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<PAGE>
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SIGNATURE JAMES R. REIS
TITLE EXEC. VICE PRESIDENT
<PAGE>
Pilgrim America Prime Rate Trust
- --------------------------------------------------------------------------------
ANNUAL SHAREHOLDER MEETING
- --------------------------------------------------------------------------------
A meeting of shareholders was held at the offices of the Trust on June 24, 1997.
A brief description of each matter voted upon as well as the voting results are
outlined below:
<TABLE>
<CAPTION>
Shares
Shares voted against Shares Broker
voted for or withheld abstained non-vote Total
--------- ----------- --------- -------- -----
<S> <C> <C> <C> <C> <C>
I. Proposal for the election of Directors:
Mary A. Baldwin 83,399,881 636,727 -- -- 90,036,608
John P. Burke 89,407,828 628,780 -- -- 90,036,608
Al Burton 89,357,710 678,898 -- -- 90,036,608
Bruce S. Foerster 89,419,962 616,646 -- -- 90,036,608
Jock Patton 89,412,980 623,628 -- -- 90,036,608
Robert W. Stallings 89,410,188 626,420 -- -- 90,036,608
II. Ratification of KPMG Peat Marwick LLP as independent auditors for the Trust for the year
ending February 28, 1998:
88,130,372 369,029 1,537,206 -- 90,036,607
III. Approval to transact such other business as may properly come before the annual meeting of
shareholders or any adjournments thereof:
86,481,453 1,027,399 2,527,754 -- 90,036,606
</TABLE>
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<NAME> Pilgrim America Prime Rate Trust
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