-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 F53rwr2wvOsXiGAma13Idx23Exwoz79q2s+gzunwioVLIWZMTv7cGmhdUGbVNbUJ
 ErSpOL5fbeA9/j9ApZY6Kw==

<SEC-DOCUMENT>0000950147-01-500506.txt : 20010312
<SEC-HEADER>0000950147-01-500506.hdr.sgml : 20010312
ACCESSION NUMBER:		0000950147-01-500506
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010308

FILER:

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

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		
		SEC FILE NUMBER:	333-61831
		FILM NUMBER:		1563785

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>e6467.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT DATED 3/1/01
<TEXT>

                                               Securities Act File No. 333-61831
                                               Securities Act File No. 333-68239

                            Pilgrim Prime Rate Trust

                      Supplement dated March 1, 2001 to the
                         Prospectus dated June 30, 2000.


MERGER OF ING PILGRIM INVESTMENTS, INC. INTO ING PILGRIM INVESTMENTS, LLC

Effective  February 26, 2001,  ING Pilgrim  Investments,  Inc.,  the  Investment
Manager  to  Pilgrim  Prime  Rate  Trust  ("Trust"),  merged  into  ING  Pilgrim
Investments, LLC. ING Pilgrim Investments, LLC will continue to manage the Trust
under  the  existing  Investment  Management  Agreement.  All of the  investment
professionals,  officers and  employees of ING Pilgrim  Investments,  Inc.  will
continue  in  their   capacities  as  officers  and  employees  of  ING  Pilgrim
Investments,  LLC, and the same personnel will be responsible  for providing the
investment  advisory  services  to the Trust.  The  merger  will not result in a
change in the advisory fee paid by the Trust.


               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
