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Press Releases |
 Press release:
October 28, 2003
October 28, 2003
FOXBY CORP. ANNOUNCES IMPORTANT CHANGE IN INVESTMENT POLICY
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.
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