# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0001133228-25-009288
**Filing Date:** 2025-9
**Character Count:** 423713
**Document Hash:** e5c887523055b0d6a0ea8b52ff929962
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009288.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001133228-25-009288

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09303
- **FILM NUMBER:** 251284769

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

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

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

## Series and Classes Contracts Data

### Kinetics Internet Fund (Series ID: S000005029)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000013712 | Advisor Class C | KINCX           |
| C000013714 | No Load Class   | WWWFX           |
| C000013715 | Advisor Class A | KINAX           |

### Kinetics Paradigm Fund (Series ID: S000005030)

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

### Kinetics Small Cap Opportunities Fund (Series ID: S000005031)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013722 | Advisor Class C     | KSOCX           |
| C000013723 | No Load Class       | KSCOX           |
| C000013724 | Advisor Class A     | KSOAX           |
| C000013725 | Institutional Class | KSCYX           |

### Kinetics Global Fund (Series ID: S000005032)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000013726 | Advisor Class A | KGLAX           |
| C000013728 | Advisor Class C | KGLCX           |
| C000013730 | No Load Class   | WWWEX           |

### Kinetics Market Opportunities Fund (Series ID: S000005035)

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

### Kinetics Multi-Disciplinary Income Fund (Series ID: S000020819)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000058159 | No Load      | KMDNX           |

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

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

?xml version='1.0' encoding='ASCII'? 2025-07-03423800_TheInternetFund_AdvisorClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-09303 & 811-09923</u>**

**<u>Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust</u>**

(Exact name of registrant as specified in charter)

**470 Park Avenue South**

**<u>New York, NY 10016</u>**

(Address of principal executive offices) (Zip code)

**U.S. Bancorp Fund Services, LLC**

**615 E. Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>1-646-495-7333</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **December 31**

Date of reporting period: **June 30, 2025**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Internet Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class A \| KINAX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Internet Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class A | $98 | 1.92% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $347803703 |
| **Number of Holdings** | 36 |
| **Portfolio Turnover** | 35% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 61.1% |
|  Utilities  | 19.2% |
|  Professional, Scientific, and Technical Services  | 2.7% |
|  Real Estate and Rental and Leasing  | 1.2% |
|  Manufacturing  | 0.9% |
|  Administrative and Support and Waste Management and Remediation Services  | 0.8% |
|  Information  | 0.8% |
|  Management of Companies and Enterprises  | 0.2% |
|  Communications  | 0.2% |
|  Cash & Other  | 12.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 52.2% |
|  Texas Pacific Land Corp.  | 19.2% |
|  Grayscale Bitcoin Mini Trust ETF  | 5.9% |
|  CACI International, Inc.  | 2.7% |
|  OTC Markets Group, Inc. - Class A  | 2.0% |
|  Landbridge Co. LLC  | 1.2% |
|  Galaxy Digital, Inc.  | 0.9% |
|  Miami International Holdings Inc.  | 0.9% |
|  Mastercard, Inc.  | 0.8% |
|  SB Technology, Inc.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Internet Fund PAGE 1 TSR-SAR-494613862

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Internet Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class C \| KINCX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Internet Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class C | $124 | 2.42% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $347803703 |
| **Number of Holdings** | 36 |
| **Portfolio Turnover** | 35% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 61.1% |
|  Utilities  | 19.2% |
|  Professional, Scientific, and Technical Services  | 2.7% |
|  Real Estate and Rental and Leasing  | 1.2% |
|  Manufacturing  | 0.9% |
|  Administrative and Support and Waste Management and Remediation Services  | 0.8% |
|  Information  | 0.8% |
|  Management of Companies and Enterprises  | 0.2% |
|  Communications  | 0.2% |
|  Cash & Other  | 12.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 52.2% |
|  Texas Pacific Land Corp.  | 19.2% |
|  Grayscale Bitcoin Mini Trust ETF  | 5.9% |
|  CACI International, Inc.  | 2.7% |
|  OTC Markets Group, Inc. - Class A  | 2.0% |
|  Landbridge Co. LLC  | 1.2% |
|  Galaxy Digital, Inc.  | 0.9% |
|  Miami International Holdings Inc.  | 0.9% |
|  Mastercard, Inc.  | 0.8% |
|  SB Technology, Inc.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Internet Fund PAGE 1 TSR-SAR-494613763

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Internet Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | No Load Class \| WWWFX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Internet Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| No Load Class | $86 | 1.67% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $347803703 |
| **Number of Holdings** | 36 |
| **Portfolio Turnover** | 35% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 61.1% |
|  Utilities  | 19.2% |
|  Professional, Scientific, and Technical Services  | 2.7% |
|  Real Estate and Rental and Leasing  | 1.2% |
|  Manufacturing  | 0.9% |
|  Administrative and Support and Waste Management and Remediation Services  | 0.8% |
|  Information  | 0.8% |
|  Management of Companies and Enterprises  | 0.2% |
|  Communications  | 0.2% |
|  Cash & Other  | 12.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 52.2% |
|  Texas Pacific Land Corp.  | 19.2% |
|  Grayscale Bitcoin Mini Trust ETF  | 5.9% |
|  CACI International, Inc.  | 2.7% |
|  OTC Markets Group, Inc. - Class A  | 2.0% |
|  Landbridge Co. LLC  | 1.2% |
|  Galaxy Digital, Inc.  | 0.9% |
|  Miami International Holdings Inc.  | 0.9% |
|  Mastercard, Inc.  | 0.8% |
|  SB Technology, Inc.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Internet Fund PAGE 1 TSR-SAR-460953102

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Global Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class A \| KGLAX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class A | $84 | 1.64% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69847321 |
| **Number of Holdings** | 73 |
| **Portfolio Turnover** | 5% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 23.7% |
|  Utilities  | 13.1% |
|  Management of Companies and Enterprises  | 12.0% |
|  Financials  | 7.9% |
|  Real Estate and Rental and Leasing  | 4.1% |
|  Communications  | 3.7% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.6% |
|  Wholesale Trade  | 2.6% |
|  Manufacturing  | 1.8% |
|  Cash & Other  | 28.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 18.6% |
|  Texas Pacific Land Corp.  | 13.1% |
|  Fairfax India Holdings Corp.  | 4.1% |
|  Hawaiian Electric Industries, Inc.  | 3.9% |
|  White Mountains Insurance Group Ltd.  | 3.7% |
|  Landbridge Co. LLC  | 3.3% |
|  Hellenic Exchanges - Athens Stock Exchange SA  | 3.1% |
|  Investor AB  | 2.8% |
|  Wheaton Precious Metals Corp.  | 2.6% |
|  Grayscale Bitcoin Mini Trust ETF  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 51.8% |
|  Canada  | 11.3% |
|  Japan  | 3.8% |
|  Greece  | 3.1% |
|  Sweden  | 2.9% |
|  United Kingdom  | 0.7% |
|  Germany  | 0.3% |
|  Netherlands  | 0.3% |
|  Cayman Islands  | 0.2% |
|  Cash & Other  | 25.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

The Global Fund PAGE 1 TSR-SAR-494613631

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Global Fund PAGE 2 TSR-SAR-494613631

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Global Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class C \| KGLCX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class C | $110 | 2.14% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69847321 |
| **Number of Holdings** | 73 |
| **Portfolio Turnover** | 5% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 23.7% |
|  Utilities  | 13.1% |
|  Management of Companies and Enterprises  | 12.0% |
|  Financials  | 7.9% |
|  Real Estate and Rental and Leasing  | 4.1% |
|  Communications  | 3.7% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.6% |
|  Wholesale Trade  | 2.6% |
|  Manufacturing  | 1.8% |
|  Cash & Other  | 28.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 18.6% |
|  Texas Pacific Land Corp.  | 13.1% |
|  Fairfax India Holdings Corp.  | 4.1% |
|  Hawaiian Electric Industries, Inc.  | 3.9% |
|  White Mountains Insurance Group Ltd.  | 3.7% |
|  Landbridge Co. LLC  | 3.3% |
|  Hellenic Exchanges - Athens Stock Exchange SA  | 3.1% |
|  Investor AB  | 2.8% |
|  Wheaton Precious Metals Corp.  | 2.6% |
|  Grayscale Bitcoin Mini Trust ETF  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 51.8% |
|  Canada  | 11.3% |
|  Japan  | 3.8% |
|  Greece  | 3.1% |
|  Sweden  | 2.9% |
|  United Kingdom  | 0.7% |
|  Germany  | 0.3% |
|  Netherlands  | 0.3% |
|  Cayman Islands  | 0.2% |
|  Cash & Other  | 25.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

The Global Fund PAGE 1 TSR-SAR-494613623

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Global Fund PAGE 2 TSR-SAR-494613623

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Global Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | No Load Class \| WWWEX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| No Load Class | $72 | 1.39% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69847321 |
| **Number of Holdings** | 73 |
| **Portfolio Turnover** | 5% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 23.7% |
|  Utilities  | 13.1% |
|  Management of Companies and Enterprises  | 12.0% |
|  Financials  | 7.9% |
|  Real Estate and Rental and Leasing  | 4.1% |
|  Communications  | 3.7% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.6% |
|  Wholesale Trade  | 2.6% |
|  Manufacturing  | 1.8% |
|  Cash & Other  | 28.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 18.6% |
|  Texas Pacific Land Corp.  | 13.1% |
|  Fairfax India Holdings Corp.  | 4.1% |
|  Hawaiian Electric Industries, Inc.  | 3.9% |
|  White Mountains Insurance Group Ltd.  | 3.7% |
|  Landbridge Co. LLC  | 3.3% |
|  Hellenic Exchanges - Athens Stock Exchange SA  | 3.1% |
|  Investor AB  | 2.8% |
|  Wheaton Precious Metals Corp.  | 2.6% |
|  Grayscale Bitcoin Mini Trust ETF  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 51.8% |
|  Canada  | 11.3% |
|  Japan  | 3.8% |
|  Greece  | 3.1% |
|  Sweden  | 2.9% |
|  United Kingdom  | 0.7% |
|  Germany  | 0.3% |
|  Netherlands  | 0.3% |
|  Cayman Islands  | 0.2% |
|  Cash & Other  | 25.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

The Global Fund PAGE 1 TSR-SAR-494613805

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Global Fund PAGE 2 TSR-SAR-494613805

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Paradigm Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class A \| KNPAX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Paradigm Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class A | $94 | 1.89% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1292628455 |
| **Number of Holdings** | 60 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 63.6% |
|  Finance and Insurance  | 19.2% |
|  Real Estate and Rental and Leasing  | 4.9% |
|  Administrative and Support and Waste Management and Remediation Services  | 2.6% |
|  Management of Companies and Enterprises  | 2.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.9% |
|  Construction  | 1.2% |
|  Professional, Scientific, and Technical Services  | 1.0% |
|  Accommodation and Food Services  | 0.7% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 63.6% |
|  Grayscale Bitcoin Trust ETF  | 12.2% |
|  Landbridge Co. LLC  | 4.6% |
|  Brookfield Corp.  | 3.0% |
|  Live Nation Entertainment, Inc.  | 2.4% |
|  Franco-Nevada Corp.  | 1.8% |
|  Hawaiian Electric Industries, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Howard Hughes Holdings, Inc.  | 1.2% |
|  Cboe Global Markets, Inc.  | 1.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Paradigm Fund PAGE 1 TSR-SAR-494613854

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Paradigm Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class C \| KNPCX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Paradigm Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class C | $119 | 2.39% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1292628455 |
| **Number of Holdings** | 60 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 63.6% |
|  Finance and Insurance  | 19.2% |
|  Real Estate and Rental and Leasing  | 4.9% |
|  Administrative and Support and Waste Management and Remediation Services  | 2.6% |
|  Management of Companies and Enterprises  | 2.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.9% |
|  Construction  | 1.2% |
|  Professional, Scientific, and Technical Services  | 1.0% |
|  Accommodation and Food Services  | 0.7% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 63.6% |
|  Grayscale Bitcoin Trust ETF  | 12.2% |
|  Landbridge Co. LLC  | 4.6% |
|  Brookfield Corp.  | 3.0% |
|  Live Nation Entertainment, Inc.  | 2.4% |
|  Franco-Nevada Corp.  | 1.8% |
|  Hawaiian Electric Industries, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Howard Hughes Holdings, Inc.  | 1.2% |
|  Cboe Global Markets, Inc.  | 1.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Paradigm Fund PAGE 1 TSR-SAR-494613821

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Paradigm Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Institutional Class \| KNPYX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Paradigm Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $72 | 1.44% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1292628455 |
| **Number of Holdings** | 60 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 63.6% |
|  Finance and Insurance  | 19.2% |
|  Real Estate and Rental and Leasing  | 4.9% |
|  Administrative and Support and Waste Management and Remediation Services  | 2.6% |
|  Management of Companies and Enterprises  | 2.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.9% |
|  Construction  | 1.2% |
|  Professional, Scientific, and Technical Services  | 1.0% |
|  Accommodation and Food Services  | 0.7% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 63.6% |
|  Grayscale Bitcoin Trust ETF  | 12.2% |
|  Landbridge Co. LLC  | 4.6% |
|  Brookfield Corp.  | 3.0% |
|  Live Nation Entertainment, Inc.  | 2.4% |
|  Franco-Nevada Corp.  | 1.8% |
|  Hawaiian Electric Industries, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Howard Hughes Holdings, Inc.  | 1.2% |
|  Cboe Global Markets, Inc.  | 1.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Paradigm Fund PAGE 1 TSR-SAR-494613797

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Paradigm Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | No Load Class \| WWNPX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Paradigm Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| No Load Class | $82 | 1.64% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1292628455 |
| **Number of Holdings** | 60 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 63.6% |
|  Finance and Insurance  | 19.2% |
|  Real Estate and Rental and Leasing  | 4.9% |
|  Administrative and Support and Waste Management and Remediation Services  | 2.6% |
|  Management of Companies and Enterprises  | 2.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.9% |
|  Construction  | 1.2% |
|  Professional, Scientific, and Technical Services  | 1.0% |
|  Accommodation and Food Services  | 0.7% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 63.6% |
|  Grayscale Bitcoin Trust ETF  | 12.2% |
|  Landbridge Co. LLC  | 4.6% |
|  Brookfield Corp.  | 3.0% |
|  Live Nation Entertainment, Inc.  | 2.4% |
|  Franco-Nevada Corp.  | 1.8% |
|  Hawaiian Electric Industries, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Howard Hughes Holdings, Inc.  | 1.2% |
|  Cboe Global Markets, Inc.  | 1.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Paradigm Fund PAGE 1 TSR-SAR-494613607

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Small Cap Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class A \| KSOAX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Small Cap Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class A | $94 | 1.89% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $518601440 |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 45.7% |
|  Finance and Insurance  | 7.1% |
|  Real Estate and Rental and Leasing  | 5.3% |
|  Management of Companies and Enterprises  | 5.3% |
|  Professional, Scientific, and Technical Services  | 5.1% |
|  Accommodation and Food Services  | 2.9% |
|  Manufacturing  | 2.2% |
|  Real Estate  | 2.0% |
|  Transportation and Warehousing  | 1.6% |
|  Cash & Other  | 22.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 45.7% |
|  Landbridge Co. LLC  | 5.1% |
|  Grayscale Bitcoin Trust ETF  | 4.9% |
|  CACI International, Inc.  | 4.6% |
|  Hawaiian Electric Industries, Inc.  | 4.1% |
|  Civeo Corp.  | 2.5% |
|  DREAM Unlimited Corp.  | 2.0% |
|  Carnival Corp.  | 1.6% |
|  Associated Capital Group, Inc.  | 1.4% |
|  Interparfums, Inc.  | 1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Small Cap Opportunities Fund PAGE 1 TSR-SAR-494613839

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Small Cap Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class C \| KSOCX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Small Cap Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class C | $119 | 2.39% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $518601440 |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 45.7% |
|  Finance and Insurance  | 7.1% |
|  Real Estate and Rental and Leasing  | 5.3% |
|  Management of Companies and Enterprises  | 5.3% |
|  Professional, Scientific, and Technical Services  | 5.1% |
|  Accommodation and Food Services  | 2.9% |
|  Manufacturing  | 2.2% |
|  Real Estate  | 2.0% |
|  Transportation and Warehousing  | 1.6% |
|  Cash & Other  | 22.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 45.7% |
|  Landbridge Co. LLC  | 5.1% |
|  Grayscale Bitcoin Trust ETF  | 4.9% |
|  CACI International, Inc.  | 4.6% |
|  Hawaiian Electric Industries, Inc.  | 4.1% |
|  Civeo Corp.  | 2.5% |
|  DREAM Unlimited Corp.  | 2.0% |
|  Carnival Corp.  | 1.6% |
|  Associated Capital Group, Inc.  | 1.4% |
|  Interparfums, Inc.  | 1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Small Cap Opportunities Fund PAGE 1 TSR-SAR-494613748

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Small Cap Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Institutional Class \| KSCYX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Small Cap Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $72 | 1.44% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $518601440 |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 45.7% |
|  Finance and Insurance  | 7.1% |
|  Real Estate and Rental and Leasing  | 5.3% |
|  Management of Companies and Enterprises  | 5.3% |
|  Professional, Scientific, and Technical Services  | 5.1% |
|  Accommodation and Food Services  | 2.9% |
|  Manufacturing  | 2.2% |
|  Real Estate  | 2.0% |
|  Transportation and Warehousing  | 1.6% |
|  Cash & Other  | 22.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 45.7% |
|  Landbridge Co. LLC  | 5.1% |
|  Grayscale Bitcoin Trust ETF  | 4.9% |
|  CACI International, Inc.  | 4.6% |
|  Hawaiian Electric Industries, Inc.  | 4.1% |
|  Civeo Corp.  | 2.5% |
|  DREAM Unlimited Corp.  | 2.0% |
|  Carnival Corp.  | 1.6% |
|  Associated Capital Group, Inc.  | 1.4% |
|  Interparfums, Inc.  | 1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Small Cap Opportunities Fund PAGE 1 TSR-SAR-494613813

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Small Cap Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | No Load Class \| KSCOX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Small Cap Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| No Load Class | $82 | 1.64% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $518601440 |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 0% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 45.7% |
|  Finance and Insurance  | 7.1% |
|  Real Estate and Rental and Leasing  | 5.3% |
|  Management of Companies and Enterprises  | 5.3% |
|  Professional, Scientific, and Technical Services  | 5.1% |
|  Accommodation and Food Services  | 2.9% |
|  Manufacturing  | 2.2% |
|  Real Estate  | 2.0% |
|  Transportation and Warehousing  | 1.6% |
|  Cash & Other  | 22.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 45.7% |
|  Landbridge Co. LLC  | 5.1% |
|  Grayscale Bitcoin Trust ETF  | 4.9% |
|  CACI International, Inc.  | 4.6% |
|  Hawaiian Electric Industries, Inc.  | 4.1% |
|  Civeo Corp.  | 2.5% |
|  DREAM Unlimited Corp.  | 2.0% |
|  Carnival Corp.  | 1.6% |
|  Associated Capital Group, Inc.  | 1.4% |
|  Interparfums, Inc.  | 1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Small Cap Opportunities Fund PAGE 1 TSR-SAR-494613706

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Market Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class A \| KMKAX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Market Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class A | $84 | 1.65% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $306024142 |
| **Number of Holdings** | 75 |
| **Portfolio Turnover** | 4% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 37.6% |
|  Finance and Insurance  | 22.6% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 3.9% |
|  Financials  | 3.5% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.3% |
|  Wholesale Trade  | 0.9% |
|  Manufacturing  | 0.8% |
|  Administrative and Support and Waste Management and Remediation Services  | 0.8% |
|  Cash & Other  | 21.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 37.6% |
|  Grayscale Bitcoin Trust ETF  | 16.6% |
|  Hawaiian Electric Industries, Inc.  | 5.6% |
|  Landbridge Co. LLC  | 3.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.9% |
|  Partners Value Investments LP  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.1% |
|  Associated Capital Group, Inc.  | 0.9% |
|  Wheaton Precious Metals Corp.  | 0.9% |
|  Galaxy Digital, Inc.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Market Opportunities Fund PAGE 1 TSR-SAR-494613771

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Market Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class C \| KMKCX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Market Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class C | $110 | 2.15% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $306024142 |
| **Number of Holdings** | 75 |
| **Portfolio Turnover** | 4% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 37.6% |
|  Finance and Insurance  | 22.6% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 3.9% |
|  Financials  | 3.5% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.3% |
|  Wholesale Trade  | 0.9% |
|  Manufacturing  | 0.8% |
|  Administrative and Support and Waste Management and Remediation Services  | 0.8% |
|  Cash & Other  | 21.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 37.6% |
|  Grayscale Bitcoin Trust ETF  | 16.6% |
|  Hawaiian Electric Industries, Inc.  | 5.6% |
|  Landbridge Co. LLC  | 3.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.9% |
|  Partners Value Investments LP  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.1% |
|  Associated Capital Group, Inc.  | 0.9% |
|  Wheaton Precious Metals Corp.  | 0.9% |
|  Galaxy Digital, Inc.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Market Opportunities Fund PAGE 1 TSR-SAR-494613730

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Market Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Institutional Class \| KMKYX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Market Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $61 | 1.20% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $306024142 |
| **Number of Holdings** | 75 |
| **Portfolio Turnover** | 4% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 37.6% |
|  Finance and Insurance  | 22.6% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 3.9% |
|  Financials  | 3.5% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.3% |
|  Wholesale Trade  | 0.9% |
|  Manufacturing  | 0.8% |
|  Administrative and Support and Waste Management and Remediation Services  | 0.8% |
|  Cash & Other  | 21.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 37.6% |
|  Grayscale Bitcoin Trust ETF  | 16.6% |
|  Hawaiian Electric Industries, Inc.  | 5.6% |
|  Landbridge Co. LLC  | 3.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.9% |
|  Partners Value Investments LP  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.1% |
|  Associated Capital Group, Inc.  | 0.9% |
|  Wheaton Precious Metals Corp.  | 0.9% |
|  Galaxy Digital, Inc.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Market Opportunities Fund PAGE 1 TSR-SAR-494613615

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Market Opportunities Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | No Load Class \| KMKNX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Market Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| No Load Class | $71 | 1.40% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $306024142 |
| **Number of Holdings** | 75 |
| **Portfolio Turnover** | 4% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 37.6% |
|  Finance and Insurance  | 22.6% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 3.9% |
|  Financials  | 3.5% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.3% |
|  Wholesale Trade  | 0.9% |
|  Manufacturing  | 0.8% |
|  Administrative and Support and Waste Management and Remediation Services  | 0.8% |
|  Cash & Other  | 21.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 37.6% |
|  Grayscale Bitcoin Trust ETF  | 16.6% |
|  Hawaiian Electric Industries, Inc.  | 5.6% |
|  Landbridge Co. LLC  | 3.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.9% |
|  Partners Value Investments LP  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.1% |
|  Associated Capital Group, Inc.  | 0.9% |
|  Wheaton Precious Metals Corp.  | 0.9% |
|  Galaxy Digital, Inc.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Market Opportunities Fund PAGE 1 TSR-SAR-494613789

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Multi-Disciplinary Income Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | No Load Class \| KMDNX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Multi-Disciplinary Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| No Load Class | $37 | 0.74% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15346776 |
| **Number of Holdings** | 29 |
| **Portfolio Turnover** | 32% |
| **Average Credit Quality** | AAA |
| **Effective Duration** | 2 Yrs |
| **30-Day SEC Yield** | 5.91% |
| **30-Day SEC Yield Unsubsidized** | 5.25% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Asset Backed Securities  | 91.4% |
|  Cash & Other  | 8.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Brant Point Clo 2024-4 Ltd. AA tranche  | 6.5% |
|  Cent CLO 2020-29A AA tranche  | 6.5% |
|  Sound Point CLO Ltd. 2022-1A AA tranche  | 4.9% |
|  Post CLO 2022-1A AA tranche  | 4.3% |
|  Sound Point CLO Ltd. 2025-1RA AAA tranche  | 3.6% |
|  Atlas Senior Loan Fund Ltd. 2019-14A AA tranche  | 3.3% |
|  Fort Washington CLO 2019-1A AA tranche  | 3.3% |
|  BlueMountain CLO Ltd. 2022-35A AA tranche  | 3.3% |
|  Battery Park CLO 2022-1A AAA tranche  | 3.3% |
|  Venture CDO Ltd. 2023-48A AA tranche  | 3.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

The Multi-Disciplinary Income Fund PAGE 1 TSR-SAR-494613672

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Multi-Disciplinary Income Fund PAGE 2 TSR-SAR-494613672

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics Spin-off and Corporate** **Restructuring Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class A \| LSHAX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Kinetics Spin-off and Corporate Restructuring Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class A | $73 | 1.50% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33435252 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 1% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.2% |
|  Finance and Insurance  | 7.4% |
|  Real Estate and Rental and Leasing  | 5.8% |
|  Manufacturing  | 5.3% |
|  Management of Companies and Enterprises  | 1.6% |
|  Accommodation and Food Services  | 1.3% |
|  Energy  | 0.6% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 0.1% |
|  Financials  | 0.1% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.1% |
|  Landbridge Co. LLC  | 5.8% |
|  CSW Industrials, Inc.  | 4.6% |
|  Associated Capital Group, Inc.  | 3.8% |
|  GAMCO Investors, Inc.  | 2.8% |
|  Civeo Corp.  | 1.2% |
|  Hawaiian Electric Industries, Inc.  | 0.9% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  PrairieSky Royalty Ltd.  | 0.6% |
|  White Mountains Insurance Group Ltd.  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Kinetics Spin-off and Corporate Restructuring Fund PAGE 1 TSR-SAR-494613557

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics Spin-off and Corporate** **Restructuring Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Advisor Class C \| LSHCX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Kinetics Spin-off and Corporate Restructuring Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Class C | $109 | 2.25% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33435252 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 1% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.2% |
|  Finance and Insurance  | 7.4% |
|  Real Estate and Rental and Leasing  | 5.8% |
|  Manufacturing  | 5.3% |
|  Management of Companies and Enterprises  | 1.6% |
|  Accommodation and Food Services  | 1.3% |
|  Energy  | 0.6% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 0.1% |
|  Financials  | 0.1% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.1% |
|  Landbridge Co. LLC  | 5.8% |
|  CSW Industrials, Inc.  | 4.6% |
|  Associated Capital Group, Inc.  | 3.8% |
|  GAMCO Investors, Inc.  | 2.8% |
|  Civeo Corp.  | 1.2% |
|  Hawaiian Electric Industries, Inc.  | 0.9% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  PrairieSky Royalty Ltd.  | 0.6% |
|  White Mountains Insurance Group Ltd.  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Kinetics Spin-off and Corporate Restructuring Fund PAGE 1 TSR-SAR-494613540

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics Spin-off and Corporate** **Restructuring Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Institutional Class \| LSHUX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Kinetics Spin-off and Corporate Restructuring Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $61 | 1.25% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33435252 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 1% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.2% |
|  Finance and Insurance  | 7.4% |
|  Real Estate and Rental and Leasing  | 5.8% |
|  Manufacturing  | 5.3% |
|  Management of Companies and Enterprises  | 1.6% |
|  Accommodation and Food Services  | 1.3% |
|  Energy  | 0.6% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 0.1% |
|  Financials  | 0.1% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.1% |
|  Landbridge Co. LLC  | 5.8% |
|  CSW Industrials, Inc.  | 4.6% |
|  Associated Capital Group, Inc.  | 3.8% |
|  GAMCO Investors, Inc.  | 2.8% |
|  Civeo Corp.  | 1.2% |
|  Hawaiian Electric Industries, Inc.  | 0.9% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  PrairieSky Royalty Ltd.  | 0.6% |
|  White Mountains Insurance Group Ltd.  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Kinetics Spin-off and Corporate Restructuring Fund PAGE 1 TSR-SAR-494613532

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics Spin-off and Corporate** **Restructuring Fund**  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | No Load Class \| LSHEX  | ![image](img99139_202501131857363.jpg) |
| ![image](img99140_202408212057530.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99139_202501131857363.jpg) |

---

This semi-annual shareholder report contains important information about The Kinetics Spin-off and Corporate Restructuring Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| No Load Class | $70 | 1.45% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33435252 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 1% |

---

Visit https://kineticsfunds.com/resources/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.2% |
|  Finance and Insurance  | 7.4% |
|  Real Estate and Rental and Leasing  | 5.8% |
|  Manufacturing  | 5.3% |
|  Management of Companies and Enterprises  | 1.6% |
|  Accommodation and Food Services  | 1.3% |
|  Energy  | 0.6% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 0.1% |
|  Financials  | 0.1% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.1% |
|  Landbridge Co. LLC  | 5.8% |
|  CSW Industrials, Inc.  | 4.6% |
|  Associated Capital Group, Inc.  | 3.8% |
|  GAMCO Investors, Inc.  | 2.8% |
|  Civeo Corp.  | 1.2% |
|  Hawaiian Electric Industries, Inc.  | 0.9% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  PrairieSky Royalty Ltd.  | 0.6% |
|  White Mountains Insurance Group Ltd.  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

The Kinetics Spin-off and Corporate Restructuring Fund PAGE 1 TSR-SAR-494613524

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 3. Audit Committee Financial Expert.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 4. Principal Accountant Fees and Services.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](kinetics-mutual-funds_logo.jpg)

