# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001145549-23-016665
**Filing Date:** 2023-3
**Character Count:** 212087
**Document Hash:** 587f71a141f55a10474fe66961684abb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-016665.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001145549-23-016665

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**EFFECTIVENESS DATE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS PORTFOLIOS TRUST
- **CENTRAL INDEX KEY:** 0001113229
- **IRS NUMBER:** 223723753
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09923
- **FILM NUMBER:** 23737399

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 9147036904

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

## Series and Classes Contracts Data

### Kinetics Internet Portfolio (Series ID: S000007851)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000021360 | Kinetics Internet Portfolio |  |

### Kinetics Global Portfolio (Series ID: S000007852)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000021361 | Kinetics Global Portfolio |  |

### Kinetics Paradigm Portfolio (Series ID: S000007853)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000021362 | Kinetics Paradigm Portfolio |  |

### Kinetics Medical Portfolio (Series ID: S000007854)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000021363 | Kinetics Medical Portfolio |  |

### Kinetics Small Cap Portfolio (Series ID: S000007855)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000021364 | Kinetics Small Cap Portfolio |  |

### Kinetics Market Opportunities Portfolio (Series ID: S000007856)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000021365 | Kinetics Market Opportunities Portfolio |  |

### Kinetics Alternative Income Portfolio (Series ID: S000018837)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000052119 | Kinetics Alternative Income Portfolio |  |

### Kinetics Multi-Disciplinary Income Portfolio (Series ID: S000021885)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000062762 | Kinetics Multi-Disciplinary Income Portfolio |  |

## Internal

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### Shareholders and Board of Trustees

#### Kinetics Portfolios Trust

#### New York, New York
In planning and performing our audits of the financial statements [consolidated where noted as such in the annual report to shareholders] of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Medical Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio, The Alternative Income Portfolio, and The Multi-Disciplinary Income Portfolio, each a series of shares of Kinetics Portfolios Trust (the "Trust") as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Trust's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be material weaknesses, as defined above, as of December 31, 2022.

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of Kinetics Portfolios Trust and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

/s/ TAIT, WELLER & BAKER LLP

#### TAIT, WELLER & BAKER LLP

#### Philadelphia, Pennsylvania

#### March 1, 2023

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001113229

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Kinetics Portfolios Trust

- **Item B.1.b - Investment Company Act file number:** 811-09923

- **Item B.1.c - CIK:** 0001113229

- **Item B.1.d - LEI:** 254900ZCVXM48Q9D2T43

- **Item B.2.a - Street 1:** 470 Park Avenue South

- **Item B.2.b - City:** New York

- **Item B.2.c - State:** NY

- **Item B.2.e - Zip Code:** 10016

- **Item B.2.f - Telephone:** 1-800-930-3828

- **Item B.2.g - Public Website:** https://kineticsfunds.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank N.A.

- **b. Street 1:** 1555 N. River Center Drive

- **Street 2:** Suite 302

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 1-833-612-1912

- **h. Briefly describe the books and records kept at this location:** Custodial Books and Records

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** U.S. Bancorp Fund Services

- **b. Street 1:** 615 E. Michigan Ave

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 1-833-612-1912

- **h. Briefly describe the books and records kept at this location:** Fund Adminisration and Fund Accounting Books and Records

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** 8

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 8

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name              | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| James M. Breen    | No                      | N/A                                     |
| Leonid Polyakov   | Yes                     | N/A                                     |
| Peter B. Doyle    | Yes                     | N/A                                     |
| Murray Stahl      | Yes                     | N/A                                     |
| Joseph E. Breslin | No                      | 811-23066, 811-22865                    |
| William J. Graham | No                      | N/A                                     |
| Douglas Cohen     | No                      | N/A                                     |
| Steven T. Russell | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Andrew M. Fishman

- **b. CRD Number, if any:** N/A

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

- **d. City:** New York

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 10016

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-29297
  - IC-29270
  - IC-33897

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Kinetics Fund Distributor LLC

- **ii. SEC file number:** 008-13923

- **iii. CRD number:** 000000780

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tait, Weller & Baker LLP

- **b. PCAOB Number:** 00445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Kinetics Small Cap Opportunities Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Small Cap Opportunities Portfolio

