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SEC File No. 333-61831
Filed Pursuant to Rule 497(h)
Prospectus Supplement
(To Prospectus Dated September 15, 1998)
PILGRIM PRIME RATE TRUST
2,500,000 Shares Of Beneficial Interest
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On November 19, 1998, Pilgrim Prime Rate Trust (the "Trust") sold
2,500,000 shares of beneficial interest of the Trust through privately
negotiated transactions pursuant to a Distribution Agreement with Pilgrim
Securities, Inc. ("PSI"). The highest and lowest executed sales price at which
shares were sold was $9.28 .
Gross Proceeds ........................................ $23,200,000.00
Commission to PASI..................................... $50,000.00
Net Proceeds to Trust.................................. $23,150,000.00
On November 18, 1998, the last day of the corresponding pricing period, the
last reported sales price of the Shares on the NYSE was 9 5/8.
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 November 27, 1998.
