# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0001133228-26-003217
**Filing Date:** 2026-3
**Character Count:** 511128
**Document Hash:** 3f844455210a1622d7e76476dcd8fc3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003217.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001133228-26-003217

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 113

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09303
- **FILM NUMBER:** 26731682

**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'? 2025-10-06423800_TheInternetFund_AdvisorClassA_TSRAnnual

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: **December 31, 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $183 | 1.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class A posted a 9.27% loss trailing the S&P 500 Index and the NASDAQ Composite Index which posted 17.88% and 21.14%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was largely driven by its exposure to blockchain and cryptocurrency. Bitcoin prices reached an all-time high price this year, but declined into the year end. Regardless, Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. The Fund also experienced losses in various "hard asset" companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. These losses were partially offset by gains in defense technology, financial exchange and payments companies.

**POSITIONING**

The portfolio remains focused on undervalued companies participating in the growth of the internet as well as companies that provide new services or products made possible by internet-related technologies. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within financial services (exchanges), specifically Miami International Holdings (Ticker: MIAX).

The Fund's top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

The Internet Fund PAGE 1 TSR-AR-494613862

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6364img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class A (without sales charge)**  | -9.27 | 12.43 | 15.21 |
| **Advisor Class A (with sales charge)**  | -14.49 | 11.11 | 14.53 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **NASDAQ Composite Total Return Index**  | 21.14 | 13.35 | 17.66 |
| **NASDAQ Composite Index Price**  | 20.36 | 12.52 | 16.59 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $281748329 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $4229249 |
| **Portfolio Turnover** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 61.4% |
|  Utilities  | 19.3% |
|  Professional, Scientific, and Technical Services  | 4.4% |
|  Real Estate and Rental and Leasing  | 1.3% |
|  Manufacturing  | 1.2% |
|  Information  | 1.2% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.0% |
|  Management of Companies and Enterprises  | 0.2% |
|  Arts, Entertainment, and Recreation  | 0.2% |
|  Cash & Other  | 9.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 52.0% |
|  Texas Pacific Land Corp.  | 19.3% |
|  Grayscale Bitcoin Mini Trust ETF  | 5.9% |
|  CACI International, Inc.  | 3.8% |
|  Miami International Holdings Inc.  | 2.7% |
|  OTC Markets Group, Inc. - Class A  | 2.2% |
|  Bolt Data & Energy Inc.  | 1.4% |
|  Galaxy Digital, Inc.  | 1.2% |
|  Landbridge Co. LLC  | 1.2% |
|  Mastercard, 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/.

The Internet Fund PAGE 2 TSR-AR-494613862

------

**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 3 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $230 | 2.42% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class C posted a 9.72% loss trailing the S&P 500 Index and the NASDAQ Composite Index which posted 17.88% and 21.14%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was largely driven by its exposure to blockchain and cryptocurrency. Bitcoin prices reached an all-time high price this year, but declined into the year end. Regardless, Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. The Fund also experienced losses in various "hard asset" companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. These losses were partially offset by gains in defense technology, financial exchange and payments companies.

**POSITIONING**

The portfolio remains focused on undervalued companies participating in the growth of the internet as well as companies that provide new services or products made possible by internet-related technologies. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within financial services (exchanges), specifically Miami International Holdings (Ticker: MIAX).

The Fund's top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

The Internet Fund PAGE 1 TSR-AR-494613763

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6365img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class C (without sales charge)**  | -9.72 | 11.87 | 14.64 |
| **Advisor Class C (with sales charge)**  | -10.60 | 11.87 | 14.64 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **NASDAQ Composite Total Return Index**  | 21.14 | 13.35 | 17.66 |
| **NASDAQ Composite Index Price**  | 20.36 | 12.52 | 16.59 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $281748329 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $4229249 |
| **Portfolio Turnover** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 61.4% |
|  Utilities  | 19.3% |
|  Professional, Scientific, and Technical Services  | 4.4% |
|  Real Estate and Rental and Leasing  | 1.3% |
|  Manufacturing  | 1.2% |
|  Information  | 1.2% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.0% |
|  Management of Companies and Enterprises  | 0.2% |
|  Arts, Entertainment, and Recreation  | 0.2% |
|  Cash & Other  | 9.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 52.0% |
|  Texas Pacific Land Corp.  | 19.3% |
|  Grayscale Bitcoin Mini Trust ETF  | 5.9% |
|  CACI International, Inc.  | 3.8% |
|  Miami International Holdings Inc.  | 2.7% |
|  OTC Markets Group, Inc. - Class A  | 2.2% |
|  Bolt Data & Energy Inc.  | 1.4% |
|  Galaxy Digital, Inc.  | 1.2% |
|  Landbridge Co. LLC  | 1.2% |
|  Mastercard, 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/.

The Internet Fund PAGE 2 TSR-AR-494613763

------

**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 3 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $159 | 1.67% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's No-Load class posted a 9.04% loss trailing the S&P 500 Index and the NASDAQ Composite Index which posted 17.88% and 21.14%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was largely driven by its exposure to blockchain and cryptocurrency. Bitcoin prices reached an all-time high price this year, but declined into the year end. Regardless, Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. The Fund also experienced losses in various "hard asset" companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. These losses were partially offset by gains in defense technology, financial exchange and payments companies.

**POSITIONING**

The portfolio remains focused on undervalued companies participating in the growth of the internet as well as companies that provide new services or products made possible by internet-related technologies. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within financial services (exchanges), specifically Miami International Holdings (Ticker: MIAX).

The Fund's top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

The Internet Fund PAGE 1 TSR-AR-460953102

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6366img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **No Load Class (without sales charge)**  | -9.04 | 12.71 | 15.49 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **NASDAQ Composite Total Return Index**  | 21.14 | 13.35 | 17.66 |
| **NASDAQ Composite Index Price**  | 20.36 | 12.52 | 16.59 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $281748329 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $4229249 |
| **Portfolio Turnover** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 61.4% |
|  Utilities  | 19.3% |
|  Professional, Scientific, and Technical Services  | 4.4% |
|  Real Estate and Rental and Leasing  | 1.3% |
|  Manufacturing  | 1.2% |
|  Information  | 1.2% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.0% |
|  Management of Companies and Enterprises  | 0.2% |
|  Arts, Entertainment, and Recreation  | 0.2% |
|  Cash & Other  | 9.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 52.0% |
|  Texas Pacific Land Corp.  | 19.3% |
|  Grayscale Bitcoin Mini Trust ETF  | 5.9% |
|  CACI International, Inc.  | 3.8% |
|  Miami International Holdings Inc.  | 2.7% |
|  OTC Markets Group, Inc. - Class A  | 2.2% |
|  Bolt Data & Energy Inc.  | 1.4% |
|  Galaxy Digital, Inc.  | 1.2% |
|  Landbridge Co. LLC  | 1.2% |
|  Mastercard, 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/.

The Internet Fund PAGE 2 TSR-AR-460953102

------

**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 3 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $166 | 1.64% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class A posted a gain of 2.55%, trailing the S&P 500 Index and MSCI All Country World Index which posted 17.88% and 22.34%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in blockchain/Bitcoin related investments as well as land companies. These investments remain strong long-term investments, despite having mixed performance this year. These losses were partially offset by gains in electric utility, precious metal royalty and insurance holding companies.

**POSITIONING**

The portfolio remains focused on global companies with unique business models exhibiting market mispricing and dislocation. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: WPM).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6363img003.jpg)

The Global Fund PAGE 1 TSR-AR-494613631

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class A (without sales charge)**  | 2.55 | 16.34 | 15.45 |
| **Advisor Class A (with sales charge)**  | -3.34 | 14.98 | 14.77 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI ACWI Net Total Return Index (USD)**  | 22.34 | 11.19 | 11.72 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $54795285 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $795857 |
| **Portfolio Turnover** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 25.7% |
|  Management of Companies and Enterprises  | 17.1% |
|  Utilities  | 13.6% |
|  Financials  | 11.8% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 4.5% |
|  Real Estate and Rental and Leasing  | 4.4% |
|  Wholesale Trade  | 3.9% |
|  Communications  | 3.6% |
|  Manufacturing  | 2.4% |
|  Cash & Other  | 13.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 19.2% |
|  Texas Pacific Land Corp.  | 13.6% |
|  Hawaiian Electric Industries, Inc.  | 5.8% |
|  White Mountains Insurance Group Ltd.  | 5.6% |
|  Fairfax India Holdings Corp.  | 5.0% |
|  Euronext N.V.  | 4.6% |
|  Investor AB  | 4.4% |
|  Wheaton Precious Metals Corp.  | 3.9% |
|  Landbridge Co. LLC  | 3.2% |
|  Royal Gold, Inc.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 63.9% |
|  Canada  | 14.6% |
|  Sweden  | 4.4% |
|  Greece  | 4.2% |
|  Japan  | 3.8% |
|  United Kingdom  | 0.9% |
|  Cayman Islands  | 0.5% |
|  Netherlands  | 0.3% |
|  Germany  | 0.3% |
|  Cash & Other  | 7.1% |

---

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 Global Fund PAGE 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $216 | 2.14% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class C posted a gain of 2.06%, trailing the S&P 500 Index and MSCI All Country World Index which posted 17.88% and 22.34%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in blockchain/Bitcoin related investments as well as land companies. These investments remain strong long-term investments, despite having mixed performance this year. These losses were partially offset by gains in electric utility, precious metal royalty and insurance holding companies.

**POSITIONING**

The portfolio remains focused on global companies with unique business models exhibiting market mispricing and dislocation. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: WPM).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6361img003.jpg)

The Global Fund PAGE 1 TSR-AR-494613623

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class C (without sales charge)**  | 2.06 | 15.75 | 14.78 |
| **Advisor Class C (with sales charge)**  | 1.06 | 15.75 | 14.78 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI ACWI Net Total Return Index (USD)**  | 22.34 | 11.19 | 11.72 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $54795285 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $795857 |
| **Portfolio Turnover** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 25.7% |
|  Management of Companies and Enterprises  | 17.1% |
|  Utilities  | 13.6% |
|  Financials  | 11.8% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 4.5% |
|  Real Estate and Rental and Leasing  | 4.4% |
|  Wholesale Trade  | 3.9% |
|  Communications  | 3.6% |
|  Manufacturing  | 2.4% |
|  Cash & Other  | 13.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 19.2% |
|  Texas Pacific Land Corp.  | 13.6% |
|  Hawaiian Electric Industries, Inc.  | 5.8% |
|  White Mountains Insurance Group Ltd.  | 5.6% |
|  Fairfax India Holdings Corp.  | 5.0% |
|  Euronext N.V.  | 4.6% |
|  Investor AB  | 4.4% |
|  Wheaton Precious Metals Corp.  | 3.9% |
|  Landbridge Co. LLC  | 3.2% |
|  Royal Gold, Inc.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 63.9% |
|  Canada  | 14.6% |
|  Sweden  | 4.4% |
|  Greece  | 4.2% |
|  Japan  | 3.8% |
|  United Kingdom  | 0.9% |
|  Cayman Islands  | 0.5% |
|  Netherlands  | 0.3% |
|  Germany  | 0.3% |
|  Cash & Other  | 7.1% |

---

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 Global Fund PAGE 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $141 | 1.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's No-Load class posted a gain of 2.89%, trailing the S&P 500 Index and MSCI All Country World Index which posted 17.88% and 22.34%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in blockchain/Bitcoin related investments as well as land companies. These investments remain strong long-term investments, despite having mixed performance this year. These losses were partially offset by gains in electric utility, precious metal royalty and insurance holding companies.

**POSITIONING**

The portfolio remains focused on global companies with unique business models exhibiting market mispricing and dislocation. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: WPM).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6362img003.jpg)

The Global Fund PAGE 1 TSR-AR-494613805

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **No Load Class (without sales charge)**  | 2.89 | 16.61 | 15.64 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI ACWI Net Total Return Index (USD)**  | 22.34 | 11.19 | 11.72 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $54795285 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $795857 |
| **Portfolio Turnover** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Finance and Insurance  | 25.7% |
|  Management of Companies and Enterprises  | 17.1% |
|  Utilities  | 13.6% |
|  Financials  | 11.8% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 4.5% |
|  Real Estate and Rental and Leasing  | 4.4% |
|  Wholesale Trade  | 3.9% |
|  Communications  | 3.6% |
|  Manufacturing  | 2.4% |
|  Cash & Other  | 13.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grayscale Bitcoin Trust ETF  | 19.2% |
|  Texas Pacific Land Corp.  | 13.6% |
|  Hawaiian Electric Industries, Inc.  | 5.8% |
|  White Mountains Insurance Group Ltd.  | 5.6% |
|  Fairfax India Holdings Corp.  | 5.0% |
|  Euronext N.V.  | 4.6% |
|  Investor AB  | 4.4% |
|  Wheaton Precious Metals Corp.  | 3.9% |
|  Landbridge Co. LLC  | 3.2% |
|  Royal Gold, Inc.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 63.9% |
|  Canada  | 14.6% |
|  Sweden  | 4.4% |
|  Greece  | 4.2% |
|  Japan  | 3.8% |
|  United Kingdom  | 0.9% |
|  Cayman Islands  | 0.5% |
|  Netherlands  | 0.3% |
|  Germany  | 0.3% |
|  Cash & Other  | 7.1% |

---

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 Global Fund PAGE 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $175 | 1.89% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class A posted a loss of 14.80% trailing the S&P 500 Index and MSCI All Country World Index which rose 17.88% and 22.34%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to precious metal royalty companies, and to a lesser extent, power utilities and financial exchanges.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

The Paradigm Fund PAGE 1 TSR-AR-494613854

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6378img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class A (without sales charge)**  | -14.80 | 18.72 | 16.45 |
| **Advisor Class A (with sales charge)**  | -19.70 | 17.32 | 15.76 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI ACWI Net Total Return Index (USD)**  | 22.34 | 11.19 | 11.72 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1039852697 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $16999547 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 61.5% |
|  Finance and Insurance  | 21.4% |
|  Real Estate and Rental and Leasing  | 4.3% |
|  Management of Companies and Enterprises  | 3.9% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.1% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.7% |
|  Professional, Scientific, and Technical Services  | 1.4% |
|  Construction  | 1.1% |
|  Transportation and Warehousing  | 0.6% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 61.5% |
|  Grayscale Bitcoin Trust ETF  | 12.8% |
|  Landbridge Co. LLC  | 4.3% |
|  Brookfield Corp.  | 3.7% |
|  Hawaiian Electric Industries, Inc.  | 3.4% |
|  Franco-Nevada Corp.  | 2.0% |
|  Cboe Global Markets, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Live Nation Entertainment, Inc.  | 1.4% |
|  CACI International, 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/.

The Paradigm Fund PAGE 2 TSR-AR-494613854

------

**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 3 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $221 | 2.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class C posted a loss of 15.22% trailing the S&P 500 Index and MSCI All Country World Index which rose 17.88% and 22.34%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to precious metal royalty companies, and to a lesser extent, power utilities and financial exchanges.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

The Paradigm Fund PAGE 1 TSR-AR-494613821

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6376img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class C (without sales charge)**  | -15.22 | 18.12 | 15.87 |
| **Advisor Class C (with sales charge)**  | -15.99 | 18.12 | 15.87 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI ACWI Net Total Return Index (USD)**  | 22.34 | 11.19 | 11.72 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1039852697 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $16999547 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 61.5% |
|  Finance and Insurance  | 21.4% |
|  Real Estate and Rental and Leasing  | 4.3% |
|  Management of Companies and Enterprises  | 3.9% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.1% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.7% |
|  Professional, Scientific, and Technical Services  | 1.4% |
|  Construction  | 1.1% |
|  Transportation and Warehousing  | 0.6% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 61.5% |
|  Grayscale Bitcoin Trust ETF  | 12.8% |
|  Landbridge Co. LLC  | 4.3% |
|  Brookfield Corp.  | 3.7% |
|  Hawaiian Electric Industries, Inc.  | 3.4% |
|  Franco-Nevada Corp.  | 2.0% |
|  Cboe Global Markets, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Live Nation Entertainment, Inc.  | 1.4% |
|  CACI International, 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/.

The Paradigm Fund PAGE 2 TSR-AR-494613821

------

**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 3 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $133 | 1.44% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Institutional share class posted a loss of 14.41% trailing the S&P 500 Index and MSCI All Country World Index which rose 17.88% and 22.34%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to precious metal royalty companies, and to a lesser extent, power utilities and financial exchanges.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

The Paradigm Fund PAGE 1 TSR-AR-494613797

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6379img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | -14.41 | 19.25 | 16.98 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI ACWI Net Total Return Index (USD)**  | 22.34 | 11.19 | 11.72 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1039852697 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $16999547 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 61.5% |
|  Finance and Insurance  | 21.4% |
|  Real Estate and Rental and Leasing  | 4.3% |
|  Management of Companies and Enterprises  | 3.9% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.1% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.7% |
|  Professional, Scientific, and Technical Services  | 1.4% |
|  Construction  | 1.1% |
|  Transportation and Warehousing  | 0.6% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 61.5% |
|  Grayscale Bitcoin Trust ETF  | 12.8% |
|  Landbridge Co. LLC  | 4.3% |
|  Brookfield Corp.  | 3.7% |
|  Hawaiian Electric Industries, Inc.  | 3.4% |
|  Franco-Nevada Corp.  | 2.0% |
|  Cboe Global Markets, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Live Nation Entertainment, Inc.  | 1.4% |
|  CACI International, 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/.

The Paradigm Fund PAGE 2 TSR-AR-494613797

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**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 3 TSR-AR-494613797

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| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $152 | 1.64% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's No-Load share class posted a loss of 14.59% trailing the S&P 500 Index and MSCI All Country World Index which rose 17.88% and 22.34%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to precious metal royalty companies, and to a lesser extent, power utilities and financial exchanges.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions, particularly in a sustained inflationary environment. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6377img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **No Load Class (without sales charge)**  | -14.59 | 19.01 | 16.74 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI ACWI Net Total Return Index (USD)**  | 22.34 | 11.19 | 11.72 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1039852697 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $16999547 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 61.5% |
|  Finance and Insurance  | 21.4% |
|  Real Estate and Rental and Leasing  | 4.3% |
|  Management of Companies and Enterprises  | 3.9% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.1% |
|  Administrative and Support and Waste Management and Remediation Services  | 1.7% |
|  Professional, Scientific, and Technical Services  | 1.4% |
|  Construction  | 1.1% |
|  Transportation and Warehousing  | 0.6% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 61.5% |
|  Grayscale Bitcoin Trust ETF  | 12.8% |
|  Landbridge Co. LLC  | 4.3% |
|  Brookfield Corp.  | 3.7% |
|  Hawaiian Electric Industries, Inc.  | 3.4% |
|  Franco-Nevada Corp.  | 2.0% |
|  Cboe Global Markets, Inc.  | 1.4% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.4% |
|  Live Nation Entertainment, Inc.  | 1.4% |
|  CACI International, 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.

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $181 | 1.89% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class A posted a 8.89% loss trailing the S&P 600 Small Cap Index and S&P 500 Index which rose 6.02% and 17.88%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to defense and electric utility businesses.

**POSITIONING**

The portfolio remains focused on companies within the broader universe of high quality, real asset companies within the small capitalization universe. These companies should be resilient to the myriad of potential macroeconomic factors that influence smaller companies. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6381img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class A (without sales charge)**  | -8.89 | 20.80 | 17.92 |
| **Advisor Class A (with sales charge)**  | -14.13 | 19.38 | 17.22 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **S&P SmallCap 600 TR**  | 6.02 | 7.31 | 9.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $446432817 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $6421711 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 43.4% |
|  Professional, Scientific, and Technical Services  | 7.4% |
|  Finance and Insurance  | 7.2% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 4.7% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 3.8% |
|  Accommodation and Food Services  | 3.2% |
|  Financials  | 2.5% |
|  Real Estate  | 2.1% |
|  Cash & Other  | 18.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 43.3% |
|  CACI International, Inc.  | 6.0% |
|  Hawaiian Electric Industries, Inc.  | 5.5% |
|  Grayscale Bitcoin Trust ETF  | 4.6% |
|  Landbridge Co. LLC  | 4.3% |
|  WaterBridge Infrastructure LLC  | 3.3% |
|  Civeo Corp.  | 2.9% |
|  DREAM Unlimited Corp.  | 2.1% |
|  Carnival Corp.  | 2.0% |
|  Urbana Corp.  | 1.7% |

---

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 Small Cap Opportunities Fund PAGE 2 TSR-AR-494613839

------

**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 3 TSR-AR-494613839

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| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $228 | 2.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class C posted a 9.34% loss trailing the S&P 600 Small Cap Index and S&P 500 Index which rose 6.02% and 17.88%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to defense and electric utility businesses.

**POSITIONING**

The portfolio remains focused on companies within the broader universe of high quality, real asset companies within the small capitalization universe. These companies should be resilient to the myriad of potential macroeconomic factors that influence smaller companies. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6382img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class C (without sales charge)**  | -9.34 | 20.20 | 17.33 |
| **Advisor Class C (with sales charge)**  | -10.25 | 20.20 | 17.33 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **S&P SmallCap 600 TR**  | 6.02 | 7.31 | 9.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $446432817 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $6421711 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 43.4% |
|  Professional, Scientific, and Technical Services  | 7.4% |
|  Finance and Insurance  | 7.2% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 4.7% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 3.8% |
|  Accommodation and Food Services  | 3.2% |
|  Financials  | 2.5% |
|  Real Estate  | 2.1% |
|  Cash & Other  | 18.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 43.3% |
|  CACI International, Inc.  | 6.0% |
|  Hawaiian Electric Industries, Inc.  | 5.5% |
|  Grayscale Bitcoin Trust ETF  | 4.6% |
|  Landbridge Co. LLC  | 4.3% |
|  WaterBridge Infrastructure LLC  | 3.3% |
|  Civeo Corp.  | 2.9% |
|  DREAM Unlimited Corp.  | 2.1% |
|  Carnival Corp.  | 2.0% |
|  Urbana Corp.  | 1.7% |

---

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 Small Cap Opportunities Fund PAGE 2 TSR-AR-494613748

------

**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 3 TSR-AR-494613748

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| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $138 | 1.44% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Institutional class posted a 8.47% loss trailing the S&P 600 Small Cap Index and S&P 500 Index which rose 6.02% and 17.88%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to defense and electric utility businesses.

**POSITIONING**

The portfolio remains focused on companies within the broader universe of high quality, real asset companies within the small capitalization universe. These companies should be resilient to the myriad of potential macroeconomic factors that influence smaller companies. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6380img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | -8.47 | 21.34 | 18.45 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **S&P SmallCap 600 TR**  | 6.02 | 7.31 | 9.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $446432817 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $6421711 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 43.4% |
|  Professional, Scientific, and Technical Services  | 7.4% |
|  Finance and Insurance  | 7.2% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 4.7% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 3.8% |
|  Accommodation and Food Services  | 3.2% |
|  Financials  | 2.5% |
|  Real Estate  | 2.1% |
|  Cash & Other  | 18.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 43.3% |
|  CACI International, Inc.  | 6.0% |
|  Hawaiian Electric Industries, Inc.  | 5.5% |
|  Grayscale Bitcoin Trust ETF  | 4.6% |
|  Landbridge Co. LLC  | 4.3% |
|  WaterBridge Infrastructure LLC  | 3.3% |
|  Civeo Corp.  | 2.9% |
|  DREAM Unlimited Corp.  | 2.1% |
|  Carnival Corp.  | 2.0% |
|  Urbana Corp.  | 1.7% |

---

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 Small Cap Opportunities Fund PAGE 2 TSR-AR-494613813

------

**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 3 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $157 | 1.64% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's No-Load class posted a 8.66% loss trailing the S&P 600 Small Cap Index and S&P 500 Index which rose 6.02% and 17.88%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to defense and electric utility businesses.

**POSITIONING**

The portfolio remains focused on companies within the broader universe of high quality, real asset companies within the small capitalization universe. These companies should be resilient to the myriad of potential macroeconomic factors that influence smaller companies. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6383img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **No Load Class (without sales charge)**  | -8.66 | 21.10 | 18.22 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **S&P SmallCap 600 TR**  | 6.02 | 7.31 | 9.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $446432817 |
| **Number of Holdings** | 70 |
| **Net Advisory Fee** | $6421711 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 43.4% |
|  Professional, Scientific, and Technical Services  | 7.4% |
|  Finance and Insurance  | 7.2% |
|  Management of Companies and Enterprises  | 7.2% |
|  Real Estate and Rental and Leasing  | 4.7% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 3.8% |
|  Accommodation and Food Services  | 3.2% |
|  Financials  | 2.5% |
|  Real Estate  | 2.1% |
|  Cash & Other  | 18.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 43.3% |
|  CACI International, Inc.  | 6.0% |
|  Hawaiian Electric Industries, Inc.  | 5.5% |
|  Grayscale Bitcoin Trust ETF  | 4.6% |
|  Landbridge Co. LLC  | 4.3% |
|  WaterBridge Infrastructure LLC  | 3.3% |
|  Civeo Corp.  | 2.9% |
|  DREAM Unlimited Corp.  | 2.1% |
|  Carnival Corp.  | 2.0% |
|  Urbana Corp.  | 1.7% |

---

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 Small Cap Opportunities Fund PAGE 2 TSR-AR-494613706

------

**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 3 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Market Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $162 | 1.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class A posted a loss of 3.31% trailing the S&P 500 Index and MSCI EAFE Index which posted gains of 17.88% and 31.22%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies and blockchain/Bitcoin related investments. These investments remain strong long-term investments, despite having mixed performance this year. These losses were partially offset by gains in electric utility, precious metal royalty and asset management holding companies.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions. These businesses often have exposure to dynamic end markets in capital markets related industries that have unique growth potential. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: HEI).

The Fund's top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6372img003.jpg)

The Market Opportunities Fund PAGE 1 TSR-AR-494613771

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class A (without sales charge)**  | -3.31 | 19.17 | 18.60 |
| **Advisor Class A (with sales charge)**  | -8.88 | 17.77 | 17.90 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI EAFE Net (USD)**  | 31.22 | 8.92 | 8.18 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $267487159 |
| **Number of Holdings** | 83 |
| **Net Advisory Fee** | $3861598 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 35.1% |
|  Finance and Insurance  | 22.0% |
|  Management of Companies and Enterprises  | 9.4% |
|  Financials  | 5.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 4.9% |
|  Real Estate and Rental and Leasing  | 3.8% |
|  Professional, Scientific, and Technical Services  | 1.8% |
|  Wholesale Trade  | 1.5% |
|  Manufacturing  | 0.9% |
|  Cash & Other  | 15.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 35.1% |
|  Grayscale Bitcoin Trust ETF  | 15.3% |
|  Hawaiian Electric Industries, Inc.  | 7.4% |
|  WaterBridge Infrastructure LLC  | 3.1% |
|  Landbridge Co. LLC  | 3.0% |
|  Partners Value Investments LP  | 2.5% |
|  Miami International Holdings, Inc.  | 2.4% |
|  Bolt Data & Energy Inc.  | 2.2% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.5% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Market Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $211 | 2.15% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class C posted a loss of 3.80% trailing the S&P 500 Index and MSCI EAFE Index which posted gains of 17.88% and 31.22%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies and blockchain/Bitcoin related investments. These investments remain strong long-term investments, despite having mixed performance this year. These losses were partially offset by gains in electric utility, precious metal royalty and asset management holding companies.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions. These businesses often have exposure to dynamic end markets in capital markets related industries that have unique growth potential. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: HEI).

