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PILGRIM PRIME RATE TRUST DECLARES 61ST CONSECUTIVE MONTHLY DIVIDEND

 LOS ANGELES, June 1 /PRNewswire/ -- Pilgrim Prime Rate Trust (NYSE: PPR) declared a monthly dividend of $.05 cents per share, payable June 15, 1993 to shareholders of record as of June 8, 1993. This dividend represents the trust's 61st consecutive monthly dividend since its commencement of operations in May 1988.
 The monthly dividend is at an annualized rate of 5.97 percent, calculated on the trust's estimated ex-dividend net asset value per share of $9.99. Calculated at the trust's closing market price on the New York Stock Exchange, which is $9.25, the annualized rate is 6.4 percent. Assuming reinvestment of dividends, the rates are 6.1 percent and 6.6 percent respectively. The slight increase in the dividend from the prior month's $.049 per share was due primarily to a larger number of days in the month of May, as compared to April.
 The trust is the first mutual fund to invest in a portfolio of senior collateralized, floating-rate loans originated by major commercial banks. The trust's portfolio presently has a weighted average rate re-set period of 58 days and, therefore, its net asset value is minimally exposed to changes in prevailing interest rates. Simultaneously, the trust's dividend rate, calculated at its current market price, exceeds the current yield on 10-year treasury bonds and is close to the yield of 30-year treasuries.
 According to Lipper Analytical Services, Inc. the total return of the trust from its inception in May 1988 through April 30, 1993 was 51.3 percent and the total return for the 12-month period then ended was 6.70 percent.
 Pilgrim Prime Rate Trust is managed by Pilgrim Management Corp., a unit of Pilgrim Group Inc., which manages 16 debt and equity mutual funds with total assets of approximately $2.75 billion.
 For more information call 800-336-3436.
 -0- 6/1/93
 /CONTACT: Virginia Steinberg or Mike Millican of Robert Marston Corporate Communications, Inc., 212-371-2200, for Pilgrim Prime Rate Trust/
 (PPR)


CO: Pilgrim Prime Rate Trust ST: California IN: FIN SU: DIV

SM-OS -- NY074 -- 4031 06/01/93 14:27 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
Words:345
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