**KINETICS MUTUAL FUNDS, INC** 

**The Internet Fund** 

**The Global Fund** 

**The Paradigm Fund** 

**The Small Cap Opportunities Fund** 

**The Market Opportunities Fund** 

**The Multi-Disciplinary Income Fund** 

**The Kinetics Spin-Off and Corporate Restructuring Fund** 

Semi-Annual Financial Statements and Other Important Information

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  KINETICS MUTUAL FUNDS, INC. – FEEDER FUNDS AND THE KINETICS SPIN-OFF AND CORPORATE RESTRUCTURING FUND <br>|  |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments – The Kinetics Spin-Off and Corporate Restructuring Fund](#tmsoi) | [1](#tmsoi) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets & Liabilities](#tmsal) | [3](#tmsal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#tmsop) | [7](#tmsop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tmscna) | [11](#tmscna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#tmfihi) | [19](#tmfihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#tmnotes) | [42](#tmnotes) |
| KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS<br>|  |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Internet Portfolio](#tpsoi1) | [57](#tpsoi1) |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Global Portfolio](#tpsoi2) | [59](#tpsoi2) |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Paradigm Portfolio](#tpsoi3) | [62](#tpsoi3) |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Small Cap Opportunities Portfolio](#tpsoi4) | [65](#tpsoi4) |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Market Opportunities Portfolio](#tpsoi5) | [68](#tpsoi5) |
| &nbsp;&nbsp;&nbsp; [Portfolio of Investments – The Multi-Disciplinary Income Portfolio](#tpsoi6) | [71](#tpsoi6) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets & Liabilities](#tpsal) | [73](#tpsal) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations](#tpsop) | [76](#tpsop) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#tpscna) | [79](#tpscna) |
| &nbsp;&nbsp;&nbsp; [Consolidated Notes to Financial Statements](#tpnotes) | [82](#tpnotes) |
| &nbsp;&nbsp;&nbsp; [Additional Information](#tpaddinf) | [97](#tpaddinf) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; [Directory of Funds' Service Providers](#poona10004_EFP-16914_120_Bcover_pg1)  | Back Cover |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Funds** 

**The Kinetics Spin-Off and Corporate Restructuring Fund** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Accommodation - 1.3%**<br>|  |  |
| Civeo Corp.  | 18000 | $415620  |
| **Broadcasting (except Internet) - 0.2%**<br>|  |  |
| Atlanta Braves Holdings, Inc. - Class C<sup>(a)</sup> | 1694 | 79228  |
| **Chemical Manufacturing - 0.2%**<br>|  |  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 797 | 63640  |
| **Diversified Real Estate Activities - 0.6%**<br>|  |  |
| PrairieSky Royalty Ltd.  | 12000 | 208144  |
|  **Electric Power Generation, Transmission and Distribution - 0.1%**<br>|  |  |
| GE Vernova, Inc.  | 25 | 13229  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.0%<sup>(b)</sup>**<br>|  |  |
| Mesabi Trust  | 550 | 13178  |
| **Insurance Carriers - 0.0%<sup>(b)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited  | 2 | 3613  |
| **Machinery Manufacturing - 0.1%**<br>|  |  |
| General Electric Co.  | 100 | 25739  |
|  **Management of Companies and Enterprises - 5.2%**<br>|  |  |
| Associated Capital Group, Inc. - Class A  | 34300 | 1286250  |
| Fairfax India Holdings Corp.<sup>(a)(c)</sup> | 2800 | 52052  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 27000 | 287010  |
| Valterra Platinum Ltd. - ADR  | 22 | 163  |
| White Mountains Insurance Group Ltd.  | 58 | 104152  |
|  |  | 1729627  |
| **Media - 0.0%<sup>(b)</sup>**<br>|  |  |
| Toei Animation Co. Ltd.  | 200 | 4562  |
| **Mining (except Oil and Gas) - 0.0%<sup>(b)</sup>**<br>|  |  |
| Knife River Corp.<sup>(a)</sup><br>| 100 | 8164  |
| **Miscellaneous Manufacturing - 4.6%**<br>|  |  |
| CSW Industrials, Inc.  | 5400 | 1548882  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.0%<sup>(b)</sup>**<br>|  |  |
| Anglo American PLC - ADR  | 63 | 929  |
|  **Nonmetallic Mineral Product Manufacturing - 0.2%**<br>|  |  |
| Eagle Materials, Inc.  | 342 | 69122  |
| **Offices of Real Estate Agents and Brokers - 5.8%** | **Offices of Real Estate Agents and Brokers - 5.8%** |  |
| Landbridge Co. LLC - Class A  | 28670 | 1937519  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Oil and Gas Extraction - 76.1%<sup>(d)</sup>**<br>|  |  |
| Texas Pacific Land Corp.<sup>(e)</sup> | 24073 | $25430477  |
| **Other Financial Investment Activities - 2.8%** | **Other Financial Investment Activities - 2.8%** |  |
| GAMCO Investors, Inc. - Class A  | 39000 | 941850  |
| Seaport Entertainment Group, Inc.<sup>(a)</sup> | 188 | 3506  |
|  |  | 945356  |
| **Other Investment Pools and Funds - 0.1%**<br>|  |  |
| Urbana Corp.  | 6234 | 28749  |
| Urbana Corp. - Class A  | 1600 | 7473  |
|  |  | 36222  |
| **Pharmaceutical and Medicine Manufacturing - 0.2%** | **Pharmaceutical and Medicine Manufacturing - 0.2%** | **Pharmaceutical and Medicine Manufacturing - 0.2%** |
| Galaxy Digital, Inc. - Class A<sup>(a)</sup> | 3600 | 78840  |
| &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and** <br>**Other Financial Investments and** <br>**Related Activities - 0.0%<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and** <br>**Other Financial Investments and** <br>**Related Activities - 0.0%<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and** <br>**Other Financial Investments and** <br>**Related Activities - 0.0%<sup>(b)</sup>** |
| Brookfield Corp.  | 36 | 2227  |
| **Support Activities for Mining - 0.1%**<br>|  |  |
| Aris Water Solutions, Inc. - Class A  | 744 | 17596  |
| Liberty Energy, Inc.  | 972 | 11158  |
|  |  | 28754  |
| **Technology Services and Software - 0.3%**<br>|  |  |
| SB Technology, Inc.<sup>(a)(f)</sup> | 5811 | 100007  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,502,751)** |  | 32743079  |
| **UNIT INVESTMENT TRUSTS - 0.8%**<br>|  |  |
| Grayscale Bitcoin Cash Trust<sup>(a)</sup> | 6073 | 23442  |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 4836 | 230919  |
| Grayscale Bitcoin Trust ETF<sup>(a)</sup> | 60 | 5090  |
| Grayscale Litecoin Trust<sup>(a)</sup> | 24 | 159  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $210,891)** |  | 259610  |
| **EXCHANGE TRADED FUNDS - 0.0%<sup>(b)</sup>** | **EXCHANGE TRADED FUNDS - 0.0%<sup>(b)</sup>** |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> | 146 | 8937  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $5,256)** |  | 8937  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $4,718,898)** |  | $33011626  |
| Money Market Deposit Account - 1.1%<sup>(g)</sup> |  | 377855  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2%  |  | 45771  |
| **TOTAL NET ASSETS - 100.0%** |  | $33435252 |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Funds** 

**The Kinetics Spin-Off and Corporate Restructuring Fund** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $52,052 or 0.2% of the Fund's net assets.

<sup>(d)</sup> To the extent that the Fund maintains significant investments in issuers in a particular industry or sector of the economy, its performance and risks will be especially sensitive to developments affecting that industry or sector.

<sup>(e)</sup> Investments in this security exceeds 25% of the Fund's net assets. Additional information about the issuer of this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(f)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $100,007 or 0.3% of net assets as of June 30, 2025.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – THE FEEDER FUNDS** 

**STATEMENTS OF ASSETS & LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Internet Fund** | **The** <br>**Global Fund**  |
| **ASSETS:**<br>|  |  |
| Investments in the Master Portfolio, at value\* | $347906081 | $69827363  |
| Receivable from Adviser |  | 30868  |
| Receivable for Fund shares sold | 218231 | 174801  |
| Prepaid expenses and other assets | 37041 | 33824  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 348161353 | 70066856  |
| **LIABILITIES:**<br>|  |  |
| Payable for Master Portfolio interest purchased | 139876 | 25687  |
| Payable to Directors | 4846 | 908  |
| Payable to Chief Compliance Officer | 239 | 39  |
| Payable for Fund shares repurchased | 78355 | 149114  |
| Payable for shareholder servicing fees | 70930 | 14023  |
| Payable for distribution fees | 23251 | 17944  |
| Accrued expenses and other liabilities | 40153 | 11820  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 357650 | 219535  |
| **NET ASSETS** | $347803703 | $69847321  |
| **Net Assets Consist of:**<br>|  |  |
| Paid in capital | $89929266 | $43016995  |
| Accumulated earnings | 257874437 | 26830326  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $347803703 | $69847321  |
| **Calculation of Net Asset Value Per Share - No Load Class:** <br>|  |  |
| Net Assets | $340084909 | $60179436  |
| Shares outstanding | 3100063 | 3496920  |
| Net asset value per share (offering price and redemption price) | $109.70 | $17.21  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:** <br>|  |  |
| Net Assets | $4328003 | $3753060  |
| Shares outstanding | 43833 | 219958  |
| Net asset value per share (redemption price) | $98.74 | $17.06  |
| Offering price per share ($98.74 divided by .9425 and $17.06 divided by .9425) | $104.76 | $18.10  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:**<br>|  |  |
| Net Assets | $3390791 | $5914825  |
| Shares outstanding | 42329 | 377164  |
| Net asset value per share (offering price and redemption price) | $80.10 | $15.68 |

---

\* Each Feeder Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Funds' financial statements. 

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – THE FEEDER FUNDS** 

**STATEMENTS OF ASSETS & LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Paradigm Fund**  | **The Small Cap** <br>**Opportunities Fund**  |
| **ASSETS:** <br>|  |  |
| Investments in the Master Portfolio, at value\* | $1293157191 | &nbsp;&nbsp; $518712475  |
| Receivable from Adviser | 11394 | &nbsp;&nbsp; 30614  |
| Receivable for Master Portfolio interest sold | 2469572 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | 503162 | &nbsp;&nbsp; 1317902  |
| Prepaid expenses and other assets | 92834 | &nbsp;&nbsp; 58034  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1296234153 | &nbsp;&nbsp; 520119025  |
| **LIABILITIES:**<br>|  |  |
| Payable for Master Portfolio interest purchased |  | &nbsp;&nbsp; 173484  |
| Payable to Directors | 21369 | &nbsp;&nbsp; 7913  |
| Payable to Chief Compliance Officer | 1065 | &nbsp;&nbsp; 387  |
| Payable for Fund shares repurchased | 2972734 | &nbsp;&nbsp; 1144417  |
| Payable for shareholder servicing fees | 221106 | &nbsp;&nbsp; 89869  |
| Payable for distribution fees | 256810 | &nbsp;&nbsp; 50757  |
| Accrued expenses and other liabilities | 132614 | &nbsp;&nbsp; 50758  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3605698 | &nbsp;&nbsp; 1517585  |
| **NET ASSETS** | $1292628455 | &nbsp;&nbsp; $518601440  |
| **Net Assets Consist of:**<br>|  |  |
| Paid in capital | $152024684 | &nbsp;&nbsp; $222283111  |
| Accumulated earnings | 1140603771 | &nbsp;&nbsp; 296318329  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $1292628455 | &nbsp;&nbsp; $518601440  |
| **Calculation of Net Asset Value Per Share - No Load Class:**<br>|  |  |
| Net Assets | $641820871 | &nbsp;&nbsp; $371522624  |
| Shares outstanding | 4764437 | &nbsp;&nbsp; 2166587  |
| Net asset value per share (offering price and redemption price) | $134.71 | &nbsp;&nbsp; $171.48  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:**<br>|  |  |
| Net Assets | $248682222 | &nbsp;&nbsp; $24963599  |
| Shares outstanding | 1948356 | &nbsp;&nbsp; 152223  |
| Net asset value per share (redemption price) | $127.64 | &nbsp;&nbsp; $163.99  |
|  Offering price per share ($127.64 divided by .9425 and $163.99 divided by .9425) | $135.43 | &nbsp;&nbsp; $173.99  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:** <br>|  |  |
| Net Assets | $82053568 | &nbsp;&nbsp; $11424022  |
| Shares outstanding | 725592 | &nbsp;&nbsp; 74649  |
| Net asset value per share (offering price and redemption price) | $113.08 | &nbsp;&nbsp; $153.04  |
| **Calculation of Net Asset Value Per Share - Institutional Class:**<br>|  |  |
| Net Assets | $320071794 | &nbsp;&nbsp; $110691195  |
| Shares outstanding | 2340471 | &nbsp;&nbsp; 628828  |
| Net asset value per share (offering price and redemption price) | $136.76 | &nbsp;&nbsp; $176.03 |

---

\* Each Feeder Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Funds' financial statements. 

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – THE FEEDER FUNDS** 

**STATEMENTS OF ASSETS & LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities** <br>**Fund**  | **The** <br>**Multi-Disciplinary** <br>**Income Fund**  |
| **ASSETS:**<br>|  |  |
| Investments in the Master Portfolio, at value\* | $306010832 | &nbsp;&nbsp; $15355656  |
| Receivable from Adviser | 83279 | &nbsp;&nbsp; —  |
| Receivable for Master Portfolio interest sold | 4797846 | &nbsp;&nbsp; —  |
| Receivable for Fund shares sold | 1207438 | &nbsp;&nbsp; —  |
| Prepaid expenses and other assets | 60894 | &nbsp;&nbsp; 11468  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 312160289 | &nbsp;&nbsp; 15367124  |
| **LIABILITIES:**<br>|  |  |
| Payable to Directors | 4925 | &nbsp;&nbsp; 210  |
| Payable to Chief Compliance Officer | 209 | &nbsp;&nbsp; 10  |
| Payable for Fund shares repurchased | 6005284 | &nbsp;&nbsp; —  |
| Payable for shareholder servicing fees | 64000 | &nbsp;&nbsp; 2966  |
| Payable for distribution fees | 32578 | &nbsp;&nbsp; 11984  |
| Accrued expenses and other liabilities | 29151 | &nbsp;&nbsp; 5178  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 6136147 | &nbsp;&nbsp; 20348  |
| **NET ASSETS** | $306024142 | &nbsp;&nbsp; $15346776  |
| **Net Assets Consist of:**<br>|  |  |
| Paid in capital | $128479856 | &nbsp;&nbsp; $20753977  |
| Accumulated earnings | 177544286 | &nbsp;&nbsp; (5407201)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $306024142 | &nbsp;&nbsp; $15346776  |
| **Calculation of Net Asset Value Per Share - No Load Class:** <br>|  |  |
| Net Assets | $236151560 | &nbsp;&nbsp; $15346776  |
| Shares outstanding | 2917422 | &nbsp;&nbsp; 1543098  |
| Net asset value per share (offering price and redemption price) | $80.95 | &nbsp;&nbsp; $9.95  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:** <br>|  |  |
| Net Assets | $20461307 | &nbsp;&nbsp; N/A  |
| Shares outstanding | 257721 | &nbsp;&nbsp; N/A  |
| Net asset value per share (redemption price) | $79.39 | &nbsp;&nbsp; N/A  |
| Offering price per share ($79.39 divided by .9425) | $84.23 | &nbsp;&nbsp; N/A  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:** <br>|  |  |
| Net Assets | $13239422 | &nbsp;&nbsp; N/A  |
| Shares outstanding | 176290 | &nbsp;&nbsp; N/A  |
| Net asset value per share (offering price and redemption price) | $75.10 | &nbsp;&nbsp; N/A  |
| **Calculation of Net Asset Value Per Share - Institutional Class:** <br>|  |  |
| Net Assets | $36171853 | &nbsp;&nbsp; N/A  |
| Shares outstanding | 438927 | &nbsp;&nbsp; N/A  |
| Net asset value per share (offering price and redemption price) | $82.41 | &nbsp;&nbsp; N/A |

---

\* Each Feeder Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Funds' financial statements.

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – THE FEEDER FUNDS** 

**STATEMENTS OF ASSETS & LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **The Kinetics Spin-off** <br>**and Corporate** <br>**Restructuring Fund** <br>(Consolidated)  |
| **ASSETS:** <br>|  |
| Investments, at value<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; $33011626  |
| Cash  | &nbsp;&nbsp;&nbsp;&nbsp; 377855  |
| Receivable for investments sold  | &nbsp;&nbsp;&nbsp;&nbsp; 75693  |
| Receivable for Fund shares sold  | &nbsp;&nbsp;&nbsp;&nbsp; 125  |
| Dividends and interest receivable  | &nbsp;&nbsp;&nbsp;&nbsp; 5589  |
| Prepaid expenses and other assets  | &nbsp;&nbsp;&nbsp;&nbsp; 40822  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | &nbsp;&nbsp;&nbsp;&nbsp; 33511710  |
| **LIABILITIES:** <br>|  |
| Payable to Adviser  | &nbsp;&nbsp;&nbsp;&nbsp; 29441  |
| Payable to Directors  | &nbsp;&nbsp;&nbsp;&nbsp; 604  |
| Payable to Chief Compliance Officer  | &nbsp;&nbsp;&nbsp;&nbsp; 34  |
| Payable to custodian  | &nbsp;&nbsp;&nbsp;&nbsp; 1723  |
| Payable for Fund shares repurchased  | &nbsp;&nbsp;&nbsp;&nbsp; 9037  |
| Payable for shareholder servicing fees  | &nbsp;&nbsp;&nbsp;&nbsp; 3199  |
| Payable for distribution fees  | &nbsp;&nbsp;&nbsp;&nbsp; 16816  |
| Accrued expenses and other liabilities  | &nbsp;&nbsp;&nbsp;&nbsp; 15604  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | &nbsp;&nbsp;&nbsp;&nbsp; 76458  |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; $33435252  |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Cost of investments  | &nbsp;&nbsp;&nbsp;&nbsp; 4718898  |
| **Net Assets Consist of:**<br>|  |
| Paid in capital  | &nbsp;&nbsp;&nbsp;&nbsp; $4060122  |
| Accumulated earnings  | &nbsp;&nbsp;&nbsp;&nbsp; 29375130  |
| &nbsp;&nbsp;&nbsp; **Net assets** | &nbsp;&nbsp;&nbsp;&nbsp; $33435252  |
| **Calculation of Net Asset Value Per Share - No Load Class:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $247085  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 7599  |
| Net asset value per share (offering price and redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $32.52  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $9338582  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 303546  |
| Net asset value per share (redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $30.76  |
| Offering price per share ($30.76 divided by .9425)  | &nbsp;&nbsp;&nbsp;&nbsp; $32.64  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $252213  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 9153  |
| Net asset value per share (offering price and redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $27.56  |
| **Calculation of Net Asset Value Per Share - Institutional Class:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $23597372  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 760584  |
| Net asset value per share (offering price and redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $31.03 |

---

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Internet Fund** | **The** <br>**Global Fund**  |
| **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Dividends<sup>†</sup> | $447871 | $310201  |
| Interest | 855521 | 376713  |
| Income from securities lending | 87259 | 9127  |
| Expenses allocated from Master Portfolio | (2250183) | (438815)  |
| &nbsp;&nbsp;&nbsp; **Net investment income (loss) from Master Portfolio** | (859532) | 257226  |
| **EXPENSES:**<br>|  |  |
| Distribution fees - Advisor Class A (See Note 3) | 5052 | 3973  |
| Distribution fees - Advisor Class C (See Note 3) | 14134 | 24246  |
| Shareholder servicing fees - Advisor Class A (See Note 3) | 5052 | 3973  |
| Shareholder servicing fees - Advisor Class C (See Note 3) | 4711 | 8082  |
| Shareholder servicing fees - No Load Class (See Note 3) | 412815 | 66181  |
| Transfer agent fees and expenses | 46172 | 15478  |
| Reports to shareholders | 11256 | 2558  |
| Administration fees | 38594 | 8009  |
| Professional fees | 4978 | 466  |
| Directors' fees | 9569 | 1713  |
| Chief Compliance Officer fees | 1434 | 274  |
| Registration fees | 32157 | 33843  |
| Fund accounting fees | 6714 | 1165  |
| Other expenses | 3814 | 482  |
| &nbsp;&nbsp;&nbsp; Total expenses | 596452 | 170443  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement |  | (146051)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 596452 | 24392  |
| **Net investment income (loss) from Master Portfolio** | (1455984) | 232834  |
|  **REALIZED AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Net realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 8640228 | 482389  |
| Net change in unrealized appreciation of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 15918389 | 2799360  |
| **Net gain on investments** | 24558617 | 3281749  |
| **Net increase in net assets resulting from operations** | $23102633 | $3514583  |
| <sup>†</sup> Net of foreign taxes withheld of: | $120124 | $83126 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Paradigm Fund** | **The Small Cap** <br>**Opportunities Fund**  |
| **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Dividends<sup>†</sup> | $3625631 | &nbsp;&nbsp;&nbsp; $1601788  |
| Interest | 1002551 | &nbsp;&nbsp;&nbsp; 1919489  |
| Income from securities lending | 186065 | &nbsp;&nbsp;&nbsp; 58065  |
| Expenses allocated from Master Portfolio | (9619678) | &nbsp;&nbsp;&nbsp; (3575019)  |
| &nbsp;&nbsp;&nbsp; **Net investment income (loss) from Master Portfolio** | (4805431) | &nbsp;&nbsp;&nbsp; 4323  |
| **EXPENSES:**<br>|  |  |
| Distribution fees - Advisor Class A (See Note 3) | 350080 | &nbsp;&nbsp;&nbsp; 33680  |
| Distribution fees - Advisor Class C (See Note 3) | 353904 | &nbsp;&nbsp;&nbsp; 47462  |
| Shareholder servicing fees - Advisor Class A (See Note 3) | 350080 | &nbsp;&nbsp;&nbsp; 33680  |
| Shareholder servicing fees - Advisor Class C (See Note 3) | 117968 | &nbsp;&nbsp;&nbsp; 15821  |
| Shareholder servicing fees - No Load Class (See Note 3) | 902485 | &nbsp;&nbsp;&nbsp; 486926  |
| Shareholder servicing fees - Institutional Class (See Note 3) | 358909 | &nbsp;&nbsp;&nbsp; 110275  |
| Transfer agent fees and expenses | 107984 | &nbsp;&nbsp;&nbsp; 46421  |
| Reports to shareholders | 24317 | &nbsp;&nbsp;&nbsp; 14578  |
| Administration fees | 172198 | &nbsp;&nbsp;&nbsp; 61827  |
| Professional fees | 28621 | &nbsp;&nbsp;&nbsp; 10233  |
| Directors' fees | 40859 | &nbsp;&nbsp;&nbsp; 15035  |
| Chief Compliance Officer fees | 6602 | &nbsp;&nbsp;&nbsp; 2420  |
| Registration fees | 59141 | &nbsp;&nbsp;&nbsp; 48028  |
| Fund accounting fees | 28994 | &nbsp;&nbsp;&nbsp; 10466  |
| Other expenses | 14672 | &nbsp;&nbsp;&nbsp; 5290  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2916814 | &nbsp;&nbsp;&nbsp; 942142  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver for Institutional Class shareholder servicing fees | (269182) | &nbsp;&nbsp;&nbsp; (82706)  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement | (6691) | &nbsp;&nbsp;&nbsp; (55501)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 2640941 | &nbsp;&nbsp;&nbsp; 803935  |
| **Net investment loss** | (7446372) | &nbsp;&nbsp;&nbsp; (799612)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 3721262 | &nbsp;&nbsp;&nbsp; (596840)  |
| Net change in unrealized appreciation of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 1731498 | &nbsp;&nbsp;&nbsp; 585231  |
| **Net gain (loss) on investments** | 5452760 | &nbsp;&nbsp;&nbsp; (11609)  |
| **Net decrease in net assets resulting from operations** | $(1993612) | &nbsp;&nbsp;&nbsp; $(811221)  |
| <sup>†</sup> Net of foreign taxes withheld of: | $199872 | &nbsp;&nbsp;&nbsp; $198146 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities** <br>**Fund** | **The** <br>**Multi-Disciplinary** <br>**Income Fund**  |
| **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Dividends<sup>†</sup> | $774566 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Interest | 1584452 | &nbsp;&nbsp;&nbsp;&nbsp; 453627  |
| Income from securities lending | 43346 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Expenses allocated from Master Portfolio | (2136100) | &nbsp;&nbsp;&nbsp;&nbsp; (34442)  |
| &nbsp;&nbsp;&nbsp; **Net investment income from Master Portfolio** | 266264 | &nbsp;&nbsp;&nbsp;&nbsp; 419185  |
| **EXPENSES:**<br>|  |  |
| Distribution fees - Advisor Class A (See Note 3) | 27381 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Distribution fees - Advisor Class C (See Note 3) | 57293 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Shareholder servicing fees - Advisor Class A (See Note 3) | 27381 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Shareholder servicing fees - Advisor Class C (See Note 3) | 19098 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Shareholder servicing fees - No Load Class (See Note 3) | 294182 | &nbsp;&nbsp;&nbsp;&nbsp; 18144  |
| Shareholder servicing fees - Institutional Class (See Note 3) | 49393 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Transfer agent fees and expenses | 31776 | &nbsp;&nbsp;&nbsp;&nbsp; 5760  |
| Reports to shareholders | 5886 | &nbsp;&nbsp;&nbsp;&nbsp; 428  |
| Administration fees | 33619 | &nbsp;&nbsp;&nbsp;&nbsp; 1845  |
| Professional fees | 5980 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Directors' fees | 8706 | &nbsp;&nbsp;&nbsp;&nbsp; 405  |
| Chief Compliance Officer fees | 1376 | &nbsp;&nbsp;&nbsp;&nbsp; 50  |
| Registration fees | 46509 | &nbsp;&nbsp;&nbsp;&nbsp; 13257  |
| Fund accounting fees | 5565 | &nbsp;&nbsp;&nbsp;&nbsp; 256  |
| Other expenses | 2556 | &nbsp;&nbsp;&nbsp;&nbsp; 189  |
| &nbsp;&nbsp;&nbsp; Total expenses | 616701 | &nbsp;&nbsp;&nbsp;&nbsp; 40334  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver for Institutional Class shareholder servicing fees | (37045) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement | (427025) | &nbsp;&nbsp;&nbsp;&nbsp; (17938)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 152631 | &nbsp;&nbsp;&nbsp;&nbsp; 22396  |
| **Net investment income** | 113633 | &nbsp;&nbsp;&nbsp;&nbsp; 396789  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 3403841 | &nbsp;&nbsp;&nbsp;&nbsp;(95)  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 2584482 | &nbsp;&nbsp;&nbsp;&nbsp; (22036)  |
| **Net gain (loss) on investments** | 5988323 | &nbsp;&nbsp;&nbsp;&nbsp; (22131)  |
| **Net increase in net assets resulting from operations** | $6101956 | &nbsp;&nbsp;&nbsp;&nbsp; $374658  |
| <sup>†</sup> Net of foreign taxes withheld of: | $133721 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **The Kinetics Spin-off** <br>**and Corporate** <br>**Restructuring Fund** <br>(Consolidated)  |
| **INVESTMENT INCOME:**<br>|  |
| Dividends<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $106655  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 28028  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp; 134683  |
| **EXPENSES:**<br>|  |
| Distribution fees - Advisor Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 14877  |
| Distribution fees - Advisor Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 1094  |
| Shareholder servicing fees - Advisor Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 14877  |
| Shareholder servicing fees - Advisor Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 365  |
| Shareholder servicing fees - No Load Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 331  |
| Shareholder servicing fees - Institutional Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 27807  |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 18312  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; 956  |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp; 15239  |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Directors' fees | &nbsp;&nbsp;&nbsp;&nbsp; 1207  |
| Chief Compliance Officer fees | &nbsp;&nbsp;&nbsp;&nbsp; 186  |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 28405  |
| Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp; 2852  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 201325  |
| Custodian fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 5594  |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp; 421  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 333848  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver for Institutional Class shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; (20855)  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; (44736)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 268257  |
| **Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp; (133574)  |
|  **REALIZED AND UNREALIZED GAN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:**<br>|  |
| Net realized gain on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp; 931367  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp; (2261495)  |
| **Net loss on investments** | &nbsp;&nbsp;&nbsp;&nbsp; (1330128)  |
| **Net decrease in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; $(1463702)  |
| <sup>†</sup> Net of foreign taxes withheld of: | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Fund** | **The Internet Fund** | **The Global Fund**  | **The Global Fund**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1455984) | $(352409) | $232834 | $183442  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 8640228 | 2252945 | 482389 | 411112  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation of investments and foreign currency | 15918389 | 141485777 | 2799360 | 14608888  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 23102633 | 143386313 | 3514583 | 15203442  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) |  | (2995678) |  | (390102)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) |  | (39960) |  | (20472)  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) |  | (50656) |  | (24781)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (3086294) |  | (435355)  |
|  **CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 28624255 | 46528670 | 33756018 | 26193230  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 23735 | 73966 | 20399 | 24137  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 2857824 |  | 375413  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (34562216) | (48713578) | (16457347) | (9068243)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (5914226) | 746882 | 17319070 | 17524537  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 583728 | 876102 | 866773 | 501806  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 288 | 953 | 1226 | 2143  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 37549 |  | 18689  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (457717) | (1180960) | (101266) | (166019)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 126299 | (266356) | 766733 | 356619  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 206633 | 1262584 | 22387 | 241729  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 278 | 890 | 2575 | 5954  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 43306 |  | 21486  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1069159) | (759591) | (1393762) | (1226667)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (862248) | 547189 | (1368800) | (957498)  |
| **TOTAL INCREASE IN NET ASSETS:** | 16452458 | 141327734 | 20231586 | 31691745  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Fund** | **The Internet Fund** | **The Global Fund**  | **The Global Fund**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 331351245 | 190023511 | 49615735 | 17923990  |
| &nbsp;&nbsp;&nbsp; End of period  | $347803703 | $331351245 | $69847321 | $49615735  |
|  **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 273574 | 552482 | 1989165 | 1885199  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 27757 |  | 23390  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (328104) | (593838) | (991414) | (671518)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | (54530) | (13599) | 997751 | 1237071  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6174 | 11392 | 52751 | 40860  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 405 |  | 1173  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4853) | (13362) | (5998) | (11950)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | 1321 | (1565) | 46753 | 30083  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2594 | 22017 | 1420 | 21188  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 574 |  | 1463  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (14094) | (12406) | (91552) | (105233)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | (11500) | 10185 | (90132) | (82582) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Small Cap Opportunities Fund**  | **The Small Cap Opportunities Fund**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7446372) | $(405751) | $(799612) | $2269328  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 3721262 | 63393324 | (596840) | 12283641  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | 1731498 | 564567500 | 585231 | 157237452  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (1993612) | 627555073 | (811221) | 171790421  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) |  | (17505444) |  | (11698430)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) |  | (7561107) |  | (834147)  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) |  | (2991483) |  | (411553)  |
| &nbsp;&nbsp;&nbsp; Institutional Class (See Note 5) |  | (9634516) |  | (3243686)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (37692550) |  | (16187816)  |
|  **CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 187426527 | 146481009 | 102722656 | 86914477  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 217426 | 176250 | 86653 | 105506  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 16903620 |  | 11358942  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (147506665) | (163192540) | (66978853) | (78238146)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 40137288 | 368339 | 35830456 | 20140779  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10606737 | 16263157 | 2539003 | 1486866  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 83605 | 74617 | 5976 | 7951  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | (130) | 6507268 |  | 766852  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (18359896) | (30338385) | (2108455) | (3248446)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (7669684) | (7493343) | 436524 | (986777)  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3453701 | 3033051 | 254883 | 684542  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 27935 | 25939 | 2794 | 4002  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 155 | 2648384 |  | 391218  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (12312696) | (12993781) | (1476902) | (1667589)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (8830905) | (7286407) | (1219225) | (587827)  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Small Cap Opportunities Fund**  | **The Small Cap Opportunities Fund**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
|  **CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 41986951 | 32839071 | 32739709 | 26568127  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 107240 | 93986 | 24459 | 27723  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 9227333 |  | 3158502  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (45313560) | (105011272) | (13820729) | (22966384)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (3219369) | (62850882) | 18943439 | 6787968  |
| **TOTAL INCREASE IN NET ASSETS:** | 18423718 | 512600230 | 53179973 | 180956748  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1274204737 | 761604507 | 465421467 | 284464719  |
| &nbsp;&nbsp;&nbsp; End of period | $1292628455  | $1274204737 | $518601440 | $465421467  |
|  **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1238331 | 1085072 | 551287 | 512083  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 125949 |  | 66802  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1013249) | (1297185) | (368287) | (560275)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | 225082 | (86164) | 183000 | 18610  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 73772 | 173507 | 14380 | 11066  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 51105 |  | 4710  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (129815) | (284223) | (12161) | (22575)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | (56043) | (59611) | 2219 | (6799)  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 26853 | 25145 | 1552 | 4473  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 23421 |  | 2568  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (98199) | (171592) | (9039) | (14297)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | (71346) | (123026) | (7487) | (7256)  |
|  **CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 273169 | 266348 | 172111 | 167661  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 67788 |  | 18114  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (303909) | (963052) | (72326) | (176421)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | (30740) | (628916) | 99785 | 9354 |

