# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0000894189-26-016405
**Filing Date:** 2026-5
**Character Count:** 17189
**Document Hash:** 198d93d7006229091f2be186d0f7bc65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016405.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016405

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09303
- **FILM NUMBER:** 261036728

**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 Paradigm Fund (Series ID: S000005030)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013717 | No Load Class       | WWNPX           |
| C000013718 | Advisor Class A     | KNPAX           |
| C000013719 | Advisor Class C     | KNPCX           |
| C000013720 | Institutional Class | KNPYX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Kinetics Paradigm Portfolio** | **Kinetics Paradigm Portfolio** | **Kinetics Paradigm Portfolio** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 87.6%** | **Shares**  | **Value**  |
| **Accommodation - 0.2%** | **Accommodation - 0.2%** | |
| Civeo Corp. | 83767 | $2216475 |
| **Asset Management - 0.0% <sup>(a)</sup>** | **Asset Management - 0.0% <sup>(a)</sup>** |  |
| Investor AB <sup>(b)</sup> | 1000 | 37426 |
| **Beverage and Tobacco Product Manufacturing - 0.0% <sup>(a)</sup>** | **Beverage and Tobacco Product Manufacturing - 0.0% <sup>(a)</sup>** |  |
| Crimson Wine Group Ltd. <sup>(b)</sup> | 9800 | 43218 |
| **Broadcasting (except Internet) - 0.0% <sup>(a)</sup>** | **Broadcasting (except Internet) - 0.0% <sup>(a)</sup>** |  |
| Atlanta Braves Holdings, Inc. - Class C <sup>(b)</sup> | 4842 | 206753 |
| **Business Support Services - 0.0% <sup>(a)</sup>** | **Business Support Services - 0.0% <sup>(a)</sup>** |  |
| Circle Internet Group, Inc. <sup>(b)</sup> | 200 | 19082 |
| Fermi, Inc. <sup>(b)(c)</sup> | 40000 | 233600 |
|  |  | 252682 |
| **Computer Systems Design and Related Services - 1.1%** | **Computer Systems Design and Related Services - 1.1%** |  |
| CACI International, Inc. - Class A <sup>(b)</sup> | 24000 | 13052880 |
| Miami International Holdings, Inc. <sup>(b)</sup> | 46400 | 1805888 |
|  |  | 14858768 |
| **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.0% <sup>(a)</sup>** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.0% <sup>(a)</sup>** |  |
| Broadridge Financial Solutions, Inc. | 1000 | 162480 |
| **Data Center Infrastructure - 0.3%** | **Data Center Infrastructure - 0.3%** |  |
| Bolt Data & Energy Inc. <sup>(b)(d)</sup> | 800000 | 4000000 |
| **Diversified Real Estate Activities - 0.1%** | **Diversified Real Estate Activities - 0.1%** |  |
| PrairieSky Royalty Ltd. | 60000 | 1388829 |
| **Electric Power Generation, Transmission and Distribution - 3.8%** | **Electric Power Generation, Transmission and Distribution - 3.8%** |  |
| Hawaiian Electric Industries, Inc. <sup>(b)</sup> | 3512000 | 52118080 |
| NRG Energy, Inc. | 148 | 21629 |
|  |  | 52139709 |
| **Financial Services - 0.0% <sup>(a)</sup>** | **Financial Services - 0.0% <sup>(a)</sup>** |  |
| Kinnevik AB <sup>(b)</sup> | 200 | 1060 |
| **Funds, Trusts, and Other Financial Vehicles - 0.1%** | **Funds, Trusts, and Other Financial Vehicles - 0.1%** |  |
| Mesabi Trust | 41800 | 1316700 |
| **Hospitality and Tourism - 0.6%** | **Hospitality and Tourism - 0.6%** |  |
| Carnival Corp. | 215000 | 5564200 |
| Royal Caribbean Cruises Ltd. | 10200 | 2806836 |
|  |  | 8371036 |
| **Insurance Carriers - 0.0% <sup>(a)</sup>** | **Insurance Carriers - 0.0% <sup>(a)</sup>** |  |
| Fairfax Financial Holdings Limited | 2 | 3404 |
| **Insurance Carriers and Related Activities - 0.0% <sup>(a)</sup>** | **Insurance Carriers and Related Activities - 0.0% <sup>(a)</sup>** |  |
| Markel Group, Inc. <sup>(b)</sup> | 100 | 191407 |
| **Management of Companies and Enterprises - 0.9%** | **Management of Companies and Enterprises - 0.9%** |  |
| Associated Capital Group, Inc. - Class A | 260290 | 10229397 |
| Fairfax India Holdings Corp. <sup>(b)(e)</sup> | 8400 | 134820 |
| White Mountains Insurance Group Ltd. | 924 | 2029991 |
|  |  | 12394208 |
| **Mining (except Oil and Gas) - 0.5%** | **Mining (except Oil and Gas) - 0.5%** |  |
| Franco-Nevada Corp. | 24000 | 5929200 |
