# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0000894189-25-013921
**Filing Date:** 2025-11
**Character Count:** 37271
**Document Hash:** 878ea5d00255e84c02b330b03558d749
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013921.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0000894189-25-013921

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0001083387

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09303
- **FILM NUMBER:** 251493445

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 914-703-6900

**MAIL ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEDICAL FUND & THE CURE FOR CANCER INC
- **DATE OF NAME CHANGE:** 19990406

## Series and Classes Contracts Data

### Kinetics Spin-Off and Corporate Restructuring Fund (Series ID: S000058593)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000192497 | Advisor Class A     | LSHAX           |
| C000192498 | Advisor Class C     | LSHCX           |
| C000192499 | Institutional Class | LSHUX           |
| C000192500 | No Load Class       | LSHEX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **The Kinetics Spin-off and Corporate Restructuring Fund** | **The Kinetics Spin-off and Corporate Restructuring Fund** | **The Kinetics Spin-off and Corporate Restructuring Fund** | **The Kinetics Spin-off and Corporate Restructuring Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.5%** | **COMMON STOCKS - 97.5%** | **Shares** | **Value**  |
| **Accommodation - 0.8%** | **Accommodation - 0.8%** | **Accommodation - 0.8%** | |
| Civeo Corp. | Civeo Corp. | 10000 | $230000 |
| **Broadcasting (except Internet) - 0.2%** | **Broadcasting (except Internet) - 0.2%** | **Broadcasting (except Internet) - 0.2%** |  |
| Atlanta Braves Holdings, Inc. - Class C <sup>(a)</sup> | Atlanta Braves Holdings, Inc. - Class C <sup>(a)</sup> | 1694 | 70453 |
| **Chemical Manufacturing - 0.2%** | **Chemical Manufacturing - 0.2%** | **Chemical Manufacturing - 0.2%** |  |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 797 | 49733 |
| **Diversified Real Estate Activities - 0.8%** | **Diversified Real Estate Activities - 0.8%** | **Diversified Real Estate Activities - 0.8%** |  |
| PrairieSky Royalty Ltd. | PrairieSky Royalty Ltd. | 12000 | 222634 |
| **Electric Power Generation, Transmission and Distribution - 2.7%** | **Electric Power Generation, Transmission and Distribution - 2.7%** | **Electric Power Generation, Transmission and Distribution - 2.7%** |  |
| GE Vernova, Inc. | GE Vernova, Inc. | 25 | 15372 |
| Hawaiian Electric Industries, Inc. <sup>(a)</sup> | Hawaiian Electric Industries, Inc. <sup>(a)</sup> | 70800 | 781632 |
|  |  |  | 797004 |
| **Funds, Trusts, and Other Financial Vehicles - 0.1%** | **Funds, Trusts, and Other Financial Vehicles - 0.1%** | **Funds, Trusts, and Other Financial Vehicles - 0.1%** |  |
| Mesabi Trust | Mesabi Trust | 550 | 16098 |
| **Insurance Carriers - 0.0%<sup>(b)</sup>** | **Insurance Carriers - 0.0%<sup>(b)</sup>** | **Insurance Carriers - 0.0%<sup>(b)</sup>** |  |
| Fairfax Financial Holdings Limited | Fairfax Financial Holdings Limited | 2 | 3497 |
| **Machinery Manufacturing - 0.1%** | **Machinery Manufacturing - 0.1%** | **Machinery Manufacturing - 0.1%** |  |
