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PILGRIM PRIME RATE TRUST SCHEDULES REPURCHASE PROGRAM

 PILGRIM PRIME RATE TRUST SCHEDULES REPURCHASE PROGRAM
 LOS ANGELES, July 16 /PRNewswire/ -- Pilgrim Prime Rate Trust


(NYSE: PPR) (the trust), a closed-end investment company listed on the New York Stock Exchange, today announced that its board of trustees has authorized the trust to repurchase on the NYSE up to $75,000,000 of trust shares. The repurchase program can commence as soon as required notice is given to trust shareholders. As mentioned previously, the trustees will continue to consider all possible measures to assist in reducing the discount from net asset value at which the trust's shares are currently trading. In that connection, although the trustees did not authorize a current tender offer for trust shares, they will consider the advisability of a tender offer after the repurchase program has been in effect and there is an opportunity to evaluate its impact on the current discount from net asset value. Consistent with the trust's prior statements to shareholders, the trustees will continue to consider each quarter whether a tender offer should be made.
 -0- 7/16/92
 /CONTACT: Tony De Angelis of Pilgrim Prime Rate Trust, 310-551-5406/
 (PPR) CO: Pilgrim Prime Rate Trust ST: California IN: FIN SU: EH-KJ -- LA040 -- 0050 07/16/92 19:20 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 16, 1992
Words:207
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