NOTES TO FINANCIAL STATEMENTS
The First Commonwealth Fund, Inc. (the 'Fund') was incorporated in Maryland on June 28,1991, as a closed-
end, non-diversified investment company.
The Fund's investment objective is to provide high current income by investing in high-grade fixed-income secur
ities denominated in the currencies of Australia, Canada, New Zealand and the United Kingdom (the
'Commonwealth Currencies'). The Fund may also seek capital appreciation only as a secondary investment
objective. It is expected that norma lly all of the Fund's assets will be invested in a portfolio of secur ities issued
or guaranteed by the gover nments, territories, provinces and states of Australia, Canada, New Zealand and the
United Kingdom as well as securities issued by corporations domiciled in those countries. The Fund will, under
normal circumstances, invest in debt securities in at least three of these currencies and will not hold more than
50% of its assets in securities denominated in any one Commonwealth Currency. The ability of issuers of debt
securities held by the Fund to meet their obligations may be affected by economic developments in a specific
industry, country or region.