| General Electric Co. | General Electric Co. | 100 | 30082 |
| **Management of Companies and Enterprises - 4.5%** | **Management of Companies and Enterprises - 4.5%** | **Management of Companies and Enterprises - 4.5%** |  |
| Associated Capital Group, Inc. - Class A | Associated Capital Group, Inc. - Class A | 34300 | 1150079 |
| Fairfax India Holdings Corp. <sup>(a)(c)</sup> | Fairfax India Holdings Corp. <sup>(a)(c)</sup> | 2800 | 48300 |
| Valterra Platinum Ltd. - ADR | Valterra Platinum Ltd. - ADR | 22 | 260 |
| White Mountains Insurance Group Ltd. | White Mountains Insurance Group Ltd. | 58 | 96948 |
|  |  |  | 1295587 |
| **Media - 0.0%<sup>(b)</sup>** | **Media - 0.0%<sup>(b)</sup>** | **Media - 0.0%<sup>(b)</sup>** |  |
| Toei Animation Co. Ltd. | Toei Animation Co. Ltd. | 200 | 4125 |
| **Mining (except Oil and Gas) - 0.0%<sup>(b)</sup>** | **Mining (except Oil and Gas) - 0.0%<sup>(b)</sup>** | **Mining (except Oil and Gas) - 0.0%<sup>(b)</sup>** |  |
| Knife River Corp. <sup>(a)</sup> | Knife River Corp. <sup>(a)</sup> | 100 | 7687 |
| **Miscellaneous Manufacturing - 1.2%** | **Miscellaneous Manufacturing - 1.2%** | **Miscellaneous Manufacturing - 1.2%** |  |
| CSW Industrials, Inc. | CSW Industrials, Inc. | 1400 | 339850 |
| **Nonmetallic Mineral Mining and Quarrying - 0.0%<sup>(b)</sup>** | **Nonmetallic Mineral Mining and Quarrying - 0.0%<sup>(b)</sup>** | **Nonmetallic Mineral Mining and Quarrying - 0.0%<sup>(b)</sup>** |  |
| Anglo American PLC - ADR | Anglo American PLC - ADR | 63 | 1196 |
| **Nonmetallic Mineral Product Manufacturing - 0.3%** | **Nonmetallic Mineral Product Manufacturing - 0.3%** | **Nonmetallic Mineral Product Manufacturing - 0.3%** |  |
| Eagle Materials, Inc. | Eagle Materials, Inc. | 342 | 79700 |
| **Oil and Gas Extraction - 75.9%<sup>(d)</sup>** | **Oil and Gas Extraction - 75.9%<sup>(d)</sup>** | **Oil and Gas Extraction - 75.9%<sup>(d)</sup>** |  |
| Texas Pacific Land Corp. <sup>(e)</sup> | Texas Pacific Land Corp. <sup>(e)</sup> | 23641 | 22072183 |
| **Other Financial Investment Activities - 3.3%** | **Other Financial Investment Activities - 3.3%** | **Other Financial Investment Activities - 3.3%** |  |
| Galaxy Digital, Inc. - Class A <sup>(a)</sup> | Galaxy Digital, Inc. - Class A <sup>(a)</sup> | 3600 | 121716 |
| GAMCO Investors, Inc. - Class A | GAMCO Investors, Inc. - Class A | 36000 | 836280 |
| Seaport Entertainment Group, Inc. <sup>(a)</sup> | Seaport Entertainment Group, Inc. <sup>(a)</sup> | 188 | 4309 |
|  |  |  | 962305 |
| **Other Investment Pools and Funds - 0.2%** | **Other Investment Pools and Funds - 0.2%** | **Other Investment Pools and Funds - 0.2%** |  |
| Urbana Corp. | Urbana Corp. | 6234 | 34088 |
| Urbana Corp. - Class A | Urbana Corp. - Class A | 1600 | 8393 |
|  |  |  | 42481 |
| **Securities and Commodities Exchanges - 0.4%** | **Securities and Commodities Exchanges - 0.4%** | **Securities and Commodities Exchanges - 0.4%** |  |
| Miami International Holdings, Inc. <sup>(a)</sup> | Miami International Holdings, Inc. <sup>(a)</sup> | 2330 | 93806 |
| TXSE Group, Inc. <sup>(a)(f)</sup> | TXSE Group, Inc. <sup>(a)(f)</sup> | 1300 | 29900 |
