# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001821268-23-000082
**Filing Date:** 2023-3
**Character Count:** 505628
**Document Hash:** b6bdca0bf4e89245884c0e06809b6f67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-23-000082.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001821268-23-000082

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0001083387
- **IRS NUMBER:** 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:** 23708918

**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
**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09923
- **FILM NUMBER:** 23708919

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013712 | Advisor Class C     | KINCX           |
| C000013713 | Institutional Class |  |
| 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           |
| C000013729 | Institutional Class |  |
| C000013730 | No Load Class       | WWWEX           |

### Kinetics Medical Fund (Series ID: S000005033)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013732 | Advisor Class C     | KRXCX           |
| C000013733 | Institutional Class |  |
| C000013734 | No Load Class       | MEDRX           |
| C000013735 | Advisor Class A     | KRXAX           |

### 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 Alternative Income Fund (Series ID: S000017862)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000049583 | Advisor Class A     | KWIAX           |
| C000049584 | Advisor Class C     | KWICX           |
| C000049585 | No Load Class       | KWINX           |
| C000049586 | Institutional Class | KWIIX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000058159 | No Load             | KMDNX           |
| C000058160 | Advisor Class A     | KMDAX           |
| C000058161 | Advisor Class C     | KMDCX           |
| C000058162 | Institutional Class | KMDYX           |

### 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           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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>**<br> (Exact name of registrant as specified in charter)

**470 Park Avenue South**

**<u>New York, NY 10016</u>**<br> (Address of principal executive offices) (Zip code)

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

**615 E. Michigan Street**

**<u>Milwaukee, WI 53202</u>**<br> (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: **<u>December 31, 2022</u>**

Date of reporting period: **<u>December 31, 2022</u>**

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

![A green and white sign Description automatically generated with medium confidence](image_003.gif)

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KINETICS MUTUAL FUNDS, INC.<br> **Table of Contents**<br> December 31, 2022

---

| | |
|:---|:---|
|  | **Page** |
| Shareholders' Letter | 2 |
| Year 2022 Annual Investment Commentary | 6 |
| KINETICS MUTUAL FUNDS, INC. — FEEDER FUNDS AND |  |
| &nbsp;&nbsp;THE KINETICS SPIN-OFF AND CORPORATE RESTRUCTURING FUND |  |
| &nbsp;&nbsp;Growth of $10,000 and $1,000,000 Investment | 12 |
| &nbsp;&nbsp;Expense Example | 21 |
| &nbsp;&nbsp;Allocation of Assets — The Kinetics Spin-off and Corporate |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring Fund | 26 |
| &nbsp;&nbsp;Schedule of Investments — The Kinetics Spin-off and Corporate |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring Fund | 27 |
| &nbsp;&nbsp;Statements of Assets & Liabilities | 30 |
| &nbsp;&nbsp;Statements of Operations | 35 |
| &nbsp;&nbsp;Statements of Changes in Net Assets | 40 |
| &nbsp;&nbsp;Notes to Financial Statements | 53 |
| &nbsp;&nbsp;Financial Highlights | 79 |
| &nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 104 |
| KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS |  |
| &nbsp;&nbsp;Allocation of Consolidated Portfolio Assets | 106 |
| &nbsp;&nbsp;Consolidated Portfolio of Investments —The Internet Portfolio | 114 |
| &nbsp;&nbsp;Consolidated Portfolio of Investments — The Global Portfolio | 117 |
| &nbsp;&nbsp;Consolidated Portfolio of Investments — The Paradigm Portfolio | 121 |
| &nbsp;&nbsp;Portfolio of Investments — The Medical Portfolio | 125 |
| &nbsp;&nbsp;Consolidated Portfolio of Investments — The Small Cap |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Opportunities Portfolio | 127 |
| &nbsp;&nbsp;Consolidated Portfolio of Investments — The Market |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Opportunities Portfolio | 130 |
| &nbsp;&nbsp;Portfolio of Investments — The Alternative Income Portfolio | 134 |
| &nbsp;&nbsp;Portfolio of Investments — The Multi-Disciplinary Income Portfolio | 135 |
| &nbsp;&nbsp;Consolidated Statements of Assets & Liabilities | 136 |
| &nbsp;&nbsp;Consolidated Statements of Operations | 140 |
| &nbsp;&nbsp;Consolidated Statements of Changes in Net Assets | 144 |
| &nbsp;&nbsp;Consolidated Notes to Financial Statements | 148 |
| &nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 176 |
| &nbsp;&nbsp;Management of the Funds and the Portfolios | 179 |
| &nbsp;&nbsp;Privacy Policy | 185 |

