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

                              ____________________

Date of Report (Date of Earliest Event Reported):  FEBRUARY 13, 1997



PIMCO ADVISORS L.P.
(Exact Name of Registrant as Specified in Charter)


DELAWARE                              1-09772                   06-1349805
(State or Other Jurisdiction        (Commission                (IRS Employer
of Incorporation)                   File Number)             Identification No.)


800 NEWPORT CENTER DRIVE, NEWPORT BEACH, CA           92660
(Address of Principal Executive Offices)           (Zip Code)


Registrant's Telephone Number, including Area Code:  (714) 717-7022


NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)

 
ITEM 5.   OTHER EVENTS

     On February 13, 1997, the Registrant entered into an Agreement and Plan of 
Merger by and among Oppenheimer Group, Inc., Oppenheimer Financial Corp., the 
Registrant and Thomson Advisory Group Inc. The agreement is attached as Exhibit 
2.1 hereto. On February 14, 1997, the Registrant issued the press release 
regarding such agreement attached as Exhibit 99.2 hereto.

ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

          (c)  EXHIBITS
               --------

 
 
Exhibit No.    Description of Exhibit
- -----------    ----------------------
             
2.1            Agreement and Plan of Merger dated as of February 13, 1997 by and
               among Oppenheimer Group, Inc., Oppenheimer Financial Corp., PIMCO
               Advisors L.P. and Thomson Advisory Group Inc.

99.1           Agreement to Furnish Exhibits and Schedules

99.2           Press Release dated February 14, 1997 issued by Registrant
 

                                       2

 
                                   SIGNATURES

          Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.


Dated:  February 18, 1997              PIMCO ADVISORS L.P.         

    
                                       By:  /s/ ROBERT FITZGERALD 
                                            --------------------------
                                                Robert Fitzgerald 
                                                Chief Financial Officer

                                       3

 
                                 EXHIBIT INDEX


 
 
Exhibit No.    Description of Exhibit
- -----------    ----------------------
             
2.1            Agreement and Plan of Merger dated as of February 13, 1997 by and
               among Oppenheimer Group, Inc., Oppenheimer Financial Corp., PIMCO
               Advisers L.P. and Thomson Advisory Group Inc.

99.1           Agreement to Furnish Exhibits and Schedules

99.2           Press Release dated February 14, 1997 issued by Registrant