The Fund's top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6373img003.jpg)

The Market Opportunities Fund PAGE 1 TSR-AR-494613730

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class C (without sales charge)**  | -3.80 | 18.57 | 18.01 |
| **Advisor Class C (with sales charge)**  | -4.76 | 18.57 | 18.01 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI EAFE Net (USD)**  | 31.22 | 8.92 | 8.18 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $267487159 |
| **Number of Holdings** | 83 |
| **Net Advisory Fee** | $3861598 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 35.1% |
|  Finance and Insurance  | 22.0% |
|  Management of Companies and Enterprises  | 9.4% |
|  Financials  | 5.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 4.9% |
|  Real Estate and Rental and Leasing  | 3.8% |
|  Professional, Scientific, and Technical Services  | 1.8% |
|  Wholesale Trade  | 1.5% |
|  Manufacturing  | 0.9% |
|  Cash & Other  | 15.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 35.1% |
|  Grayscale Bitcoin Trust ETF  | 15.3% |
|  Hawaiian Electric Industries, Inc.  | 7.4% |
|  WaterBridge Infrastructure LLC  | 3.1% |
|  Landbridge Co. LLC  | 3.0% |
|  Partners Value Investments LP  | 2.5% |
|  Miami International Holdings, Inc.  | 2.4% |
|  Bolt Data & Energy Inc.  | 2.2% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.5% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Market Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $118 | 1.20% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Institutional class posted a loss of 2.89% trailing the S&P 500 Index and MSCI EAFE Index which posted gains of 17.88% and 31.22%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies and blockchain/Bitcoin related investments. These investments remain strong long-term investments, despite having mixed performance this year. These losses were partially offset by gains in electric utility, precious metal royalty and asset management holding companies.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions. These businesses often have exposure to dynamic end markets in capital markets related industries that have unique growth potential. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: HEI).

The Fund's top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6374img003.jpg)

The Market Opportunities Fund PAGE 1 TSR-AR-494613615

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | -2.89 | 19.71 | 19.15 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI EAFE Net (USD)**  | 31.22 | 8.92 | 8.18 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $267487159 |
| **Number of Holdings** | 83 |
| **Net Advisory Fee** | $3861598 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 35.1% |
|  Finance and Insurance  | 22.0% |
|  Management of Companies and Enterprises  | 9.4% |
|  Financials  | 5.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 4.9% |
|  Real Estate and Rental and Leasing  | 3.8% |
|  Professional, Scientific, and Technical Services  | 1.8% |
|  Wholesale Trade  | 1.5% |
|  Manufacturing  | 0.9% |
|  Cash & Other  | 15.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 35.1% |
|  Grayscale Bitcoin Trust ETF  | 15.3% |
|  Hawaiian Electric Industries, Inc.  | 7.4% |
|  WaterBridge Infrastructure LLC  | 3.1% |
|  Landbridge Co. LLC  | 3.0% |
|  Partners Value Investments LP  | 2.5% |
|  Miami International Holdings, Inc.  | 2.4% |
|  Bolt Data & Energy Inc.  | 2.2% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.5% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Market Opportunities Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $138 | 1.40% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's No-Load class posted a loss of 3.09% trailing the S&P 500 Index and MSCI EAFE Index which posted gains of 17.88% and 31.22%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies and blockchain/Bitcoin related investments. These investments remain strong long-term investments, despite having mixed performance this year. These losses were partially offset by gains in electric utility, precious metal royalty and asset management holding companies.

**POSITIONING**

The portfolio remains focused on high-quality, durable businesses with exposure to hard assets, which we believe are well-positioned to perform across various macroeconomic conditions. These businesses often have exposure to dynamic end markets in capital markets related industries that have unique growth potential. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: HEI).

The Fund's top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6371img003.jpg)

The Market Opportunities Fund PAGE 1 TSR-AR-494613789

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **No Load Class (without sales charge)**  | -3.09 | 19.47 | 18.90 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **MSCI EAFE Net (USD)**  | 31.22 | 8.92 | 8.18 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $267487159 |
| **Number of Holdings** | 83 |
| **Net Advisory Fee** | $3861598 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 35.1% |
|  Finance and Insurance  | 22.0% |
|  Management of Companies and Enterprises  | 9.4% |
|  Financials  | 5.1% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 4.9% |
|  Real Estate and Rental and Leasing  | 3.8% |
|  Professional, Scientific, and Technical Services  | 1.8% |
|  Wholesale Trade  | 1.5% |
|  Manufacturing  | 0.9% |
|  Cash & Other  | 15.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 35.1% |
|  Grayscale Bitcoin Trust ETF  | 15.3% |
|  Hawaiian Electric Industries, Inc.  | 7.4% |
|  WaterBridge Infrastructure LLC  | 3.1% |
|  Landbridge Co. LLC  | 3.0% |
|  Partners Value Investments LP  | 2.5% |
|  Miami International Holdings, Inc.  | 2.4% |
|  Bolt Data & Energy Inc.  | 2.2% |
|  Grayscale Bitcoin Mini Trust ETF  | 1.7% |
|  White Mountains Insurance Group Ltd.  | 1.5% |

---

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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Multi-Disciplinary Income Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $76 | 0.74% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's No-Load class posted a return of 5.13% (net of expenses), driven by its re-positioning of its portfolio investment mix (during 2023) to include only high-quality collateralized loan obligation ("CLO") debt tranche investments.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The CLO debt tranches held by the Fund generated current cash income and avoided significant interest rate risks inherent in more traditional fixed income investment strategies. The Fund also benefited from fewer than anticipated interest rate cuts by the Federal Reserve in 2025.

**POSITIONING**

The Fund's investments include only AAA and AA rated CLO debt tranches. During 2025, the Fund increased its portfolio weighing of AA rated CLO debt given the higher yields and the minimal incremental credit risk relative to AAA rated CLO debt.

**PERFORMANCE**

The Fund's top contributor: Security selection collectively contributed positively to performance, specifically due to the increase in the Funds weighing of AA debt investments during 2025 and the overall credit performance of the Fund's investments.

The Fund's top detractor: The Fund suffered no impairment related losses in any investment during the year due to any credit event.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6375img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **No Load Class (without sales charge)**  | 5.23 | 3.19 | 3.72 |
| **Bloomberg US Aggregate Bond Index**  | 7.30 | -0.36 | 2.01 |
| **Bloomberg U.S. High Yield Corporate Bond Index**  | 8.62 | 4.51 | 6.53 |
| **CBOE S&P 500 PutWrite Index (PUT)**  | 9.19 | 10.59 | 7.98 |
| **Cboe S&P 500 BuyWrite Monthly Index**  | 8.91 | 9.33 | 7.31 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17431820 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $39162 |
| **Portfolio Turnover** | 74% |
| **Average Credit Quality** | AAA |
| **Effective Duration** | 2 Yrs |
| **30-Day SEC Yield** | 4.92% |
| **30-Day SEC Yield Unsubsidized** | 4.74% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Asset Backed Securities  | 90.4% |
|  Cash & Other  | 9.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Brant Point Clo 2024-6 Ltd.  | 12.1% |
|  Sound Point CLO XXXIII Ltd.  | 8.9% |
|  BlueMountain CLO XXXV Ltd.  | 7.2% |
|  Post CLO 2023-1 Ltd.  | 6.7% |
|  Apex Credit Clo 2021 Ltd.  | 4.6% |
|  Eaton Vance CLO 2013-1 Ltd.  | 4.3% |
|  Elevation CLO 2013-1 Ltd.  | 4.3% |
|  Atlantic Avenue 2023-1 Ltd.  | 4.3% |
|  Abry Liquid Credit CLO 2025-1 Ltd.  | 3.0% |
|  Battery Park CLO II Ltd.  | 2.9% |

---

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

------

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 Multi-Disciplinary Income Fund PAGE 3 TSR-AR-494613672

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Kinetics Kinetics Spin-off and Corporate Restructuring Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $139 | 1.54% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class A posted a loss of 19.50%, trailing the S&P 500 Index, which posted a gain of 17.88% for the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to power utilities.

**POSITIONING**

The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. These types of activities have been limited by volatile interest rates and economic policies, which should both prove to be temporary. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within financial services, specifically Associated Capital Group (Ticker: ACGP).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6367img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class A (without sales charge)**  | -19.50 | 18.62 | 14.43 |
| **Advisor Class A (with sales charge)**  | -24.13 | 17.23 | 13.76 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26148867 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $348840 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.3% |
|  Finance and Insurance  | 7.6% |
|  Real Estate and Rental and Leasing  | 5.4% |
|  Management of Companies and Enterprises  | 4.3% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.2% |
|  Energy  | 0.9% |
|  Accommodation and Food Services  | 0.8% |
|  Manufacturing  | 0.7% |
|  Professional, Scientific, and Technical Services  | 0.4% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.2% |
|  Landbridge Co. LLC  | 5.4% |
|  Associated Capital Group, Inc.  | 5.0% |
|  Hawaiian Electric Industries, Inc.  | 3.3% |
|  GAMCO Investors, Inc.  | 1.8% |
|  WaterBridge Infrastructure LLC  | 1.1% |
|  PrairieSky Royalty Ltd.  | 0.9% |
|  Civeo Corp.  | 0.8% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  White Mountains Insurance Group Ltd.  | 0.5% |

---

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 Kinetics Kinetics Spin-off and Corporate Restructuring Fund PAGE 2 TSR-AR-494613557

------

**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 Kinetics Spin-off and Corporate Restructuring Fund PAGE 3 TSR-AR-494613557

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Kinetics Kinetics Spin-off and Corporate Restructuring Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $203 | 2.25% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Advisor Class C posted a loss of 20.09%, trailing the S&P 500 Index, which posted a gain of 17.88% for the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to power utilities.

**POSITIONING**

The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. These types of activities have been limited by volatile interest rates and economic policies, which should both prove to be temporary. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within financial services, specifically Associated Capital Group (Ticker: ACGP).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6368img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class C (without sales charge)**  | -20.12 | 17.74 | 13.56 |
| **Advisor Class C (with sales charge)**  | -20.79 | 17.74 | 13.56 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26148867 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $348840 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.3% |
|  Finance and Insurance  | 7.6% |
|  Real Estate and Rental and Leasing  | 5.4% |
|  Management of Companies and Enterprises  | 4.3% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.2% |
|  Energy  | 0.9% |
|  Accommodation and Food Services  | 0.8% |
|  Manufacturing  | 0.7% |
|  Professional, Scientific, and Technical Services  | 0.4% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.2% |
|  Landbridge Co. LLC  | 5.4% |
|  Associated Capital Group, Inc.  | 5.0% |
|  Hawaiian Electric Industries, Inc.  | 3.3% |
|  GAMCO Investors, Inc.  | 1.8% |
|  WaterBridge Infrastructure LLC  | 1.1% |
|  PrairieSky Royalty Ltd.  | 0.9% |
|  Civeo Corp.  | 0.8% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  White Mountains Insurance Group Ltd.  | 0.5% |

---

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 Kinetics Kinetics Spin-off and Corporate Restructuring Fund PAGE 2 TSR-AR-494613540

------

**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 Kinetics Spin-off and Corporate Restructuring Fund PAGE 3 TSR-AR-494613540

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Kinetics Kinetics Spin-off and Corporate Restructuring Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $111 | 1.23% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's Institutional class posted a loss of 19.28%, trailing the S&P 500 Index, which posted a gain of 17.88% for the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to power utilities.

**POSITIONING**

The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. These types of activities have been limited by volatile interest rates and economic policies, which should both prove to be temporary. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within financial services, specifically Associated Capital Group (Ticker: ACGP).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts6369img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | -19.28 | 18.93 | 14.72 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26148867 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $348840 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.3% |
|  Finance and Insurance  | 7.6% |
|  Real Estate and Rental and Leasing  | 5.4% |
|  Management of Companies and Enterprises  | 4.3% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.2% |
|  Energy  | 0.9% |
|  Accommodation and Food Services  | 0.8% |
|  Manufacturing  | 0.7% |
|  Professional, Scientific, and Technical Services  | 0.4% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.2% |
|  Landbridge Co. LLC  | 5.4% |
|  Associated Capital Group, Inc.  | 5.0% |
|  Hawaiian Electric Industries, Inc.  | 3.3% |
|  GAMCO Investors, Inc.  | 1.8% |
|  WaterBridge Infrastructure LLC  | 1.1% |
|  PrairieSky Royalty Ltd.  | 0.9% |
|  Civeo Corp.  | 0.8% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  White Mountains Insurance Group Ltd.  | 0.5% |

---

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 Kinetics Spin-off and Corporate Restructuring Fund PAGE 2 TSR-AR-494613532

------

---

| | | |
|:---|:---|:---|
| ![image](img99140_202408212057530.jpg) | **The Kinetics 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) | Annual Shareholder Report \| December 31, 2025  | ![image](img99139_202501131857363.jpg) |

---

This annual shareholder report contains important information about the The Kinetics Kinetics Spin-off and Corporate Restructuring Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 | $133 | 1.47% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended December 31, 2025, the Fund's No-Load class posted a loss of 19.45%, trailing the S&P 500 Index, which posted a gain of 17.88% for the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's performance was driven by negative returns in specific land companies, which we believe are well-positioned to benefit from infrastructure development related to energy, water and power transmission. However, these companies have legacy energy businesses, which were negatively impacted by materially lower oil prices. The energy exposure is limited to royalties and infrastructure but proved vulnerable to macroeconomic factors. Blockchain and cryptocurrency also detracted modestly from returns, with Bitcoin prices ultimately ending the year lower after making all-time highs in October. These losses were partially offset by exposure to power utilities.

**POSITIONING**

The portfolio remains focused on companies that are actively seeking to maximize shareholder value through spin-offs and subject to restructuring activity. These types of activities have been limited by volatile interest rates and economic policies, which should both prove to be temporary. Guided by our long-term value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

**PERFORMANCE**

The Fund's top contributor: Security selection within financial services, specifically Associated Capital Group (Ticker: ACGP).

The Fund's top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6370img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/11/2017)** |
| **No Load Class (without sales charge)**  | -19.45 | 18.68 | 15.01 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.31 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26148867 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $348840 |
| **Portfolio Turnover** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Utilities  | 76.3% |
|  Finance and Insurance  | 7.6% |
|  Real Estate and Rental and Leasing  | 5.4% |
|  Management of Companies and Enterprises  | 4.3% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 1.2% |
|  Energy  | 0.9% |
|  Accommodation and Food Services  | 0.8% |
|  Manufacturing  | 0.7% |
|  Professional, Scientific, and Technical Services  | 0.4% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Texas Pacific Land Corp.  | 76.2% |
|  Landbridge Co. LLC  | 5.4% |
|  Associated Capital Group, Inc.  | 5.0% |
|  Hawaiian Electric Industries, Inc.  | 3.3% |
|  GAMCO Investors, Inc.  | 1.8% |
|  WaterBridge Infrastructure LLC  | 1.1% |
|  PrairieSky Royalty Ltd.  | 0.9% |
|  Civeo Corp.  | 0.8% |
|  Grayscale Bitcoin Mini Trust ETF  | 0.7% |
|  White Mountains Insurance Group Ltd.  | 0.5% |

---

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 Kinetics Spin-off and Corporate Restructuring Fund PAGE 2 TSR-AR-494613524

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. *A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of trustees/directors has determined that there is at least two audit committee financial experts serving on its audit committee. Mr. Douglas Cohen and Mr. Joseph Breslin are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | FYE 12/31/2025 Kinetics Portfolios Trust | FYE 12/31/2025 Kinetics Mutual Funds | FYE 12/31/2024 Kinetics Portfolios Trust | FYE 12/31/2024 Kinetics Mutual Funds |
| Audit Fees | $77500 | $65000 | $67500 | $84500 |
| Audit-Related Fees | $0 | $0 | $0 | $0 |
| Tax Fees | $25750 | $18250 | $21500 | $24300 |
| All Other Fees | $0 | $0 | $0 | $0 |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<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>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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** 

Annual Financial Statements and Other Important Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  [KINETICS MUTUAL FUNDS, INC. – FEEDER FUNDS AND THE KINETICS SPIN-OFF AND CORPORATE RESTRUCTURING FUND](#a_001) <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) |
| &nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tmreport) | [57](#tmreport) |
| [KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS](#a_002)<br>|  |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Internet Portfolio](#tpsoi1) | [58](#tpsoi1) |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Global Portfolio](#tpsoi2) | [60](#tpsoi2) |
| &nbsp;&nbsp;&nbsp; [Consolidated Portfolio of Investments – The Paradigm Portfolio](#tpsoi3) | [63](#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; [Report of Independent Registered Public Accounting Firm](#tpreport1) | [97](#tpreport1) |
| &nbsp;&nbsp;&nbsp; [Additional Information](#tpaddinf) | [98](#tpaddinf) |
| &nbsp;&nbsp;&nbsp; [Management of the Funds and the Portfolios](#tpmanagt) | [99](#tpmanagt) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; [Directory of Funds' Service Providers](#a_003)  | Back Cover |

---

------

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

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

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

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Accommodation - 0.8%**<br>|  |  |
| Civeo Corp. | 9000 | $205830  |
| **Broadcasting (except Internet) - 0.3%**<br>|  |  |
| Atlanta Braves Holdings, Inc. - Class C<sup>(a)</sup> | 1694 | 66828  |
| **Data Center Infrastructure - 0.4%**<br>|  |  |
| Bolt Data & Energy Inc.<sup>(a)(b)</sup> | 20000 | 100000  |
| **Diversified Real Estate Activities - 0.9%**<br>|  |  |
| PrairieSky Royalty Ltd. | 12000 | 236319  |
|  **Electric Power Generation, Transmission and Distribution - 3.4%**<br>|  |  |
| GE Vernova, Inc. | 25 | 16339  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 70800 | 870840  |
|  |  | 887179  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.1%**<br>|  |  |
| Mesabi Trust | 550 | 21186  |
| **Insurance Carriers - 0.0%<sup>(c)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 2 | 3816  |
| **Machinery Manufacturing - 0.1%**<br>|  |  |
| General Electric Co. | 100 | 30803  |
|  **Management of Companies and Enterprises - 5.6%**<br>|  |  |
| Associated Capital Group, Inc. - Class A | 34300 | 1296540  |
| Fairfax India Holdings Corp.<sup>(a)(d)</sup> | 2800 | 48412  |
| Valterra Platinum Ltd. - ADR | 22 | 308  |
| White Mountains Insurance Group Ltd. | 58 | 120526  |
|  |  | 1465786  |
| **Media - 0.0%<sup>(c)</sup>**<br>|  |  |
| Toei Animation Co. Ltd. | 200 | 3479  |
| **Mining (except Oil and Gas) - 0.0%<sup>(c)</sup>**<br>|  |  |
| Knife River Corp.<sup>(a)</sup> | 100 | 7035  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.0%<sup>(c)</sup>**<br>|  |  |
| Anglo American PLC - ADR | 63 | 1304  |
|  **Nonmetallic Mineral Product Manufacturing - 0.3%**<br>|  |  |
| Eagle Materials, Inc. | 342 | 70685  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Oil and Gas Extraction - 76.2%<sup>(e)</sup>**<br>|  |  |
| Texas Pacific Land Corp.<sup>(f)</sup> | 69415 | $19937376  |
| **Other Financial Investment Activities - 2.1%**<br>|  |  |
| Galaxy Digital, Inc. - Class A<sup>(a)</sup> | 3600 | 80496  |
| GAMCO Investors, Inc. - Class A | 19400 | 472584  |
| Seaport Entertainment Group, Inc.<sup>(a)</sup> | 188 | 3717  |
|  |  | 556797  |
| **Other Investment Pools and Funds - 0.2%**<br>|  |  |
| Urbana Corp. | 6234 | 44102  |
| Urbana Corp. - Class A | 1600 | 10666  |
|  |  | 54768  |
| **Securities and Commodities Exchanges - 0.5%**<br>|  |  |
| Miami International Holdings, Inc.<sup>(a)</sup> | 2428 | 107755  |
| TXSE Group, Inc.<sup>(a)(b)</sup> | 1300 | 29900  |
|  |  | 137655  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%<sup>(c)</sup>**<br>|  |  |
| Brookfield Corp. | 54 | 2478  |
| **Support Activities for Mining - 0.1%**<br>|  |  |
| Liberty Energy, Inc. | 972 | 17943  |
|  **Support Activities for Water Transportation - 5.4%**<br>|  |  |
| Landbridge Co. LLC - Class A | 28670 | 1404543  |
| **Technology Services and Software - 0.4%**<br>|  |  |
| SB Technology, Inc.<sup>(a)(b)</sup> | 5811 | 100007  |
| **Water, Sewage and Other Systems - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; WaterBridge Infrastructure LLC - <br>Class A<sup>(a)</sup> | 14098 | 282101  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,668,088)** |  | 25593918  |
| **UNIT INVESTMENT TRUSTS - 0.8%**<br>|  |  |
| Grayscale Bitcoin Cash Trust<sup>(a)</sup> | 6073 | 26235  |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 4864 | 188383  |
| Grayscale Bitcoin Trust ETF<sup>(a)</sup> | 60 | 4102  |
| Grayscale Litecoin Trust<sup>(a)</sup> | 24 | 140  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $212,361)** |  | 218860  |

---

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** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 0.0%<sup>(c)</sup>**<br>|  |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> | 146 | $7249  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $5,256)** |  | 7249  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $4,885,705)** |  | $25820027  |
| Money Market Deposit Account - 1.5%<sup>(g)</sup> |  | 380599  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (59959)  |
| **TOTAL NET ASSETS - 100.0%** |  | $26140667 |

---

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> 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 $229,907 or 0.9% of net assets as of December 31, 2025.

<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 December 31, 2025, the value of these securities total $48,412 or 0.2% of the Fund's net assets.

<sup>(e)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(f)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<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 will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.49%. 

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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Internet Fund** | **The** <br>**Global Fund**  |
| **ASSETS:**<br>|  |  |
| Investments in the Master Portfolio, at value\* | $281664637 | $54739915  |
| Receivable from Adviser |  | 19370  |
| Receivable for Master Portfolio interest sold | 106980 | —  |
| Receivable for Fund shares sold | 17928 | 42001  |
| Prepaid expenses and other assets | 31051 | 27772  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 281820596 | 54829058  |
| **LIABILITIES:**<br>|  |  |
| Payable for Master Portfolio interest purchased |  | 27620  |
| Payable to Directors | 5085 | 979  |
| Payable to Chief Compliance Officer | 261 | 51  |
| Payable for Fund shares repurchased | 124909 | 14382  |
| Payable for shareholder servicing fees | 61576 | 11892  |
| Payable for distribution fees | 25292 | 17894  |
| Accrued expenses and other liabilities | 61465 | 18141  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 278588 | 90959  |
| **Net Assets** | $281542008 | $54738099  |
| **Net Assets Consist of:**<br>|  |  |
| Paid in capital | $80210295 | $32034980  |
| Accumulated earnings | 201331713 | 20703119  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $281542008 | $54738099  |
| **Calculation of Net Asset Value Per Share - No Load Class:**<br>|  |  |
| Net Assets | $275751910 | $46183141  |
| Shares outstanding | 3010284 | 2876267  |
| Net asset value per share (offering price and redemption price) | $91.60 | $16.06  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:**<br>|  |  |
| Net Assets | $3300664 | $4029124  |
| Shares outstanding | 40165 | 253051  |
| Net asset value per share (redemption price) | $82.18 | $15.92  |
| Offering price per share ($82.18 divided by .9425 and $15.92 divided by .9425) | $87.19 | $16.89  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:**<br>|  |  |
| Net Assets | $2489434 | $4525834  |
| Shares outstanding | 37611 | 308104  |
| Net asset value per share (offering price and redemption price) | $66.19 | $14.69 |

---

\* 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** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Paradigm Fund** | **The Small Cap** <br>**Opportunities Fund**  |
| **ASSETS:**<br>|  |  |
| Investments in the Master Portfolio, at value\* | $990909773 | &nbsp;&nbsp; $446234404  |
| Receivable from Adviser | 20216 | &nbsp;&nbsp; 36639  |
| Receivable for Master Portfolio interest sold | 410761 | &nbsp;&nbsp; 160610  |
| Receivable for Fund shares sold | 175060 | &nbsp;&nbsp; 393703  |
| Prepaid expenses and other assets | 58022 | &nbsp;&nbsp; 42344  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 991573832 | &nbsp;&nbsp; 446867700  |
| **LIABILITIES:**<br>|  |  |
| Payable to Directors | 20830 | &nbsp;&nbsp; 8279  |
| Payable to Chief Compliance Officer | 1113 | &nbsp;&nbsp; 389  |
| Payable for Fund shares repurchased | 585819 | &nbsp;&nbsp; 554312  |
| Payable for shareholder servicing fees | 172894 | &nbsp;&nbsp; 77836  |
| Payable for distribution fees | 260236 | &nbsp;&nbsp; 53775  |
| Accrued expenses and other liabilities | 162618 | &nbsp;&nbsp; 74521  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1203510 | &nbsp;&nbsp; 769112  |
| **Net Assets** | $990370322 | &nbsp;&nbsp; $446098588  |
| **Net Assets Consist of:**<br>|  |  |
| Paid in capital | $117754546 | &nbsp;&nbsp; $199334408  |
| Accumulated earnings | 872615776 | &nbsp;&nbsp; 246764180  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $990370322 | &nbsp;&nbsp; $446098588  |
| **Calculation of Net Asset Value Per Share - No Load Class:** <br>|  |  |
| Net Assets | $462531743 | &nbsp;&nbsp; $303935412  |
| Shares outstanding | 4371558 | &nbsp;&nbsp; 1964835  |
| Net asset value per share (offering price and redemption price) | $105.80 | &nbsp;&nbsp; $154.69  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:** <br>|  |  |
| Net Assets | $198783896 | &nbsp;&nbsp; $21596257  |
| Shares outstanding | 1994560 | &nbsp;&nbsp; 145908  |
| Net asset value per share (redemption price) | $99.66 | &nbsp;&nbsp; $148.01  |
|  Offering price per share ($99.66 divided by .9425 and $148.01 divided by .9425) | $105.74 | &nbsp;&nbsp; $157.04  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:** <br>|  |  |
| Net Assets | $62996759 | &nbsp;&nbsp; $9719160  |
| Shares outstanding | 723409 | &nbsp;&nbsp; 70544  |
| Net asset value per share (offering price and redemption price) | $87.08 | &nbsp;&nbsp; $137.77  |
| **Calculation of Net Asset Value Per Share - Institutional Class:** <br>|  |  |
| Net Assets | $266057924 | &nbsp;&nbsp; $110847759  |
| Shares outstanding | 2471330 | &nbsp;&nbsp; 699057  |
| Net asset value per share (offering price and redemption price) | $107.66 | &nbsp;&nbsp; $158.57 |

