# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0000894189-26-016399
**Filing Date:** 2026-5
**Character Count:** 21114
**Document Hash:** ce51174682db24e3bce2ea636fe96134
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016399.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016399

**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:** 261036719

**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 Market Opportunities Fund (Series ID: S000005035)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013737 | No Load Class       | KMKNX           |
| C000013738 | Advisor Class A     | KMKAX           |
| C000013740 | Advisor Class C     | KMKCX           |
| C000013741 | Institutional Class | KMKYX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Kinetics Market Opportunities Portfolio** | **Kinetics Market Opportunities Portfolio** | **Kinetics Market Opportunities Portfolio** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 82.3%** | **Shares**  | **Value**  |
| **Administrative and Support Services - 0.0% <sup>(a)</sup>** | **Administrative and Support Services - 0.0% <sup>(a)</sup>** | |
| RB Global, Inc. | 1400 | $134190 |
| **Aerospace and Defense - 0.0% <sup>(a)</sup>** | **Aerospace and Defense - 0.0% <sup>(a)</sup>** |  |
| Booz Allen Hamilton Holding Corp. | 144 | 11236 |
| Science Applications International Corp. | 200 | 18984 |
|  |  | 30220 |
| **Agencies, Brokerages, and Other Insurance Related Activities - 0.1%** | **Agencies, Brokerages, and Other Insurance Related Activities - 0.1%** |  |
| Brookfield Wealth Solutions Ltd. <sup>(b)</sup> | 6925 | 286695 |
| **Asset Management - 0.2%** | **Asset Management - 0.2%** |  |
| Investor AB <sup>(c)</sup> | 17000 | 636244 |
| **Business Support Services - 0.3%** | **Business Support Services - 0.3%** |  |
| Circle Internet Group, Inc. <sup>(c)</sup> | 4000 | 381640 |
| Fermi, Inc. <sup>(b)(c)</sup> | 84000 | 490560 |
|  |  | 872200 |
| **Coal Mining - 0.0% <sup>(a)</sup>** | **Coal Mining - 0.0% <sup>(a)</sup>** |  |
| Core Natural Resources, Inc. | 2 | 209 |
| **Computer Systems Design and Related Services - 1.9%** | **Computer Systems Design and Related Services - 1.9%** |  |
| CACI International, Inc. - Class A <sup>(c)</sup> | 300 | 163161 |
| Miami International Holdings, Inc. <sup>(c)</sup> | 153407 | 5970600 |
|  |  | 6133761 |
| **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.5%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.5%** |  |
| Broadridge Financial Solutions, Inc. | 10400 | 1689792 |
| **Data Center Infrastructure - 1.8%** | **Data Center Infrastructure - 1.8%** |  |
| Bolt Data & Energy Inc. <sup>(c)(d)</sup> | 1200000 | 6000000 |
| **Data Processing, Hosting, and Related Services - 0.5%** | **Data Processing, Hosting, and Related Services - 0.5%** |  |
| Mastercard, Inc. - Class A | 1000 | 499660 |
| Visa, Inc. - Class A | 4000 | 1208960 |
|  |  | 1708620 |
| **Diversified Real Estate Activities - 0.0% <sup>(a)</sup>** | **Diversified Real Estate Activities - 0.0% <sup>(a)</sup>** |  |
| PrairieSky Royalty Ltd. | 200 | 4629 |
| **Electric Power Generation, Transmission and Distribution - 7.4%** | **Electric Power Generation, Transmission and Distribution - 7.4%** |  |
| Hawaiian Electric Industries, Inc. <sup>(c)</sup> | 1612000 | 23922080 |
| **Entertainment - 0.0% <sup>(a)</sup>** | **Entertainment - 0.0% <sup>(a)</sup>** |  |
| IG Port, Inc. | 4000 | 31127 |
| **Financial Services - 0.3%** | **Financial Services - 0.3%** |  |
| Euronext NV <sup>(d)</sup> | 5200 | 832447 |
| Hong Kong Exchanges & Clearing Ltd. | 100 | 4956 |
| JSE Limited | 200 | 1888 |
| Value Partners Group Ltd. | 2000 | 503 |
|  |  | 839794 |
| **Funds, Trusts, and Other Financial Vehicles - 0.4%** | **Funds, Trusts, and Other Financial Vehicles - 0.4%** |  |
| Mesabi Trust | 41482 | 1306683 |
