Securities Act File No. 333-68239
Securities Act File No. 333-61831
PILGRIM PRIME RATE TRUST
SUPPLEMENT DATED NOVEMBER 1, 1999
TO THE PROSPECTUS DATED JUNE 18, 1999
ACQUISITION OF PILGRIM CAPITAL CORPORATION BY RELIASTAR FINANCIAL CORP.
As of October 29, 1999, Pilgrim Investments, Inc., which is the Adviser to
Pilgrim Prime Rate Trust, became a wholly-owned subsidiary of ReliaStar
Financial Corp. (NYSE: RLR). ReliaStar is a Minneapolis-based holding company
whose subsidiaries offer individuals and institutions life insurance and
annuities, employee benefits products and services, life and health reinsurance,
retirement plans, mutual funds, bank products and personal finance education.
Based on revenues, ReliaStar is the 8th largest publicly held life insurance
holding company in the United States.
