-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AGztl0n75ph+a6q4hUmJNrwI+7Q04nZ9x8g7++la+RFYqcOG8dGDP3W4Cg/J9fLJ
 u8cuR5U145myzjKd9VBjPQ==

<SEC-DOCUMENT>0000950147-01-500791.txt : 20010501
<SEC-HEADER>0000950147-01-500791.hdr.sgml : 20010501
ACCESSION NUMBER:		0000950147-01-500791
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20010228
FILED AS OF DATE:		20010430

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:		NSAR-B
		SEC ACT:		
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		1617204

	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>NSAR-B
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>N-SAR (6.1)
<TEXT>

<PAGE>      PAGE  1
000 B000000 02/28/2001
000 C000000 0000826020
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 8009920180
002 A000000 7337 E. DOUBLETREE RANCH ROAD
002 B000000 SCOTTSDALE
002 C000000 AZ
002 D010000 85258
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
008 A000001 ING PILGRIM INVESTMENTS LLC
008 B000001 A
008 C000001 801-48282
008 D010001 SCOTTSDALE
008 D020001 AZ
008 D030001 85258
010 A000001 ING PILGRIM GROUP LLC
010 C010001 SCOTTSDALE
010 C020001 AZ
010 C030001 85258
011 A000001 ING PILGRIM SECURITIES, INC.
011 B000001 8-48020
011 C010001 SCOTTSDALE
011 C020001 AZ
011 C030001 85258
012 A000001 ING PILGRIM GROUP LLC
012 B000001 85-
012 C010001 SCOTTSDALE
012 C020001 AZ
012 C030001 85258
013 A000001 KPMG LLP
013 B010001 LOS ANGELES
013 B020001 CA
013 B030001 90017
014 A00AA01 ING PILGRIM SECURITIES, INC.
014 B00AA01 8-38545
014 A00AA02 WASHINGTON SQUARE SECURITIES, INC.
014 B00AA02 8-00000000
014 A00AA03 PRIMVEST FINANCIAL SERVICES, INC.
<PAGE>      PAGE  2
014 B00AA03 8-00000000
014 A00AA04 GRANITE INVESTMENT SERVICES
014 B00AA04 8-00000000
014 A00AA05 FINANCIAL NORTHEASTERN SECURITIES
014 B00AA05 8-00000000
014 A00AA06 BARING INVESTMENT SERVICES
014 B00AA06 8-00000000
014 A00AA07 COMPULIFE INVESTOR SERVICES, INC.
014 B00AA07 8-00000000
014 A00AA08 DIRECTED SERVICES, INC.
014 B00AA08 8-00000000
014 A00AA09 FURMAN SELZ FIN. SERVICES
014 B00AA09 8-00000000
014 A00AA10 ING NETWORK SECURITIES
014 B00AA10 8-00000000
014 A00AA11 ING (US) SEC., FUTURES & OPTIONS INC
014 B00AA11 8-00000000
014 A00AA12 ING AMERICA EQUITIES, INC.
014 B00AA12 8-00000000
014 A00AA13 ING BARING LLC
014 B00AA13 8-00000000
014 A00AA14 ING FUNDS DISTRIBUTORS, INC.
014 B00AA14 8-00000000
014 A00AA15 ING INSURANCE AGENCY, INC.
014 B00AA15 8-00000000
014 A00AA16 ING TT&S(US) SEC. INC.
014 B00AA16 8-00000000
014 A00AA17 LOCUST STREET SEC., INC.
014 B00AA17 8-00000000
014 A00AA18 MUTI-FINANCIAL SECURITIES, CORP.
014 B00AA18 8-00000000
014 A00AA19 UNITED VARIABLE SERVICES INC.
014 B00AA19 8-00000000
014 A00AA20 VESTAX SECURITIES CORP.
014 B00AA20 8-00000000
014 A00AA21 BANCWEST INVESTMENT SERVICES
014 B00AA21 8-00000000
014 A00AA22 GURANTY BROKERAGE SERVICES, INC.
014 B00AA22 8-00000000
014 A00AA23 LEXINGTON FUNDS DISTRIBUTOR, INC.
014 B00AA23 8-00000000
014 A00AA24 AELTUS CAPITAL, NC.
014 B00AA24 8-00000000
014 A00AA25 AETNA INVESTMENT SERVICES, INC.
014 B00AA25 8-00000000
014 A00AA26 FINANCIAL NETWORK INVESTMENT CORP.
014 B00AA26 8-00000000
014 A00AA27 SYSTEMIZED BENEFIT ADMINISTRATOR, INC.
014 B00AA27 8-00000000
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
<PAGE>      PAGE  3
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   70
019 C000000 INGPILGRIM
021  000000        0
022 A000001 CHASE SECURITIES
022 B000001 13-3112953
022 C000001    192906
022 D000001    110792
022 A000002 BANK OF AMERICA
022 B000002 36-0947896
022 C000002    120054
022 D000002     36357
022 A000003 MORGAN STANLEY
022 C000003     54535
022 D000003     42118
022 A000004 TORONTO DOMINION
022 C000004     72417
022 D000004     14929
022 A000005 LEHMAN COMMERCIAL
022 B000005 36-3710666
022 C000005     41157
022 D000005      5411
022 A000006 CREDIT SUISSE
022 C000006     34062
022 D000006     10052
022 A000007 DLJ
022 C000007     35500
022 D000007      7759
022 A000008 BANK OF NEW YORK
022 C000008     37929
022 D000008      4668
022 A000009 BANQUE PARIBAS
022 C000009     15584
022 D000009     25983
022 A000010 CIBC
022 C000010     18011
022 D000010     21541
023 C000000     794617
023 D000000     394426
024  000000 N
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE>      PAGE  4
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
028 C010000         0
028 C020000         0
028 C030000         0
028 C040000         0
028 D010000         0
028 D020000         0
028 D030000         0
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
<PAGE>      PAGE  5
043  000000      0
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.800
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 N
054 I000000 Y
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 Y
056  000000 Y
<PAGE>      PAGE  6
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000     1000
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   2.3
062 Q000000 127.7
062 R000000   1.8
063 A000000   0
063 B000000  5.0
064 A000000 N
064 B000000 Y
065  000000 N
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
<PAGE>      PAGE  7
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000   1276466
071 B000000    808368
071 C000000   1760087
071 D000000   46
072 A000000 12
072 B000000   167500
072 C000000       30
072 D000000        0
072 E000000     6007
072 F000000    14077
072 G000000     4077
072 H000000        0
072 I000000      347
072 J000000      643
072 K000000      343
072 L000000      276
072 M000000       57
072 N000000      136
072 O000000        0
072 P000000    30829
072 Q000000        0
072 R000000      122
072 S000000      848
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000      244
072 X000000    51999
072 Y000000        0
072 Z000000   121538
072AA000000        0
072BB000000     4909
<PAGE>      PAGE  8
072CC010000        0
072CC020000   101823
072DD010000   126438
072DD020000        0
072EE000000        0
073 A010000   0.9200
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000     2485
074 B000000        0
074 C000000        0
074 D000000    35247
074 E000000        0
074 F000000    18292
074 G000000        0
074 H000000        0
074 I000000  1998866
074 J000000        0
074 K000000        0
074 L000000    18174
074 M000000      822
074 N000000  2073886
074 O000000        0
074 P000000     1620
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000   514834
074 S000000        0
074 T000000  1557432
074 U010000   136847
074 U020000        0
074 V010000     8.09
074 V020000     0.00
074 W000000   0.0000
074 X000000    59719
074 Y000000        0
075 A000000        0
075 B000000 53523376
076  000000     8.12
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
<PAGE>      PAGE  9
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 NATIONAL UNION FIRE INS. CO. OF  PITTSBURG,PA
080 C000000    12000
081 A000000 Y
081 B000000  69
082 A000000 Y
082 B000000       50
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 N
085 B000000 N
086 A010000    811
086 A020000   6970
086 B010000      0
086 B020000      0
086 C010000  18000
086 C020000 450000
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 PILGRIM PRIME RATE TRUST
087 A020000 72146W103
087 A030000 PPR
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   MICHAEL J ROLAND
TITLE       SVP, CFO
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77.B
<SEQUENCE>2
<FILENAME>ex-77b.txt
<DESCRIPTION>INTERNAL CONTROL LETTER
<TEXT>

