SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF
THE SECURITIES EXCHANGE ACT OF 1934

Filed by the Registrant [x]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[x] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to (ss.) 240.14a-11c) or (ss.) 240.14a-12

Foxby Corp.
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(Name of Registrant as Specified In Its Charter)

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(Name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[x] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6( i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
(4) Proposed maximum aggregate value of transaction: (5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:

Notes:

FOXBY CORP.
(formerly, "Internet Growth Fund, Inc.")

- --------------------------------------------------------------------------------

August 12, 2003

Dear Fellow Stockholders,

On July 14, 2003, Internet Growth Fund, Inc. (AMEX symbol: FND) announced
that with the approval of the Board of Directors its name was changed to Foxby
Corp. with a new symbol of FXX. The Fund's shares will continue to trade on the
American Stock Exchange, but under the new symbol of FXX.

The accompanying Notices of Meetings and Proxy Statement for Foxby Corp.
present a proposal for the election of Directors, to be considered at the Fund's
2003 Annual Meeting of Stockholders to be held on Friday, September 12, 2003 and
three proposals to be considered at the Fund's Special Meeting of Stockholders
to be held immediately after the Annual Meeting. The proposals to be considered
at the Special Meeting would modify the Fund's fundamental investment objective,
modify the Fund's fundamental investment restriction on industry concentration,
and modify certain of the Fund's fundamental investment restrictions. The Annual
Meeting is for the sole purpose of the uncontested election of one Director, a
matter on which brokers holding shares in nominee name may vote at their
discretion absent instructions from beneficial owners. The proposals before the
Special Meeting affect the management of the Fund, and cannot be voted on by
brokers without instructions from beneficial owners. These proposals are being
presented at a separate Special Meeting so that the outcome will not be
significantly affected by broker non-votes, as could be the case if the election
of one Director and the other proposals were presented at the same meeting.

The Board of Directors has unanimously approved each of the proposals and
recommends that stockholders vote in favor of them.

N.S. Taylor & Associates, Inc., a professional proxy solicitation firm, has
been selected to assist stockholders in the voting process. Please call N.S.
Taylor toll-free at 1-866-470-4100 if you have any questions regarding the
proposals or how to vote by proxy.

Sincerely,
/s/ Thomas B. Winmill
Thomas B. Winmill
President

FOXBY CORP.
11 Hanover Square
New York, New York 10005

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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON SEPTEMBER 12, 2003

----------------------

To the Stockholders:

Notice is hereby given that the 2003 Annual Meeting of Stockholders of
Foxby Corp., formerly known as Internet Growth Fund, Inc. (the "Fund"), will be
held at the offices of the Fund at 11 Hanover Square, New York, New York on
Friday, September 12, 2003 at 8:00 a.m., local time, for the following purpose:

1. To elect to the Board of Directors the Nominee, George B. Langa, as Class I
Director, to serve for a four year term and until his successor is duly
elected and qualifies.

Stockholders of record at the close of business on July 2, 2003 are
entitled to receive notice of and to vote at the Annual Meeting.

By Order of the Board of Directors,
/s/ Monica Pelaez
Monica Pelaez
Secretary

New York, New York
August 12, 2003

================================================================================
Please vote immediately by signing and returning the enclosed
proxy card. Delay may cause the Fund to incur additional expenses to
solicit votes for the meeting.
================================================================================

FOXBY CORP.
11 Hanover Square
New York, New York 10005

----------------------

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
TO BE HELD ON SEPTEMBER 12, 2003

----------------------

To the Stockholders:

Notice is hereby given that a Special Meeting of Stockholders of Foxby
Corp., formerly known as Internet Growth Fund, Inc. (the "Fund"), will be held
at the offices of the Fund at 11 Hanover Square, New York, New York on Friday,
September 12, 2003 at 8:30 a.m., local time, for the following purposes:

1. To consider a proposal to modify the Fund's fundamental investment
objective;

2. To consider a proposal to modify the Fund's fundamental investment
restriction on industry concentration; and

3. To consider proposals to modify:

a. The Fund's fundamental investment restriction on investing in
commodities; and
b. The Fund's fundamental investment restriction on loans.

Stockholders of record at the close of business on July 2, 2003 are
entitled to receive notice of and to vote at the Special Meeting or any
adjournments.

By Order of the Board of Directors,
/s/ Monica Pelaez
Monica Pelaez
Secretary

New York, New York
August 12, 2003

FOXBY CORP.
11 Hanover Square
New York, New York 10005

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PROXY STATEMENT

----------------------

Annual and Special Meetings of Stockholders
To Be Held on September 12, 2003

This Proxy Statement, dated August 12, 2003, is furnished in connection
with a solicitation of proxies by the Board of Directors of Foxby Corp.,
formerly known as Internet Growth Fund, Inc. (the "Fund"), to be voted at the
2003 Annual Meeting of Stockholders of the Fund (the "Annual Meeting") and a
Special Meeting of Stockholders of the Fund (the "Special Meeting") (the Annual
Meeting and Special Meeting are collectively referred to as the "Meetings"). The
Meetings will each be held at the principal executive offices of the Fund at 11
Hanover Square, New York, New York on Friday, September 12, 2003. The Annual
Meeting will begin at 8:00 a.m. and the Special Meeting will begin at 8:30 a.m.
Copies of the Fund's most recent Annual and Semi-Annual Reports are available
without charge upon written request to the Fund at 11 Hanover Square, New York,
New York 10005, or by calling toll-free 1-800-937-5449. It is expected that this
Proxy Statement and the enclosed proxy cards will first be mailed to
stockholders commencing on or about August 15, 2003.

Only stockholders of record at the close of business on July 2, 2003 (the
"Record Date") are entitled to receive notice of and to vote the shares of
common stock registered in their name at the Meetings. As of the Record Date,
the Fund had 2,602,847 shares of common stock outstanding. Each share of common
stock entitles its holder to cast one vote on each matter to be voted upon at
the Meetings.

Stockholders can ensure that their shares are voted at the Meetings by
signing and returning the enclosed proxy cards in the envelopes provided. The
submission of a signed proxy will not affect a stockholder's right to attend the
Meetings and vote in person. Stockholders who execute proxies retain the right
to revoke them at any time before they are voted by filing with our Secretary a
written revocation or a proxy bearing a later date. The presence and voting at
the Meetings of a stockholder who has signed a proxy does not itself revoke that
proxy unless the stockholder attending the Meetings files a written notice of
revocation of the proxy with the Secretary of the Fund at any time prior to the
voting of the proxy.

The presence of a quorum is required to transact business at the Meetings.
A quorum is defined as the presence, either in person or by proxy, of the
holders of shares entitled to cast one-third of the votes entitled to be cast at
the Meetings. The shares represented at the Meetings by proxies that are marked
"withhold authority" or "abstain" will be counted as shares present for the
purpose of determining whether a quorum is present. Broker non-votes will also
be counted as shares present for purposes of determining a quorum. If a quorum
is not present, or if a quorum is present at the Meetings but sufficient votes
to approve a proposal are not received, the Secretary intends to move to adjourn
the meeting to a later date to permit further solicitation of proxies. The
persons named as proxies intend to vote all shares, including broker non-votes
and abstentions, in favor of motions to adjourn the Meetings to a later date.

