The Internet Fund (WWWFX, KINAX, KINCX)
The Global Fund (WWWEX, KGLAX, KGLCX)
The Paradigm Fund (WWNPX, KNPAX, KNPCX, KNPYX)
The Small Cap Opportunities Fund (KSCOX, KSOAX, KSOCX, KSCYX)
The Market Opportunities Fund (KMKNX, KMKAX, KMKCX, KMKYX)
The Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX, LSHCX, LSHUX,
LSHEX)
(each, a “Fund” and together, the “Funds”)
each, a series of Kinetics Mutual Funds, Inc. (the “Company”)
Supplement dated October 6, 2026
to the currently effective Prospectuses
and Statements of Additional Information (“SAIs”)
Effective immediately, the following sections of the Funds’ Prospectuses and SAIs have been
revised to include updated information.
The following is added as (i) the final section under “Additional Information About the Risks of
Investing in Each of the Funds” in the Prospectuses for each of The Internet Fund, The Global
Fund, The Paradigm Fund, The Small Cap Opportunities Fund, and The Market Opportunities
Fund; (ii) the final section under “Additional Information About the Fund’s Investments” in the
Prospectus for The Kinetics Spin-Off and Corporate Restructuring Fund; and (iii) the final
section under “Purchasing Shares” in the SAIs for all of the Funds:
ReFlow Liquidity Program
The Fund participates in the ReFlow Liquidity Program, which is designed to provide an
alternative liquidity source for mutual funds. Pursuant to the program, ReFlow Fund,
LLC (“ReFlow”) provides participating mutual funds (including the Fund) with a source of cash
to meet net shareholder redemptions by standing ready each business day to purchase Fund
shares up to the value of the net shares redeemed by other shareholders that are to settle that
business day. The Fund is not guaranteed to receive cash from ReFlow on any given day as
allocation of ReFlow’s available cash to participating funds is based on the results of ReFlow’s
automated daily auction process among participating mutual funds. Following purchases of Fund
shares, ReFlow then generally redeems those shares when the Fund experiences net shareholder
purchases or at the end of a maximum holding period determined by ReFlow (currently eight
days), or at other times at ReFlow’s discretion. While ReFlow holds Fund shares, it will have the
same rights and privileges with respect to those shares as any other shareholder.
For use of the ReFlow service, the Fund pays a fee to ReFlow each time it purchases Fund
shares, calculated by applying to the purchase amount a fee rate determined through the auction
process. The current minimum fee rate (which is subject to change) is 0.14% of the value of the
Fund shares purchased by ReFlow, although the Fund may submit a bid at a higher fee rate. The