| **Global Exchanges - 0.5%** | **Global Exchanges - 0.5%** |  |
| ASX Ltd. | 4400 | 158771 |
| B3 SA - Brasil Bolsa Balcao - ADR | 100 | 1078 |
| Deutsche Boerse AG | 1800 | 522423 |
| Euronext NV <sup>(e)</sup> | 2520 | 403417 |
| Japan Exchange Group, Inc. - ADR <sup>(b)</sup> | 8200 | 95448 |
| London Stock Exchange Group PLC | 600 | 70394 |
| NZX Ltd. | 400202 | 301269 |
|  |  | 1552800 |
| **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>** |  |
| Arthur J. Gallagher & Co. | 400 | 86632 |
| **Legal Services - 0.0% <sup>(a)</sup>** | **Legal Services - 0.0% <sup>(a)</sup>** |  |
| CRA International, Inc. | 36 | 5828 |
| **Live Sports (Spectator Sports) - 0.1%** | **Live Sports (Spectator Sports) - 0.1%** |  |
| BIGLEAGUE <sup>(c)(d)</sup> | 2455 | 150050 |
| **Management of Companies and Enterprises - 2.6%** | **Management of Companies and Enterprises - 2.6%** |  |
| Associated Capital Group, Inc. - Class A | 77000 | 3026100 |
| Fairfax India Holdings Corp. <sup>(c)(e)</sup> | 84200 | 1351410 |
| Valterra Platinum Ltd. - ADR | 2455 | 34714 |
| White Mountains Insurance Group Ltd. | 1900 | 4174224 |
|  |  | 8586448 |
| **Media - 0.0% <sup>(a)</sup>** | **Media - 0.0% <sup>(a)</sup>** |  |
| AlphaPolis Co. Ltd. | 200 | 1437 |
| Nippon Television Holdings, Inc. | 400 | 7957 |
| Toei Animation Co. Ltd. | 400 | 6540 |
|  |  | 15934 |
| **Mining (except Oil and Gas) - 0.7%** | **Mining (except Oil and Gas) - 0.7%** |  |
| Franco-Nevada Corp. | 4800 | 1185840 |
| Wheaton Precious Metals Corp. | 8000 | 1048080 |
|  |  | 2233920 |
| **Miscellaneous Durable Goods Merchant Wholesalers - 0.0% <sup>(a)</sup>** | **Miscellaneous Durable Goods Merchant Wholesalers - 0.0% <sup>(a)</sup>** |  |
| Gold.com, Inc. | 3200 | 128256 |
| **Motor Vehicle and Parts Dealers - 0.0% <sup>(a)</sup>** | **Motor Vehicle and Parts Dealers - 0.0% <sup>(a)</sup>** |  |
| AutoNation, Inc. <sup>(c)</sup> | 10 | 1952 |
| **Nondepository Credit Intermediation - 0.0% <sup>(a)</sup>** | **Nondepository Credit Intermediation - 0.0% <sup>(a)</sup>** |  |
| Burford Capital Ltd. | 2800 | 12656 |
| **Nonmetallic Mineral Mining and Quarrying - 0.1%** | **Nonmetallic Mineral Mining and Quarrying - 0.1%** |  |
| Anglo American PLC - ADR | 7045 | 152313 |
| **Nonmetallic Mineral Product Manufacturing - 0.0% <sup>(a)</sup>** | **Nonmetallic Mineral Product Manufacturing - 0.0% <sup>(a)</sup>** |  |
| Eagle Materials, Inc. | 4 | 758 |
| **Offices of Real Estate Agents and Brokers - 3.5%** | **Offices of Real Estate Agents and Brokers - 3.5%** |  |
| Landbridge Co. LLC - Class A | 166000 | 11462300 |
| **Oil and Gas Extraction - 49.1% <sup>(f)</sup>** | **Oil and Gas Extraction - 49.1% <sup>(f)</sup>** |  |
| Permian Basin Royalty Trust <sup>(b)</sup> | 127450 | 2742724 |
| Texas Pacific Land Corp. <sup>(g)</sup> | 326952 | 155158341 |
| Western Midstream Partners LP | 40562 | 1669938 |
|  |  | 159571003 |
| **Other Crop Farming - 0.1%** | **Other Crop Farming - 0.1%** |  |
| J G Boswell Co. | 764 | 420200 |
| **Other Financial Investment Activities - 1.4%** | **Other Financial Investment Activities - 1.4%** |  |
| 99GRAYSC <sup>(c)(d)</sup> | 300000 | 3000000 |
| Bakkt, Inc. <sup>(b)(c)</sup> | 32000 | 235520 |
| GAMCO Investors, Inc. - Class A | 58600 | 1406400 |
|  |  | 4641920 |
| **Other Investment Pools and Funds - 2.6%** | **Other Investment Pools and Funds - 2.6%** |  |
| Partners Value Investments LP | 435150 | 5374076 |
| Urbana Corp. | 54400 | 375806 |
| Urbana Corp. - Class A | 428400 | 2663834 |
|  |  | 8413716 |
| **Pharmaceutical and Medicine Manufacturing - 0.6%** | **Pharmaceutical and Medicine Manufacturing - 0.6%** |  |
| Canton Strategic Holdings, Inc. <sup>(c)</sup> | 600 | 1962 |
| Galaxy Digital, Inc. - Class A <sup>(c)</sup> | 110000 | 2029500 |
|  |  | 2031462 |
| **Real Estate - 0.1%** | **Real Estate - 0.1%** |  |