---

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Multi-Disciplinary Income Fund**  | **The Multi-Disciplinary Income Fund**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $113633 | $823814 | &nbsp;&nbsp; $396789 | &nbsp;&nbsp; $848795  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 3403841 | 1152184 | (95) | &nbsp;&nbsp; 212  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | 2584482 | 99556362 | &nbsp;&nbsp; (22036) | &nbsp;&nbsp; 33159  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 6101956 | 101532360 | &nbsp;&nbsp; 374658 | &nbsp;&nbsp; 882166  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) |  | (1298731) | &nbsp;&nbsp; (438928) | &nbsp;&nbsp; (831330)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) |  | (123250) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) |  | (38806) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Institutional Class (See Note 5) |  | (263024) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1723811) | &nbsp;&nbsp; (438928) | &nbsp;&nbsp; (831330)  |
|  **CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 146380595 | 46031959 | &nbsp;&nbsp; 3749641 | &nbsp;&nbsp; 3467955  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 118492 | 53472 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 1293531 | &nbsp;&nbsp; 230296 | &nbsp;&nbsp; 359382  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (75730351) | (48192222) | &nbsp;&nbsp; (1974880) | &nbsp;&nbsp; (2593080)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 70768736 | (813260) | &nbsp;&nbsp; 2005057 | &nbsp;&nbsp; 1234257  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3324906 | 3213198 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 10555 | 6056 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 111117 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2654171) | (1724261) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 681290 | 1606110 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 469039 | 155821 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 7257 | 5095 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 29634 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3238519) | (2239709) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (2762223) | (2049159) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Multi-Disciplinary Income Fund**  | **The Multi-Disciplinary Income Fund**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
|  **CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 40464630 | 7572863 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 25428 | 9672 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 243680 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (32640086) | (14184723) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 7849972 | (6358508) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **TOTAL INCREASE IN NET ASSETS:** | 82639731 | 92193732 | &nbsp;&nbsp; 1940787 | &nbsp;&nbsp; 1285093  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 223384411 | 131190679 | &nbsp;&nbsp; 13405989 | &nbsp;&nbsp; 12120896  |
| &nbsp;&nbsp;&nbsp; End of period | $306024142 | $223384411 | &nbsp;&nbsp; $15346776 | &nbsp;&nbsp; $13405989  |
|  **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1731114 | 658930 | &nbsp;&nbsp; 373537 | &nbsp;&nbsp; 344908  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 16869 | &nbsp;&nbsp; 23169 | &nbsp;&nbsp; 36149  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (922996) | (767370) | &nbsp;&nbsp; (196726) | &nbsp;&nbsp; (259566)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | 808118 | (91571) | &nbsp;&nbsp; 199980 | &nbsp;&nbsp; 121491  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 39749 | 55945 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 1476 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (32629) | (31353) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 7120 | 26068 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5892 | 2738 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 415 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (41193) | (44310) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | (35301) | (41157) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
|  **CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 467944 | 121491 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 3125 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (393631) | (229314) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | 74313 | (104698) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Kinetics Spin-off and Corporate**<br>**Restructuring Fund (Consolidated)**  | **The Kinetics Spin-off and Corporate**<br>**Restructuring Fund (Consolidated)**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(133574) | $343562  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 931367 | 1640709  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (2261495) | 15192766  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (1463702) | 17177037  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) |  | (9975)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) |  | (478493)  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) |  | (11130)  |
| &nbsp;&nbsp;&nbsp; Institutional Class (See Note 5) |  | (1210270)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1709868)  |
| **CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 39417 | 198304  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 449 | 11  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 9848  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed |  | (17500)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 39866 | 190663  |
| **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1373096 | 3241621  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 19888 | 2717  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 476428  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2277980) | (2497363)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (884996) | 1223403  |
| **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  | 159120  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 487 | 119  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 11130  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed |  | (431340)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 487 | (260971)  |
| **CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 4514916 | 2184900  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 45855 | 7835  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends |  | 1201335  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (5449547) | (5859392)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (888776) | (2465322)  |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS:** | (3197121) | 14154942  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 36632373 | 22477431  |
| &nbsp;&nbsp;&nbsp; End of period | $33435252 | $36632373  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Kinetics Spin-off and Corporate**<br>**Restructuring Fund (Consolidated)**  | **The Kinetics Spin-off and Corporate**<br>**Restructuring Fund (Consolidated)**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1046 | 5472  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 289  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (684)  |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 1046 | 5077  |
| **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 37142 | 88676  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 14796  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (66410) | (83319)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | (29268) | 20153  |
| **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 5965  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 385  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (15282)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** |  | (8932)  |
| **CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 122474 | 79065  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions |  | 37044  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (149294) | (211895)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | (26820) | (95786) |

---

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Internet Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $102.51 | $58.64 | $45.53 | $60.64 | $53.01 | $33.89  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp; (0.45) | (0.10) | 0.40 | (0.30) | (0.83) | (0.29)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | 44.91 | 13.14 | (14.44) | 8.93 | 19.41  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | 44.81 | 13.54 | (14.74) | 8.10 | 19.12  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.02 | 0.01 | 0.01 | 0.05 | 0.00<sup>(3)</sup>  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | (0.21) |  |  |  |  |
| From net realized gains | &nbsp;&nbsp; — | (0.75) | (0.44) | (0.38) | (0.52) | —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.96) | (0.44) | (0.38) | (0.52) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $109.70 | $102.51 | $58.64 | $45.53 | $60.64 | $53.01  |
| Total return | &nbsp;&nbsp; 7.01%<sup>(6)</sup> | 76.44% | 29.76% | (24.28)% | 15.35% | 56.42%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp; $340085 | $323380 | $185790 | $144397 | $226228 | $169374  |
|  Ratio of operating expenses to average net assets:<sup>(4)</sup> | &nbsp;&nbsp; 1.67%<sup>(7)</sup> | 1.71% | 1.75% | 1.77% | 1.71% | 1.82%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp; (0.85)%<sup>(7)</sup> | (0.12)% | 0.83% | (0.60)% | (1.29)% | (0.80)%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp; 35% | 43% | 19% | 19% | 4% | 1% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Internet Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Internet Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $92.38 | $53.03 | $41.31 | $55.20 | $48.42 | $31.03  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | (0.27) | 0.26 | (0.39) | (0.91) | (0.35)  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | 40.56 | 11.89 | (13.13) | 8.17 | 17.74  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | 40.29 | 12.15 | (13.52) | 7.26 | 17.39  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.02 | 0.01 | 0.01 | 0.04 | 0.00<sup>(6)</sup>  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.21) |  |  |  |  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.75) | (0.44) | (0.38) | (0.52) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.96) | (0.44) | (0.38) | (0.52) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $98.74 | $92.38 | $53.03 | $41.31 | $55.20 | $48.42  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 6.89%<sup>(7)</sup> | 76.00% | 29.43% | (24.47)% | 15.06% | 56.04%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $4328 | $3927 | $2337 | $2302 | $5620 | $2864  |
| Ratio of operating expenses to average net assets:<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.92%<sup>(8)</sup> | 1.96% | 2.00% | 2.02% | 1.96% | 2.07%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; (1.10)%<sup>(8)</sup> | (0.37)% | 0.58% | (0.85)% | (1.54)% | (1.05)%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35% | 43% | 19% | 19% | 4% | 1% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Internet Portfolio.

<sup>(6)</sup> Amount calculated is less than $0.005.

<sup>(7)</sup> Not Annualized.

<sup>(8)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Internet Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $75.13 | $43.45 | $34.07 | $45.86 | $40.49 | $26.08  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.62) | (0.53) | 0.03 | (0.51) | (1.00) | (0.43)  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | 33.15 | 9.79 | (10.90) | 6.85 | 14.84  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | 32.62 | 9.82 | (11.41) | 5.85 | 14.41  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.02 | 0.00<sup>(5)</sup> | 0.00<sup>(5)</sup> | 0.04 | 0.00<sup>(5)</sup>  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.21) |  |  |  |  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.75) | (0.44) | (0.38) | (0.52) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.96) | (0.44) | (0.38) | (0.52) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $80.10 | $75.13 | $43.45 | $34.07 | $45.86 | $40.49  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 6.62%<sup>(6)</sup> | 75.11% | 28.82% | (24.87)% | 14.52% | 55.25%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $3391 | $4044 | $1896 | $1247 | $1893 | $1560  |
| Ratio of operating expenses to average net assets:<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.42%<sup>(7)</sup> | 2.46% | 2.50% | 2.52% | 2.46% | 2.57%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; (1.60)%<sup>(7)</sup> | (0.87)% | 0.08% | (1.35)% | (2.04)% | (1.55)%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35% | 43% | 19% | 19% | 4% | 1% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(4)</sup> Portfolio turnover of The Internet Portfolio.

<sup>(5)</sup> Amount calculated is less than $0.005.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Global Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $16.01 | $9.39 | $8.60 | $9.33 | $8.30 | $6.64  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.10 | 0.15 | 0.02 | (0.09) | (0.03)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 6.67 | 0.87 | (0.62) | 1.43 | 1.69  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | 6.77 | 1.02 | (0.60) | 1.34 | 1.66  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — | (0.16) | (0.23) |  | (0.29) | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.13) | (0.03) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.16) | (0.23) | (0.13) | (0.32) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $17.21 | $16.01 | $9.39 | $8.60 | $9.33 | $8.30  |
| Total return | &nbsp;&nbsp;&nbsp; 7.50%<sup>(6)</sup> | 72.16% | 11.89% | (6.46)% | 16.32% | 25.00%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $60179 | $40018 | $11857 | $21052 | $19128 | $13904  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 1.86%<sup>(7)</sup> | 2.04% | 2.13% | 2.07% | 2.08% | 2.45%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 1.39%<sup>(7)</sup> | 1.39% | 1.39% | 1.39% | 1.39% | 1.39%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; 0.83%<sup>(7)</sup> | 0.78% | 1.81% | 0.25% | (0.90)% | (0.46)%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 5% | 34% | 16% | 57% | 7% | 8% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Global Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Global Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $15.90 | $9.33 | $8.55 | $9.31 | $8.23 | $6.60  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.07 | 0.13 | 0.00<sup>(3)</sup> | (0.11) | (0.05)  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 6.61 | 0.88 | (0.63) | 1.44 | 1.68  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 6.68 | 1.01 | (0.63) | 1.33 | 1.63  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.12) | (0.23) |  | (0.22) | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.13) | (0.03) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.12) | (0.23) | (0.13) | (0.25) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $17.06 | $15.90 | $9.33 | $8.55 | $9.31 | $8.23  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 7.30%<sup>(7)</sup> | 71.69% | 11.82% | (6.79)% | 16.16% | 24.70%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $3753 | $2753 | $1335 | $840 | $595 | $574  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 2.11%<sup>(8)</sup> | 2.29% | 2.38% | 2.32% | 2.33% | 2.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.64%<sup>(8)</sup> | 1.64% | 1.64% | 1.64% | 1.64% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%<sup>(8)</sup> | 0.52% | 1.56% | 0% | (1.15)% | (0.71)%  |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5% | 34% | 16% | 57% | 7% | 8% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. 

<sup>(5)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(6)</sup> Portfolio turnover of The Global Portfolio.

<sup>(7)</sup> Not Annualized.

<sup>(8)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Global Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $14.65 | $8.60 | $7.89 | $8.64 | $7.67 | $6.18  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |  | 0.08 | (0.04) | (0.15) | (0.07)  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 6.09 | 0.80 | (0.58) | 1.33 | 1.56  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 6.09 | 0.88 | (0.62) | 1.18 | 1.49  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.05) | (0.17) |  | (0.18) | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.13) | (0.03) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.05) | (0.17) | (0.13) | (0.21) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.68 | $14.65 | $8.60 | $7.89 | $8.64 | $7.67  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 7.03%<sup>(6)</sup> | 70.97% | 11.18% | (7.21)% | 15.44% | 24.11%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $5915 | $6844 | $4732 | $6574 | $7439 | $5982  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 2.61%<sup>(7)</sup> | 2.79% | 2.88% | 2.82% | 2.83% | 3.20%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.14%<sup>(7)</sup> | 2.14% | 2.14% | 2.14% | 2.14% | 2.14%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>(7)</sup> | 0.03% | 1.06% | (0.50)% | (1.65)% | (1.21)%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5% | 34% | 16% | 57% | 7% | 8% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Global Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Paradigm Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $133.88 | $73.13 | $92.91 | $73.37 | $53.99 | $53.38  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp; (0.72) | 0.01 | (0.39) | (0.13) | (0.67) | 0.19  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | 64.65 | (15.26) | 21.52 | 21.26 | 1.59  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 64.66 | (15.65) | 21.39 | 20.59 | 1.78  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.04 | 0.00<sup>(3)</sup> | 0.01 | 0.01 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | (0.09) |  | (0.01) |  | (0.18)  |
| From net realized gains | &nbsp;&nbsp; — | (3.86) | (4.13) | (1.85) | (1.22) | (0.99)  |
| **Total distributions** | &nbsp;&nbsp; — | (3.95) | (4.13) | (1.86) | (1.22) | (1.17)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $134.71 | $133.88 | $73.13 | $92.91 | $73.37 | $53.99  |
| Total return | &nbsp;&nbsp; 0.62%<sup>(6)</sup> | 88.47% | (16.89)% | 29.17% | 38.15% | 3.32%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp; $641821 | $607750 | $338263 | $517268 | $368383 | $274876  |
|  Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp; 1.64%<sup>(7)</sup> | 1.66% | 1.68% | 1.67% | 1.68% | 1.72%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp; 1.64%<sup>(7)</sup> | 1.64% | 1.64% | 1.64% | 1.64% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp; (0.98)%<sup>(7)</sup> | 0.01% | (0.51)% | (0.16)% | (0.88)% | 0.42%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp; 0% | 2% | 0% | 0% | 1% | 1% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Paradigm Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Paradigm Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $127.01 | $69.61 | $88.90 | $70.44 | $51.99 | $51.47  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp; (0.86) | (0.24) | (0.56) | (0.31) | (0.83) | 0.07  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | 61.46 | (14.60) | 20.62 | 20.49 | 1.51  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | 61.22 | (15.16) | 20.31 | 19.66 | 1.58  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.04 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — |  |  |  |  | (0.07)  |
| From net realized gains | &nbsp;&nbsp; — | (3.86) | (4.13) | (1.85) | (1.22) | (0.99)  |
| **Total distributions** | &nbsp;&nbsp; — | (3.86) | (4.13) | (1.85) | (1.22) | (1.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $127.64 | $127.01 | $69.61 | $88.90 | $70.44 | $51.99  |
| Total return | &nbsp;&nbsp; 0.50%<sup>(7)</sup> | 88.00% | (17.10)% | 28.86% | 37.81% | 3.05%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp; $248682 | $254589 | $143676 | $188033 | $155850 | $94179  |
|  Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp; 1.89%<sup>(8)</sup> | 1.91% | 1.93% | 1.92% | 1.93% | 1.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | &nbsp;&nbsp; 1.89%<sup>(8)</sup> | 1.89% | 1.89% | 1.89% | 1.89% | 1.89%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp; (1.23)%<sup>(8)</sup> | (0.24)% | (0.76)% | (0.41)% | (1.13)% | 0.17%  |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp; 0% | 2% | 0% | 0% | 1% | 1% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. 

<sup>(5)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(6)</sup> Portfolio turnover of The Paradigm Portfolio.

<sup>(7)</sup> Not Annualized.

<sup>(8)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Paradigm Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $112.80 | $62.36 | $80.56 | $64.28 | $47.77 | $47.54  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment loss<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (1.08) | (0.64) | (0.83) | (0.63) | (1.08) | (0.14)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | 54.91 | (13.24) | 18.76 | 18.80 | 1.36  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 54.27 | (14.07) | 18.13 | 17.72 | 1.22  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.03 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — |  |  |  |  | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — | (3.86) | (4.13) | (1.85) | (1.22) | (0.99)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (3.86) | (4.13) | (1.85) | (1.22) | (0.99)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $113.08 | $112.80 | $62.36 | $80.56 | $64.28 | $47.77  |
| Total return | &nbsp;&nbsp;&nbsp; 0.26%<sup>(6)</sup> | 87.06% | (17.52)% | 28.22% | 37.11% | 2.56%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $82054 | $89897 | $57370 | $84135 | $71947 | $84597  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 2.39%<sup>(7)</sup> | 2.41% | 2.43% | 2.42% | 2.43% | 2.47%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 2.39%<sup>(7)</sup> | 2.39% | 2.39% | 2.39% | 2.39% | 2.39%  |
| Ratio of net investment loss to average net assets: | &nbsp;&nbsp;&nbsp; (1.73)%<sup>(7)</sup> | (0.74)% | (1.26)% | (0.91)% | (1.63)% | (0.33)%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 0% | 2% | 0% | 0% | 1% | 1% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Paradigm Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Paradigm Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $135.78 | $74.10 | $93.89 | $74.09 | $54.51 | $53.87  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp; (0.58) | 0.22 | (0.24) | 0.03 | (0.52) | 0.28  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | 65.57 | (15.42) | 21.77 | 21.47 | 1.64  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 65.79 | (15.66) | 21.80 | 20.95 | 1.92  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.04 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01 | 0.00  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | (0.29) |  | (0.15) | (0.16) | (0.29)  |
| From net realized gains | &nbsp;&nbsp; — | (3.86) | (4.13) | (1.85) | (1.22) | (0.99)  |
| **Total distributions** | &nbsp;&nbsp; — | (4.15) | (4.13) | (2.00) | (1.38) | (1.28)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $136.76 | $135.78 | $74.10 | $93.89 | $74.09 | $54.51  |
| Total return | &nbsp;&nbsp; 0.72%<sup>(6)</sup> | 88.83% | (16.73)% | 29.43% | 38.44% | 3.55%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp; $320072 | $321969 | $222295 | $288387 | $229996 | $184693  |
|  Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp; 1.59%<sup>(7)</sup> | 1.61% | 1.63% | 1.62% | 1.63% | 1.67%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp; 1.44%<sup>(7)</sup> | 1.44% | 1.44% | 1.44% | 1.44% | 1.44%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp; (0.78)%<sup>(7)</sup> | 0.21% | (0.31)% | 0.04% | (0.68)% | 0.62%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp; 0% | 2% | 0% | 0% | 1% | 1% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Paradigm Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $169.66 | $104.27 | $130.35 | $98.78 | $66.81 | $65.31  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp; (0.28) | 0.90 | 0.25 | 0.07 | (0.91) | 0.43  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | 70.50 | (19.35) | 31.47 | 34.48 | 1.07  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | 71.40 | (19.10) | 31.54 | 33.57 | 1.50  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.06 | 0.02 | 0.03 | 0.05 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | (2.94) | (1.30) |  | (1.65) | —  |
| From net realized gains | &nbsp;&nbsp; — | (3.13) | (5.70) |  |  | —  |
| **Total distributions** | &nbsp;&nbsp; — | (6.07) | (7.00) |  | (1.65) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $171.48 | $169.66 | $104.27 | $130.35 | $98.78 | $66.81  |
| Total return | &nbsp;&nbsp; 1.07%<sup>(6)</sup> | 68.52% | (14.69)% | 31.96% | 50.33% | 2.30%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp; $371523 | $336526 | $204889 | $327093 | $195631 | $126350  |
|  Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp; 1.66%<sup>(7)</sup> | 1.69% | 1.72% | 1.69% | 1.70% | 1.78%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp; 1.64%<sup>(7)</sup> | 1.64% | 1.64% | 1.64% | 1.64% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp; (0.31)%<sup>(7)</sup> | 0.65% | 0.22% | 0.07% | (0.93)% | 0.78%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp; 0% | 6% | 2% | 6% | 3% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Small Cap Opportunities Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $162.45 | $100.03 | $125.37 | $95.24 | $64.41 | $63.12  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.49) | 0.53 | (0.03) | (0.20) | (1.12) | 0.28  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | 67.55 | (18.61) | 30.30 | 33.24 | 1.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 68.08 | (18.64) | 30.10 | 32.12 | 1.29  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.05 | 0.02 | 0.03 | 0.05 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — | (2.58) | (1.02) |  | (1.34) | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — | (3.13) | (5.70) |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (5.71) | (6.72) |  | (1.34) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $163.99 | $162.45 | $100.03 | $125.37 | $95.24 | $64.41  |
| Total return | &nbsp;&nbsp;&nbsp; 0.95%<sup>(7)</sup> | 68.10% | (14.91)% | 31.64% | 49.94% | 2.04%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $24964 | $24368 | $15685 | $23920 | $14755 | $8172  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 1.91%<sup>(8)</sup> | 1.94% | 1.97% | 1.94% | 1.95% | 2.03%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 1.89%<sup>(8)</sup> | 1.89% | 1.89% | 1.89% | 1.89% | 1.89%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; (0.56)%<sup>(8)</sup> | 0.40% | (0.03)% | (0.18)% | (1.18)% | 0.53%  |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp; 0% | 6% | 2% | 6% | 3% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. 

<sup>(5)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(6)</sup> Portfolio turnover of The Small Cap Opportunities Portfolio.

<sup>(7)</sup> Not Annualized.

<sup>(8)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $151.97 | $93.93 | $118.14 | $90.20 | $60.85 | $59.93  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.87) | (0.12) | (0.53) | (0.69) | (1.49) | 0.02  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | 63.25 | (17.53) | 28.60 | 31.38 | 0.90  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 63.13 | (18.06) | 27.91 | 29.89 | 0.92  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.05 | 0.02 | 0.03 | 0.05 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — | (2.01) | (0.47) |  | (0.59) | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — | (3.13) | (5.70) |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (5.14) | (6.17) |  | (0.59) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $153.04 | $151.97 | $93.93 | $118.14 | $90.20 | $60.85  |
| Total return | &nbsp;&nbsp;&nbsp; 0.70%<sup>(6)</sup> | 67.25% | (15.32)% | 30.98% | 49.20% | 1.53%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $11424 | $12482 | $8396 | $12234 | $9219 | $8684  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 2.41%<sup>(7)</sup> | 2.44% | 2.46% | 2.44% | 2.45% | 2.53%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 2.39%<sup>(7)</sup> | 2.39% | 2.39% | 2.39% | 2.39% | 2.39%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; (1.06)%<sup>(7)</sup> | (0.10)% | (0.53)% | (0.68)% | (1.68)% | 0.03%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 0% | 6% | 2% | 6% | 3% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Small Cap Opportunities Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $173.98 | $106.78 | $133.32 | $100.83 | $68.25 | $66.58  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp; (0.10) | 1.21 | 0.48 | 0.31 | (0.73) | 0.55  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | 72.26 | (19.78) | 32.14 | 35.22 | 1.12  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | 73.47 | (19.30) | 32.45 | 34.49 | 1.67  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.06 | 0.02 | 0.04 | 0.06 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | (3.20) | (1.56) |  | (1.97) | —  |
| From net realized gains | &nbsp;&nbsp; — | (3.13) | (5.70) |  |  | —  |
| **Total distributions** | &nbsp;&nbsp; — | (6.33) | (7.26) |  | (1.97) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $176.03 | $173.98 | $106.78 | $133.32 | $100.83 | $68.25  |
| Total return | &nbsp;&nbsp; 1.18%<sup>(6)</sup> | 68.85% | (14.52)% | 32.22% | 50.62% | 2.51%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp; $110691 | $92045 | $55494 | $95963 | $49484 | $35118  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp; 1.61%<sup>(7)</sup> | 1.64% | 1.67% | 1.64% | 1.65% | 1.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp; 1.44%<sup>(7)</sup> | 1.44% | 1.44% | 1.44% | 1.44% | 1.44%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp; (0.11)%<sup>(7)</sup> | 0.85% | 0.42% | 0.27% | (0.73)% | 0.98%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp; 0% | 6% | 2% | 6% | 3% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Small Cap Opportunities Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Market Opportunities Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $76.42 | $41.85 | $45.55 | $40.16 | $31.85 | $26.71  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.31 | 0.36 | 0.07 | (0.33) | 0.10  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | 34.85 | (3.70) | 5.94 | 9.25 | 5.12  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | 35.16 | (3.34) | 6.01 | 8.92 | 5.22  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.03 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.02 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | (0.53) | (0.36) | (0.02) | (0.59) | (0.08)  |
| From net realized gains | &nbsp;&nbsp; — | (0.09) |  | (0.60) | (0.04) | —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.62) | (0.36) | (0.62) | (0.63) | (0.08)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $80.95 | $76.42 | $41.85 | $45.55 | $40.16 | $31.85  |
| Total return | &nbsp;&nbsp; 5.93%<sup>(6)</sup> | 84.08% | (7.33)% | 14.98% | 28.04% | 19.55%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp; $236152 | $161183 | $92117 | $96190 | $86943 | $66570  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp; 1.67%<sup>(7)</sup> | 1.72% | 1.76% | 1.76% | 1.75% | 1.85%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp; 1.40%<sup>(7)</sup> | 1.40% | 1.40% | 1.40% | 1.40% | 1.40%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp; 0.09%<sup>(7)</sup> | 0.53% | 0.90% | 0.18% | (0.79)% | 0.40%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp; 4% | 7% | 5% | 13% | 2% | 2% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Market Opportunities Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Market Opportunities Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $75.04 | $41.14 | $44.81 | $39.54 | $31.36 | $26.29  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.06) | 0.16 | 0.26 | (0.03) | (0.43) | 0.04  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | 34.20 | (3.65) | 5.83 | 9.10 | 5.04  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | 34.36 | (3.39) | 5.80 | 8.67 | 5.08  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.03 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.02 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — | (0.40) | (0.28) |  | (0.47) | (0.01)  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — | (0.09) |  | (0.53) | (0.04) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.49) | (0.28) | (0.53) | (0.51) | (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $79.39 | $75.04 | $41.14 | $44.81 | $39.54 | $31.36  |
| Total return | &nbsp;&nbsp;&nbsp; 5.80%<sup>(7)</sup> | 83.60% | (7.56)% | 14.69% | 27.70% | 19.31%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $20461 | $18806 | $9238 | $9794 | $8786 | $6442  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 1.92%<sup>(8)</sup> | 1.97% | 2.01% | 2.01% | 2.00% | 2.10%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 1.65%<sup>(8)</sup> | 1.65% | 1.65% | 1.65% | 1.65% | 1.65%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; (0.16)%<sup>(8)</sup> | 0.28% | 0.65% | (0.07)% | (1.04)% | 0.15%  |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp; 4% | 7% | 5% | 13% | 2% | 2% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. 