Proxies will be voted as specified by the stockholders. Where specific
choices are not indicated, proxies will be voted FOR approval of the proposals
set forth in the Notices of Meetings. Unless permitted by the chairman of the
Meetings or otherwise pursuant to the Fund's Bylaws, no other proposals may come
before the Meetings.

Properly executed proxies may be returned with instructions to abstain from
voting or to withhold authority to vote (an "abstention") or, in the case of the
Special Meeting, may represent a broker non-vote (which is a proxy from a broker
or nominee casting a vote as to one matter, but not voting as to another matter
on which the broker or nominee does not have discretionary power to vote and has
not received instructions from the beneficial owner or other person entitled to
vote the shares on such matter). Because the election of Directors is a routine
matter, brokers and nominees have the power to vote on the proposal. Therefore
no broker non-vote is expected to occur at the Annual Meeting. A broker non-vote

with respect to the Special Meeting would occur if the broker or nominee
received voting instructions for some but not all of the proposals. The shares
represented by abstentions or broker non-votes will be considered present for
purposes of determining the existence of a quorum for the transaction of
business. With respect to the uncontested election of Directors, which is a
matter to be determined by a plurality of the votes cast, abstentions will have
no effect on the outcome of the stockholder vote. With respect to the proposals
to be voted on at the Special Meeting, each of which requires the affirmative
vote of a specified proportion of Fund shares, an abstention or broker non-vote
will be considered present for purposes of determining the existence of a quorum
but will have the effect of a vote against the matter. If any matter other than
those mentioned above properly comes before the Annual Meeting or the Special
Meeting, the shares represented by proxies will be voted on all such proposals
in the discretion of the person, or persons, holding the proxies.

If a quorum is present at the Annual Meeting, inasmuch as the election is
uncontested, the approval of the Director election requires a plurality of the
votes cast at that Meeting. If such a quorum is represented at the Special
Meeting, the approval of each of Proposals 1, 2 and 3 requires the affirmative
vote at the Special Meeting of the lesser of (1) 67% of the shares of
outstanding common stock present if the holders of more than 50% of such shares
are present in person or represented by proxy, or (2) more than 50% of the
outstanding shares of common stock.

All costs and expenses incurred by the Fund in connection with the proxy
solicitation for the Meetings will be borne by the Fund. In addition to the use
of the mails, proxies may be solicited personally, by telephone, or by other
means, and the Fund may pay persons holding the Fund's shares in their names or
those of their nominees for their expenses in sending soliciting materials to
their principals. For the Meetings, the Fund will retain N.S. Taylor &
Associates, Inc. ("N.S. Taylor"), 131 South Stagecoach Road, P.O. Box 358
Atkinson, ME 04426 to solicit proxies for a fee estimated at $1,000 for the
Annual Meeting and $2,500 ($5,000 upon approval of all proposals) for the
Special Meeting, plus expenses, primarily by contacting stockholders by
telephone and mail. Authorizations to execute proxies may be obtained by
telephonic instructions in accordance with procedures designed to authenticate
the stockholder's identity. In all cases where a telephonic proxy is solicited,
the stockholder will be asked to provide his or her address, social security
number (in the case of an individual) or taxpayer identification number (in the
case of an entity) or other identifying information and the number of shares
owned and to confirm that the stockholder has received the Fund's Proxy
Statement and proxy cards in the mail. Within 72 hours of receiving a
stockholder's telephonic voting instructions and prior to the Meetings, a
confirmation will be sent to the stockholder to ensure that the vote has been
taken in accordance with the stockholder's instructions and to provide a
telephone number to call immediately if the stockholder's instructions are not
correctly reflected in the confirmation. Stockholders requiring further
information with respect to telephonic voting instructions or the proxy
generally should contact N.S. Taylor toll-free at 1-866-470-4100.

PROPOSAL FOR THE ANNUAL MEETING OF STOCKHOLDERS

Proposal 1: Election of Director

The Fund's Board of Directors is divided into four classes with the term of
office of one class expiring each year. At the Board of Directors meeting held
on June 11, 2003, the Board approved the nomination of George B. Langa to serve
as a Director in Class I for a four year term and until his successor is duly
elected and qualifies. The nominee will be elected by a plurality of the votes
cast at the Meeting. The nominee currently serves as a Director of the Fund.
Unless otherwise noted, the address of record for the Directors is 11 Hanover
Square, New York, New York 10005. The following table sets forth certain
information concerning the nominee for Class I Director of the Fund.

Number of
Portfolios in
Investment
Name, Principal Occupation, Business Company Complex Other
Experience for Past Five Years, Director Overseen by Directorships
Address, and Age Since Director held by Dirctor
- ------------------------------------- ---------- --------------- ---------------

Non-interested Nominee:
- -----------------------
Class I:
GEORGE B. LANGA- He is President and CEO of Langa 2002 2 0
Communications Corp., a niche marketing company
that he founded in 1986. He is currently Chairman
of the Board for The Foundation of Hudson Valley
Libraries. He was born on August 31, 1962.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS YOU VOTE FOR THE NOMINEE.

The following table sets forth certain information about the other
Directors currently serving on the Board. The Director who is deemed to be an
"interested person" because he is an "affiliated person" as defined in the
Investment Company Act of 1940, as amended (the "1940 Act") is indicated by an
asterisk.

Non-interested Directors:
Class II:
DAVID R. STACK - He is a partner with the law firm 2002 2 0
of McLaughlin & Stern, LLP. He was born on January
24, 1957.

Class III:
PETER K. WERNER - Since 1996 he has taught and 2002 2 0
directed many programs at The Governor Dummer
Academy. Previously he was Vice President of Money
Market Trading at Lehman Brothers. He was born on
August 16, 1959.

Interested Director:
Class IV:
THOMAS B. WINMILL* - He is President, Chief 2002 5 Winmill & Co.
Executive Officer, and General Counsel of the Incorporated,
Fund, as well as the other investment companies Bexil
(collectively, the "Investment Company Complex") Corporation,
advised by CEF Advisers, Inc. (the "Investment Tuxis
Manager") and its affiliates, and of Winmill & Co. Corporation, and
Incorporated ("WCI") and its affiliates. He also Golden Cycle Gold
is President of the Investment Manager. He is a Corporation
member of the New York State Bar and the SEC Rules
Committee of the Investment Company Institute. He
was born on June 25, 1959.

* He is an "interested person" of the Fund as defined in the 1940 Act due to his
affiliation with the Investment Manager.

The persons named in the accompanying form of proxy intend to vote each
such proxy FOR the election of the nominee listed above, unless a stockholder
specifically indicates on a proxy the desire to withhold authority to vote for
the nominee. It is not contemplated that the nominee will be unable to serve as
a Director for any reason, but if that should occur prior to the Meeting, the

proxy holders reserve the right to substitute another person or persons of their
choice as nominees. The nominee listed above has consented to being named in
this Proxy Statement and has agreed to serve as a Director if elected.

The Fund has an Audit Committee, the function of which is routinely to
review financial statements and other audit-related matters as they arise
throughout the year. The Fund has an Executive Committee comprised of Thomas B.
Winmill, the function of which is to exercise the powers of the Board of
Directors between meetings of the Board to the extent permitted by law to be
delegated and not delegated by the Board to any other committee. The Fund has a
Committee of Continuing Directors to take such actions as are required by the
Bylaws of the Fund. Mr. Winmill is an "interested person" because he is an
"affiliated person" as defined in the 1940 Act. The Fund has no standing
nominating or compensation committee or any committee performing similar
functions.