- **b. Series identification number, if any:** S000007855

- **c. LEI:** 254900BZY6GL75D4ET86

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class        | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Small Cap Portfolio | C000021364                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** —

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $838,675.42

- **g. Provide the net income from securities lending activities:** $20,151.67

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** ACCESS SECURITIES LLC

- **ii. SEC file number:** 8-39729

- **iii. CRD number:** 000022455

- **iv. LEI, if any:** 2549007UD4DGNW84BE02

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $925.00

**Brokers Record: 2**

- **i. Full name of broker:** BNY MELLON CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-35255

- **iii. CRD number:** 000017454

- **iv. LEI, if any:** VJW2DOOHGDT6PR0ZRO63

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,150.00

**Brokers Record: 3**

- **i. Full name of broker:** FBN SECURITIES INC.

- **ii. SEC file number:** 8-30461

- **iii. CRD number:** 000018315

- **iv. LEI, if any:** 549300IZFVXL9ZPJFM37

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,117.00

**Brokers Record: 4**

- **i. Full name of broker:** FIDELITY BROKERAGE SERVICES LLC

- **ii. SEC file number:** 8-23292

- **iii. CRD number:** 000007784

- **iv. LEI, if any:** 549300OQFQ4NFIOD5695

- **v. State, if applicable:** RI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,961.00

**Brokers Record: 5**

- **i. Full name of broker:** VIRTU FINANCIAL CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-51262

- **iii. CRD number:** 000045986

- **iv. LEI, if any:** 5493006FX0HRYU3G2R47

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $388.00

**Brokers Record: 6**

- **i. Full name of broker:** VIRTU ITG LLC

- **ii. SEC file number:** 8-44218

- **iii. CRD number:** 000029299

- **iv. LEI, if any:** 549300S41SMIODVIT266

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,308.00

**Brokers Record: 7**

- **i. Full name of broker:** WEEDEN & CO.L.P.

- **ii. SEC file number:** 8-37267

- **iii. CRD number:** 000016835

- **iv. LEI, if any:** 549300OYBLKSN8M8EW67

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $878.00

**Aggregate Commission:** $26,727.00

**Item C.17.a. Principal transaction counterparties.**

| Name          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| VIRTU ITG LLC | 8-44218           |    000029299 | 549300S41SMIODVIT266 | NY      | US        | $7,056.00                 |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $7,056.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $311,639,977.51

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Kinetics Paradigm Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Paradigm Portfolio

- **b. Series identification number, if any:** S000007853

- **c. LEI:** 254900GDEKCQIC3UD831

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class       | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Paradigm Portfolio | C000021362                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** —

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $3,078,714.75

- **g. Provide the net income from securities lending activities:** $25,472.79

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** ACCESS SECURITIES LLC

- **ii. SEC file number:** 8-39729

- **iii. CRD number:** 000022455

- **iv. LEI, if any:** 2549007UD4DGNW84BE02

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $179.00

**Brokers Record: 2**

- **i. Full name of broker:** BNY MELLON CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-35255

- **iii. CRD number:** 000017454

- **iv. LEI, if any:** VJW2DOOHGDT6PR0ZRO63

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,556.00

**Brokers Record: 3**

- **i. Full name of broker:** FBN SECURITIES INC.

- **ii. SEC file number:** 8-30461

- **iii. CRD number:** 000018315

- **iv. LEI, if any:** 549300IZFVXL9ZPJFM37

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $301.00

**Brokers Record: 4**

- **i. Full name of broker:** FIDELITY BROKERAGE SERVICES LLC

- **ii. SEC file number:** 8-23292

- **iii. CRD number:** 000007784

- **iv. LEI, if any:** 549300OQFQ4NFIOD5695

- **v. State, if applicable:** RI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $216.00

**Brokers Record: 5**

- **i. Full name of broker:** VIRTU ITG LLC

- **ii. SEC file number:** 8-44218

- **iii. CRD number:** 000029299

- **iv. LEI, if any:** 549300S41SMIODVIT266

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,041.00

**Brokers Record: 6**

- **i. Full name of broker:** WEEDEN & CO.L.P.