|  |  |  | 123706 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%<sup>(b)</sup>** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%<sup>(b)</sup>** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%<sup>(b)</sup>** |  |
| Brookfield Corp. | Brookfield Corp. | 36 | 2469 |
| **Support Activities for Mining - 0.0%<sup>(b)</sup>** | **Support Activities for Mining - 0.0%<sup>(b)</sup>** | **Support Activities for Mining - 0.0%<sup>(b)</sup>** |  |
| Liberty Energy, Inc. | Liberty Energy, Inc. | 972 | 11994 |
| **Support Activities for Water Transportation - 5.3%** | **Support Activities for Water Transportation - 5.3%** | **Support Activities for Water Transportation - 5.3%** |  |
| Landbridge Co. LLC - Class A | Landbridge Co. LLC - Class A | 28670 | 1529545 |
| **Technology Services and Software - 0.3%** | **Technology Services and Software - 0.3%** | **Technology Services and Software - 0.3%** |  |
| SB Technology, Inc. <sup>(a)(f)</sup> | SB Technology, Inc. <sup>(a)(f)</sup> | 5811 | 100007 |
| **Water, Sewage and Other Systems - 1.2%** | **Water, Sewage and Other Systems - 1.2%** | **Water, Sewage and Other Systems - 1.2%** |  |
| WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | 14098 | 355552 |
| **TOTAL COMMON STOCKS** (Cost $4,943,278) | **TOTAL COMMON STOCKS** (Cost $4,943,278) | **TOTAL COMMON STOCKS** (Cost $4,943,278) | 28347888 |
| **UNIT INVESTMENT TRUSTS - 1.0%** | **UNIT INVESTMENT TRUSTS - 1.0%** | **Shares** | **Value**  |
| Grayscale Bitcoin Cash Trust <sup>(a)</sup> | Grayscale Bitcoin Cash Trust <sup>(a)</sup> | 6073 | 27025 |
| Grayscale Bitcoin Mini Trust ETF <sup>(a)</sup> | Grayscale Bitcoin Mini Trust ETF <sup>(a)</sup> | 4864 | 246264 |
| Grayscale Bitcoin Trust ETF <sup>(a)</sup> | Grayscale Bitcoin Trust ETF <sup>(a)</sup> | 60 | 5386 |
| Grayscale Litecoin Trust <sup>(a)</sup> | Grayscale Litecoin Trust <sup>(a)</sup> | 24 | 211 |
| **TOTAL UNIT INVESTMENT TRUSTS** (Cost $212,361) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $212,361) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $212,361) | 278886 |
| **EXCHANGE TRADED FUNDS - 0.0%<sup>(b)</sup>** | **EXCHANGE TRADED FUNDS - 0.0%<sup>(b)</sup>** | **Shares** | **Value**  |
| iShares Bitcoin Trust ETF <sup>(a)</sup> | iShares Bitcoin Trust ETF <sup>(a)</sup> | 146 | 9490 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,256) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,256) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,256) | 9490 |
| **TOTAL INVESTMENTS - 98.5% (**Cost $5,160,895**)** | **TOTAL INVESTMENTS - 98.5% (**Cost $5,160,895**)** | **TOTAL INVESTMENTS - 98.5% (**Cost $5,160,895**)** | 28636264 |
| Money Market Deposit Account - 1.6% <sup>(g)</sup> | Money Market Deposit Account - 1.6% <sup>(g)</sup> | Money Market Deposit Account - 1.6% <sup>(g)</sup> | 456990 |
| Liabilities in Excess of Other Assets - (0.0) <sup>(b)</sup> | Liabilities in Excess of Other Assets - (0.0) <sup>(b)</sup> | Liabilities in Excess of Other Assets - (0.0) <sup>(b)</sup> | (13086) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $29080168 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br> LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of September 30, 2025, the value of these securities total $48,300 or 0.2% of the Fund's net assets.

