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BUNKER HILL INCOME SECURITIES, INC. BOARD REVISES PLAN OF REORGANIZATION

 NEW YORK, Jan. 13 /PRNewswire/ -- Bunker Hill Income Securities, Inc. (NYSE: BHL), a closed-end bond fund traded on the NYSE, announced today that its board of directors has approved a revised plan of reorganization for submission to the Fund's shareholders.
 If approved by shareholders, the reorganization is expected to be effective in April 1994. At that time, Bunker Hill shareholders will receive shares of Pacific Horizon Corporate Bond Fund, a new open-end series of Pacific Horizon Funds, Inc., at net asset value. Following the reorganization, all Bunker Hill shareholders, as new Pacific Horizon Corporate Bond Fund shareholders, will also have the right to purchase shares of any other Pacific Horizon Funds on a no-load basis.
 The transaction is viewed by the board as an opportunity to build Bunker Hill Fund assets through Pacific Horizon's well-established distribution network.
 Unlike the Pacific Horizon Fixed Income Fund, with which Bunker Hill had previously proposed to reorganize, the new Pacific Horizon Corporate Bond Fund will have substantially the same investment objectives and policies as Bunker Hill Income Securities, Inc. As an open-end company, the new Pacific Horizon series is expected to have a higher expense ratio than Bunker Hill has had.
 However, the Bunker Hill board believes that the potential benefits of the reorganization to its current shareholders are substantial. In addition, advisory and administrative fees for the Pacific Horizon Corporate Bond Fund will be waived for the first six months after the reorganization.
 Pacific Horizon Funds is a $16 billion mutual fund complex advised by Bank of America NT&SA and distributed by Concord Financial Group, Inc. On Dec. 8, 1993 Bank of America NT&SA replaced Security Pacific Investment Managers, Inc. as adviser to Bunker Hill.
 The annual meeting of shareholders of Bunker Hill Income Securities, Inc. has been scheduled for April 4, 1994 for shareholders of record on Feb. 7, 1994.
 On Jan. 7, 1994 the net asset value of Bunker Hill was $16.8181 per share and the fund had total net assets of $46.667 million. On that date, its shares closed at $15.25 on the NYSE.
 Bunker Hill Income Securities, Inc. will be dissolved following shareholder approval of the reorganization.
 -0- 1/13/94
 /CONTACT: Laura Berger or Stan Appenzeller, both of Arlen Financial Communications, 212-966-5100/
 (BHL)


CO: Bunker Hill Income Securities, Inc. ST: New York IN: FIN SU: RCN

TM -- NY003 -- 1700 01/13/94 09:13 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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