- **ii. SEC file number:** 8-37267

- **iii. CRD number:** 000016835

- **iv. LEI, if any:** 549300OYBLKSN8M8EW67

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $48.00

**Aggregate Commission:** $4,341.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $916,970,275.38

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Kinetics Multi-Disciplinary Income Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Multi-Disciplinary Income Portfolio

- **b. Series identification number, if any:** S000021885

- **c. LEI:** 2549002YWCPCQUOQXV90

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                        | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Multi-Disciplinary Income Portfolio | C000062762                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                            | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| AGENCY TRADING GROUP INC.       | 8-53088           |    000108887 | 254900UEYQJWICRUS810 | MN      | US        | $19,825.00                |
| FIDELITY BROKERAGE SERVICES LLC | 8-23292           |    000007784 | 549300OQFQ4NFIOD5695 | RI      | US        | $8,433.00                 |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $28,258.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $18,768,503.99

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Kinetics Medical Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Medical Portfolio

- **b. Series identification number, if any:** S000007854

- **c. LEI:** 254900PXE2K7ODL7PG52

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Medical Portfolio | C000021363                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $223,289.31

- **g. Provide the net income from securities lending activities:** $475.32

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $18,020,940.31

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Kinetics Market Opportunities Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Market Opportunities Portfolio

- **b. Series identification number, if any:** S000007856

- **c. LEI:** 254900AHXGD8TITML653

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Market Opportunities Portfolio | C000021365                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** —

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $792,414.31

- **g. Provide the net income from securities lending activities:** $26,162.78

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BNY MELLON CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-35255

- **iii. CRD number:** 000017454

- **iv. LEI, if any:** VJW2DOOHGDT6PR0ZRO63

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,055.00

**Brokers Record: 2**

- **i. Full name of broker:** FIDELITY BROKERAGE SERVICES LLC

- **ii. SEC file number:** 8-23292

- **iii. CRD number:** 000007784

- **iv. LEI, if any:** 549300OQFQ4NFIOD5695

- **v. State, if applicable:** RI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,116.00

**Brokers Record: 3**

- **i. Full name of broker:** VIRTU ITG LLC

- **ii. SEC file number:** 8-44218

- **iii. CRD number:** 000029299

- **iv. LEI, if any:** 549300S41SMIODVIT266

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,181.00

**Brokers Record: 4**

- **i. Full name of broker:** WEEDEN & CO.L.P.

- **ii. SEC file number:** 8-37267

- **iii. CRD number:** 000016835

- **iv. LEI, if any:** 549300OYBLKSN8M8EW67

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $692.00

**Aggregate Commission:** $9,044.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $131,160,035.97

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Kinetics Internet Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Internet Portfolio

- **b. Series identification number, if any:** S000007851

- **c. LEI:** 254900I7GER7MJNWZY07

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class       | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Internet Portfolio | C000021360                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** —

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,532,363.54

- **g. Provide the net income from securities lending activities:** $71,429.43

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** ACCESS SECURITIES LLC

- **ii. SEC file number:** 8-39729

- **iii. CRD number:** 000022455

- **iv. LEI, if any:** 2549007UD4DGNW84BE02

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $172.00

**Brokers Record: 2**

- **i. Full name of broker:** BNY MELLON CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-35255

- **iii. CRD number:** 000017454

- **iv. LEI, if any:** VJW2DOOHGDT6PR0ZRO63

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,898.00

**Brokers Record: 3**

- **i. Full name of broker:** FIDELITY BROKERAGE SERVICES LLC

- **ii. SEC file number:** 8-23292

- **iii. CRD number:** 000007784

- **iv. LEI, if any:** 549300OQFQ4NFIOD5695

- **v. State, if applicable:** RI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,159.00

**Brokers Record: 4**

- **i. Full name of broker:** VIRTU ITG LLC

- **ii. SEC file number:** 8-44218

- **iii. CRD number:** 000029299

- **iv. LEI, if any:** 549300S41SMIODVIT266

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,088.00

**Brokers Record: 5**

- **i. Full name of broker:** WEEDEN & CO.L.P.

