SEC File No. 333-29803
Filed Pursuant to Rule 497(h)
Prospectus Supplement
(To Prospectus Dated May 18, 1998)
PILGRIM AMERICA PRIME RATE TRUST
6,529,700 Shares Of Beneficial Interest
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On May 26, 1998, Pilgrim America Prime Rate Trust (the "Trust") sold
6,529,700.00 shares of beneficial interest of the Trust through privately
negotiated transactions pursuant to a Distribution Agreement with Pilgrim
America Securities, Inc. ("PASI") at a sales price of $9.658 per share.
Gross Proceeds ............................... $63,063,842.60
Commission to PASI ........................... $630,638.43
Net Proceeds to Trust ........................ $62,433,204.17
On May 22, 1998, the last day of the corresponding pricing period, the last
reported sales price of the Shares on the NYSE was 10 3/16.
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 2, 1998.