| Tejon Ranch Co. <sup>(c)</sup> | 11400 | 214776 |
| **Securities and Commodities Exchanges - 2.9%** | **Securities and Commodities Exchanges - 2.9%** |  |
| Cboe Global Markets, Inc. | 8000 | 2248560 |
| CME Group, Inc. | 5800 | 1713030 |
| Intercontinental Exchange, Inc. | 12900 | 2028912 |
| Miami International Holdings Inc. <sup>(c)</sup> | 47500 | 1848700 |
| Nasdaq, Inc. | 7200 | 611208 |
| TMX Group Ltd. | 18000 | 638301 |
| TXSE Group, Inc. <sup>(c)(d)</sup> | 17390 | 399970 |
|  |  | 9488681 |
| **Securities and Commodity Contracts Intermediation and Brokerage - 0.0% <sup>(a)</sup>** | **Securities and Commodity Contracts Intermediation and Brokerage - 0.0% <sup>(a)</sup>** |  |
| Affiliated Managers Group, Inc. | 190 | 52573 |
| MarketAxess Holdings, Inc. | 48 | 7919 |
|  |  | 60492 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%** |  |
| Brookfield Asset Management Ltd. - Class A | 806 | 35827 |
| OTC Markets Group, Inc. - Class A | 2800 | 149884 |
| S&P Global, Inc. | 113 | 48063 |
|  |  | 233774 |
| **Support Activities for Water Transportation - 0.6%** | **Support Activities for Water Transportation - 0.6%** |  |
| Clarkson PLC | 29000 | 1769510 |
| **Technology Services and Software - 0.4%** | **Technology Services and Software - 0.4%** |  |
| SB Technology, Inc. <sup>(c)(d)</sup> | 69727 | 1200002 |
| **Water, Sewage and Other Systems - 3.5%** | **Water, Sewage and Other Systems - 3.5%** |  |
| Pure Cycle Corp. <sup>(c)</sup> | 3200 | 32192 |
| WaterBridge Infrastructure LLC - Class A | 416632 | 11161571 |
|  |  | 11193763 |
| **TOTAL COMMON STOCKS** (Cost $95,896,556) | **TOTAL COMMON STOCKS** (Cost $95,896,556) | 267228794 |
| **UNIT INVESTMENT TRUSTS - 10.8%** | **Shares**  | **Value**  |
| Grayscale Bitcoin Mini Trust ETF <sup>(c)</sup> | 119774 | 3592022 |
| Grayscale Bitcoin Trust ETF <sup>(c)</sup> | 598874 | 31596592 |
| Grayscale Ethereum Classic Trust <sup>(c)</sup> | 12 | 53 |
| Grayscale Litecoin Trust <sup>(c)</sup> | 8 | 33 |
| **TOTAL UNIT INVESTMENT TRUSTS** (Cost $2,197,963) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $2,197,963) | 35188700 |
| **WARRANTS - 0.2%** | **Contracts**  | **Value**  |
| **Other Investment Pools and Funds *-* 0.2%** | **Other Investment Pools and Funds *-* 0.2%** |  |
| Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93 <sup>(c)</sup> | 36130 | 694758 |
| **TOTAL WARRANTS** (Cost $99,308) | **TOTAL WARRANTS** (Cost $99,308) | 694758 |
| **PREFERRED STOCKS - 0.2%** | **Shares**  | **Value**  |
| **Financial Services - 0.1%** | **Financial Services - 0.1%** |  |
|  Partners Value Investments LP, Series 1\*, 4.50%, Perpetual <sup>(c)</sup> | 11832 | 260304 |
| **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>(c)</sup> | 43516 | 32637 |
| **Technology - 0.1%** | **Technology - 0.1%** |  |
|  Ripple Labs, Inc. - Preferred A shares, 0.00% <sup>(c)(d)</sup> | 1250 | 152188 |
| **TOTAL PREFERRED STOCKS** (Cost $459,341) | **TOTAL PREFERRED STOCKS** (Cost $459,341) | 445129 |
| **CONVERTIBLE BONDS - 0.0% <sup>(a)</sup>** | **Par**  | **Value**  |
| **Department Stores - 0.0% <sup>(a)</sup>** | **Department Stores - 0.0% <sup>(a)</sup>** | **Department Stores - 0.0% <sup>(a)</sup>** |
|  Sears Holdings Corp., 8.00%, 12/15/2019 <sup>(d)(h)</sup> | 5720 | 0 |
| **TOTAL CONVERTIBLE BONDS** (Cost $5,720) | **TOTAL CONVERTIBLE BONDS** (Cost $5,720) | 0 |
| **TOTAL INVESTMENTS - 93.5% (**Cost $98,658,888**)** | **TOTAL INVESTMENTS - 93.5% (**Cost $98,658,888**)** | 303557381 |
| Money Market Deposit Account - 7.1% <sup>(i)(j)</sup> | Money Market Deposit Account - 7.1% <sup>(i)(j)</sup> | 23079628 |
| Liabilities in Excess of Other Assets - (0.6)% | Liabilities in Excess of Other Assets - (0.6)% | (1814610) |
| **TOTAL NET ASSETS - 100.0%** |  | $324822399 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |

