<PAGE> PAGE 1
000 B000000 10/31/1999
000 C000000 0000878351
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE ARGENTINA FUND, INC.
001 B000000 811-6387
001 C000000 2123266200
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 SCUDDER KEMPER INVESTMENTS, INC.
008 B000001 A
008 C000001 801-252
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10152
008 A000002 SOCIEDAD GENERAL DE NEGOCIOS Y VALORES S.A.
008 B000002 S
008 C000002 801-39834
008 D010002 BUENOS AIRES
008 D050002 ARGENTINA
008 D060002 1048
010 A000001 SCUDDER FUND ACCOUNTING CORPORATION
010 B000001 None
010 C010001 BOSTON
010 C020001 MA
010 C030001 02110
010 A000002 EQUISERVE
010 B000002 None
<PAGE> PAGE 2
010 C010002 BOSTON
010 C020002 MA
010 C030002 02266
010 C040002 8200
010 A000003 SCUDDER KEMPER INVESTMENTS, INC.
010 B000003 801-252
010 C010003 BOSTON
010 C020003 MA
010 C030003 02110
012 A000001 SCUDDER SERVICE CORPORATION
012 B000001 84-1489
012 C010001 BOSTON
012 C020001 MA
012 C030001 02110
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 SCUDDER INVESTOR SERVICES, INC.