                                                                 Exhibit 99.77.B

The Board of Trustees
Pilgrim Prime Rate Trust:

In planning and  performing  our audit of the  financial  statements  of Pilgrim
Prime Rate Trust for the year ended February 28, 2001, we considered the Trust's
internal control,  including control activities for safeguarding securities,  in
order to determine our auditing  procedures  for the purpose of  expressing  our
opinion on the financial  statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.

The  management of the Trust is responsible  for  establishing  and  maintaining
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the expected  benefits and related  costs of
controls.  Generally,  controls  that are  relevant  to an audit  pertain to the
entity's objective of preparing financial  statements for external purposes that
are  fairly   presented  in  conformity  with  generally   accepted   accounting
principles.   Those  controls   include  the   safeguarding  of  assets  against
unauthorized acquisition, use, or disposition.

Because of inherent  limitations in internal  control,  error or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future periods is subject to the risk that it may become  inadequate  because of
changes in conditions or that the  effectiveness of the design and operation may
deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in  internal   control  that  might  be  material   weaknesses  under  standards
established  by the  American  Institute  of  Certified  Public  Accountants.  A
material  weakness  is a  condition  in which  the  design or  operation  of the
specific  internal control  components does not reduce to a relatively low level
the risk that  misstatements  caused by error or fraud in amounts  that would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing  their assigned  functions.  However,  we noted no matters  involving
internal  control,  including  controls  for  safeguarding  securities,  that we
consider to be material weaknesses as defined above as of February 28, 2001.

This report is intended solely for the information and use of management and the
Board of Trustees of the Trust and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone  other than these  specified
parties.



April 26, 2001
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