| Wheaton Precious Metals Corp. | 12000 | 1572120 |
|  |  | 7501320 |
| **Offices of Real Estate Agents and Brokers - 4.6%** | **Offices of Real Estate Agents and Brokers - 4.6%** |  |
| Landbridge Co. LLC - Class A | 916400 | 63277420 |
| **Oil and Gas Extraction - 69.1% <sup>(f)</sup>** | **Oil and Gas Extraction - 69.1% <sup>(f)</sup>** |  |
| Texas Pacific Land Corp. <sup>(g)</sup> | 2018998 | 958135691 |
| **Other Financial Investment Activities - 0.3%** | **Other Financial Investment Activities - 0.3%** |  |
| 99GRAYSC <sup>(b)(d)</sup> | 100000 | 1000000 |
| Onex Corp. | 32000 | 2330240 |
| Seaport Entertainment Group, Inc. <sup>(b)</sup> | 30000 | 644400 |
|  |  | 3974640 |
| **Other Investment Pools and Funds - 0.0% <sup>(a)</sup>** | **Other Investment Pools and Funds - 0.0% <sup>(a)</sup>** |  |
| Partners Value Investments LP | 8000 | 98800 |
| Urbana Corp. | 400 | 2763 |
| Urbana Corp. - Class A | 400 | 2487 |
|  |  | 104050 |
| **Performing Arts, Spectator Sports, and Related Industries - 1.0%** | **Performing Arts, Spectator Sports, and Related Industries - 1.0%** |  |
| Live Nation Entertainment, Inc. <sup>(b)</sup> | 90000 | 13725900 |
| **Real Estate - 0.2%** | **Real Estate - 0.2%** |  |
| Howard Hughes Holdings, Inc. <sup>(b)</sup> | 56000 | 3542560 |
| **Securities and Commodities Exchanges - 1.2%** | **Securities and Commodities Exchanges - 1.2%** |  |
| Cboe Global Markets, Inc. | 60000 | 16864200 |
| TXSE Group, Inc. <sup>(b)(d)</sup> | 4350 | 100050 |
|  |  | 16964250 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.0%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.0%** |  |
| Brookfield Asset Management Ltd. - Class A | 160000 | 7112000 |
| Brookfield Corp. | 849600 | 34383312 |
|  |  | 41495312 |
| **Support Activities for Water Transportation - 0.3%** | **Support Activities for Water Transportation - 0.3%** |  |
| Clarkson PLC | 70000 | 4271231 |
| **Technology Services and Software - 0.2%** | **Technology Services and Software - 0.2%** |  |
| SB Technology, Inc. <sup>(b)(d)</sup> | 156886 | 2700008 |
| **Water, Sewage and Other Systems - 0.1%** | **Water, Sewage and Other Systems - 0.1%** |  |
| WaterBridge Infrastructure LLC - Class A | 50000 | 1339500 |
| **TOTAL COMMON STOCKS** (Cost $130,614,747) | **TOTAL COMMON STOCKS** (Cost $130,614,747) | 1214616037 |
| **UNIT INVESTMENT TRUSTS - 8.3%** | **Shares**  | **Value**  |
| Grayscale Bitcoin Mini Trust ETF <sup>(b)</sup> | 389280 | 11674507 |
| Grayscale Bitcoin Trust ETF <sup>(b)</sup> | 1946400 | 102692064 |
| Grayscale Ethereum Classic Trust <sup>(b)</sup> | 12 | 53 |
| Grayscale Litecoin Trust <sup>(b)</sup> | 8 | 33 |
| **TOTAL UNIT INVESTMENT TRUSTS** (Cost $25,987,832) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $25,987,832) | 114366657 |
| **PREFERRED STOCKS - 0.0% <sup>(a)</sup>** | **Shares**  | **Value**  |
| **Other Investment Pools and Funds - 0.0% <sup>(a)</sup>** | **Other Investment Pools and Funds - 0.0% <sup>(a)</sup>** |  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030 <sup>(b)</sup> | 800 | 600 |
| **Technology - 0.0% <sup>(a)</sup>** | **Technology - 0.0% <sup>(a)</sup>** |  |
|  Ripple Labs, Inc. - Preferred A shares, 0.00% <sup>(b)(d)</sup> | 625 | 76094 |
| **TOTAL PREFERRED STOCKS** (Cost $100,239) | **TOTAL PREFERRED STOCKS** (Cost $100,239) | 76694 |
| **WARRANTS - 0.0% <sup>(a)</sup>** | **Contracts**  | **Value**  |
| **Other Investment Pools and Funds *-* 0.0% <sup>(a)</sup>** | **Other Investment Pools and Funds *-* 0.0% <sup>(a)</sup>** |  |
| Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93 <sup>(b)</sup> | 800 | 15383 |
| **TOTAL WARRANTS** (Cost $2,368) | **TOTAL WARRANTS** (Cost $2,368) | 15383 |
| **TOTAL INVESTMENTS - 95.9% (**Cost $156,705,186**)** | **TOTAL INVESTMENTS - 95.9% (**Cost $156,705,186**)** | 1329074771 |
| Money Market Deposit Account - 4.1% <sup>(h)(i)</sup> | Money Market Deposit Account - 4.1% <sup>(h)(i)</sup> | 56491626 |
| Other Assets in Excess of Liabilities - 0.0% | Other Assets in Excess of Liabilities - 0.0% | 918181 |
| **TOTAL NET ASSETS - 100.0%** |  | $1386484578 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |

