<ARTICLE> 6
<CIK> 826020
<NAME> PILGRIM PRIME RATE TRUST
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS

                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          FEB-29-2000
<PERIOD-START>                             MAR-01-1999
<PERIOD-END>                               FEB-29-2000
<EXCHANGE-RATE>                                      1
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<INVESTMENTS-AT-VALUE>                       1,690,090
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<SHARES-COMMON-STOCK>                          136,036
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<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
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<DIVIDEND-INCOME>                                   23
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<EQUALIZATION>                                       0
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<PER-SHARE-NAV-BEGIN>                             9.24
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<EXPENSE-RATIO>                                    1.0