SEC File No. 333-68239
Filed Pursuant to Rule 497(h)
PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED JUNE 18, 1999)
PILGRIM PRIME RATE TRUST
319,658 SHARES OF BENEFICIAL INTEREST
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On September 9, 1999 Pilgrim Prime Rate Trust (the "Trust") sold 319,658
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 ................................................ $3,016,772.38
Broker-Dealer Commissions...................................... $ 120,670.90
Net Proceeds to Trust.......................................... $2,896,101.48
On September 9, 1999 the last reported sales price of the Shares on the
NYSE was 9 1/2.
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.
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The date of this Prospectus Supplement is September 10, 1999.