<sup>(5)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(6)</sup> Portfolio turnover of The Market Opportunities Portfolio.

<sup>(7)</sup> Not Annualized.

<sup>(8)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**The Market Opportunities Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $71.16 | $39.06 | $42.51 | $37.72 | $29.79 | $25.10  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.26) | (0.12) | 0.06 | (0.22) | (0.60) | (0.08)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | 32.38 | (3.46) | 5.54 | 8.65 | 4.77  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | 32.26 | (3.40) | 5.32 | 8.05 | 4.69  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.02 | 0.00<sup>(5)</sup> | 0.00<sup>(5)</sup> | 0.02 | 0.00<sup>(5)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — | (0.09) | (0.05) |  | (0.10) | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — | (0.09) |  | (0.53) | (0.04) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.18) | (0.05) | (0.53) | (0.14) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $75.10 | $71.16 | $39.06 | $42.51 | $37.72 | $29.79  |
| Total return | &nbsp;&nbsp;&nbsp; 5.54%<sup>(6)</sup> | 82.65% | (8.01)% | 14.12% | 27.06% | 18.69%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $13239 | $15057 | $9871 | $12610 | $11087 | $9392  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 2.42%<sup>(7)</sup> | 2.47% | 2.51% | 2.51% | 2.50% | 2.60%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 2.15%<sup>(7)</sup> | 2.15% | 2.15% | 2.15% | 2.15% | 2.15%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; (0.66)%<sup>(7)</sup> | (0.22)% | 0.15% | (0.57)% | (1.54)% | (0.35)%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 4% | 7% | 5% | 13% | 2% | 2% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(4)</sup> Portfolio turnover of The Market Opportunities Portfolio.

<sup>(5)</sup> Amount calculated is less than $0.005.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Market Opportunities Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $77.72 | $42.54 | $46.29 | $40.79 | $32.34 | $27.11  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.43 | 0.45 | 0.16 | (0.25) | 0.15  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | 35.45 | (3.76) | 6.04 | 9.39 | 5.22  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | 35.88 | (3.31) | 6.20 | 9.14 | 5.37  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.02 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.02 | —  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — | (0.63) | (0.44) | (0.03) | (0.67) | (0.14)  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — | (0.09) |  | (0.67) | (0.04) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.72) | (0.44) | (0.70) | (0.71) | (0.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $82.41 | $77.72 | $42.54 | $46.29 | $40.79 | $32.34  |
| Total return | &nbsp;&nbsp;&nbsp; 6.03%<sup>(6)</sup> | 84.40% | (7.14)% | 15.21% | 28.31% | 19.79%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $36172 | $28338 | $19964 | $21577 | $22655 | $14260  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 1.62%<sup>(7)</sup> | 1.67% | 1.71% | 1.71% | 1.70% | 1.80%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1.20%<sup>(7)</sup> | 1.20% | 1.20% | 1.20% | 1.20% | 1.20%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; 0.29%<sup>(7)</sup> | 0.73% | 1.10% | 0.38% | (0.59)% | 0.60%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 4% | 7% | 5% | 13% | 2% | 2% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Market Opportunities Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**The Multi-Disciplinary Income Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.98 | $9.92 | $9.94 | $10.40 | $10.45 | $10.95  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.65 | 0.49 | 0.21 | 0.18 | 0.33  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.01) | 0.03 | 0.01 | (0.45) | (0.07) | (0.50)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.68 | 0.50 | (0.24) | 0.11 | (0.17)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01 | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.29) | (0.62) | (0.52) | (0.22) | (0.17) | (0.33)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.29) | (0.62) | (0.52) | (0.22) | (0.17) | (0.33)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.95 | $9.98 | $9.92 | $9.94 | $10.40 | $10.45  |
| Total return | &nbsp;&nbsp;&nbsp; 2.66%<sup>(6)</sup> | 7.05% | 5.15% | (2.30)% | 1.18% | (1.38)%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $15347 | $13406 | $12121 | $16325 | $3202 | $3698  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 1.03%<sup>(7)</sup> | 1.17% | 1.64% | 2.30% | 2.10% | 2.13%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 0.78%<sup>(7)</sup> | 0.76% | 1.03%<sup>(8)</sup> | 1.49% | 1.49% | 1.49%  |
|  Ratio of net investment income to average net assets: | &nbsp;&nbsp;&nbsp; 5.48%<sup>(7)</sup> | 6.52% | 4.94% | 2.06% | 1.72% | 3.14%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 32% | 37% | 37% | 0% | 0% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(5)</sup> Portfolio turnover of The Multi-Disciplinary Income Portfolio.

<sup>(6)</sup> Not Annualized.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Effective April 30, 2023, the Adviser agreed to reduce the expense cap for the Multi-Disciplinary Income Fund from 1.49% to 0.74%. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**The Spin-off Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $33.92 | $19.46 | $26.33 | $19.20 | $13.45 | $12.83  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | 0.32 | 0.03 | 0.08 | (0.11) | 0.10  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.31) | 15.73 | (5.17) | 7.49 | 5.88 | 0.60  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.46) | 16.05 | (5.14) | 7.57 | 5.77 | 0.70  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | —  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.40) | (0.03) |  | (0.02) | (0.08)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (1.20) | (1.71) | (0.44) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (1.60) | (1.74) | (0.44) | (0.02) | (0.08)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $32.52 | $33.92 | $19.46 | $26.33 | $19.20 | $13.45  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (4.13)%<sup>(4)</sup> | 82.47% | (19.59)% | 39.43% | 42.90% | 5.44%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $247 | $222 | $29 | $149 | $125 | $18  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.61%<sup>(5)</sup> | 1.77% | 1.83% | 1.79% | 1.84% | 2.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.45%<sup>(5)</sup> | 1.45% | 1.45% | 1.45% | 1.45% | 1.45%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%<sup>(5)</sup> | 1.06% | 0.15% | 0.36% | (0.57)% | 0.92%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 1% | 6% | 1% | 4% | 1% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each Year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

The accompanying notes are an integral part of these financial statements.

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Spin-off Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $32.10 | $18.42 | $25.05 | $18.28 | $12.82 | $12.25  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | 0.26 | 0.02 | 0.06 | (0.12) | 0.09  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.25) | 14.91 | (4.91) | 7.15 | 5.60 | 0.55  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.40) | 15.17 | (4.89) | 7.21 | 5.48 | 0.64  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | —  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.30) | (0.03) |  | (0.02) | (0.07)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (1.20) | (1.71) | (0.44) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (1.50) | (1.74) | (0.44) | (0.02) | (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $30.76 | $32.10 | $18.42 | $25.05 | $18.28 | $12.82  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (4.14)%<sup>(5)</sup> | 82.36% | (19.63)% | 39.45% | 42.75% | 5.21%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $9339 | $10684 | $5758 | $10649 | $5869 | $2521  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.86%<sup>(6)</sup> | 2.02% | 2.08% | 2.04% | 2.09% | 2.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%<sup>(6)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; (0.83)%<sup>(6)</sup> | 1.00% | 0.09% | 0.30% | (0.62)% | 0.87%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 1% | 6% | 1% | 4% | 1% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each Year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. 

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**The Spin-off Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.86 | $16.64 | $23.01 | $16.95 | $11.98 | $11.47  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | 0.06 | (0.13) | (0.08) | (0.23) | 0.01  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.10) | 13.42 | (4.50) | 6.58 | 5.23 | 0.50  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.35) | 13.48 | (4.63) | 6.50 | 5.00 | 0.51  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.01 | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> | —  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.07) | (0.03) |  | (0.03) | (0.00)<sup>(6)</sup>  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (1.20) | (1.71) | (0.44) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (1.27) | (1.74) | (0.44) | (0.03) | (0.00)<sup>(6)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $27.56 | $28.86 | $16.64 | $23.01 | $16.95 | $11.98  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (4.50)%<sup>(3)</sup> | 81.04% | (20.24)% | 38.36% | 41.73% | 4.47%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $252 | $264 | $301 | $842 | $940 | $2611  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 2.36%<sup>(4)</sup> | 2.52% | 2.58% | 2.54% | 2.59% | 2.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.25%<sup>(4)</sup> | 2.25% | 2.25% | 2.25% | 2.25% | 2.25%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; (1.58)%<sup>(4)</sup> | 0.25% | (0.66)% | (0.43)% | (1.37)% | 0.12%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 1% | 6% | 1% | 4% | 1% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each Year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(6)</sup> Amount calculated is less than $0.005. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**The Spin-off Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $32.34 | $18.56 | $25.25 | $18.40 | $12.87 | $12.32  |
| **Income from Investment Operations:** | **Income from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.10) | 0.32 | 0.07 | 0.12 | (0.07) | 0.12  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.27) | 15.06 | (4.95) | 7.21 | 5.62 | 0.55  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.37) | 15.38 | (4.88) | 7.33 | 5.55 | 0.67  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup>  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; — | (0.41) | (0.10) | (0.04) | (0.02) | (0.12)  |
| From net realized gains | &nbsp;&nbsp;&nbsp; — | (1.20) | (1.71) | (0.44) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (1.61) | (1.81) | (0.48) | (0.02) | (0.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $31.03 | $32.34 | $18.56 | $25.25 | $18.40 | $12.87  |
| Total return | &nbsp;&nbsp;&nbsp; (4.05)%<sup>(4)</sup> | 82.86% | (19.43)% | 39.82% | 43.12% | 5.46%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |  |
| Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp; $23597 | $25461 | $16389 | $23458 | $17377 | $12387  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp; 1.56%<sup>(5)</sup> | 1.72% | 1.78% | 1.74% | 1.79% | 2.11%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(6)</sup> | &nbsp;&nbsp;&nbsp; 1.25%<sup>(5)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; 0.15%<sup>(5)</sup> | 1.25% | 0.35% | 0.56% | (0.37)% | 1.12%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 1% | 6% | 1% | 4% | 1% | 0% |

---

<sup>(1)</sup> Information presented relates to a share of capital stock outstanding for each Year.

<sup>(2)</sup> Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

<sup>(3)</sup> Amount calculated is less than $0.005.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.

<sup>(7)</sup> Amount calculated is less than $0.005. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

1. Organization

Kinetics Mutual Funds, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and is incorporated in the State of Maryland. The Company is an open-end management investment company issuing its shares in series. One billion shares are authorized for the Company with a par value of $0.001 per share. The series of the Company presently authorized are The Internet Fund ("Internet"), The Global Fund ("Global"), The Paradigm Fund ("Paradigm"), The Small Cap Opportunities Fund ("Small Cap"), The Market Opportunities Fund ("Market Opportunities"), The Multi-Disciplinary Income Fund ("Multi-Disciplinary Income") and The Kinetics Spin-Off and Corporate Restructuring Fund ("Spin-Off Fund") (each, a "Fund" and collectively, the "Funds"). Investment operations of the Company began on October 21, 1996 (Internet), December 31, 1999 (Global and Paradigm), March 20, 2000 (Small Cap), January 31, 2006 (Market Opportunities), February 11, 2008 (Multi-Disciplinary Income) and May 4, 2007 (Spin-Off Fund). The Spin-Off Fund completed a plan of reorganization at the close of business on December 8, 2017 to begin operations under the Company. Prior to December 8, 2017, the Spin-Off Fund was known as Horizon Spin-Off and Corporate Restructuring Fund, a series of Investment Managers Series Trust. Each series, except the Spin-Off Fund, unlike many other investment companies which directly acquire and manage their own portfolios of securities, seeks to achieve its investment objective by investing all of its investable assets in a corresponding portfolio series, The Internet Portfolio ("Internet Portfolio"), The Global Portfolio ("Global Portfolio"), The Paradigm Portfolio ("Paradigm Portfolio"), The Small Cap Opportunities Portfolio ("Small Cap Opportunities Portfolio"), The Market Opportunities Portfolio ("Market Opportunities Portfolio") and The Multi-Disciplinary Income Portfolio ("Multi-Disciplinary Income Portfolio") (each a "Master Portfolio" and collectively the "Master Portfolios") of Kinetics Portfolios Trust (the "Trust"). The Spin-Off Fund does not invest all of its investable assets in a Master Portfolio and will directly acquire and manage its own portfolio of securities.

On April 28, 2000 (January 31, 2006, with respect to Market Opportunities, and February 11, 2008, with respect to Multi-Disciplinary Income), each series in the Company, except for the Spin-Off Fund, entered into a master-feeder fund structure. By entering into this structure, each series, except for the Spin-Off Fund, (each a "Feeder Fund" and collectively, the "Feeder Funds") invested all of its assets in a corresponding Master Portfolio which had the same investment objective as the Feeder Fund. Each Master Portfolio may have multiple feeder funds. Each Feeder Fund receives a proportionate amount of interest in the Master Portfolio equal to its relative contribution of capital. Thus, each Feeder Fund is allocated its portion of income, gains (losses) and expenses from the Master Portfolio.

Each Feeder Fund's respective interest in the corresponding Master Portfolio as of June 30, 2025, is as follows:

---

| | |
|:---|:---|
|  | **Interest in** <br>**Master Portfolio**  |
| The Internet Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.943%  |
| The Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.989%  |
| The Paradigm Fund | &nbsp;&nbsp;&nbsp;&nbsp; 95.703%  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.937%  |
| The Market Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.975%  |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 98.544% |

---

Prior to the conversion to a master-feeder fund structure on April 28, 2000, each then existing series conducted its own investment operations.

As of June 30, 2025, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class A shares. Advisor Class A shares are subject to an annual Rule 12b-1 fee of 0.25% of average daily net assets and a shareholder servicing fee of 0.25% of average daily net assets. The Advisor Class A shares are also subject to a front-end sales charge of 5.75%.

As of June 30, 2025, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class C shares. Advisor Class C shares are subject to an annual Rule 12b-1 fee of 0.75% of average daily net assets and a shareholder servicing fee of 0.25% of average daily net assets. If you sell your Advisor Class C shares within 12 months of purchase, you will have to pay a contingent deferred sales charge of 1.00%, which is applied to the NAV of the shares on the date of original purchase or on the date of redemption, whichever is less.

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

As of June 30, 2025, each of the Funds offers No Load Class shares. No Load Class shares are subject to a shareholder servicing fee of 0.25% of average daily net assets but do not have 12b-1 fees or a sales charge.

As of June 30, 2025, the Paradigm, Small Cap, Market Opportunities and Spin-Off Funds offer Institutional Class shares. Institutional Class shares are subject to a shareholder servicing fee of 0.20% of average daily net assets but do not have 12b-1 fees or a sales charge. The Adviser has contractually agreed to waive the portion of the Institutional Class shareholder servicing fee in excess of 0.05%.

Each class of shares for each Feeder Fund and the Spin-Off Fund has identical rights and privileges except with respect to the Rule 12b-1 fees paid by the Advisor Class A and Advisor Class C shares, the front-end sales charge on the Advisor Class A shares, the contingent deferred sales charge on Class C, the shareholder servicing fees paid by the Advisor Class A, Advisor Class C, No Load Class and Institutional Class shares, voting rights on matters pertaining to a single class of shares and the exchange privileges of each class of shares. Shares of each Feeder Fund and the Spin-Off Fund will assess a 2.00% redemption fee (with exceptions) on shares redeemed or exchanged within 30 days of purchase. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class based on its relative net assets.

Refer to the Master Portfolios' financial statements to obtain information about the investment objective of the corresponding Feeder Fund. The financial statements of the Master Portfolios, including the portfolios of investments, are contained elsewhere in this report, and should be read in conjunction with the Feeder Funds' financial statements.

2. Significant Accounting Policies

**Security Valuation – Master Portfolios and Spin-Off Fund equity securities that are listed on a securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation is made. Price information on listed securities is taken from the exchange where the security is primarily traded. All equity securities, including exchange-traded funds, that are traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") are valued using the NASDAQ Official Closing Price ("NOCP"). In the event market quotations are not readily available or if events occur that may materially affect the value of a particular security between the time trading ends on a particular security and the close of regular trading on the New York Stock Exchange ("NYSE"), "fair value" will be determined. Unlisted equity securities and listed equity securities not traded on the valuation date for which market quotations are readily available are valued at the last bid price. Futures, options on futures and swap contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or over-the-counter markets and are freely transferable will be valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. If a composite option price is not available, then a quote provided by one of the authorized pricing vendors will be used. If neither a composite price nor a quote from an authorized pricing provider is available, and it is the day of expiration or post-expiration, expiring options will be priced at intrinsic value. Non-exchange-traded options for which over-the-counter quotations are not readily available are valued at the mean between the last bid and asked quotations. Debt obligations (including convertible securities) that are either investment grade or below investment grade and irrespective of days to maturity are valued at evaluated mean by one of the authorized third party pricing agents which rely on various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Certain instruments, such as repurchase agreements and demand notes, do not have values from third parties and are valued at amortized cost. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported net asset value ("NAV").** 

Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value by the Adviser, as the Master Portfolios' and Spin-Off Fund's Valuation Designee. In determining the fair value of a security, the Adviser, as Valuation Designee, shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Portfolios with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets. At June 30, 2025, 1.73%, 0.86%, 0.20%, 0.69%, 0.82% and 0.30% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Spin-Off Fund, respectively, were fair valued securities. The Multi-Disciplinary Income Portfolio did not hold any fair valued securities at June 30, 2025.

**Bitcoin – The Master Portfolios and Spin-Off Fund invests in Grayscale Bitcoin Trust, a Delaware statutory trust ("Bitcoin Trust") that invests in bitcoins. From time to time, the Bitcoin Trust issues creation units in exchange for bitcoins and distributes bitcoins in exchange for redemption units. The performance of the Bitcoin Trust is intended to reflect changes in the value of the Bitcoin Trust's bitcoin investments. At June 30, 2025, 58.10%, 20.74%, 13.60% 5.46%, 18.47% and 0.78% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Spin-Off Fund, respectively, were invested in the Bitcoin Trust. Investments in bitcoins produce non-qualifying income under Subchapter M of the Internal Revenue Code.** 

Bitcoin is a decentralized digital currency that enables instant transfers to anyone, anywhere in the world. Managing transactions in bitcoins occurs via an open source, cryptographic protocol central authority. The Bitcoin Network is an online, end-user-to-end-user network that hosts the public transaction ledger, known as the Blockchain, and the source code that comprises the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by a decentralized user base. Since the Bitcoin Network is decentralized, it does not rely on either governmental authorities or financial institutions to create, transmit or determine the value of bitcoins. Rather, the value of bitcoins is determined by the supply of and demand for bitcoins in the global bitcoin exchange market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges ("Bitcoin Exchanges"). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the Bitcoin Trust. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a Master Portfolio's direct or indirect investment in the Bitcoin Trust. Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a Master Portfolio's direct or indirect investment in the Bitcoin Trust. Shares of the Bitcoin Trust may trade at a premium or discount to the net asset value of the Bitcoin Trust. The price of bitcoins is set in transfers by mutual agreement or barter as well as the number of merchants that accept bitcoins. Because bitcoins are digital files that can be transferred without the involvement of intermediaries or third parties, there are little or no transaction costs in direct end-user-to-end-user transactions. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S. dollar, at rates determined by the Bitcoin Exchanges. Additionally, third party service providers such as Bitcoin Exchanges are also used for transfers, but they may charge significant fees for processing transactions.

As bitcoins have grown in popularity, the U.S. Congress and a number of federal and state agencies (including the Financial Crimes Enforcement Network (FinCEN), the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, and state financial institution regulators) have begun to examine the operations of the network that facilitates bitcoins, bitcoin users and the Bitcoin Exchanges, with particular focus on (1) the extent to which bitcoins can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises, (2) the safety and soundness of the Bitcoin Exchange or other service-providers that hold bitcoins for users and (3) other risks to investors and consumers who hold and use bitcoins. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the value of a Master Portfolio's and it's Subsidiary's investment in the Bitcoin Trust or the ability of the Bitcoin Trust to continue to operate.

**Repurchase Agreements – Each Master Portfolio and the Spin-Off Fund may enter into repurchase agreements with banks that are members of the Federal Reserve System or securities dealers who are members of a national securities exchange or are primary dealers in U.S. Government Securities. In connection with transactions in repurchase agreements, it is the Trust's policy that the Master Portfolios and Spin-Off Fund receive, as collateral, securities whose** 

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

market value, including accrued interest, at all times will be at least equal to 102% of the amount invested by the Master Portfolio and Spin-Off Fund in each repurchase agreement. If the seller defaults and the value of the collateral declines, realization of the collateral by the Master Portfolio and Spin-Off Fund may be delayed or limited.

**Foreign Currency Translations – The books and records of the Master Portfolios and Spin-Off Fund are maintained in U.S. dollars. For the Master Portfolios and Spin-Off Fund, foreign currency transactions are translated into U.S. dollars on the following basis: (i) market values of investment securities and other assets and liabilities are translated at the exchange rate of such currencies against the U.S. dollar, as provided by an approved pricing service, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Master Portfolios and Spin-Off Fund do not isolate and treat as ordinary income that portion of the results of operations arising as a result of changes in the exchange rate from the fluctuations arising from changes in the market prices of securities held during the year. Such fluctuations are included with the net realized and unrealized gain or loss from investments. However, for federal income tax purposes, the Master Portfolios and Spin-Off Fund do isolate and treat as ordinary income the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the effect of changes in foreign exchange rates arising between trade date and settlement date.** 

**Restricted and Illiquid Securities – The Master Portfolios and Spin-Off Fund may invest in restricted securities. These securities are valued by the Master Portfolios and Spin-Off Fund after giving due consideration to pertinent factors including recent private sales, market conditions and the issuer's financial performance. The Master Portfolios and Spin-Off Fund have no right to require registration of unregistered securities. The 144A securities have been deemed to be liquid by the Master Portfolio and Spin-Off Fund's Adviser under the oversight of the Board of Trustees/Directors. At June 30, 2025, market value and percentage of 144A securities held by the Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.** 

An illiquid asset is any asset which may not be sold or disposed of in current market conditions within seven days without the sale or disposition significantly changing the market value of the investment. At June 30, 2025, market value and percentage of illiquid securities held by the Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.

**When-Issued Securities – The Master Portfolios and Spin-Off Fund may purchase securities on a when- issued or delayed delivery basis. Although the purchase amounts of these securities are established at the time the purchaser enters into the agreement, these securities may be delivered and paid for at a future date. The Master Portfolios and Spin-Off Fund record purchases of when-issued securities and reflect the values of such securities in determining net asset value in the same manner as other portfolio securities.** 

**Securities Lending – Each Master Portfolio and Spin-Off Fund may lend its portfolio securities to broker-dealers by entering directly into lending arrangements with such broker- dealers or indirectly through repurchase agreements with respect to no more than 33 <sup>1</sup>∕3% of the total assets of each Master Portfolio and Spin-Off Fund (including any collateral posted) or 50% of the total assets of each Master Portfolio and Spin-Off Fund (excluding any collateral posted).Securities lending and repurchase transactions will be fully collateralized at all times with cash and/or short-term debt obligations. The Master Portfolios and Spin-Off Fund receive interest on the collateral received as well as a fee for the securities loaned.** 

**Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average net assets, (ii) as incurred on a specific identification basis, or (iii) equally among the Funds, depending on the nature of the expenditure.** 

Each Feeder Fund records its proportionate share of the corresponding Master Portfolio's expenses on a daily basis. In addition, each Feeder Fund accrues its own separate expenses. Any cap on expenses includes Feeder Fund-specific expenses as well as the expenses allocated from the Master Portfolio.

**Federal Income Taxes – Each Master Portfolio will be treated as a partnership for federal income tax purposes. As such, each investor in a Master Portfolio via its investment in a Feeder Fund will be subject to taxation on its share of the Master Portfolio's ordinary income and capital gains. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio via its investment in a Feeder Fund can satisfy the requirements of** 

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

subchapter M of the Internal Revenue Code. It is intended that the Spin-Off Fund will be managed to satisfy the requirements of subchapter M of the Internal Revenue Code.

The consolidated financial statements include the accounts of Cayman wholly-owned Controlled Foreign Corporations ("CFCs") and the accounts of Delaware Corporations ("Cayman" or "Delaware," respectively, or "Subsidiaries" for both).The respective Master Portfolios hold a CFC: Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities Portfolio and Market Opportunities Portfolio. The respective Master Portfolios hold a Delaware subsidiary: Internet Portfolio, Global Portfolio and Market Opportunities Portfolio. The investment of up to 25% of a Master Portfolio's assets in the Subsidiaries is a structure that has been used by a number of Registered Investment Companies ("RICs") to avoid earning non-qualified income by indirectly making commodities-related investments which would not generate qualifying income if they were made directly by the RIC. Under Treasury Regulations, income from a foreign subsidiary that is a CFC, such as the Subsidiaries, is qualifying income for a RIC for U.S. federal income tax purposes (1) to the extent the income is actually distributed by the CFC to the RIC each year and (2) even if not distributed currently, to the extent the income is derived with respect to the RIC's business of investing in stock, securities or currencies. If the IRS were to determine that income derived from a Master Portfolio's investment in its Subsidiaries do not constitute qualifying income and if such positions were upheld by a court, or if future legislation or Treasury regulations were to adversely affect the tax treatment of such investments, then the corresponding Feeder Fund might cease to qualify as a RIC and could be required to reduce its exposure to such investments. In that event, a Feeder Fund's taxable income would be subject to tax at the Feeder Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. In such an event, in order to re-qualify for taxation as a regulated investment company, the Feeder Fund may be required to recognize unrealized gains, pay substantial taxes, and interest and make certain distributions.

It is the Funds' policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and the Funds intend to distribute investment company net taxable income and net capital gains to shareholders.

Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expenses and realized gain items for financial statement and tax purposes. Additionally, the Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Where appropriate, reclassifications between capital accounts are made for such differences that are permanent in nature.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. As of December 31, 2024, open tax years include the tax years ended December 31, 2021 through December 31, 2024.The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates.** 

**Other – Realized gains and losses on the sale of investments are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method. Other noncash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been incorporated in accordance with the Company's understanding of the applicable country's tax rules and rates.** 

3. Investment Adviser

The Trust has entered into Investment Advisory Agreements (the "Agreements") with Horizon Kinetics Asset Management LLC (the "Adviser"), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios and Spin-Off Fund. The Adviser is a wholly-owned subsidiary of

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Horizon Kinetics Holding Corporation (OTC: HKHC). Under the terms of the Agreements, the Master Portfolios, except the Multi-Disciplinary Income Portfolio, compensate the Adviser for its management services at the annual rate of 1.25% of each Master Portfolio's average daily net assets. Effective as of April 30, 2023, the Adviser agreed to reduce the management fee for the Multi-Disciplinary Income Portfolio from 1.25% to 1.00%. Additionally, effective as of April 30, 2023, the Adviser agreed to waive 0.75% of the 1.00% management fee for the Multi-Disciplinary Income Portfolio through April 30, 2026. The Spin-Off Fund compensates the Adviser for its management services at the annual rate of 1.00% of the Fund's average daily net assets.