014 B000001 8-298
014 A000002 LIS SECURITIES, LLC.
014 B000002 8-31022
014 A000003 INVESTOR BROKERAGE SERVICE, INC.
014 B000003 8-14989
014 A000004 ZURICH CAPITAL MARKETS SECURITIES, INC.
014 B000004 8-49827
014 A000005 KEMPER DISTRIBUTORS
014 B000005 8-47765
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E020001 X
015 A000002 BANKBOSTON
015 B000002 S
015 C010002 SAO PAULO
015 D010002 BRAZIL
015 E040002 X
015 A000003 BANKBOSTON
015 B000003 S
015 C010003 BUENOS AIRES
015 D010003 ARGENTINA
015 E040003 X
015 A000004 CITIBANK, N.A.
015 B000004 S
015 C010004 SANTIAGO
015 D010004 CHILE
015 E040004 X
015 A000005 THE FIRST NATIONAL BANK OF BOSTON
015 B000005 S
<PAGE> PAGE 3
015 C010005 MONTEVIDEO
015 D010005 URUGUAY
015 E040005 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 CREDIT LYONNAIS
020 C000001 38
020 A000002 MERRILL LYNCH
020 C000002 33
020 A000003 FLEMING
020 C000003 26
020 A000004 ICATU
020 C000004 12
020 A000005 BEAR STEARNS & COMPANY
020 C000005 11
020 A000006 S G WARBUG & COMPANY, INC.
020 C000006 11
020 A000007 BANCO SANTANDER DE NEGOCIOS
020 C000007 8
020 A000008 LATINVEST
020 C000008 8
020 A000009 DONALDSON LUFKIN & JENNRETTE FIXED INC.
020 C000009 5
020 A000010 SUPLICY CORRCERTORA
020 C000010 4
021 000000 197
022 A000001 DONALDSON LUF & JEN FIXED INC.
022 B000001 13-2741729
022 C000001 1860155
022 D000001 0
022 A000002 STATE STREET BANK
022 B000002 04-1867445
022 C000002 61384
022 D000002 0
022 A000003 FIRST CHICAGO COPROATION
022 C000003 24179
022 D000003 0
022 A000004 FIRST CHICAGO CAPITAL MARKETS
022 B000004 36-3595942
022 C000004 17456
022 D000004 0
022 A000005 BROWN BROTHERS HARRIMAN
022 C000005 11124
022 D000005 0
022 A000006 THE FIRST BOSTON CORPORATION
022 C000006 0
022 D000006 1836
022 A000007 J.P. MORGAN SECURITIES
022 C000007 0
022 D000007 1079
<PAGE> PAGE 4
022 A000008 MERRILL LYNCH
022 C000008 113
022 D000008 244
022 A000009 GOLDMAN, SACHS & CO
022 C000009 211
022 D000009 142
022 A000010 MORGAN STANLEY & CO.
022 C000010 36
022 D000010 0
023 C000000 1975831
023 D000000 23309
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
<PAGE> PAGE 5
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 Y
047 000000 Y
048 000000 0.000
048 A010000 2000000
048 A020000 0.350
048 B010000 2000000
048 B020000 0.330
048 C010000 2000000
048 C020000 0.300
048 D010000 2000000
048 D020000 0.280
048 E010000 3000000
048 E020000 0.260
048 F010000 3000000
048 F020000 0.250
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
<PAGE> PAGE 6
048 J020000 0.000
048 K010000 14000000
048 K020000 0.240
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
<PAGE> PAGE 7
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 47064
<PAGE> PAGE 8
071 B000000 48231
071 C000000 115820
071 D000000 41
072 A000000 12
072 B000000 440
072 C000000 4929
072 D000000 0
072 E000000 0
072 F000000 1280
072 G000000 0
072 H000000 0
072 I000000 33
072 J000000 273
072 K000000 0
072 L000000 51
072 M000000 67
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 75
072 S000000 21
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 15
072 X000000 1815
072 Y000000 0
072 Z000000 3554
072AA000000 5363
072BB000000 0
072CC010000 9823
072CC020000 0
072DD010000 4173
072DD020000 0
072EE000000 0
073 A010000 0.4500
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 5668
074 C000000 4000
074 D000000 0
074 E000000 1929
074 F000000 124068
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
<PAGE> PAGE 9
074 L000000 17
074 M000000 0
074 N000000 135683
074 O000000 0
074 P000000 112
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 157
074 S000000 0
074 T000000 135414
074 U010000 9284
074 U020000 0
074 V010000 14.59
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 123134
076 000000 14.59
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COPY
080 C000000 150000
081 A000000 Y
081 B000000 205
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
<PAGE> PAGE 10
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 11341
086 B020000 92168
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 040112104
087 A030000 AF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE JOHN MILLETTE
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the The
Argentina Fund, Inc. Annual Report for the fiscal year ended 10/31/1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> The Argentina Fund, Inc.
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 119,449,367
<INVESTMENTS-AT-VALUE> 135,664,645
<RECEIVABLES> 16,439
<ASSETS-OTHER> 1,442
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 135,682,526
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 268,553
<TOTAL-LIABILITIES> 268,553
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,151,541
<SHARES-COMMON-STOCK> 9,284,370
<SHARES-COMMON-PRIOR> 9,273,029
<ACCUMULATED-NII-CURRENT> 1,676,843
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,371,099
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,214,490
<NET-ASSETS> 135,413,973
<DIVIDEND-INCOME> 4,929,039
<INTEREST-INCOME> 439,869
<OTHER-INCOME> 0
<EXPENSES-NET> 1,814,596
<NET-INVESTMENT-INCOME> 3,554,312
<REALIZED-GAINS-CURRENT> 5,362,548
<APPREC-INCREASE-CURRENT> 9,822,818
<NET-CHANGE-FROM-OPS> 18,739,678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,172,863)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 92,168
<NET-CHANGE-IN-ASSETS> 14,658,983
<ACCUMULATED-NII-PRIOR> 2,354,816
<ACCUMULATED-GAINS-PRIOR> (2,050,871)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,279,618
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,814,596
<AVERAGE-NET-ASSETS> 123,133,771
<PER-SHARE-NAV-BEGIN> 13.02
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.59
<EXPENSE-RATIO> 1.47
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Directors of The Argentina Fund, Inc.:
In planning and performing our audit of the financial statements of The
Argentina Fund, Inc., (the "Fund"), for the year ended October 31, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than the specified
parties.
December 10, 1999