---

\* 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>

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

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

**STATEMENTS OF ASSETS & LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities** <br>**Fund** | **The** <br>**Multi-Disciplinary** <br>**Income Fund**  |
| **ASSETS:**<br>|  |  |
| Investments in the Master Portfolio, at value\* | $267395875 | &nbsp;&nbsp; $17208317  |
| Receivable from Adviser | 61102 | &nbsp;&nbsp; 2678  |
| Receivable for Master Portfolio interest sold | 461390 | &nbsp;&nbsp; —  |
| Receivable for Fund shares sold | 30834 | &nbsp;&nbsp; 37000  |
| Prepaid expenses and other assets | 54736 | &nbsp;&nbsp; 11281  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 268003937 | &nbsp;&nbsp; 17259276  |
| **LIABILITIES:**<br>|  |  |
| Payable for Master Portfolio interest purchased |  | &nbsp;&nbsp; 37000  |
| Payable to Adviser |  | &nbsp;&nbsp; —  |
| Payable to Directors | 4991 | &nbsp;&nbsp; 233  |
| Payable to Chief Compliance Officer | 237 | &nbsp;&nbsp; 10  |
| Payable for Fund shares repurchased | 492224 | &nbsp;&nbsp; —  |
| Payable for shareholder servicing fees | 52449 | &nbsp;&nbsp; 3480  |
| Payable for distribution fees | 34135 | &nbsp;&nbsp; 11984  |
| Accrued expenses and other liabilities | 49439 | &nbsp;&nbsp; 7223  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 633475 | &nbsp;&nbsp; 59930  |
| **Net Assets** | $267370462 | &nbsp;&nbsp; $17199346  |
| **Net Assets Consist of:**<br>|  |  |
| Paid in capital | $118803978 | &nbsp;&nbsp; $22585401  |
| Accumulated earnings | 148566484 | &nbsp;&nbsp; (5386055)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $267370462 | &nbsp;&nbsp; $17199346  |
| **Calculation of Net Asset Value Per Share - No Load Class:** <br>|  |  |
| Net Assets | $202260437 | &nbsp;&nbsp; $17199346  |
| Shares outstanding | 2748764 | &nbsp;&nbsp; 1725760  |
| Net asset value per share (offering price and redemption price) | $73.58 | &nbsp;&nbsp; $9.97  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:** <br>|  |  |
| Net Assets | $20534676 | &nbsp;&nbsp; N/A  |
| Shares outstanding | 284735 | &nbsp;&nbsp; N/A  |
| Net asset value per share (redemption price) | $72.12 | &nbsp;&nbsp; N/A  |
| Offering price per share ($72.12 divided by .9425) | $76.52 | &nbsp;&nbsp; N/A  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:** <br>|  |  |
| Net Assets | $10900671 | &nbsp;&nbsp; N/A  |
| Shares outstanding | 160253 | &nbsp;&nbsp; N/A  |
| Net asset value per share (offering price and redemption price) | $68.02 | &nbsp;&nbsp; N/A  |
| **Calculation of Net Asset Value Per Share - Institutional Class:** <br>|  |  |
| Net Assets | $33674678 | &nbsp;&nbsp; N/A  |
| Shares outstanding | 449998 | &nbsp;&nbsp; N/A  |
| Net asset value per share (offering price and redemption price) | $74.83 | &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>

------

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

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

**STATEMENTS OF ASSETS & LIABILITIES** 

**December 31, 2025(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; $25820027  |
| Cash  | &nbsp;&nbsp;&nbsp;&nbsp; 372398  |
| Receivable for investments sold  | &nbsp;&nbsp;&nbsp;&nbsp; 1150  |
| Receivable for Fund shares sold  | &nbsp;&nbsp;&nbsp;&nbsp; 2500  |
| Dividends and interest receivable  | &nbsp;&nbsp;&nbsp;&nbsp; 4026  |
| Prepaid expenses and other assets  | &nbsp;&nbsp;&nbsp;&nbsp; 34287  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | &nbsp;&nbsp;&nbsp;&nbsp; 26234388  |
| **LIABILITIES:** <br>|  |
| Payable to Adviser  | &nbsp;&nbsp;&nbsp;&nbsp; 12972  |
| Payable to Directors  | &nbsp;&nbsp;&nbsp;&nbsp; 610  |
| Payable to Chief Compliance Officer  | &nbsp;&nbsp;&nbsp;&nbsp; 34  |
| Payable for securities purchased  | &nbsp;&nbsp;&nbsp;&nbsp; 88  |
| Payable to custodian  | &nbsp;&nbsp;&nbsp;&nbsp; 1516  |
| Payable for Fund shares repurchased  | &nbsp;&nbsp;&nbsp;&nbsp; 32136  |
| Payable for shareholder servicing fees  | &nbsp;&nbsp;&nbsp;&nbsp; 2479  |
| Payable for distribution fees  | &nbsp;&nbsp;&nbsp;&nbsp; 23851  |
| Accrued expenses and other liabilities  | &nbsp;&nbsp;&nbsp;&nbsp; 20035  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | &nbsp;&nbsp;&nbsp;&nbsp; 93721  |
| **Net Assets**  | &nbsp;&nbsp;&nbsp;&nbsp; $26140667  |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Cost of investments  | &nbsp;&nbsp;&nbsp;&nbsp; 4885705  |
| **Net Assets Consist of:** <br>|  |
| Paid in capital  | &nbsp;&nbsp;&nbsp;&nbsp; $4983053  |
| Accumulated earnings  | &nbsp;&nbsp;&nbsp;&nbsp; 21157614  |
| &nbsp;&nbsp;&nbsp; **Net assets**  | &nbsp;&nbsp;&nbsp;&nbsp; $26140667  |
| **Calculation of Net Asset Value Per Share - No Load Class:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $66897  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 2711  |
| Net asset value per share (offering price and redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $24.68  |
| **Calculation of Net Asset Value Per Share - Advisor Class A:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $7194801  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 310161  |
| Net asset value per share (redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $23.20  |
| Offering price per share ($23.20 divided by .9425)  | &nbsp;&nbsp;&nbsp;&nbsp; $24.62  |
| **Calculation of Net Asset Value Per Share - Advisor Class C:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $179320  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 8785  |
| Net asset value per share (offering price and redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $20.41  |
| **Calculation of Net Asset Value Per Share - Institutional Class:** <br>|  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $18699649  |
| Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 797485  |
| Net asset value per share (offering price and redemption price)  | &nbsp;&nbsp;&nbsp;&nbsp; $23.45 |

---

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 Year Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Internet Fund** | **The** <br>**Global Fund**  |
| **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Dividends<sup>†</sup> | $974165 | $406416  |
| Interest | 1452920 | 615000  |
| Income from securities lending | 125640 | 12587  |
| Expenses allocated from Master Portfolio | (4488785) | (885347)  |
| &nbsp;&nbsp;&nbsp; **Net investment income (loss) from Master Portfolio** | (1936060) | 148656  |
| **EXPENSES:**<br>|  |  |
| Distribution fees - Advisor Class A (See Note 3) | 10167 | 8950  |
| Distribution fees - Advisor Class C (See Note 3) | 25758 | 44285  |
| Shareholder servicing fees - Advisor Class A (See Note 3) | 10167 | 8950  |
| Shareholder servicing fees - Advisor Class C (See Note 3) | 8586 | 14762  |
| Shareholder servicing fees - No Load Class (See Note 3) | 826630 | 135392  |
| Transfer agent fees and expenses | 99927 | 28409  |
| Reports to shareholders | 20196 | 6284  |
| Administration fees | 76184 | 16229  |
| Professional fees | 14137 | 5548  |
| Directors' fees | 20451 | 3798  |
| Chief Compliance Officer fees | 3219 | 624  |
| Registration fees | 54578 | 54531  |
| Fund accounting fees | 13104 | 4067  |
| Other expenses | 7388 | 1084  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1190492 | 332913  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement |  | (280410)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1190492 | 52503  |
| **Net investment income (loss) from Master Portfolio** | (3126552) | 96153  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Net realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 10222884 | 1122142  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | (35050697) | (177309)  |
| **Net gain (loss) on investments** | (24827813) | 944833  |
|  **Net increase (decrease) in net assets resulting from operations** | $(27954365) | $1040986  |
| <sup>†</sup> Net of foreign taxes withheld of: | $126357 | $95168 |

---

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 Year Ended December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The** <br>**Paradigm Fund** | **The Small Cap** <br>**Opportunities Fund**  |
| **INVESTMENT LOSS ALLOCATED FROM MASTER PORTFOLIOS:**<br>|  |  |
| Dividends<sup>†</sup> | $6713412 | &nbsp;&nbsp; $2802631  |
| Interest | 1302549 | &nbsp;&nbsp; 3381262  |
| Income from securities lending | 220684 | &nbsp;&nbsp; 79431  |
| Expenses allocated from Master Portfolio | (17168113) | &nbsp;&nbsp; (6794681)  |
| &nbsp;&nbsp;&nbsp; **Net investment loss from Master Portfolio** | (8931468) | &nbsp;&nbsp; (531357)  |
| **EXPENSES:**<br>|  |  |
| Distribution fees - Advisor Class A (See Note 3) | 632677 | &nbsp;&nbsp; 63130  |
| Distribution fees - Advisor Class C (See Note 3) | 627620 | &nbsp;&nbsp; 86829  |
| Shareholder servicing fees - Advisor Class A (See Note 3) | 632677 | &nbsp;&nbsp; 63130  |
| Shareholder servicing fees - Advisor Class C (See Note 3) | 209207 | &nbsp;&nbsp; 28943  |
| Shareholder servicing fees - No Load Class (See Note 3) | 1589567 | &nbsp;&nbsp; 913439  |
| Shareholder servicing fees - Institutional Class (See Note 3) | 656804 | &nbsp;&nbsp; 222574  |
| Transfer agent fees and expenses | 224068 | &nbsp;&nbsp; 101381  |
| Reports to shareholders | 41324 | &nbsp;&nbsp; 28694  |
| Administration fees | 299172 | &nbsp;&nbsp; 115294  |
| Professional fees | 51792 | &nbsp;&nbsp; 22349  |
| Directors' fees | 78367 | &nbsp;&nbsp; 30664  |
| Chief Compliance Officer fees | 12712 | &nbsp;&nbsp; 4954  |
| Registration fees | 102622 | &nbsp;&nbsp; 82735  |
| Fund accounting fees | 49496 | &nbsp;&nbsp; 19253  |
| Other expenses | 29762 | &nbsp;&nbsp; 10740  |
| &nbsp;&nbsp;&nbsp; Total expenses | 5237867 | &nbsp;&nbsp; 1794109  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver for Institutional Class shareholder servicing fees | (492603) | &nbsp;&nbsp; (166931)  |
| &nbsp;&nbsp;&nbsp; Plus, expense recoupment | 8020 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement |  | &nbsp;&nbsp; (100143)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 4753284 | &nbsp;&nbsp; 1527035  |
| **Net investment loss** | (13684752) | &nbsp;&nbsp; (2058392)  |
|  **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 | 91609708 | &nbsp;&nbsp; (263606)  |
| &nbsp;&nbsp;&nbsp; Long term realized gain distributions received from other investment companies | 355898 | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | (267584489) | &nbsp;&nbsp; (47653090)  |
| **Net loss on investments** | (175618883) | &nbsp;&nbsp; (47916696)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from** <br>**operations** | $(189303635) | &nbsp;&nbsp; $(49975088)  |
| <sup>†</sup> Net of foreign taxes withheld of: | $259359 | &nbsp;&nbsp; $233807 |

---

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 Year Ended December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities** <br>**Fund** | **The** <br>**Multi-Disciplinary** <br>**Income Fund**  |
| **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:** | **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:** | **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:** |
| Dividends<sup>†</sup> | $1435572 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Interest | 2519795 | &nbsp;&nbsp;&nbsp;&nbsp; 938125  |
| Income from securities lending | 72116 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Realized loss on paydown |  | &nbsp;&nbsp;&nbsp;&nbsp; (2103)  |
| Expenses allocated from Master Portfolio | (4106326) | &nbsp;&nbsp;&nbsp;&nbsp; (70644)  |
| &nbsp;&nbsp;&nbsp; **Net investment income (loss) from Master Portfolio** | (78843) | &nbsp;&nbsp;&nbsp;&nbsp; 865378  |
| **EXPENSES:**<br>|  |  |
| Distribution fees - Advisor Class A (See Note 3) | 54056 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Distribution fees - Advisor Class C (See Note 3) | 103146 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Shareholder servicing fees - Advisor Class A (See Note 3) | 54056 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Shareholder servicing fees - Advisor Class C (See Note 3) | 34382 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Shareholder servicing fees - No Load Class (See Note 3) | 575228 | &nbsp;&nbsp;&nbsp;&nbsp; 38577  |
| Shareholder servicing fees - Institutional Class (See Note 3) | 86760 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Transfer agent fees and expenses | 70148 | &nbsp;&nbsp;&nbsp;&nbsp; 9674  |
| Reports to shareholders | 16044 | &nbsp;&nbsp;&nbsp;&nbsp; 2050  |
| Administration fees | 70394 | &nbsp;&nbsp;&nbsp;&nbsp; 3329  |
| Professional fees | 15779 | &nbsp;&nbsp;&nbsp;&nbsp; 3491  |
| Directors' fees | 18373 | &nbsp;&nbsp;&nbsp;&nbsp; 903  |
| Chief Compliance Officer fees | 2971 | &nbsp;&nbsp;&nbsp;&nbsp; 131  |
| Registration fees | 82178 | &nbsp;&nbsp;&nbsp;&nbsp; 22059  |
| Fund accounting fees | 13779 | &nbsp;&nbsp;&nbsp;&nbsp; 540  |
| Other expenses | 5251 | &nbsp;&nbsp;&nbsp;&nbsp; 329  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1202545 | &nbsp;&nbsp;&nbsp;&nbsp; 81083  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver for Institutional Class shareholder servicing fees | (65070) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement | (849511) | &nbsp;&nbsp;&nbsp;&nbsp; (37540)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 287964 | &nbsp;&nbsp;&nbsp;&nbsp; 43543  |
| **Net investment income (loss) from Master Portfolio** | (366807) | &nbsp;&nbsp;&nbsp;&nbsp; 821835  |
|  **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 | 3530320 | &nbsp;&nbsp;&nbsp;&nbsp;(96)  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | (22531030) | &nbsp;&nbsp;&nbsp;&nbsp; (44382)  |
| **Net loss on investments** | (19000710) | &nbsp;&nbsp;&nbsp;&nbsp; (44478)  |
|  **Net increase (decrease) in net assets resulting from operations** | $(19367517) | &nbsp;&nbsp;&nbsp;&nbsp; $777357  |
| <sup>†</sup> Net of foreign taxes withheld of: | $155361 | &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 Year Ended December 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **The Kinetics Spin-off** <br>**and Corporate** <br>**Restructuring Fund** <br>(Consolidated)  |
| **INVESTMENT INCOME:** <br>|  |
| Dividends<sup>†</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; $201910  |
| Interest  | &nbsp;&nbsp;&nbsp;&nbsp; 42715  |
| &nbsp;&nbsp;&nbsp; **Total investment income**  | &nbsp;&nbsp;&nbsp;&nbsp; 244625  |
| **EXPENSES:** <br>|  |
| Distribution fees - Advisor Class A (See Note 3)  | &nbsp;&nbsp;&nbsp;&nbsp; 30774  |
| Distribution fees - Advisor Class C (See Note 3)  | &nbsp;&nbsp;&nbsp;&nbsp; 2007  |
| Shareholder servicing fees - Advisor Class A (See Note 3)  | &nbsp;&nbsp;&nbsp;&nbsp; 25117  |
| Shareholder servicing fees - Advisor Class C (See Note 3)  | &nbsp;&nbsp;&nbsp;&nbsp; 650  |
| Shareholder servicing fees - No Load Class (See Note 3)  | &nbsp;&nbsp;&nbsp;&nbsp; 518  |
| Shareholder servicing fees - Institutional Class (See Note 3)  | &nbsp;&nbsp;&nbsp;&nbsp; 48739  |
| Transfer agent fees and expenses  | &nbsp;&nbsp;&nbsp;&nbsp; 29614  |
| Reports to shareholders  | &nbsp;&nbsp;&nbsp;&nbsp; 2119  |
| Administration fees  | &nbsp;&nbsp;&nbsp;&nbsp; 25826  |
| Professional fees  | &nbsp;&nbsp;&nbsp;&nbsp; 13643  |
| Directors' fees  | &nbsp;&nbsp;&nbsp;&nbsp; 2328  |
| Chief Compliance Officer fees  | &nbsp;&nbsp;&nbsp;&nbsp; 342  |
| Registration fees  | &nbsp;&nbsp;&nbsp;&nbsp; 60769  |
| Fund accounting fees  | &nbsp;&nbsp;&nbsp;&nbsp; 5066  |
| Investment advisory fees  | &nbsp;&nbsp;&nbsp;&nbsp; 348840  |
| Custodian fees and expenses  | &nbsp;&nbsp;&nbsp;&nbsp; 10240  |
| Other expenses  | &nbsp;&nbsp;&nbsp;&nbsp; 851  |
| &nbsp;&nbsp;&nbsp; Total expenses  | &nbsp;&nbsp;&nbsp;&nbsp; 607443  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver for Institutional Class shareholder servicing fees  | &nbsp;&nbsp;&nbsp;&nbsp; (36554)  |
| &nbsp;&nbsp;&nbsp; Less, expense reimbursement  | &nbsp;&nbsp;&nbsp;&nbsp; (106375)  |
| &nbsp;&nbsp;&nbsp; Net expenses  | &nbsp;&nbsp;&nbsp;&nbsp; 464514  |
| **Net investment loss**  | &nbsp;&nbsp;&nbsp;&nbsp; (219889)  |
|  **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; 3153252  |
| Net change in unrealized appreciation (depreciation) of: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency  | &nbsp;&nbsp;&nbsp;&nbsp; (9619838)  |
| **Net loss on investments**  | &nbsp;&nbsp;&nbsp;&nbsp; (6466586)  |
| **Net decrease in net assets resulting from operations**  | &nbsp;&nbsp;&nbsp;&nbsp; $(6686475)  |
| <sup>†</sup> Net of foreign taxes withheld of:  | &nbsp;&nbsp;&nbsp;&nbsp; $5520 |

---

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 Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3126552) | $(352409) | $96153 | $183442  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 10222884 | 2252945 | 1122142 | 411112  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (35050697) | 141485777 | (177309) | 14608888  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (27954365) | 143386313 | 1040986 | 15203442  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) | (4905095) | (2995678) | (1168926) | (390102)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) | (65206) | (39960) | (96382) | (20472)  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) | (60860) | (50656) | (79870) | (24781)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5031161) | (3086294) | (1345178) | (435355)  |
| &nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS -** <br>**NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 45348885 | 46528670 | 43356409 | 26193230  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 32326 | 73966 | 26038 | 24137  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 4809231 | 2857824 | 1150793 | 375413  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (65550926) | (48713578) | (37975720) | (9068243)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (15360484) | 746882 | 6557520 | 17524537  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 893914 | 876102 | 1843428 | 501806  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 394 | 953 | 1598 | 2143  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 58144 | 37549 | 84406 | 18689  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1169489) | (1180960) | (597250) | (166019)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (217037) | (266356) | 1332182 | 356619  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 271233 | 1262584 | 22387 | 241729  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 358 | 890 | 3116 | 5954  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 54046 | 43306 | 68742 | 21486  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1571827) | (759591) | (2557391) | (1226667)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (1246190) | 547189 | (2463146) | (957498)  |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS:** | (49809237) | 141327734 | 5122364 | 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 Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | $331351245 | $190023511 | $49615735 | $17923990  |
| &nbsp;&nbsp;&nbsp; End of period  | $281542008 | $331351245 | $54738099 | $49615735  |
|  **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 426032 | 552482 | 2542818 | 1885199  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 52076 | 27757 | 71212 | 23390  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (622417) | (593838) | (2236932) | (671518)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | (144309) | (13599) | 377098 | 1237071  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9389 | 11392 | 109506 | 40860  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 702 | 405 | 5269 | 1173  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12438) | (13362) | (34928) | (11950)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | (2347) | (1565) | 79847 | 30083  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3460 | 22017 | 1420 | 21188  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 810 | 574 | 4651 | 1463  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (20488) | (12406) | (165263) | (105233)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | (16218) | 10185 | (159192) | (82582) |

---

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

12<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 Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(13684752) | $(405751) | $(2058392) | $2269328  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 91965606 | 63393324 | (263606) | 12283641  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (267584489) | 564567500 | (47653090) | 157237452  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (189303635) | 627555073 | (49975088) | 171790421  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) | (35834348) | (17505444) | (546352) | (11698430)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) | (16217074) | (7561107) |  | (834147)  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) | (5809435) | (2991483) |  | (411553)  |
| &nbsp;&nbsp;&nbsp; Institutional Class (See Note 5) | (20310839) | (9634516) | (473052) | (3243686)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (78171696) | (37692550) | (1019404) | (16187816)  |
| &nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS -** <br>**NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 212356621 | 146481009 | 137634708 | 86914477  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 230575 | 176250 | 106226 | 105506  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 34567228 | 16903620 | 528493 | 11358942  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (260209107) | (163192540) | (134959036) | (78238146)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (13054683) | 368339 | 3310391 | 20140779  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 14751079 | 16263157 | 3298299 | 1486866  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 88967 | 74617 | 7325 | 7951  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 13875175 | 6507268 |  | 766852  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (33078015) | (30338385) | (3849732) | (3248446)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (4362794) | (7493343) | (544108) | (986777)  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3568176 | 3033051 | 448125 | 684542  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 29674 | 25939 | 3395 | 4002  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 5140994 | 2648384 |  | 391218  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (18724817) | (12993781) | (2269573) | (1667589)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (9985973) | (7286407) | (1818053) | (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 Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
|  **CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 65167588 | 32839071 | 57593732 | 26568127  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 114276 | 93986 | 30864 | 27723  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 19752771 | 9227333 | 462568 | 3158502  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (73990269) | (105011272) | (27363781) | (22966384)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 11044366 | (62850882) | 30723383 | 6787968  |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS:** | (283834415) | 512600230 | (19322879) | 180956748  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1274204737 | 761604507 | 465421467 | 284464719  |
| &nbsp;&nbsp;&nbsp; End of period | $990370322 | $1274204737 | $446098588 | $465421467  |
|  **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1439102 | 1085072 | 764195 | 512083  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 321675 | 125949 | 3374 | 66802  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1928574) | (1297185) | (786321) | (560275)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | (167797) | (86164) | (18752) | 18610  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 110012 | 173507 | 19234 | 11066  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 137080 | 51105 |  | 4710  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (256931) | (284223) | (23330) | (22575)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | (9839) | (59611) | (4096) | (6799)  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 28007 | 25145 | 2891 | 4473  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 58130 | 23421 |  | 2568  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (159666) | (171592) | (14483) | (14297)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | (73529) | (123026) | (11592) | (7256)  |
|  **CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 458403 | 266348 | 320445 | 167661  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 180655 | 67788 | 2881 | 18114  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (538939) | (963052) | (153312) | (176421)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | 100119 | (628916) | 170014 | 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 Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(366807) | $823814 | &nbsp;&nbsp; $821835  | &nbsp;&nbsp; $848795  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 3530320 | 1152184 | (96) | &nbsp;&nbsp; 212  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (22531030) | 99556362 | &nbsp;&nbsp; (44382) | &nbsp;&nbsp; 33159  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (19367517) | 101532360 | &nbsp;&nbsp; 777357 | &nbsp;&nbsp; 882166  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) | (1334415) | (1298731) | &nbsp;&nbsp; (820482) | &nbsp;&nbsp; (831330)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) | (124004) | (123250) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) | (69870) | (38806) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Institutional Class (See Note 5) | (291888) | (263024) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1820177) | (1723811) | &nbsp;&nbsp; (820482) | &nbsp;&nbsp; (831330)  |
| &nbsp;&nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS -** <br>**NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 190143043 | 46031959 | &nbsp;&nbsp; 6798655 | &nbsp;&nbsp; 3467955  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 137088 | 53472 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 1332016 | 1293531 | &nbsp;&nbsp; 461137 | &nbsp;&nbsp; 359382  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (134006053) | (48192222) | &nbsp;&nbsp; (3423310) | &nbsp;&nbsp; (2593080)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 57606094 | (813260) | &nbsp;&nbsp; 3836482 | &nbsp;&nbsp; 1234257  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 6266620 | 3213198 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 12318 | 6056 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 113719 | 111117 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3599006) | (1724261) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 2793651 | 1606110 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
|  **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 631258 | 155821 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 8273 | 5095 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 50728 | 29634 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4629809) | (2239709) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (3939550) | (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 Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024**  |
|  **CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 48545639 | 7572863 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 28434 | 9672 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 277364 | 243680 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (40137887) | (14184723) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 8713550 | (6358508) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| **TOTAL INCREASE IN NET ASSETS:** | 43986051 | 92193732 | &nbsp;&nbsp; 3793357 | &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 | $267370462 | $223384411 | &nbsp;&nbsp; $17199346 | &nbsp;&nbsp; $13405989  |
|  **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2282294 | 658930 | &nbsp;&nbsp; 678043 | &nbsp;&nbsp; 344908  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 17896 | 16869 | &nbsp;&nbsp; 46358 | &nbsp;&nbsp; 36149  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1660730) | (767370) | &nbsp;&nbsp; (341759) | &nbsp;&nbsp; (259566)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | 639460 | (91571) | &nbsp;&nbsp; 382642 | &nbsp;&nbsp; 121491  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 77549 | 55945 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 1559 | 1476 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (44974) | (31353) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 34134 | 26068 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
|  **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8092 | 2738 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 738 | 415 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (60168) | (44310) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | (51338) | (41157) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
|  **CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 569880 | 121491 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | 3664 | 3125 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (488160) | (229314) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares** <br>**outstanding** | 85384 | (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>**Year Ended** <br>**December 31,** <br>**2025** | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(219889) | $343562  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 3153252 | 1640709  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (9619838) | 15192766  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (6686475) | 17177037  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; No Load Class (See Note 5) | (6605) | (9975)  |
| &nbsp;&nbsp;&nbsp; Advisor Class A (See Note 5) | (758992) | (478493)  |
| &nbsp;&nbsp;&nbsp; Advisor Class C (See Note 5) | (24609) | (11130)  |
| &nbsp;&nbsp;&nbsp; Institutional Class (See Note 5) | (1951915) | (1210270)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2742121) | (1709868)  |
| **CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 48650 | 198304  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 462 | 11  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 6391 | 9848  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (156649) | (17500)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (101146) | 190663  |
| **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1483713 | 3241621  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 20760 | 2717  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 748617 | 476428  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3060653) | (2497363)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (807563) | 1223403  |
| **CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  | 159120  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 511 | 119  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 24610 | 11130  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (31719) | (431340)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (6598) | (260971)  |
| **CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 4620983 | 2184900  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 48089 | 7835  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 1942264 | 1201335  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (6759139) | (5859392)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (147803) | (2465322)  |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS:** | (10491706) | 14154942  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 36632373 | 22477431  |
| &nbsp;&nbsp;&nbsp; End of period | $26140667 | $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>**Year Ended** <br>**December 31,** <br>**2025** | **For the** <br>**Year Ended** <br>**December 31,** <br>**2024**  |
| **CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1361 | &nbsp;&nbsp; 5472  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 289  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (5457) | &nbsp;&nbsp; (684)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | &nbsp;&nbsp; (3842) | &nbsp;&nbsp; 5077  |
| **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 41195 | &nbsp;&nbsp; 88676  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | &nbsp;&nbsp; 31708 | &nbsp;&nbsp; 14796  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (95556) | &nbsp;&nbsp; (83319)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | &nbsp;&nbsp; (22653) | &nbsp;&nbsp; 20153  |
| **CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 5965  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 385  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1553) | &nbsp;&nbsp; (15282)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | &nbsp;&nbsp; (368) | &nbsp;&nbsp; (8932)  |
| **CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 126197 | &nbsp;&nbsp; 79065  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestments of dividends and distributions | &nbsp;&nbsp; 81403 | &nbsp;&nbsp; 37044  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (197519) | &nbsp;&nbsp; (211895)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in shares outstanding** | &nbsp;&nbsp; 10081 | &nbsp;&nbsp; (95786) |

---

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

18<br>

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

**The Internet Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $102.51 | $58.64 | $45.53 | $60.64 | $53.01  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.98) | (0.09) | 0.40 | (0.30) | (0.83)  |
|  Net realized and unrealized gain (loss) on investments | (8.29) | 44.90 | 13.14 | (14.44) | 8.93  |
| **Total from investment operations** | (9.27) | 44.81 | 13.54 | (14.74) | 8.10  |
| Redemption fees | 0.01 | 0.02 | 0.01 | 0.01 | 0.05  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  | (0.21) |  |  |  |
| From net realized gains | (1.65) | (0.75) | (0.44) | (0.38) | (0.52)  |
| **Total distributions** | (1.65) | (0.96) | (0.44) | (0.38) | (0.52)  |
| **Net Asset Value, End of Year** | $91.60 | $102.51 | $58.64 | $45.53 | $60.64  |
| Total return | (9.04)% | 76.44% | 29.76% | (24.28)% | 15.35%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $275752 | $323380 | $185790 | $144397 | $226228  |
|  Ratio of operating expenses to average net assets:<sup>(4)</sup> | 1.67% | 1.71% | 1.75% | 1.77% | 1.71%  |
|  Ratio of net investment income (loss) to average net assets: | (0.91)% | (0.12)% | 0.83% | (0.60)% | (1.29)%  |
| Portfolio turnover rate<sup>(5)</sup> | 45% | 43% | 19% | 19% | 4% |

---

<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.

