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PACIFIC HORIZON FUNDS INTRODUCE NEW DUAL-RATED MONEY MARKET FUND FOR INSTITUTIONS

 SAN FRANCISCO, March 16 /PRNewswire/ -- Pacific Horizon Mutual Funds, which are managed by Bank of America, has introduced the Pacific Horizon Prime Value Fund, a new dual-rated money market fund for institutional investors.
 The Prime Value Fund will be managed to qualify for the highest rating from two nationally recognized rating services -- an AAA rating from Standard & Poor's Corporation and an Aaa rating from Moody's Investors Service, Inc.
 To receive a dual rating, a fund can invest only in the highest quality securities and the dollar-weighted average portfolio maturity of the fund must be 60 days or less, compared with a 90-day limit for non- rated money market funds.
 "This new money fund was created especially for entities operating under the restrictions of a trust indenture," explained Debra McGinty- Poteet, senior vice president and manager of mutual funds for Bank of America. "Such an indenture limits a trust's investments to the highest-rated securities, such as those with a dual rating."
 The Prime Value Fund also will be used to support Bank of America products related to asset-backed securities. "The fund will offer issuers of asset-backed securities an attractive investment option that meets their strict credit requirements while eliminating the administrative burdens of managing direct placement investments," said McGinty-Poteet.
 Bank of America NT&SA, which provides investment management for $39 billion in aggregate assets, including the Pacific Horizon Family of Funds, will also manage the new fund.
 Concord Holding Corporation, administrator of the Pacific Horizon Funds, and its subsidiary, Concord Financial Group, Inc., distributor and sponsor of the funds, will handle the same functions for the new fund.
 The new fund joins the Pacific Horizon Family of Funds, with total assets of $17.5 billion as of March 5, 1993. The funds include the Pacific Horizon Aggressive Growth, Capital Income, U.S. Government Securities and California Tax-Exempt Bond funds; the Pacific Horizon Prime, Government, Treasury, Treasury Only, Tax-Exempt and California Tax-Exempt money market funds; and the Horizon Tax-Exempt Money Fund for institutions.
 Concord Holding Corp. is one of the country's largest administrators of proprietary mutual funds, with $29 billion in fund assets under administration. Concord is not affiliated with Bank of America.
 Investments in the Pacific Horizon funds are not deposits, are not obligations of Bank of America, and are not FDIC insured. Investment in mutual funds may involve risk of loss.
 -0- 3/16/93
 /CONTACT: Laura Berger or Stan Appenzeller of Arlen Financial Communications, 212-966-5100, for Bank of America; or Sharon Tucker of Bank of America, 415-622-2775/


CO: Pacific Horizon Mutual Funds; Bank of America ST: California IN: FIN SU: PDT

GK-LR -- NY014 -- 6426 03/16/93 09:49 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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