---

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KINETICS MUTUAL FUNDS, INC.<br> **Shareholders' Letter**

Dear Fellow Shareholders,

We are pleased to present the Kinetics Mutual Funds ("Fund" or "Funds") Annual Report for the twelve-month period ended December 31, 2022.

2022 was an anomalously poor year for investment returns. Equity and fixed income — regardless of geography, market capitalization, or style—all fell materially for the year as diversification provided little benefit, even amongst asset classes. This performance decline was concurrent with the reversal of several long-term trends which we believe had largely supported trailing performance. Interest rates rose, as overnight rates climbed from a few basis points at the start of the year to 4.3% by the end of the year. This is the fastest and sharpest rise in benchmark interest rates in modern history and comes after nearly 30 years of steadily falling rates. Market earnings, as reflected in the S&P 500 Index earnings per share, fell in 2022 after years of steady increases and long-term compounded earnings growth well in excess of economic growth (with the exception of a steep drop at the beginning of the COVID pandemic). And inflation remained stubbornly high after nearly 30 years of low, stable, or falling inflation. By the end of 2022, the reported Consumer Price Index ("CPI") year over year increase had fallen from the peak of over 9%, but these increases are off an increasingly higher base level. Consider that the reported CPI year over year increase in December 2022 was 6.42%: while this is incrementally lower than the reported numbers earlier in 2022, in December 2020, the reported CPI, year over year increase was 1.28%. Although inflation is expected to slow from here, price increases are approximately 16% higher now than in 2020, and prices are continuing to rise. So even as reported inflation is moderating, the consumer and business impact will continue. This environment favors resilient businesses: we believe that our portfolios are positioned well for the volatile period we anticipate.

A performance summary follows (No Load Class) for the fiscal year ended December 31, 2022: The Internet Fund -24.28%; The Global Fund -6.46%; The Paradigm Fund +29.17%; The Medical Fund +4.21%; The Small Cap Opportunities Fund +31.96%; The Market Opportunities Fund +14.98%; The Alternative Income Fund -4.07%; The Multi-Disciplinary Income Fund -2.30%; and the Kinetics Spin-Off and Corporate Restructuring Fund +39.43%. This compares to returns of -18.11% for the S&P 500<sup>®</sup> Index; -16.10% for the S&P 600<sup>®</sup> Small Cap Index; -18.36% for the MSCI All Country World (ACWI) Index; -13.01% for the Bloomberg U.S. Aggregate Bond Index; -11.19% for the

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Bloomberg U.S. Corporate High Yield Bond Index; -3.40% for the Bloomberg U.S. 1-3 Year Credit Index<sup>®</sup>; -33.10% for the Nasdaq Composite<sup>®</sup>; and -14.45% for the MSCI EAFE<sup>®</sup> Index.

While 2022 appeared to be an outlier with poor returns, in fact, we would argue that it was the previous decade that was anomalous. Our view is that this was due, in part, to the systemic supports noted above: low interest rates and low inflation. Other preconditions for the prior decade's returns are also reversing; investors must be prepared for these changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For years, increasing globalization effectively imported disinflation (i.e., a lower level
of price increases), as the United States was able to offshore manufacturing and other capital intensive, low margin businesses. With
the supply shortages experienced during the pandemic and amid national security concerns, we have entered a period of deglobalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the same time, raw material and labor shortages mean that Organisation for Economic Co-operation
and Development ("OECD") countries are now competing with developing nations for the same resources, contributing to higher
prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After years of increasing productivity due to continuing adoption of the internet, among
other factors, productivity has plateaued. Declining productivity has only worsened as the government represents a higher percentage
of Gross Domestic Product ("GDP").