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

19<br>

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

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

**The Internet Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $92.38 | $53.03 | $41.31 | $55.20 | $48.42  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (1.12) | (0.27) | 0.26 | (0.39) | (0.91)  |
|  Net realized and unrealized gain (loss) on investments | (7.44) | 40.56 | 11.89 | (13.13) | 8.17  |
| **Total from investment operations** | (8.56) | 40.29 | 12.15 | (13.52) | 7.26  |
| Redemption fees | 0.01 | 0.02 | 0.01 | 0.01 | 0.04  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  | (0.21) |  |  |  |
| From net realized gains | (1.65) | (0.75) | (0.44) | (0.38) | (0.52)  |
| **Total distributions** | (1.65) | (0.96) | (0.44) | (0.38) | (0.52)  |
| **Net Asset Value, End of Year** | $82.18 | $92.38 | $53.03 | $41.31 | $55.20  |
| Total return | (9.27)% | 76.00% | 29.43% | (24.47)% | 15.06%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $3301 | $3927 | $2337 | $2302 | $5620  |
| &nbsp;&nbsp;&nbsp; Ratio of operating expenses to average net <br>assets:<sup>(4)</sup> | 1.92% | 1.96% | 2.00% | 2.02% | 1.96%  |
|  Ratio of net investment income (loss) to average net assets: | (1.16)% | (0.37)% | 0.58% | (0.85)% | (1.54)%  |
| Portfolio turnover rate<sup>(5)</sup> | 45% | 43% | 19% | 19% | 4% |

---

<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. 

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

20<br>

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

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

**The Internet Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $75.13 | $43.45 | $34.07 | $45.86 | $40.49  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (1.30) | (0.53) | 0.03 | (0.51) | (1.00)  |
|  Net realized and unrealized gain (loss) on investments | (6.00) | 33.15 | 9.79 | (10.90) | 6.85  |
| **Total from investment operations** | (7.30) | 32.62 | 9.82 | (11.41) | 5.85  |
| Redemption fees | 0.01 | 0.02 | 0.00<sup>(5)</sup> | 0.00<sup>(5)</sup> | 0.04  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  | (0.21) |  |  |  |
| From net realized gains | (1.65) | (0.75) | (0.44) | (0.38) | (0.52)  |
| **Total distributions** | (1.65) | (0.96) | (0.44) | (0.38) | (0.52)  |
| **Net Asset Value, End of Year** | $66.19 | $75.13 | $43.45 | $34.07 | $45.86  |
| Total return | (9.72)% | 75.11% | 28.82% | (24.87)% | 14.52%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $2489 | $4044 | $1896 | $1247 | $1893  |
|  Ratio of operating expenses to average net assets:<sup>(3)</sup> | 2.42% | 2.46% | 2.50% | 2.52% | 2.46%  |
|  Ratio of net investment income (loss) to average net assets: | (1.66)% | (0.87)% | 0.08% | (1.35)% | (2.04)%  |
| Portfolio turnover rate<sup>(4)</sup> | 45% | 43% | 19% | 19% | 4% |

---

<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. 

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

21<br>

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

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

**The Global Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.01 | $9.39 | $8.60 | $9.33 | $8.30  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.04 | 0.10 | 0.15 | 0.02 | (0.09)  |
|  Net realized and unrealized gain (loss) on investments | 0.41 | 6.67 | 0.87 | (0.62) | 1.43  |
| **Total from investment operations** | 0.45 | 6.77 | 1.02 | (0.60) | 1.34  |
| Redemption fees | 0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.27) | (0.16) | (0.23) |  | (0.29)  |
| From net realized gains | (0.14) |  |  | (0.13) | (0.03)  |
| **Total distributions** | (0.41) | (0.16) | (0.23) | (0.13) | (0.32)  |
| **Net Asset Value, End of Year** | $16.06 | $16.01 | $9.39 | $8.60 | $9.33  |
| Total return | 2.89% | 72.16% | 11.89% | (6.46)% | 16.32%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $46183 | $40018 | $11857 | $21052 | $19128  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.83% | 2.04% | 2.13% | 2.07% | 2.08%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 1.39% | 1.39% | 1.39% | 1.39% | 1.39%  |
|  Ratio of net investment income (loss) to average net assets: | 0.23% | 0.78% | 1.81% | 0.25% | (0.90)%  |
| Portfolio turnover rate<sup>(5)</sup> | 5% | 34% | 16% | 57% | 7% |

---

<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.

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

22<br>

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

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

**The Global Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $15.90 | $9.33 | $8.55 | $9.31 | $8.23  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.00<sup>(3)</sup> | 0.07 | 0.13 | 0.00 <sup>(3)</sup> | (0.11)  |
|  Net realized and unrealized gain (loss) on investments | 0.40 | 6.61 | 0.88 | (0.63) | 1.44  |
| **Total from investment operations** | 0.40 | 6.68 | 1.01 | (0.63) | 1.33  |
| Redemption fees | 0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup>  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.25) | (0.12) | (0.23) |  | (0.22)  |
| From net realized gains | (0.14) |  |  | (0.13) | (0.03)  |
| **Total distributions** | (0.39) | (0.12) | (0.23) | (0.13) | (0.25)  |
| **Net Asset Value, End of Year** | $15.92 | $15.90 | $9.33 | $8.55 | $9.31  |
| Total return | 2.55% | 71.69% | 11.82% | (6.79)% | 16.16%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $4029 | $2753 | $1335 | $840 | $595  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 2.08% | 2.29% | 2.38% | 2.32% | 2.33%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | 1.64% | 1.64% | 1.64% | 1.64% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets: | (0.02)% | 0.52% | 1.56% | 0% | (1.15)%  |
| Portfolio turnover rate<sup>(6)</sup> | 5% | 34% | 16% | 57% | 7% |

---

<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.

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

23<br>

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

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

**The Global Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $14.65 | $8.60 | $7.89 | $8.64 | $7.67  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.08) |  | 0.08 | (0.04) | (0.15)  |
| Net realized and unrealized gain (loss) on investments | 0.37 | 6.09 | 0.80 | (0.58) | 1.33  |
| **Total from investment operations** | 0.29 | 6.09 | 0.88 | (0.62) | 1.18  |
| Redemption fees | 0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup>  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.12) | (0.05) | (0.17) |  | (0.18)  |
| From net realized gains | (0.14) |  |  | (0.13) | (0.03)  |
| **Total distributions** | (0.26) | (0.05) | (0.17) | (0.13) | (0.21)  |
| **Net Asset Value, End of Year** | $14.69 | $14.65 | $8.60 | $7.89 | $8.64  |
| Total return | 2.06% | 70.97% | 11.18% | (7.21)% | 15.44%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $4526 | $6844 | $4732 | $6574 | $7439  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 2.58% | 2.79% | 2.88% | 2.82% | 2.83%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 2.14% | 2.14% | 2.14% | 2.14% | 2.14%  |
|  Ratio of net investment income (loss) to average net assets: | (0.52)% | 0.03% | 1.06% | (0.50)% | (1.65)%  |
| Portfolio turnover rate<sup>(5)</sup> | 5% | 34% | 16% | 57% | 7% |

---

<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.

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** 

**The Paradigm Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $133.88 | $73.13 | $92.91 | $73.37 | $53.99  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (1.38) | 0.01 | (0.39) | (0.13) | (0.67)  |
|  Net realized and unrealized gain (loss) on investments | (18.06) | 64.65 | (15.26) | 21.52 | 21.26  |
| **Total from investment operations** | (19.44) | 64.66 | (15.65) | 21.39 | 20.59  |
| Redemption fees | 0.05 | 0.04 | 0.00<sup>(3)</sup> | 0.01 | 0.01  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  | (0.09) |  | (0.01) | —  |
| From net realized gains | (8.69) | (3.86) | (4.13) | (1.85) | (1.22)  |
| **Total distributions** | (8.69) | (3.95) | (4.13) | (1.86) | (1.22)  |
| **Net Asset Value, End of Year** | $105.80 | $133.88 | $73.13 | $92.91 | $73.37  |
| Total return | (14.59)% | 88.47% | (16.89)% | 29.17% | 38.15%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $462532 | $607750 | $338263 | $517268 | $368383  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.64% | 1.66% | 1.68% | 1.67% | 1.68%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 1.64% | 1.64% | 1.64% | 1.64% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets: | (1.01)% | 0.01% | (0.51)% | (0.16)% | (0.88)%  |
| Portfolio turnover rate<sup>(5)</sup> | 3% | 2% | 0% | 0% | 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.

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** 

**The Paradigm Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $127.01 | $69.61 | $88.90 | $70.44 | $51.99  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (1.63) | (0.24) | (0.56) | (0.31) | (0.83)  |
|  Net realized and unrealized gain (loss) on investments | (17.08) | 61.46 | (14.60) | 20.62 | 20.49  |
| **Total from investment operations** | (18.71) | 61.22 | (15.16) | 20.31 | 19.66  |
| Redemption fees | 0.05 | 0.04 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  |  |  |  | —  |
| From net realized gains | (8.69) | (3.86) | (4.13) | (1.85) | (1.22)  |
| **Total distributions** | (8.69) | (3.86) | (4.13) | (1.85) | (1.22)  |
| **Net Asset Value, End of Year** | $99.66 | $127.01 | $69.61 | $88.90 | $70.44  |
| Total return | (14.80)% | 88.00% | (17.10)% | 28.86% | 37.81%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $198784 | $254589 | $143676 | $188033 | $155850  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.89% | 1.91% | 1.93% | 1.92% | 1.93%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | 1.89% | 1.89% | 1.89% | 1.89% | 1.89%  |
|  Ratio of net investment income (loss) to average net assets: | (1.26)% | (0.24)% | (0.76)% | (0.41)% | (1.13)%  |
| Portfolio turnover rate<sup>(6)</sup> | 3% | 2% | 0% | 0% | 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.

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

26<br>

------

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

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

**The Paradigm Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $112.80 | $62.36 | $80.56 | $64.28 | $47.77  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment loss<sup>(2)</sup> | (2.03) | (0.64) | (0.83) | (0.63) | (1.08)  |
|  Net realized and unrealized gain (loss) on investments | (15.04) | 54.91 | (13.24) | 18.76 | 18.80  |
| **Total from investment operations** | (17.07) | 54.27 | (14.07) | 18.13 | 17.72  |
| Redemption fees | 0.04 | 0.03 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  |  |  |  | —  |
| From net realized gains | (8.69) | (3.86) | (4.13) | (1.85) | (1.22)  |
| **Total distributions** | (8.69) | (3.86) | (4.13) | (1.85) | (1.22)  |
| **Net Asset Value, End of Year** | $87.08 | $112.80 | $62.36 | $80.56 | $64.28  |
| Total return | (15.22)% | 87.06% | (17.52)% | 28.22% | 37.11%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $62997 | $89897 | $57370 | $84135 | $71947  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 2.39% | 2.41% | 2.43% | 2.42% | 2.43%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 2.39% | 2.39% | 2.39% | 2.39% | 2.39%  |
|  Ratio of net investment loss to average net assets: | (1.76)% | (0.74)% | (1.26)% | (0.91)% | (1.63)%  |
| Portfolio turnover rate<sup>(5)</sup> | 3% | 2% | 0% | 0% | 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.

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

27<br>

------

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

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

**The Paradigm Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $135.78 | $74.10 | $93.89 | $74.09 | $54.51  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (1.12) | 0.22 | (0.24) | 0.03 | (0.52)  |
|  Net realized and unrealized gain (loss) on investments | (18.36) | 65.57 | (15.42) | 21.77 | 21.47  |
| **Total from investment operations** | (19.48) | 65.79 | (15.66) | 21.80 | 20.95  |
| Redemption fees | 0.05 | 0.04 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  | (0.29) |  | (0.15) | (0.16)  |
| From net realized gains | (8.69) | (3.86) | (4.13) | (1.85) | (1.22)  |
| **Total distributions** | (8.69) | (4.15) | (4.13) | (2.00) | (1.38)  |
| **Net Asset Value, End of Year** | $107.66 | $135.78 | $74.10 | $93.89 | $74.09  |
| Total return | (14.41)% | 88.83% | (16.73)% | 29.43% | 38.44%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $266058 | $321969 | $222295 | $288387 | $229996  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.59% | 1.61% | 1.63% | 1.62% | 1.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 1.44% | 1.44% | 1.44% | 1.44% | 1.44%  |
|  Ratio of net investment income (loss) to average net assets: | (0.81)% | 0.21% | (0.31)% | 0.04% | (0.68)%  |
| Portfolio turnover rate<sup>(5)</sup> | 3% | 2% | 0% | 0% | 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.

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

28<br>

------

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

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

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $169.66 | $104.27 | $130.35 | $98.78 | $66.81  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.72) | 0.90 | 0.25 | 0.07 | (0.91)  |
|  Net realized and unrealized gain (loss) on investments | (14.02) | 70.50 | (19.35) | 31.47 | 34.48  |
| **Total from investment operations** | (14.74) | 71.40 | (19.10) | 31.54 | 33.57  |
| Redemption fees | 0.05 | 0.06 | 0.02 | 0.03 | 0.05  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.28) | (2.94) | (1.30) |  | (1.65)  |
| From net realized gains |  | (3.13) | (5.70) |  | —  |
| **Total distributions** | (0.28) | (6.07) | (7.00) |  | (1.65)  |
| **Net Asset Value, End of Year** | $154.69 | $169.66 | $104.27 | $130.35 | $98.78  |
| Total return | (8.66)% | 68.52% | (14.69)% | 31.96% | 50.33%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $303935 | $336526 | $204889 | $327093 | $195631  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.65% | 1.69% | 1.72% | 1.69% | 1.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 1.64% | 1.64% | 1.64% | 1.64% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets: | (0.42)% | 0.65% | 0.22% | 0.07% | (0.93)%  |
| Portfolio turnover rate<sup>(5)</sup> | 0% | 6% | 2% | 6% | 3% |

---

<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.

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

29<br>

------

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

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

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $162.45 | $100.03 | $125.37 | $95.24 | $64.41  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (1.11) | 0.53 | (0.03) | (0.20) | (1.12)  |
|  Net realized and unrealized gain (loss) on investments | (13.38) | 67.55 | (18.61) | 30.30 | 33.24  |
| **Total from investment operations** | (14.49) | 68.08 | (18.64) | 30.10 | 32.12  |
| Redemption fees | 0.05 | 0.05 | 0.02 | 0.03 | 0.05  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  | (2.58) | (1.02) |  | (1.34)  |
| From net realized gains |  | (3.13) | (5.70) |  | —  |
| **Total distributions** |  | (5.71) | (6.72) |  | (1.34)  |
| **Net Asset Value, End of Year** | $148.01 | $162.45 | $100.03 | $125.37 | $95.24  |
| Total return | (8.89)% | 68.10% | (14.91)% | 31.64% | 49.94%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $21596 | $24368 | $15685 | $23920 | $14755  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.90% | 1.94% | 1.97% | 1.94% | 1.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | 1.89% | 1.89% | 1.89% | 1.89% | 1.89%  |
|  Ratio of net investment income (loss) to average net assets: | (0.67)% | 0.40% | (0.03)% | (0.18)% | (1.18)%  |
| Portfolio turnover rate<sup>(6)</sup> | 0% | 6% | 2% | 6% | 3% |

---

<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.

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

30<br>

------

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

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

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $151.97 | $93.93 | $118.14 | $90.20 | $60.85  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (1.81) | (0.12) | (0.53) | (0.69) | (1.49)  |
|  Net realized and unrealized gain (loss) on investments | (12.44) | 63.25 | (17.53) | 28.60 | 31.38  |
| **Total from investment operations** | (14.25) | 63.13 | (18.06) | 27.91 | 29.89  |
| Redemption fees | 0.05 | 0.05 | 0.02 | 0.03 | 0.05  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income |  | (2.01) | (0.47) |  | (0.59)  |
| From net realized gains |  | (3.13) | (5.70) |  | —  |
| **Total distributions** |  | (5.14) | (6.17) |  | (0.59)  |
| **Net Asset Value, End of Year** | $137.77 | $151.97 | $93.93 | $118.14 | $90.20  |
| Total return | (9.34)% | 67.25% | (15.32)% | 30.98% | 49.20%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $9719 | $12482 | $8396 | $12234 | $9219  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 2.40% | 2.44% | 2.46% | 2.44% | 2.45%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 2.39% | 2.39% | 2.39% | 2.39% | 2.39%  |
|  Ratio of net investment income (loss) to average net assets: | (1.17)% | (0.10)% | (0.53)% | (0.68)% | (1.68)%  |
| Portfolio turnover rate<sup>(5)</sup> | 0% | 6% | 2% | 6% | 3% |

---

<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.

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

31<br>

------

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

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

**The Small Cap Opportunities Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $173.98 | $106.78 | $133.32 | $100.83 | $68.25  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.38) | 1.21 | 0.48 | 0.31 | (0.73)  |
|  Net realized and unrealized gain (loss) on investments | (14.40) | 72.26 | (19.78) | 32.14 | 35.22  |
| **Total from investment operations** | (14.78) | 73.47 | (19.30) | 32.45 | 34.49  |
| Redemption fees | 0.05 | 0.06 | 0.02 | 0.04 | 0.06  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.68) | (3.20) | (1.56) |  | (1.97)  |
| From net realized gains |  | (3.13) | (5.70) |  | —  |
| **Total distributions** | (0.68) | (6.33) | (7.26) |  | (1.97)  |
| **Net Asset Value, End of Year** | $158.57 | $173.98 | $106.78 | $133.32 | $100.83  |
| Total return | (8.47)% | 68.85% | (14.52)% | 32.22% | 50.62%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $110848 | $92045 | $55494 | $95963 | $49484  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.60% | 1.64% | 1.67% | 1.64% | 1.65%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 1.44% | 1.44% | 1.44% | 1.44% | 1.44%  |
|  Ratio of net investment income (loss) to average net assets: | (0.22)% | 0.85% | 0.42% | 0.27% | (0.73)%  |
| Portfolio turnover rate<sup>(5)</sup> | 0% | 6% | 2% | 6% | 3% |

---

<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.

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

32<br>

------

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

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

**The Market Opportunities Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $76.42 | $41.85 | $45.55 | $40.16 | $31.85  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.08) | 0.31 | 0.36 | 0.07 | (0.33)  |
|  Net realized and unrealized gain (loss) on investments | (2.33) | 34.85 | (3.70) | 5.94 | 9.25  |
| **Total from investment operations** | (2.41) | 35.16 | (3.34) | 6.01 | 8.92  |
| Redemption fees | 0.05 | 0.03 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.02  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.12) | (0.53) | (0.36) | (0.02) | (0.59)  |
| From net realized gains | (0.36) | (0.09) |  | (0.60) | (0.04)  |
| **Total distributions** | (0.48) | (0.62) | (0.36) | (0.62) | (0.63)  |
| **Net Asset Value, End of Year** | $73.58 | $76.42 | $41.85 | $45.55 | $40.16  |
| Total return | (3.09)% | 84.08% | (7.33)% | 14.98% | 28.04%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $202260 | $161183 | $92117 | $96190 | $86943  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.68% | 1.72% | 1.76% | 1.76% | 1.75%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 1.40% | 1.40% | 1.40% | 1.40% | 1.40%  |
|  Ratio of net investment income (loss) to average net assets: | (0.10)% | 0.53% | 0.90% | 0.18% | (0.79)%  |
| Portfolio turnover rate<sup>(5)</sup> | 4% | 7% | 5% | 13% | 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.

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

33<br>

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

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

**The Market Opportunities Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $75.04 | $41.14 | $44.81 | $39.54 | $31.36  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.28) | 0.16 | 0.26 | (0.03) | (0.43)  |
|  Net realized and unrealized gain (loss) on investments | (2.25) | 34.20 | (3.65) | 5.83 | 9.10  |
| **Total from investment operations** | (2.53) | 34.36 | (3.39) | 5.80 | 8.67  |
| Redemption fees | 0.05 | 0.03 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.02  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.08) | (0.40) | (0.28) |  | (0.47)  |
| From net realized gains | (0.36) | (0.09) |  | (0.53) | (0.04)  |
| **Total distributions** | (0.44) | (0.49) | (0.28) | (0.53) | (0.51)  |
| **Net Asset Value, End of Year** | $72.12 | $75.04 | $41.14 | $44.81 | $39.54  |
| Total return | (3.31)% | 83.60% | (7.56)% | 14.69% | 27.70%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $20535 | $18806 | $9238 | $9794 | $8786  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.93% | 1.97% | 2.01% | 2.01% | 2.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | 1.65% | 1.65% | 1.65% | 1.65% | 1.65%  |
|  Ratio of net investment income (loss) to average net assets: | (0.35)% | 0.28% | 0.65% | (0.07)% | (1.04)%  |
| Portfolio turnover rate<sup>(6)</sup> | 4% | 7% | 5% | 13% | 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.

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

34<br>

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

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

**The Market Opportunities Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $71.16 | $39.06 | $42.51 | $37.72 | $29.79  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.64) | (0.12) | 0.06 | (0.22) | (0.60)  |
|  Net realized and unrealized gain (loss) on investments | (2.11) | 32.38 | (3.46) | 5.54 | 8.65  |
| **Total from investment operations** | (2.75) | 32.26 | (3.40) | 5.32 | 8.05  |
| Redemption fees | 0.05 | 0.02 | 0.00<sup>(5)</sup> | 0.00<sup>(5)</sup> | 0.02  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.08) | (0.09) | (0.05) |  | (0.10)  |
| From net realized gains | (0.36) | (0.09) |  | (0.53) | (0.04)  |
| **Total distributions** | (0.44) | (0.18) | (0.05) | (0.53) | (0.14)  |
| **Net Asset Value, End of Year** | $68.02 | $71.16 | $39.06 | $42.51 | $37.72  |
| Total return | (3.80)% | 82.65% | (8.01)% | 14.12% | 27.06%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $10901 | $15057 | $9871 | $12610 | $11087  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 2.43% | 2.47% | 2.51% | 2.51% | 2.50%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(3)</sup> | 2.15% | 2.15% | 2.15% | 2.15% | 2.15%  |
|  Ratio of net investment income (loss) to average net assets: | (0.85)% | (0.22)% | 0.15% | (0.57)% | (1.54)%  |
| Portfolio turnover rate<sup>(4)</sup> | 4% | 7% | 5% | 13% | 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. 

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

35<br>

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

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

**The Market Opportunities Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $77.72 | $42.54 | $46.29 | $40.79 | $32.34  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.09 | 0.42 | 0.45 | 0.16 | (0.25)  |
|  Net realized and unrealized gain (loss) on investments | (2.38) | 35.45 | (3.76) | 6.04 | 9.39  |
| **Total from investment operations** | (2.29) | 35.88 | (3.31) | 6.20 | 9.14  |
| Redemption fees | 0.05 | 0.02 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.02  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.29) | (0.63) | (0.44) | (0.03) | (0.67)  |
| From net realized gains | (0.36) | (0.09) |  | (0.67) | (0.04)  |
| **Total distributions** | (0.65) | (0.72) | (0.44) | (0.70) | (0.71)  |
| **Net Asset Value, End of Year** | $74.83 | $77.72 | $42.54 | $46.29 | $40.79  |
| Total return | (2.89)% | 84.40% | (7.14)% | 15.21% | 28.31%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $33675 | $28338 | $19964 | $21577 | $22655  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.63% | 1.67% | 1.71% | 1.71% | 1.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(3)</sup> | 1.20% | 1.20% | 1.20% | 1.20% | 1.20%  |
|  Ratio of net investment income (loss) to average net assets: | 0.10% | 0.73% | 1.10% | 0.38% | (0.59)%  |
| Portfolio turnover rate<sup>(4)</sup> | 4% | 7% | 5% | 13% | 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.

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

36<br>

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

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

**The Multi-Disciplinary Income Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.98 | $9.92 | $9.94 | $10.40 | $10.45  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income<sup>(2)</sup> | 0.53 | 0.65 | 0.49 | 0.21 | 0.18  |
|  Net realized and unrealized gain (loss) on investments | (0.02) | 0.03 | 0.01 | (0.45) | (0.07)  |
| **Total from investment operations** | 0.51 | 0.68 | 0.50 | (0.24) | 0.11  |
| Redemption fees | 0.00 | 0.00 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.01  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.52) | (0.62) | (0.52) | (0.22) | (0.17)  |
| **Total distributions** | (0.52) | (0.62) | (0.52) | (0.22) | (0.17)  |
| **Net Asset Value, End of Year** | $9.97 | $9.98 | $9.92 | $9.94 | $10.40  |
| Total return | 5.23% | 7.05% | 5.15% | (2.30)% | 1.18%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $17199 | $13406 | $12121 | $16325 | $3202  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 0.98% | 1.17% | 1.64% | 2.30% | 2.10%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(4)</sup> | 0.74% | 0.76% | 1.03%<sup>(8)</sup> | 1.49% | 1.49%  |
|  Ratio of net investment income to average net assets: | 5.33% | 6.52% | 4.94% | 2.06% | 1.72%  |
| Portfolio turnover rate<sup>(5)</sup> | 74% | 37% | 37% | 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>(8)</sup> Effective as of April 30, 2023, the Adviser has agreed to reduce the expense limitation for the Multi-Disciplinary Income Fund from 1.49% to 0.74%. 

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

37<br>

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

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

**The Spin-off Fund** 

**Financial Highlights** 

**No Load Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $33.92 | $19.46 | $26.33 | $19.20 | $13.45  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.26) | 0.32 | 0.03 | 0.08 | (0.11)  |
|  Net realized and unrealized gain (loss) on investments | (6.37) | 15.73 | (5.17) | 7.49 | 5.88  |
| **Total from investment operations** | (6.63) | 16.05 | (5.14) | 7.57 | 5.77  |
| Redemption fees | 0.08 | 0.01 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup>  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.04) | (0.40) | (0.03) |  | (0.02)  |
| From net realized gains | (2.65) | (1.20) | (1.71) | (0.44) | —  |
| **Total distributions** | (2.69) | (1.60) | (1.74) | (0.44) | (0.02)  |
| **Net Asset Value, End of Year** | $24.68 | $33.92 | $19.46 | $26.33 | $19.20  |
| Total return | (19.45)% | 82.47% | (19.59)% | 39.43% | 42.90%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $67 | $222 | $29 | $149 | $125  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.68% | 1.77% | 1.83% | 1.79% | 1.84%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(6)</sup> | 1.47% | 1.45% | 1.45% | 1.45% | 1.45%  |
|  Ratio of net investment income (loss) to average net assets: | (0.77)% | 1.06% | 0.15% | 0.36% | (0.57)%  |
| Portfolio turnover rate | 4% | 6% | 1% | 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>(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)**

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

**The Spin-off Fund** 

**Financial Highlights** 

**Advisor Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $32.10 | $18.42 | $25.05 | $18.28 | $12.82  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.27) | 0.26 | 0.02 | 0.06 | (0.12)  |
|  Net realized and unrealized gain (loss) on investments | (6.01) | 14.91 | (4.91) | 7.15 | 5.60  |
| **Total from investment operations** | (6.28) | 15.17 | (4.89) | 7.21 | 5.48  |
| Redemption fees | 0.07 | 0.01 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup>  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.04) | (0.30) | (0.03) |  | (0.02)  |
| From net realized gains | (2.65) | (1.20) | (1.71) | (0.44) | —  |
| **Total distributions** | (2.69) | (1.50) | (1.74) | (0.44) | (0.02)  |
| **Net Asset Value, End of Year** | $23.20 | $32.10 | $18.42 | $25.05 | $18.28  |
| Total return | (19.50)% | 82.36% | (19.63)% | 39.45% | 42.75%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $7195 | $10684 | $5758 | $10649 | $5869  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.99% | 2.02% | 2.08% | 2.04% | 2.09%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(7)</sup> | 1.54% | 1.50% | 1.50% | 1.50% | 1.50%  |
|  Ratio of net investment income (loss) to average net assets: | (0.84)% | 1.00% | 0.09% | 0.30% | (0.62)%  |
| Portfolio turnover rate | 4% | 6% | 1% | 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> The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. 