Unless otherwise noted, the address of record for the officers is 11
Hanover Square, New York, New York 10005. The executive officers, other than
those who serve as Directors, and their relevant biographical information are
set forth below:

Name and Age Principal Occupation During Past 5 years
- ------------ ----------------------------------------

William G. Vohrer Chief Accounting Officer, Chief Financial Officer,
Born on August 17, 1950 Treasurer and Vice President since 2001. He also
is Chief Accounting Officer, Chief Financial
Officer, Treasurer and Vice President of the other
investment companies in the Investment Company
Complex, the Investment Manager, and WCI and its
affiliates. From 1999 to 2001, he consulted on
accounting matters. Prior to 1999, he was Chief
Financial Officer and Financial Operations
Principal for Nafinsa Securities, Inc., a Mexican
securities broker/dealer.

Marion E. Morris Senior Vice President since 2000. She is also a
Born on June 17, 1945 Senior Vice President of the other investment
companies in the Investment Company Complex, the
Investment Manager, and WCI and its affiliates.
She is Director of Fixed Income and a member of
the Investment Policy Committee of the Investment
Manager. From 1997 to 2000, she acted as general
manager of Michael Trapp, a landscape designer.
Previously, she served as Vice President of
Salomon Brothers, The First Boston Corporation,
and Cantor Fitzgerald.

Vice President, Secretary and Chief Compliance
Monica Pelaez Officer since 2000. She also is Vice President,
Born on November 5, 1971 Secretary and Chief Compliance Officer of the
other investment companies in the Investment
Company Complex, the Investment Manager, and WCI
and its affiliates. Previously, she was Special
Assistant Corporation Counsel to New York City
Administration for Children's Services from 1998
to 2000. She earned her Juris Doctor from St.
John's University School of Law in 1997. She is a
member of the New York State Bar.

The following table sets forth information regarding the beneficial
ownership of the Fund's outstanding shares as of the Record Date by (1) each
Director and executive officer and (2) all Directors and executive officers as a
group.

Name of Director/Officer Number of Shares Percent of Outstanding Shares
- ------------------------ ---------------- -----------------------------
Interested Director:
Thomas B. Winmill 200 **

Non-Interested Directors:
George B. Langa 0 **
David R. Stack 0 **
Peter K. Werner 0 **

Officers:
William Vohrer 0 **
Marion E. Morris 0 **
Monica Pelaez 0 **
- --

Total shares held by Directors
and officers as a group: 200 **
=== ==

** Less than 1% of the outstanding shares. Investor Service Center, Inc., 11
Hanover Square, New York, NY 10005, an affiliate of the Investment Manager, owns
125,100 shares (4.80%) of the common stock of the Fund as of the Record Date.

Except as set forth below, which is derived from a Form 13G filing dated
February 17, 2003, as of the Record Date, the Fund does not know of any person
who owns beneficially more than 5% of the Fund's outstanding shares:

Name/Address Number of Shares Owned Percentage Ownership
- ------------ ---------------------- --------------------
Financial & Investment 173,037 6.65%
Management Group, Ltd.
417 St. Joseph Street
Suttons Bay, MI 49682

The following table sets forth information describing the dollar range of
equity securities beneficially owned by each Director and nominee of the Fund
and, on an aggregate basis, the Investment Company Complex as of the Record
Date:

Aggregate Dollar Range of Equity Securities in All
Dollar Range of Equity Securities Registered Investment Companies Overseen by
Name of Director or Nominee in the Fund Director in Investment Company Complex
- ------------------------------- ----------------------------------- -----------------------------------------------------

Non-interested Nominee:
- -----------------------
George B. Langa None $1-$10,000

Non-interested Directors:
- -------------------------
David R. Stack None $1-$10,000
Peter K. Werner None $1-$10,000

Interested Director:
- --------------------
Thomas B. Winmill $1-$10,000 over $100,000

Currently, the Fund pays its Directors who are not "interested persons" or
affiliated with the Investment Manager, an annual retainer of $500, and a per
meeting fee of $625, and reimburses them for their meeting expenses. The Fund
also pays such Directors $250 per special telephonic meeting attended and per
committee meeting attended. The Fund does not pay any other remuneration to its
executive officers and Directors, and the Fund has no bonus, pension,
profit-sharing or retirement plan. On December 11, 2002 the Board of Directors
of the Fund approved a change in the fiscal year end from March 31 to December
31. For the period beginning July 12, 2002, when the Fund retained CEF Advisers,
Inc. as its Investment Manager, and ending December 31, 2002, the Fund had two
Board meetings, one special meeting and no Executive Committee meetings. Each
Director attended all Board and Committee meetings held during such periods
during the time such Director was in office.

The aggregate amount of compensation paid to each Director and nominee by
the Fund and by the other investment companies in the Investment Company Complex
for which such Director or nominee was a board member (the number of which is
set forth in parenthesis next to the Director or nominee's name) for the year
ended December 31, 2002, is as follows:

Name of Director or Nominee
(Current Total Number of Aggregate Compensation from the Total Compensation from the Fund and Investment
Investment Companies)* Fund Company Complex
- ------------------------------- ----------------------------------- -----------------------------------------------------

Non-interested Nominee:
- -----------------------
George B. Langa (2) $2,125 $15,500

Non-interested Directors:
- -------------------------
Peter K. Werner (2) $2,125 $15,500
David R. Stack (2) $2,125 $15,500

Interested Directors:
- ---------------------
Thomas B. Winmill (5) $0 $0

* As of December 31, 2002 there were five investment companies managed by the
Investment Manager and its affiliated investment adviser.

Effective July 12, 2002, the Fund retained CEF Advisers, Inc. as its
Investment Manager. Previously, LCM Capital Management, Inc. ("LCMCM") was the
manager. On March 22, 2002, LCMCM entered into an Asset Purchase Agreement with
the Investment Manager which provided for the sale to the Investment Manager of
certain assets (goodwill and intangibles) relating to the management of the
Fund. Upon completion of that transaction, effective July 12, 2002, the
Investment Manager became investment manager to the Fund. Under the terms of the
Asset Purchase Agreement, the Investment Manager paid LCMCM $425,000 in
consideration for the purchased assets.

The Investment Manager, 11 Hanover Square, New York, NY 10005, is a
wholly-owned subsidiary of WCI, a publicly-owned company whose securities are
listed on the Nasdaq Stock Market and traded in the over-the-counter market.
Bassett S. Winmill may be deemed a controlling person of WCI on the basis of his
ownership of 100% of WCI's voting stock and, therefore, of the Investment
Manager. At the time the Investment Manager became investment manager to the
Fund, Michael Grady, Chairman of the Board of LCMCM, Jack McDermott, Chairman of
LaSalle St. Securities, LLC, and Byron Crowe, a Director of LCMCM, each owned a
controlling interest in LCMCM. During the nine months ended December 31, 2002,
the Fund paid the Investment Manager investment management fees of $52,778.

