FPA Paramount to reopen to new investors.

LOS ANGELES--(BUSINESS WIRE)--Jan. 14, 1997--FPA Paramount Fund Inc. (NASDAQ:FPRAX), a growth and income mutual fund, announced that it will recommence a general public offering of its shares effective Jan. 31, 1997.

The Fund last discontinued offering shares to new investors in January 1995. The Fund's net assets currently total approximately $700 million.

FPA Paramount seeks a high total investment return, including capital appreciation and income, from a diversified portfolio of securities. The Fund commenced operations in 1959 and First Pacific Advisors Inc. became its investment adviser in July 1978. William M. Sams was named president and chief investment officer in November 1981.

The other three mutual funds in the FPA Fund group are FPA Capital Fund Inc., which is currently closed to new investors, FPA New Income Inc. and FPA Perennial Fund Inc.

First Pacific Advisors Inc. and FPA Fund Distributors Inc., national distributor of the FPA Fund group, are indirect wholly owned subsidiaries of United Asset Management Corp. (NYSE:UAM), a New York Stock Exchange-listed holding company principally engaged, through affiliated firms, in providing institutional investment management and acquiring institutional investment management firms.

CONTACT: FPA Pacific Advisors Fund Inc., Los Angeles

Julio J. de Puzo Jr., 310/996-5430