<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.

39<br>

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

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

**The Spin-off Fund** 

**Financial Highlights** 

**Advisor Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $28.86 | $16.64 | $23.01 | $16.95 | $11.98  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.44) | 0.06 | (0.13) | (0.08) | (0.23)  |
|  Net realized and unrealized gain (loss) on investments | (5.38) | 13.42 | (4.50) | 6.58 | 5.23  |
| **Total from investment operations** | (5.82) | 13.48 | (4.63) | 6.50 | 5.00  |
| Redemption fees | 0.06 | 0.01 | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup> | 0.00<sup>(6)</sup>  |
| **Less Distributions:**<br>|  |  |  |  |  |
| From net investment income | (0.04) | (0.07) | (0.03) |  | (0.03)  |
| From net realized gains | (2.65) | (1.20) | (1.71) | (0.44) | —  |
| **Total distributions** | (2.69) | (1.27) | (1.74) | (0.44) | (0.03)  |
| **Net Asset Value, End of Year** | $20.41 | $28.86 | $16.64 | $23.01 | $16.95  |
| Total return | (20.12)% | 81.04% | (20.24)% | 38.36% | 41.73%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $179 | $264 | $301 | $842 | $940  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 2.45% | 2.52% | 2.58% | 2.54% | 2.59%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(5)</sup> | 2.25% | 2.25% | 2.25% | 2.25% | 2.25%  |
|  Ratio of net investment income (loss) to average net assets: | (1.55)% | 0.26 | (0.66)% | (0.43)% | (1.37)%  |
| Portfolio turnover rate | 4% | 6% | 1% | 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>(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.

40<br>

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

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

**The Spin-off Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(1)</sup>**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $32.34 | $18.56 | $25.25 | $18.40 | $12.87  |
| **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.17) | 0.32 | 0.07 | 0.12 | (0.07)  |
|  Net realized and unrealized gain (loss) on investments | (6.09) | 15.06 | (4.95) | 7.21 | 5.62  |
| **Total from investment operations** | (6.26) | 15.38 | (4.88) | 7.33 | 5.55  |
| Redemption fees | 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 | (0.04) | (0.41) | (0.10) | (0.04) | (0.02)  |
| From net realized gains | (2.65) | (1.20) | (1.71) | (0.44) | —  |
| **Total distributions** | (2.69) | (1.61) | (1.81) | (0.48) | (0.02)  |
| **Net Asset Value, End of Year** | $23.45 | $32.34 | $18.56 | $25.25 | $18.40  |
| Total return | (19.32)% | 82.86% | (19.43)% | 39.82% | 43.12%  |
| **SUPPLEMENTAL DATA AND RATIOS**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $18700 | $25461 | $16389 | $23458 | $17377  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.63% | 1.72% | 1.78% | 1.74% | 1.79%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(6)</sup> | 1.23% | 1.25% | 1.25% | 1.25% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets: | (0.53)% | 1.25% | 0.35% | 0.56% | (0.37)%  |
| Portfolio turnover rate | 4% | 6% | 1% | 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>(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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**KINETICS MUTUAL FUNDS, INC. – THE FEEDER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025** 

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 December 31, 2025, is as follows:

---

| | |
|:---|:---|
|  | **Interest in**<br>**Master Portfolio**  |
| The Internet Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.970%  |
| The Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.899%  |
| The Paradigm Fund | &nbsp;&nbsp;&nbsp;&nbsp; 95.293%  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.956%  |
| The Market Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99.966%  |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 98.718% |

---

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 December 31, 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 December 31, 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

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

As of December 31, 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 December 31, 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;

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

(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 December 31, 2025, 0.88% of the net assets of The Spin-Off Fund, respectively, were fair valued securities. The Multi-Disciplinary Income Portfolio did not hold any fair valued securities at December 31, 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 December 31, 2025, 0.86% of the net assets of 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.

**Consolidation of Subsidiaries – The consolidated financial statements include the accounts of Cayman wholly owned Controlled Foreign Corporations ("CFCs"), (the "Cayman" or "Subsidiaries"). The Spin Off Fund (the "Fund") holds a CFC. The Fund 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** 

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

objectives and policies. By investing in its Subsidiaries, the Fund 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 Fund and are subject to the same risks that apply to similar Investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. However, the Fund wholly-owns and controls its Subsidiary, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund. The 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, the Cayman Subsidiary's net income and capital gain will be included each year in the Fund's investment company taxable income. As of December 31, 2025, the Cayman Subsidiary's net assets and percent of the Fund's net assets were:

---

| | | |
|:---|:---|:---|
| The Spin-off Fund  | 508519  | 1.95% |

---

**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 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 December 31, 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 December 31, 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.** 

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**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 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.

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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, 2025, open tax years include the tax years ended December 31, 2022 through December 31, 2025.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.** 

**Segment Reporting – The Fund adopted Financial Accounting Standard Board Update 2023-07, Segment Reporting (Topic 280) – Improvement to Reportable Segment Disclosure ("ASU 2023-07") during the current fiscal period. The Fund's adoption of the new standard impacted financial statements disclosures only and did not affect the Fund's financial position or result of operations.**

The Treasurer (principal financial officer) acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**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 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; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39%  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64%  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14% |

---

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **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 December 31, 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; $280410 |

---

---

| | | |
|:---|:---|:---|
|  | **The Paradigm Fund** | **The Small Cap** <br>**Opportunities Fund**  |
| Annual Advisory Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
|  Expenses Reimbursed/Recouped by Adviser through voluntary waiver | &nbsp;&nbsp;&nbsp;&nbsp; $(8020) | &nbsp;&nbsp;&nbsp;&nbsp; $100143  |
|  Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; $492603 | &nbsp;&nbsp;&nbsp;&nbsp; $166931 |

---

---

| | | |
|:---|:---|:---|
|  | **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; $849511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37540  |
|  Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; $65070 | &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; $106375  |
|  Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; $36554 |

---

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

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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 December 31, 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 December 31, 2025**  |
| The Internet Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $845383  |
| The Global Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159104  |
| The Paradigm Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3088255  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228086  |
| The Market Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750426  |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38577  |
| The Spin-Off Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75024 |

---

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 December 31, 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 December 31, 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 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>**December 31, 2025**  | **12b-1 Expenses for the period ended** <br>**December 31, 2025**  |
|  | **Advisor Class A** | **Advisor Class C**  |
| The Internet Fund | &nbsp;&nbsp;&nbsp;&nbsp; $10167  | &nbsp;&nbsp;&nbsp;&nbsp; $25758  |
| The Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8950  | &nbsp;&nbsp;&nbsp;&nbsp; 44285  |
| The Paradigm Fund | &nbsp;&nbsp;&nbsp;&nbsp; 632677  | &nbsp;&nbsp;&nbsp;&nbsp; 627620  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 63130  | &nbsp;&nbsp;&nbsp;&nbsp; 86829  |
| The Market Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 54056  | &nbsp;&nbsp;&nbsp;&nbsp; 103146  |
| The Spin-Off Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30774  | &nbsp;&nbsp;&nbsp;&nbsp; 2007 |

---

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>**December 31, 2025**  |
| The Internet Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2159  |
| The Global Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1444  |
| The Paradigm Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34347  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7302  |
| The Market Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11493  |
| 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; 698 |

---

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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, 2025, 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; $(453226)  | $453226  |
| The Global Fund | &nbsp;&nbsp; $(297619)  | $297619  |
| The Paradigm Fund | &nbsp;&nbsp; $4889886  | $(4889886)  |
| The Small Cap Opportunities Fund | &nbsp;&nbsp; $1113236  | $(1113236)  |
| The Market Opportunities Fund | &nbsp;&nbsp; $(1199430)  | $1199430  |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp; $—  | $—  |
| The Spin-Off Fund | &nbsp;&nbsp; $(3101)  | $3101 |

---

5. INCOME TAXES

At December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Internet** | **Global** | **Paradigm** | **Small Cap**<br>**Opportunities**  |
| Net Unrealized Appreciation | $198186273  | $22361417  | $846270687  | $247389313  |
| Undistributed Ordinary Income |  | 398531  | —  |  |
| Undistributed Long-Term Capital Gains | 3145439  | —  | 28497747  |  |
| Total Distributable Earnings | $3145439  | $398531  | $28497747  | $— |
| Other Accumulated Loss |  | (56829)  | (2152658)  | (625133)  |
| Total Accumulated Gain | $201331712  | $22703119  | $872615776  | $246764180 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Market** <br>**Opportunities** | **Multi-**<br>**Disciplinary Income** | **Spin-Off** <br>**Fund**  |
| Net Unrealized Appreciation | $148109900  | &nbsp;&nbsp;&nbsp; $25816  | $20724847  |
| Undistributed Ordinary Income | 533286  | &nbsp;&nbsp;&nbsp; 56159  | —  |
| Undistributed Long-Term Capital Gains | —  | &nbsp;&nbsp;&nbsp; —  | 432767  |
| Total Distributable Earnings | $533286  | &nbsp;&nbsp;&nbsp; $56159  | $432767  |
| Other Accumulated Loss | (76702)  | &nbsp;&nbsp;&nbsp; (5468030)  | —  |
| Total Accumulated Gain (Loss) | $148566484  | &nbsp;&nbsp;&nbsp; $(5386055)  | $21157614 |

---

At December 31, 2025, 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 |  |  |  |
| The Paradigm Fund |  |  |  |
| The Small Cap Opportunities Fund | 258970  |  | 258970  |
| The Market Opportunities Fund |  |  |  |
| The Multi-Disciplinary Income Fund | 16302  | 5451728  | 5468030  |
| The Spin-Off Fund |  |  |  |

---

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

For the year ended December 31, 2023, the following Funds utilized capital losses.

---

| | |
|:---|:---|
|  | **Capital Losses** <br>**Utilized**  |
| The Internet Fund | &nbsp;&nbsp;&nbsp; $—  |
| The Global Fund | &nbsp;&nbsp;&nbsp; 11749  |
| The Paradigm Fund | &nbsp;&nbsp;&nbsp; — |
| The Small Cap Opportunities Fund | &nbsp;&nbsp;&nbsp; — |
| The Market Opportunities Fund | &nbsp;&nbsp;&nbsp; — |
| The Multi-Disciplinary Income Fund | &nbsp;&nbsp;&nbsp; — |
| The Spin-Off Fund | &nbsp;&nbsp;&nbsp; — |

---

At December 31, 2025, 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 | 2152658  |
| The Small Cap Opportunities Fund | 366163  |
| 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, 2025 and the period ended December 31, 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 | $89769 | &nbsp;&nbsp;&nbsp; $4941392 | $871558 | &nbsp;&nbsp;&nbsp; $473620  |
| 2024 | $672765 | &nbsp;&nbsp;&nbsp; $2413529 | $435355 | &nbsp;&nbsp;&nbsp; $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Small Cap** <br>**Opportunities Fund**  | **The Small Cap** <br>**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; $78171696 | $1019404 | &nbsp;&nbsp;&nbsp; $—  |
| 2024 | $1084208 | &nbsp;&nbsp;&nbsp; $36608342 | $4384242 | &nbsp;&nbsp;&nbsp; $11803574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Market** <br>**Opportunities Fund** | **The Market** <br>**Opportunities Fund** | **The Multi-Disciplinary** <br>**Income Fund**  | **The Multi-Disciplinary** <br>**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 | $505628  | &nbsp;&nbsp;&nbsp; $1314549  | $820482  | &nbsp;&nbsp;&nbsp; $—  |
| 2024 | $1449269  | &nbsp;&nbsp;&nbsp; $274542  | $831330  | &nbsp;&nbsp;&nbsp; $— |

---

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Spin-Off Fund**  | **The Spin-Off Fund**  |
|  | **Ordinary** <br>**Income** <br>**Distribution** | **Long-Term Capital** <br>**Gains Distribution**  |
| 2025 | $43075 | &nbsp;&nbsp;&nbsp; $2699046  |
| 2024 | $406111 | &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, 2025.

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 December 31, 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 | $— | $1423922 | $— | $4438517 |

---

As of December 31, 2025, 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; $5095233  |
| Unrealized Appreciation | &nbsp;&nbsp;&nbsp; 21084200  |
| Unrealized Depreciation | &nbsp;&nbsp;&nbsp; (359406)  |
| Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp; $20724794 |

---

**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 December 31, 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 December 31, 2025, the Spin-Off Fund held 76.2% 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.

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.  |

---

---

| | |
|:---|:---|
| 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.  |

---

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. The following is a summary of the inputs used to value The Spin-Off Fund's net assets as of December 31, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $24067471 | $1296540 | $229907 | $25593918  |
| Unit Investment Trust | 218860 |  |  | 218860  |
| Exchange Traded Funds | 7249 |  | —  | 7249  |
| **Total Investments in Securities** | $24293580 | $1296540 | $229907 | $25820027 |

---

As of December 31, 2025, there were no investments in Level 3 securities.

During the period ended December 31, 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; 229907  |
| Net sales and/or write-offs | &nbsp;&nbsp; —  |
| Transfer in and/or out of Level 3 | &nbsp;&nbsp; —  |
| Balance as of December 31, 2025 | &nbsp;&nbsp; $229907 |

---

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**12/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $100000 | Cost Approach | Precedent Transaction | $5.00 - $5.00  |
| Common Stocks | $100007 | Cost Approach | Precedent Transaction | $17.21 - $17.21  |
| Common Stocks | $29900 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

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

\*\* An increase to the input used would result in an increase to the value of the underlying security.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at December 31, 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 December 31, 2025, Spin-Off Fund incurred $ in expenses pursuant to the Agreement.

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, 2025, 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 | 100.00%  |
| The Global Fund | 61.36%  |
| The Paradigm Fund | 0.00%  |
| 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, 2025 was as follows:

---

| | |
|:---|:---|
| The Internet Fund | 100.00%  |
| The Global Fund | 11.30%  |
| The Paradigm Fund | 0.00%  |
| The Small Cap Opportunities Fund | 100.00%  |
| The Market Opportunities Fund | 95.92%  |
| The Multi-Disciplinary Income Fund | 0.00%  |
| The Spin-Off Fund | 100.00% |

---

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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, 2025 was as follows:

---

| | |
|:---|:---|
| The Internet Fund | 0.00%  |
| The Global Fund | 28.14%  |
| The Paradigm Fund | 0.00%  |
| The Small Cap Opportunities Fund | 0.00%  |
| The Market Opportunities Fund | 0.00%  |
| The Multi-Disciplinary Income Fund | 21.25%  |
| 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, 2025 was as follows.

---

| | |
|:---|:---|
| The Internet Fund | 100.00%  |
| 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% |

---

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, 2025 was as follows.

---

| | | |
|:---|:---|:---|
|  | **Ordinary** | **Long-Term**  |
| The Internet Fund | 1.78%  | &nbsp;&nbsp; 98.22%  |
| The Global Fund | 64.79%  | &nbsp;&nbsp; 35.21%  |
| The Paradigm Fund | 0.00%  | &nbsp;&nbsp; 100.00%  |
| The Small Cap Opportunities Fund | 100.00%  | &nbsp;&nbsp; 0.00%  |
| The Market Opportunities Fund | 27.78%  | &nbsp;&nbsp; 72.22%  |
| The Multi-Disciplinary Income Fund | 100.00%  | &nbsp;&nbsp; 0.00%  |
| The Spin-Off Fund | 1.57%  | &nbsp;&nbsp; 98.43% |

---

11. RECENT ACCOUNTING PRONOUNCEMENTS

**ASU 2023-09 - Improvement to Income Tax Disclosure** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvement to Income Tax Disclosure, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes in the Funds' financial statements. The Advisor has adopted the amendment for the current fiscal period, but related income taxes paid were deemed immaterial.

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 December 31, 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.

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

56<br>

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

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and Board of Directors of Kinetics Mutual Funds, Inc.** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of The Internet Fund, The Global Fund, The Paradigm Fund, The Small Cap Opportunities Fund, The Market Opportunities Fund, The Multi-Disciplinary Income Fund, and the Kinetics Spin-off and Corporate Restructuring Fund (the "Funds"), each a series of Kinetics Mutual Funds, Inc. (the "Trust"), including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2004.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. With respect to Kinetics Spin-off and Corporate Restructuring Fund, our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion.

![](e14706sig.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**February 27, 2026**

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE INTERNET PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **UNIT INVESTMENT TRUSTS - 57.9%** | **UNIT INVESTMENT TRUSTS - 57.9%** | **UNIT INVESTMENT TRUSTS - 57.9%** |
| Grayscale Bitcoin Mini Trust ETF<sup>(a)</sup> | 428419 | $16592668  |
| Grayscale Bitcoin Trust ETF<sup>(a)(b)</sup> | 2142099 | 146433888  |
| Grayscale Litecoin Trust<sup>(a)</sup> | 4 | 23  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $6,946,891)** |  | 163026579  |
| **COMMON STOCKS - 37.8%**<br>|  |  |
| **Administrative and Support Services - 0.0%<sup>(c)</sup>** | **Administrative and Support Services - 0.0%<sup>(c)</sup>** | **Administrative and Support Services - 0.0%<sup>(c)</sup>** |
| CreditRiskMonitor.com, Inc.<sup>(a)</sup> | 780 | 2106  |
| **Aerospace and Defense - 0.0%<sup>(c)</sup>**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 1400 | 118104  |
| **Broadcasting (except Internet) - 0.2%**<br>|  |  |
|  Atlanta Braves Holdings, Inc. - Class A<sup>(a)(d)</sup> | 8000 | 339920  |
|  Atlanta Braves Holdings, Inc. - Class C<sup>(a)</sup> | 8000 | 315600  |
|  |  | 655520  |
| **Business Support Services - 0.0%<sup>(c)</sup>**<br>|  |  |
| Circle Internet Group, Inc.<sup>(a)</sup> | 400 | 31720  |
| Fermi, Inc.<sup>(a)(d)</sup> | 6667 | 53336  |
|  |  | 85056  |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.6%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 7000 | 1562190  |
| **Data Center Infrastructure - 1.4%**<br>|  |  |
| Bolt Data & Energy Inc.<sup>(a)(e)</sup> | 800000 | 4000000  |
|  **Data Processing, Hosting, and Related Services - 1.6%**<br>|  |  |
| Mastercard, Inc. - Class A | 5000 | 2854400  |
| Verisk Analytics, Inc. | 7000 | 1565830  |
|  |  | 4420230  |
| **Entertainment - 0.1%**<br>|  |  |
| IG Port, Inc. | 32200 | 269293  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.5%**<br>|  |  |
| Mesabi Trust<sup>(d)</sup> | 37900 | 1459908  |
| **Global Exchanges - 0.1%<sup>(c)</sup>**<br>|  |  |
| Euronext N.V. | 1600 | 240681  |
| Japan Exchange Group, Inc. - ADR<sup>(d)</sup> | 6200 | 66092  |
| NZX Ltd. | 1200 | 1078  |
|  |  | 307851  |
| &nbsp;&nbsp;&nbsp; **Management, Scientific, and Technical Consulting** <br>**Services - 3.8%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 20000 | 10656200  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Media - 0.0%<sup>(c)</sup>**<br>|  |  |
| Nippon Television Holdings, Inc. | 200 | $4858  |
| Toei Animation Co. Ltd. | 7000 | 121776  |
|  |  | 126634  |
| **Oil and Gas Extraction - 19.4%**<br>|  |  |
| Permian Basin Royalty Trust | 12550 | 213099  |
| Texas Pacific Land Corp. | 189234 | 54351790  |
|  |  | 54564889  |
| &nbsp;&nbsp;&nbsp; **Other Financial Investment** <br>**Activities - 2.2%** | &nbsp;&nbsp;&nbsp; **Other Financial Investment** <br>**Activities - 2.2%** | &nbsp;&nbsp;&nbsp; **Other Financial Investment** <br>**Activities - 2.2%** |
| 99GRAYSC<sup>(a)(e)</sup> | 200000 | 2000000  |
| Bakkt Holdings, Inc.<sup>(a)(d)</sup> | 80000 | 803200  |
| Galaxy Digital, Inc. - Class A<sup>(a)(d)</sup> | 150000 | 3354000  |
|  |  | 6157200  |
| **Other Motor Vehicle Dealers - 0.0%<sup>(c)</sup>** | **Other Motor Vehicle Dealers - 0.0%<sup>(c)</sup>** | **Other Motor Vehicle Dealers - 0.0%<sup>(c)</sup>** |
| Copart, Inc.<sup>(a)</sup> | 400 | 15660  |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.2%**<br>|  |  |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 4000 | 215560  |
| Sphere Entertainment Co.<sup>(a)</sup> | 4000 | 380320  |
|  |  | 595880  |
|  **Securities and Commodities Exchanges - 3.3%**<br>|  |  |
| CME Group, Inc. | 4000 | 1092320  |
| Miami International Holdings Inc.<sup>(a)(i)</sup> | 134000 | 5946920  |
| Miami International Holdings, Inc.<sup>(a)</sup> | 38693 | 1717195  |
| Nasdaq, Inc. | 2100 | 203973  |
| TXSE Group, Inc.<sup>(a)(e)</sup> | 8700 | 200100  |
|  |  | 9160508  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.2%<sup>(f)</sup>**<br>|  |  |
|  OTC Markets Group, Inc. - Class A - Class A | 122400 | 6279120  |
| S&P Global, Inc. | 113 | 59053  |
|  |  | 6338173  |
|  **Support Activities for Water Transportation - 1.2%**<br>|  |  |
| Landbridge Co. LLC - Class A | 66800 | 3272532  |
| **Technology Services and Software - 1.0%** | **Technology Services and Software - 1.0%** | **Technology Services and Software - 1.0%** |
| 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 | 13448  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $65,497,161)** |  | 106481390 |

---

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

58<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE INTERNET PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value**  |
| **WARRANTS - 0.2%** | **WARRANTS - 0.2%** | **WARRANTS - 0.2%** |
| &nbsp;&nbsp;&nbsp; **Securities and Commodities** <br>**Exchanges *-* 0.2%** | &nbsp;&nbsp;&nbsp; **Securities and Commodities** <br>**Exchanges *-* 0.2%** | &nbsp;&nbsp;&nbsp; **Securities and Commodities** <br>**Exchanges *-* 0.2%** |
|  Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50<sup>(a)(e)</sup> | 20410 | $602488  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 602488  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.9%**<br>**(Cost $72,444,052)** |  | $270110457  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 5.6%<sup>(g)(h)</sup> |  | 15771113  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% |  | (4133241)  |
| **TOTAL NET ASSETS - 100.0%** |  | $281748329 |

---

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> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<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 December 31, 2025. The fair value of these securities was $3,558,690.

<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 $9,502,596 or 3.4% of net assets as of December 31, 2025.

<sup>(f)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<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 will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.49%.

<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 December 31, 2025 is $3,696,993 which represented 1.3% of net assets. 

<sup>(i)</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 December 31, 2025, the value of these securities total $5,946,920 or 2.1% of the Fund's net assets. 

