<PAGE> 1
OMB APPROVAL
------------
OMB Number: 3235-0145
Expires: December 31, 1997
Estimated average burden
hours per response . . . . 14.90
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No._________ )*
PAYLESS CASHWAYS, INC.
________________________________________________________________________________
(Name of Issuer)
COMMON STOCK
________________________________________________________________________________
(Title of Class of Securities)
704378306000
____________________________________
(CUSIP Number)
Check the following box if a fee is being paid with this statement ___. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 4 pages
<PAGE> 2
CUSIP No. 704378306000 13G Page 2 of 4 Pages
-----------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
VAN KAMPEN AMERICAN CAPITAL PRIME RATE INCOME TRUST
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) _____
(b) _____
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
MASSACHUSETTS
5 SOLE VOTING POWER
NUMBER OF 1,024,159
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH --
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH
1,024,159
8 SHARED DISPOSITIVE POWER
--
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,024,159
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.1%
12 TYPE OF REPORTING PERSON*
IV
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 4 pages
<PAGE> 3
SCHEDULE 13G
Item 1. Issuer.
(a) Name: Payless Cashways, Inc.
(b) Address: Two Pershing Square
2300 Main Street
Kansas City, MO 64108
Item 2. Person Filing.
(a) Name: Van Kampen American Capital
Prime Rate Income Trust
(b) Address: One Parkview Plaza
Oakbrook Terrace, Illinois 60181
(c) Place of Organization: Massachusetts
(d) Title of Class of Securities: Common Stock
(e) CUSIP Number 704378306000
Item 3. The entity filing is an:
(d) Investment Company registered under section 8 of the Investment
Company Act.
Item 4. Ownership.
(a) Amount Beneficially Owned: 1,024,159 shares
(b) Percent of Class: 5.12%
(c) Number of shares as to which such person has:
(i) sole power to vote: 1,024,159
(ii) shared power to vote: N/A
(iii) sole power to dispose: 1,024,159
(iv) shared power to dispose: N/A
Item 5. Ownership of Five Percent or Less of a Class. N/A
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of Subsidiary. N/A
Page 3 of 4 pages
<PAGE> 4
Item 8. Identification and Classification of Members of the Group. N/A
Item 9. Notice of Dissolution of Group. N/A
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
/s/
Date: February 11, 1998 ------------------------
Signature
Vice President
-------------------------
Name/Title
Page 4 of 4 pages
