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EQUITILINK INTERNATIONAL MANAGEMENT LIMITED ANNOUNCES FILING FOR THE FIRST COMMONWEALTH FUND OFFERING

 EQUITILINK INTERNATIONAL MANAGEMENT LIMITED ANNOUNCES
 FILING FOR THE FIRST COMMONWEALTH FUND OFFERING
 NEW YORK, Jan. 24 /PRNewswire/ -- The First Commonwealth Fund, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission relating to an initial public offering of shares of the fund's common stock.
 The First Commonwealth Fund is a closed-end management investment company whose principal investment objective is to provide high current income by investing in high-grade fixed-income securities denominated in the currencies of Australia, Canada, New Zealand and the United Kingdom.
 The fund will, under normal circumstances, invest in debt securities denominated in at least three of the British Commonwealth currencies and will not hold more than 50 percent of its assets in any one Commonwealth currency.
 The fund's investment manager is EquitiLink International Management Limited and its investment adviser is EquitiLink Australia Limited.
 The underwriters for the fund's offering are Merrill Lynch & Co., A.G. Edwards & Sons, Inc., Prudential Securities Incorporated, and Smith Barney, Harris Upham & Co., Incorporated.
 A written prospectus relating to the securities to be offered which meets the requirements of Section 10 of the Securities Act of 1933, may be obtained from any of the underwriters at the addresses listed below.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 Merrill Lynch & Co.
 World Financial Center, North Tower
 New York, N.Y. 10281
 A.G. Edwards & Sons, Inc.
 One North Jefferson Avenue
 St. Louis, Mo. 63103
 Prudential Securities Incorporated
 One Seaport Plaza
 New York, N.Y. 10292
 Smith Barney, Harris Upham & Co., Inc.
 1345 Avenue of the Americas
 New York, N.Y. 10105
 -0- 1/24/92
 /CONTACT: Steven Kennedy or Marissa Moretti of Dewe Rogerson, 212-688-6840, for The First Commonwealth Fund/ CO: The First Commonwealth Fund, Inc. ST: New York IN: FIN SU: OFR


SH-OS -- NY071 -- 3412 01/24/92 15:59 EST
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Publication:PR Newswire
Date:Jan 24, 1992
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