SEC File No. 333-68239
Filed Pursuant to Rule 497(h)
PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED JUNE 18, 1999)
PILGRIM PRIME RATE TRUST
123,151 SHARES OF BENEFICIAL INTEREST
-----------------
During the period of October 7, 1999 through October 8, 1999, Pilgrim Prime
Rate Trust (the "Trust") sold 123,151 shares of beneficial interest of the Trust
through a broker-dealer that has entered into a selected dealer agreement with
Pilgrim Securities, Inc. ("PSI"), which is the underwriter for the Trust in
connection with this offering. The executed sales price at which the shares were
sold during that period was $9.4375.
Gross Proceeds ................................................ $1,162,875.06
Broker-Dealer Commissions...................................... $ 46,515.00
Net Proceeds to Trust.......................................... $1,116,360.06
On October 8, 1999 the last reported sales price of the Shares on the NYSE
was 9 3/8.
Note: S.E.C. fees were not used in arriving at any of the above figures.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES, OR DETERMINED THAT THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
----------------------
The date of this Prospectus Supplement is October 8, 1999.