These variables will limit the U.S. Federal Reserve's policy options, but the current playbook appears to be limited solely to an attempt to negatively impact demand via higher interest rates. Our view is that this may be effective in the shorter-term, but it does not do anything to the address the larger supply problem. The likely outcome, we believe, will be higher (albeit, volatile) sustained, structural inflation.

A final added constraint on the central bank is the scale of the government debt outstanding and prevailing budget deficits. As interest rates rise, maturing government debt will be replaced with higher interest rate paper, pressuring the already strained Federal budget. This will result in incrementally higher interest expense as a total proportion of the Federal budget, during a period when high deficits are expected to exist for over a decade.

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Despite the challenges facing the economy and financial assets, we believe that there are pockets of opportunity in what is likely to be a protracted period of higher volatility and mixed returns for the broader indexes. Companies with exposure to hard assets, such as energy, commodities, and land represent one area that we believe will thrive in this environment. Resilient business models such as royalty structures, financial exchanges, and information-based businesses are likely to weather these market conditions, as are alternative "stores of value", such as precious metals and cryptocurrency (in particular, Bitcoin).

**Paradigm Fund:** The Fund's performance was driven by positive returns in investments in "hard asset" companies, which we believe stand to benefit from rising price levels, particularly the energy sector. Blockchain/cryptocurrency exposures detracted from returns. The small/mid cap focus of the Fund did not detract from absolute or relative returns, despite large cap companies slightly outperforming small and mid- cap. The Fund's value bias contributed to performance, as value outperformed growth for 2022.

**Small Cap Opportunities Fund:** The Fund's performance was driven by positive returns in "hard asset" companies, which we believe stand to benefit from rising price levels, in addition to exposure to "defense technology" companies, which we believe have decades of future secular growth potential. These sectors primarily include energy and industrials/defense. These industries have minimal weighting in the Fund's benchmark and contributed to material relative outperformance. Underweight exposure in Consumer Staples and Financials, and stock selection within Health Care and Industrials detracted from relative returns.

**Market Opportunities Fund:** The Fund's performance benefitted from select exposure to the energy and real estate industries, while cryptocurrency/blockchain exposure detracted from returns.

**Internet Fund:** The Fund's performance was driven by negative returns in blockchain/cryptocurrency companies. Cryptocurrency companies fell amid concerns about the solvency of some mining companies and the security of investor funds. We expect this to be remedied as the regulatory environment for the industry develops in the coming years.

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**Global Fund:** The Fund's performance was driven by positive returns in "hard asset" companies, which we believe stand to benefit from rising price levels, primarily energy companies. Despite outperformance in many of these companies, blockchain/cryptocurrency exposure proved to be a headwind to absolute returns, though on a relative basis, the Fund outperformed the global large capitalization benchmark.

**Medical Fund:** The Fund's performance was driven by positive returns in leading global pharmaceutical companies, in addition to smaller allocations to leading biotechnology companies. Pharmaceutical and large cap biotechnology returns were strong, driving much of the annual gain, while emerging biotechnology companies lagged. As a result, the Fund performed roughly in line with the biotechnology index and outperformed the pharmaceutical index.

**Kinetics Spin-Off & Corporate Restructuring Fund:** The Fund's performance was driven by positive returns in energy royalty companies. The Fund has had minimal turnover due to a dearth of attractive new spin-offs. However, the legacy positions have continued to post strong returns, easily besting the broader large capitalization equity benchmarks.

**Multi-Disciplinary Income Fund:** The Fund's performance was driven by income generated from select high yield bonds, with limited duration profiles. However, the prices of these bonds fell with rising interest rates and widening risk-spreads. The Fund continued to hold minimal to no option exposure, due to defensive positioning.

**Alternative Income Fund:** The Fund's performance was driven by negative returns in shorter duration credit vehicles. The value of these securities declined modestly due to rising interest rates, albeit less so than higher risk and longer duration instruments.