The Adviser has agreed to waive a portion of its advisory fee and/or reimburse certain operating expenses through at least April 30, 2026. The Adviser may discontinue the waiver/reimbursement at any time after April 30, 2026; these waivers/reimbursements are not subject to recapture. Operating expenses exclude brokerage commissions, borrowing costs on securities sold short, short dividends, interest expense, taxes, acquired fund fees and expenses and extraordinary expenses. Below are operating expense limitations by each share class of each of the Fund (set forth below):

---

| | | |
|:---|:---|:---|
|  | **The Internet Fund** | **The Global Fund**  |
| No Load Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39%  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14% |

---

---

| | | |
|:---|:---|:---|
|  | **The Paradigm Fund** | **The Small Cap** <br>**Opportunities Fund** |
| No Load Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64%  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39%  |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44% |

---

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities Fund** | **The Multi-Disciplinary** <br>**Income Fund** |
| No Load Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A  |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

---

| | |
|:---|:---|
|  | **The Spin-Off Fund**  |
| No Load Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45% |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% |

---

For the period ended June 30, 2025, the rate earned by the Adviser from the Master Portfolios and Spin-Off Fund and the waived fees/reimbursed expenses for the Funds are as follows:

---

| | | |
|:---|:---|:---|
|  | **The Internet Fund** | **The Global Fund**  |
| Annual Advisory Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
| Expenses Reimbursed by Adviser through voluntary waiver  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $146051 |

---

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Paradigm Fund** | **The Small Cap** <br>**Opportunities Fund** |
| Annual Advisory Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
| Expenses Reimbursed by Adviser through voluntary waiver  | &nbsp;&nbsp;&nbsp;&nbsp; $6691  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55501  |
|  Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver  | &nbsp;&nbsp;&nbsp;&nbsp; $269182  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $82706 |

---

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities Fund** | **The Multi-Disciplinary** <br>**Income Fund** |
| Annual Advisory Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |
| Expenses Reimbursed by Adviser through voluntary waiver | &nbsp;&nbsp;&nbsp;&nbsp; $427025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17938  |
|  Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; $37045  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

---

| | |
|:---|:---|
|  | **The Spin-Off Fund**  |
| Annual Advisory Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| Expenses Reimbursed by Adviser through voluntary waiver | &nbsp;&nbsp;&nbsp;&nbsp; $44736  |
|  Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; $20855 |

---

The Adviser receives the shareholder servicing fees from the No Load Class, Advisor Class A and Advisor Class C shares of a Fund pursuant to a Shareholder Servicing Agreement in the amount equal to 0.25% of the Funds' average daily net assets attributable to No Load Class, Advisor Class A and Advisor Class C shares, respectively. For the Institutional Class, the Adviser receives a shareholder servicing fee pursuant to a shareholder servicing agreement in the amount equal to 0.20% of a Funds' average daily net assets attributable to Institutional Class shares. At this time, the Adviser has contractually agreed to waive and/or reimburse the portion of the Institutional Class shareholder servicing fee in excess of 0.05% of a Fund's average daily net assets attributable to Institutional Class shares until at least April 30, 2026. For the period ended June 30, 2025, the Adviser waived amounts depicted in the above table in shareholder servicing fees for the Institutional Class of the Paradigm, Small Cap, Market Opportunities and Spin-Off Funds.

---

| | |
|:---|:---|
|  | **Shareholder Servicing** <br>**Expenses for the period** <br>**ended June 30, 2025**  |
| The Internet Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $422578  |
| The Global Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78236  |
| The Paradigm Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1729442  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646702  |
| The Market Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390054  |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18144  |
| The Spin-Off Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43380 |

---

The Adviser is responsible for paying a portion of these shareholder servicing fees to various agents that have a written shareholder servicing agreement with the Adviser and that perform shareholder servicing functions and maintenance of shareholder accounts on behalf of their clients who own shares of the Funds.

For the period ended June 30, 2025, the Funds were allocated approximately $25,000 for the services of the Chief Compliance Officer employed by the Adviser.

The Company, on behalf of the Funds, has adopted two Retail Distribution Plans pursuant to Rule 12b-1 under the 1940 Act (each a "12b-1 Plan").One 12b-1 Plan is for Advisor Class A shares, while the other 12b-1 Plan is for Advisor Class C shares. Under the 12b-1 Plan for Advisor Class A shares, Advisor Class A shares may pay up to an annual rate of 0.50% of the average daily net asset value of Advisor Class A shares to the Distributor or other qualified recipients under the 12b-1 Plan. During the period ended June 30, 2025, payments under the 12b-1 Plan for the Advisor Class A shares of the Internet, Global, Paradigm, Small Cap, Market Opportunities, Multi-Disciplinary Income and Spin-Off

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Funds were limited to 0.25% of the average daily net asset value of such shares of such Funds. Under the second 12b-1 Plan, Advisor Class C shares pay an annual rate of 0.75% of the average daily net asset value of such shares.

---

| | | |
|:---|:---|:---|
|  | **12b-1 Expenses for the period ended** <br>**June 30, 2025**  | **12b-1 Expenses for the period ended** <br>**June 30, 2025**  |
|  | **Advisor Class A** | **Advisor Class C**  |
| The Internet Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $5052  | &nbsp;&nbsp;&nbsp;&nbsp; $14134  |
| The Global Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 3973  | &nbsp;&nbsp;&nbsp;&nbsp; 24246  |
| The Paradigm Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 350080  | &nbsp;&nbsp;&nbsp;&nbsp; 353904  |
| The Small Cap Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 33680  | &nbsp;&nbsp;&nbsp;&nbsp; 47462  |
| The Market Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 27381  | &nbsp;&nbsp;&nbsp;&nbsp; 57293  |
| The Spin-Off Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 14877  | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |

---

Kinetics Funds Distributor, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. The Distributor is an affiliate of the Adviser.

---

| | |
|:---|:---|
|  | **Distributor Sales Load** <br>**Fees for the period ended** <br>**June 30, 2025**  |
| The Internet Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1022  |
| The Global Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407  |
| The Paradigm Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31517  |
| The Small Cap Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075  |
| The Market Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417  |
| The Multi-Disciplinary Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| The Spin-Off Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 |

---

4. Reclassification of Capital Accounts

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2024, each Fund recorded the following reclassifications to the accounts listed below:

---

| | | |
|:---|:---|:---|
|  | **Increase/(Decrease)**  | **Increase/(Decrease)**  |
|  | **Accumulated** <br>**Earnings (Deficit)** | **Paid In Capital**  |
| The Internet Fund | &nbsp;&nbsp; $(887066) | $887066  |
| The Global Fund | &nbsp;&nbsp; $(12179) | $12179  |
| The Paradigm Fund | &nbsp;&nbsp; $(7339539) | $7339539  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp; $(471411) | $471411  |
| The Market Opportunities Fund | &nbsp;&nbsp; $(481113) | $481113  |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp; $— | $—  |
| The Spin-Off Fund | &nbsp;&nbsp; $(249519) | $249519 |

---

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

5. Income Taxes

At December 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Internet** | **Global** | **Paradigm** | **Small Cap** <br>**Opportunities** |
| Net Unrealized Appreciation | $232573044 | $23195307 | $1112925602 | $298250979  |
| Undistributed Ordinary Income | 93433 | 171360 |  | —  |
| Undistributed Long-Term Capital Gains | 1197537 |  | 23818116 | —  |
| Total Distributable Earnings | $1290970 | $171360 | $23818116 | $—  |
| Other Accumulated Loss |  | (61733) | (1542497) | (1605542)  |
| Total Accumulated Gain | $233864014 | $23304934 | $1135201221 | $296645437 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Market** <br>**Opportunities** | **Multi-** <br>**Disciplinary Income** | **Spin-Off** <br>**Fund**  |
| Net Unrealized Appreciation | $170705757 | &nbsp;&nbsp;&nbsp; $70197 | $30375317  |
| Undistributed Ordinary Income | 277412 | &nbsp;&nbsp;&nbsp; 50965 | 43075  |
| Undistributed Long-Term Capital Gains | 37923 | &nbsp;&nbsp;&nbsp; — | 170922  |
| Total Distributable Earnings | $315335 | &nbsp;&nbsp;&nbsp; $50965 | $213997  |
| Other Accumulated Loss | (67482) | &nbsp;&nbsp;&nbsp; (5464093) | —  |
| Total Accumulated Gain (Loss) | $170953610 | &nbsp;&nbsp;&nbsp; $(5342931) | $30589314 |

---

At December 31, 2024, the Funds had no accumulated net realized capital loss carryforwards that will expire in 2024.

At December 31, 2024, the Funds had the following short-term and long-term capital loss carryforwards without expiration.

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforward**  | **Capital Loss Carryforward**  | **Capital Loss Carryforward**  |
|  | **Short-Term** | **Long-Term** | **Total**  |
| The Internet Fund | $— | $— | $—  |
| The Global Fund | 11749 |  | 11749  |
| The Paradigm Fund |  |  | —  |
| The Small Cap Opportunities Fund |  |  | —  |
| The Market Opportunities Fund |  |  | —  |
| The Multi-Disciplinary Income Fund | 13004 | 5451089 | 5464093  |
| The Spin-Off Fund |  |  |  |

---

For the year ended December 31, 2024, the following Funds utilized capital losses.

---

| | |
|:---|:---|
|  | **Capital Losses**<br>**Utilized**  |
| The Internet Fund | &nbsp;&nbsp; $— |
| The Global Fund | &nbsp;&nbsp; 215150  |
| The Paradigm Fund | &nbsp;&nbsp; —  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp; — |
| The Market Opportunities Fund | &nbsp;&nbsp; 494017 |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp; —  |
| The Spin-Off Fund | &nbsp;&nbsp; — |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

At December 31, 2024, the following Funds deferred, on a tax basis, post- October losses:

---

| | |
|:---|:---|
|  | **Post-October** <br>**Capital Loss**<br>**Deferral**  |
| The Internet Fund | $—  |
| The Global Fund | —  |
| The Paradigm Fund | 1542497  |
| The Small Cap Opportunities Fund | 1605542  |
| The Market Opportunities Fund | —  |
| The Multi-Disciplinary Income Fund | —  |
| The Spin-Off Fund |  |

---

The tax components of dividends paid during the year ended December 31, 2024 and the period ended June 30, 2025, are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Fund** | **The Internet Fund** | **The Global Fund**  | **The Global Fund**  |
|  | **Ordinary** <br>**Income** <br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution** | **Ordinary** <br>**Income** <br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution**  |
| 2025  | $—  | &nbsp;&nbsp;&nbsp; $—  | $—  | &nbsp;&nbsp;&nbsp; $—  |
| 2024  | $672765  | &nbsp;&nbsp;&nbsp; $2413529  | $435355  | &nbsp;&nbsp;&nbsp; $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Small Cap Opportunities Fund**  | **The Small Cap Opportunities Fund**  |
|  | **Ordinary** <br>**Income** <br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution** | **Ordinary** <br>**Income** <br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution**  |
| 2025 | $—  | &nbsp;&nbsp;&nbsp; $—  | $—  | &nbsp;&nbsp;&nbsp; $—  |
| 2024 | $1084208 | &nbsp;&nbsp;&nbsp; $36608342 | $4384242 | &nbsp;&nbsp;&nbsp; $11803574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Multi-Disciplinary Income Fund**  | **The Multi-Disciplinary Income Fund**  |
|  | **Ordinary** <br>**Income** <br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution** | **Ordinary** <br>**Income**<br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution** |
| 2025 | $—  | &nbsp;&nbsp;&nbsp; $—  | $438928 | &nbsp;&nbsp;&nbsp; $—  |
| 2024 | $1449269 | &nbsp;&nbsp;&nbsp; $274542 | $831330 | &nbsp;&nbsp;&nbsp; $— |

---

---

| | | |
|:---|:---|:---|
|  | **The Spin-Off Fund**  | **The Spin-Off Fund**  |
|  | **Ordinary** <br>**Income**<br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution**  |
| 2025 | $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| 2024 | $406111 | &nbsp;&nbsp;&nbsp;&nbsp; $1303757 |

---

Each Feeder Fund and the Spin-Off Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Feeder Funds and the Spin-Off Fund related to net capital gain to zero for the tax year ended December 31, 2024.

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

6. Securities Transactions, Tax Cost and Significant Investments – The Spin-Off Fund

Purchases and sales of investment securities, other than short-term investments and short-term options, for the period ended June 30, 2025, were as follows for the Spin-Off Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **U.S.**<br>**Government**  | **Other** | **U.S.**<br>**Government**  | **Other**  |
| The Spin-Off Fund | $— | $430277 | $— | $1389697 |

---

As of December 31, 2024, the cost of investments and unrealized appreciation (depreciation) on investment securities for federal income tax purposes was as follows for the Spin-Off Fund:

---

| | |
|:---|:---|
|  | **The Spin-Off Fund**  |
| Tax Cost of Investments | &nbsp;&nbsp;&nbsp; $4925951  |
| Unrealized Appreciation | &nbsp;&nbsp;&nbsp; 30780701  |
| Unrealized Depreciation | &nbsp;&nbsp;&nbsp; (405380)  |
| Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp; $30375321 |

---

**Signiﬁcant Investments – The Spin-Off Fund may invest a greater percentage of its assets in one or more individual securities at any time. The greater percentage of assets in individual securities (not including short-term investments or other funds) exposes the fund to the risk of unanticipated industry conditions, the risks particular to a single company or security, and the risk of potentially lower liquidity. At June 30, 2025, Spin-Off Fund invested approximately 82% of its net assets in individual securities greater than 5% of net assets. See the Schedule of Investments for further details.** 

Holding a large concentration in a single security or issuer may expose the fund to the market volatility of that specific security or issuer if the security or issuer performs worse than the market as a whole, which could adversely affect the Fund's performance. **At June 30, 2025, the Spin-Off Fund held 76.1% of its net assets in Texas Pacific Land Corp.** Because a large portion of its revenue is derived from oil and gas royalties, the performance of the Spin-Off Fund could be adversely affected if the underlying markets for oil or gas were to decline, thereby having a more significant impact on the Spin-Off Fund given the concentration in this holding.

7. Summary of Fair Value Exposure – Spin-Off Fund

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

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Spin-Off Fund has the ability to access.

---

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

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Spin-Off Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.<br>|

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following is a summary of the inputs used to value The Spin-Off Fund's net assets as of June 30, 2025:

**The Kinetics Spin-Off and Corporate Restructuring Fund** 

The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund's net assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $32643072 | $—  | $100007 | $32743079  |
| Unit Investment Trust  | 259610 |  |  | 259610  |
| Exchange Traded Funds | 8937 |  |  | 8937  |
| **Total Investments in Securities** | $32911619 | $— | $100007 | $33011626 |

---

During the period ended June 30, 2025, there were no transfers into or out of Level 3.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **Description** | **Investments in** <br>**Securities**  |
| Balance as of December 31, 2024 | &nbsp;&nbsp; $—  |
| Accrued discounts/premiums | &nbsp;&nbsp; —  |
| Realized gain (loss) | &nbsp;&nbsp; —  |
| Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; —<sup>\*\*\*</sup>  |
| Net purchases and/or acquisitions | &nbsp;&nbsp; 100007  |
| Net sales and/or write-offs | &nbsp;&nbsp; —  |
| Transfer in and/or out of Level 3 | &nbsp;&nbsp; —  |
| Balance as of June 30, 2025 | &nbsp;&nbsp; $100007 |

---

---

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

---

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.

\*\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2025 is $0. 

8. Investment Adviser

The Spin-Off Fund entered into Investment Advisory Agreements (the "Agreement") with the Adviser, with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Spin-Off Fund. The Adviser is a wholly-owned subsidiary of Horizon Kinetics Holding Corporation. Under the terms of the Agreement, the Spin-Off Fund compensates the Adviser for its management services at the annual rate of 1.00% of the Spin-Off Fund's average daily net assets. For the period ended June 30, 2025, Spin-Off Fund incurred $201,325 in expenses pursuant to the Agreement.

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

9. Subsequent Events

In preparing these financial statements, management has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures in the Funds' financial statements.

10. Tax Information (Unaudited)

For the fiscal year ended December 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| The Internet Fund | 83.03% |
| The Global Fund | 82.17%  |
| The Paradigm Fund | 100.00%  |
| The Small Cap Opportunities Fund | 100.00%  |
| The Market Opportunities Fund | 100.00%  |
| The Multi-Disciplinary Income Fund | 0.00% |
| The Spin-Off Fund | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| The Internet Fund | 83.35% |
| The Global Fund | 34.59% |
| The Paradigm Fund | 100.00% |
| The Small Cap Opportunities Fund | 96.09%  |
| The Market Opportunities Fund | 97.80%  |
| The Multi-Disciplinary Income Fund | 0.00% |
| The Spin-Off Fund | 100.00% |

---

The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for the year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| The Internet Fund | 16.97% |
| The Global Fund | 17.83% |
| The Paradigm Fund | 0.00% |
| The Small Cap Opportunities Fund | 0.00%  |
| The Market Opportunities Fund | 0.00%  |
| The Multi-Disciplinary Income Fund | 98.42% |
| The Spin-Off Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| The Internet Fund | 0.00% |
| The Global Fund | 0.00% |
| The Paradigm Fund | 0.00% |
| The Small Cap Opportunities Fund | 0.00%  |
| The Market Opportunities Fund | 0.00%  |
| The Multi-Disciplinary Income Fund | 0.00% |
| The Spin-Off Fund | 0.00% |

---

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The percentage of taxable income distributions that are designated as ordinary and long-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the year ended December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** | **Long-** <br>**Term** |
| The Internet Fund | 21.80% | 78.20% |
| The Global Fund | 100.00%  | 0.00% |
| The Paradigm Fund | 2.88% | 97.12%  |
| The Small Cap Opportunities Fund | 27.08% | 72.92%  |
| The Market Opportunities Fund | 84.07% | 15.93%  |
| The Multi-Disciplinary Income Fund | 100.00% | 0.00% |
| The Spin-Off Fund | 23.75%  | 76.25% |

---

11. Recent Accounting Pronouncements

**Segment Reporting (Topic 280)** 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adopting this guidance with respect to the financial statements and disclosures and determined there is no impact for the Funds.

12. Information about Proxy Voting (Unaudited)

Information regarding how the Spin-Off Fund, the Feeder Funds and the Master Portfolios vote proxies relating to portfolio securities is available without charge, upon request by calling toll-free at 1-800-930-3828 or by accessing the Company's website at www.kineticsfunds.com and by accessing the SEC's website at www.sec.gov.Information regarding how the Spin-Off Fund, the Feeder Funds and the Master Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30, is available without charge, upon request, by calling toll-free at 1-800-930-3828 or by accessing the SEC's website at www.sec.gov.

13. Information about the Portfolio Holdings (Unaudited)

The Spin-Off Fund and Feeder Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Spin-Off Fund's and Feeder Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-800-930-3828.Furthermore, you can obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

14. APPROVAL OF INVESTMENT ADVISORY CONTRACT BY DIRECTORS OF KINETICS MUTUAL FUNDS, INC. (UNAUDITED)

At a meeting of the Board of Directors of the Company held on June 6, 2025, the Board, including all of the Directors who are not interested persons under the 1940 Act (the "Independent Directors"), approved the Advisory Agreement between Horizon Kinetics Asset Management LLC (the "Adviser") and Kinetics Spin-Off and Corporate Restructuring Fund ("Spin-Off Fund").The Board noted that the Adviser has served as the adviser to the Spin-Off Fund since its inception. In reaching a decision to approve the Advisory Agreement (the "Agreement"), the Board of Directors, including all of the Independent Directors, considered, among other things: (1) the nature, extent and quality of the services provided by the Adviser including, but not limited to, a review of the complexity of the services provided and

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**KINETICS MUTUAL FUNDS, INC. – The Feeder Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

whether the services are provided in a satisfactory and efficient manner; (2) the experience and qualifications of the personnel providing such services; (3) the investment performance of the Spin-Off Fund and the Adviser as compared with industry competitors; (4) an evaluation of the fee structure, any fee waivers, and the Spin-Off Fund's expense ratios, and a comparison of them in relation to those of other investment companies having comparable investment policies and limitations; (5) possible alternative fee structures or bases for determining fees; (6) the extent to which economies of scale would be realized as the Spin-Off Fund grows and whether fee levels reflect these economies of scale for the benefit of the Spin-Off Fund's investors; (7) the direct and indirect costs of the services to be provided (and the basis of determining and allocating these costs) and profits to be realized by the Adviser and its affiliates from their relationship with the Spin-Off Fund; (8) other compensation or possible benefits to the Adviser and its affiliates arising from their advisory and other relationships with the Spin-Off Fund, including, if applicable, any benefits derived or to be derived by the Adviser from its relationship with the Spin-Off Fund such as soft dollar arrangements by which brokers provide research to the Spin-Off Fund or the Adviser in return for allocating the Spin-Off Fund's brokerage; (9) the entrepreneurial risks borne by the Adviser, if any (e.g., because a fund is in a start-up mode or for other reasons, its revenues may be less or its expenses greater than anticipated); (10) a comparison of the fees charged by the Adviser with fees charged by the Adviser to similar clients; and (11) the policies and procedures that are in place to address, among other things, informational and cyber-related security.

The Board of Directors, including all of the Independent Directors, concluded that: they were satisfied with the quality of services provided by the Adviser in advising the Spin-Off Fund, the profits earned by the Adviser would be reasonable in light of the nature, extent and quality of the services provided to the Spin-Off Fund; and that the Spin-Off Fund was not large enough to attain significant economies of scale. Based on the factors considered, the Board of Directors, including all of the Independent Directors, concluded that it was appropriate to approve the Agreement.

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE INTERNET PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **UNIT INVESTMENT TRUSTS - 58.1%** | **UNIT INVESTMENT TRUSTS - 58.1%** | **UNIT INVESTMENT TRUSTS - 58.1%** |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 428419 | $20457007  |
| Grayscale Bitcoin Trust ETF<sup>(a)(b)</sup> | 2142099 | 181714258  |
| Grayscale Litecoin Trust<sup>(a)</sup> | 4 | 27  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $6,734,234)** |  | 202171292  |
| **COMMON STOCKS - 30.9%**<br>|  |  |
|  **Administrative and Support Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| CreditRiskMonitor.com, Inc.<sup>(a)</sup> | 780 | 1972  |
| **Aerospace and Defense - 2.7%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 20000 | 9534000  |
| **Broadcasting (except Internet) - 0.2%**<br>|  |  |
|  Atlanta Braves Holdings, Inc. - Class A<sup>(a)</sup> | 8000 | 393680  |
|  Atlanta Braves Holdings, Inc. - Class C<sup>(a)</sup> | 8000 | 374160  |
|  |  | 767840  |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 2100 | 510363  |
|  **Data Processing, Hosting, and Related Services - 1.4%**<br>|  |  |
| Mastercard, Inc. - Class A | 5000 | 2809700  |
| Verisk Analytics, Inc. | 7000 | 2180500  |
|  |  | 4990200  |
| **Entertainment - 0.1%**<br>|  |  |
| IG Port, Inc. | 32200 | 488797  |
| **Financial Services - 0.1%**<br>|  |  |
|  Hellenic Exchanges - Athens Stock Exchange SA | 32000 | 225790  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.3%**<br>|  |  |
| Mesabi Trust | 37900 | 908084  |
| **Global Exchanges - 0.0%<sup>(c)</sup>**<br>|  |  |
| Japan Exchange Group, Inc. - ADR | 6200 | 62744  |
| NZX Ltd. | 1200 | 1090  |
|  |  | 63834  |
| &nbsp;&nbsp;&nbsp; **Management, Scientific, and Technical Consulting** <br>**Services -0.0%<sup>(c)</sup>**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 1400 | 145782  |
| **Media - 0.1%**<br>|  |  |
| Nippon Television Holdings, Inc. | 200 | 4647  |
| Toei Animation Co. Ltd. | 7000 | 159682  |
|  |  | 164329  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Offices of Real Estate Agents and Brokers - 1.2%**<br>|  |  |
| Landbridge Co. LLC - Class A | 61200 | $4135896  |
| **Oil and Gas Extraction - 19.2%**<br>|  |  |
| Permian Basin Royalty Trust | 12550 | 156373  |
| Texas Pacific Land Corp. | 63078 | 66634968  |
|  |  | 66791341  |
|  **Other Financial Investment Activities - 0.3%**<br>|  |  |
| Bakkt Holdings, Inc.<sup>(a)(d)</sup> | 80000 | 1116000  |
| **Other Motor Vehicle Dealers - 0.0%<sup>(c)</sup>**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 400 | 19628  |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.1%**<br>|  |  |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 4000 | 159880  |
| Sphere Entertainment Co.<sup>(a)</sup> | 4000 | 167200  |
|  |  | 327080  |
|  **Pharmaceutical and Medicine Manufacturing - 0.9%**<br>|  |  |
| Galaxy Digital, Inc. - Class A<sup>(a)(d)</sup> | 150000 | 3285000  |
|  **Securities and Commodities Exchanges - 1.3%**<br>|  |  |
| CME Group, Inc. | 4000 | 1102480  |
| &nbsp;&nbsp;&nbsp; Miami International Holdings <br>Inc.<sup>(a)(e)</sup> | 268000 | 3159720  |
| Nasdaq, Inc. | 2100 | 187782  |
|  |  | 4449982  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.0%**<br>|  |  |
|  OTC Markets Group, Inc. - Class A - Class A | 121000 | 6897000  |
| S&P Global, Inc. | 113 | 59584  |
|  |  | 6956584  |
| **Technology Services and Software - 0.8%**<br>|  |  |
| SB Technology, Inc.<sup>(a)(e)</sup> | 156886 | 2700008  |
|  **Web Search Portals, Libraries, Archives, and Other Information Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 200 | 16080  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $54,551,842)** |  | 107598590  |
| **EXCHANGE TRADED FUNDS - 0.3%**<br>|  |  |
| ProShares UltraPro QQQ | 6124 | 508292  |
| ProShares UltraPro Short QQQ | 25126 | 491716  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,000,531)** |  | 1000008 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE INTERNET PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value**  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
|  **Securities and Commodities Exchanges - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50<sup>(a)(e)</sup> | 40819 | $162460  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 162460  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 89.3%** <br>**(Cost $62,286,607)** |  | $310932350  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 11.9%<sup>(f)(g)</sup> |  | 41254142  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.2)% |  | (4325527)  |
| **TOTAL NET ASSETS - 100.0%** |  | $347860965 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Investments in this security exceeds 25% of the Fund's net assets. Additional information about the issuer of this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $4,356,990.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $6,022,188 or 1.7% of net assets as of June 30, 2025.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(g)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $4,093,650 which represented 1.2% of net assets.

The accompanying notes are an integral part of these financial statements.

58<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE GLOBAL PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 53.7%**<br>|  |  |
| **Accommodation - 0.2%**<br>|  |  |
| Civeo Corp. | 5400 | $124686  |
| **Administrative and Support Services - 0.0%<sup>(a)</sup>** | **Administrative and Support Services - 0.0%<sup>(a)</sup>** |  |
| RB Global, Inc. | 200 | 21238  |
| **Aerospace and Defense - 0.1%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(b)</sup> | 100 | 47670  |
| Elbit Systems Ltd. | 10 | 4495  |
|  |  | 52165  |
| &nbsp;&nbsp;&nbsp; **Agencies, Brokerages, and Other Insurance** <br>**Related Activities - 0.0%<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp; **Agencies, Brokerages, and Other Insurance** <br>**Related Activities - 0.0%<sup>(a)</sup>** |  |
| Brookfield Wealth Solutions Ltd. | 232 | 14333  |
| **Asset Management - 2.9%**<br>|  |  |
| Investor AB | 67200 | 1987042  |
| **Chemical Manufacturing - 0.0%<sup>(a)</sup>**<br>|  |  |
| Resonac Holdings Corp. | 600 | 13954  |
| **Diversified Real Estate Activities - 0.7%**<br>|  |  |
| PrairieSky Royalty Ltd. | 27200 | 471793  |
| **Entertainment - 1.8%**<br>|  |  |
| IG Port, Inc. | 83200 | 1262978  |
| **Financial Services - 3.1%**<br>|  |  |
|  Hellenic Exchanges - Athens Stock Exchange SA | 308400 | 2176052  |
| Kinnevik AB | 200 | 1769  |
| Value Partners Group Ltd. | 10000 | 2484  |
|  |  | 2180305  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.7%**<br>|  |  |
| Mesabi Trust | 20918 | 501195  |
| **Global Exchanges - 0.8%**<br>|  |  |
| ASX Ltd. | 800 | 36730  |
| B3 SA - Brasil Bolsa Balcao | 30000 | 80286  |
| Deutsche Boerse AG | 600 | 195705  |
| Euronext NV<sup>(c)</sup> | 1120 | 191431  |
| Japan Exchange Group, Inc. - ADR | 3900 | 39468  |
| NZX Ltd. | 38000 | 34513  |
|  |  | 578133  |
| **Hospitality and Tourism - 0.3%**<br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 4200 | 118104  |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 2000 | 40560  |
| Royal Caribbean Cruises Ltd. | 200 | 62628  |
|  |  | 221292  |
| **Insurance Carriers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 4 | 7226  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Legal Services - 0.1%**<br>|  |  |
| CRA International, Inc. | 220 | $41222  |
| **Live Sports (Spectator Sports) - 0.1%**<br>|  |  |
| BIGLEAGUE<sup>(b)(d)</sup> | 1818 | 99990  |
|  **Management of Companies and Enterprises - 12.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Associated Capital Group, Inc. - <br>Class A | 13300 | 498750  |
| Fairfax India Holdings Corp.<sup>(b)(c)</sup> | 154600 | 2874014  |
| Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 254000 | 2700020  |
| Valterra Platinum Ltd. - ADR<sup>(e)</sup> | 736 | 5468  |
| White Mountains Insurance Group Ltd. | 1444 | 2593020  |
|  |  | 8671272  |
|  **Management, Scientific, and Technical Consulting Services - 0.2%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 1600 | 166608  |
| **Media - 1.9%**<br>|  |  |
| AlphaPolis Co. Ltd. | 36400 | 379912  |
| Nippon BS Broadcasting Corp. | 2000 | 12833  |
| Nippon Television Holdings, Inc. | 25000 | 580882  |
| Toei Animation Co. Ltd. | 14000 | 319364  |
|  |  | 1292991  |
| **Mining (except Oil and Gas) - 4.9%**<br>|  |  |
| Franco-Nevada Corp. | 4800 | 786816  |
| Sandstorm Gold Ltd. | 90000 | 846000  |
| Wheaton Precious Metals Corp. | 20000 | 1796000  |
|  |  | 3428816  |
| **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** | **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** |  |
| AutoNation, Inc.<sup>(b)</sup> | 40 | 7946  |
| Penske Automotive Group, Inc. | 30 | 5154  |
|  |  | 13100  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.1%**<br>|  |  |
| Anglo American PLC - ADR | 2113 | 31146  |
|  **Nonmetallic Mineral Product Manufacturing - 0.1%**<br>|  |  |
| Eagle Materials, Inc. | 418 | 84482  |
|  **Offices of Real Estate Agents and Brokers - 3.4%**<br>|  |  |
| Landbridge Co. LLC - Class A | 34600 | 2338268  |
| **Oil and Gas Extraction - 13.8%**<br>|  |  |
| EQT Corp. | 12 | 700  |
| Permian Basin Royalty Trust | 40000 | 498400  |
| Texas Pacific Land Corp. | 8634 | 9120871  |
|  |  | 9619971  |

---

The accompanying notes are an integral part of these financial statements.

