SEC File No. 333-61831
Filed Pursuant to Rule 497(h)
Prospectus Supplement
(To Prospectus Dated June 30, 2000)
PILGRIM PRIME RATE TRUST
19,204.330 Shares of Beneficial Interest
----------
During the period of August 16 ,2000 through August 17, 2000, Pilgrim Prime
Rate Trust (the "Trust") sold 19,204.330 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
$8.8870 per share.
Gross Proceeds ............................... $ 170,669.20
Commission to PSI ............................ $ 700.34
Net Proceeds to Trust ........................ $ 169,968.86
On August 15, 2000, the last day of the corresponding pricing period, the
last reported sales price of the Shares on the NYSE was 8 15/16.
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.
----------
The Date of this Prospectus Supplement is August 21, 2000
