Supplement dated November 12, 1998 to the
Prospectus for Pilgrim America Prime Rate Trust
Dated June 19, 1998
The name of Pilgrim America Prime Rate Trust has been changed to
"Pilgrim Prime Rate Trust."
In addition, the name of Pilgrim America Investments, Inc., the
Investment Manager for the Trust, has changed to "Pilgrim Investments, Inc."
Also, the name of Pilgrim America Securities, Inc., which provides certain
services in connection with the Offering, has changed to "Pilgrim Securities,
Inc."
