER-ITEMS-ASSETS>                                       0 
<TOTAL-ASSETS>                                        28,956 
<PAYABLE-FOR-SECURITIES>                                 134 
<SENIOR-LONG-TERM-DEBT>                                    0 
<OTHER-ITEMS-LIABILITIES>                                 78 
<TOTAL-LIABILITIES>                                      212 
<SENIOR-EQUITY>                                            0 
<PAID-IN-CAPITAL-COMMON>                              23,361 
<SHARES-COMMON-STOCK>                                    517 
<SHARES-COMMON-PRIOR>                                    632 
<ACCUMULATED-NII-CURRENT>                                  0 
<OVERDISTRIBUTION-NII>                                     0 
<ACCUMULATED-NET-GAINS>                                  698 
<OVERDISTRIBUTION-GAINS>                                   0 
<ACCUM-APPREC-OR-DEPREC>                               4,685 
<NET-ASSETS>                                           7,606 
<DIVIDEND-INCOME>                                        440 
<INTEREST-INCOME>                                         71 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                           640 
<NET-INVESTMENT-INCOME>                                 (129)
<REALIZED-GAINS-CURRENT>                               2,763 
<APPREC-INCREASE-CURRENT>                              1,905 
<NET-CHANGE-FROM-OPS>                                  4,540 
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                               1,033 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                                  571 
<NUMBER-OF-SHARES-REDEEMED>                              757 
<SHARES-REINVESTED>                                       71 
<NET-CHANGE-IN-ASSETS>                                 1,453 
<ACCUMULATED-NII-PRIOR>                                    4 
<ACCUMULATED-GAINS-PRIOR>                              1,464 
<OVERDISTRIB-NII-PRIOR>                                    0 
<OVERDIST-NET-GAINS-PRIOR>                                 0 
<GROSS-ADVISORY-FEES>                                    287 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                          793 
<AVERAGE-NET-ASSETS>                                   8,483  
<PER-SHARE-NAV-BEGIN>                                  14.17 
<PER-SHARE-NII>                                         0.01 
<PER-SHARE-GAIN-APPREC>                                 2.30 
<PER-SHARE-DIVIDEND>                                    0.00 
<PER-SHARE-DISTRIBUTIONS>                               1.78 
<RETURNS-OF-CAPITAL>                                       0 
<PER-SHARE-NAV-END>                                    14.70 
<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 LargeCap Value Fund-Class B
<MULTIPLIER>                  1,000
<CURRENCY>                    U.S. Dollars            
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                                JUN-30-1998
<PERIOD-START>                                   JUL-01-1997
<PERIOD-END>                                     JUN-30-1998
<EXCHANGE-RATE>                                            1 
<INVESTMENTS-AT-COST>                                 24,066 
<INVESTMENTS-AT-VALUE>                                28,752 
<RECEIVABLES>                                             91 
<ASSETS-OTHER>                                            74 
<OTHER-ITEMS-ASSETS>                                       0 
<TOTAL-ASSETS>                                        28,956 
<PAYABLE-FOR-SECURITIES>                                 134 
<SENIOR-LONG-TERM-DEBT>                                    0 
<OTHER-ITEMS-LIABILITIES>                                 78 
<TOTAL-LIABILITIES>                                      212 
<SENIOR-EQUITY>                                            0 
<PAID-IN-CAPITAL-COMMON>                              23,361 
<SHARES-COMMON-STOCK>                                  1,081 
<SHARES-COMMON-PRIOR>                                    969 
<ACCUMULATED-NII-CURRENT>                                  0 
<OVERDISTRIBUTION-NII>                                     0 
<ACCUMULATED-NET-GAINS>                                  698 
<OVERDISTRIBUTION-GAINS>                                   0 
<ACCUM-APPREC-OR-DEPREC>                               4,685 
<NET-ASSETS>                                          15,605 
<DIVIDEND-INCOME>                                        440 
<INTEREST-INCOME>                                         71 
<OTHER-INCOME>                                             0 
<EXPENSES-NET>                                           640 
<NET-INVESTMENT-INCOME>                                 (129)
<REALIZED-GAINS-CURRENT>                               2,763 
<APPREC-INCREASE-CURRENT>                              1,905 
<NET-CHANGE-FROM-OPS>                                  4,540 
<EQUALIZATION>                                             0 
<DISTRIBUTIONS-OF-INCOME>                                  0 
<DISTRIBUTIONS-OF-GAINS>                               1,758 
<DISTRIBUTIONS-OTHER>                                      0 
<NUMBER-OF-SHARES-SOLD>                                  203 
<NUMBER-OF-SHARES-REDEEMED>                              206 
<SHARES-REINVESTED>                                      115 
<NET-CHANGE-IN-ASSETS>                                 1,453 
<ACCUMULATED-NII-PRIOR>                                    4 
<ACCUMULATED-GAINS-PRIOR>                              1,464 
<OVERDISTRIB-NII-PRIOR>                                    0 
<OVERDIST-NET-GAINS-PRIOR>                                 0 
<GROSS-ADVISORY-FEES>                                    287 
<INTEREST-EXPENSE>                                         0 
<GROSS-EXPENSE>                                          793 
<AVERAGE-NET-ASSETS>                                  14,912 
<PER-SHARE-NAV-BEGIN>                                  14.04 
<PER-SHARE-NII>                                        (0.10)
<PER-SHARE-GAIN-APPREC>                                 2.28 
<PER-SHARE-DIVIDEND>                                    0.00 
<PER-SHARE-DISTRIBUTIONS>                               1.78 
<RETURNS-OF-CAPITAL>                                       0
<PER-SHARE-NAV-END>                                    14.44 
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<CIK>                         0000944689
<NAME>                        Pilgrim America Masters Series, Inc.
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   <NUMBER>                   033
   <NAME>                     Pilgrim America LargeCap Value Fund-Class M
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