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE GLOBAL PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Other Crop Farming - 0.0%<sup>(a)</sup>**<br>|  |  |
| J G Boswell Co. | 54 | $29430  |
| **Other Financial Investment Activities - 0.9%** | **Other Financial Investment Activities - 0.9%** |  |
| GAMCO Investors, Inc. - Class A | 26010 | 628142  |
| **Other Investment Pools and Funds - 1.1%** | **Other Investment Pools and Funds - 1.1%** |  |
| Partners Value Investments LP<sup>(b)</sup> | 2193 | 220548  |
| Urbana Corp. | 66800 | 308062  |
| Urbana Corp. - Class A | 51600 | 240996  |
|  |  | 769606  |
|  **Pharmaceutical and Medicine Manufacturing - 1.7%**<br>|  |  |
| Galaxy Digital, Inc. - Class A<sup>(b)(e)</sup> | 54000 | 1182600  |
| **Real Estate - 0.0%<sup>(a)</sup>**<br>|  |  |
| Tejon Ranch Co.<sup>(b)</sup> | 800 | 13568  |
| **Securities and Commodities Exchanges - 0.3%** | **Securities and Commodities Exchanges - 0.3%** |  |
| Cboe Global Markets, Inc. | 200 | 46642  |
| CME Group, Inc. | 200 | 55124  |
| Intercontinental Exchange, Inc. | 500 | 91735  |
|  |  | 193501  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.4%**<br>|  |  |
| Brookfield Asset Management Ltd. | 400 | 22112  |
| Brookfield Corp. | 4000 | 247400  |
| OTC Markets Group, Inc. - Class A | 400 | 22800  |
|  |  | 292312  |
| **Support Activities for Mining - 0.2%**<br>|  |  |
| Aris Water Solutions, Inc. - Class A | 5600 | 132440  |
| Core Laboratories, Inc. | 200 | 2304  |
| Liberty Energy, Inc. | 200 | 2296  |
|  |  | 137040  |
|  **Support Activities for Water Transportation - 0.8%**<br>|  |  |
| Clarkson PLC | 9000 | 403352  |
| Siem Industries, Inc.<sup>(b)</sup> | 5500 | 137500  |
|  |  | 540852  |
| **Technology Services and Software - 0.7%** | **Technology Services and Software - 0.7%** |  |
| SB Technology, Inc.<sup>(b)(d)</sup> | 29053 | 500002  |
| **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** | **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** |  |
| Pure Cycle Corp.<sup>(b)</sup> | 800 | 8576  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $25,478,408)** |  | 37519835  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **UNIT INVESTMENT TRUSTS - 20.7%** | **UNIT INVESTMENT TRUSTS - 20.7%** |  |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 30704 | $1466116  |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 153520 | 13023102  |
| Grayscale Ethereum Classic Trust<sup>(b)</sup> | 24 | 198  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $343,861)** |  | 14489416  |
|  | **Contracts** |  |
| **WARRANTS - 0.1%** <br>|  |  |
| **Other Investment Pools and Funds *-* 0.1%** | **Other Investment Pools and Funds *-* 0.1%** |  |
|  Partners Value Investments LP, Expires 06/30/2026, Exercise Price $29.34<sup>(b)</sup><br>| 3493 | 52584  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $19,638)** |  | 52584  |
|  | **Shares**  |  |
| **PREFERRED STOCKS - 0.0%<sup>(a)</sup>**<br>|  |  |
| **Financial Services - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Partners Value Investments LP, Series 1\*, 4.50%, Perpetual<br>| 515 | 10042  |
| **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>** | **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>** |  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030<br>| 2193 | 1579  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $12,301)** |  | 11621  |
|  | **Par**  |  |
| **CONVERTIBLE BONDS - 0.0%<sup>(a)</sup>**<br>|  |  |
| **Department Stores - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Sears Holdings Corp., 8.00%, 12/15/2019<sup>(d)(f)</sup> | $41080 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $41,080)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 74.5%**<br>**(Cost $25,895,288)** |  | $52073456  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 27.0%<sup>(g)(h)</sup> |  | 18831542  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% |  | (1050028)  |
| **TOTAL NET ASSETS - 100.0%** |  | $69854970 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE GLOBAL PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $3,065,445 or 4.4% of the Fund's net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $599,992 or 0.9% of net assets as of June 30, 2025.

<sup>(e)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $1,176,183.

<sup>(f)</sup> Issuer is currently in default.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(h)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $1,101,390 which represented 1.6% of net assets. 

The accompanying notes are an integral part of these financial statements.

61<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE PARADIGM PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 85.2%**<br>|  |  |
| **Accommodation - 0.4%**<br>|  |  |
| Civeo Corp.<sup>(a)</sup> | 216400 | $4996676  |
| **Aerospace and Defense - 1.0%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(b)</sup> | 27000 | 12870900  |
| **Asset Management - 0.0%<sup>(c)</sup>**<br>|  |  |
| Investor AB | 1000 | 29569  |
|  **Beverage and Tobacco Product Manufacturing - 0.0%<sup>(c)</sup>**<br>|  |  |
| Crimson Wine Group Ltd.<sup>(b)</sup> | 20800 | 114400  |
| **Broadcasting (except Internet) - 0.0%<sup>(c)</sup>** | **Broadcasting (except Internet) - 0.0%<sup>(c)</sup>** | **Broadcasting (except Internet) - 0.0%<sup>(c)</sup>** |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. - <br>Class C<sup>(b)</sup> | 4842 | 226460  |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 1000 | 243030  |
| **Diversified Real Estate Activities - 0.1%** | **Diversified Real Estate Activities - 0.1%** | **Diversified Real Estate Activities - 0.1%** |
| PrairieSky Royalty Ltd. | 60000 | 1040720  |
| &nbsp;&nbsp;&nbsp; **Electric Power Generation, Transmission** <br>**and Distribution - 0.0%<sup>(c)</sup>** | &nbsp;&nbsp;&nbsp; **Electric Power Generation, Transmission** <br>**and Distribution - 0.0%<sup>(c)</sup>** |  |
| NRG Energy, Inc. | 148 | 23766  |
| **Entertainment - 0.0%<sup>(c)</sup>**<br>|  |  |
| IG Port, Inc. | 23000 | 349141  |
| **Financial Services - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Hellenic Exchanges - Athens Stock Exchange SA | 8000 | 56447  |
| Kinnevik AB | 200 | 1769  |
|  |  | 58216  |
| **Food Services and Drinking Places - 0.3%** | **Food Services and Drinking Places - 0.3%** |  |
| Wendy's Co. | 320000 | 3654400  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.1%**<br>|  |  |
| Mesabi Trust<sup>(a)</sup> | 41800 | 1001528  |
| **Hospitality and Tourism - 0.7%**<br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 215000 | 6045800  |
| Royal Caribbean Cruises Ltd. | 10200 | 3194028  |
|  |  | 9239828  |
| **Insurance Carriers - 0.0%<sup>(c)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 2 | 3613  |
|  **Insurance Carriers and Related Activities - 0.0%<sup>(c)</sup>**<br>|  |  |
| Markel Group, Inc.<sup>(b)</sup> | 100 | 199736  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Legal Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| CRA International, Inc. | 124 | $23234  |
|  **Management of Companies and Enterprises - 2.3%**<br>|  |  |
|  Associated Capital Group, Inc. - Class A<sup>(a)</sup> | 260290 | 9760875  |
| Fairfax India Holdings Corp.<sup>(b)(d)</sup> | 8400 | 156156  |
| Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 1792400 | 19053212  |
| White Mountains Insurance Group Ltd. | 924 | 1659245  |
|  |  | 30629488  |
|  **Management, Scientific, and Technical Consulting Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 800 | 83304  |
| **Media - 0.0%<sup>(c)</sup>**<br>|  |  |
| Nippon Television Holdings, Inc. | 400 | 9294  |
| Toei Animation Co. Ltd. | 15400 | 351300  |
|  |  | 360594  |
| **Mining (except Oil and Gas) - 2.1%**<br>|  |  |
| Franco-Nevada Corp. | 147800 | 24227376  |
| Wheaton Precious Metals Corp. | 48200 | 4328360  |
|  |  | 28555736  |
| **Motor Vehicle and Parts Dealers - 0.0%<sup>(c)</sup>** | **Motor Vehicle and Parts Dealers - 0.0%<sup>(c)</sup>** |  |
| AutoNation, Inc.<sup>(b)</sup> | 30 | 5960  |
|  **Nonmetallic Mineral Product Manufacturing - 0.0%<sup>(c)</sup>**<br>|  |  |
| Eagle Materials, Inc. | 590 | 119245  |
|  **Offices of Real Estate Agents and Brokers - 4.6%**<br>|  |  |
| Landbridge Co. LLC - Class A<sup>(a)</sup> | 916400 | 61930312  |
| **Oil and Gas Extraction - 63.6%<sup>(e)</sup>**<br>|  |  |
| Texas Pacific Land Corp.<sup>(f)</sup> | 813440 | 859309882  |
| **Other Crop Farming - 0.0%<sup>(c)</sup>**<br>|  |  |
| J G Boswell Co. | 30 | 16350  |
| **Other Financial Investment Activities - 0.4%** | **Other Financial Investment Activities - 0.4%** |  |
| GAMCO Investors, Inc. - Class A | 7400 | 178710  |
| Onex Corp. | 60300 | 4919274  |
| Seaport Entertainment Group, Inc.<sup>(b)</sup> | 30000 | 559500  |
|  |  | 5657484  |
| **Other Investment Pools and Funds - 0.0%<sup>(c)</sup>** | **Other Investment Pools and Funds - 0.0%<sup>(c)</sup>** |  |
| Partners Value Investments LP<sup>(b)</sup><br>| 800 | 80456  |
| Urbana Corp. | 6902 | 31830  |
| Urbana Corp. - Class A | 1978 | 9238  |
|  |  | 121524  |
| **Other Telecommunications - 0.5%**<br>|  |  |
| Liberty Broadband Corp. - Class C<sup>(b)</sup> | 70000 | 6886600  |

---

The accompanying notes are an integral part of these financial statements.

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE PARADIGM PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Performing Arts, Spectator Sports, and Related Industries - 2.4%**<br>|  |  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 217800 | $32948784  |
| **Real Estate - 1.2%**<br>|  |  |
| DREAM Unlimited Corp. | 10000 | 151570  |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 236000 | 15930000  |
| Tejon Ranch Co.<sup>(b)</sup> | 2600 | 44096  |
|  |  | 16125666  |
| &nbsp;&nbsp;&nbsp; **Securities and Commodities** <br>**Exchanges - 1.0%** | &nbsp;&nbsp;&nbsp; **Securities and Commodities** <br>**Exchanges - 1.0%** |  |
| Cboe Global Markets, Inc. | 60000 | 13992600  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.8%**<br>|  |  |
| Brookfield Asset Management Ltd.<sup>(a)</sup> | 176887 | 9778313  |
| Brookfield Corp. | 658000 | 40697300  |
| S&P Global, Inc. | 340 | 179279  |
|  |  | 50654892  |
| **Support Activities for Mining - 0.1%**<br>|  |  |
| Aris Water Solutions, Inc. - Class A | 46000 | 1087900  |
|  **Support Activities for Water Transportation - 0.3%**<br>|  |  |
| Clarkson PLC | 86000 | 3854252  |
| Siem Industries, Inc.<sup>(b)</sup> | 13000 | 325000  |
|  |  | 4179252  |
| **Technology Services and Software - 0.2%** | **Technology Services and Software - 0.2%** |  |
| SB Technology, Inc.<sup>(b)(g)</sup> | 156886 | 2700008  |
| **Telecommunications - 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GCI LIBERTY INC SR <br>ESCROW<sup>(b)(g)</sup> | 72000 | 0  |
| **Utilites - 0.1%**<br>|  |  |
| Brookfield Infrastructure Partners LP | 27000 | 904500  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $147,455,438)** |  | 1150345298  |
| **UNIT INVESTMENT TRUSTS - 13.6%** | **UNIT INVESTMENT TRUSTS - 13.6%** |  |
| &nbsp;&nbsp;&nbsp; Grayscale Bitcoin Mini Trust <br>ETF<sup>(a)(b)</sup> | 389280 | 18588120  |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 1946400 | 165113112  |
| Grayscale Ethereum Classic Trust<sup>(b)</sup> | 12 | 99  |
| Grayscale Litecoin Trust<sup>(b)</sup> | 8 | 53  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $25,987,832)** |  | 183701384  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%**<br>|  |  |
| **Real Estate - 0.3%**<br>|  |  |
| Equity LifeStyle Properties, Inc. | 68000 | $4193560  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT**<br>**TRUSTS - COMMON** <br>**(Cost $3,108,571)** |  | 4193560 |
|  | **Contracts**  |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(c)</sup>** | &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(c)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Partners Value Investments LP, Expires 06/30/2026, Exercise <br>Price $29.34<sup>(b)</sup> | 800 | 12043  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $2,368)** |  | 12043  |
|  | **Shares** |  |
| **PREFERRED STOCKS - 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(c)</sup>** | &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(c)</sup>** |  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030 | 800 | 576  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $239)** |  | 576  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $176,554,448)** |  | $1338252861  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.3%<sup>(h)(i)</sup> |  | 31715388  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.4)% |  | (19300155)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1350668094 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $15,401,706.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $156,156 or 0.0% of the Fund's net assets.

<sup>(e)</sup> To the extent that the Fund maintains significant investments in issuers in a particular industry or sector of the economy, its performance and risks will be especially sensitive to developments affecting that industry or sector.

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE PARADIGM PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

<sup>(f)</sup> Investments in this security exceeds 25% of the Fund's net assets. Additional information about the issuer of this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(g)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,700,008 or 0.2% of net assets as of June 30, 2025.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(i)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $15,738,275 which represented 1.2% of net assets.

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE SMALL CAP OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 76.0%**<br>|  |  |
| **Accommodation - 2.5%**<br>|  |  |
| Civeo Corp. | 558032 | $12884959  |
| &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**Services - 0.0%<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**Services - 0.0%<sup>(a)</sup>** |  |
| RB Global, Inc. | 400 | 42476  |
| **Aerospace and Defense - 4.6%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(b)</sup> | 50000 | 23835000  |
|  **Beverage and Tobacco Product Manufacturing - 0.1%**<br>|  |  |
| Crimson Wine Group Ltd.<sup>(b)</sup> | 49300 | 271150  |
| **Chemical Manufacturing - 1.4%**<br>|  |  |
| Interparfums, Inc. | 53200 | 6985692  |
| Oil-Dri Corp. of America | 400 | 23596  |
|  |  | 7009288  |
| **Diversified Real Estate Activities - 0.2%** | **Diversified Real Estate Activities - 0.2%** |  |
| PrairieSky Royalty Ltd. | 72000 | 1248864  |
| **Entertainment - 0.1%**<br>|  |  |
| IG Port, Inc. | 34200 | 519157  |
| **Financial Services - 0.1%**<br>|  |  |
|  Hellenic Exchanges - Athens Stock Exchange SA | 40000 | 282238  |
| &nbsp;&nbsp;&nbsp; **Food Services and Drinking** <br>**Places - 0.4%** | &nbsp;&nbsp;&nbsp; **Food Services and Drinking** <br>**Places - 0.4%** |  |
| Wendy's Co. | 162600 | 1856892  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.2%**<br>|  |  |
| Mesabi Trust<sup>(c)</sup> | 49800 | 1193208  |
| **Global Exchanges - 0.0%<sup>(a)</sup>**<br>|  |  |
| NZX Ltd. | 1000 | 908  |
| **Hospitality and Tourism - 1.6%**<br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 296000 | 8323520  |
| Royal Caribbean Cruises Ltd. | 200 | 62628  |
|  |  | 8386148  |
| **Industrial Services - 0.1%**<br>|  |  |
| BRAEMAR PLC | 189800 | 547109  |
| **Insurance Carriers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 4 | 7226  |
| **Legal Services - 0.0%<sup>(a)</sup>**<br>|  |  |
| CRA International, Inc. | 1024 | 191867  |
| **Machinery Manufacturing - 0.0%<sup>(a)</sup>**<br>|  |  |
| Oshkosh Corp. | 400 | 45416  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Management of Companies and Enterprises - 6.7%**<br>|  |  |
|  Associated Capital Group, Inc. - Class A | 190500 | $7143750  |
| Dundee Corp. - Class A<sup>(b)</sup> | 99000 | 191070  |
| Fairfax India Holdings Corp.<sup>(b)(d)</sup> | 54000 | 1003860  |
| Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 1980000 | 21047400  |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance Group <br>Ltd. | 2890 | 5189631  |
|  |  | 34575711  |
|  **Management, Scientific, and Technical Consulting Services - 0.1%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 3400 | 354042  |
| **Media - 0.1%**<br>|  |  |
| Nippon Television Holdings, Inc. | 400 | 9294  |
| Toei Animation Co. Ltd. | 14200 | 323926  |
|  |  | 333220  |
| **Mining (except Oil and Gas) - 0.1%**<br>|  |  |
| Triple Flag Precious Metals Corp. | 720 | 17057  |
| Wheaton Precious Metals Corp. | 5000 | 449000  |
|  |  | 466057  |
| **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** | **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** |  |
| AutoNation, Inc.<sup>(b)</sup> | 520 | 103298  |
| Penske Automotive Group, Inc. | 500 | 85905  |
|  |  | 189203  |
|  **Nonmetallic Mineral Product Manufacturing - 0.0%<sup>(a)</sup>**<br>|  |  |
| Eagle Materials, Inc. | 880 | 177857  |
|  **Offices of Real Estate Agents and Brokers - 5.1%**<br>|  |  |
| Landbridge Co. LLC - Class A<sup>(c)</sup> | 395008 | 26694641  |
| **Oil and Gas Extraction - 45.9%<sup>(e)</sup>**<br>|  |  |
| Permian Basin Royalty Trust | 99600 | 1241016  |
| Texas Pacific Land Corp.<sup>(f)</sup> | 224232 | 236876442  |
|  |  | 238117458  |
| **Other Crop Farming - 0.1%**<br>|  |  |
| J G Boswell Co. | 740 | 403300  |
| **Other Financial Investment Activities - 0.1%** | **Other Financial Investment Activities - 0.1%** |  |
| GAMCO Investors, Inc. - Class A | 13800 | 333270  |
| Seaport Entertainment Group, Inc.<sup>(b)</sup> | 2166 | 40396  |
|  |  | 373666  |
| **Other Investment Pools and Funds - 1.0%** | **Other Investment Pools and Funds - 1.0%** |  |
| Urbana Corp. | 29200 | 134662  |
| Urbana Corp. - Class A | 1105000 | 5160859  |
|  |  | 5295521  |
| **Other Pipeline Transportation - 0.1%**<br>|  |  |
| Rubis SCA | 14200 | 458653 |

---

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE SMALL CAP OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.7%**<br>|  |  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 23300 | $3524824  |
|  Madison Square Garden Entertainment Corp.<sup>(b)</sup> | 772 | 30857  |
| Sphere Entertainment Co.<sup>(b)</sup> | 772 | 32269  |
|  |  | 3587950  |
|  **Pharmaceutical and Medicine Manufacturing - 0.7%**<br>|  |  |
| Galaxy Digital, Inc. - Class A<sup>(b)(c)</sup> | 160000 | 3504000  |
|  **Professional, Scientific, and Technical Services - 0.4%**<br>|  |  |
|  Science Applications International Corp. | 19600 | 2207156  |
|  **Promoters of Performing Arts, Sports, and Similar Events - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports <br>Corp.<sup>(b)</sup> | 240 | 50148  |
| **Real Estate - 2.5%**<br>|  |  |
| DREAM Unlimited Corp. | 681200 | 10324926  |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 19000 | 1282500  |
| Tejon Ranch Co.<sup>(b)</sup> | 68000 | 1153280  |
|  |  | 12760706  |
|  **Securities and Commodity Contracts Intermediation and Brokerage - 0.0%<sup>(a)</sup>**<br>|  |  |
| Affiliated Managers Group, Inc. | 234 | 46044  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%<sup>(a)</sup>**<br>|  |  |
| OTC Markets Group, Inc. - Class A | 800 | 45600  |
| **Support Activities for Mining - 0.4%**<br>|  |  |
| Aris Water Solutions, Inc. - Class A | 87000 | 2057550  |
| Liberty Energy, Inc. | 400 | 4592  |
| Pason Systems, Inc. | 8000 | 72142  |
|  |  | 2134284  |
|  **Support Activities for Water Transportation - 0.0%<sup>(a)</sup>**<br>|  |  |
| Clarkson PLC | 2400 | 107561  |
| **Technology Services and Software - 0.7%** | **Technology Services and Software - 0.7%** |  |
| SB Technology, Inc.<sup>(b)(g)</sup> | 209181 | 3600005  |
| **Telecommunications - 0.0%<sup>(a)</sup>**<br>|  |  |
| LICT Corp.<sup>(b)</sup> | 16 | 192000  |
| **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** | **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** |  |
| Pure Cycle Corp.<sup>(b)</sup> | 7600 | 81472  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $118,884,961)** |  | 394078161  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **UNIT INVESTMENT TRUSTS - 5.4%** | **UNIT INVESTMENT TRUSTS - 5.4%** |  |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 60000 | $2865000  |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 300000 | 25449000  |
| Grayscale Ethereum Classic Trust<sup>(b)</sup> | 60 | 495  |
| Grayscale Litecoin Trust<sup>(b)</sup> | 12 | 80  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $3,169,082)** |  | 28314575  |
|  | **Contracts** |  |
| **WARRANTS - 0.5%**<br>|  |  |
| **Other Investment Pools and Funds - 0.5%** | **Other Investment Pools and Funds - 0.5%** |  |
|  Partners Value Investments LP, Expires 06/30/2026, Exercise Price $29.34 <sup>(b)</sup><br>| 160000 | 2408665  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $433,365)** |  | 2408665  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 81.9%** <br>**(Cost $122,487,408)** |  | $424801401  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 21.4%<sup>(h)(i)</sup> |  | 111076349  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.3)% |  | (17124045)  |
| **TOTAL NET ASSETS - 100.0%** |  | $518753705 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $16,836,854.

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $1,003,860 or 0.2% of the Fund's net assets.

<sup>(e)</sup> To the extent that the Fund maintains significant investments in issuers in a particular industry or sector of the economy, its performance and risks will be especially sensitive to developments affecting that industry or sector.

<sup>(f)</sup> Investments in this security exceeds 25% of the Fund's net assets. Additional information about the issuer of this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(g)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $3,600,005 or 0.7% of net assets as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

66<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE SMALL CAP OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(i)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $16,906,657 which represented 3.3% of net assets.

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE MARKET OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 61.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**Services - 0.1%**<br>|  |  |
| RB Global, Inc. | 1400 | $148666  |
| **Aerospace and Defense - 0.1%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 300 | 143010  |
|  **Agencies, Brokerages, and Other Insurance Related Activities - 0.1%**<br>|  |  |
| Brookfield Wealth Solutions Ltd.<sup>(b)</sup> | 4617 | 285238  |
| **Asset Management - 0.1%**<br>|  |  |
| Investor AB | 5000 | 147845  |
| **Coal Mining - 0.0%<sup>(c)</sup>**<br>|  |  |
| Core Natural Resources, Inc. | 2 | 139  |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 2000 | 486060  |
|  **Data Processing, Hosting, and Related Services - 0.7%**<br>|  |  |
| Mastercard, Inc. - Class A | 1000 | 561940  |
| Visa, Inc. - Class A | 4000 | 1420200  |
|  |  | 1982140  |
| **Diversified Real Estate Activities - 0.0%<sup>(c)</sup>** | **Diversified Real Estate Activities - 0.0%<sup>(c)</sup>** |  |
| PrairieSky Royalty Ltd. | 200 | 3469  |
| **Entertainment - 0.0%<sup>(c)</sup>**<br>|  |  |
| IG Port, Inc. | 4000 | 60720  |
| **Financial Services - 0.2%**<br>|  |  |
|  Hellenic Exchanges - Athens Stock Exchange SA | 104000 | 733818  |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing <br>Ltd. | 100 | 5335  |
| Value Partners Group Ltd. | 2000 | 497  |
|  |  | 739650  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.3%**<br>|  |  |
| Mesabi Trust | 41482 | 993909  |
| **Global Exchanges - 0.6%**<br>|  |  |
| ASX Ltd. | 4400 | 202015  |
| Deutsche Boerse AG | 1800 | 587116  |
| Euronext NV<sup>(d)</sup> | 2520 | 430721  |
| Japan Exchange Group, Inc. - ADR | 8200 | 82984  |
| London Stock Exchange Group PLC | 600 | 87589  |
| NZX Ltd. | 400202 | 363476  |
|  |  | 1753901  |
| **Insurance Carriers - 0.0%<sup>(c)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 2 | 3613  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **Insurance Carriers and Related** <br>**Activities - 0.0%<sup>(c)</sup>**<br>|  |  |
| Arthur J. Gallagher & Co. | 400 | $128048  |
| **Legal Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| CRA International, Inc. | 36 | 6745  |
| **Live Sports (Spectator Sports) - 0.1%**<br>|  |  |
| BIGLEAGUE<sup>(a)(e)</sup> | 2455 | 135025  |
|  **Management of Companies and Enterprises - 8.1%**<br>|  |  |
|  Associated Capital Group, Inc. - Class A | 77000 | 2887500  |
| Fairfax India Holdings Corp.<sup>(a)(d)</sup> | 84000 | 1561560  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 1612000 | 17135560  |
| Valterra Platinum Ltd. - ADR<sup>(b)</sup> | 2455 | 18241  |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance <br>Group Ltd. | 1804 | 3239479  |
|  |  | 24842340  |
|  **Management, Scientific, and Technical Consulting Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 144 | 14995  |
| **Media - 0.0%<sup>(c)</sup>**<br>|  |  |
| AlphaPolis Co. Ltd. | 200 | 2087  |
| Nippon Television Holdings, Inc. | 400 | 9294  |
| Toei Animation Co. Ltd. | 400 | 9125  |
|  |  | 20506  |
| **Mining (except Oil and Gas) - 1.7%**<br>|  |  |
| Franco-Nevada Corp. | 14600 | 2393232  |
| Wheaton Precious Metals Corp. | 32000 | 2873600  |
|  |  | 5266832  |
|  **Miscellaneous Durable Goods Merchant Wholesalers - 0.0%<sup>(c)</sup>**<br>|  |  |
| A-Mark Precious Metals, Inc. | 3200 | 70976  |
| **Motor Vehicle and Parts Dealers - 0.0%<sup>(c)</sup>** | **Motor Vehicle and Parts Dealers - 0.0%<sup>(c)</sup>** |  |
| AutoNation, Inc.<sup>(a)</sup> | 10 | 1987  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.0%<sup>(c)</sup>**<br>|  |  |
| Anglo American PLC - ADR | 7045 | 103843  |
|  **Nonmetallic Mineral Product Manufacturing - 0.0%<sup>(c)</sup>**<br>|  |  |
| Eagle Materials, Inc. | 4 | 808  |
|  **Offices of Real Estate Agents and Brokers - 3.4%**<br>|  |  |
| Landbridge Co. LLC - Class A | 154600 | 10447868  |
| **Oil and Gas Extraction - 38.1%<sup>(f)</sup>**<br>|  |  |
| Permian Basin Royalty Trust | 127450 | 1588027  |
| Texas Pacific Land Corp.<sup>(g)</sup> | 108984 | 115129608  |
|  |  | 116717635  |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE MARKET OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Other Crop Farming - 0.1%**<br>|  |  |
| J G Boswell Co. | 656 | $357520  |
| &nbsp;&nbsp;&nbsp; **Other Financial Investment** <br>**Activities - 0.6%** | &nbsp;&nbsp;&nbsp; **Other Financial Investment** <br>**Activities - 0.6%** |  |
| Bakkt Holdings, Inc.<sup>(a)(b)</sup> | 32000 | 446400  |
| GAMCO Investors, Inc. - Class A | 58600 | 1415190  |
|  |  | 1861590  |
| **Other Investment Pools and Funds - 2.1%** | **Other Investment Pools and Funds - 2.1%** |  |
| Partners Value Investments LP (a)<br>| 43516 | 4376366  |
| Urbana Corp. | 44800 | 206605  |
| Urbana Corp. - Class A | 421000 | 1966264  |
|  |  | 6549235  |
|  **Pharmaceutical and Medicine Manufacturing - 0.8%**<br>|  |  |
| Galaxy Digital, Inc. - Class A<sup>(a)(b)</sup> | 110000 | 2409000  |
|  **Professional, Scientific, and Technical Services - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Science Applications International Corp. | 200 | 22522  |
| **Real Estate - 0.1%**<br>|  |  |
| Tejon Ranch Co.<sup>(a)</sup> | 11000 | 186560  |
|  **Securities and Commodities Exchanges - 2.7%**<br>|  |  |
| Cboe Global Markets, Inc. | 8000 | 1865680  |
| CME Group, Inc. | 5800 | 1598596  |
| Intercontinental Exchange, Inc. | 12900 | 2366763  |
| Miami International Holdings Inc.<sup>(a)(e)</sup> | 95000 | 1120050  |
| Nasdaq, Inc. | 7200 | 643824  |
| TMX Group Ltd. | 18000 | 762959  |
|  |  | 8357872  |
|  **Securities and Commodity Contracts Intermediation and Brokerage - 0.0%<sup>(c)</sup>**<br>|  |  |
| Affiliated Managers Group, Inc. | 190 | 37386  |
| MarketAxess Holdings, Inc. | 48 | 10721  |
|  |  | 48107  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%**<br>|  |  |
| Brookfield Asset Management Ltd. | 806 | 44555  |
| OTC Markets Group, Inc. - Class A | 2000 | 114000  |
| S&P Global, Inc. | 113 | 59584  |
|  |  | 218139  |
| **Support Activities for Mining - 0.5%**<br>|  |  |
| Aris Water Solutions, Inc. - Class A | 64900 | 1534885  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Support Activities for Water Transportation - 0.4%**<br>|  |  |
| Clarkson PLC | 29000 | $1299690  |
| **Technology Services and Software - 0.4%** | **Technology Services and Software - 0.4%** |  |
| SB Technology, Inc.<sup>(a)(e)</sup> | 69727 | 1200002  |
| **Water, Sewage and Other Systems - 0.0%<sup>(c)</sup>** | **Water, Sewage and Other Systems - 0.0%<sup>(c)</sup>** |  |
| Pure Cycle Corp.<sup>(a)</sup> | 3200 | 34304  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $68,615,315)** |  | 188585394  |
| **UNIT INVESTMENT TRUSTS - 18.5%** | **UNIT INVESTMENT TRUSTS - 18.5%** |  |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 119774 | 5719209  |
| Grayscale Bitcoin Trust ETF<sup>(a)</sup> | 598874 | 50802481  |
| Grayscale Ethereum Classic Trust<sup>(a)</sup> | 12 | 99  |
| Grayscale Litecoin Trust<sup>(a)</sup> | 8 | 53  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $2,029,275)** |  | 56521842  |
|  | **Contracts** |  |
| **WARRANTS - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.2%**<br>|  |  |
|  Partners Value Investments LP, Expires 06/30/2026, Exercise Price $29.34<sup>(a)</sup> | 43516 | 655097  |
|  **Securities and Commodities Exchanges - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50<sup>(a)(e)</sup> | 14469 | 57587  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $130,104)** |  | 712684  |
|  | **Shares**  |  |
| **PREFERRED STOCKS - 0.1%**<br>|  |  |
| **Financial Services - 0.1%**<br>|  |  |
|  Partners Value Investments LP, Series 1\*, 4.50%, Perpetual | 11832  | 230724  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030 | 43516 | 31332  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $259,342)** |  | 262056 |

---

The accompanying notes are an integral part of these financial statements.

