<PAGE> PAGE 1
000 A000000 06/30/99
000 C000000 0001011716
000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000
I000000 3.0 000 J000000 A
001 A000000 THE INTERNET FUND, INC.
001 B000000 811-07595
001 C000000 4142873305
002 A000000 615 EAST MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 KINETICS ASSET MANAGEMENT, INC.
008 B000001 A
008 C000001 801-52581
008 D010001 NORTH BABYLON
008 D020001 NY
008 D030001 11704
010 A000001 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B000001 85-11357
010 C010001 MILWAUKEE
010 C020001 WI
010 C030001 53202
011 A000001 T.O. RICHARDSON SECURITIES, INC.
011 B000001 8-0129091
011 C010001 FARMINGTON
011 C020001 CT
011 C030001 06032
012 A000001 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B000001 85-11357
012 C010001 MILWAUKEE
<PAGE> PAGE 2
012 C020001 WI
012 C030001 53202
013 A000001 MCCURDY & ASSOCIATES CPA'S, INC.
013 B010001 WESTLAKE
013 B020001 OH
013 B030001 44145
015 A000001 FIRSTAR BANK MILWAUKEE, N.A.
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
015 C030001 53202
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 GOLDMAN SACHS
020 C000001 123
020 A000002 DONALDSON LUFKIN JENRETTE/PERSHING
020 C000002 73
020 A000003 MORGAN STANLEY & CO.
020 C000003 57
020 A000004 WESTMINISTER/ALEX BROWN
020 C000004 48
020 A000005 FIRST BOSTON
020 C000005 44
020 A000006 MONTGOMERY SECURITIES
020 C000006 32
020 A000007 ROBERTSON STEVENS & CO.
020 C000007 31
020 A000008 SMITH BARNEY
020 C000008 4
020 A000009 LEWCO/HAMBRECHT & QUIST
020 C000009 4
020 A000010 ALEX BROWN & SONS, INC.
020 C000010 3
021 000000 419
022 A000001 FIRSTAR BANK MONEY CENTER
022 C000001 1129581
022 D000001 99926
022 A000002 WESTMINISTER/ALEX BROWN
022 C000002 51128
022 D000002 3582
022 A000003 BEAR STEARNS
022 C000003 46307
022 D000003 579
022 A000004 LEWCO/HAMBRECHT & QUIST
022 C000004 31278
022 D000004 6089
022 A000005 MERRILL LYNCH
022 C000005 15700
022 D000005 5664
<PAGE> PAGE 3
022 A000006 ALEX BROWN & SONS, INC.
022 C000006 6403
022 D000006 0
022 A000007 MONTGOMERY SECURITIES
022 C000007 4808
022 D000007 0
022 A000008 LEHMAN BROTHERS
022 C000008 0
022 D000008 3935
022 A000009 SPEAR LEEDS & KELLOG
022 C000009 442
022 D000009 3140
022 A000010 FIRST BOSTON
022 C000010 321
022 D000010 3178
023 C000000 1291066
023 D000000 127423
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 82185
028 A020000 0
028 A030000 0
028 A040000 21512
028 B010000 64830
028 B020000 0
028 B030000 0
028 B040000 16551
028 C010000 94407
028 C020000 0
028 C030000 0
028 C040000 19855
028 D010000 559774
028 D020000 0
028 D030000 0
<PAGE> PAGE 4
028 D040000 137940
028 E010000 116485
028 E020000 0
028 E030000 0
028 E040000 122404
028 F010000 70338
028 F020000 8
028 F030000 0
028 F040000 62785
028 G010000 988019
028 G020000 8
028 G030000 0
028 G040000 381047
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.250
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
<PAGE> PAGE 5
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
<PAGE> PAGE 6
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 Y
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
<PAGE> PAGE 7
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 682607
071 B000000 142904
071 C000000 337322
071 D000000 42
072 A000000 6
072 B000000 1400
072 C000000 17
072 D000000 0
072 E000000 1
072 F000000 2440
072 G000000 133
072 H000000 0
072 I000000 515
072 J000000 26
072 K000000 0
072 L000000 22
072 M000000 1
072 N000000 116
072 O000000 0
072 P000000 0
072 Q000000 23
072 R000000 43
072 S000000 251
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 3582
072 Y000000 0
072 Z000000 -2164
072AA000000 34107
072BB000000 8117
072CC010000 66515
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 5484
074 B000000 26169
<PAGE> PAGE 8
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 642160
074 G000000 0
074 H000000 0
074 I000000 40762
074 J000000 5036
074 K000000 0
074 L000000 5409
074 M000000 68
074 N000000 725088
074 O000000 2730
074 P000000 648
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2239
074 S000000 0
074 T000000 719471
074 U010000 21484
074 U020000 0
074 V010000 33.49
074 V020000 0.00
074 W000000 0.0000
074 X000000 53980
074 Y000000 0
075 A000000 0
075 B000000 372354