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KINETICS MUTUAL FUNDS, INC.<br> **Investment Commentary**

We believe that the only means to achieve compounded investment returns above market benchmarks without correspondingly higher risk is to formulate a unique process and adhere to it through multiple market cycles. This stands in contrast to the conventional approach, which constantly shifts investments based on the perceived preferences of the market. The latter approach requires not only the prescience to consistently interpret the market's next predilection, but also the ability to time the shifts such that they are neither too early nor too late. Difficult as it is to do this successfully, most investors invest in this manner. Perhaps they have the hubris to believe that they have a unique ability to tactically shift investments. However, the more likely reason is that most investors are unwilling to accept underperformance over discrete periods of time. Adherence to a disciplined investment approach over an extended period of time all but guarantees periods of underperformance when other strategies are in vogue.

Our Funds endured 2010 through 2020 with reasonable returns on both an absolute and relative basis, albeit, trailing the market benchmarks in many of these years. This is understandable, and even expected, when only the most speculative growth strategies could surpass the market returns during that period. However, the trailing compounded performance from this period through the present day has more than offset the period of laggard returns. Despite the recent success, our positioning remains distinctly non-consensus compared to the broader market. We take comfort in the fact that we remain in the minority with our investment positioning but also recognize the vicissitudes in short-term variables which can impact our results.

One of the primary components of our non-consensus investment positioning is our emphasis upon hard assets. Hard assets are simply tangible, finite resources which have largely inelastic demand and limited supply growth potential. Examples include energy, precious metals, base metals, agricultural commodities, and land. Companies engaged in these industries are typically capital intensive and are highly exposed to the market cycles, and therefore, trade at low cash flow multiples. Furthermore, many of these industries experience extreme "capital cycles" whereby, capital chases high returns when the market conditions are accommodative, ultimately increasing supply such that forward returns are dismal, following which capital flees the industry. These violent cycles can substantially impair capital, particularly in highly indebted companies with poor unit economics.

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We have experienced a reasonably robust cycle of higher returns in many hard asset markets, but we believe that a much longer, steeper cycle is only just beginning. This view is largely based on the fact that i.) the preceding capital "down cycle," where capital has been withdrawn from these industries, has been particularly protracted, and ii.) capital has yet to return to these industries despite higher returns over the past year. That being said, we believe that now is not the time to be greedy, and that staying power is amongst the highest priorities when investing in cyclical industries and hard asset companies.

The current setup for this investment style reminds us of the 1888 poem "Casey at the Bat" by Ernest Thayer. In the poem, the fictional "Mudville" baseball team is losing by two runs in the last inning of the game, with their star player "Casey" up fifth in the lineup. The crowd is convinced that victory is assured if only Casey can get to bat; however, this would require two of the lowly players preceding him to get on base. Alas, after the 1st and 2nd batters fail to advance, the 3rd and 4th batters safely reach base – only for Casey to strike out.

The poem is illustrative of the hard asset capital cycle, where the investments appear to be in a dire position, but against the odds, salvation arrives—but fails to deliver. Investment funds' flows only enter hard assets once Casey has arrived at bat, which equates to high prices and low prospective returns. The only way for an investment to be successful at this point is for Casey to hit a home run: anything less will be punished by the market. The worst-case scenario is for Casey to strike out, which results in steep investor losses and capital fleeing the industry again.

We don't think that we are anywhere near a "Casey moment" yet, where capital is abundant, valuations are high, and prospective returns are low, but we still recognize the need not to strike out in these investments. In our view, the best way that we can protect against such a scenario is to recognize the volatility in these sub-industries and invest in efficient, capital light business models that are less susceptible to striking out. Tempting as it may be to try to hit a home run and embrace companies with the highest leverage to higher hard asset prices (i.e., indebted mining and energy extraction companies), we believe these businesses are far more prone to the impairment of capital. On the other hand, the capital light businesses are consistently hitting singles and doubles, slowly compounding value. This summarizes our strategy and positioning: though returns may be variable, we believe that this is a necessary part of seeking asymmetric opportunities to compound our capital base even though we are frequently at odds with the consensus.