Audit Committee Report

In accordance with its written charter adopted by the Board of Directors,
the Audit Committee assists the Board of Directors in fulfilling its
responsibility for oversight of the quality and integrity of the Fund's
financial reporting practices. The Audit Committee's primary duties and
responsibilities are to: (i) monitor the integrity of the Fund's financial
reporting process and systems of internal controls regarding finance, accounting
and legal compliance; (ii) monitor the independence and performance of the
Fund's independent public accountants and monitor the overall performance of the
Fund's accounting agent; and (iii) provide an avenue of communication among the
independent public accountants, management, the Fund's accounting agent, and the
Board of Directors. The Audit Committee met on February 18, 2003.

In discharging its oversight responsibility as to the audit process, the
Audit Committee discussed with the independent auditors their independence from
the Fund and its management. In addition, the independent auditors provided the
Audit Committee with written disclosure regarding their independence and the
letter required by Independence Standards Board Standard No. 1.

The Audit Committee discussed and reviewed with the independent auditors
all communications required by generally accepted auditing standards, including
those described in Statement on Auditing Standards No. 61, "Communication with
Audit Committees," and discussed and reviewed the results of the independent
auditors' examination of the Fund's financial statements. The Audit Committee
reviewed the audited financial statements of the Fund for the fiscal period
ended December 31, 2002 with management and the independent auditors. Management
has the responsibility for the preparation of the Fund's financial statements
and the independent auditors have the responsibility for the examination of
those statements.

Based upon review and discussions with management and the independent
auditors, the Audit Committee recommended to the Board of Directors that the
Fund's audited financial statements be included in its Annual Report for the
fiscal period ended December 31, 2002 for filing with the Securities and
Exchange Commission.

This report shall not be deemed incorporated by reference by any general
statement incorporating by reference this Proxy Statement into any filing under
the Securities Act of 1933, as amended, or the Securities Act of 1934, as
amended, and shall not otherwise be deemed filed under such Acts. The Audit
Committee Members are: George B. Langa, David R. Stack and Peter K. Werner. The
Audit Committee members are independent, as defined in section 121(A) of the
listing standards of the American Stock Exchange.

Tait, Weller & Baker ("Tait, Weller") has been selected as independent
accountants for the Fund for the fiscal period commencing January 1, 2003. Tait,
Weller also acts as independent accountants of the Investment Manager, its
affiliates, and the other investment companies in the Investment Company
Complex. Apart from its fees received as independent auditors, neither Tait,
Weller nor any of its partners has a direct, or material indirect, financial
interest in the Fund or its affiliates. Representatives of Tait, Weller are not
expected to be present at the Meeting but have been given the opportunity to
make a statement if they so desire and are expected to be available to respond
to appropriate questions.

On March 14, 2002, PricewaterhouseCoopers LLP resigned as independent
accountants for the Fund. Prior to this resignation, PricewaterhouseCoopers LLP
was engaged by the Fund as the principal accountants to audit the Fund's
financial statements. The reports of PricewaterhouseCoopers LLP on the financial
statements for the prior two fiscal years contained no adverse opinion or
disclaimer of opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principles.

In connection with audits for the two fiscal years prior to and through
March 14, 2002, the Fund had no disagreements with PricewaterhouseCoopers LLP on
any matters of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements if not resolved
to the satisfaction of PricewaterhouseCoopers LLP would have caused
PricewaterhouseCoopers LLP to make reference thereto in their report on the
financial statements for such years.

Audit services provided by Tait, Weller during the most recent fiscal year
included the audit of the financial statements of the Fund. During the fiscal
year ended December 31, 2002, the fees for services rendered to the Fund by
Tait, Weller were:

Financial Information Systems Design and
Audit Fees Implementation Fees* All Other Fees*
- --------------------------------------------------------------------------------
$8,500 $0 $195,715
- --------------------------------------------------------------------------------

* This amount includes fees for non-audit services rendered by Tait, Weller to
the Fund and for audit and non-audit services to the Investment Manager, its
affiliates, and the other investment companies in the Investment Company
Complex. The Audit Committee has considered the provision of these services and
has determined such services to be compatible with maintaining Tait, Weller's
independence.

PROPOSALS FOR THE SPECIAL MEETING OF STOCKHOLDERS

BACKGROUND INFORMATION REGARDING THE PROPOSALS

The investment objective of the Fund, formerly known as the Internet Growth
Fund, Inc., is to seek capital appreciation by investing in a portfolio
consisting primarily of equity securities issued by companies that the
Investment Manager believes will benefit from the growth of the Internet. The
Board, after careful consideration of the investment objective, policies and
restrictions of the Fund and the investment potential of securities of companies
that may benefit from the growth of the Internet, recommends expanding the
Fund's focus beyond Internet-related companies in order to provide the Fund with
maximum investment flexibility and the ability to invest in companies in any
industry. Accordingly, the Board recommends: (1) changing the Fund's fundamental
investment objective from seeking capital appreciation by investing primarily in
equity securities issued by companies the Investment Manager believes will
benefit from growth of the Internet to seeking total return, and changing the
Fund's investment objective from fundamental to non-fundamental (as set forth in
Proposal 1); (2) modifying the Fund's fundamental investment restriction on
concentration, which currently requires the Fund to invest, under normal market
conditions, more than 25% of its total assets in the securities of issuers in
the "information technology industry" (as set forth in Proposal 2); and (3)
modifying certain of the Fund's other fundamental investment restrictions in
order to provide for maximum investment flexibility (as set forth in Proposal
3). The Fund's fundamental investment objective and fundamental investment
restrictions cannot be changed without stockholder approval.

PROPOSAL 1: TO CHANGE THE FUND'S INVESTMENT OBJECTIVE

The Board recommends changing the Fund's investment objective to enable the
Fund to make investments without restriction as to security type or industry
sector and otherwise to provide the Fund with maximum investment flexibility.
The Fund's current investment objective, which is fundamental, is "to seek
capital appreciation by investing in a portfolio consisting primarily of equity
securities issued by companies that the investment adviser believes will benefit
from growth of the Internet." To replace this current fundamental investment
objective, the Board recommends that the Fund adopt a new non-fundamental
investment objective of seeking "total return."

Currently, under normal market conditions, the Fund will invest at least
65% of its total assets in the equity securities of companies that engage in
Internet and Internet-related activities. It should be noted that on July 14,
2003, the Fund announced that its name had changed to Foxby Corp., effective
immediately, and that as a result, the Fund's 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
at least 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 would be discontinued in 60 days. If
stockholders approve the Fund's adoption of a non-fundamental investment
objective of seeking "total return," the Fund will seek total return from growth
of capital and from income in any security type and in any industry sector
(subject to the industry concentration limitations discussed in Proposal 2),
although there will be no limitation on the percentage or amount of the Fund's
assets which may be invested for growth of capital or income. Accordingly, at
any time the investment emphasis may be placed solely or primarily on growth of
capital or solely or primarily on income. There can be no assurance that the
Fund will achieve this investment objective of total return, which will depend
primarily on the ability of the Investment Manager to predict correctly the
direction of financial markets, economic patterns and trends, and similar
factors.

To enhance the Fund's flexibility by allowing the Board to more easily
alter the Fund's investment objective when the Board believes it is in the best
interests of stockholders or when necessary to comply with possible future
regulatory developments, the proposed new investment objective will be
"non-fundamental," which means that the Board will be able to change the Fund's
investment objective in the future without stockholder approval. The Fund will
notify stockholders in the event of a change in its investment objective.

