Printer Friendly

PILGRIM PRIME RATE TRUST APPROACHES END OF FIFTH YEAR OF OPERATIONS; DECLARES 59TH CONSECUTIVE MONTHLY DIVIDEND

 LOS ANGELES, April 2 /PRNewswire/ -- Pilgrim Prime Rate Trust (NYSE: PPR) today declared a monthly dividend of 5 cents per share, payable April 19, 1993 to shareholders of record as of April 12, 1993. This dividend represents the Trust's 59th consecutive monthly dividend since its commencement of operations in May 1988.
 The monthly dividend is at an annualized rate of 5.9 percent, calculated on the Trust's estimated ex-dividend net asset value per share of $10.00. Calculated at the Trust's closing market price on the New York Stock Exchange, which is $9.125, the annualized rate is 6.5 percent. Assuming reinvestment of dividends, the rates are 6.1 percent and 6.7 percent respectively. The increase in the dividend from the prior month's $.046 per share was due primarily to the number of days in the month of March, as compared to February.
 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 50 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 Service Inc., the total return of the Trust from its inception in May 1988 through Feb. 28, 1993 was 50.4 percent and the total return for the 12-month period then ended was 6.7 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- 4/2/93
 /CONTACT: Virginia Steinberg or Mike Millican of Robert Marston and Associates, Inc., 212-371-2200, for Pilgrim Prime Rate Trust/
 (PPR)


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

WB-OS -- NY032 -- 2520 04/02/93 12:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 2, 1993
Words:344
Previous Article:COLE APPOINTED EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER OF SCIMED
Next Article:GULF STATES NAMES KOPECKY ASSISTANT TREASURER
Topics:


Related Articles
PILGRIM PRIME RATE TRUST DECLARES 60TH CONSECUTIVE MONTHLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES 61ST CONSECUTIVE MONTHLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES 63RD CONSECUTIVE MONTHLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES 5.1 CENTS PER SHARE QUARTERLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES 5.0 CENTS PER SHARE MONTHLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES 5.0 CENTS PER SHARE MONTHLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES 5.1 CENTS PER SHARE MONTHLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES 4.8 CENTS PER SHARE MONTHLY DIVIDEND
PILGRIM PRIME RATE TRUST DECLARES DIVIDEND OF 6.25 CENTS PER SHARE
PILGRIM PRIME RATE TRUST DECLARES DIVIDEND OF 6.45 CENTS PER SHARE

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters