NEW YORK --
September 13, 2002--Internet Growth Fund, Inc. (AMEX: FND) today announced that its
Board of Directors had determined to rescind and eliminate the intention, as
described in the Fund's prospectus dated October 26, 1999, to consider from time
to time repurchases of the Fund's common stock on the open market when the
shares are trading at a discount from net asset value and to consider, from time
to time, but not more frequently than once every two years, making an offer to
each shareholder of record to purchase at net asset value shares of common stock
owned by the shareholder. The Fund further announced that the Board of
Directors had determined also to eliminate all current non-fundamental
investment policies and restrictions of the Fund, except for the non-fundamental
investment policy that so long as the word "internet" is included in
its name, the Fund will under normal market conditions seek to achieve its
investment objective by investing 80% of its total assets in companies that
directly or indirectly support, utilize, deal or market over, connect through,
benefit by, or are otherwise involved in the Internet. Both actions of the
Board become effective in 30 days.
Internet Growth Fund, Inc. is a non-diversified, closed-end fund. More information about the Fund is available at www.internetgrowthfund.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.
This website is provided for informational purposes only. This is not a prospectus, circular, or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this communication. This information presented on this website shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, or an exemption therefrom. The contents herein are qualified in their entirety by documents filed with the Securities and Exchange Commission.
Investment products, including shares of closed end funds and mutual funds, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risk, including possible loss of principal and fluctuation in value. Consult with your tax advisor or attorney regarding specific tax issues.