SEC File No. 333-29805
Filed Pursuant to Rule 497(h)
Prospectus Supplement
(To Prospectus Dated May 18, 1998)
PILGRIM AMERICA PRIME RATE TRUST
10,000 Shares of Beneficial Interest
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Pursuant to a Sales Agency Agreement dated as of May 22, 1998 (the
"Sales Agency Agreement") among Pilgrim America Prime Rate Trust (the "Trust"),
Pilgrim America Investments, Inc., as Investment Manager of the Trust, and
PaineWebber Incorporated (the "Sales Agent") which has been filed as an exhibit
to the Registration Statement of which this Prospectus Supplement is a part and
which is incorporated by reference herein, the Trust has sold, through its Sales
Agent, 10,000 shares of beneficial interest of the Trust, pursuant to
transactions effected on the New York Stock Exchange, during the period June 2,
1998 through June 3, 1998. The highest and lowest executed sales price at which
shares were sold during that period was $10.1875 and $10.1875, respectively.
Gross Proceeds.................... $101,875.00
Commission to Sales Agent......... $3,056.25
Net Proceeds to Trust............. $98,818.75
On June 3, 1998 the last reported sales price of the Shares on the NYSE was 10
3/16.
Note: S.E.C. fees were not used in arriving at any of the above figures.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
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The Date of this Prospectus Supplement is June 9, 1998.