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

59<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE GLOBAL PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 71.7%**<br>|  |  |
| **Accommodation - 0.2%**<br>|  |  |
| Civeo Corp. | 5400 | $123498  |
| **Administrative and Support Services - 0.0%<sup>(a)</sup>** | **Administrative and Support Services - 0.0%<sup>(a)</sup>** | **Administrative and Support Services - 0.0%<sup>(a)</sup>** |
| RB Global, Inc. | 200 | 20574  |
| **Aerospace and Defense - 0.3%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 1600 | 134976  |
| Elbit Systems Ltd. | 10 | 5777  |
|  |  | 140753  |
|  **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(a)</sup>**<br>|  |  |
| Brookfield Wealth Solutions Ltd. | 348 | 15991  |
| **Asset Management - 4.4%**<br>|  |  |
| Investor AB<sup>(b)</sup> | 67200 | 2411653  |
| **Chemical Manufacturing - 0.1%**<br>|  |  |
| Resonac Holdings Corp. | 600 | 24998  |
| **Data Center Infrastructure - 1.1%**<br>|  |  |
| Bolt Data & Energy Inc.<sup>(b)(c)</sup> | 120000 | 600000  |
| **Diversified Real Estate Activities - 1.0%** | **Diversified Real Estate Activities - 1.0%** | **Diversified Real Estate Activities - 1.0%** |
| PrairieSky Royalty Ltd. | 27200 | 535657  |
|  **Electric Power Generation, Transmission and Distribution - 5.8%**<br>|  |  |
| Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 260000 | 3198000  |
| **Entertainment - 1.3%**<br>|  |  |
| IG Port, Inc. | 83200 | 695812  |
| **Financial Services - 0.0%**<br>|  |  |
| Kinnevik AB<sup>(b)</sup> | 200 | 1818  |
| Value Partners Group Ltd.  | 10000 | 3109  |
|  |  | 4927  |
|  **Funds, Trusts, and Other Financial Vehicles - 1.5%**<br>|  |  |
| Mesabi Trust | 20918 | 805761  |
| **Global Exchanges - 5.1%**<br>|  |  |
| ASX Ltd. | 800 | 27463  |
| B3 SA - Brasil Bolsa Balcao | 30000 | 76372  |
| Deutsche Boerse AG | 600 | 157735  |
| Euronext N.V.<sup>(d)</sup> | 16640 | 2503079  |
| Japan Exchange Group, Inc. - ADR<sup>(e)</sup> | 3900 | 41574  |
| NZX Ltd. | 38000 | 34131  |
|  |  | 3008830  |
| **Hospitality and Tourism - 0.4%**<br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 4200 | 128268  |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 2000 | 44640  |
| Royal Caribbean Cruises Ltd. | 200 | 55784  |
|  |  | 228692  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Insurance Carriers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 4 | $7632  |
| **Legal Services - 0.1%**<br>|  |  |
| CRA International, Inc. | 220 | 44153  |
| **Live Sports (Spectator Sports) - 0.2%**<br>|  |  |
| BIGLEAGUE<sup>(b)(c)</sup> | 1818 | 110135  |
|  **Management of Companies and Enterprises - 11.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Associated Capital Group, Inc. - <br>Class A | 13300 | 502740  |
| Fairfax India Holdings Corp.<sup>(b)(d)</sup> | 157200 | 2717988  |
| Valterra Platinum Ltd. - ADR | 736 | 10304  |
| White Mountains Insurance Group Ltd. | 1464 | 3042236  |
|  |  | 6273268  |
|  **Management, Scientific, and Technical Consulting Services - 0.1%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(b)</sup> | 100 | 53281  |
| **Media - 2.3%**<br>|  |  |
| AlphaPolis Co. Ltd. | 36400 | 380871  |
| Nippon BS Broadcasting Corp. | 2000 | 12819  |
| Nippon Television Holdings, Inc. | 25000 | 607284  |
| Toei Animation Co. Ltd. | 14000 | 243552  |
|  |  | 1244526  |
| **Mining (except Oil and Gas) - 5.7%**<br>|  |  |
| Franco-Nevada Corp. | 4800 | 994944  |
| Wheaton Precious Metals Corp. | 18000 | 2115360  |
|  |  | 3110304  |
| **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** | **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 | 8259  |
| Penske Automotive Group, Inc. | 30 | 4749  |
|  |  | 13008  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.1%**<br>|  |  |
| Anglo American PLC - ADR<sup>(e)</sup> | 2113 | 43718  |
|  **Nonmetallic Mineral Product Manufacturing - 0.2%**<br>|  |  |
| Eagle Materials, Inc. | 418 | 86392  |
|  **Offices of Real Estate Agents and Brokers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Aztec Land and Cattle Co. Ltd. | 3 | 4860  |
| **Oil and Gas Extraction - 15.1%**<br>|  |  |
| EQT Corp. | 12 | 643  |
| Permian Basin Royalty Trust<sup>(e)</sup> | 40000 | 679200  |
| Texas Pacific Land Corp. | 25902 | 7439573  |
| Western Midstream Partners LP | 3500 | 138250  |
|  |  | 8257666  |
| **Other Crop Farming - 0.0%<sup>(a)</sup>**<br>|  |  |
| J G Boswell Co. | 54 | 24767  |

---

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

60<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE GLOBAL PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Other Financial Investment Activities - 3.3%** | **Other Financial Investment Activities - 3.3%** | **Other Financial Investment Activities - 3.3%** |
| Galaxy Digital, Inc. - Class A<sup>(b)</sup> | 54000 | $1207440  |
| GAMCO Investors, Inc. - Class A | 25000 | 609000  |
|  |  | 1816440  |
| **Other Investment Pools and Funds - 2.3%** | **Other Investment Pools and Funds - 2.3%** | **Other Investment Pools and Funds - 2.3%** |
| Partners Value Investments LP | 21930 | 287596  |
| Urbana Corp. | 79160 | 560011  |
| Urbana Corp. - Class A | 63200 | 421318  |
|  |  | 1268925  |
| **Real Estate - 0.0%<sup>(a)</sup>**<br>|  |  |
| Tejon Ranch Co.<sup>(b)</sup> | 800 | 12616  |
| **Securities and Commodities Exchanges - 1.3%** | **Securities and Commodities Exchanges - 1.3%** | **Securities and Commodities Exchanges - 1.3%** |
| Cboe Global Markets, Inc. | 200 | 50200  |
| CME Group, Inc. | 200 | 54616  |
| Intercontinental Exchange, Inc. | 500 | 80980  |
| Miami International Holdings, Inc.<sup>(b)</sup> | 9600 | 426048  |
| TXSE Group, Inc.<sup>(b)(c)</sup> | 4350 | 100050  |
|  |  | 711894  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6%**<br>|  |  |
| Brookfield Asset Management Ltd. | 400 | 20956  |
| Brookfield Corp. | 6000 | 275340  |
| OTC Markets Group, Inc. - Class A | 400 | 20520  |
|  |  | 316816  |
| **Support Activities for Mining - 2.3%**<br>|  |  |
| Core Laboratories, Inc. | 200 | 3206  |
| Liberty Energy, Inc. | 200 | 3692  |
| Royal Gold, Inc. | 5625 | 1250381  |
|  |  | 1257279  |
|  **Support Activities for Water Transportation - 4.5%**<br>|  |  |
| Clarkson PLC | 9000 | 462817  |
| Landbridge Co. LLC - Class A | 35400 | 1734246  |
| Siem Industries, Inc.<sup>(b)</sup> | 5500 | 253000  |
|  |  | 2450063  |
| **Technology Services and Software - 0.9%** | **Technology Services and Software - 0.9%** | **Technology Services and Software - 0.9%** |
| SB Technology, Inc.<sup>(b)(c)</sup> | 29053 | 500002  |
| **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** | **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 | 8792  |
|  WaterBridge Infrastructure LLC - Class A<sup>(b)</sup> | 400 | 8004  |
|  |  | 16796  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $27,288,792)** |  | 39271211  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **UNIT INVESTMENT TRUSTS - 21.3%** | **UNIT INVESTMENT TRUSTS - 21.3%** | **UNIT INVESTMENT TRUSTS - 21.3%** |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 30704 | $1189166  |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 153520 | 10494627  |
| Grayscale Ethereum Classic Trust<sup>(b)</sup> | 24 | 156  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $439,522)** |  | 11683949 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  |
| **Other Investment Pools and Funds *-* 0.1%** | **Other Investment Pools and Funds *-* 0.1%** | **Other Investment Pools and Funds *-* 0.1%** |
|  Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93<sup>(b)</sup> | 3493 | 63622  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $19,638)** |  | 63622 |

---

---

| | | |
|:---|:---|:---|
|  | **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<sup>(b)</sup> | 515 | 11845 |
| **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>**  | **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>**  | **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>**  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030<sup>(b)</sup> | 2193 | 1645 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $12,301)** |  | 13490 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CONVERTIBLE BONDS - 0.0%<sup>(a)</sup>**<br>|  |  |
| **Department Stores - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sears Holdings Corp., <br>8.00%, 12/15/2019<sup>(c)(f)</sup> | $41080 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $41,080)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.1%**<br>**(Cost $27,801,333)** |  | $51032272  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 7.8%<sup>(g)(h)</sup> |  | 4274396  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.9)% |  | (511383)  |
| **TOTAL NET ASSETS - 100.0%** |  | $54795285 |

---

Par amount is in USD unless otherwise indicated.

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.

61<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE GLOBAL PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

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

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

<sup>(c)</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 $1,310,187 or 2.4% of net assets as of December 31, 2025.

<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 December 31, 2025, the value of these securities total $5,221,067 or 9.5% of the Fund's net assets.

<sup>(e)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $483,270.

<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 will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.49%.

<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 December 31, 2025 is $497,445 which represented 0.9% of net assets. 

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

62<br>

------

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE PARADIGM PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 85.7%**<br>|  |  |
| **Accommodation - 0.2%**<br>|  |  |
| Civeo Corp. | 83767 | $1915751  |
| **Asset Management - 0.0%<sup>(a)</sup>**<br>|  |  |
| Investor AB<sup>(b)</sup> | 1000 | 35888  |
|  **Beverage and Tobacco Product Manufacturing - 0.0%<sup>(a)</sup>**<br>|  |  |
| Crimson Wine Group Ltd.<sup>(b)</sup> | 12800 | 62720  |
| **Broadcasting (except Internet) - 0.0%<sup>(a)</sup>** | **Broadcasting (except Internet) - 0.0%<sup>(a)</sup>** |  |
|  Atlanta Braves Holdings, Inc. - Class C<sup>(b)</sup> | 4842 | 191017  |
| **Business Support Services - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fermi, Inc.<sup>(b)(c)</sup> | 3333 | 26664  |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.0%<sup>(a)</sup>**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 1000 | 223170  |
| **Data Center Infrastructure - 0.4%**<br>|  |  |
| Bolt Data & Energy Inc.<sup>(b)(d)</sup> | 800000 | 4000000  |
| **Diversified Real Estate Activities - 0.1%** | **Diversified Real Estate Activities - 0.1%** |  |
| PrairieSky Royalty Ltd. | 60000 | 1181596  |
| &nbsp;&nbsp;&nbsp; **Electric Power Generation, Transmission** <br>**and Distribution - 3.4%** | &nbsp;&nbsp;&nbsp; **Electric Power Generation, Transmission** <br>**and Distribution - 3.4%** |  |
| Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 2836000 | 34882800  |
| NRG Energy, Inc. | 148 | 23567  |
|  |  | 34906367  |
| **Financial Services - 0.0%<sup>(a)</sup>**<br>|  |  |
| Kinnevik AB<sup>(b)</sup> | 200 | 1818  |
| **Food Services and Drinking Places - 0.0%<sup>(a)</sup>** | **Food Services and Drinking Places - 0.0%<sup>(a)</sup>** |  |
| Wendy's Co. | 60000 | 499800  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.2%**<br>|  |  |
| Mesabi Trust<sup>(c)</sup> | 41800 | 1610136  |
| **Hospitality and Tourism - 0.9%**<br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 215000 | 6566100  |
| Royal Caribbean Cruises Ltd. | 10200 | 2844984  |
|  |  | 9411084  |
| **Insurance Carriers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 2 | 3816  |
|  **Insurance Carriers and Related Activities - 0.0%<sup>(a)</sup>**<br>|  |  |
| Markel Group, Inc.<sup>(b)</sup> | 100 | 214965  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Management of Companies and Enterprises - 1.1%**<br>|  |  |
|  Associated Capital Group, Inc. - Class A | 260290 | $9838962  |
| Fairfax India Holdings Corp.<sup>(b)(e)</sup> | 8400 | 145236  |
| White Mountains Insurance Group Ltd. | 924 | 1920100  |
|  |  | 11904298  |
|  **Management, Scientific, and Technical Consulting Services - 1.3%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(b)</sup> | 26000 | 13853060  |
| **Mining (except Oil and Gas) - 2.4%**<br>|  |  |
| Franco-Nevada Corp. | 99000 | 20520720  |
| Wheaton Precious Metals Corp. | 40000 | 4700800  |
|  |  | 25221520  |
| **Oil and Gas Extraction - 61.5%<sup>(f)</sup>**<br>|  |  |
| Texas Pacific Land Corp.<sup>(g)</sup> | 2227998 | 639925586  |
| **Other Financial Investment Activities - 0.4%** | **Other Financial Investment Activities - 0.4%** |  |
| 99GRAYSC<sup>(b)(d)</sup> | 100000 | 1000000  |
| Onex Corp. | 34000 | 2797180  |
| Seaport Entertainment Group, Inc.<sup>(b)</sup> | 30000 | 593100  |
|  |  | 4390280  |
| **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>** | **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>** |  |
| Partners Value Investments LP | 8000 | 104914  |
| Urbana Corp. | 400 | 2830  |
| Urbana Corp. - Class A | 400 | 2666  |
|  |  | 110410  |
|  **Performing Arts, Spectator Sports, and Related Industries - 1.4%**<br>|  |  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 99000 | 14107500  |
| **Real Estate - 1.1%**<br>|  |  |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 140000 | 11167800  |
|  **Securities and Commodities Exchanges - 1.6%**<br>|  |  |
| Cboe Global Markets, Inc. | 60000 | 15060000  |
| Miami International Holdings, Inc.<sup>(b)</sup> | 30666 | 1360957  |
| TXSE Group, Inc.<sup>(b)(d)</sup> | 4350 | 100050  |
|  |  | 16521007  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.6%**<br>|  |  |
| Brookfield Asset Management Ltd. | 160000 | 8382400  |
| Brookfield Corp. | 849600 | 38988144  |
|  |  | 47370544  |
|  **Support Activities for Water Transportation - 4.7%**<br>|  |  |
| Clarkson PLC | 71800 | 3692251  |
| Landbridge Co. LLC - Class A | 916400 | 44894436  |
|  |  | 48586687  |

---

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

63<br>

------

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE PARADIGM PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Technology Services and Software - 0.3%** | **Technology Services and Software - 0.3%** |  |
| SB Technology, Inc.<sup>(b)(d)</sup> | 156886 | $2700008  |
| **Telecommunications - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GCI LIBERTY INC SR <br>ESCROW<sup>(b)(d)</sup> | 72000 | 0  |
| **Water, Sewage and Other Systems - 0.1%** | **Water, Sewage and Other Systems - 0.1%** |  |
|  WaterBridge Infrastructure LLC - Class A<sup>(b)</sup> | 50000 | 1000500  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $132,123,295)** |  | 891143992  |
| **UNIT INVESTMENT TRUSTS - 14.2%** | **UNIT INVESTMENT TRUSTS - 14.2%** |  |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 389280 | 15076814  |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 1946400 | 133055904  |
| Grayscale Ethereum Classic Trust<sup>(b)</sup> | 12 | 78  |
| Grayscale Litecoin Trust<sup>(b)</sup> | 8 | 47  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $25,987,832)** |  | 148132843 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Partners Value Investments LP, <br>Expires 06/30/2026, Exercise <br>Price $2.93<sup>(b)</sup> | 800 | 14572  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $2,368)** |  | 14572 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **PREFERRED STOCKS - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(a)</sup>** |  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030 <sup>(b)</sup> | 800 | 600  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $239)** |  | 600  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $158,113,734)** |  | $1039292007  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.3%<sup>(h)(i)</sup> |  | 2755370  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (2194680)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1039852697 |

---

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 December 31, 2025. The fair value of these securities was $1,343,083.

<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 $7,800,058 or 0.8% of net assets as of December 31, 2025.

<sup>(e)</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 December 31, 2025, the value of these securities total $145,236 or 0.0% of the Fund's net assets.

<sup>(f)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(g)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<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 will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.49%.

<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 December 31, 2025 is $1,369,685 which represented 0.1% of net assets.

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

64<br>

------

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE SMALL CAP OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 85.0%**<br>|  |  |
| **Accommodation - 2.9%**<br>|  |  |
| Civeo Corp. | 558032 | $12762192  |
| &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**Services - 0.0%<sup>(a)</sup>**<br>|  |  |
| RB Global, Inc. | 400 | 41148  |
| **Aerospace and Defense - 0.5%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 3400 | 286824  |
| Science Applications International Corp. | 19600 | 1972936  |
|  |  | 2259760  |
|  **Beverage and Tobacco Product Manufacturing - 0.1%**<br>|  |  |
| Crimson Wine Group Ltd.<sup>(b)</sup> | 49300 | 241570  |
| **Business Support Services - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fermi, Inc.<sup>(b)(c)</sup> | 13333 | 106664  |
| **Chemical Manufacturing - 1.0%**<br>|  |  |
| Interparfums, Inc. | 53200 | 4512956  |
| Oil-Dri Corp. of America | 400 | 19576  |
|  |  | 4532532  |
| **Data Center Infrastructure - 1.3%**<br>|  |  |
| Bolt Data & Energy Inc.<sup>(b)(d)</sup> | 1200000 | 6000000  |
| **Diversified Real Estate Activities - 0.3%**<br>|  |  |
| PrairieSky Royalty Ltd. | 72000 | 1417916  |
| &nbsp;&nbsp;&nbsp; **Electric Power Generation,** <br>**Transmission and Distribution - 5.5%** | &nbsp;&nbsp;&nbsp; **Electric Power Generation,** <br>**Transmission and Distribution - 5.5%** |  |
| Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 2000000 | 24600000  |
| **Entertainment - 0.1%**<br>|  |  |
| IG Port, Inc. | 34200 | 286019  |
| **Food Services and Drinking Places - 0.3%** | **Food Services and Drinking Places - 0.3%** |  |
| Wendy's Co. | 144600 | 1204518  |
| &nbsp;&nbsp;&nbsp; **Funds, Trusts, and Other Financial** <br>**Vehicles - 0.4%** | &nbsp;&nbsp;&nbsp; **Funds, Trusts, and Other Financial** <br>**Vehicles - 0.4%** |  |
| Mesabi Trust<sup>(c)</sup> | 50000 | 1926000  |
| **Global Exchanges - 0.1%<sup>(a)</sup>**<br>|  |  |
| Euronext N.V. | 2000 | 300851 |
| NZX Ltd | 1000 | 898 |
|  |  | 301749  |
| **Hospitality and Tourism - 2.0%**<br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 296000 | 9039840  |
| Royal Caribbean Cruises Ltd. | 200 | 55784  |
|  |  | 9095624  |
| **Industrial Services - 0.1%**<br>|  |  |
| BRAEMAR PLC | 189800 | 550056  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Insurance Carriers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 4 | $7632  |
| **Legal Services - 0.1%**<br>|  |  |
| CRA International, Inc. | 1024 | 205512  |
| **Machinery Manufacturing - 0.0%<sup>(a)</sup>**<br>|  |  |
| Oshkosh Corp. | 400 | 50252  |
|  **Management of Companies and Enterprises - 3.3%**<br>|  |  |
| Associated Capital Group, Inc. - Class A | 190500 | 7200900  |
| Centuri Holdings, Inc.<sup>(b)</sup> | 400 | 10100  |
| Dundee Corp. - Class A<sup>(b)</sup> | 99000 | 277398  |
| Fairfax India Holdings Corp.<sup>(b)(e)</sup> | 72000 | 1244880  |
| White Mountains Insurance Group Ltd. | 2940 | 6109408  |
|  |  | 14842686  |
|  **Management, Scientific, and Technical Consulting Services - 6.0%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(b)</sup> | 50000 | 26640500  |
| **Media - 0.1%**<br>|  |  |
| Nippon Television Holdings, Inc. | 400 | 9717  |
| Toei Animation Co. Ltd. | 14200 | 247031  |
|  |  | 256748  |
| **Mining (except Oil and Gas) - 0.0%<sup>(a)</sup>**<br>|  |  |
| Triple Flag Precious Metals Corp. | 720 | 23918  |
| **Motor Vehicle and Parts Dealers - 0.1%**<br>|  |  |
| AutoNation, Inc.<sup>(b)</sup> | 520 | 107370  |
| Penske Automotive Group, Inc. | 500 | 79145  |
|  |  | 186515  |
|  **Nonmetallic Mineral Product Manufacturing - 0.0%<sup>(a)</sup>**<br>|  |  |
| Eagle Materials, Inc. | 880 | 181878  |
|  **Offices of Real Estate Agents and Brokers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Aztec Land and Cattle Co. Ltd. | 32 | 51840  |
| **Oil and Gas Extraction - 44.1%<sup>(f)</sup>**<br>|  |  |
| Permian Basin Royalty Trust | 99600 | 1691208  |
| Texas Pacific Land Corp.<sup>(g)</sup> | 672696 | 193211745  |
| Western Midstream Partners LP | 54375 | 2147813  |
|  |  | 197050766  |
| **Other Crop Farming - 0.1%**<br>|  |  |
| J G Boswell Co. | 712 | 326562  |
| **Other Financial Investment Activities - 1.8%** | **Other Financial Investment Activities - 1.8%** |  |
| 99GRAYSC<sup>(b)(d)</sup> | 400000 | 4000000  |
| Galaxy Digital, Inc. - Class A<sup>(b)(c)</sup> | 160000 | 3577600  |
| GAMCO Investors, Inc. - Class A | 13800 | 336168  |
| Seaport Entertainment Group, Inc.<sup>(b)</sup> | 2166 | 42822  |
|  |  | 7956590  |

---

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

65<br>

------

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE SMALL CAP OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Other Investment Pools and Funds - 1.7%** | **Other Investment Pools and Funds - 1.7%** |  |
| Urbana Corp. | 35200 | $249020  |
| Urbana Corp. - Class A | 1111400 | 7409063  |
|  |  | 7658083  |
| **Other Pipeline Transportation - 0.1%**<br>|  |  |
| Rubis SCA | 14200 | 535011  |
|  **Performing Arts, Spectator Sports, and Related Industries - 0.8%**<br>|  |  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 23300 | 3320250  |
|  Madison Square Garden Entertainment Corp.<sup>(b)</sup> | 772 | 41603  |
| Sphere Entertainment Co.<sup>(b)</sup> | 772 | 73402  |
|  |  | 3435255  |
|  **Promoters of Performing Arts, Sports, and Similar Events - 0.0%<sup>(a)</sup>**<br>|  |  |
| Madison Square Garden Sports Corp.<sup>(b)</sup> | 240 | 62076  |
| **Real Estate - 2.7%**<br>|  |  |
| DREAM Unlimited Corp.<sup>(b)</sup> | 681200 | 9578638  |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 19000 | 1515630  |
| Tejon Ranch Co.<sup>(b)</sup> | 72000 | 1135440  |
|  |  | 12229708  |
| **Securities and Commodities Exchanges - 0.9%** | **Securities and Commodities Exchanges - 0.9%** |  |
| Miami International Holdings, Inc.<sup>(b)</sup> | 80624 | 3578093  |
| TXSE Group, Inc.<sup>(b)(d)</sup> | 17390 | 399970  |
|  |  | 3978063  |
|  **Securities and Commodity Contracts Intermediation and Brokerage - 0.0%<sup>(a)</sup>**<br>|  |  |
| Affiliated Managers Group, Inc. | 234 | 67458  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%<sup>(a)</sup>**<br>|  |  |
| OTC Markets Group, Inc. - Class A | 800 | 41040  |
| **Support Activities for Mining - 0.0%<sup>(a)</sup>**<br>|  |  |
| Liberty Energy, Inc. | 400 | 7384  |
| Pason Systems, Inc. | 8000 | 69885  |
|  |  | 77269  |
|  **Support Activities for Water Transportation - 4.4%**<br>|  |  |
| Clarkson PLC | 2400 | 123418  |
| Landbridge Co. LLC - Class A | 395044 | 19353205  |
|  |  | 19476623  |
| **Technology Services and Software - 0.8%** | **Technology Services and Software - 0.8%** |  |
| SB Technology, Inc.<sup>(b)(d)</sup> | 209181 | 3600005  |
| **Telecommunications - 0.0%<sup>(a)</sup>**<br>|  |  |
| LICT Corp.<sup>(b)</sup> | 16 | 176800  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Water, Sewage and Other Systems - 3.4%** | **Water, Sewage and Other Systems - 3.4%** |  |
| Pure Cycle Corp.<sup>(b)</sup> | 26000 | $285740  |
|  WaterBridge Infrastructure LLC - Class A<sup>(b)</sup> | 732765 | 14662628  |
|  |  | 14948368  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $147,475,692)** |  | 379392906  |
| **UNIT INVESTMENT TRUSTS - 5.1%**<br>|  |  |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 60000 | 2323800  |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 300000 | 20508000  |
| Grayscale Ethereum Classic Trust<sup>(b)</sup> | 60 | 389  |
| Grayscale Litecoin Trust<sup>(b)</sup> | 12 | 70  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $3,169,082)** |  | 22832259 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.7%**<br>|  |  |
| **Other Investment Pools and Funds - 0.7%** | **Other Investment Pools and Funds - 0.7%** |  |
|  Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93<sup>(b)</sup> | 160000 | 2914284  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $433,365)** |  | 2914284  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 90.8%**<br>**(Cost $151,078,139)** |  | $405139449  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 10.3%<sup>(h)(i)</sup> |  | 46161060  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.1)% |  | (4867692)  |
| **TOTAL NET ASSETS - 100.0%** |  | $446432817 |

---

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 December 31, 2025. The fair value of these securities was $4,301,409.

<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 $13,999,975 or 3.1% of net assets as of December 31, 2025.

<sup>(e)</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 December 31, 2025, the value of these securities total $1,244,880 or 0.3% of the Fund's net assets.

<sup>(f)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

66<br>

------

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE SMALL CAP OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

<sup>(g)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<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 will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.49%.

<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 December 31, 2025 is $4,461,378 which represented 1.0% of net assets.

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

67<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE MARKET OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 74.3%**<br>|  |  |
| **Administrative and Support Services - 0.1%** | **Administrative and Support Services - 0.1%** |  |
| RB Global, Inc. | 1400 | $144018  |
| **Aerospace and Defense - 0.0%<sup>(a)</sup>**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 144 | 12148  |
|  Science Applications International Corp. | 200 | 20132  |
|  |  | 32280  |
|  **Agencies, Brokerages, and Other Insurance Related Activities - 0.1%**<br>|  |  |
| Brookfield Wealth Solutions Ltd.<sup>(b)</sup> | 6925 | 318204  |
| **Asset Management - 0.2%**<br>|  |  |
| Investor AB<sup>(c)</sup> | 17000 | 610091  |
| **Business Support Services - 0.1%**<br>|  |  |
| Circle Internet Group, Inc.<sup>(c)</sup> | 800 | 63440  |
| Fermi, Inc.<sup>(b)(c)</sup> | 10000 | 80000  |
|  |  | 143440  |
| **Coal Mining - 0.0%<sup>(a)</sup>**<br>|  |  |
| Core Natural Resources, Inc. | 2 | 177  |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.8%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 9000 | 2008530  |
| **Data Center Infrastructure - 2.2%**<br>|  |  |
| Bolt Data & Energy Inc.<sup>(c)(d)</sup> | 1200000 | 6000000  |
|  **Data Processing, Hosting, and Related Services - 0.7%**<br>|  |  |
| Mastercard, Inc. - Class A | 1000 | 570880  |
| Visa, Inc. - Class A | 4000 | 1402840  |
|  |  | 1973720  |
| **Diversified Real Estate Activities - 0.0%<sup>(a)</sup>** | **Diversified Real Estate Activities - 0.0%<sup>(a)</sup>** |  |
| PrairieSky Royalty Ltd. | 200 | 3939  |
|  **Electric Power Generation, Transmission and Distribution - 7.4%**<br>|  |  |
| Hawaiian Electric Industries, Inc.<sup>(c)</sup> | 1612000 | 19827600  |
| **Entertainment - 0.0%<sup>(a)</sup>**<br>|  |  |
| IG Port, Inc. | 4000 | 33452  |
| **Financial Services - 0.0%**<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. | 100 | 5237  |
| Value Partners Group Ltd. | 2000 | 622  |
|  |  | 5859  |
|  **Funds, Trusts, and Other Financial Vehicles - 0.6%**<br>|  |  |
| Mesabi Trust<sup>(b)</sup> | 41482 | 1597887  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Global Exchanges - 0.9%**<br>|  |  |
| ASX Ltd. | 4400 | $151046  |
| Deutsche Boerse AG | 1800 | 473205  |
| Euronext N.V.<sup>(e)</sup> | 7720 | 1161284  |
| Japan Exchange Group, Inc. - ADR<sup>(b)</sup> | 8200 | 87412  |
| London Stock Exchange Group PLC | 600 | 72401  |
| NZX Ltd. | 400202 | 359450  |
|  |  | 2683870  |
| **Insurance Carriers - 0.0%<sup>(a)</sup>**<br>|  |  |
| Fairfax Financial Holdings Limited | 2 | 3816  |
|  **Insurance Carriers and Related Activities - 0.0%<sup>(a)</sup>**<br>|  |  |
| Arthur J. Gallagher & Co. | 400 | 103516  |
| **Legal Services - 0.0%<sup>(a)</sup>**<br>|  |  |
| CRA International, Inc. | 36 | 7225  |
| **Live Sports (Spectator Sports) - 0.1%**<br>|  |  |
| BIGLEAGUE<sup>(c)(d)</sup> | 2455 | 148724  |
|  **Management of Companies and Enterprises - 3.1%**<br>|  |  |
|  Associated Capital Group, Inc. - Class A | 77000 | 2910600  |
| Fairfax India Holdings Corp.<sup>(c)(e)</sup> | 84200 | 1455818  |
| Valterra Platinum Ltd. - ADR | 2455 | 34370  |
| White Mountains Insurance Group Ltd. | 1900 | 3948257  |
|  |  | 8349045  |
|  **Management, Scientific, and Technical Consulting Services - 0.1%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(c)</sup> | 300 | 159843  |
| **Media - 0.0%<sup>(a)</sup>**<br>|  |  |
| AlphaPolis Co. Ltd. | 200 | 2093  |
| Nippon Television Holdings, Inc. | 400 | 9716  |
| Toei Animation Co. Ltd. | 400 | 6959  |
|  |  | 18768  |
| **Mining (except Oil and Gas) - 2.5%**<br>|  |  |
| Franco-Nevada Corp. | 14600 | 3026288  |
| Wheaton Precious Metals Corp. | 32000 | 3760640  |
|  |  | 6786928  |
|  **Miscellaneous Durable Goods Merchant Wholesalers - 0.1%**<br>|  |  |
| Gold.com, Inc. | 3200 | 108960  |
| **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** | **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** |  |
| AutoNation, Inc.<sup>(c)</sup> | 10 | 2065  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.1%**<br>|  |  |
| Anglo American PLC - ADR<sup>(b)</sup> | 7045 | 145761  |