- **ii. SEC file number:** 8-37267

- **iii. CRD number:** 000016835

- **iv. LEI, if any:** 549300OYBLKSN8M8EW67

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,451.00

**Aggregate Commission:** $13,768.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $169,500,313.78

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Kinetics Global Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Global Portfolio

- **b. Series identification number, if any:** S000007852

- **c. LEI:** 254900060RMJNL198823

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Global Portfolio | C000021361                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** —

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $427,974.13

- **g. Provide the net income from securities lending activities:** $17,942.56

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** ACCESS SECURITIES LLC

- **ii. SEC file number:** 8-39729

- **iii. CRD number:** 000022455

- **iv. LEI, if any:** 2549007UD4DGNW84BE02

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6.00

**Brokers Record: 2**

- **i. Full name of broker:** BNY MELLON CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-35255

- **iii. CRD number:** 000017454

- **iv. LEI, if any:** VJW2DOOHGDT6PR0ZRO63

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $750.00

**Brokers Record: 3**

- **i. Full name of broker:** FBN SECURITIES INC.

- **ii. SEC file number:** 8-30461

- **iii. CRD number:** 000018315

- **iv. LEI, if any:** 549300IZFVXL9ZPJFM37

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10.00

**Brokers Record: 4**

- **i. Full name of broker:** FIDELITY BROKERAGE SERVICES LLC

- **ii. SEC file number:** 8-23292

- **iii. CRD number:** 000007784

- **iv. LEI, if any:** 549300OQFQ4NFIOD5695

- **v. State, if applicable:** RI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,215.00

**Brokers Record: 5**

- **i. Full name of broker:** VIRTU ITG LLC

- **ii. SEC file number:** 8-44218

- **iii. CRD number:** 000029299

- **iv. LEI, if any:** 549300S41SMIODVIT266

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,390.00

**Brokers Record: 6**

- **i. Full name of broker:** WEEDEN & CO.L.P.

- **ii. SEC file number:** 8-37267

- **iii. CRD number:** 000016835

- **iv. LEI, if any:** 549300OYBLKSN8M8EW67

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $372.00

**Aggregate Commission:** $6,743.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $27,667,126.80

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Kinetics Alternative Income Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kinetics Alternative Income Portfolio

- **b. Series identification number, if any:** S000018837

- **c. LEI:** 254900WGSARM0QCTOR77

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                 | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kinetics Alternative Income Portfolio | C000052119                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 2**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 3**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 4**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 5**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 6**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 7**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 8**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 9**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 10**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 11**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 12**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 13**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 14**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 15**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 16**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 17**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 18**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 19**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 20**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 21**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 22**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 23**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 24**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 25**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 26**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 27**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 28**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 29**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 30**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 31**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 32**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 33**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 34**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 35**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 36**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 37**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 38**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 39**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 40**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 41**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 42**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 43**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 44**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 45**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 46**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 47**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 48**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 49**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 50**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 51**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 52**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 53**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 54**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 55**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 56**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 57**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 58**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 59**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 60**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 61**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 62**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 63**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

  **Idemnity Providers Record: 64**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. SEC file number:** 801-52581

- **iii. CRD number:** 002590707

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Markit Group Limited

- **ii. LEI, if any, or provide and describe other identifying number:** 213800BVVQOBUSJXSB53

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Merrill Lynch Valuations LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** CBOE Global Indices, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 529900RLNSGA90UPEH54

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank SA/NV

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HongKong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank N.A. Agentina Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A. Brazil Branch

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Banco de Chile as agent for Citibank N.A. New York

- **ii. LEI, if any:** 8B4EZFY8IHJC44TT2K84

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Cititrust Colombia S.A. Sociedad Fiduciaria

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Skandinaviska Enskilda Banken AB (publ) (SEB)

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Banco Nacional de Mexico S.A. (Banamex)

- **ii. LEI, if any:** 2SFFM4FUIE05S37WFU55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** RBC Investor Services Trust

- **ii. LEI, if any:** 5493002MUOV04NSPT571

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Citibank del Peru S.A.

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 558600MV09XWUB38H245

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** BNP Paribas, London Branch

- **ii. LEI, if any:** R0MUWSFPU8MPRO8K5P83

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Horizon Kinetics Asset Management

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $7,881,075.34

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Kinetics Portfolios Trust

**Date:** 2023-03-15

**Signature:** /s/ Jay Kesslen

**Title:** Vice President