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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>/in/edgar/work/20000911/0000950147-00-001404/0000950147-00-001404.txt : 20000922
<SEC-HEADER>0000950147-00-001404.hdr.sgml : 20000922
ACCESSION NUMBER:		0000950147-00-001404
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20000911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PILGRIM PRIME RATE TRUST
		CENTRAL INDEX KEY:			0000826020
		STANDARD INDUSTRIAL CLASSIFICATION:	 [0000
]		IRS NUMBER:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		497
			SEC ACT:		
			SEC FILE NUMBER:	333-29803
			FILM NUMBER:		720423
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		TWO RENAISSANCE SQ
				STREET 2:		40 N CENTRAL STE 1200
				CITY:			PHOENIX
				STATE:			AZ
				ZIP:			85004-4424
				BUSINESS PHONE:		6024178100
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		TWO RENAISSANCE SQ
					STREET 2:		40 N CENTRAL STE 1200
					CITY:			PHOENIX
					STATE:			AZ
					ZIP:			85004-4424
</MAIL-ADDRESS>

					FORMER COMPANY:	
						FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST
						DATE OF NAME CHANGE:	19920703
</FORMER-COMPANY>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT DATED 9/1/00
<TEXT>

                                               Securities Act File No. 333-29803
                                               Securities Act File No. 333-61831


                            PILGRIM PRIME RATE TRUST

                      Supplement Dated September 1, 2000 to
                         Prospectus Dated June 30, 2000

ACQUISITION OF RELIASTAR FINANCIAL CORP. BY ING GROEP N.V.

On September 1, 2000, ING Groep N.V. (NYSE:  ING) acquired  ReliaStar  Financial
Corp.  (NYSE:  RLR), the indirect  parent company of Pilgrim  Investments,  Inc.
("Pilgrim Investments"), Adviser to the Pilgrim Prime Rate Trust. ING Group is a
global  financial  institution  active in the field of insurance,  banking,  and
asset management in more than 65 countries, with almost 100,000 employees.

Pilgrim Investments is expected to remain intact after the transaction.  Pilgrim
Investments does not currently  anticipate that there will be any changes in the
investment  personnel primarily  responsible for management of the Pilgrim Prime
Rate Trust as a result of the acquisition.

Under the provisions of the advisory  contract  between Pilgrim Prime Rate Trust
and  Pilgrim   Investments,   the   agreement   might  be  deemed  to  terminate
automatically at the time of the acquisition. As a result, the Board of Trustees
and  shareholders  of the  Pilgrim  Prime  Rate Trust  approved  a new  advisory
contract  between Pilgrim Prime Rate Trust and Pilgrim  Investments,  which took
effect immediately after the acquisition.

Please  be  advised  of  the  new  address  of  the  Pilgrim  Funds,   effective
immediately:

ING Pilgrim Funds
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258

               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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