(d) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(e) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at
 www.sec.gov.

(f) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $129,907 or 0.4% of net assets as of September 30, 2025.

(g) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.99%.

------

#### Security Valuation

Master Portfolios and Spin-off Fund equity securities that are listed on a securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation is made. Price information on listed securities is taken from the exchange where the security is primarily traded. All equity securities, including exchange-traded funds, that are traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") are valued using the NASDAQ Official Closing Price ("NOCP"). In the event market quotations are not readily available or if events occur that may materially affect the value of a particular security between the time trading ends on a particular security and the close of regular trading on the New York Stock Exchange ("NYSE"), "fair value" will be determined. Unlisted equity securities and listed equity securities not traded on the valuation date for which market quotations are readily available are valued at the last bid price. Futures, options on futures and swap contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or over-the-counter markets and are freely transferable will be valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace.

Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. If a composite option price is not available, then a quote provided by one of the authorized pricing vendors will be used. If neither a composite price nor a quote from an authorized pricing provider is available, and it is the day of expiration or post-expiration, expiring options will be priced at intrinsic value. Non-exchange-traded options for which over-the-counter quotations are not readily available are valued at the mean between the last bid and asked quotations. Debt obligations (including convertible securities) that are either investment grade or below investment grade and irrespective of days to maturity are valued at evaluated mean by one of the authorized third party pricing agents which rely on various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Certain instruments, such as repurchase agreements and demand notes, do not have values from third parties and are valued at amortized cost. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported net asset value ("NAV").

Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value using methods determined by the Board of Trustees of the Master Portfolios and the Board of Directors of the Spin-off Fund. In determining the fair value of a security, the Board of Trustees/Directors shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Portfolios with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets. At September 30, 2025, 2.35%, 1.09%, 0.23%, 0.82%, 1.21% and 0.45% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Kinetics Spin-Off and Corporate Restructuring Fund , respectively, were fair valued securities. The other Master Portfolio did not hold any fair-valued securities at September 30, 2025.

#### Summary of Fair Value Exposure

Various inputs are used in determining the value of Master Portfolio's and Spin-off Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that Master Portfolio's and Spin-off Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Master Portfolio's and Spin-off Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund's net assets as of September 30, 2025: |
| **<u>Assets^</u>** | **Level 1** |  | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $28217981 |  | $- | $129907 | $28347888 |
| Unit Investment Trust | 278886 |  | - | - | 278886 |
| Exchange Traded Funds | 9490 |  | - | - | 9490 |
| Total Investments in Securities | $28506357 |  | $- | $129907 | $28636264 |
| During the period ended September 30, 2025, there were no transfers into or out of Level 3. | During the period ended September 30, 2025, there were no transfers into or out of Level 3. | During the period ended September 30, 2025, there were no transfers into or out of Level 3. | During the period ended September 30, 2025, there were no transfers into or out of Level 3. |  |  |
| Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: |
| **<u>Description</u>** | **Investments in**<br> **Securities** |  |  |  |  |
| Balance as of December 31, 2024 | $- |  |  |  |  |
| Accrued discounts/premiums | - |  |  |  |  |
| Realized gain (loss) | - |  |  |  |  |
| Change in unrealized appreciation (depreciation) | - | \*\*\* |  |  |  |
| Net purchases and/or acquisitions | 129907 |  |  |  |  |
| Net sales and/or write-offs | - |  |  |  |  |
| Transfer in and/or out of Level 3 | - |  |  |  |  |
| Balance as of September 30, 2025 | $129907 |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at**<br> **6/30/2025** | **Valuation**<br> **Techniques** | **Unobservable**<br> **Input** | **Range\*\*** |
| Common Stocks | $100007 | Cost Approach | Precedent Transaction | $17.21 - $17.21 |
| Common Stocks | $29900 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

---

| | |
|:---|:---|
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| \*\* <br>| Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
| \*\*\* | Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at September 30, 2025 is $0. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Kinetics Mutual Funds

