Securities Act File No. 333-29803
Securities Act File No. 333-61831
PILGRIM PRIME RATE TRUST
Supplement Dated September 1, 2000 to
Prospectus Dated June 30, 2000
ACQUISITION OF RELIASTAR FINANCIAL CORP. BY ING GROEP N.V.
On September 1, 2000, ING Groep N.V. (NYSE: ING) acquired ReliaStar Financial
Corp. (NYSE: RLR), the indirect parent company of Pilgrim Investments, Inc.
("Pilgrim Investments"), Adviser to the Pilgrim Prime Rate Trust. ING Group is a
global financial institution active in the field of insurance, banking, and
asset management in more than 65 countries, with almost 100,000 employees.
Pilgrim Investments is expected to remain intact after the transaction. Pilgrim
Investments does not currently anticipate that there will be any changes in the
investment personnel primarily responsible for management of the Pilgrim Prime
Rate Trust as a result of the acquisition.
Under the provisions of the advisory contract between Pilgrim Prime Rate Trust
and Pilgrim Investments, the agreement might be deemed to terminate
automatically at the time of the acquisition. As a result, the Board of Trustees
and shareholders of the Pilgrim Prime Rate Trust approved a new advisory
contract between Pilgrim Prime Rate Trust and Pilgrim Investments, which took
effect immediately after the acquisition.
Please be advised of the new address of the Pilgrim Funds, effective
immediately:
ING Pilgrim Funds
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