69<br>

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE MARKET OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CONVERTIBLE BONDS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Department Stores - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Sears Holdings Corp., 8.00%, 12/15/2019<sup>(e)(h)</sup> | $5720 | $0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $5,720)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 80.4%** <br>**(Cost $71,039,756)** |  | $246081976  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 22.1%<sup>(i)(j)</sup> |  | 67742693  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.5)% |  | (7724785)  |
| **TOTAL NET ASSETS - 100.0%** |  | $306099884 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $3,116,733.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $1,992,281 or 0.7% of the Fund's net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,512,663 or 0.8% of net assets as of June 30, 2025.

<sup>(f)</sup> To the extent that the Fund maintains significant investments in issuers in a particular industry or sector of the economy, its performance and risks will be especially sensitive to developments affecting that industry or sector.

<sup>(g)</sup> Investments in this security exceeds 25% of the Fund's net assets. Additional information about the issuer of this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(h)</sup> Issuer is currently in default.

<sup>(i)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(j)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $2,947,635 which represented 1.0% of net assets.

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE MULTI-DISCIPLINARY INCOME PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - 91.4%**  | **COLLATERALIZED LOAN OBLIGATIONS - 91.4%**  | **COLLATERALIZED LOAN OBLIGATIONS - 91.4%**  |
|  Atlas Senior Loan Fund Ltd., Series 2019-14A, Class BR, 6.48% (3 mo. Term SOFR + 2.21%), 07/20/2032<sup>(a)</sup> | $500000 | $502184  |
|  Battery Park CLO, Series 2022-1A, Class AR, 5.77% (3 mo. Term SOFR + 1.50%), 10/20/2037<sup>(a)</sup> | 500000 | 501743  |
|  BlueMountain CLO Ltd., Series 2022-35A, Class BR, 6.12% (3 mo. Term SOFR + 1.85%), 10/22/2037<sup>(a)</sup> | 500000 | 501893  |
| Brant Point CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class B, 6.22% (3 mo. Term SOFR + 1.95%), 07/20/2037<sup>(a)</sup> | 1000000 | 1006030  |
| &nbsp;&nbsp;&nbsp; Series 2024-6A, Class A2, 5.89% (3 mo. Term SOFR + 1.63%), 01/15/2038<sup>(a)</sup> | 300000 | 300000  |
|  Bryant Park Funding Ltd., Series 2023-21A, Class B, 7.02% (3 mo. Term SOFR + 2.75%), 10/18/2036<sup>(a)</sup> | 250000 | 250681  |
|  Carlyle Global Market Strategies, Series 2023-3A, Class B, 6.86% (3 mo. Term SOFR + 2.60%), 10/15/2036<sup>(a)</sup> | 450000 | 451159  |
|  Cent CLO LP, Series 2020-29A, Class BR, 6.23% (3 mo. Term SOFR + 1.96%), 10/20/2034<sup>(a)</sup> | 1000000 | 1001368  |
|  CIFC Funding Ltd., Series 2021-6A, Class B, 6.17% (3 mo. Term SOFR + 1.91%), 10/15/2034<sup>(a)</sup> | 500000 | 501554  |
|  Dryden Senior Loan Fund, Series 2020-86A, Class BR, 6.24% (3 mo. Term SOFR + 1.96%), 07/17/2034<sup>(a)</sup> | 500000 | 500455  |
|  Fort Washington CLO, Series 2019-1A, Class BR2, 6.17% (3 mo. Term SOFR + 1.90%), 10/20/2037<sup>(a)</sup> | 500000 | 502170  |
|  Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 6.78% (3 mo. Term SOFR + 2.50%), 10/25/2036<sup>(a)</sup> | 250000 | 250662  |
|  Halsey Point CLO Ltd., Series 2021-4A, Class B, 6.28% (3 mo. Term SOFR + 2.01%), 04/20/2034<sup>(a)</sup> | 475000 | 476320  |
|  ICG US CLO Ltd., Series 2023-1A, Class B, 7.27% (3 mo. Term SOFR + 3.00%), 07/18/2036<sup>(a)</sup> | 500000 | 500000  |
|  Katayma CLO Ltd., Series 2023-1A, Class B, 6.92% (3 mo. Term SOFR + 2.65%), 10/20/2036<sup>(a)</sup> | 250000 | 250710  |
|  Magnetite CLO Ltd., Series 2023-37A, Class B, 6.57% (3 mo. Term SOFR + 2.30%), 10/20/2036<sup>(a)</sup> | 500000 | 501033  |
|  Man GLG US CLO, Series 2023-1A, Class A, 6.57% (3 mo. Term SOFR + 2.30%), 07/20/2035<sup>(a)</sup> | 500000 | 500711  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Mountain View CLO Ltd., Series 2019-2A, Class B1R, 6.41% (3 mo. Term SOFR + 2.15%), 07/15/2037<sup>(a)</sup> | $450000 | $451592  |
|  Orion CLO Ltd., Series 2023-2A, Class B, 7.03% (3 mo. Term SOFR + 2.75%), 01/25/2037<sup>(a)</sup> | 250000 | 251209  |
| Post CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 6.17% (3 mo. Term SOFR + 1.90%), 04/20/2035<sup>(a)</sup> | 665000 | 667218  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 6.22% (3 mo. Term SOFR + 1.95%), 04/20/2036<sup>(a)</sup> | 500000 | 500150  |
|  Rad CLO, Series 2023-20A, Class B, 6.92% (3 mo. Term SOFR + 2.65%), 07/20/2036<sup>(a)</sup> | 500000 | 500000  |
| Sound Point CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 6.18% (3 mo. Term SOFR + 1.90%), 04/25/2035<sup>(a)</sup> | 750000 | 751049  |
| &nbsp;&nbsp;&nbsp; Series 2025-1RA, Class A2, 5.97% (3 mo. Term SOFR + 1.65%), 02/20/2038<sup>(a)</sup> | 550000 | 550658  |
| Venture CDO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-15A, Class BR3, 6.39% (3 mo. Term SOFR + 2.13%), 07/15/2032<sup>(a)</sup> | 250000 | 251158  |
| &nbsp;&nbsp;&nbsp; Series 2023-48A, Class B1, 7.02% (3 mo. Term SOFR + 2.75%), 10/20/2036<sup>(a)</sup> | 500000 | 501571  |
|  Voya CLO Ltd., Series 2019-4A, Class A2R, 5.87% (3 mo. Term SOFR + 1.61%), 01/15/2035<sup>(a)</sup> | 430000 | 432705  |
|  Wind River CLO Ltd., Series 2021-2A, Class B, 6.18% (3 mo. Term SOFR + 1.91%), 07/20/2034<sup>(a)</sup> | 375000 | 375176  |
|  Zais CLO Ltd., Series 2022-18A, Class AJ, 6.08% (3 mo. Term SOFR + 1.80%), 01/25/2035<sup>(a)</sup> | 500000 | 500568  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $14,182,640)** |  | 14231727 |
|  **TOTAL INVESTMENTS - 91.4% (Cost $14,182,640)** |  | $14231727 |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 7.5%<sup>(b)</sup> |  | 1167196 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 174559 |
| **TOTAL NET ASSETS - 100.0%** |  | $15573482 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**THE MULTI-DISCIPLINARY INCOME PORTFOLIO** 

**Consolidated Portfolio of Investments - June 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $14,231,727 or 91.4% of the Fund's net assets.

<sup>(b)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Assets & Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **The Internet** <br>**Portfolio** <br>(Consolidated) | **The Global** <br>**Portfolio** <br>(Consolidated)  |
| **ASSETS:**<br>|  |  |
| Investments, at value<sup>(1)(2)</sup> | $310932350 | $52073456  |
| Foreign currencies, at value<sup>(3)</sup> | 10833 | 98854  |
| Cash | 37160492 | 17730173  |
| Cash proceeds from securities lending | 4093650 | 1101390  |
| Receivable for contributed capital | 218231 | 174801  |
| Dividends and interest receivable | 146572 | 74765  |
| Prepaid expenses and other assets | 22909 | 4676  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 352585037 | 71258115  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser | 354817 | 70128  |
| Payable to Trustees | 4882 | 926  |
| Payable to Chief Compliance Officer | 251 | 48  |
| Payable for securities purchased |  | 56859  |
| Payable for collateral received for securities loaned | 4093650 | 1101390  |
| Payable for withdrawn capital | 78355 | 149114  |
| Accrued expenses and other liabilities | 52241 | 23814  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 4584196 | 1402279  |
| **Net Assets** | $348000841 | $69854970  |
| <sup>(1)</sup> Cost of investments | $62286607 | $25895288  |
| <sup>(2)</sup> Includes loaned securities with a market value of | $4356990 | $1176183  |
| <sup>(3)</sup> Cost of foreign currencies | $10768 | $98854 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Assets & Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Paradigm** <br>**Portfolio** <br>(Consolidated) | **The Small Cap** <br>**Opportunities** <br>**Portfolio** <br>(Consolidated)  |
| **ASSETS:**<br>|  |  |
| Investments, at value<sup>(1)(2)</sup> | $1338252861 | $424801401  |
| Foreign currencies, at value<sup>(3)</sup> | 2708 | 82637  |
| Cash | 15989067 | 94100767  |
| Cash proceeds from securities lending | 15738275 | 16906658  |
| Receivable for contributed capital | 503162 | 1317902  |
| Receivable for investments sold | 320139 | —  |
| Dividends and interest receivable | 183598 | 380186  |
| Prepaid expenses and other assets | 26685 | 18347  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1371016495 | 537607898  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser | 1436800 | 540319  |
| Payable to Trustees | 22517 | 8010  |
| Payable to Chief Compliance Officer | 1183 | 405  |
| Payable for securities purchased |  | 9900  |
| Payable for collateral received for securities loaned | 15738276 | 16906658  |
| Payable for withdrawn capital | 2972734 | 1144417  |
| Accrued expenses and other liabilities | 176891 | 70999  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 20348401 | 18680708  |
| **Net Assets** | $1350668094 | $518927190  |
| <sup>(1)</sup> Cost of investments | $176554448 | $122487408  |
| <sup>(2)</sup> Includes loaned securities with a market value of | $15401706 | $16836854  |
| <sup>(3)</sup> Cost of foreign currencies | $2692 | $82193 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Assets & Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities** <br>**Portfolio** <br>(Consolidated) | **The Multi-**<br>**Disciplinary** <br>**Income** <br>**Portfolio**  |
| **ASSETS:**<br>|  |  |
| Investments, at value<sup>(1)(2)</sup> | $246081976 | $14231727  |
| Foreign currencies, at value<sup>(3)</sup> | 35208 | —  |
| Cash | 64795473 | 1167196  |
| Cash proceeds from securities lending | 2947635 | —  |
| Receivable for contributed capital | 1207438 | —  |
| Dividends and interest receivable | 383182 | 188727  |
| Prepaid expenses and other assets | 17387 | 368  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 315468299 | 15588018  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser | 365361 | 3181  |
| Payable to Trustees | 5094 | 212  |
| Payable to Chief Compliance Officer | 185 | 7  |
| Payable for collateral received for securities loaned | 2947635 | —  |
| Payable for withdrawn capital | 6005284 | —  |
| Accrued expenses and other liabilities | 44857 | 11136  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 9368416 | 14536  |
| **Net Assets** | $306099883 | $15573482  |
| <sup>(1)</sup> Cost of investments | $71039756 | $14182640  |
| <sup>(2)</sup> Includes loaned securities with a market value of | $3116733 | $—  |
| <sup>(3)</sup> Cost of foreign currencies | $34996 | $— |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **The Internet** <br>**Portfolio** <br>(Consolidated) | **The Global** <br>**Portfolio** <br>(Consolidated)  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends<sup>†</sup> | $447957 | $310296  |
| Interest | 855718 | 376869  |
| Income from securities lending | 87293 | 9128  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1390968 | 696293  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees | 2113951 | 391290  |
| Administration fees | 68919 | 17292  |
| Professional fees | 20220 | 11873  |
| Fund accounting fees | 18898 | 4474  |
| Trustees' fees | 10625 | 1868  |
| Chief Compliance Officer fees | 1408 | 282  |
| Custodian fees and expenses | 12802 | 11327  |
| Registration fees | 173 | 116  |
| Other expenses | 3795 | 478  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2250791 | 439000  |
| **Net investment income (loss)** | (859823) | 257293  |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS:**<br>|  |  |
| Net realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 9032914 | 484799  |
| Net change in unrealized appreciation of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 15532351 | 2799008  |
| **Net realized and unrealized gain on investments** | 24565265 | 3283807  |
| **Net increase in net assets resulting from operations** | $23705442 | $3541100  |
| <sup>†</sup> Net of foreign taxes withheld of: | $120124 | $83133 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Paradigm** <br>**Portfolio** <br>(Consolidated) | **The Small Cap** <br>**Opportunities** <br>**Portfolio** <br>(Consolidated)  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends<sup>†</sup> | $3775919 | $1602395  |
| Interest | 1044359 | 1920100  |
| Income from securities lending | 194468 | 58268  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5014746 | 3580763  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees | 9493867 | 3373043  |
| Administration fees | 283666 | 102476  |
| Professional fees | 57708 | 26434  |
| Fund accounting fees | 85131 | 30199  |
| Trustees' fees | 46184 | 16362  |
| Chief Compliance Officer fees | 6927 | 2426  |
| Custodian fees and expenses | 48639 | 20199  |
| Registration fees | 275 | 145  |
| Other expenses | 15180 | 5256  |
| &nbsp;&nbsp;&nbsp; Total expenses | 10037577 | 3576540  |
| **Net investment income (loss)** | (5022831) | 4223  |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 3888598 | (593236)  |
| Net change in unrealized appreciation of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 2199312 | 583863  |
| **Net realized and unrealized gain (loss) on investments** | 6087910 | (9373)  |
|  **Net increase (decrease) in net assets resulting from operations** | $1065079 | $(5150)  |
| <sup>†</sup> Net of foreign taxes withheld of: | $202960 | $198177 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities** <br>**Portfolio** <br>(Consolidated) | **The Multi-**<br>**Disciplinary** <br>**Income** <br>**Portfolio**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends<sup>†</sup> | $774740 | $—  |
| Interest | 1583671 | 460275  |
| Income from securities lending | 44546 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2402957 | 460275  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees | 2012495 | 18433  |
| Administration fees | 57407 | 9012  |
| Professional fees | 19674 | 4401  |
| Fund accounting fees | 16732 | 1045  |
| Trustees' fees | 9590 | 454  |
| Chief Compliance Officer fees | 1349 | 53  |
| Custodian fees and expenses | 16788 | 1008  |
| Registration fees | 144 | 350  |
| Other expenses | 2531 | 191  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2136710 | 34947  |
| **Net investment income** | 266247 | 425328  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 3406263 | (97)  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 2587054 | (22270)  |
| **Net realized and unrealized gain (loss) on investments** | 5993317 | (22367)  |
| **Net increase in net assets resulting from operations** | $6259564 | $402961  |
| <sup>†</sup> Net of foreign taxes withheld of: | $133726 | $— |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Portfolio** <br>(Consolidated) | **The Internet Portfolio** <br>(Consolidated) | **The Global Portfolio** <br>(Consolidated)  | **The Global Portfolio** <br>(Consolidated)  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(859823) | $646357 | $257293 | $215525  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 9032914 | 2223955 | 484799 | 408403  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation of investments and foreign currency | 15532351 | 141553335 | 2799008 | 14622178  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 23705442 | 144423647 | 3541100 | 15246106  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contributions | 13613028 | 24430090 | 23730485 | 21279236  |
| &nbsp;&nbsp;&nbsp; Withdrawals | (20874763) | (27437765) | (7057570) | (4821431)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (7261735) | (3007675) | 16672915 | 16457805  |
| **Total increase in net assets** | 16443707 | 141415972 | 20214015 | 31703911  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 331557134 | 190141162 | 49640955 | 17937044  |
| &nbsp;&nbsp;&nbsp; End of period | $348000841 | $331557134 | $69854970 | $49640955 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Portfolio** <br>(Consolidated) | **The Paradigm Portfolio** <br>(Consolidated) | **The Small Cap Opportunities** <br>**Portfolio (Consolidated)**  | **The Small Cap Opportunities** <br>**Portfolio (Consolidated)**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5022831) | $3364603 | $4223 | $3324711  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 3888598 | 65584015 | (593236) | 12288989  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation of investments and foreign currency | 2199312 | 589073494 | 583863 | 157317304  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 1065079 | 658022112 | (5150) | 172931004  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contributions | 98172388 | 63780544 | 71729593 | 58007184  |
| &nbsp;&nbsp;&nbsp; Withdrawals | (80406331) | (182039049) | (18592979) | (49824266)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 17766057 | (118258505) | 53136614 | 8182918  |
| **Total increase in net assets** | 18831136 | 539763607 | 53131464 | 181113922  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1331836958 | 792073351 | 465795726 | 284681804  |
| &nbsp;&nbsp;&nbsp; End of period | $1350668094 | $1331836958 | $518927190 | $465795726 |

---

The accompanying notes are an integral part of these financial statements.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Market Opportunities** <br>**Portfolio (Consolidated)** | **The Market Opportunities** <br>**Portfolio (Consolidated)** | **The Multi-Disciplinary** <br>**Income Portfolio**  | **The Multi-Disciplinary** <br>**Income Portfolio**  |
|  | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024** | **For the** <br>**Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $266247 | $995665 | $425328 | $895820  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 3406263 | 1152608 | (97) | 212  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | 2587054 | 99593891 | (22270) | 33694  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 6259564 | 101742164 | 402961 | 929726  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contributions | 137929720 | 33719079 | 3563242 | 3448353  |
| &nbsp;&nbsp;&nbsp; Withdrawals | (61584560) | (43200796) | (2020959) | (3075477)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 76345160 | (9481717) | 1542283 | 372876  |
| **Total increase in net assets** | 82604724 | 92260447 | 1945244 | 1302602  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 223495159 | 131234712 | 13628238 | 12325636  |
| &nbsp;&nbsp;&nbsp; End of period | $306099883 | $223495159 | $15573482 | $13628238 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)** 

1. Organization

The Kinetics Portfolios Trust (the "Trust") was organized as a Delaware Statutory Trust on March 14, 2000 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company issuing its beneficial interests in series, each series representing a distinct portfolio with its own investment objective and policies. The series currently authorized are: The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Multi-Disciplinary Income Portfolio (collectively, the "Master Portfolios"). Pursuant to the 1940 Act, the Master Portfolios, are "non- diversified" series of the Trust, except The Global Portfolio and The Multi-Disciplinary Income Portfolio. The Market Opportunities Portfolio commenced operations on January 31, 2006 and The Multi-Disciplinary Income Portfolio commenced operations on February 11, 2008. Each of the remaining Master Portfolios commenced operations on April 28, 2000.

Each Master Portfolio is a Master Investment Portfolio in a master-feeder fund structure. Each Master Portfolio may have multiple feeder funds invested in the Master Portfolio. By contributing assets to the Master Portfolio, the feeder funds receive a beneficial interest in the Master Portfolio. The Master Portfolio then invests the contributed assets in portfolio securities and allocates income, gains (losses) and expenses to the feeder funds based on the feeder funds' proportionate interests in the Master Portfolio.

Each of the Master Portfolios, except for The Multi-Disciplinary Income Portfolio, seeks to provide investors with long- term capital growth. The Multi-Disciplinary Income Portfolio seeks to provide investors with total return. The Internet Portfolio invests primarily in the equity securities of U.S. and foreign companies engaged in the Internet and Internet- related activities. The Global Portfolio generally invests in the equity securities of foreign companies that have the ability to facilitate an increase in the growth of their traditional business lines and in U.S. companies benefiting from international economic growth. The Paradigm Portfolio invests primarily in the equity securities of U.S. and foreign companies that the investment adviser believes are undervalued and that have high returns on equity and are well positioned to reduce their costs, extend the reach of their distribution channels and experience significant growth in their assets or revenues. The Small Cap Opportunities Portfolio invests primarily in the equity securities of U.S. and foreign small capitalized companies that provide attractive valuation opportunities due to special situations such as lack of institutional ownership, lack of significant analyst coverage or companies with sound fundamentals that have experienced a short-term earnings shortfall. The Market Opportunities Portfolio invests primarily in the equity securities of U.S. and foreign companies engaged in capital markets or related to capital markets, as well as companies involved in the gaming industry. The Multi-Disciplinary Income Portfolios utilize a two-part investment strategy, which includes fixed income and derivatives components. The Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities Portfolio and Market Opportunities Portfolio utilize wholly-owned subsidiaries to achieve their investment objectives. Please see Note 2 for further details.

2. Significant Accounting Policies

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

Composite option pricing calculates the mean of the highest bid price and lowest asked price across the exchanges where the option is traded. If a composite option price is not available, then a quote provided by one of the authorized

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value by the Adviser, as the Portfolios' Valuation Designee. In determining the fair value of a security, the Adviser, as Valuation Designee, shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Portfolios with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets. At June 30, 2025, 1.73%, 0.86%, 0.20%, 0.69%, 0.82% and 0.30% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio, respectively, were fair valued securities. The Multi-Disciplinary Income Portfolio did not hold any fair valued securities at June 30, 2025.

**Bitcoin – The Master Portfolios invest in Grayscale Bitcoin Trust, a Delaware statutory trust ("Bitcoin Trust") that invests in bitcoins. From time to time, the Bitcoin Trust issues creation units in exchange for bitcoins and distributes bitcoins in exchange for redemption units. The performance of the Bitcoin Trust is intended to reflect changes in the value of the Bitcoin Trust's bitcoin investments. At June 30, 2025, 58.10%, 20.74%, 13.60% 5.46%, 18.47% and 0.78% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio, respectively, were invested in the Bitcoin Trust. Investments in bitcoins produce non-qualifying income under Subchapter M of the Internal Revenue Code.** 

Bitcoin is a decentralized digital currency that enables instant transfers to anyone, anywhere in the world. Managing transactions in bitcoins occurs via an open source, cryptographic protocol central authority. The Bitcoin Network is an online, end-user-to-end-user network that hosts the public transaction ledger, known as the Blockchain, and the source code that comprises the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by a decentralized user base. Since the Bitcoin Network is decentralized, it does not rely on either governmental authorities or financial institutions to create, transmit or determine the value of bitcoins. Rather, the value of bitcoins is determined by the supply of and demand for bitcoins in the global bitcoin exchange market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges ("Bitcoin Exchanges"). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the Bitcoin Trust. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a Master Portfolio's direct or indirect investment in the Bitcoin Trust. Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a Master Portfolio's direct or indirect investment in the Bitcoin Trust. Shares of the Bitcoin Trust may trade at a premium or discount to the net asset value of the Bitcoin Trust. The price of bitcoins is set in transfers by mutual agreement or barter as well as the number of merchants that accept bitcoins. Because bitcoins are digital files that can be transferred without the involvement of intermediaries or third parties, there are little or no transaction costs in direct end-user-to-end-user transactions. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S.

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

dollar, at rates determined by the Bitcoin Exchanges. Additionally, third party service providers such as Bitcoin Exchanges are also used for transfers, but they may charge significant fees for processing transactions.

As bitcoins have grown in popularity, the U.S. Congress and a number of federal and state agencies (including the Financial Crimes Enforcement Network (FinCEN), the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, and state financial institution regulators) have begun to examine the operations of the network that facilitates bitcoins, bitcoin users and the Bitcoin Exchanges, with particular focus on (1) the extent to which bitcoins can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises, (2) the safety and soundness of the Bitcoin Exchange or other service-providers that hold bitcoins for users and (3) other risks to investors and consumers who hold and use bitcoins. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the value of a Master Portfolio's and its Subsidiary's investment in the Bitcoin Trust or the ability of the Bitcoin Trust to continue to operate.

**Consolidation of Subsidiaries – The consolidated financial statements include the accounts of Cayman wholly-owned Controlled Foreign Corporations ("CFCs") and the accounts of Delaware Corporations (the "Cayman" or "Delaware," respectively, or "Subsidiaries" for both). The respective Master Portfolios hold a CFC: Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities Portfolio and Market Opportunities Portfolio. The respective Master Portfolios hold a Delaware subsidiary: Internet Portfolio, Global Portfolio and Market Opportunities Portfolio. Each Master Portfolio can invest up to 25% of its total assets in the Subsidiaries. The Subsidiaries act as an investment vehicle in order to invest in commodity-linked and bitcoin-linked instruments consistent with the Portfolio's investment objectives and policies. By investing in its Subsidiaries, a Master Portfolio is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by a Subsidiary are generally similar to those that are permitted to be held by the Master Portfolio and are subject to the same risks that apply to similar investments if held directly by the Master Portfolio. Each Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. However, each Master Portfolio wholly-owns and controls its Subsidiaries, making it unlikely that the Subsidiaries will take action contrary to the interests of the Master Portfolio. Each Subsidiary will be subject to the same investment restrictions and limitations and follow the same compliance policies and procedures as its Master Portfolio.**

The Cayman Subsidiary is an exempted Cayman investment company and is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, each Cayman Subsidiary is a CFC not subject to U.S. income taxes. As a wholly-owned CFC, however, each Cayman Subsidiary's net income and capital gain will be included each year in the respective Portfolio's investment company taxable income.

As of June 30, 2025, the respective Cayman Subsidiary's net assets and percent of the respective Portfolio's net assets were:

---

| | | |
|:---|:---|:---|
| Internet Portfolio | $50784552 | 14.59%  |
| Global Portfolio | 3318604 | 4.75%  |
| Paradigm Portfolio | 186190552 | 13.79%  |
| Small Cap Opportunities Portfolio | 32052798 | 6.18%  |
| Market Opportunities Portfolio | 19077047 | 6.23%  |
| The Spin-off Fund | 559827 | 1.67% |

---

The Delaware Subsidiary is organized under Delaware law. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to its respective Master Portfolio (i.e., those gains, net of the tax paid and any other expenses of the Delaware Subsidiary) will be eligible to be treated as "qualified dividend income" under the Internal Revenue Code.