The vote of a majority of the Fund's shares is required for approval of the
proposal to change the investment objective of the Fund. For this purpose, the
required vote at the Special Meeting is the lesser of: (1) 67% of the shares of
outstanding common stock present if the holders of more than 50% of such shares
are present in person or represented by proxy; or (2) more than 50% of the
outstanding shares of common stock.

The Board of Directors of the Fund, Including the Directors Who Are Not
Interested Persons of the Fund, Unanimously Recommends that the Stockholders of
the Fund Vote To Approve Proposal 1.

PROPOSAL 2: TO MODIFY THE FUND'S FUNDAMENTAL RESTRICTION ON INDUSTRY
CONCENTRATION.

The Fund's current fundamental restriction on industry concentration is as
follows:

The Fund may not purchase the securities of any issuer if, as a result,
more than 25% of the Fund's total assets would be invested in the
securities of issuers whose principal business activities are in the same
industry, except that the Fund will invest, under normal market conditions,
more than 25% of its total assets in the securities of issuers in the
"information technology industry" (as defined by the Fund).

The Board recommends that stockholders vote to replace this restriction
with the following fundamental restriction:

The Fund 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.

The following interpretation of this revised fundamental investment
restriction would follow the Fund's fundamental restriction on concentration:

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.

The primary purpose of this proposal is to make the Fund's concentration
policy compatible with investing in securities without restriction as to
industry by eliminating the requirement that the Fund, under normal market
conditions, invest more than 25% of its total assets in the securities of
issuers in the "information technology industry." It is the current position of
the SEC staff that a fund's investments are concentrated in any industry when
25% or more of the fund's net assets are invested in issuers whose principal
business is in that industry. The Fund has stated that "Those companies
providing infrastructure, content and e-commerce products and/or services
designed for Internet use comprise the `information technology industry'."

In 1999, when the Fund was established, investing in equity securities of
companies believed to benefit from the growth of the Internet was considered to
be an attractive focus of the Fund in seeking its objective of capital
appreciation. The past few years, however, have been a period of significant
instability for the securities of Internet-related companies. Enhancing the
Fund's flexibility to invest in other securities in other industries in order to
seek total return, however, will provide the Fund's Investment Manager with the
opportunity to achieve an expanded investment objective of total return. If
Proposal 2 is approved by Fund stockholders, the Fund will not invest 25% or
more of its assets in issuers whose principal business is in any one industry,
except the Fund's investment in securities issued or guaranteed by the U.S.
Government, its agencies or instrumentalities and repurchase agreements with
respect thereto, will not be limited.

If Proposals 1 and 2 are approved by Fund stockholders, the Fund's
Investment Manager will invest in securities of issuers that the Investment
Manager considers to have attractive fundamental and technical attributes for
total return. The Fund 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
term, liquid, high grade securities and money market instruments. There is a
risk that these transactions sometimes may reduce returns or increase

volatility. In addition, derivatives, such as options and futures, can be
illiquid and highly sensitive to changes in their underlying security, interest
rate or index, and as a result can be highly volatile. A small investment in
certain derivatives could have a potentially large impact on the Fund's
performance. The Fund may invest in debt securities rated below investment
grade, commonly referred to as junk bonds, as well as investment grade and U.S.
Government securities. Generally, investments in securities in the lower rating
categories or comparable unrated securities provide higher yields but involve
greater price volatility and risk of loss of principal and interest than
investments in securities with higher ratings.

If Proposals 1 and 2 are approved by Fund stockholders, the Investment
Manager expects to change in an orderly manner over time a substantial
percentage of the Fund's current portfolio, although change of the portfolio may
occur in any event and the degree and speed of such changes will depend on
market factors. However, even with such significant portfolio turnover, it is
expected that the tax losses carried forward by the Fund would be sufficient to
offset any gains in the transition. The Fund's Investment Manager will seek to
minimize transaction costs for the Fund during the transition.

If Proposal 1 is approved but Proposal 2 is not, the Fund will seek as a
non-fundamental policy total return and will continue to invest, under normal
market conditions, more than 25% of its total assets in the securities of
issuers in the "information technology industry." If Proposal 2 is approved but
Proposal 1 is not, the Fund will seek as a fundamental policy capital
appreciation by investing in a portfolio consisting primarily of equity
securities issued by companies that the Investment Manager believes will benefit
from growth of the Internet although it will no longer be required to invest,
under normal market conditions, more than 25% of its total assets in the
securities of issuers in the "information technology industry."

The vote of a majority of the Fund's shares is required for approval of the
proposal to modify the Fund's fundamental restriction on industry concentration.
For this purpose, the required vote at the Special Meeting is the lesser of: (1)
67% of the shares of outstanding common stock present if the holders of more
than 50% of such shares are present in person or represented by proxy; or (2)
more than 50% of the outstanding shares of common stock.

The Board of Directors of the Fund, Including the Directors Who Are Not
Interested Persons of the Fund, Unanimously Recommends that the Stockholders of
the Fund Vote To Approve Proposal 2.

PROPOSAL 3: TO MODIFY CERTAIN OF THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTIONS

When the Fund was established in 1999, it adopted certain investment
restrictions that are "fundamental," meaning that as a matter of law they cannot
be changed without stockholder approval ("fundamental restrictions"). The Fund's
Board of Directors, together with the Fund's officers and the Investment
Manager, have reviewed the Fund's current fundamental restrictions and concluded
that certain restrictions should be revised in order to allow maximum investment
flexibility and to facilitate administration of the Fund. At the Special
Meeting, stockholders will be asked to approve the revised restrictions.

The revised restrictions maintain important investor protections while
providing flexibility to respond to changing markets, new investment
opportunities, and future changes in applicable law. The revised restrictions
would give the Fund an increased ability to engage in certain activities. The
Board of Directors may consider and adopt such non-fundamental restrictions for
the Fund as they determine to be appropriate and in the stockholders' best
interests.

The Board of Directors unanimously recommends that stockholders vote to
amend the Fund's fundamental restrictions, as discussed below. If approved by
the Fund's stockholders at the Special Meeting, the proposed changes in the
Fund's fundamental restrictions will be adopted by the Fund.

a. Modification of Fundamental Restriction On Investing In Commodities

The Fund's current fundamental restriction on commodities is as follows:

The Fund may not purchase or sell commodities, unless acquired as a result
of ownership of securities or other instruments (but this shall not prevent
the Fund from purchasing or selling options, futures contracts or other
derivative instruments, or from investing in securities or other
instruments backed by commodities).

The Board recommends that stockholders vote to replace this restriction
with the following fundamental restriction:

The Fund may not purchase or sell physical commodities unless acquired as a
result of ownership of securities or other instruments. This restriction
does not prevent the Fund from engaging in transactions involving foreign
currency, futures contracts and options, forward contracts, swaps, caps,
floors, collars, securities purchased or sold on a forward-commitment or
delayed-delivery basis or other financial instruments, or investing in
securities or other instruments that are secured by physical commodities.

The primary purposes of this proposal are to clarify the types of
derivative transactions that are permissible for the Fund, to permit the Fund to
invest in new financial instruments that may be developed in the future, to
clarify that the Fund may invest in securities or other instruments backed by
physical commodities, and to clarify that the Fund may acquire physical
commodities as the result of ownership of instruments other than securities and
may sell any physical commodities acquired in that way.

