October 28, 2003
NEW YORK --
Foxby Corp. today announced that shareholders has
voted to approve: (1) changing the Fund's fundamental investment objective to
make it a non-fundamental policy of seeking total return; (2) modifying the
Fund's fundamental investment restriction on concentration; and (3) modifying
certain of the Fund's other fundamental investment restrictions in order to
provide for maximum investment flexibility.
With respect to concentration, the Fund now may not make any investment if, as a result, the Fund's investments will be concentrated (as that term may be defined or interpreted under the 1940 Act) in any one industry. This restriction does not limit the Fund's investment in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities and repurchase agreements with respect thereto. Although not a part of the Fund's fundamental investment restriction, it is the current position of the SEC staff that a fund's investments are concentrated in an industry when 25% or more of the fund's net assets are invested in issuers whose principal business is in that industry.
As a non-diversified, closed-end fund seeking total return, the Fund now will exercise a flexible strategy in the selection of securities, and will not be limited by the issuer's location, size, or market capitalization. The Fund may invest in equity and fixed income securities of new and seasoned U.S. and foreign issuers, including securities convertible into common stock, debt securities, futures, options, derivatives, and other instruments. The Fund also may employ aggressive and speculative investment techniques, such as selling securities short and borrowing money for investment purposes, a practice known as "leveraging" and may invest defensively in short tern, liquid, high grade securities and money market instruments.
More information about the Fund is available at www.foxbycorp.com.
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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