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**<u>Disclosure</u>**

**This material is intended to be reviewed in conjunction with a current prospectus, which includes all fees and expenses that apply to a continued investment, as well as information regarding the risk factors, policies and objectives of the Funds. Read it carefully before investing.**

**Past performance is no guarantee of future performance. Mutual fund investing involves risk. Principal loss is possible. Because The Internet Fund, and The Market Opportunities Fund invest in a single industry or geographic region, their shares are subject to a higher degree of risk than funds with a higher level of diversification. Internet, biotechnology and certain capital markets or gaming stocks are subject to a rate of change in technology, obsolescence and competition that is generally higher than that of other industries, hence they may experience extreme price and volume fluctuations.**

**The Internet Fund, Market Opportunities Fund, The Paradigm Fund, The Spin-Off and Corporate Restructuring Fund, and The Global Fund may have high a concentration of their investments in single companies or in single industries or geographic regions will may result in higher volatility and a higher degree of risk than funds with a higher level of diversification.**

**International investing [for all Funds] presents special risks including currency exchange fluctuation, government regulations, and the potential for political and economic instability. Accordingly, the share prices for these Funds are expected to be more volatile than that of U.S.-only funds.**

**Because smaller companies [for The Small Cap Opportunities Fund] often have narrower markets and limited financial resources, they present more risk than larger, more well established, companies.**

**Non-investment grade debt securities [for all Funds], i.e., junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment grade securities.**

**Further, options contain special risks including the imperfect correlation between the value of the option and the value of the underlying asset. Investments [for The Multi- Disciplinary Income Fund] in futures, swaps and other derivative instruments may result in loss as derivative instruments may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses**

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**to the Fund. Purchasing and writing put and call options and, in particular, writing "uncovered" options are highly specialized activities that entail greater than ordinary investment risk.**

**As non-diversified Funds, except The Global Fund and The Multi-Disciplinary Income Fund, the value of Fund shares may fluctuate more than shares invested in a broader range of industries and companies. Unlike other investment companies that directly acquire and manage their own portfolios of securities, The Kinetics Mutual Funds, except Kinetics Spin-Off and Corporate Restructuring Fund, pursue their investment objectives by investing all of their investable assets in a corresponding portfolio series of the Kinetics Portfolios Trust.**

**The information concerning the Funds included in the shareholder report contains certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.**

**The MSCI All Country World Index, the S&P 500<sup>®</sup> Index, NASDAQ Composite<sup>®</sup>, S&P 600<sup>®</sup> Small Cap Index, MSCI EAFE<sup>®</sup> Index, Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Bond Index each represent an unmanaged, broad-basket of stocks or bonds. They are typically used as a proxy for overall market performance.**

**Distributor: Kinetics Funds Distributor LLC is not an affiliate of Kinetics Mutual Funds, Inc. Kinetics Funds Distributor LLC is an affiliate of Horizon Kinetics Asset Management LLC, Investment Adviser to Kinetics Mutual Funds, Inc.**

**For more information, log onto www.kineticsfunds.com. January 1, 2023 — Horizon Kinetics Asset Management, LLC<sup>®</sup>**

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**How a $10,000 and $1,000,000 Investment Have Grown:**

The charts show the growth of a $10,000 investment in the Feeder Funds and a $1,000,000 investment in The Kinetics Spin-Off and Restructuring Fund ("The Spin-off Fund") as compared to the performance of one or two representative market indices. The tables below the charts show the average annual total returns on an investment over various periods. Returns for periods greater than one year are average annual total returns. The annual returns assume the reinvestment of all dividends and distributions, however, the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not predictive of future performance. Current performance may be lower or higher than the returns quoted below. The performance data reflects voluntary fee waivers and expense reimbursements made by the Adviser and the returns would have been lower if these waivers and expense reimbursements were not in effect. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original costs.

It is noted that with respect to each benchmark listed below, the securities that comprise each benchmark may differ substantially from the securities the Funds' portfolios. It is not possible to invest directly in an index.

**S&P 500<sup>®</sup> Index** — is a capital-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. The S&P 500<sup>®</sup> is unmanaged and includes the reinvestment of dividends and does not reflect the payments of transaction costs and advisory fees associated with an investment in the Funds.

**NASDAQ Composite<sup>®</sup>** — is a broad-based capitalization-weighted index of all NASDAQ stocks. The NASDAQ Composite<sup>®</sup> is unmanaged and does not include the reinvestment of dividends and does not reflect the payment of transaction costs or advisory fees associated with an investment in the Funds.