---

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

68<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE MARKET OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Nonmetallic Mineral Product Manufacturing - 0.0%<sup>(a)</sup>**<br>|  |  |
| Eagle Materials, Inc. | 4 | $827  |
| **Oil and Gas Extraction - 36.5%<sup>(f)</sup>**<br>|  |  |
| Permian Basin Royalty Trust<sup>(b)</sup> | 127450 | 2164101  |
| Texas Pacific Land Corp.<sup>(g)</sup> | 326952 | 93907153  |
| Western Midstream Partners LP | 40562 | 1602199  |
|  |  | 97673453  |
| **Other Crop Farming - 0.1%**<br>|  |  |
| J G Boswell Co. | 764 | 350412  |
| &nbsp;&nbsp;&nbsp; **Other Financial Investment** <br>**Activities - 2.7%** | &nbsp;&nbsp;&nbsp; **Other Financial Investment** <br>**Activities - 2.7%** |  |
| 99GRAYSC<sup>(c)(d)</sup> | 300000 | 3000000  |
| Bakkt Holdings, Inc.<sup>(b)(c)</sup> | 32000 | 321280  |
| Galaxy Digital, Inc. - Class A<sup>(c)</sup> | 110000 | 2459600  |
| GAMCO Investors, Inc. - Class A | 58600 | 1427496  |
|  |  | 7208376  |
| **Other Investment Pools and Funds - 3.4%** | **Other Investment Pools and Funds - 3.4%** |  |
| Partners Value Investments LP | 435150 | 5706677  |
| Urbana Corp. | 52200 | 369285  |
| Urbana Corp. - Class A | 428400 | 2855896  |
|  |  | 8931858  |
| **Real Estate - 0.1%**<br>|  |  |
| Tejon Ranch Co.<sup>(c)</sup> | 11400 | 179778  |
|  **Securities and Commodities Exchanges - 5.2%**<br>|  |  |
| Cboe Global Markets, Inc. | 8000 | 2008000  |
| CME Group, Inc. | 5800 | 1583864  |
| Intercontinental Exchange, Inc. | 12900 | 2089284  |
| Miami International Holdings Inc.<sup>(c)</sup> | 47500 | 2108050  |
| Miami International Holdings, Inc.<sup>(c)(e)</sup> | 100024 | 4439065  |
| Nasdaq, Inc. | 7200 | 699336  |
| TMX Group Ltd. | 18000 | 684959  |
| TXSE Group, Inc.<sup>(c)(d)</sup> | 17390 | 399970  |
|  |  | 14012528  |
|  **Securities and Commodity Contracts Intermediation and Brokerage - 0.0%<sup>(a)</sup>**<br>|  |  |
| Affiliated Managers Group, Inc. | 190 | 54773  |
| MarketAxess Holdings, Inc. | 48 | 8700  |
|  |  | 63473  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%**<br>|  |  |
| Brookfield Asset Management Ltd. | 806 | 42226  |
| OTC Markets Group, Inc. - Class A | 2800 | 143640  |
| S&P Global, Inc. | 113 | 59053  |
|  |  | 244919  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Support Activities for Water Transportation - 3.6%**<br>|  |  |
| Clarkson PLC | 29000 | $1491299  |
| Landbridge Co. LLC - Class A | 166000 | 8132340  |
|  |  | 9623639  |
| **Technology Services and Software - 0.4%** | **Technology Services and Software - 0.4%** |  |
| SB Technology, Inc.<sup>(c)(d)</sup> | 69727 | 1200002  |
| **Water, Sewage and Other Systems - 3.1%** | **Water, Sewage and Other Systems - 3.1%** |  |
| Pure Cycle Corp.<sup>(c)</sup> | 3200 | 35168  |
|  WaterBridge Infrastructure LLC - Class A<sup>(c)</sup> | 416632 | 8336806  |
|  |  | 8371974  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $93,108,833)** |  | 198699885 |
| **UNIT INVESTMENT TRUSTS - 17.0%** | **UNIT INVESTMENT TRUSTS - 17.0%** |  |
| Grayscale Bitcoin Mini Trust ETF<sup>(c)</sup> | 119774 | 4638847  |
| Grayscale Bitcoin Trust ETF<sup>(c)</sup> | 598874 | 40939026  |
| Grayscale Ethereum Classic Trust<sup>(c)</sup> | 12 | 78  |
| Grayscale Litecoin Trust<sup>(c)</sup> | 8 | 47  |
| &nbsp;&nbsp;&nbsp; **TOTAL UNIT INVESTMENT TRUSTS** <br>**(Cost $2,154,826)** |  | 45577998 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.3%** | &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Partners Value Investments LP, <br>Expires 06/30/2026, Exercise <br>Price $2.93<sup>(c)</sup> | 43506 | 792430  |
|  **Securities and Commodities Exchanges *-* 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Miami International Holdings Warrant, Expires 04/01/2026, Exercise <br>Price $7.50<sup>(c)(d)</sup> | 7235 | 213577  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $130,057)** |  | 1006007 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **PREFERRED STOCKS - 0.1%**<br>|  |  |
| **Financial Services - 0.1%**<br>|  |  |
|  Partners Value Investments LP, Series 1\*, 4.50%, Perpetual<sup>(c)</sup> | 11832 | 272136  |
| &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp; **Other Investment Pools and** <br>**Funds - 0.0%<sup>(a)</sup>** |  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030<sup>(c)</sup> | 43516 | 32637  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $259,342)** |  | 304773 |

---

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

69<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**THE MARKET OPPORTUNITIES PORTFOLIO** 

**Consolidated Portfolio of Investments - December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **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)(h)</sup> | $5720 | $0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $5,720)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 91.8%**<br>**(Cost $95,658,778)** |  | $245588663  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 9.1%<sup>(i)(j)</sup> |  | 24371911  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.9)% |  | (2473415)  |
| **TOTAL NET ASSETS - 100.0%** |  | $267487159 |

---

Par amount is in USD unless otherwise indicated.

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> Represents less than 0.05% of net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $1,775,768.

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

<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 $10,962,273 or 4.1% of net assets as of December 31, 2025.

<sup>(e)</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 December 31, 2025, the value of these securities total $4,725,152 or 1.8% of the Fund's net assets.

<sup>(f)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(g)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<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 will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.49%.

<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 December 31, 2025 is $1,828,987 which represented 0.7% of net assets. 

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

70<br>

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

**KINETICS MULTI-DISCIPLINARY PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - 90.4%** | **COLLATERALIZED LOAN OBLIGATIONS - 90.4%** | **COLLATERALIZED LOAN OBLIGATIONS - 90.4%** |
|  Abry Liquid Credit CLO, Series 2025-1A, Class A2, 5.60% (3 mo. Term SOFR + 1.65%), 10/20/2038<sup>(a)</sup> | $530000 | $530416  |
|  Apex Credit CLO Ltd., Series 2021-1A, Class BR, 5.73% (3 mo. Term SOFR + 1.85%), 07/18/2034<sup>(a)</sup> | 800000 | 800586  |
|  Atlantic Avenue Ltd., Series 2023-1A, Class BR, 5.57% (3 mo. Term SOFR + 1.80%), 01/15/2039<sup>(a)</sup> | 750000 | 749995  |
|  Atlas Senior Loan Fund Ltd., Series 2019-14A, Class BR, 6.10% (3 mo. Term SOFR + 2.21%), 07/20/2032<sup>(a)</sup> | 500000 | 501026  |
|  Battery Park CLO, Series 2022-1A, Class AR, 5.38% (3 mo. Term SOFR + 1.50%), 10/20/2037<sup>(a)</sup> | 500000 | 501684  |
| BlueMountain CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-33A, Class BR, 5.62% (3 mo. Term SOFR + 1.70%), 10/20/2038<sup>(a)</sup> | 750000 | 749971  |
| &nbsp;&nbsp;&nbsp; Series 2022-35A, Class BR, 5.71% (3 mo. Term SOFR + 1.85%), 10/22/2037<sup>(a)</sup> | 500000 | 500284  |
| Brant Point CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2R, 5.56% (3 mo. Term SOFR + 1.70%), 07/26/2038<sup>(a)</sup> | 600000 | 600600  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class B, 5.83% (3 mo. Term SOFR + 1.95%), 07/20/2037<sup>(a)</sup> | 1000000 | 1001684  |
| &nbsp;&nbsp;&nbsp; Series 2024-6A, Class A2, 5.53% (3 mo. Term SOFR + 1.63%), 01/15/2038<sup>(a)</sup> | 500000 | 498832  |
|  CIFC Funding Ltd., Series 2021-6A, Class B, 5.82% (3 mo. Term SOFR + 1.91%), 10/15/2034<sup>(a)</sup> | 500000 | 500445  |
|  Eaton Vance Management, Series 2013-1A, Class BR4, 5.65% (3 mo. Term SOFR + 1.75%), 10/15/2038<sup>(a)</sup> | 750000 | 751390  |
|  Eldridge CLO Ltd., Series 2025-1A, Class B, 5.57% (3 mo. Term SOFR + 1.65%), 10/20/2038<sup>(a)</sup> | 500000 | 500517  |
|  Elevation CLO Ltd, Series 2013-1A, Class BR3, 6.12% (3 mo. Term SOFR + 1.90%), 07/25/2038<sup>(a)</sup> | 750000 | 751371  |
|  Fort Washington CLO, Series 2019-1A, Class BR2, 5.78% (3 mo. Term SOFR + 1.90%), 10/20/2037<sup>(a)</sup> | 500000 | 501454  |
|  Halsey Point CLO Ltd., Series 2021-4A, Class B, 5.90% (3 mo. Term SOFR + 2.01%), 04/20/2034<sup>(a)</sup> | 475000 | 475364  |
|  Invesco CLO Ltd., Series 2022-3A, Class BR, 5.61% (3 mo. Term SOFR + 1.75%), 10/22/2037<sup>(a)</sup> | 250000 | 250291  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Madison Park Funding Ltd., Series 2020-47A, Class BR, 5.83% (3 mo. Term SOFR + 1.95%), 04/19/2037<sup>(a)</sup> | $250000 | $250676  |
|  Man GLG US CLO, Series 2023-1A, Class A, 6.18% (3 mo. Term SOFR + 2.30%), 07/20/2035<sup>(a)</sup> | 500000 | 500192  |
|  Mountain View CLO Ltd., Series 2019-2A, Class B1R, 6.05% (3 mo. Term SOFR + 2.15%), 07/15/2037<sup>(a)</sup> | 450000 | 450947  |
| Post CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 5.78% (3 mo. Term SOFR + 1.90%), 04/20/2035<sup>(a)</sup> | 665000 | 665588  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class BR, 5.56% (3 mo. Term SOFR + 1.70%), 10/20/2038<sup>(a)</sup> | 500000 | 500637  |
|  Sandstone Peak Ltd., Series 2023-1A, Class BR, 5.63% (3 mo. Term SOFR + 1.75%), 07/20/2038<sup>(a)</sup> | 500000 | 500300  |
| Sound Point CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 5.76% (3 mo. Term SOFR + 1.90%), 04/25/2035<sup>(a)</sup> | 750000 | 750309  |
| &nbsp;&nbsp;&nbsp; Series 2025-1RA, Class A2, 5.54% (3 mo. Term SOFR + 1.65%), 02/20/2038<sup>(a)</sup> | 800000 | 800905  |
| Venture CDO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-15A, Class BR3, 6.04% (3 mo. Term SOFR + 2.13%), 07/15/2032<sup>(a)</sup> | 250000 | 250537  |
| &nbsp;&nbsp;&nbsp; Series 2022-46A, Class A2R, 5.58% (3 mo. Term SOFR + 1.70%), 10/20/2037<sup>(a)</sup> | 500000 | 500561  |
|  Voya CLO Ltd., Series 2019-4A, Class A2R, 5.52% (3 mo. Term SOFR + 1.61%), 01/15/2035<sup>(a)</sup> | 430000 | 430087  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $15,740,299)** |  | 15766649  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 90.4%** <br>**(Cost $15,740,299)** |  | $15766649  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 8.3%<sup>(b)</sup> |  | 1450474  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3% |  | 214697  |
| **TOTAL NET ASSETS - 100.0%** |  | $17431820 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

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

71<br>

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

**KINETICS MULTI-DISCIPLINARY PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

<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 December 31, 2025, the value of these securities total $15,766,649 or 90.4% 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 will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.49%. 

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

72<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**Statements of Assets & Liabilities** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **The Internet** <br>**Portfolio** <br>(Consolidated) | **The Global** <br>**Portfolio** <br>(Consolidated)  |
| **ASSETS:**<br>|  |  |
| Investments, at value<sup>(1)(2)</sup> | $270110457 | $51032272  |
| Cash | 12074121 | 3776951  |
| Cash proceeds from securities lending | 3696993 | 497445  |
| Receivable for contributed capital | 17929 | 42001  |
| Receivable for investments sold |  | 24593  |
| Dividends and interest receivable | 60796 | 26411  |
| Prepaid expenses and other assets | 7254 | 4474  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 285967550 | 55404147  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser | 308231 | 59540  |
| Payable to Trustees | 5553 | 1071  |
| Payable to Chief Compliance Officer | 491 | 91  |
| Payable for securities purchased | 17659 | 8830  |
| Payable for collateral received for securities loaned | 3696993 | 497445  |
| Payable for withdrawn capital | 124909 | 14382  |
| Accrued expenses and other liabilities | 65385 | 27503  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4219221 | 608862  |
| **Net Assets** | $281748329 | $54795285  |
| <sup>(1)</sup> Cost of investments | $72444052 | $27801333  |
| <sup>(2)</sup> Includes loaned securities with a market value of | $3558690 | $483270 |

---

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

73<br>

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

**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**Statements of Assets & Liabilities** 

**December 31, 2025(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> | $1039292007 | $405139449  |
| Foreign currencies, at value<sup>(3)</sup> |  | 27  |
| Cash | 1385685 | 41699682  |
| Cash proceeds from securities lending | 1369685 | 4461378  |
| Receivable for contributed capital | 175059 | 393702  |
| Receivable for investments sold | 13377663 | 157834  |
| Dividends and interest receivable | 61138 | 189449  |
| Prepaid expenses and other assets | 12332 | 8260  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1054287884 | 452049781  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser | 1156667 | 484745  |
| Payable to Custodian | 12483869 | —  |
| Payable to Trustees | 22849 | 8841  |
| Payable to Chief Compliance Officer | 2086 | 738  |
| Payable for securities purchased | 8830 | 20899  |
| Payable for collateral received for securities loaned | 1369685 | 4461378  |
| Payable for withdrawn capital | 585819 | 554312  |
| Accrued expenses and other liabilities | 191067 | 86051  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 14435187 | 5616964  |
| **Net Assets** | $1039852697 | $446432817  |
| <sup>(1)</sup> Cost of investments | $158113734 | $151078139  |
| <sup>(2)</sup> Includes loaned securities with a market value of | $1343083 | $4301409  |
| <sup>(3)</sup> Cost of foreign currencies | $— | $150 |

---

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

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**Statements of Assets & Liabilities** 

**December 31, 2025(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> | $245588663 | $15766649  |
| Foreign currencies, at value<sup>(3)</sup> |  | 1450474  |
| Cash | 22542924 | —  |
| Cash proceeds from securities lending | 1828987 | —  |
| Receivable for contributed capital | 30834 | 37000  |
| Dividends and interest receivable | 199348 | 185238  |
| Prepaid expenses and other assets | 7028 | 523  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 270197784 | 17439884  |
| **LIABILITIES:**<br>|  |  |
| Payable to Adviser | 291880 | 3696  |
| Payable to Trustees | 5322 | 263  |
| Payable to Chief Compliance Officer | 436 | 20  |
| Payable for securities purchased | 35319 | —  |
| Payable for collateral received for securities loaned | 1828987 | —  |
| Payable for withdrawn capital | 492224 | —  |
| Accrued expenses and other liabilities | 56457 | 4085  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2710625 | 8064  |
| **Net Assets** | $267487159 | $17431820  |
| <sup>(1)</sup> Cost of investments | $95658778 | $15740299  |
| <sup>(2)</sup> Includes loaned securities with a market value of | $1775768 | $— |

---

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

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**Statements of Operations** 

**For the Year Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **The Internet** <br>**Portfolio** <br>(Consolidated) | **The Global** <br>**Portfolio** <br>(Consolidated)  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends<sup>†</sup> | $974396 | $406549  |
| Interest | 1453196 | 615215  |
| Income from securities lending | 125735 | 12614  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2553327 | 1034378  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees | 4229249 | 795857  |
| Administration fees | 130160 | 35034  |
| Professional fees | 31748 | 19197  |
| Fund accounting fees | 39024 | 9722  |
| Trustees' fees | 23157 | 4271  |
| Chief Compliance Officer fees | 3394 | 661  |
| Custodian fees and expenses | 24959 | 19006  |
| Registration fees | 981 | 900  |
| Other expenses | 7341 | 1074  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4490013 | 885722  |
| **Net investment income (loss)** | (1936686) | 148656  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |
| Net realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 10615090 | 1122969  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | (35446987) | (148241)  |
| **Net realized and unrealized gain (loss) on investments** | (24831897) | 974728  |
|  **Net increase (decrease) in net assets resulting from operations** | $(26768583) | $1123384  |
| <sup>†</sup> Net of foreign taxes withheld of: | $126357 | $95178 |

---

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

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**Statements of Operations** 

**For the Year Ended December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Paradigm** <br>**Portfolio** <br>(Consolidated) | **The Small Cap** <br>**Opportunities** <br>**Portfolio** <br>(Consolidated)  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends<sup>†</sup> | $7007502 | $2803743  |
| Interest | 1356628 | 3382594  |
| Income from securities lending | 230867 | 79506  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 8594997 | 6265843  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees | 16999547 | 6421711  |
| Administration fees | 485780 | 188408  |
| Professional fees | 83074 | 40106  |
| Fund accounting fees | 152797 | 58767  |
| Trustees' fees | 91274 | 34336  |
| Chief Compliance Officer fees | 14108 | 5267  |
| Custodian fees and expenses | 79965 | 37991  |
| Registration fees | 1140 | 317  |
| Other expenses | 30800 | 10662  |
| &nbsp;&nbsp;&nbsp; Total expenses | 17938485 | 6797565  |
| **Net investment loss** | (9343488) | (531722)  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 94540740 | (263690)  |
| &nbsp;&nbsp;&nbsp; Long term realized gain distributions received from other investment companies | 372120 |  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | (278320208) | (47666806)  |
| **Net realized and unrealized loss on investments** | (183407348) | (47930496)  |
| **Net decrease in net assets resulting from operations** | $(192750836) | $(48462218)  |
| <sup>†</sup> Net of foreign taxes withheld of: | $264980 | $233850 |

---

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

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**Statements of Operations** 

**For the Year Ended December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Market** <br>**Opportunities** <br>**Portfolio** <br>(Consolidated) | **The Multi-**<br>**Disciplinary** <br>**Income Portfolio**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends<sup>†</sup> | $1435935 | &nbsp;&nbsp;&nbsp; $—  |
| Interest | 2520380 | &nbsp;&nbsp;&nbsp; 951364  |
| Income from securities lending | 72178 | &nbsp;&nbsp;&nbsp; —  |
| Realized loss on paydown |  | &nbsp;&nbsp;&nbsp; (2133)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4028493 | &nbsp;&nbsp;&nbsp; 949231  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees | 3861598 | &nbsp;&nbsp;&nbsp; 39162  |
| Administration fees | 117635 | &nbsp;&nbsp;&nbsp; 17567  |
| Professional fees | 31441 | &nbsp;&nbsp;&nbsp; 8727  |
| Fund accounting fees | 36585 | &nbsp;&nbsp;&nbsp; 2293  |
| Trustees' fees | 20711 | &nbsp;&nbsp;&nbsp; 1043  |
| Chief Compliance Officer fees | 3151 | &nbsp;&nbsp;&nbsp; 148  |
| Custodian fees and expenses | 30236 | &nbsp;&nbsp;&nbsp; 2127  |
| Registration fees | 958 | &nbsp;&nbsp;&nbsp; 240  |
| Other expenses | 5202 | &nbsp;&nbsp;&nbsp; 334  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4107517 | &nbsp;&nbsp;&nbsp; 71641  |
| &nbsp;&nbsp;&nbsp; Less, voluntary expense waiver for investment advisory fees |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 4107517 | &nbsp;&nbsp;&nbsp; 71641  |
| **Net investment income (loss)** | (79024) | &nbsp;&nbsp;&nbsp; 877590  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | 3531651 | &nbsp;&nbsp;&nbsp;&nbsp;(97)  |
| Net change in unrealized appreciation (depreciation) of:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency | (22524968) | &nbsp;&nbsp;&nbsp; (45007)  |
| **Net realized and unrealized loss on investments** | (18993317) | &nbsp;&nbsp;&nbsp; (45104)  |
|  **Net increase (decrease) in net assets resulting from operations** | $(19072341) | &nbsp;&nbsp;&nbsp; $832486  |
| <sup>†</sup> Net of foreign taxes withheld of: | $155368 | &nbsp;&nbsp;&nbsp; $— |

---

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

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**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 Year Ended** <br>**December 31,** | **For the Year Ended** <br>**December 31,** | **For the Year Ended** <br>**December 31,**  | **For the Year Ended** <br>**December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1936686) | $646357 | $148656 | $215525  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 10615090 | 2223955 | 1122969 | 408403  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (35446987) | 141553335 | (148241) | 14622178  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (26768583) | 144423647 | 1123384 | 15246106  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contributions | 20525399 | 24430090 | 26303787 | 21279236  |
| &nbsp;&nbsp;&nbsp; Withdrawals | (43565621) | (27437765) | (22272841) | (4821431)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (23040222) | (3007675) | 4030946 | 16457805  |
| **Total increase (decrease) in net assets** | (49808805) | 141415972 | 5154330 | 31703911  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 331557134 | 190141162 | 49640955 | 17937044  |
| &nbsp;&nbsp;&nbsp; End of period | $281748329 | $331557134 | $54795285 | $49640955 |

---

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

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**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 Year Ended** <br>**December 31,** | **For the Year Ended** <br>**December 31,** | **For the Year Ended** <br>**December 31,**  | **For the Year Ended** <br>**December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9343488) | $3364603 | $(531722) | $3324711  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 94912860 | 65584015 | (263690) | 12288989  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (278320208) | 589073494 | (47666806) | 157317304  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (192750836) | 658022112 | (48462218) | 172931004  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contributions | 104241069 | 63780544 | 82409200 | 58007184  |
| &nbsp;&nbsp;&nbsp; Withdrawals | (203474494) | (182039049) | (53309891) | (49824266)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (99233425) | (118258505) | 29099309 | 8182918  |
| **Total increase (decrease) in net assets** | (291984261) | 539763607 | (19362909) | 181113922  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1331836958 | 792073351 | 465795726 | 284681804  |
| &nbsp;&nbsp;&nbsp; End of period | $1039852697 | $1331836958 | $446432817 | $465795726 |

---

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

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**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 Year Ended** <br>**December 31,** | **For the Year Ended** <br>**December 31,** | **For the Year Ended** <br>**December 31,**  | **For the Year Ended** <br>**December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(79024) | $995665 | $877590 | $895820  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on sale of investments and foreign currency | 3531651 | 1152608 | (97) | 212  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (22524968) | 99593891 | (45007) | 33694  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (19072341) | 101742164 | 832486 | 929726  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contributions | 160491625 | 33719079 | 6309811 | 3448353  |
| &nbsp;&nbsp;&nbsp; Withdrawals | (97427284) | (43200796) | (3338715) | (3075477)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 63064341 | (9481717) | 2971096 | 372876  |
| **Total increase in net assets** | 43992000 | 92260447 | 3803582 | 1302602  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 223495159 | 131234712 | 13628238 | 12325636  |
| &nbsp;&nbsp;&nbsp; End of period | $267487159 | $223495159 | $17431820 | $13628238 |

---

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

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025** 

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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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(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 December 31, 2025, 3.37%, 2.39%, 0.75%, 3.14%, and 4.10% 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 December 31, 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 December 31, 2025, 57.86%, 21.33%, 14.25% 5.11%, and 17.04% 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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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(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 December 31, 2025, the respective Cayman Subsidiary's net assets and percent of the respective Portfolio's net assets were:

---

| | | |
|:---|:---|:---|
| Internet Portfolio | $41940653 | 14.89%  |
| Global Portfolio | 3363318 | 6.14%  |
| Paradigm Portfolio | 151137503 | 14.53%  |
| Small Cap Opportunities Portfolio | 26917496 | 6.03%  |
| Market Opportunities Portfolio | 17727438 | 6.63% |

---

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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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

As of December 31, 2025, the respective Delaware Subsidiary's net assets and percent of the respective Portfolio's net assets were:

---

| | | |
|:---|:---|:---|
| Internet Portfolio | $803 | 0.00%  |
| Global Portfolio  | 789 | 0.00%  |
| Market Opportunities Portfolio  | 847 | 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 December 31, 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 December 31, 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 December 31, 2025, The Internet Portfolio, The** 

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Multi-Disciplinary Income Portfolio invested approximately 71%, 44%, 74%, 55%, 55% and 6% 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 December 31, 2025, The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio held 19.3%, 13.6% 61.5% 43.3% and 35.1% 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, 2025, open tax years include the tax years ended December 31, 2022 through December 31, 2025. 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.** 

**Segment Reporting – The Fund adopted Financial Accounting Standard Board Update 2023-07, Segment Reporting (Topic 280) – Improvement to Reportable Segment Disclosure ("ASU 2023-07") during the current fiscal period. The Fund's adoption of the new standard impacted financial statements disclosures only and did not affect the Fund's financial position or result of operations.**

The Treasurer (principal financial officer) acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**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.** 

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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, 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.

