# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0000894189-26-016203
**Filing Date:** 2026-5
**Character Count:** 16045
**Document Hash:** a5877bb2ed5c37b3c9ca762812126abb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016203.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016203

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09303
- **FILM NUMBER:** 261030704

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10016

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $40259397.67

**Total Liabilities:** $61491.32

**Net Assets:** $40197906.35

**Amount of Assets Invested in Other Investment Companies:** $459884.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192497 | 18.28%               | 39.98%               | -8.04%               |
| Class ID C000192498 | 18.17%               | 39.91%               | -8.12%               |
| Class ID C000192499 | 18.24%               | 40.01%               | -8.03%               |
| Class ID C000192500 | 18.27%               | 39.98%               | -8.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1162534.08              | $3558546.19                                |
| Month 2  | $176232.19               | $11890027.21                               |
| Month 3  | $45821.15                | $-3569785.07                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Anglo American PLC             | Anglo American PLC                  | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |        63 | NS      | $1362.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc        | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     34300 | NS      | $1347990.00   | 3.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlanta Braves Holdings Inc    | Atlanta Braves Holdings Inc         | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1694 | NS      | $72333.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                          | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      9000 | NS      | $238140.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                 | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       342 | NS      | $64791.90     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                  | EchoStar Corp                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |         4 | NS      | $468.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3404.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                 | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     17000 | NS      | $408000.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                  | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |      3600 | NS      | $66420.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                      | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |        25 | NS      | $21822.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                 | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       100 | NS      | $28377.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Cash Trust   | Grayscale Bitcoin Cash Trust        | CUSIP: 38963P109<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6073 | NS      | $20344.55     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust E | Grayscale Bitcoin Mini Trust ETF    | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |      4884 | NS      | $146471.16    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BOLT DATA & ENERGY INC.        | BOLT DATA & ENERGY INC.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     20000 | NS      | $100000.00    | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp         | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |      2800 | NS      | $44940.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF    | Grayscale Bitcoin Trust ETF         | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |        60 | NS      | $3165.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Litecoin Trust       | Grayscale Litecoin Trust            | CUSIP: 38963W104<br>LEI: N/A                  | Long             | EC               | RF                | US        |        24 | NS      | $97.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc    | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |     82900 | NS      | $1230236.00   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Bitcoin Trust ETF      | iShares Bitcoin Trust ETF           | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             | EC               | RF                | US        |       146 | NS      | $5609.32      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd          | Valterra Platinum Ltd               | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |        22 | NS      | $311.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                         | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      6234 | NS      | $43065.73     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                        | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       550 | NS      | $17325.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I | Miami International Holdings Inc    | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |      2548 | NS      | $99168.16     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd          | Toei Animation Co Ltd               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       200 | NS      | $3270.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group In | Seaport Entertainment Group Inc     | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |       188 | NS      | $4038.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65167 | NS      | $30925651.52  | 76.93%            |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   2366887 | NS      | $2366886.72   | 5.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC      | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14098 | NS      | $377685.42    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Technology Inc              | SB Technology Inc                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      5811 | NS      | $100007.31    | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| TXSE Group, Inc                | TXSE Group, Inc                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1300 | NS      | $29900.00     | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                         | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      1600 | NS      | $9948.96      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd              | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     12000 | NS      | $277765.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L   | Partners Value Investments LP       | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |       200 | NS      | $3845.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |        58 | NS      | $127423.68    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                    | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $8165.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                   | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |     28670 | NS      | $1979663.50   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy Inc                  | CUSIP: 53115L104<br>LEI: 254900PKFJW6RILDCM60 | Long             | EC               | CORP              | US        |       972 | NS      | $27993.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Kinetics Mutual Funds

**Signature:** /s/ Jay Kesslen

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

**Title:** Vice President