JACOB INTERNET FUND INC
N-18F1, 1999-12-17
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                                  Form N-18F-1


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

            NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1 UNDER THE
                         INVESTMENT COMPANY ACT OF 1940




                            JACOB INTERNET FUND INC.
                            -------------------------
                           (Exact Name of Registrant)



                            NOTIFICATION OF ELECTION

     The undersigned registered open end investment company hereby notifies the
Securities and Exchange Commission that it elects to commit itself to pay in
cash all redemptions by a shareholder of record as provided by Rule 18f-1 under
the Investment Company Act of 1940. It is understood that this election is
irrevocable while such Rule is in effect unless the Commission by order upon
application permits the withdrawal of this Notification of Election.

                                    SIGNATURE

     Pursuant to the requirements of Rule 18f-1 under the Investment Company Act
of 1940, the registrant has caused this notification of election to be duly
executed on its behalf in the city of New York and the state of New York on the
17th day of December, 1999.

                                            JACOB INTERNET FUND INC.


                                            By: /s/ RYAN I. JACOB
                                                --------------------------------
                                                RYAN I. JACOB
                                                President and Director

Attest:  /s/ FRANCIS J. ALEXANDER
         ------------------------
Title:   Vice President



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