SEC File No. 333-29805
Filed Pursuant to Rule 497(h)
Prospectus Supplement
(To Prospectus Dated June 19, 1998)
PILGRIM AMERICA PRIME RATE TRUST
50,000 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, 50,000 shares of beneficial interest of the Trust, pursuant to
transactions effected on the New York Stock Exchange, during the period August
27, 1998 through August 28, 1998. The highest and lowest executed sales price at
which shares were sold during that period was $10.0625 and $10.0625,
respectively.
Gross Proceeds.................... $ 503,125.00
Commission to Sales Agent......... $ 15,093.75
Net Proceeds to Trust............. $ 488,031.25
On August 28, 1998 the last reported sales price of the Shares on the NYSE was
10.00.
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 September 3, 1998.