The proposed changes to this fundamental restriction are intended to ensure
that the Fund will have the maximum flexibility to enter into hedging,
speculative, or other transactions utilizing financial contracts and derivative
products when doing so is not prohibited by operating policies established for
the Fund by the Board. Due to the rapid and continuing development of derivative
products and the possibility of changes in the definition of "commodities"
particularly in the context of the jurisdiction of the Commodities Futures
Trading Commission, it is important for the Fund's policy to be flexible enough
to allow it to enter into hedging, speculative, and other transactions using
these products unless doing so is deemed not appropriate by the Fund. To
maximize that flexibility, the Board recommends that the Fund's fundamental
restriction on commodities investments be as broad as possible in permitting the
use of derivative products. Currently, the Fund intends to purchase and sell
financial futures primarily on stock indices, but reserves the right to use
other types of futures contracts. The use of futures contracts and other
derivative products involves special considerations and risks. In general, these
techniques may increase the volatility of the Fund and may involve a small
investment of cash relative to the magnitude of risk assumed.

b. Modification of Fundamental Restriction on Loans

The Fund's current fundamental restriction on loans is as follows:

The Fund may not make loans, except to the extent the Fund may be deemed to
be making loans by purchasing debt securities or entering into repurchase
agreements, and the Fund may lend its portfolio securities in an amount not
in excess of 33 1/3% of its total assets (taken at market value).

The Board recommends that stockholders vote to replace this restriction
with the following fundamental restriction:

The Fund may not lend money or other assets, except to the extent permitted
by the 1940 Act. This restriction does not prevent the Fund from purchasing
debt obligations in pursuit of its investment program, or for defensive or
cash management purposes, entering into repurchase agreements, loaning its
portfolio securities to financial intermediaries, institutions or
institutional investors, or investing in loans, including assignments and
participation interests.

The primary purposes of this proposal are to allow the Fund maximum
flexibility to respond to future investment opportunities and to allow the Fund
to lend to the full extent permitted under the 1940 Act. SEC staff
interpretations of the 1940 Act generally prohibit funds from lending more than
one-third of their total assets, except through the purchase of debt obligations
or the use of repurchase agreements. The proposed modification also would
clarify that the Fund may make investments in debt obligations for defensive or
cash management purposes and that it may invest in loans, including assignments
and participation interests. When the Fund loans a security to another party, it
runs the risk that the other party will default on its obligation, and that the
value of the collateral will decline before the Fund can dispose of it.

The vote of a majority of the Fund's shares is required for approval of
each proposal to modify the Fund's fundamental restrictions. For this purpose,
the required vote at the Special Meeting is the lesser of: (1) 67% of the shares
of outstanding common stock present if the holders of more than 50% of such
shares are present in person or represented by proxy; or (2) more than 50% of
the outstanding shares of common stock.

The Board of Directors of the Fund, Including the Directors Who Are Not
Interested Persons of the Fund, Unanimously Recommends that the Stockholders of
the Fund Vote To Approve Proposal 3.

ADDITIONAL INFORMATION

Corporate Governance

The Fund's Board of Directors ("Board") has continuously availed itself of
methods specifically provided by, or consistent with, Maryland law and the 1940
Act to protect the Fund and its stockholders. Accordingly, the Fund currently
has provisions in its Charter and Bylaws (collectively, the "Governing
Documents") which could have the effect of limiting (i) the ability of other
entities or persons to acquire control of the Fund, (ii) the Fund's freedom to
engage in certain transactions, or (iii) the ability of the Fund's Directors or
stockholders to amend the Governing Documents or effectuate changes in the
Fund's management. These provisions of the Governing Documents of the Fund may
be regarded as "anti-takeover" provisions. The Fund is also subject to certain
Maryland law provisions, including those which have been enacted since the
inception of the Fund, that make it more difficult for non-incumbents to gain
control of the Board. Earlier this year, the Fund's Board amended and restated
the Bylaws of the Fund. In doing so, the Board consulted with counsel to the
Fund and Maryland counsel to the Fund and elected to become subject to various
provisions of the Maryland General Corporation Law (the "MGCL"). The Board also
adopted a Conflict of Interest and Corporate Opportunities Policy applicable to
its disinterested Directors.

The following is a summary of the amendments to the Bylaws which are set
forth in the Amended and Restated Bylaws as of July 8, 2003, and the election to
be subject to various provisions of the MGCL, effective on July 15, 2003,
pursuant to Articles Supplementary (the "Articles Supplementary") accepted for
record by the State Department of Assessments and Taxation of Maryland. This
summary is qualified in its entirety by reference to the complete Amended and
Restated Bylaws. Among other things, the Bylaw amendments:

1. Establish procedures for stockholder-requested special meetings, including
procedures for setting the record date for the stockholders making the request,
the record date for the meeting and the time, place and date of the meeting.
Consistent with the MGCL, stockholders requesting a meeting would be required to
disclose the purpose of the meeting and the matters to be proposed to be acted
on at the meeting.

2. Provide that the Board may appoint the chair of the meeting of stockholders
and provide for chairmanship in the absence of such an appointment. The
amendments provide that the chair of the meeting establishes the rules for
conduct of the meeting, and vests the chair with power to adjourn the meeting.

3. Enhance already existing Bylaw provisions that require a stockholder to give
written advance notice and other information to the Fund of the stockholder's
nominees for Directors and other proposals for business at stockholders
meetings.

4. Provide that the vote required to elect a Director is a plurality of the
votes cast unless the nominees are not all recommended by the Continuing
Directors, in which case the vote required to elect Directors would 80% of the
votes entitled to be cast.

5. Disclose that the Board has elected on behalf of the Fund to be subject to
the Maryland Control Share Acquisition Act, which provides that control shares
acquired in a control share acquisition may not be voted except to the extent
approved by a vote of two-thirds of the votes entitled to be cast on the matter,
excluding shares owned by the acquirer, and officers and directors that are
employees of the Fund. Generally, control shares are voting shares of stock
which would entitle the acquirer of the shares to exercise voting power within
one of the following ranges of voting power: (1) one-tenth or more but less than

one-third, (2) one-third or more but less than a majority, or (3) a majority or
more of all voting power. This limitation does not apply to matters for which
the 1940 Act requires the vote of a majority of the Fund's outstanding voting
securities (as defined in that Act) or to holders whose acquisition of control
shares was approved prior to acquisition by a majority of the Continuing
Directors (as defined in the Bylaws). The Continuing Directors have approved the
acquisition of control shares, not to exceed 25% of the outstanding shares of
the Fund, by CEF Advisers, Inc. and its affiliates.

6. Establish qualifications for Fund Directors. These qualifications are
designed to assure that individuals have the type of background and experience
necessary to provide competent service as Directors of the Fund. They also
require incumbent Directors and nominees to comply with the Fund's newly-adopted
Conflict of Interest and Corporate Opportunities Policy. One of the
qualification options includes service as a current Director of the Fund.

7. Require that certain proposed advisory, sub-advisory or management contracts
with an affiliate of current and certain former independent Fund Directors be
approved by 75% of the Fund's independent Directors who are not so affiliated.
If such a contract or similar contracts are approved, the Bylaws would provide
automatic liquidity to dissatisfied stockholders by requiring the Fund to
commence a tender offer, to the fullest extent permitted by applicable law, for
at least 50 percent of its outstanding shares at a price of at least 98% of the
Fund's per share net asset value.