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

As of June 30, 2025, the respective Delaware Subsidiary's net assets and percent of the respective Portfolio's net assets were:

---

| | | |
|:---|:---|:---|
| Internet Portfolio | $1443 | 0.00%  |
| Global Portfolio | 1430 | 0.00%  |
| Market Opportunities Portfolio | 1487 | 0.00% |

---

**Repurchase Agreements – Each Master Portfolio may enter into repurchase agreements with banks that are members of the Federal Reserve System or securities dealers who are members of a national securities exchange or are primary dealers in U.S. Government Securities. In connection with transactions in repurchase agreements, it is the Trust's policy that the Master Portfolio receive, as collateral, securities whose market value, including accrued interest, at all times will be at least equal to 102% of the amount invested by the Master Portfolio in each repurchase agreement. If the seller defaults, and the value of the collateral declines, realization of the collateral by the Master Portfolio may be delayed or limited.** 

**Foreign Currency Translations – The books and records of the Master Portfolios are maintained in U.S. dollars. For the Master Portfolios, foreign currency transactions are translated into U.S. dollars on the following basis: (i) market values of investment securities and other assets and liabilities are translated at the exchange rate of such currencies against the U.S. dollar, as provided by an approved pricing service, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Master Portfolios do not isolate and treat as ordinary income that portion of the results of operations arising as a result of changes in the exchange rate from the fluctuations arising from changes in the market prices of securities held during the period. Such fluctuations are included with the net realized and unrealized gain or loss from investments. However, for federal income tax purposes, the Master Portfolios do isolate and treat as ordinary income the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the effect of changes in foreign exchange rates arising between trade date and settlement date.** 

**Restricted and Illiquid Securities – The Master Portfolios may invest in restricted securities. These securities are valued by the Master Portfolios after giving due consideration to pertinent factors including recent private sales, market conditions and the issuer's financial performance. The Master Portfolios have no right to require registration of unregistered securities. The 144A securities have been deemed to be liquid by the Master Portfolios' Adviser under the oversight of the Board of Trustees. At June 30, 2025, market value and percentage of 144A securities held by the Master Portfolios are disclosed under the respective schedule of investments.** 

An illiquid asset is any asset which may not be sold or disposed of in current market conditions within seven days without the sale or disposition significantly changing the market value of the investment. At June 30, 2025, market value and percentage of illiquid securities held by the Master Portfolios are disclosed under the respective schedule of investments.

**When-Issued Securities – The Master Portfolios may purchase securities on a when-issued or delayed delivery basis. Although the purchase amounts of these securities are established at the time the purchaser enters into the agreement, these securities may be delivered and paid for at a future date. The Master Portfolios record purchases of when-issued securities and reflect the values of such securities in determining net asset value in the same manner as other portfolio securities.** 

**Securities Lending – Each Master Portfolio may lend its portfolio securities to broker-dealers by entering directly into lending arrangements with such broker dealers or indirectly through repurchase agreements with respect to no more than 331⁄3% of the total assets of each Master Portfolio (including any collateral posted) or 50% of the total assets of each Master Portfolio (excluding any collateral posted). Securities lending and repurchase transactions will be fully collateralized at all times with cash and/or short-term debt obligations. The Master Portfolios receive interest on the collateral received as well as a fee for the securities loaned.** 

**Significant Investments – The Portfolios may invest a greater percentage of their assets in one or more individual securities at any time. The greater percentage of assets in individual securities (not including short-term investments or other funds) expose the portfolios to the risk of unanticipated industry conditions, the risks particular to a single company or security, and the risk of potentially lower liquidity. At June 30, 2025, The Internet Portfolio, The Global** 

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Multi-Disciplinary Income Portfolio invested approximately 77%, 40%, 76%, 60%, 60% and 18% of their respective net assets in individual securities greater than 5% of net assets. See the respective Schedule of Investments for further details.

Holding a large concentration in a single security or issuer may expose the portfolios to the market volatility of that specific security or issuer if the security or issuer performs worse than the market as a whole, which could adversely affect the portfolios' performance. **At June 30, 2025, The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio held 19.1%, 13.1% 63.6% 45.6% and 37.6% of their respective net assets in Texas Pacific Land Corp.** Because a large portion of its revenue is derived from oil and gas royalties, the performance of the portfolios could be adversely affected if the underlying markets for oil and gas were to decline, thereby having a more significant impact on the portfolios given the concentration in this holding.

**Short-Term Investments – The Portfolios may invest in money market funds and short-term high quality debt securities such as commercial paper, repurchase agreements and certificates of deposit. Money market funds typically invest in short-term instruments and attempt to maintain a stable net asset value. While the risk is low, these funds may lose value.** 

**Expense Allocation – Common expenses incurred by the Master Portfolios are allocated among the Master Portfolios (i) based upon relative average net assets, (ii) as incurred on a specific identification basis, or (iii) equally among the Master Portfolios, depending on the nature of the expenditure. All expenses incurred by the Master Portfolios are allocated to the Feeder Funds daily based on their proportionate interests in the respective Master Portfolios.** 

**Federal Income Taxes – Each Master Portfolio will be treated as a partnership for federal income tax purposes. As such, each investor in a Master Portfolio will be subject to taxation on its share of the Master Portfolio's ordinary income and capital gains. It is intended that each Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of subchapter M of the Internal Revenue Code.** 

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. As of December 31, 2024, open tax years include the tax years ended December 31, 2021 through December 31, 2024. The Master Portfolios are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates.** 

**Other – Realized gains and losses on the sale of investments are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method. Other noncash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been incorporated in accordance with the Trust's understanding of the applicable country's tax rules and rates.** 

3. Investment Adviser

The Trust has entered into Investment Advisory Agreements (the "Agreements") with Horizon Kinetics Asset Management LLC (the "Adviser"), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios. The Adviser is a wholly-owned subsidiary of Horizon Kinetics Holding Corporation. Under the terms of the Agreements, the Master Portfolios, Multi-Disciplinary Income Portfolio, compensate the Adviser for its management services at the annual rate of 1.25% of each Master Portfolio's average daily net assets. Effective as of April 30, 2023, the Adviser agreed to reduce the management fee for the Multi-Disciplinary Income Portfolio from 1.25% to 1.00%. Additionally, effective as of April 30, 2023, the Adviser agreed to waive 0.75% of the 1.00% management fee for the Multi-Disciplinary Income Portfolio through April 30, 2026.

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

For the period ended June 30, 2025, Master Portfolios incurred the following expenses pursuant to the Agreements:

---

| | |
|:---|:---|
|  | **Investment** <br>**Advisory Fees** |
| The Internet Portfolio | $2113951  |
| The Global Portfolio | 391290  |
| The Paradigm Portfolio | 9493867  |
| The Small Cap Opportunities Portfolio | 3373043  |
| The Market Opportunities Portfolio | 2012495  |
| The Multi-Disciplinary Income Portfolio | 18433 |

---

For the period ended June 30, 2025, the Trust was allocated approximately $15,000 for the services of the Chief Compliance Officer employed by the Adviser.

4. Securities Transactions

Purchases and sales of investment securities, other than short-term investments and short-term options, for the period ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **U.S.** <br>**Government** | **Other** | **U.S.** <br>**Government** | **Other**  |
| The Internet Portfolio | $— | $105106769 | $— | $107754108  |
| The Global Portfolio |  | 15709720 |  | 2106014  |
| The Paradigm Portfolio |  | 24351383 |  | 5268398  |
| The Small Cap Opportunities Portfolio |  | 30013839 |  | 1309558  |
| The Market Opportunities Portfolio |  | 43839165 |  | 10889560  |
| The Multi-Disciplinary Income Portfolio |  | 6173113 |  | 4320000 |

---

As of December 31, 2024, the cost of investments and unrealized appreciation (depreciation) on investment securities for federal income tax purposes was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Internet** | **Global** | **Paradigm**  |
| Tax Cost of Investments | $56351961 | $12849685 | $158247197  |
| Unrealized Appreciation | 235670252 | 24326736 | 1166659210  |
| Unrealized Depreciation | (3026641) | (1244903) | (11499967)  |
| Net Unrealized Appreciation | $232643611 | $23081833 | $1155159243 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** <br>**Opportunities** | **Market** <br>**Opportunities** | **Multi-** <br>**Disciplinary** <br>**Income**  |
| Tax Cost of Investments | $99075807 | $40396374 | $12330174  |
| Unrealized Appreciation | 313207605 | 174143475 | 71809  |
| Unrealized Depreciation | (14978837) | (3405988) | (452)  |
| Net Unrealized Appreciation | $298228768 | $170737487 | $71357 |

---

5. Portfolio Securities Loaned

As of June 30, 2025, the Master Portfolios had loaned securities that were collateralized by cash. The majority of the cash collateral is invested by the custodian in a money market pooled account approved by the Adviser. Although risk is mitigated by the collateral, a Master Portfolio could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The Master Portfolio receives interest on the collateral received as well as a fee for the securities loaned. The Master Portfolios will continue to receive dividends and interest on all securities loaned. Gain or loss in the fair value of the securities loaned that may occur during the term of the loan

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

will be accounted for by the Master Portfolios. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. As the securities loans are subject to termination by the Funds or the borrower at any time, the remaining maturities of the outstanding securities lending transactions are considered to be overnight and continuous. The value of the securities on loan and the value of the related collateral at June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Securities** | **Collateral**  |
| The Internet Portfolio | $4356990 | $4093650  |
| The Global Portfolio | 1176183 | 1101390  |
| The Paradigm Portfolio | 15401706 | 15738276  |
| The Small Cap Opportunities Portfolio | 16836854 | 16906658  |
| The Market Opportunities Portfolio | 3116733 | 2947635  |
| The Multi-Disciplinary Income Portfolio |  |  |

---

6. Selected Financial Highlights

Financial highlights for the Master Portfolios were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Internet Portfolio**  | **The Internet Portfolio**  | **The Internet Portfolio**  | **The Internet Portfolio**  | **The Internet Portfolio**  | **The Internet Portfolio**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Total Return | 6.06% | 76.81% | 30.16% | (23.86)% | 15.72% | 56.87%  |
| Ratio of expenses to average net assets: | 1.33% | 1.34% | 1.35% | 1.35% | 1.34% | 1.37%  |
|  Ratio of net investment income (loss) to average net assets: | (0.51)% | 0.26% | 1.23% | (0.18)% | (0.92)% | (0.36)%  |
| Portfolio turnover rate | 35% | 43% | 19% | 19% | 4% | 1% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Global Portfolio**  | **The Global Portfolio**  | **The Global Portfolio**  | **The Global Portfolio**  | **The Global Portfolio**  | **The Global Portfolio**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Total Return | 6.37% | 72.10% | 11.79% | (6.53)% | 16.23% | 24.80%  |
| Ratio of expenses to average net assets: | 1.40% | 1.45% | 1.49% | 1.46% | 1.48% | 1.59%  |
|  Ratio of net investment income (loss) to average net assets: | 0.82% | 0.73% | 1.71% | 0.18% | (1.00)% | (0.66)%  |
| Portfolio turnover rate | 5% | 34% | 16% | 57% | 7% | 8% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Total Return | 3.58% | 88.79% | (16.59)% | 29.48% | 38.46% | 3.61%  |
| Ratio of expenses to average net assets: | 1.32% | 1.32% | 1.34% | 1.33% | 1.33% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets: | (0.66)% | 0.32% | (0.20)% | 0.15% | (0.58)% | 0.70%  |
| Portfolio turnover rate | 0% | 2% | 0% | 0% | 1% | 1% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Small Cap Opportunities Portfolio**  | **The Small Cap Opportunities Portfolio**  | **The Small Cap Opportunities Portfolio**  | **The Small Cap Opportunities Portfolio**  | **The Small Cap Opportunities Portfolio**  | **The Small Cap Opportunities Portfolio**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Total Return | 2.62% | 68.83% | (14.40)% | 32.26% | 50.63% | 2.57%  |
| Ratio of expenses to average net assets: | 1.33% | 1.33% | 1.35% | 1.34% | 1.34% | 1.37%  |
|  Ratio of net investment income (loss) to average net assets: | 0% | 0.96% | 0.52% | 0.37% | (0.62)% | 1.05%  |
| Portfolio turnover rate | 0% | 6% | 2% | 6% | 3% | 0% |

---

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**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Total Return | 7.01% | 84.14% | (7.29)% | 15.02% | 28.08% | 19.57%  |
| Ratio of expenses to average net assets: | 1.33% | 1.34% | 1.36% | 1.36% | 1.36% | 1.38%  |
|  Ratio of net investment income (loss) to average net assets: | 0.17% | 0.59% | 0.94% | 0.22% | (0.74)% | 0.42%  |
| Portfolio turnover rate | 4% | 7% | 5% | 13% | 2% | 2% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Multi-Disciplinary Income Portfolio**  | **The Multi-Disciplinary Income Portfolio**  | **The Multi-Disciplinary Income Portfolio**  | **The Multi-Disciplinary Income Portfolio**  | **The Multi-Disciplinary Income Portfolio**  | **The Multi-Disciplinary Income Portfolio**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **For the Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Total Return | 2.37% | 7.28% | 5.24% | (2.29)% | 1.23% | (1.35)%  |
| Ratio of expenses to average net assets: | 0.47% | 0.51% | 0.94% | 1.48% | 1.44% | 1.46%  |
|  Ratio of net investment income to average net assets: | 5.77% | 6.77% | 5.16% | 2.14% | 1.74% | 3.17%  |
| Portfolio turnover rate | 32% | 37% | 37% | 0% | 0% | 0% |

---

7. Summary of Fair Value Exposure

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

Level 1 –

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

Level 2 –

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

Level 3 –

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

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

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

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**The Internet Portfolio** 

The following is a summary of the inputs used to value The Internet Portfolio's net assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $101738862 | $— | $5859728 | $107598590  |
| Unit Investment Trust | 202171292 |  |  | 202171292  |
| Exchange Traded Funds | 1000008 |  |  | 1000008  |
| Warrants |  |  | 162460 | 162460  |
| **Total Investments in Securities** | $304910162 | $— | $6022188 | $310932350 |

---

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **Description** | **Investments in** <br>**Securities**  |
| Balance as of December 31, 2024 | $3051945  |
| Accrued discounts/premiums | —  |
| Realized gain (loss) | —  |
| Change in unrealized appreciation (depreciation) | 270,235\*\*\*  |
| Net purchases and/or acquisitions | 2700008  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | —  |
| Balance as of June 30, 2025 | $6022188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**6/30/2025** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | **Range\*\***  |
| Common Stocks | $3159720 | Discounted Cash Flow | Volatility | 16.8%  |
|  |  | Option Pricing Model | Discount for Lack of Marketability | 5.0%  |
|  |  |  | Weighted Average Cost of Capital | 13.5%  |
|  |  |  | Years to Maturity | 9.5%  |
|  |  |  | Risk-Free Rate | 4.9%  |
| Common Stocks | $2700008 | Cost Approach | Precedent Transaction | $17.21-$17.21  |
| Warrants | $162460 | Discounted Cash Flow | Volatility | 16.8%  |
|  |  | Option Pricing Model | Discount for Lack of Marketability | 10.0%  |
|  |  |  | Weighted Average Cost of Capital | 13.5%  |
|  |  |  | Years to Maturity | 9.5%  |
|  |  |  | Risk-Free Rate | 4.9% |

---

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.

\*\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2025 is $270,235. 

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**The Global Portfolio** 

The following is a summary of the inputs used to value the The Global Portfolio's net assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $36561795 | $358048 | $599992 | $37519835  |
| Unit Investment Trust | 14489416 |  |  | 14489416  |
| Warrants |  | 52584 |  | 52584  |
| Preferred Stocks | 10042 | 1579 |  | 11621  |
| Convertible Bonds |  |  | 0.00\* | —  |
| **Total Investments in Securities** | $51061253 | $412211 | $599992 | $52073456 |

---

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **Description** | **Investments in** <br>**Securities**  |
| Balance as of December 31, 2024 | &nbsp;&nbsp; $99990  |
| Accrued discounts/premiums | &nbsp;&nbsp; —  |
| Realized gain (loss) | &nbsp;&nbsp; —  |
| Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; —\*\*\*  |
| Net purchases and/or acquisitions | &nbsp;&nbsp; 500002  |
| Net sales and/or write-offs | &nbsp;&nbsp; —  |
| Transfer in and/or out of Level 3 | &nbsp;&nbsp; —  |
| Balance as of June 30, 2025 | &nbsp;&nbsp; $599992 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**6/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $99990 | Cost Approach | Precedent Transaction | $55.00-$55.00  |
| Convertible Bonds | $0.00\* | Asset Liquidation Analysis | Liquidation Proceeds | $0.00-$0.00  |
| Common Stocks | $500002 | Cost Approach | Precedent Transaction | $17.21-$17.21 |

---

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.

\* Amount is less than $0.50.

\*\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2025 is $0. 

**The Paradigm Portfolio** 

The following is a summary of the inputs used to value The Paradigm Portfolio's net assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $1147239835 | $405455 | $2700008 | $1150345298  |
| Unit Investment Trust | 183701384 |  |  | 183701384  |
| Real Estate Investment Trusts | 4193560 |  |  | 4193560  |
| Warrants |  | 12043 |  | 12043  |
| Preferred Stocks |  | 576 |  | 576  |
| **Total Investments in Securities** | $1335134779 | $418074 | $2700008 | $1338252861 |

---

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **Description** | **Investments in** <br>**Securities**  |
| Balance as of December 31, 2024 | $0.00\*  |
| Accrued discounts/premiums | —  |
| Realized gain (loss) | —  |
| Change in unrealized appreciation (depreciation) | —\*\*\*  |
| Net purchases and/or acquisitions | 2700008  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | —  |
| Balance as of June 30, 2025 | $2700008 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**6/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $0.00\* | Asset Liquidation Analysis | Precedent Transaction | $0.00-$0.00  |
| Common Stocks | $2700008 | Cost Approach | Precedent Transaction | $17.21-$17.21 |

---

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.

\* Amount is less than $0.50.

\*\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2025 is $0. 

**The Small Cap Opportunities Portfolio** 

The following is a summary of the inputs used to value The Small Cap Opportunities Portfolio's net assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $390478156 | $— | $3600005 | $394078161  |
| Unit Investment Trust | 28314575 |  |  | 28314575  |
| Warrants |  | 2408665 |  | 2408665  |
| **Total Investments in Securities** | $418792731 | $2408665 | $3600005 | $424801401 |

---

As of June 30, 2025, there were no investments in Level 3 securities.

During the period ended June 30, 2025, there were no transfers into or out of Level 3.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **Description** | **Investments in** <br>**Securities**  |
| Balance as of December 31, 2024 | $—  |
| Accrued discounts/premiums | —  |
| Realized gain (loss) | —  |
| Change in unrealized appreciation (depreciation) | —\*\*\*  |
| Net purchases and/or acquisitions | 3600005  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | —  |
| Balance as of June 30, 2025 | $3600005 |

---

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**12/31/2023** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $3600005 | Cost Approach | Precedent Transaction | $17.21-$17.21 |

---

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.

\* Amount is less than $0.50.

\*\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2025 is $0. 

**The Market Opportunities Portfolio** 

The following is a summary of the inputs used to value The Market Opportunities Portfolio's net assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $181753951 | $4376366 | $2455077 | $188585394  |
| Unit Investment Trust | 56521842 |  |  | 56521842  |
| Warrants |  | 655097 | 57587 | 712684  |
| Preferred Stocks | 230724 | 31332 |  | 262056  |
| Convertible Bonds |  |  | 0.00\* | —  |
| Total Investments in Securities | $238506517 | $5062795 | $2512664 | $246081976 |

---

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **Description** | **Investments in** <br>**Securities**  |
| Balance as of December 31, 2024 | $1216870  |
| Accrued discounts/premiums | —  |
| Realized gain (loss) | —  |
| Change in unrealized appreciation (depreciation) | 95,792\*\*\*  |
| Net purchases and/or acquisitions | 1200002  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | —  |
| Balance as of June 30, 2025 | $2512664 |

---

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**6/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $1120050 | Discounted Cash Flow | Volatility | 16.8%  |
|  |  | Option Pricing Model | Discount for Lack of <br>Marketability | 5.0%  |
|  |  |  | Weighted Average Cost <br>of Capital | 13.5%  |
|  |  |  | Years to Maturity | 9.5%  |
|  |  |  | Risk-Free Rate | 4.9%  |
| Common Stocks | $135025 | Cost Approach | Precedent Transaction | $55.00-$55.00  |
| Common Stocks | $1200002 | Cost Approach | Precedent Transaction | $17.21-$17.21  |
| Convertible Bonds | $0.00\* | Asset Liquidation <br>Analysis | Liquidation Proceeds | $0.00 - $0.00  |
| Warrants | $57587 | Discounted Cash Flow | Volatility | 16.8%  |
| Option Pricing Model |  |  | Discount for Lack of <br>Marketability | 10.0%  |
|  |  |  | Weighted Average Cost <br>of Capital | 13.5%  |
|  |  |  | Years to Maturity | 9.5%  |
|  |  |  | Risk-Free Rate | 4.9% |

---

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.

\* Amount is less than $0.50.

\*\* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2025 is $95,792. 

**The Multi-Disciplinary Income Portfolio** 

The following is a summary of the inputs used to value The Multi-Disciplinary Income Portfolio's net assets as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Collateralized Loan Obligation | $— | $14231727 | $— | $14231727  |
| Total Investments in Securities | $— | $14231727 | $— | $14231727 |

---

As of June 30, 2025, there were no investments in Level 3 securities.

During the period ended June 30, 2025, there were no transfers into or out of Level 3.

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.

8. Disclosures about Derivative Instruments and Hedging Activities

The Master Portfolios have adopted authoritative standards regarding disclosure of derivatives and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why a Master Portfolio uses derivatives, how derivatives are accounted for by the Master Portfolios, and how derivative instruments affect a Master Portfolio's results of operations and financial position. At June 30, 2025, none of the Portfolios held any derivative instruments and there were no transactions during the period ended June 30, 2025.

9. Offsetting Assets and Liabilities

The Master Portfolios are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre- arranged

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**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specific threshold depending on the counterparty and the type of Master Netting Arrangement.

The following is a summary of the Assets and Liabilities subject to offsetting in the Master Portfolios as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in** <br>**the Statement** <br>**of Assets &** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets &** <br>**Liabilities** | **Gross Amounts not Offset in** <br>**the Statement of Assets &** <br>**Liabilities** | **Gross Amounts not Offset in** <br>**the Statement of Assets &** <br>**Liabilities** | |
|  |  | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in** <br>**the Statement** <br>**of Assets &** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets &** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** <br>(Received) | <br>**Net** <br>**Amount**  |
|  The Internet Portfolio | Securities Lending | $4093650 | &nbsp;&nbsp; $— | $4093650 | $4093650 | $— | $—  |
|  |  | $4093650 | &nbsp;&nbsp; $— | $4093650 | $4093650 | $— | $—  |
|  The Global Portfolio | Securities Lending | $1101390 | &nbsp;&nbsp; $— | $1101390 | $1101390 | $— | $—  |
|  |  | $1101390 | &nbsp;&nbsp; $— | $1101390 | $1101390 | $— | $—  |
|  The Paradigm Portfolio | Securities Lending | $15738276 | &nbsp;&nbsp; $— | $15738276 | $15738276 | $— | $—  |
|  |  | $15738276 | &nbsp;&nbsp; $— | $15738276 | $15738276 | $— | $—  |
|  The Small Cap Opportunities Portfolio | Securities Lending | $16906658 | &nbsp;&nbsp; $— | $16906658 | $16906658 | $— | $—  |
|  |  | $16906658 | &nbsp;&nbsp; $— | $16906658 | $16906658 | $— | $—  |
|  The Market Opportunites Portfolio | Securities Lending | $2947635 | &nbsp;&nbsp; $— | $2947635 | $2947635 | $— | $—  |
|  |  | $2947635 | &nbsp;&nbsp; $— | $2947635 | $2947635 | $— | $— |

---

10. Subsequent Events

In preparing these financial statements, management has evaluated Portfolio related events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures in the Master Portfolios' financial statements.

11. Recent Accounting Pronouncements

**Segment Reporting (Topic 280) – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adopting this guidance with respect to the financial statements and disclosures and determined there is no impact for the Funds.** 

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

12. Information about Proxy Voting (Unaudited)

Information regarding how the Feeder Funds and the Master Portfolios vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at 1-800-930-3828 or by accessing the Funds' website at www.kineticsfunds.com and by accessing the SEC's website at www.sec.gov. Information regarding how the Feeder Funds and the Master Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30, is available without charge, upon request, by calling toll-free at 1-800-930-3828 or by accessing the SEC's website at www.sec.gov.

13. Information about the Portfolio Holdings (Unaudited)

The Master Portfolios file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Master Portfolios' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-800-930-3828. Furthermore, you can obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

14. Approval of Investment Advisory Contract by Trustees of Kinetics Portfolios Trust (Unaudited)

At a meeting of the Board of Trustees of the Trust held on June 7, 2024, the Board, including a majority of the Trustees who are not interested persons under the 1940 Act (the "Independent Trustees"), approved the Advisory Agreements with respect to each Master Portfolio. In reaching a decision to approve the Advisory Agreements (the "Agreements"), the Board of Trustees, including a majority of the Independent Trustees, considered, among other things: (1) the nature, extent and quality of the services provided by the Adviser including, but not limited to, a review of the complexity of the services provided and whether the services are provided in a satisfactory and efficient manner; (2) the experience and qualifications of the personnel providing such services; (3) the investment performance of the Master Portfolios over time, along with that of the Adviser as compared with industry competitors; (4) an evaluation of the fee structure, any fee waivers, and the Master Portfolios' expense ratios, and a comparison of them in relation to those of other investment companies having comparable investment policies and limitations; (5) possible alternative fee structures or bases for determining fees; (6) the extent to which economies of scale would be realized as the Master Portfolios grow and whether fee levels reflect these economies of scale for the benefit of the Trust's investors; (7) the direct and indirect costs of the services to be provided (and the basis of determining and allocating these costs) and profits to be realized by the Adviser and its affiliates from their relationship with the Master Portfolios; (8) other compensation or possible benefits to the Adviser and its affiliates arising from their advisory and other relationships with the Master Portfolios, including, if applicable, any benefits derived or to be derived by the Adviser from its relationship with the Master Portfolios such as soft dollar arrangements by which brokers provide research to the Master Portfolios or the Adviser in return for allocating the Master Portfolios' brokerage; (9) the entrepreneurial risks borne by the Adviser, if any (e.g., because a fund is in a start-up mode or for other reasons, its revenues may be less or its expenses greater than anticipated); (10) a comparison of the fees charged by the Adviser with fees charged by the Adviser to similar clients; and (11) the policies and procedures that are in place to address, among other things, informational and cyber-related security.

The Board of Trustees, including a majority of the Independent Trustees, concluded that: they were satisfied with the quality of services provided by the Adviser in advising the Master Portfolios, the profits earned by the Adviser would be reasonable in light of the nature, extent and quality of the services provided to each Master Portfolio; and that each Master Portfolio was not large enough to attain significant economies of scale. Based on the factors considered, the Board of Trustees, including a majority of the Independent Trustees, concluded that it was appropriate to approve the Agreements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO** 

**Additional Information** 

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to information provided within financial statements.

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Kinetics Mutual Funds, Inc.** 

**615 East Michigan Street** 

**Milwaukee, WI 53202** 

**INVESTMENT ADVISER AND SHAREHOLDER SERVICING AGENT** 

**Horizon Kinetics Asset Management LLC** 

**470 Park Avenue South** 

**New York, NY 10016** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Tait, Weller & Baker LLP** 

**50 South 16th Street, Suite 2900** 

**Philadelphia, PA 19102** 

**DISTRIBUTOR** 

**Kinetics Funds Distributor LLC** 

**470 Park Avenue South** 

**New York, NY 10016** 

**ADMINISTRATOR FUND ACCOUNTANT AND TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, WI 53202** 

**CUSTODIAN** 

**U.S. Bank, N.A.** 

**Custody Operations** 

**1555 River Center Drive, Suite 302** 

**Milwaukee, WI 53212** 

THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Item 7(a).

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors/trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized, reported,
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable for semi-annual
 report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](kfcfs-efp16914_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Provide the information called for by Item
 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4 or related to and necessary for a complete
 understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
 Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](kfcfs-efp16914_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**<u>Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust</u>**

---

| | |
|:---|:---|
| By: | /s/ Jay Kesslen |
|  | Jay Kesslen, |
|  | Vice President for the President and Treasurer |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jay Kesslen |
|  | Jay Kesslen, |
|  | Vice President for the President and Treasurer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jay Kesslen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
(each, the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 26, 2025 | /s/ Jay Kesslen |
|  |  | Jay Kesslen, |
|  |  | Vice President for the President and Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust (each, the "Registrant"), does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Registrant for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant for the stated period.

---

| |
|:---|
| /s/ Jay Kesslen |
| Jay Kesslen |
| Vice President for the President and Treasurer, Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust |

---

Dated: <u>August 26, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust for purposes of Section 18 of the Securities Exchange Act of 1934.