May 15, 2002
Chicago, IL --
LCM Internet Growth Fund, Inc. (AMEX: FND) today announced that the Fund's Board of Directors has approved the appointment of CEF Advisers, Inc. (CEF) as the new adviser to the Fund in place of LCM Capital Management, Inc. (LCMCM). CEF is a unit of Winmill & Co. Incorporated (Nasdaq: WNMLA), a New York based asset manager. The appointment of CEF and the new investment advisory agreement will be subject to the approval of the Fund's shareholders. In connection with the appointment, the Board also nominated a slate of four new directors to replace the existing Board (but only upon shareholder approval of CEF) at the upcoming Annual Meeting of Shareholders currently scheduled for July 2002. LCMCM has agreed to act as consultant to CEF during the initial three month period.
LCM Internet Growth Fund, Inc. is a non-diversified, closed-end management investment company. The Fund's investment objective is to seek capital appreciation by investing in the equity securities of companies that participate in the Internet. Under normal market conditions, at least 65% of the Fund's total assets are invested in companies that engage in Internet and Internet-related activities.
There is no assurance that the Fund's investment objective will be attained. Past performance is no guarantee of future results. You should carefully consider the investment objective, risks, charges and expenses of the Fund before investing. The Fund's investment policies, management fees and other matters of interest to prospective investors may be found in its annual and semi-annual reports. To obtain a copy of the reports, please call us at 212-785-0900 or download them at www.foxbycorp.com/shareholder-reports.html.
Shares of closed end funds frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that the Fund's NAV could decrease as a result of its investment activities. Neither the Fund nor its investment manager can predict whether shares of the Fund will trade at, below or above NAV.
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