8. Provide that, subject to the requirements of the 1940 Act, any Director
vacancy shall be filled for the remainder of the term by the affirmative vote of
a majority of the members of a Committee consisting of the Continuing Directors
remaining in office.

9. Provide that a Director who is an affiliated person (as such term is defined
by Section 2(a)(3) of the 1940 Act) of a holder of more than 5% of the
outstanding shares of the Fund shall not be entitled to fees or expenses arising
out of his or her service as a Director of the Fund.

Any stockholder who would like a copy of the Fund's Amended and Restated Bylaws
may obtain a copy from the Fund and, after September 10, 2003, from the
Securities and Exchange Commission ("SEC") by calling the SEC at (202) 942-8090
or e-mailing the SEC at publicinfo@sec.gov.

Discretionary Authority; Submission Deadlines for Stockholder Proposals

Shares represented by executed and unrevoked proxies will confer
discretionary authority to vote on matters which the Company did not have notice
of a reasonable time prior to mailing this Proxy Statement to stockholders. The
Fund's Bylaws provide that in order for a stockholder to nominate a candidate
for election as a Director at an annual meeting of stockholders or propose
business for consideration at such meeting, written notice generally must be
delivered to the Secretary of the Fund, at the principal executive offices, not
less than 90 days nor more than 120 days prior to the first anniversary of the
mailing of the notice for the preceding year's annual meeting. Accordingly,
pursuant to such Bylaws and Rule 14a-5(e)(2) of the 1934 Act, a stockholder
nomination or proposal intended to be considered at the 2004 Annual Meeting must
be received by the Secretary no earlier than April 17, 2004 nor later than May
17, 2004. Proposals should be mailed to the Fund, to the attention of the Fund's
Secretary, Monica Pelaez, 11 Hanover Square, New York, New York 10005. In
addition, if you wish to have your proposal considered for the inclusion in the
Fund's 2004 Annual Meeting Proxy Statement, we must receive it on or before
April 17, 2004 pursuant to Rule 14a-8(e)(2). The submission by a stockholder of
a proposal for inclusion in the proxy statement or presentation at the meeting
does not guarantee that it will be included or presented. Stockholder proposals
are subject to certain requirements under the federal securities laws and the
Maryland General Corporation Law and must be submitted in accordance with the
Fund's Bylaws.

Compliance with Section 16(a) Beneficial Ownership Reporting

Section 16(a) of the Securities Exchange Act of 1934, and rules thereunder,
requires the Fund's Directors and officers, and any persons holding 10% or more
of its common stock, to file reports of ownership and changes in ownership with
the Securities and Exchange Commission and the American Stock Exchange. Based on
the Fund's review of the copies of such forms it receives, the Fund believes
that during the calendar year ended 2002, such persons complied with all such
applicable filing requirements.

Notice to Banks, Broker/Dealers and Voting Trustees and Their Nominees

Please advise the Fund's transfer agent, American Stock Transfer and Trust,
Company at 1-800-937-5449 whether other persons are the beneficial owners of the
shares for which proxies are being solicited and, if so, the number of copies of
this Proxy Statement and other soliciting material you wish to receive in order
to supply copies to the beneficial owners of shares.

It is important that proxies be returned promptly. Therefore, stockholders who
do not expect to attend the meeting in person are urged to complete, sign, date
and return the enclosed proxy card in the enclosed postage-paid envelope.

APPENDIX

AUDIT COMMITTEE CHARTER

1. The Audit Committee shall have a minimum of three members and shall
consist of all Board members who are "independent directors" in
accordance with the American Stock Exchange rules.

2. The purposes of the Audit Committee are:

a. to oversee the Fund's accounting and financial reporting policies
and practices, its internal controls and, as appropriate, the
internal controls of certain service providers;

b. to oversee the quality and objectivity of the Fund's financial
statements and the independent audit thereof; and

c. to act as a liaison between the Fund's independent auditors and
the full Board of Directors.

The function of the Audit Committee is oversight. The Fund's management is
responsible for (i) the preparation, presentation and integrity of the Fund's
financial statements, (ii) the maintenance of appropriate accounting and
financial reporting principles and policies and (iii) the maintenance of
internal controls and procedures designed to assure compliance with accounting
standards and applicable laws and regulations. The auditors are responsible for
planning and carrying out proper audits and reviews. In fulfilling their
responsibilities hereunder, it is recognized that members of the Audit Committee
are not full-time employees of the Fund and are not necessarily, and do not
necessarily represent themselves to be, accountants or auditors by profession or
experts in the fields of accounting or auditing. As such, it is not the duty or
responsibility of the Audit Committee or its members to conduct "field work" or
other types of auditing or accounting reviews or procedures. Each member of the
Audit Committee shall be entitled to rely on (i) the integrity of those persons
and organizations within and outside the Fund from which it receives information
and (ii) the accuracy of the financial and other information provided to the
Audit Committee by such persons and organizations absent actual knowledge to the
contrary (which shall be promptly reported to the Fund's Board). In addition,
the review of the Fund's financial statements by the Audit Committee is not of
the same quality as audits performed by the independent accountants, nor does
the Audit Committee's review substitute for the responsibilities of the Fund's
management for preparing, or the independent accountants for auditing, the
financial statements.

3. To carry out its purposes, the Audit Committee shall have the
following duties and powers:

a. to recommend the selection, retention or termination of auditors
and, in connection therewith, to evaluate the independence of the
auditors, including whether the auditors provide any consulting
services to the Fund's investment manager (it being understood
that the auditors are ultimately accountable to the Audit
Committee and the Fund's Board and that the Audit Committee and
the Fund's Board shall have the ultimate authority and
responsibility to select, evaluate, retain and terminate
auditors, subject to any required stockholder vote);

b. to ensure receipt of a formal written statement from the auditors
on a periodic basis specifically delineating all relationships
between the auditors and the Fund; to discuss with the auditors
any disclosed relationships or services that may impact the
auditors' objectivity and independence; and to take, or recommend
that the full Board take, appropriate action to oversee the
independence of the auditors;

c. to meet with the Fund's auditors, including private meetings, as
necessary (i) to review the arrangements for and scope of the
annual audit and any special audits; (ii) to discuss any matters
of concern relating to the Fund's financial statements, including
any adjustments to such statements recommended by the auditors,
or other results of said audit(s); (iii) to consider the
auditors' comments with respect to the Fund's financial policies,
procedures and internal accounting controls and management's
responses thereto; and (iv) to review the form of opinion the
auditors propose to render to the Fund;

d. to consider the effect upon the Fund of any changes in accounting
principles or practices proposed by management or the auditors;

A-1

e. to review the audit and non-audit services provided to the Fund
by the auditors and the fees charged for such services;

f. to consider for pre-approval any non-audit services proposed to
be provided by the auditors to the Fund, and any non-audit
services proposed to be provided by such auditors to the Fund's
investment manager, if any, which have a direct impact on Fund
operations or financial reporting. Such pre-approval of non-audit
services proposed to be provided by the auditors to the Fund is
not necessary, however, under the following circumstances: (1)
all such services do not aggregate to more than 5% of total
revenues paid by the Fund to the auditor in the fiscal year in
which services are provided, (2) such services were not
recognized as non-audit services at the time of the engagement,
and (3) such services are brought to the attention of the Audit
Committee, and approved by the Audit Committee, prior to the
completion of the audit;

g. to review the status of the Audit Committee members to determine
if any of them may be considered a "financial expert" as defined
in Section 407 of the Sarbanes-Oxley Act of 2002 and make
recommendations regarding the "financial expert" determination to
the full Board;

h. to receive copies of any complaints received by the Fund
regarding accounting, internal accounting controls or auditing
matters and review such complaints, and take appropriate actions,
if any. The Committee shall ensure that any such complaints
received from employees of the Fund or the Fund's investment
manager are treated on a confidential basis and that such
submissions need not identify the submitting employee by name;

i. to investigate improprieties or suspected improprieties in Fund
operations; and

j. to report its activities to the full Board on a periodic basis
and to make such recommendations with respect to the above and
other matters as the Audit Committee may deem necessary or
appropriate.

