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SIGNATURE BEA SURRETT
TITLE FUND ADMIN
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001090372
<NAME> JACOB INTERNET FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> DEC-14-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 242,575,060
<INVESTMENTS-AT-VALUE> 248,386,750
<RECEIVABLES> 8,458,338
<ASSETS-OTHER> 87,620
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 256,932,708
<PAYABLE-FOR-SECURITIES> 7,420,180
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,199,135
<TOTAL-LIABILITIES> 9,619,315
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 241,501,703
<SHARES-COMMON-STOCK> 24,144,335
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,811,690
<NET-ASSETS> 247,313,393
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 314,988
<OTHER-INCOME> 0
<EXPENSES-NET> (965,826)
<NET-INVESTMENT-INCOME> (650,838)
<REALIZED-GAINS-CURRENT> 451,468
<APPREC-INCREASE-CURRENT> 5,811,690
<NET-CHANGE-FROM-OPS> 5,612,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296,929,528
<NUMBER-OF-SHARES-REDEEMED> (55,328,455)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 247,213,393
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (609,739)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (965,826)
<AVERAGE-NET-ASSETS> 228,261,083
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.27
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 1.98
</TABLE>
JACOB INTERNET FUND
FORM N-SAR REPORT FOR THE PERIOD ENDED 2/29/00
ITEM 77-I
Jacob Internet Fund, Inc. (the "Corporation"), was organized as a Maryland
corporation on July 13, 1999 and is registered under the Investment Company Act
of 1940, as amended (the "1940 Act"), as an open-end management investment
company issuing its shares in series. The Corporation currently consists of one
"diversified" series, the Jacob Internet Fund (the "Fund) and the authorized
capital stock of the Fund consists of twenty billion shares of stock having a
par value of one-tenth of one cent ($0.001) per share. The Fund commenced
operations on December 14, 1999. The following describes the rights of the
shares of the Corporation.
The Fund's Board of Directors is authorized to divide the unissued shares into
separate classes and series of stock, each series representing a separate,
additional investment portfolio. Currently there is only one class of shares
outstanding. Shares of any class or series will have identical voting rights,
except where, by law, certain matters must be approved by a majority of the
shares of the affected class or series. Each share of any class or series of
shares when issued has equal dividend, distribution, liquidation and voting
rights within the class or series for which it was issued and each fractional
share has those rights in proportion to the percentage that the fractional share
represents of a whole share. Shares will be voted in the aggregate.
There are no conversion or preemptive rights in connection with any shares of
the Fund. All shares, when issued in accordance with the terms of the offering,
will be fully paid and non-assessable. Shares are redeemable at net asset value,
at the option of the investor.
The shares of the Fund have non-cumulative voting rights, which means that the
holders of more than 50% of the shares outstanding voting for the election of
directors can elect 100% of the directors if the holders choose to do so, and,
in that event, the holders of the remaining shares will not be able to elect any
person or persons to the Board of Directors. Unless specifically requested by an
investor who is an investor of record, the Fund does not issue certificates
evidencing Fund shares.
As a general matter, the Fund will not hold annual or other meetings for the
Fund's shareholders. This is because the By-laws of the Fund provide for annual
meetings only (a) for the election of directors, (b) for approval of revisions
to the Fund's investment advisory agreement, (c) for approval of revisions to
the Fund's distribution agreement with respect to a particular class or series
of stock and (d) upon the written request of holders of shares entitled to cast
not less than twenty-five percent of all the votes entitled to be cast at such a
meeting. Annual and other meetings may be required with respect to such
additional matters relating to the Fund as may be required by the 1940 Act
including the removal of Fund directors and communication among shareholders,
any registration of the Fund with the Securities and Exchange Commission or any
state, or as the Directors may consider necessary or desirable. Each Director
serves until the next meeting of shareholders called for the purpose of
considering the election or reelection of such Director or of a successor to
such Director, and until the election and qualification of his or her successor,
elected at such meeting, or until such Director sooner dies, resigns, retires or
is removed by the vote of the shareholders.
The following are incorporated by reference:
Item 77-Q1(a) Bylaws - Registration Statement, Part C, Item 23, Exhibit b
Item 77-Q1(e) Advisory Agreement - Pre-Effective Amendment No. 1, Part C, Item
23, Exhibit d
