<PAGE> PAGE 1
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 1000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
<PAGE> PAGE 22
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 1
072 B000500 0
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 0
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
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<PAGE> PAGE 23
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 0
072 Y000500 0
072 Z000500 0
072AA000500 0
072BB000500 0
072CC010500 0
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 1000
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 0
074 N000500 1000
074 O000500 0
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<PAGE> PAGE 24
074 W000500 0.0000
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028 F020600 0
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049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 N
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<PAGE> PAGE 25
062 C000600 0.0
062 D000600 0.0
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062 F000600 0.0
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062 L000600 0.0
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062 O000600 0.0
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066 A000600 Y
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066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
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067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
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070 D010600 Y
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070 E010600 Y
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070 F010600 Y
070 F020600 N
070 G010600 Y
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070 I010600 N
070 I020600 N
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<PAGE> PAGE 26
070 M010600 Y
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070 N010600 Y
070 N020600 N
070 O010600 N
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070 P010600 N
070 P020600 N
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070 Q020600 N
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<PAGE> PAGE 27
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SIGNATURE STEVE SAMSON
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001083387
<NAME> KINETICS MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> THE INTERNET FUND
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<S> <C>
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<INVESTMENTS-AT-VALUE> 1,166,436,955
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<ACCUMULATED-NET-GAINS> (45,360,004)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1,163,096,756
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<DISTRIBUTIONS-OF-GAINS> (543,455)
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<NUMBER-OF-SHARES-SOLD> 45,293,582
<NUMBER-OF-SHARES-REDEEMED> (23,324,386)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001083387
<NAME> KINETICS MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> THE MEDICAL FUND
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<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> SEP-30-1999
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001083387
<NAME> KINETICS MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> THE INTERNET INFRASTRUCTURE FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001083387
<NAME> KINETICS MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> THE INTERNET EMERGING GROWTH FUND
<MULTIPLIER> 1
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001083387
<NAME> KINETICS MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 5
<NAME> THE INTERNET GLOBAL GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001083387
<NAME> KINETICS MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> THE INTERNET NEW PARADIGM GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> DEC-30-1999
<PERIOD-END> Dec-31-1999
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<PER-SHARE-NAV-END> 10.00
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</TABLE>
Board of Directors
Kinetics Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of Kinetics
Mutual Funds, Inc. for the year ended December 31, 1999, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Kinetics Mutual Funds, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, which we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
January 18, 2000
Special Meeting of Shareholders, October 20, 1999:
A Special Meeting of Shareholders of The Internet Fund (the "Fund"), was
held October 20, 1999, at 17 State Street, New York, New York 10004. As of
August 25, 1999, the record date, outstanding shares of the Fund were
20,321,988. Holders of 16,234,882 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
shareholder voted on five proposals.
The shareholders elected Directors to the Board of Directors and the
ratification of the selection of independent auditors, the adoption of a
master-feeder fund structure, a change to permit the Fund to be a
non-diversified investment company, and to recognize the Fund as a series of
Kinetics Mutual Funds, Inc., a Maryland corporation.
Withhold/ Broker Shares
For Against Abstain Not Voted
Election of Board
of Directors:
Joseph E. Breslin 15,326,409 --- 908,473 ---
Kathleen Campbell 15,306,198 --- 928,684 ---
Douglas Cohen 15,322,352 --- 912,530 ---
William J. Graham 15,314,551 --- 920,331 ---
Steven T. Russell 15,319,949 --- 914,933 ---
Steven R. Samson 15,318,204 --- 916,678 ---
Murray Stahl 15,317,044 --- 917,838 ---
John J. Sullivan 15,311,804 --- 923,078 ---
Ratification of the
Selection of McCurdy &
Associates CPA's, Inc.
as Independent Auditors: 15,041,035 328,605 865,242 ---
Permit Adoption of a
Master-Feeder Fund
Structure: 13,285,717 929,294 1,090,634 929,237
Permit the Fund to be
a Non-Diversified
Investment Company: 13,382,859 919,754 1,003,032 929,237
Reorganize the Fund as
a Series of Kinetics
Mutual Funds, Inc.: 13,628,721 792,179 884,745 929,237