---

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

(b) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $1,459,058.

(c) Non-income producing security.

(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
 $11,734,657 or 3.6% 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 $1,754,827 or 0.5% 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) Issuer is currently in default.

(i) 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%.

(j) 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 $1,479,282 which represented 0.5% of
 net assets.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Kinetics Market Opportunities 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 | $250771525 | $4874800 | $11582469 | $267228794 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Unit Investment Trusts | 35188700 | – | – | 35188700 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 694758 | – | – | 694758 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 292941 | 152188 | 445129 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | – | 0 | 0 |
| Total Investments | $286654983 | $5167741 | $11734657 | $303557381 |
| 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 Market Opportunities Feeder 1

- **b. EDGAR series identifier (if any):** S000005035

- **c. LEI of Series:** 254900J2MIB7C8T3LC45

**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:** $324867808.51

**Total Liabilities:** $149031.60

**Net Assets:** $324718776.91

**Cash Not Reported:** $324722318.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013737 | 10.02%               | 18.55%               | -6.06%               |
| Class ID C000013738 | 9.98%                | 18.53%               | -6.08%               |
| Class ID C000013740 | 9.95%                | 18.48%               | -6.13%               |
| Class ID C000013741 | 10.04%               | 18.57%               | -6.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4217849.41              | $22578646.11                               |
| Month 2  | $9727.54                 | $54232360.65                               |
| Month 3  | $783019.21               | $-21781363.73                              |

**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 MARKET OPPORT | KINETICS MARKET OPPORT | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $324722318.04 | 100.00%           |  |  |  | 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