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

                             
<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