Argentina Fund expands investment policy.NEW YORK--(BUSINESS WIRE)--June 3, 1997--The Argentina Fund Inc., a closed-end mutual fund managed by Scudder, Stevens & Clark Inc., announced today that its board of directors approved an expansion of the fund's investment policy. Consistent with the development of the Argentine Argentine having some relationship with the country Argentina. Argentine tick margaropuswinthemi. Argentine tortoise geochelonechilensis. economic markets, the board has decided to expand the investment policy of The Argentina Fund to include securities of issuers based or headquartered in countries that are currently, or in the future may become, full or associate members of the Southern Common Market (MERCOSUR). Under the expanded investment policy, the fund is permitted to invest up to 20% of its total net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. in Mercosur countries. Currently these countries include Argentina, Brazil, Paraguay, Uruguay, Chile and Bolivia. The Argentina Fund Inc., a $144 million non-diversified, closed-end investment company closed-end investment company: see mutual fund. , was launched in October 1991. The fund is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "AF," and it seeks long-term capital appreciation through investment primarily in equity securities of Argentine issuers. Scudder, Stevens & Clark Inc., founded in 1919, is one of the country's oldest and largest investment management firms. Scudder introduced America's first no-load mutual fund No-load mutual fund An open-end investment company whose shares are sold without a sales charge. There can be other distribution charges, however, such as Article 12B-1 fees. A true no-load fund has neither a sales charge nor a distribution fee. in 1928 and the nation's first international fund in 1953. It manages over $115 billion in assets globally, more than $40 billion of which is invested in open-end and closed-end funds Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. . The firm also provides investment services for private and institutional clients. CONTACT: Eleanor Mascheroni, 212/326-6753 |
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