-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 EfDqQaxJDHzoG5eREpngmQ==

<SEC-DOCUMENT>/in/edgar/work/0000950147-00-001643/0000950147-00-001643.txt : 20001031
<SEC-HEADER>0000950147-00-001643.hdr.sgml : 20001031
ACCESSION NUMBER:		0000950147-00-001643
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20000831
FILED AS OF DATE:		20001030

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:		NSAR-A
			SEC ACT:		
			SEC FILE NUMBER:	811-05410
			FILM NUMBER:		749275
</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>NSAR-A
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>NSAR-A OF PILGRIM PRIME RATE TRUST
<TEXT>

<PAGE>      PAGE  1
000 A000000 08/31/2000
000 C000000 000826020
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 PILGRIM PRIME RATE TRUST
001 B000000 811-5410
001 C000000 4804772168
002 A000000 7337 E. DOUBLETREE RANCH ROAD
002 B000000 SCOTTSDALE
002 C000000 AZ
002 D010000 85258
002 D020000 2034
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
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007 C010100  1
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007 C010500  5
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007 C010700  7
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007 C011000 10
008 A000001 ING PILGRIM INVESTMENTS, INC.
008 B000001 A
008 C000001 801-48282
008 D010001 SCOTTSDALE
008 D020001 AZ
008 D030001 85258
008 D040001 2034
010 A000001 ING PILGRIM GROUP, INC.
010 C010001 SCOTTSDALE
010 C020001 AZ
010 C030001 85258
010 C040001 2034
011 A000001 ING PILGRIM SECURITIES, INC.
011 B000001 8-48020
011 C010001 SCOTTSDALE
011 C020001 AZ
011 C030001 85258
011 C040001 2034
<PAGE>      PAGE  2
012 A000001 ING PILGRIM GROUP, INC.
012 B000001 85-
012 C010001 SCOTTSDALE
012 C020001 AZ
012 C030001 85258
012 C040001 2034
013 A000001 KPMG LLP
013 B010001 LOS ANGELES
013 B020001 CA
013 B030001 90017
014 A000001 PILGRIM SECURITIES, INC.
014 B000001 8-38545
014 A000002 WASHINGTON SQUARES SECURITIES, INC.
014 B000002 8-00000000
014 A000003 PRIMEVEST FINANCIAL SERVICES, INC.
014 B000003 8-00000000
014 A000004 GRANITE INVESTMENT SERVICES
014 B000004 8-00000000
014 A000005 FINANCIAL NORTHEASTERN SECURITIES
014 B000005 8-00000000
015 A000001 STATE STREET KANSAS CITY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64108
015 E010001 X
018  000000 Y
019 A000000 Y
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019 C000000 INGPILGRIM
021  000000        0
022 A000001 CHASE SECURITIES
022 B000001 13-3112953
022 C000001    169410
022 D000001     58363
022 A000002 BANK OF AMERICA
022 B000002 36-0947896
022 C000002     51500
022 D000002     63694
022 A000003 TORONTO DOMINION
022 C000003     54479
022 D000003     40500
022 A000004 CITIBANK
022 C000004     31044
022 D000004     45616
022 A000005 MORGAN GUARANTY
022 C000005     16407
022 D000005     39887
022 A000006 BANKERS TRUST
022 B000006 13-4941247
022 C000006     13463
<PAGE>      PAGE  3
022 D000006     36827
022 A000007 DEUTCHE BANK
022 C000007     36100
022 D000007     10516
022 A000008 LEHMAN COMMERCIAL
022 C000008     20500
022 D000008      5960
022 A000009 BANQUE NATIONALE DE
022 C000009      8994
022 D000009     16526
022 A000010 GOLDMAN SACHS
022 B000010 13-1495487
022 C000010     22189
022 D000010      1461
023 C000000     424086
023 D000000     319350
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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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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SIGNATURE   MICHAEL J. ROLAND
TITLE       CFO
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>FINANCIAL DATA SCHEDULE
<TEXT>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 826020
<NAME> PILGRIM PRIME RATE TRUST
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          FEB-28-2001
<PERIOD-START>                             MAR-01-2000
<PERIOD-END>                               AUG-31-2000
<EXCHANGE-RATE>                                    1.0
<INVESTMENTS-AT-COST>                          1716130
<INVESTMENTS-AT-VALUE>                         1664799
<RECEIVABLES>                                    21325
<ASSETS-OTHER>                                     988
<OTHER-ITEMS-ASSETS>                               975
<TOTAL-ASSETS>                                 1688087
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       500437
<TOTAL-LIABILITIES>                             500437
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       1290372
<SHARES-COMMON-STOCK>                           136511
<SHARES-COMMON-PRIOR>                           136036
<ACCUMULATED-NII-CURRENT>                        11307
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (62698)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       (51331)
<NET-ASSETS>                                   1187650
<DIVIDEND-INCOME>                                   23
<INTEREST-INCOME>                                83725
<OTHER-INCOME>                                    3146
<EXPENSES-NET>                                   28269
<NET-INVESTMENT-INCOME>                          58625
<REALIZED-GAINS-CURRENT>                          9802
<APPREC-INCREASE-CURRENT>                      (43033)
<NET-CHANGE-FROM-OPS>                            25393
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        59249
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             76
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                399
<NET-CHANGE-IN-ASSETS>                         (29689)
<ACCUMULATED-NII-PRIOR>                          11932
<ACCUMULATED-GAINS-PRIOR>                      (72500)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             6969
<INTEREST-EXPENSE>                               17919
<GROSS-EXPENSE>                                  28269
<AVERAGE-NET-ASSETS>                           1728096
<PER-SHARE-NAV-BEGIN>                             8.95
<PER-SHARE-NII>                                   0.43
<PER-SHARE-GAIN-APPREC>                         (0.24)
<PER-SHARE-DIVIDEND>                            (0.44)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.70
<EXPENSE-RATIO>                                   1.17