- **b. Investment Company Act file number:** 811-09303

- **c. CIK number of Registrant:** 0001083387

- **d. LEI of Registrant:** 254900Z4PTNUE2SN9529

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 470 Park Avenue South

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10016

  - **Telephone number:** 800-930-3828

**Item A.2. Information about the Series.**

- **a. Name of Series:** Kinetics Spin-Off and Corporate Restructuring Fund

- **b. EDGAR series identifier (if any):** S000058593

- **c. LEI of Series:** 2549001EDIR1NDKBR887

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $29396137.59

**Total Liabilities:** $315823.42

**Net Assets:** $29080314.17

**Amount of Assets Invested in Other Investment Companies:** $581187.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192497 | -7.64%               | -2.99%               | -0.25%               |
| Class ID C000192498 | -7.73%               | -3.03%               | -0.32%               |
| Class ID C000192499 | -7.64%               | -2.97%               | -0.22%               |
| Class ID C000192500 | -7.66%               | -2.96%               | -0.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $290747.68               | $-2798212.41                               |
| Month 2  | $949081.23               | $-1833942.49                               |
| Month 3  | $163115.18               | $-256207.52                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Anglo American PLC             | Anglo American PLC                  | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |        63 | NS      | $1196.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc        | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     34300 | NS      | $1150079.00   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc    | Atlanta Braves Holdings Inc         | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1694 | NS      | $70453.38     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                     | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |        36 | NS      | $2468.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials Inc                 | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      1400 | NS      | $339850.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                          | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |     10000 | NS      | $230000.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                 | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       342 | NS      | $79699.68     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3496.54      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                 | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     36000 | NS      | $836280.00    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                  | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |      3600 | NS      | $121716.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                      | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |        25 | NS      | $15372.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                 | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       100 | NS      | $30082.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Cash Trust   | Grayscale Bitcoin Cash Trust        | CUSIP: 38963P109<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6073 | NS      | $27024.85     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust E | Grayscale Bitcoin Mini Trust ETF    | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |      4864 | NS      | $246264.32    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp         | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |      2800 | NS      | $48300.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd          | Valterra Platinum Ltd               | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |        22 | NS      | $259.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                         | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      6234 | NS      | $34088.34     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF    | Grayscale Bitcoin Trust ETF         | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |        60 | NS      | $5386.20      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Litecoin Trust       | Grayscale Litecoin Trust            | CUSIP: 38963W104<br>LEI: N/A                  | Long             | EC               | RF                | US        |        24 | NS      | $210.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc    | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |     70800 | NS      | $781632.00    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Bitcoin Trust ETF      | iShares Bitcoin Trust ETF           | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             | EC               | RF                | US        |       146 | NS      | $9490.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                    | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $7687.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                   | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28670 | NS      | $1529544.50   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy Inc                  | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       972 | NS      | $11994.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                        | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       550 | NS      | $16098.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I | Miami International Holdings Inc    | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |      2330 | NS      | $93805.80     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd          | Toei Animation Co Ltd               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       200 | NS      | $4124.83      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I | Prestige Consumer Healthcare Inc    | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       797 | NS      | $49732.80     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group In | Seaport Entertainment Group Inc     | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |       188 | NS      | $4308.96      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23645 | NS      | $22075917.80  | 75.91%            |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    708429 | NS      | $708428.87    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC      | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14098 | NS      | $355551.56    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Technology Inc              | SB Technology Inc                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      5811 | NS      | $100007.31    | 0.34%             |  |  |  | No            |                  3 | On Loan: No      |
| TXSE Group, Inc                | TXSE Group, Inc                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1300 | NS      | $29900.00     | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                         | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      1600 | NS      | $8392.61      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd              | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     12000 | NS      | $222634.19    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |        58 | NS      | $96948.16     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** Kinetics Mutual Funds

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Mutual Funds Inc

**Title:** Vice President