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FIRST COMMONWEALTH FUND COMMENCES TRADING ON NYSE

 FIRST COMMONWEALTH FUND COMMENCES TRADING ON NYSE
 NEW YORK, March 12 /PRNewswire/ -- The First Commonwealth Fund,


a closed-end global bond fund managed by EquitiLink International Management Limited, announced that it commenced trading on the New York Stock Exchange today under the symbol "FCO."
 The new fund's 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.
 Laurence Freedman, president of the fund and founder and joint managing director of EquitiLink, offered the following: "The First Commonwealth Fund's appeal to American investors is based on the relatively high yields offered by the four markets in which it invests compared with the low interest rate environment prevailing in the U.S. at the current time."
 A total of 7,850,000 shares were offered at a price of $15 per share. The company has also granted the underwriters an over-allotment option for up to an additional 1,177,500 additional shares of common stock.
 Merrill Lynch & Co., A.G. Edwards & Sons, Inc., Prudential Securities Incorporated, and Smith Barney, Harris Upham & Co., Incorporated were the lead underwriters for the offering.
 EquitiLink is already well-known in North America for its management of the highly ranked First Australia Prime Income Fund and First Australia Fund, both traded on the American and Pacific Stock Exchanges, as well as the First Australia Prime Income Investment Company, which is traded on the Toronto Stock Exchange. The EquitiLink Group, established in 1980, manages over $2 billion worldwide.
 -0- 3/12/92
 /CONTACT: Laurence Freedman, president of First Commonwealth Fund, in Australia, 011-612-258-8222; or Marissa Moretti or George Arvantides of Dewe Rogerson, 212-688-6840, for the fund/
 (FCO) CO: The First Commonwealth Fund, Inc. ST: IN: FIN SU:


GK-OS -- NY027 -- 7705 03/12/92 10:41 EST
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Publication:PR Newswire
Date:Mar 12, 1992
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