**MSCI ACWI (All Country World) Index** — is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 50 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic,

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Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

**S&P 600<sup>®</sup> SmallCap Index** — measures the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

**MSCI EAFE<sup>®</sup> Index (Europe, Australasia, Far East)** — is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. As of June 2, 2014, the MSCI EAFE<sup>®</sup> Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

**Bloomberg U.S. Aggregate Bond Index** — covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes multiple types of government and corporate-issued bonds, some of which are asset-backed.

**Bloomberg U.S. Corporate High Yield Bond Index** —is composed of fixed-rate, publicly issued, non-investment grade debt.

------

**The Internet Fund**

**December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_004.gif)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Ended 12/31/2022** | **Ended 12/31/2022** | | |
| | <br>**No Load**<br>**Class** | **Advisor**<br>**Class A**<br>**(No Load)** | **Advisor**<br>**Class A**<br>**(Load Adjusted)<sup>(1)</sup>** | <br>**Advisor**<br>**Class C** | <br>**S&P 500<sup>®</sup>** | <br>**NASDAQ**<br>**Composite** |
| One Year | -24.28% | -24.47% | -28.81% | -24.87% | -18.11% | -33.10% |
| Five Years | 4.66% | 4.40% | 3.17% | 3.87% | 9.42% | 8.68% |
| Ten Years | 10.70% | 10.42% | 9.77% | 9.88% | 12.56% | 13.24% |
| Twenty Years | 10.80% | 10.56% | N/A | N/A | 9.80% | 10.84% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |  |  |  |
| &nbsp;&nbsp;(10/21/96) | 13.24% | N/A | N/A | N/A | 8.66% | 8.50% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor |  |  |  |  |  |  |
| &nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;(4/26/01) | N/A | 7.92% | 7.62% | N/A | 7.44% | 7.85% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor |  |  |  |  |  |  |
| &nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;(2/16/07) | N/A | N/A | N/A | 8.88% | 8.47% | 9.45% |

---

*<sup>(1)</sup> Reflects front-end sales charge of 5.75%.*

*Returns for periods greater than one year are average annual total returns.*

------

**The Global Fund**

**December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_005.gif)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Ended 12/31/2022** | **Ended 12/31/2022** | | |
| | <br>**No Load**<br>**Class** | **Advisor**<br>**Class A**<br>**(No Load)** | **Advisor**<br>**Class A**<br>**(Load Adjusted)<sup>(1)</sup>** | <br>**Advisor**<br>**Class C** | <br>**S&P 500<sup>®</sup>** | <br>**MSCI**<br>**ACWI** |
| One Year | -6.46% | -6.79% | -12.17% | -7.21% | -18.11% | -18.36% |
| Five Years | 4.80% | 4.52% | 3.28% | 4.00% | 9.42% | 5.23% |
| Ten Years | 7.73% | 7.59% | 6.94% | 6.94% | 12.56% | 7.98% |
| Twenty Years | 7.05% | N/A | N/A | N/A | 9.80% | 8.04% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |  |  |  |
| &nbsp;&nbsp;(12/31/99) | 1.03% | N/A | N/A | N/A | 6.27% | 4.45% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor |  |  |  |  |  |  |
| &nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;(5/19/08) | N/A | 5.82% | 5.39% | N/A | 9.20% | 5.01% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor |  |  |  |  |  |  |
| &nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;(5/19/08) | N/A | N/A | N/A | 5.17% | 9.20% | 5.01% |

