PILGRIM PRIME RATE TRUST
Supplement dated January 10, 2001
to
Prospectus dated June 30, 2000
On January 10, 2001, ING Pilgrim Investments named Curtis F. Lee Chief Credit
Officer for Pilgrim Prime Rate Trust (the "Trust"). The biography for Mr. Lee
below is inserted under the heading "Investment Management and Other
Services--Portfolio Management". James R. Reis is no longer the Chief Credit
Officer for the Trust and his biography is deleted in its entirety.
CURTIS F. LEE is a Vice President of ING Pilgrim Investments (since August
1999) and Chief Credit Officer of the Trust (since January 2001). He served
as Senior Credit Officer of the Trust from August 1999 to January 2001.
Prior to joining ING Pilgrim Investments, Mr. Lee held a series of
positions with Standard Chartered Bank in the credit approval and problem
loan management functions (1992-1999). His last position was Regional Head
of Risk approving workout strategies and restructuring proposals for the
bank's troubled assets in the Americas, Europe, Africa, Middle East and
South Asia. In addition, Mr. Lee lived and worked in Guayaquil, Ecuador as
a Credit Officer with Citibank (1984-1990) and as a consultant to various
Ecuadorian banks focusing on credit analysis techniques in an inflationary
environment (1990-1992), and was a management trainee with United New
Mexico Financial Corporation in Albuquerque, New Mexico (1982-1984). Mr.
Lee received a B.A. in Journalism, an M.A. in Latin American Studies and an
M.B.A. in International Management from the University of New Mexico,
graduating with honors.
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