The information in this Supplement is not complete and
may be changed.  The Fund may not sell these securities
until the Registration Statement filed with the
Securities and Exchange Commission is effective.  This
Supplement is not an offer to sell these securities and
it is not soliciting an offer to buy these securities
in any state where the offer or sale is not permitted.

            LCM Internet Growth Fund, Inc.

               Supplement to Prospectus

      Subject to Completion, Dated July 28, 1999

        Capitalized terms not otherwise defined herein shall
         have the same meaning set forth in the Prospectus.

Underwriting

     LaSalle St. Securities, Inc., the Representative
of the Underwriters, is in the process of reorganizing
its corporate structure from an S corporation to a limited
liability company.  In connection with this change,
however, neither the control of the Representative nor
the management of the Representative will change.  It
is expected that the reorganization will be completed
prior to the effective date of the Fund's Registration
Statement on Form N-2, in which case the Representative
will be LaSalle St. Securities, LLC.  If the
reorganization does not occur until after the effective
date of the Registration Statement, the Representative
will remain LaSalle St. Securities, Inc.

     Of the 4,000,000 shares of Common Stock offered by
the Fund, up to 50,000 of such shares are reserved for
sale at the initial public offering price to
disinterested directors of the Fund and their
affiliates.  There can be assurance that such shares
will be purchased by these persons.  Any such reserved
shares not so purchased will be reoffered immediately
by the Underwriters to the public at the initial public
offering price.

Open Market Purchases

     If the Fund's shares of Common Stock are trading
at a discount to net asset value at a time which is at
least six months from the effective date of the Fund's
Registration Statement on Form N-2, the officers of the
Fund may, in their discretion, make open market
purchases in an effort to reduce or eliminate the
discount.  Under normal circumstances, such purchases
by the Fund will be made with cash and cash equivalent
reserves, although purchases may also be financed
through Fund borrowings in an amount up to 33 1/3% of
the Fund's total assets (measured by adding the amount
borrowed to the Fund's other assets or uninvested
cash).  See "Investment Practices-Leverage through
Borrowing."

     No assurance can be given that open market
purchases, if any, will result in the Common Stock's
trading at a price that is close or equal to net asset
value.  The market price of the Common Stock will,
among other things, be determined by the relative
demand for, and supply of, the Common Stock in the
market, the Fund's investment performance, the Fund's
dividends and investor perception of the Fund's overall
attractiveness as an investment as compared with other
investment alternatives.  In the event the Fund
acquires its Common Stock through open market
purchases, the Fund's total assets may decrease and,
therefore, its expense ratio may increase.

    The date of this Supplement is August 24, 1999.