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BUNKER HILL INCOME SECURITIES, INC. BOARD APPROVES PLAN OF REORGANIZATION FOR THE CLOSED END FUND

 NEW YORK, Dec. 18 /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 an agreement and plan of reorganization for submission to the Fund's shareholders.
 If approved, the reorganization is expected to be effective in April 1993. At that time, Bunker Hill shareholders will receive shares of Pacific Horizon Fixed Income 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 Fixed Income 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.
 Since the new Pacific Horizon series, unlike Bunker Hill Income Securities, will invest in only investment-grade securities, the reorganization could result in somewhat lower yields. Also, as an open- end company, the new Pacific Horizon series is expected to have a higher expense ratio than Bunker Hill has had until assets increase. Moreover, the Bunker Hill Board believes that the potential benefits of the reorganization to its current shareholders are substantial.
 Pacific Horizon Funds is a $17 billion mutual fund complex advised by Bank of America NT&SA and distributed by Concord Financial Group, Inc.
 In addition, the Board of Bunker Hill Income Securities has declared a regular dividend of $0.34 per share payable Jan. 12, 1993 to shareholders of record on Dec. 28, 1992. The annual meeting of shareholders has been scheduled for March 31, 1993 for shareholders of record on Feb. 19, 1993.
 On Dec. 11, 1992, the net asset value of Bunker Hill was $16.01 per share and the fund had total assets of $44.4 million. On that date, its shares closed at $15.75 on the New York Stock Exchange.
 Bunker Hill Income Securities, Inc., will be dissolved following approval of the reorganization.
 -0- 12/18/92
 /CONTACT: Laura Berger or Stan Appenzeller of Arlen Financial Communications, 212-966-5100, for Bunker Hill Income Securities, Inc./
 (BHL)


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

WB-OS -- NY018 -- 8112 12/18/92 10:14 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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