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EATON VANCE CONFIRMS INTENTION TO CONTINUE QUARTERLY TENDERS FOR EATON VANCE PRIME RATE RESERVES

 EATON VANCE CONFIRMS INTENTION TO CONTINUE QUARTERLY TENDERS
 FOR EATON VANCE PRIME RATE RESERVES
 BOSTON, Feb. 21 /PRNewswire/ -- In response to an article in today's Wall Street Journal regarding recent activities by Pilgrim Prime Rate Trust to list its shares on the New York Stock Exchange, Eaton Vance (NASDAQ: EAVN) confirmed its belief that quarterly tender offers provide shareholders of Eaton Vance Prime Rate Reserves with the best alternative to meet liquidity needs at minimum cost.
 Since inception in August 1989, Eaton Vance Prime Rate Reserves has conducted 10 quarterly tenders. Eaton Vance believes these tenders have worked well for shareholders, providing frequent liquidity at net asset value without potential exposure to the discount often associated with exchange-traded closed-end funds.
 Eaton Vance added that its Fund has, and continues to have, the flexibility to manage its loan portfolio effectively and efficiently for shareholders within a framework of quarterly tenders. Shortly after operations began, the Fund established at $300 million commercial paper program. This program facilitates tenders by eliminating the need to raise large amounts of cash prior to the tender filing. Because of the commercial paper program, Eaton Vance said, the Fund has the flexibility to remain fully invested while accomodating shareholders who wish to liquidate shares by way of quarterly tenders.
 -0- 2/21/92
 /CONTACT: Art MacPherson of Eaton Vance Prime Rate Reserves, 617-482-8260/
 (EAVN) CO: Eaton Vance Prime Rate Reserves ST: Massachusetts IN: FIN SU:


PB-EG -- NE009 -- 1586 02/21/92 18:16 EST
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Publication:PR Newswire
Date:Feb 21, 1992
Words:247
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