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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 P88srSorqC20g6QoF6w85B2+zPLsu1jGIfigNN3oY+TqpwHxVjpXTcaDxVKWJfR2
 XEn10+qdsa75pFPJzcUnMg==

<SEC-DOCUMENT>/in/edgar/work/0000950147-00-001461/0000950147-00-001461.txt : 20000927
<SEC-HEADER>0000950147-00-001461.hdr.sgml : 20000927
ACCESSION NUMBER:		0000950147-00-001461
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20000922

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:	333-61831
			FILM NUMBER:		726728
</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 8/21/00
<TEXT>

                                                          SEC File No. 333-61831

                          Filed Pursuant to Rule 497(h)

                              Prospectus Supplement
                       (To Prospectus Dated June 30, 2000)

                            PILGRIM PRIME RATE TRUST

                    44,809.099 Shares of Beneficial Interest

                                   ----------

     During the period of September 18, 2000 through September 19, 2000, Pilgrim
Prime Rate Trust (the "Trust") sold 44,890.099 shares of beneficial  interest of
the Trust  through  the Trust's  Shareholder  Investment  Program  pursuant to a
Distribution Agreement with Pilgrim Securities, Inc. ("PSI") at a sales price of
$8.6200 per share.

Gross Proceeds ...............................  $ 386,952.68
Commission to PSI ............................  $       0.00
Net Proceeds to Trust ........................  $ 386,952.68

     On September 15, 2000, the last day of the  corresponding  pricing  period,
the last reported sales price of the Shares on the NYSE was 8 3/4.


THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION OR ANY STATE  SECURITIES  COMMISSION NOR HAS THE SECURITIES
AND  EXCHANGE  COMMISSION  OR ANY STATE  SECURITIES  COMMISSION  PASSED UPON THE
ACCURACY OF THIS PROSPECTUS.  ANY  REPRESENTATION  TO THE CONTRARY IS A CRIMINAL
OFFENSE.

                                   ----------

          The Date of this Prospectus Supplement is September 21, 2000
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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