SEC File No. 333-61831
Filed Pursuant to Rule 497(h)
PROSPECTUS SUPPLEMENT
(To Prospectus Dated September 15, 1998)
PILGRIM PRIME RATE TRUST
37,300.158 Shares Of Beneficial Interest
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On November 18, 1998 Pilgrim Prime Rate Trust (the "Trust") sold 37,300.158
shares of beneficial interest of the Trust through the Trust's Shareholder
Investment Program pursuant to a Distribution Agreement with Pilgrim Securities,
Inc. ("PSI") at a sales price of $9.571 per share.
Gross Proceeds .................................. $356,999.81
Commission to PSI ............................... $ 3,570.00
Net Proceeds to Trust ........................... $353,429.81
On November 16, 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 20, 1998.