4. The Audit Committee shall meet on a regular basis and is empowered to
hold special meetings as circumstances require.

5. The Audit Committee shall regularly meet with the Fund's management,
including financial personnel.

6. The Audit Committee shall have the resources and authority appropriate
to discharge its responsibilities, and shall have the discretion to
institute investigations of improprieties or suspected improprieties
and is vested with authority to retain special counsel and other
experts or consultants at the expense of the Fund.

7. The Audit Committee shall review the adequacy of this Charter at least
annually and recommend any changes to the full Board. The Board shall
also review and approve this Charter at least annually.

8. The Fund must certify to the American Stock Exchange ("AMEX") that:

a. It has adopted this formal written Charter and the Audit
Committee has annually reviewed and reassessed the adequacy of
this Charter;

b. It has and will continue to have an Audit Committee of at least
three members, comprised solely of independent directors to the
extent required by AMEX rules, each of whom is able to read and
understand fundamental financial statements, including a
company's balance sheet, income statement, and cash flow
statement or will become able to do so within a reasonable period
of time after his or her appointment to the Audit Committee; and

c. It has at least one member of the Audit Committee that has past
employment experience in finance or accounting, requisite
professional certification in accounting, or any other comparable
experience or background which results in the individual's
financial sophistication.

A-2

PROXY CARD
FOXBY CORP.
(formerly, "Internet Growth Fund, Inc.")

This proxy is solicited by and on behalf of the Board of Directors of Foxby
Corp. (the "Fund") for the Annual Meeting of Stockholders on September 12, 2003,
and at any postponement or adjournment thereof.

The undersigned Fund stockholder hereby appoints Thomas B. Winmill and Monica
Pelaez and each of them, the attorneys and proxies of the undersigned, with full
power of substitution in each of them, to attend the 2003 Annual Meeting of
Stockholders to be held at the offices of the Fund at 11 Hanover Square, New
York, New York on Friday, September 12, 2003 at 8:00 a.m., and at any
postponement or adjournment thereof ("Meeting") to cast on behalf of the
undersigned all votes that the undersigned is entitled to cast at the Meeting
and otherwise to represent the undersigned at the Meeting with all of the powers
possessed by the undersigned if personally present at the Meeting. The
undersigned hereby acknowledges receipt of the Notice of Annual Meeting and the
accompanying Proxy Statement and revokes any proxy heretofore given for the
Meeting.

The votes entitled to be cast by the undersigned will be cast as instructed on
the reverse side hereof. If this Proxy is executed but no instruction is given,
the votes entitled to be cast by the undersigned will be cast "for" the nominee
as a director and in the discretion of the Proxy holder on any other matter that
may properly come before the Meeting.

(Continued and to be signed on the reverse side)

ANNUAL MEETING OF STOCKHOLDERS OF FOXBY CORP.
SEPTEMBER 12, 2003

Please detach along perforated line and mail in the envelope provided

PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE [X]

1. To elect to the Board of Directors George B. Langa as Class I Director, to
serve for a five year term and until his successor is duly elected and
qualifies.
NOMINEE:
[ ] FOR George B. Langa
[ ] WITHHOLD AUTHORITY

Your vote is important! Please sign and date the
proxy/voting instructions card below and return it promptly
in the enclosed postage-paid envelope or otherwise to Foxby
Corp. c/o American Stock Transfer and Trust Company, 59
Maiden Lane, New York, NY 10038 so that your shares can be
represented at the Meeting. If no instructions are given on
a proposal, the proxies will vote FOR the nominee, in
accordance with the Fund Board's recommendations.

To change the address on your account, please check the box at right and
indicate your new address in the address space above. Please note that changes
to the registered name(s) on the account may not be submitted via this method.

Signature of Stockholder____________Date:_____

Note: Please sign exactly as your name or names appear on this Proxy. When
shares are held jointly, each holder should sign. When signing as executor,
administrator, attorney, trustee or guardian, please give full title as such. If
the signer is a corporation, please sign full corporate name by duly authorized
officer, giving full title as such. If signer is a partnership, please sign in
partnership name by authorized person.

PROXY CARD
FOXBY CORP.
(formerly, "Internet Growth Fund, Inc.")

This proxy is solicited by and on behalf of the Board of Directors of Foxby
Corp. (the "Fund") for the Special Meeting of Stockholders on September 12,
2003, and at any postponement or adjournment thereof.

The undersigned Fund stockholder hereby appoints Thomas B. Winmill and Monica
Pelaez and each of them, the attorneys and proxies of the undersigned, with full
power of substitution in each of them, to attend the Special Meeting of
Stockholders to be held at the offices of the Fund at 11 Hanover Square, New
York, New York on Friday, September 12, 2003 at 8:30 a.m., and at any
postponement or adjournment thereof ("Meeting") to cast on behalf of the
undersigned all votes that the undersigned is entitled to cast at the Meeting
and otherwise to represent the undersigned at the Meeting with all of the powers
possessed by the undersigned if personally present at the Meeting. The
undersigned hereby acknowledges receipt of the Notice of Special Meeting and the
accompanying Proxy Statement and revokes any proxy heretofore given for the
Meeting.

The votes entitled to be cast by the undersigned will be cast as instructed on
the reverse side hereof. If this Proxy is executed but no instruction is given,
the votes entitled to be cast by the undersigned will be cast "for" the
proposals and in the discretion of the Proxy holder on any other matter that may
properly come before the Meeting.

(Continued and to be signed on the reverse side)

SPECIAL MEETING OF STOCKHOLDERS OF FOXBY CORP.
SEPTEMBER 12, 2003

Please detach along perforated line and mail in the envelope provided

PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE [X]

1. To modify the Fund's fundamental investment objective.

[ ] FOR
[ ] AGAINST
[ ] ABSTAIN

2. To modify the Fund's fundamental investment restriction on industry
concentration.

[ ] FOR
[ ] AGAINST
[ ] ABSTAIN

3. To modify:

a. The Fund's fundamental investment restriction on investing
in commodities.

[ ] FOR
[ ] AGAINST
[ ] ABSTAIN

b. The Fund's fundamental investment restriction on loans.

[ ] FOR
[ ] AGAINST
[ ] ABSTAIN

Your vote is important! Please sign and date the
proxy/voting instructions card below and return it promptly
in the enclosed postage-paid envelope or otherwise to Foxby
Corp. c/o American Stock Transfer and Trust Company, 59
Maiden Lane, New York, NY 10038 so that your shares can be
represented at the Meeting. If no instructions are given on
a proposal, the proxies will vote FOR the proposal, in
accordance with the Fund Board's recommendations.

Signature of Stockholder____________Date:_____