<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
June 30, 1994
(Date of earliest event reported)
BankAmerica Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-7377 94-1681731
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
Bank of America Center
555 California Street
San Francisco, California 94104
(Address of principal executive offices) (Zip Code)
415-622-3530
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events.
Attached hereto as Exhibit 99 is a copy of BankAmerica
Corporation's press release dated June 30, 1994 titled
"BankAmerica Announces Sale of U.S. Government Agency Structured
Securities."
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits.
(a) Financial Statements of Businesses Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
Exhibit Number Description
99 BankAmerica Corporation press release dated June 30,
1994 titled "BankAmerica Announces Sale of U.S.
Government Agency Structured Securities."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
BANKAMERICA CORPORATION
(Registrant)
Date: June 30, 1994
By /s/ PAUL R. OGORZELEC
Paul R. Ogorzelec
Executive Vice President
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99 BankAmerica Corporation
press release dated
June 30, 1994
titled "BankAmerica Announces
Sale of U.S. Government Agency
Structured Securities."
<PAGE>
Exhibit 99
BankAmerica Corporation News
For release:
Contact: Greg Berardi Peter Magnani
(415) 622-2645 (415) 953-2418
BANKAMERICA ANNOUNCES SALE
OF U.S. GOVERNMENT AGENCY STRUCTURED SECURITIES
SAN FRANCISCO, June 30, 1994 -- BankAmerica Corporation said today
that the Pacific Horizon Prime Fund and Government Fund have completed
the sale of all U.S. government agency structured securities held by
those funds. None of the other Pacific Horizon money market mutual
funds have government agency structured securities in their portfolios.
Bank of America NT&SA, BankAmerica Corporation's principal subsidiary,
serves as investment advisor for all the Pacific Horizon funds.
"Given the volatility in U.S. government-issued money market
securities and the concern expressed in recent weeks over these
instruments, we elected to remove them from the Pacific Horizon funds,"
Vice Chairman Michael Rossi said. "We concluded that this was the best
course for the fund's shareholders and our customers."
Rossi said that the sales of the securities were initiated
recently and completed this week. The U.S. government agency securities
are permissible investments for the funds and the instruments themselves
had the highest credit ratings. However, due to price pressures on such
instruments, the funds incurred a loss on the sale. As a result,
BankAmerica made capital additions of $50.5 million to the funds, which
represents an after-tax expense to the corporation of approximately $30
million. "It should be clearly understood that we made the capital
additions from the company's corporate funds, not from depositors'
funds," Rossi said.
Several weeks ago, BankAmerica Corporation confirmed that it had
made a capital addition of about $17.4 million (after-tax expense:
approximately $10 million) to the Pacific Horizon Prime Fund. The
addition was made after the fund was forced to sell other permissible
investments at a loss to meet heavy fund redemptions brought on by
rapidly increasing interest rates.
The BankAmerica Vice Chairman said that three factors led to the
decision to sell the securities. They were: quickly rising interest
rates; a significant level of redemptions during this period of rising
interest rates; and -- more recently -- general indications by
regulators that government-issued structured securities may be
considered inappropriate for money-market mutual funds in the future.
BankAmerica said that it continues to expect that its second-
quarter earnings, which will be reported on July 20, will exceed first-
quarter earnings of $1.27 per share.
#####
<PAGE>
