FPA Paramount Fund Inc. closes to new investors.LOS ANGELES--(BUSINESS WIRE)--Jan. 10, 1995--FPA Paramount Fund Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FPRAX), a growth and income mutual fund with 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 excess of $500 million, has discontinued sales of its shares to new investors, effective the close of business on Jan. 10, 1995, according to FPA 1. (hardware) FPA - floating-point accelerator. 2. (programming) FPA - Function Point Analysis. Fund Distributors Inc., national distributor of the FPA fund group. FPA Paramount will continue to accept additional investments from existing shareholders, to reinvest dividends and capital gain distributions with respect to shareholders who elect such options, and to redeem shares at net asset value when requested by any shareholder. Paramount had been closed to new investors since March 1989. In August 1994, the Fund's board of directors voted to reopen Paramount and allow new investors to buy shares until "the close of the business day on which the Fund's total net assets reach $500 million," when it would close again to new investors. The Fund reopened officially on Aug. 15, 1994, and reclosed on Jan. 10, 1995. The policy to limit sales to new investors reflects the belief of William M. Sams, Paramount president and chief investment officer, that unrestrained growth in the Fund's net assets might impair investment flexibility, which would not be in the best interests of Fund shareholders. Sams is also executive vice president of First Pacific Advisors Inc. (FPA), the Fund's investment adviser. FPA Paramount seeks a high total investment return, including capital appreciation and income, from a diversified portfolio of securities. The Fund commenced operations in 1959 and FPA became its investment adviser in July 1978. Sams was named president and chief investment officer in November 1981. The other three mutual funds in the FPA fund group -- FPA Capital Fund Inc., FPA New Income Inc., and FPA Perennial Fund Inc. -- have been continually open for sales. FPA Fund Distributors Inc. and First Pacific Advisors Inc. are indirect wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of United Asset Management Corp. (NYSE NYSE See: New York Stock Exchange :UAM UAM Universidad Autónoma de Madrid (Spain) UAM Universidad Autonoma Metropolitana (México) UAM Uniwersytet im. ), a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Stock Exchange-listed holding company principally engaged, through affiliated firms, in providing institutional investment management and acquiring institutional investment management firms. CONTACT: FPA Fund Distributors Inc., Los Angeles Lawrence P. McNeil/Daryl Ann Weber, 800/982-4372 |
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