---

*<sup>(1)</sup> Reflects front-end sales charge of 5.75%.*

*Returns for periods greater than one year are average annual total returns.*

------

**The Paradigm Fund**

**December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_006.gif)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Ended 12/31/2022** | **Ended 12/31/2022** | | | |
| | <br>**No Load**<br>**Class** | **Advisor**<br>**Class A**<br>**(No Load)** | **Advisor**<br>**Class A**<br>**(Load Adjusted)<sup>(1)</sup>** | <br>**Advisor**<br>**Class C** | <br>**Institutional**<br>**Class** | <br>**S&P 500<sup>®</sup>** | <br>**MSCI**<br>**ACWI** |
| One Year | 29.17% | 28.86% | 21.45% | 28.22% | 29.43% | -18.11% | -18.36% |
| Five Years | 17.84% | 17.55% | 16.16% | 16.96% | 18.08% | 9.42% | 5.23% |
| Ten Years | 16.50% | 16.21% | 15.52% | 15.63% | 16.74% | 12.56% | 7.98% |
| Twenty Years | 13.22% | 12.92% | 12.59% | 12.35% | N/A | 9.80% | 8.04% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(12/31/99) | 11.46% | N/A | N/A | N/A | N/A | 6.27% | 4.45% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(4/26/01) | N/A | 11.68% | 11.38% | N/A | N/A | 7.44% | 5.83% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(6/28/02) | N/A | N/A | N/A | 11.72% | N/A | 8.96% | 7.17% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Institutional |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(5/27/05) | N/A | N/A | N/A | N/A | 11.41% | 9.01% | 6.57% |

---

*<sup>(1)</sup> Reflects front-end sales charge of 5.75%.*

*Returns for periods greater than one year are average annual total returns.*

------

**The Medical Fund**

**December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_007.gif)

---

| | | | |
|:---|:---|:---|:---|
|  | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** |
| | **No Load**<br>**Class<sup>(1)</sup>** | <br>**S&P 500<sup>®</sup>** | **NASDAQ**<br>**Composite** |
| One Year | 4.21% | -18.11% | -33.10% |
| Five Years | 8.19% | 9.42% | 8.68% |
| Ten Years | 10.83% | 12.56% | 13.24% |
| Twenty Years | 9.12% | 9.80% | 10.84% |
| Since Inception |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |
| &nbsp;&nbsp;(9/30/99) | 8.96% | 6.83% | 5.92% |

---

*<sup>(1)</sup> Effective as of the close of business on November 18, 2022, Advisor Class A and Advisor Class C shares in The Medical Fund were converted into No Load Class shares.*

*Returns for periods greater than one year are average annual total returns.*

------

**The Small Cap Opportunities Fund**

**December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_008.gif)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** |
| | <br>**No Load** <br>**Class** | <br>**Advisor**<br>**Class A**<br>**(No Load)** | **Advisor**<br>**Class A**<br>**(Load**<br>**Adjusted)<sup>(1)</sup>** | <br>**Advisor**<br>**Class C** | <br>**Institutional**<br>**Class** | <br>**S&P 500<sup>®</sup>** | <br>**S&P 600<sup>®</sup>** |
| One Year | 31.96% | 31.64% | 24.07% | 30.98% | 32.22% | -18.11% | -16.10% |
| Five Years | 20.93% | 20.61% | 19.19% | 20.01% | 21.15% | 9.42% | 5.88% |
| Ten Years | 18.07% | 17.77% | 17.07% | 17.18% | 18.30% | 12.56% | 10.82% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(3/20/00) | 12.58% | N/A | N/A | N/A | N/A | 6.35% | 9.02% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(12/31/01) | N/A | 11.45% | 11.14% | N/A | N/A | 8.02% | 9.28% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(2/16/07) | N/A | N/A | N/A | 9.67% | N/A | 8.47% | 8.07% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Institutional |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(8/12/05) | N/A | N/A | N/A | N/A | 11.99% | 8.93% | 8.59% |

---

*<sup>(1)</sup> Reflects front-end sales charge of 5.75%.*

*Returns for periods greater than one year are average total returns.*

------

**The Market Opportunities Fund**

**December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_009.gif)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** | **Ended 12/31/2022** |
| | <br>**No Load**<br>**Class** | <br>**Advisor**<br>**Class A**<br>**(No Load)** | **Advisor**<br>**Class A**<br>**(Load**<br> **Adjusted)<sup>(1)</sup>** | <br>**Advisor**<br>**Class C** | <br>**Institutional**<br>**Class** | <br>**S&P 500<sup>®</sup>** | <br>**MSCI EAFE<sup>®</sup>** |
| One Year | 14.98% | 14.69% | 8.10% | 14.12% | 15.21% | -18.11% | -14.45% |
| Five Years | 14.01% | 13.72% | 12.38% | 13.16% | 14.23% | 9.42% | 1.54% |
| Ten Years | 15.71% | 15.43% | 14.74% | 14.84% | 15.96% | 12.56% | 4.67% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(1/31/06) | 10.84% | N/A | N/A | N/A | N/A | 8.88% | 3.30% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(1/31/06) | N/A | 10.56% | 10.18% | N/A | N/A | 8.88% | 3.30% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(2/16/07) | N/A | N/A | N/A | 8.93% | N/A | 8.47% | 2.12% |
| Since Inception |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Institutional |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(5/19/08) | N/A | N/A | N/A | N/A | 10.45% | 9.20% | 1.89% |