076 000000 0.00
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 Y
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
<PAGE> PAGE 9
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE STEVEN R. SAMSON
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001011716
<NAME> The Internet Fund, Inc.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 637,817,802
<INVESTMENTS-AT-VALUE> 709,091,056
<RECEIVABLES> 10,445,216
<ASSETS-OTHER> 5,552,110
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 725,088,382
<PAYABLE-FOR-SECURITIES> 2,730,226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,886,830
<TOTAL-LIABILITIES> 5,617,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 623,838,762
<SHARES-COMMON-STOCK> 21,484,236
<SHARES-COMMON-PRIOR> 1,409,831
<ACCUMULATED-NII-CURRENT> (2,254,444)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,613,754
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,273,254
<NET-ASSETS> 719,471,326
<DIVIDEND-INCOME> 17,000
<INTEREST-INCOME> 1,399,871
<OTHER-INCOME> 1,411
<EXPENSES-NET> (3,582,657)
<NET-INVESTMENT-INCOME> (2,164,375)
<REALIZED-GAINS-CURRENT> 25,990,457
<APPREC-INCREASE-CURRENT> 66,515,029
<NET-CHANGE-FROM-OPS> 90,341,111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,587,355
<NUMBER-OF-SHARES-REDEEMED> (12,512,950)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 697,312,643
<ACCUMULATED-NII-PRIOR> (90,069)
<ACCUMULATED-GAINS-PRIOR> 623,297
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,440,203
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,582,657
<AVERAGE-NET-ASSETS> 372,353,815
<PER-SHARE-NAV-BEGIN> 15.72
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 17.87
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 33.49
<EXPENSE-RATIO> 1.83
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Special Meeting of Shareholders, March 29, 1999
A Special Meeting of Shareholders of The Internet Fund (the "Fund"), was held
March 29, 1999, at 344 Van Buren Street, North Babylon, New York 11704. As of
March 11, 1999, the record date, outstanding shares of the Fund were
9,162,022.494. Holders of 5,886,831.000 shares of the Fund were present at the
meeting in person or by proxy, being the holders of a majority of the
outstanding shares of the Fund and thus constituting a quorum. The shareholders
of the Fund elected to increase the number of authorized shares of Common Stock
from 10,000,000 to 50,000,000 shares.
Withhold/ Broker Shares
For Against Abstain Not Voted
5,873,302.000 13,529.000 0.000 3,275,191.494
Sub-Item 77K
Disclosure required by Regulation Section 229.304 Item 304(a)(2) Engagement of
New Certifying Accountants.
Effective December 31, 1998, and ratified on July 19, 1999, the Board of
Directors, meeting in person, terminated Lilling & Company L.L.P. (Lilling) and
appointed McCurdy & Associates CPA's, Inc. (McCurdy) as the Fund's principal
independent accountants for the fiscal year ended December 31, 1999.
At no time during the Fund's two most recent fiscal years nor any subsequent
interim period prior to engaging McCurdy did the Fund (or someone on its behalf)
consult McCurdy regarding the application of accounting principles, the type of
opinion McCurdy would issue on the Fund's financial statements, or any other
significant matter. Nor was there any matter that was either the subject of a
disagreement (as defined by Regulation Section 229.304 (a)(1)(iv)) between Fund
management and Lilling prior to their termination nor a reportable event (as
described in Regulation Section 229.304 (a)(1)(v)).
Lilling & Company LLP
Certified Public Accountants
June 4, 1999
Ms. Margaret Doyle
The Internet Fund, Inc.
344 Van Buren Street
North Babylon, NY 11704
Dear Margaret:
This is to confirm that the client-auditor relationship between The Internet
Fund, Inc. (Commission File Number 084-05745) and Lilling & Company LLP has
ceased. The cessation of our relationship was mutually agreed upon and in no way
reflects any disagreements between our firm and The Internet Fund, Inc.
Sincerely,
/s/ Lilling & Company
Lilling & Company LLP
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 9-5
450 Fifth Street, N.W.
Washington, D.C. 20549
Fax #: 202-942-9656