For the period ended December 31, 2025, Master Portfolios incurred the following expenses pursuant to the Agreements:

---

| | |
|:---|:---|
|  | **Investment** <br>**Advisory Fees**  |
| The Internet Portfolio | $4229249  |
| The Global Portfolio | 795857  |
| The Paradigm Portfolio | 16999547  |
| The Small Cap Opportunities Portfolio | 6421711  |
| The Market Opportunities Portfolio | 3861598  |
| The Multi-Disciplinary Income Portfolio | 39162 |

---

For the period ended December 31, 2025, the Trust was allocated approximately $25,000 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 December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **U.S.** <br>**Government** | **Other** | **U.S.** <br>**Government** | **Other**  |
| The Internet Portfolio | $— | $141523408 | $— | $135588270  |
| The Global Portfolio |  | 16427478 |  | 2301532  |
| The Paradigm Portfolio |  | 44342801 |  | 134305515  |
| The Small Cap Opportunities Portfolio |  | 57811408 |  | 1999090  |
| The Market Opportunities Portfolio |  | 64131795 |  | 10651182  |
| The Multi-Disciplinary Income Portfolio |  | 14056593 |  | 10645000 |

---

As of December 31, 2025, 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 | $72249907  | $28755239  | $161523448  |
| Unrealized Appreciation | 203574416  | 24465949  | 886836932  |
| Unrealized Depreciation | (5713866)  | (2188916)  | (9068373)  |
| Net Unrealized Appreciation | $197860550  | $22277033  | $877768559 |

---

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** <br>**Opportunities** | **Market** <br>**Opportunities** | **Multi-**<br>**Disciplinary** <br>**Income**  |
| Tax Cost of Investments | $157788074  | $97441283  | $15740299  |
| Unrealized Appreciation | 266589324  | 153646047  | 28554  |
| Unrealized Depreciation | (19237949)  | (5498667)  | (2204)  |
| Net Unrealized Appreciation | $247351375  | $148147380  | $26350 |

---

5. PORTFOLIO SECURITIES LOANED

As of December 31, 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 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 December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Securities** | **Collateral**  |
| The Internet Portfolio | $3558690 | $3696993  |
| The Global Portfolio | 483270 | 497445  |
| The Paradigm Portfolio | 1343083 | 1369685  |
| The Small Cap Opportunities Portfolio | 4301409 | 4461378  |
| The Market Opportunities Portfolio | 1775768 | 1828987  |
| 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**  |
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Total Return | (8.70)% | 76.81% | 30.16% | (23.86)% | 15.72%  |
| Ratio of expenses to average net assets: | 1.33% | 1.34% | 1.35% | 1.35% | 1.34%  |
|  Ratio of net investment income (loss) to average net assets: | (0.57)% | 0.26% | 1.23% | (0.18)% | (0.92)%  |
| Portfolio turnover rate | 45% | 43% | 19% | 19% | 4% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Global Portfolio**  | **The Global Portfolio**  | **The Global Portfolio**  | **The Global Portfolio**  | **The Global Portfolio**  |
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Total Return | 2.88% | 72.10% | 11.79% | (6.53)% | 16.23%  |
| Ratio of expenses to average net assets: | 1.39% | 1.45% | 1.49% | 1.46% | 1.48%  |
|  Ratio of net investment income (loss) to average net assets: | 0.23% | 0.73% | 1.71% | 0.18% | (1.00)%  |
| Portfolio turnover rate | 5% | 34% | 16% | 57% | 7% |

---

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  | **The Paradigm Portfolio**  |
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Total Return | (14.27)% | 88.79% | (16.59)% | 29.48% | 38.46%  |
| Ratio of expenses to average net assets: | 1.32% | 1.32% | 1.34% | 1.33% | 1.33%  |
|  Ratio of net investment income (loss) to average net assets: | (0.69)% | 0.32% | (0.20)% | 0.15% | (0.58)%  |
| Portfolio turnover rate | 3% | 2% | 0% | 0% | 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**  |
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Total Return | (8.34)% | 68.83% | (14.40)% | 32.26% | 50.63%  |
| Ratio of expenses to average net assets: | 1.32% | 1.33% | 1.35% | 1.34% | 1.34%  |
|  Ratio of net investment income (loss) to average net assets: | (0.10)% | 0.96% | 0.52% | 0.37% | (0.62)%  |
| Portfolio turnover rate | 0% | 6% | 2% | 6% | 3% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  | **The Market Opportunities Portfolio**  |
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Total Return | (3.02)% | 84.14% | (7.29)% | 15.02% | 28.08%  |
| Ratio of expenses to average net assets: | 1.33% | 1.34% | 1.36% | 1.36% | 1.36%  |
|  Ratio of net investment income (loss) to average net assets: | (0.03)% | 0.59% | 0.94% | 0.22% | (0.74)%  |
| Portfolio turnover rate | 4% | 7% | 5% | 13% | 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**  |
|  | **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,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Total Return | 5.52% | 7.28% | 5.24% | (2.29)% | 1.23%  |
| Ratio of expenses to average net assets: | 0.46% | 0.51% | 0.94% | 1.48% | 1.44%  |
|  Ratio of net investment income to average net assets: | 5.60% | 6.77% | 5.16% | 2.14% | 1.74%  |
| Portfolio turnover rate | 74% | 37% | 37% | 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 –<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.  |

---

---

| | |
|:---|:---|
| 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.  |

---

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

**The Internet Portfolio** 

The following is a summary of the inputs used to value The Internet Portfolio's net assets as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $91634361 | $5946920 | $8900108 | $106481389  |
| Unit Investment Trust | 163026579 |  |  | 163026579  |
| Warrants |  |  | 602488 | 602488  |
| **Total Investments in Securities** | $254660940 | $5946920 | $9502596 | $270110456 |

---

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) | 3,497,463 \*\*\*  |
| Net purchases and/or acquisitions | 8900108  |
| Net sales and/or write - offs | —  |
| Transfer in and/or out of Level 3 | (5946920)  |
| Balance as of December 31, 2025 | $9502596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**12/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $2000000 | Cost Approach | Precedent Transaction | $10.00 - $10.00  |
| Common Stocks | $4000000 | Cost Approach | Precedent Transaction | $5.00 - $5.00  |
| Warrants | $602488 |  | Volatility | 29.0%  |
|  |  | Option Pricing Model | Years to Maturity | 0.25 years  |
|  |  |  | Risk-Free Rate | 3.66%  |
| Common Stocks | $2700008 | Cost Approach | Precedent Transaction | $17.21 - $17.21  |
| Common Stocks | $200100 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

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

\*\* An increase to the input used would result in an increase to the value of the underlying security, except for discount for lack of marketability which would result in a decline to the value of the security.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at December 31, 2025 is $463,704. 

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**The Global Portfolio** 

The following is a summary of the inputs used to value the The Global Portfolio's net assets as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $37205284 | $755740 | $1310187 | $39271211  |
| Unit Investment Trust | 11683949 |  |  | 11683949  |
| Warrants |  | 63622 |  | 63622  |
| Preferred Stocks |  | 13490 |  | 13490  |
| Convertible Bonds |  |  | —\* | —  |
| **Total Investments in Securities** | $48889233 | $832852 | $1310187 | $51032272 |

---

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 | $99990  |
| Accrued discounts/premiums | —  |
| Realized gain (loss) | —  |
| Change in unrealized appreciation (depreciation) | 10,145\*\*\*  |
| Net purchases and/or acquisitions | 1200052  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | —  |
| Balance as of December 31, 2025 | $1310187 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**12/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $110135 | Cost Approach | Precedent Transaction | $60.58  |
| Common Stocks | $600000 | Cost Approach | Precedent Transaction | $5.00 - $5.00  |
| Common Stocks | $500002 | Cost Approach | Precedent Transaction | $17.21 - $17.21  |
| Convertible Bonds | $— \* | Asset Liquidation Analysis | Liquidation Proceeds | $0.00 - $0.00  |
| Common Stocks | $100050 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

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

\* Amount is less than $0.50.

\*\* An increase to the input used would result in an increase to the value of the underlying security.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at December 31, 2025 is $10,145. 

**The Paradigm Portfolio** 

The following is a summary of the inputs used to value The Paradigm Portfolio's net assets as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $870707792 | $12636142 | $7800058 | $891143992  |
| Unit Investment Trust | 148132843 |  |  | 148132843  |
| Warrants |  | 14572 |  | 14572  |
| Preferred Stocks |  | 600 |  | 600  |
| **Total Investments in Securities** | $1018840635 | $12651314 | $7800058 | $1039292007 |

---

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(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 | $—  |
| Accrued discounts/premiums | —  |
| Realized gain (loss) | —  |
| Change in unrealized appreciation (depreciation) | —\*\*\*  |
| Net purchases and/or acquisitions | 7800058  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | —  |
| Balance as of December 31, 2025 | $7800058 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**12/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $1000000 | Cost Approach | Precedent Transaction | $10.00 - $10.00  |
| Common Stocks | $4000000 | Cost Approach | Precedent Transaction | $5.00 - $5.00  |
| Common Stocks | $—\* | Asset Liquidation Analysis | Precedent Transaction | $0.00 - $0.00  |
| Common Stocks | $2700008 | Cost Approach | Precedent Transaction | $17.21 - $17.21  |
| Common Stocks | $100050 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

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

\* Amount is less than $0.50.

\*\* An increase to the input used would result in an increase to the value of the underlying security.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at December 31, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $358192031 | $7200900 | $13999975 | $378392906  |
| Unit Investment Trust | 22832259 |  |  | 22832259  |
| Warrants |  | 2914284 |  | 2914284  |
| **Total Investments in Securities** | $381024290 | $10115184 | $13999975 | $405139449 |

---

As of December 31, 2025, there were no investments in Level 3 securities.

During the period ended December 31, 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 | 13999975  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | —  |
| Balance as of December 31, 2025 | $13999975 |

---

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**12/31/2023** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $4000000 | Cost Approach | Precedent Transaction | $10.00 - $10.00  |
| Common Stocks | $6000000 | Cost Approach | Precedent Transaction | $5.00 - $5.00  |
| Common Stocks | $3600005 | Cost Approach | Precedent Transaction | $17.21 - $17.21  |
| Common Stocks | $399970 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

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

\* Amount is less than $0.50.

\*\* An increase to the input used would result in an increase to the value of the underlying security.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at December 31, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $192932539 | $5018650 | $10748696 | $198669885  |
| Unit Investment Trust | 45577998 |  |  | 45577998  |
| Warrants |  | 792430 | 213577 | 1006007  |
| Preferred Stocks |  | 304773 |  | 304773  |
| Convertible Bonds |  |  | —\* | —  |
| **Total Investments in Securities** | $228510537 | $6115853 | $10962273 | $245588663 |

---

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) | 1,253,481\*\*\*  |
| Net purchases and/or acquisitions | 10599972  |
| Net sales and/or write-offs | —  |
| Transfer in and/or out of Level 3 | (2108050)  |
| Balance as of December 31, 2025 | $10962273 |

---

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**12/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range\*\***  |
| Common Stocks | $3000000 | Cost Approach  | Precedent Transaction | $10.00 - $10.00  |
| Common Stocks | $148724 | Cost Approach | Precedent Transaction | $60.58  |
| Preferred Stock | $6000000 | Cost Approach | Precedent Transaction | $5.00 - $5.00  |
| Warrants | $213577 |  | Volatility | 29.0%  |
|  |  | Option Pricing Model | Years to Maturity | 0.25 years  |
|  |  |  | Risk-Free Rate | 3.66%  |
| Common Stocks | $1200002 | Cost Approach | Precedent Transaction | $17.21 - $17.21  |
| Convertible Bonds | $—\* | Asset Liquidation <br>Analysis | Liquidation Proceeds | $0.00 - $0.00  |
| Common Stocks | $399970 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

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

\* Amount is less than $0.50.

\*\* An increase to the input used would result in an increase to the value of the underlying security, except for discount for lack of marketability which would result in a decline to the value of the security.

\*\*\* Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at December 31, 2025 is $178,082. 

**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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Collateralized Loan Obligation | $— | $15766649 | $— | $15766649  |
| **Total Investments in Securities** | $— | $15766649 | $— | $15766649 |

---

As of December 31, 2025, there were no investments in Level 3 securities.

During the period ended December 31, 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 December 31, 2025, none of the Portfolios held any derivative instruments and there were no transactions during the period ended December 31, 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 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.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The following is a summary of the Assets and Liabilities subject to offsetting in the Master Portfolios as of December 31, 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 | $3696993 | $— | $3696993 | $3696993 | $— | $—  |
|  |  | $3696993 | $— | $3696993 | $3696993 | $— | $—  |
|  The Global Portfolio | Securities Lending | $497445 | $— | $497445 | $497445 | $— | $—  |
|  |  | $497445 | $— | $497445 | $497445 | $— | $—  |
|  The Paradigm Portfolio | Securities Lending | $1369685 | $— | $1369685 | $1369685 | $— | $—  |
|  |  | $1369685 | $— | $1369685 | $1369685 | $— | $—  |
|  The Small Cap Opportunities Portfolio | Securities Lending | $4461378 | $— | $4461378 | $4461378 | $— | $—  |
|  |  | $4461378 | $— | $4461378 | $4461378 | $— | $—  |
|  The Market Opportunites Portfolio | Securities Lending | $1828987 | $— | $1828987 | $1828987 | $— | $—  |
|  |  | $1828987 | $— | $1828987 | $1828987 | $— | $— |

---

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

**ASU 2023-09 - Improvement to Income Tax Disclosure**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvement to Income Tax Disclosure, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes in the Funds' financial statements. The Advisor has adopted the amendment for the current fiscal period, but related income taxes paid were deemed immaterial.

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 December 31, 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.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

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**KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and Board of Trustees of Kinetics Portfolios Trust** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements [consolidated where noted as such] of assets and liabilities of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio, and The Multi-Disciplinary Income Portfolio (the "Funds"), each a series of Kinetics Portfolios Trust (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the [consolidated where noted as such] financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2004.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion.

![](e14706sig.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**February 27, 2026**

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**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.** 

Not applicable.

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**MANAGEMENT OF THE FUNDS AND THE PORTFOLIOS (Unaudited)** 

The management and affairs of the Funds and the Portfolios are under the oversight of the Board of Directors of the Company and the Board of Trustees of the Trust, respectively. Each Board consists of the same eight individuals, five of whom are not "interested persons" of the Company or the Trust as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The Directors are fiduciaries for the Funds' shareholders and are governed by the laws of the State of Maryland in this regard. The Trustees are fiduciaries for the Portfolios' shareholders and are governed by the laws of the State of Delaware in this regard.

Each Board establishes policies for the operation of the Funds and the Portfolios and appoints the officers who conduct the daily business of the Funds and the Portfolios. Directors/Trustees of the Company and the Trust are listed below with their addresses, present positions with the Company and Trust, length of time served, principal occupations over at least the last five years, number of Funds and Portfolios overseen and any other Directorships held. The SAI includes additional information about the Funds' officers and directors and is available, without charge, upon request by calling 1-800-930-3828.

**Board of Directors/Board of Trustees** 

**Independent Directors/Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and** <br>**and Year of Birth** | **Position(s) Held** <br>**with Company/ Trust** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During Past Five Years** | **# of Portfolios** <br>**in Fund Complex<sup>(1)</sup> Overseen by Director/ Trustee** | **Other Directorships** <br>**Held by** <br>**Director/Trustee<sup>(2)</sup>**  |
| Steven T . Russell <br>Year Born: 1963 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 24 years | Professor of Business Law, Suffolk County Community College (1997 to Present); Lawyer, Private Practice (2010 to present). | 13 | N/A  |
| Douglas Cohen, CPA <br>Year Born: 1961 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 24 years | Chief Financial Officer, Sunrise Credit Services, Inc. (2005 to 2021). | 13 | N/A  |
| William J. Graham <br>Year Born: 1961 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 24 years | Attorney, William J. Graham, PC (2001 to present); Assistant Town Attorney, Town of Islip, NY (2016 to 2021). | 13 | N/A  |
| Joseph E. Breslin <br>Year Born: 1953 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 24 years | Counsel, White Oak Global Advisors, LLC (2016 to present). | 13 | Trustee, Forethought Variable Insurance Trust (23 portfolios); Trustee, BluArc MultiStrategy Fund (2014-2017); Chairman and Trustee, Northern Lights<br>Fund Trust IV (21 portfolios); Trustee, Hatteras Alternative Mutual Funds Trust (5 portfolios) (2004-2016); Trustee, Underlying Funds Trust (5 portfolios) (2004-2016); Trustee, Director, Hatteras Master Fund, L.P. (2013-2016); Director, Hatteras Core Alternatives TEI Fund, L.P. (2013-2016); Director, Hatteras Core Alternatives Fund, L.P. (2013-2016); Director, Hatteras Core Alternatives Institutional Fund, L.P. (2013-2016); and Director, Hatteras Core Alternatives TEI Institutional Fund, L.P. (2013-2016).  |

---

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**MANAGEMENT OF THE FUNDS AND THE PORTFOLIOS (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and** <br>**and Year of Birth** | **Position(s) Held** <br>**with Company/ Trust** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During Past Five Years** | **# of Portfolios** <br>**in Fund Complex<sup>(1)</sup> Overseen by Director/ Trustee** | **Other Directorships** <br>**Held by** <br>**Director/Trustee<sup>(2)</sup>**  |
| James M. Breen <br>Year Born: 1959 <br>c/o Horizon Kinetics <br>Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 24 years | Security Consultant and Licensed Florida Private Investigator (2019 to present); Special Agent, Florida Department of Law<br>Enforcement (FDLE) (2015 to 2019); Vice President, HBES Consulting, Inc. (2014 to present); Citibank, Senior AML Analyst ((2014-2015); Senior Special Agent, Homeland Security Investigations, Miami,<br>FL (2011 to 2014); Assistant<br>Attaché Immigration & Customs Enforcement,<br>Pretoria, South Africa (2008 to 2011). | 13 | N/A  |
| Murray Stahl<sup>(3)(4)</sup> <br>Year Born: 1953 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Director/ Trustee & Secretary | Indefinite/ 24 years | Chairman, FRMO Corp. (2001 to present) (provides consulting services to private investment funds and research services with respect to marketable securities);Chairman and Chief Investment Officer, Horizon Kinetics Holding Corporation, (including Horizon Kinetics Asset Management LLC (investment adviser) (1994 to present); Kinetics Asset Management LLC and Kinetics Advisers, LLC (2000 to 2019); CEO, Horizon Kinetics Holding Corporation (2015 to present). | 13 | Director and Officer of RENN Fund, Inc. (closed end investment company) (2017-present). Director of Texas Pacific Land Corp. (2021 to present). Director and Officer of FRMO Corp. (since 2001).  |
| Peter B. Doyle<sup>(3)</sup><br>Year Born: 1962 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Director/ Trustee & President & Chairman of the Board | Indefinite/ 22 years | Vice President, FMRO Corp. (2001 to present) (provides consulting services to private investment funds and research services with respect to marketable securities); Managing Director, Horizon Kinetics Holding Corporation (including Horizon Kinetics Asset Management LLC (an SEC-registered investment adviser) (1994 to present); Kinetics Asset Management LLC and Kinetics Advisers LLC (2000 to 2019); and President of Kinetics Mutual Funds, Inc. (1998 to present) . Co-Portfolio Manager of the RENN Fund, Inc. (2021 to present) | 13 | Director and Officer of FRMO Corp.  |

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**MANAGEMENT OF THE FUNDS AND THE PORTFOLIOS (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and** <br>**and Year of Birth** | **Position(s) Held** <br>**with Company/ Trust** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During Past Five Years** | **# of Portfolios** <br>**in Fund Complex<sup>(1)</sup> Overseen by Director/ Trustee** | **Other Directorships** <br>**Held by** <br>**Director/Trustee<sup>(2)</sup>**  |
| Steven Bregman <br>Year Born: 1958 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Co-Portfolio Manager and Investment Team Member  | Indefinite/ 9 years | President and Co-Founder, Horizon Kinetics Holding Corporation, (including Horizon Kinetics Asset Management LLC (investment adviser) (1994 to present); Kinetics Asset Management LLC and Kinetics Advisers, LLC (2000 to 2019; President and CFO of FRMO Corp. (2001 to present) (provides consulting services to private investment funds and research services with respect to marketable securities); Co-Portfolio Manager of RENN Fund, Inc. (closed end investment company) (since 2021); | 13 | Director of Winland Electronics, Inc (electronics) (since 2020). Director and Officer of FRMO Corp. (since 2001). |

---

<sup>(1)</sup> The term "fund complex" refers to the Company and the Trust, which hold themselves out as related for investment purposes.

<sup>(2)</sup> "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, "public companies") or investment companies registered under the 1940 Act.

<sup>(3)</sup> Directors/Trustees who are considered "interested persons" as defined in Section 2(a)(19) of the 1940 Act because of their association with the Adviser and its affiliates.

<sup>(4)</sup> Murray Stahl is a member of the Board of Directors (the "Board") of Texas Pacific Land Corporation ("TPL"), a large holding in certain client accounts and funds, including Kinetics Mutual Funds, which are managed by Horizon Kinetics Asset Management LLC ("HKAM"). Officers, directors, and employees of HKAM may also hold substantial amounts of TPL, both directly and indirectly, in their personal accounts. HKAM seeks to address potential conflicts of interest through the adoption of various policies and procedures, which include both electronic and physical safeguards. All personal and proprietary trading is also subject to HKAM's Code of Ethics and is monitored by the firm's Legal and Compliance Department. As a result of Murray Stahl being on the Board of TPL, he does not have any trading authority over shares of TPL. All trading decisions for TPL in Murray Stahl's personal accounts and in client accounts and funds where he remains a portfolio manager has been delegated to another portfolio manager. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Year of Birth** | **Position(s) Held with Company/ Trust** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **Other Directorships Held by Director/**<br>**Trustee<sup>(2)</sup>**  |
| Russell W. Grimaldi <br>Year Born: 1980 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Chief Compliance Officer | Indefinite/ 1 year | Chief Compliance Officer, Horizon Kinetics Holding Corporation (including Horizon Kinetics Asset Management (2011 to present), Chief Compliance Officer, Renn Fund, Inc. (2024 to present). | N/A  |
| Jay H. Kesslen <br>Year Born: 1973 <br>c/o Horizon Kinetics Asset Management LLC <br>470 Park Avenue South <br>New York, New York 10016 | Vice President and Assistant Secretary | Indefinite/ 19 years | General Counsel, Horizon Kinetics Holding Corporation (including Horizon Kinetics Asset Management LLC (an SEC registered investment adviser) (2011 to present), Chief Compliance Officer, Horizon Kinetics Holding Corporation (2015-2016), Kinetics Asset Management LLC (2000 to present), Kinetics Advisers LLC (2000 to 2019), Kinetics Funds Distributor LLC (2000 to present), KBD Securities LLC (2000 to present)); FRMO Corp. (2014 to present). | N/A |

---

101<br>

------

**[**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;&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>**

Not applicable

**<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 and 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.* Filed herewith.](kfcfs-efp22825_ex99code.htm)

&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-efp22825_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-efp22825_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: | March 3, 2026 |

---

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: | March 3, 2026 |

---

## Ex-99.Codeeth

**EX 99.CODE ETH**

**CODE OF ETHICS FOR**

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF**

**KINETICS MUTUAL FUNDS, INC. AND KINETICS PORTFOLIOS TRUST**

Kinetics Mutual Funds, Inc. (the "Company") and Kinetics Portfolios Trust (the "Trust," and together with the Company, the "Funds") are committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to the Funds' Chief Executive Officer (the President and Chairman of the Board) and Chief Financial Officer (the Treasurer) (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties and is for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest
and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full,
fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and
Exchange Commission and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and
regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt
internal reporting of violations of the Code of Ethics to an appropriate person or persons identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to this Code.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because, among other reasons, the Senior Officers currently or may in the future serve as officers or employees of the Funds' investment advisor (the "<u>Advisor</u>") and/or affiliates of the Funds' investment advisor (collectively, "Kinetics"). This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Funds or Kinetics govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Funds, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Investment Company Act
of 1940, as amended, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Investment
Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the
" <u>Advisers Act</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Code of Ethics adopted
by the Funds pursuant to Rule 17j-1(c) under the 1940 Act (the " <u>Funds' 1940 Act Code of Ethics</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· one or more codes of ethics
adopted by Kinetics that have been reviewed and approved by those directors of the Company and trustees of the Trust that are not "interested
persons" of the Company and the Trust, respectively, (the " <u>Independent Directors/Trustees</u> "), within the meaning
of the 1940 Act (" <u>Kinetics' 1940 Act Code of Ethics</u> " and, together with the Funds' 1940 Act Code of Ethics,
the " <u>1940 Act Codes of Ethics</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Kinetics's general policies
and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Kinetics Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, and the Kinetics Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Independent Directors/Trustees shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· act with integrity, including
being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· comply with the laws, rules
and regulations that govern the conduct of the Funds' operations and report any suspected violations thereof in accordance with
the section below entitled "Compliance"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests, or those of your family members, interfere in any way, or even appear to interfere, with the interests of the Funds.

Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Funds, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of the Funds, or a member of a Senior Officer's family, also are or may be officers of Kinetics (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of the Funds in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to the Funds where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of the Funds, you should make full disclosure of all relevant facts and circumstances to the Audit Committees of the Funds and obtain approval prior to taking action.

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· handle any actual or apparent conflict of interest ethically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use
his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby
the Senior Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Funds to take
action, or fail to take action, for the personal benefit of the Senior Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use
material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade
personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report
at least annually affiliations or other relationships with the Funds, the Advisor or the distributor, including any related conflict of
interest.

Some conflict of interest situations that should always be approved by the Audit Committees, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment
or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which the Funds have current or prospective
business dealings (other than Kinetics), unless such entertainment or gift is business related, reasonable in cost, appropriate as to
time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in,
or any consulting or employment relationship with, any of the Funds' service providers, other than Kinetics; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial
interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming
shares other than an interest arising from the Senior Officer's employment by Kinetics, such as compensation or equity ownership.

**Disclosures**

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Funds file with, or submits to, the Securities and Exchange Commission and in all other public communications made by the Funds. As a Senior Officer, you are required to promote compliance with this policy and to abide by the Funds' standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· familiarize himself or herself
with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not knowingly misrepresent,
or cause others to misrepresent, facts about the Funds to others, including to the Trustees/Directors, the Funds' independent auditors,
the Funds' counsel, counsel to the Independent Trustees/Directors, governmental regulators or self-regulatory organizations.

Unless otherwise required by law, this Code shall be disclosed as required by the Securities and Exchange Commission.

**Compliance**

It is the Funds' policy to comply with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Senior Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

**Accountability**

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code of
Ethics, sign and submit to the Funds' Boards an acknowledgement stating that he has received, read and understands the Code on the
certification attached hereto as Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm
to the Funds' Boards that he has complied with the requirements of the Code and reported any violations of the Code on the certification
attached hereto as Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Audit Committee
promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other
Senior Officer or any employee of the Funds or affiliated persons of the Funds or the Funds' service providers for reports of potential
violations that are made in good faith.

**Reporting Violations**

The Funds' Audit Committees are responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Funds' Audit Committees may consult Fund counsel in order to effectively discharge its responsibilities.

**Investigation Procedures**

The Funds will follow these procedures in investigating and enforcing this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will take
all appropriate action to investigate any potential violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after
such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further
action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter
that the Audit Committee believes is a violation of this Code will be reported to the Funds' Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the
Board concurs that a violation has occurred, it will take action which it considers appropriate. Such action may include a review of,
and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of each service provider or
its governing body; or a recommendation to dismiss the Senior Officer.

**Waivers of Code of Ethics**

The Audit Committees are responsible for granting waivers, implicit or otherwise, of this Code of Ethics, as appropriate. Such Committees will be responsible for granting waivers, as appropriate; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

A waiver is the approval of a material departure from a provision of this Code. An implicit waiver is the Funds' failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Audit Committees.

**Recordkeeping**

The Funds will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Audit Committees: (i) that provided the basis for any amendment or waiver to this Code of Ethics; and (ii) relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committees.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Audit Committees, the Funds and their counsel, Kinetics and its counsel and any other advisors, consultants or counsel retained by the Boards of the Company or the Trust or the Audit Committees.

**Amendments**

This Code of Ethics, other than Exhibit A, may not be amended except in written form, which is specifically approved by a majority vote of the Boards of the Company and the Trust, including a majority of the Independent Directors/Trustees.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Funds' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**<u>Appendix A</u>**

<u>**KINETICS MUTUAL FUNDS, INC. AND KINETICS PORTFOLIOS TRUST**</u>

<u>**Certification and Acknowledgement of Receipt of Code of Ethics**</u>

I acknowledge and certify that I have received a copy of the Code of Ethics for the Chief Executive Officer (President/Chairman of the Board) and Chief Financial Officer (the Treasurer) of Kinetics Mutual Funds, Inc. and Kinetics Portfolios Trust (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge my commitment to comply with the Code.

***Applicable next year***:

I acknowledge that I complied with the Code for the one-year period ended ____________<u> </u>.

I acknowledge that I reported all violations of this Code of Ethics for the one-year period ended <u>_______</u>of which I am aware.

(*Please submit on a separate piece of paper, exceptions to these acknowledgements.*)

Officer Name (Please Print) Officer Signature <br>   <br> Date

## 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: | March 3, 2026 | /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 December 31, 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 |

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Dated: <u>March 3, 2026</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.