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PILGRIM PRIME RATE TRUST DECLARES 5.0 CENTS PER SHARE MONTHLY DIVIDEND

 LOS ANGELES, Nov. 1 /PRNewswire/ -- Pilgrim Prime Rate Trust (NYSE: PPR), a $717 million closed-end mutual fund, declared a monthly dividend of 5.0 cents per share, payable Nov. 15, 1993, to shareholders of record on Nov. 8, 1993. This represents the 66th consecutive monthly dividend since the Trust's inception in May 1988.
 The monthly dividend represents an annualized rate of 5.94 percent calculated on the Trust's estimated ex-dividend net asset value per share of $9.91. Calculated at the Trust's closing market price on the New York Stock Exchange on Oct. 29, 1993, of $9.375, the annualized rate is 6.28 percent. Assuming reinvestment of dividends, the dividend rate will approximate 6.11 percent at NAV and 6.46 percent at market.
 Pilgrim Prime Rate Trust was the first mutual fund to invest in a portfolio of senior collateralized, floating-rate loans originated by major commercial banks. Its objective is to provide investors with a high level of current income consistent with preservation of capital.
 According to Lipper Analytical Services Inc., the five-year total return of the Trust through Sept. 30, 1993, was 50.74 percent, and the total return for the 12 months ended Sept. 30, 1993, was 5.45 percent.
 The Trust is managed by Pilgrim Management Corp., a subsidiary of The Pilgrim Group Inc., a Los Angeles-based mutual fund company which manages 18 mutual funds with approximately $3 billion in total assets under management.
 -0- 11/1/93
 /CONTACT: Michael P. McAdams of The Pilgrim Group, 800-336-3436/
 (PPR)


CO: The Pilgrim Group Inc.; Pilgrim Prime Rate Trust ST: California IN: FIN SU: DIV

JL-NC -- LA013 -- 8959 11/01/93 08:31 EST
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Publication:PR Newswire
Date:Nov 1, 1993
Words:277
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