---

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

(b) Non-income producing security.

(c) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $19,266.

(d) 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
 $7,876,152 or 0.6% of net assets as of March 31, 2026.

(e) 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 March 31, 2026, the value of these securities total $134,820 or 0.0% of the Fund's net assets.

(f) 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.

(g) 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.

(h) 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 March 31, 2026 was 3.49%.

(i) All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of March 31, 2026 is $18,145 which represented 0.0% of
 net assets.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Kinetics Paradigm Portfolio (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the 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 Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1196586582 | $10229397 | $7800058 | $1214616037 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Unit Investment Trusts | 114366657 | – | – | 114366657 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 600 | 76094 | 76694 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 15383 | – | – | 15383 |
| Total Investments | $1310968622 | $10229997 | $7876152 | $1329074771 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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 Paradigm Fund Feeder 1

- **b. EDGAR series identifier (if any):** S000005030

- **c. LEI of Series:** 2549001ASGCBO0PJGT31

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $1318496514.10

**Total Liabilities:** $766727.54

**Net Assets:** $1317729786.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013717 | 14.55%               | 31.50%               | -7.88%               |
| Class ID C000013718 | 14.52%               | 31.48%               | -7.90%               |
| Class ID C000013719 | 14.47%               | 31.43%               | -7.94%               |
| Class ID C000013720 | 14.56%               | 31.53%               | -7.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13540051.52             | $119626972.82                              |
| Month 2  | $33851758.43             | $317384875.35                              |
| Month 3  | $57675399.96             | $-170016053.75                             |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| KINETICS PARADIGM PORTFOLIO | KINETICS PARADIGM PORTFOLIO | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $1318413593.33 | 100.05%           |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** Kinetics Mutual Funds

**Signature:** /s/ Jay Kesslen

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

**Title:** Vice President