<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 826020
<NAME> PILGRIM PRIME RATE TRUST
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-2000
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<PERIOD-END> FEB-29-2000
<EXCHANGE-RATE> 1
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<OTHER-ITEMS-LIABILITIES> 493,568
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,286,205
<SHARES-COMMON-STOCK> 136,036
<SHARES-COMMON-PRIOR> 130,206
<ACCUMULATED-NII-CURRENT> 11,932
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<ACCUMULATED-NET-GAINS> (72,500)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,298)
<NET-ASSETS> 1,217,339
<DIVIDEND-INCOME> 23
<INTEREST-INCOME> 148,319
<OTHER-INCOME> 6,362
<EXPENSES-NET> 48,210
<NET-INVESTMENT-INCOME> 106,494
<REALIZED-GAINS-CURRENT> (37,914)
<APPREC-INCREASE-CURRENT> (2,330)
<NET-CHANGE-FROM-OPS> 66,250
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,798
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1,032
<NET-CHANGE-IN-ASSETS> 14,774
<ACCUMULATED-NII-PRIOR> 9,888
<ACCUMULATED-GAINS-PRIOR> (36,416)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,077
<INTEREST-EXPENSE> 30,491
<GROSS-EXPENSE> 48,221
<AVERAGE-NET-ASSETS> 1,733,244
<PER-SHARE-NAV-BEGIN> 9.24
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.95
<EXPENSE-RATIO> 1.0
</TABLE>