</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77.C
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>ANNUAL MEETING RESULTS
<TEXT>

An Annual Meeting of  Shareholders of Pilgrim Prime Rate Trust (the "Trust") was
held on August 25, 2000 at 8:00 a.m.,  local time,  at the offices of the Trust,
40 North Central Avenue,  Suite 1200,  Phoenix,  Arizona 85004 for the following
purposes:

1.   To elect eleven trustees ("Trustees") to serve until their successors are
     elected and qualified;

                                              SHARES VOTED
                           SHARES              AGAINST OR
                          VOTED FOR             WITHHELD               TOTAL
                          ---------             --------               -----
Al Burton               75,182,969             1,733,138            76,916,107
Paul S. Doherty         75,296,917             1,619,190            76,916,107
Robert B. Goode, Jr.    75,257,437             1,658,670            76,916,107
Alan L. Gosule          75,306,147             1,609,960            76,916,107
Walter H. May           75,349,678             1,566,429            76,916,107
Jock Patton             75,325,016             1,591,091            76,916,107
David W.C. Putnam       75,323,945             1,592,162            76,916,107
John R. Smith           75,108,393             1,807,714            76,916,107
Robert W. Stallings     75,337,378             1,578,729            76,916,107
John G. Turner          75,329,020             1,587,087            76,916,107
David W. Wallace        75,120,574             1,795,533            76,916,107

         The following persons were elected at the Meeting and currently serve
as the Board of Trustees of the Trust: Al Burton, Paul S. Doherty, Robert B.
Goode, Alan L. Gosule, Walter H. May, Jock Patton, David W.C. Putnam, John R.
Smith, Robert W. Stallings, John G. Turner and David W. Wallace.

2.   To approve the following amendments in connection with the Trust's ability
     to issue a preferred class of shares ("Preferred Shares"):

     a.   To approve amendments to the Trust's Agreement and Declaration of
          Trust;

               AFFIRMATIVE VOTES          NEGATIVE VOTES
               -----------------          --------------
                  54,688,727                4,052,134

     b.   To approve amendments to the Trust's fundamental investment policies;

               AFFIRMATIVE VOTES          NEGATIVE VOTES
               -----------------          --------------
                  54,190,090                4,602,707

     c.   To approve amendments to the Investment Management Agreement between
          the Trust and Pilgrim Investments, Inc. ("Pilgrim Investments");

               AFFIRMATIVE VOTES          NEGATIVE VOTES
               -----------------          --------------
                   53,970,551               4,766,922

3.   To approve a new Investment Management Agreement between the Trust and
     Pilgrim Investments to reflect the acquisition of Pilgrim Investments by
     ING Groep N.V. ("ING"), with no change in the advisory fees payable to
     Pilgrim Investments:

               AFFIRMATIVE VOTES          NEGATIVE VOTES
               -----------------          --------------
                   55,030,820               3,470,147

4.   To ratify the appointment of KPMG LLP as independent auditors for the Trust
     for the fiscal year ending February 28, 2001.

               AFFIRMATIVE VOTES          NEGATIVE VOTES
               -----------------          --------------
                   74,221,896                806,566
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77.I
<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>TERMS OF NEW OR AMENDED SECURITIES
<TEXT>

On July 26, 2000, the Board of Directors approved an Amendment to the Agreement
and Declaration of Trust to add the Preferred Shares. The Amendment to the
Agreement and Declaration of Trust designating Preferred Shares is incorporated
by reference to Post-Effective Amendment No. 38 to the Registration Statement on
Form N-2 as filed on October 23, 2000.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.Q.1
<SEQUENCE>5
<FILENAME>0005.txt
<DESCRIPTION>EXHIBITS
<TEXT>

(a)  Form of Amendment to the Agreement and Declaration of Trust designating
     Preferred Shares and an Amendment to the Bylaws is incorporated by
     reference to Post-Effective Amendment No. 38 to the Registrant's
     Registration Statement filed on Form N-2 as filed October 23, 2000.

(e)  Form of Investment Management Agreement between the Trust and Pilgrim
     Investments, Inc. is incorporated by reference to Post-Effective No. 38 to
     the Registrant's Registration Statement filed on Form N-2 as filed October
     23, 2000.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
