Kinetics Funds, The Internet Fund

This non-diversified fund commits all of its available capital exclusively to the Internet Portfolio. That portfolio, in turn, allocates a minimum of 80% of its net assets—augmented by any borrowed funds for investment—to various equity instruments. These investments encompass common shares, convertible securities, warrants, and other holdings with characteristics similar to common stocks. The companies targeted are both domestic and international enterprises operating within the internet and internet-related industries, particularly those whose business models are profoundly improved through the internet's ability to facilitate content delivery and achieve cost efficiencies.