---

*<sup>(1)</sup> Reflects front-end sales charge of 5.75%.*

*Returns for periods greater than one year are average total returns.*

------

**The Alternative Income Fund**

**December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart Description automatically generated](image_010.gif)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Ended 12/31/2022** | |
| | **No Load**<br>**Class<sup>(1)</sup>** | **Bloomberg U.S.**<br>**1-3 Year Credit** | **Bloomberg U.S.**<br>**Aggregate Bond** |
| One Year | -4.07% | -3.40% | -13.01% |
| Five Years | 0.02% | 1.31% | 0.02% |
| Ten Years | 1.59% | 1.37% | 1.06% |
| Since Inception |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |
| &nbsp;&nbsp;(6/29/07) | 0.28% | 2.47% | 2.95% |

---

*<sup>(1)</sup> Effective as of the close of business on November 18, 2022, Advisor Class A, Advisor Class C and Institutional Class shares in The Alternative Income Fund were converted into No Load Class shares.*

*Returns for periods greater than one year are average total returns.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Multi-Disciplinary Income Fund<br> December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_011.gif)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Ended 12/31/2022** | |
| | <br>**No Load**<br>**Class<sup>(1)</sup>** | **Bloomberg**<br>**U.S. Aggregate**<br>**Bond Index** | **Bloomberg**<br>**U.S. Corporate**<br>**High Yield Bond** |
| One Year | -2.30% | -13.01% | -11.19% |
| Five Years | 1.03% | 0.02% | 2.31% |
| Since Inception |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |
| &nbsp;&nbsp;(2/11/08) | 3.55% | 2.57% | 6.32% |

---

*<sup>(1)</sup> Effective as of the close of business on November 18, 2022, Advisor Class A, Advisor Class C and Institutional Class shares in The Multi-Disciplinary Income Fund were converted into No Load Class shares.*

*Returns for periods greater than one year are average total returns.*

------

**The Kinetics Spin-off and Corporate Restructuring Fund <br> December 31, 2012 — December 31, 2022 (Unaudited)**

![Chart, line chart Description automatically generated](image_012.gif)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Ended 12/31/2022** | **Ended 12/31/2022** | | |
| | <br>**No Load**<br>**Class** | **Advisor**<br>**Class A**<br>**(No Load)** | **Advisor**<br>**Class A**<br>**(Load Adjusted)<sup>(1)</sup>** | <br>**Advisor**<br>**Class C** | <br>**Institutional**<br>**Class** | <br>**S&P 500<sup>®</sup>** |
| One Year | 39.43% | 39.45% | 31.40% | 38.36% | 39.82% | -18.11% |
| Five Years | 20.42% | 20.32% | 18.91% | 19.43% | 20.64% | 9.42% |
| Ten Years | N/A | 14.63% | 13.96% | 13.80% | 14.91% | 12.56% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;No Load Class |  |  |  |  |  |  |
| &nbsp;&nbsp;(12/11/17) | 20.89% | N/A | N/A | N/A | N/A | 9.45% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor |  |  |  |  |  |  |
| &nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;(5/4/07) | N/A | 7.40% | 6.99% | N/A | N/A | 8.33% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;Advisor |  |  |  |  |  |  |
| &nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;(5/24/07) | N/A | N/A | N/A | 6.68% | N/A | 8.35% |
| Since Inception |  |  |  |  |  |  |
| &nbsp;&nbsp;Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;Class |  |  |  |  |  |  |
| &nbsp;&nbsp;(7/11/07) | N/A | N/A | N/A | N/A | 7.20% | 8.35% |

---

*<sup>(1)</sup> Reflects front-end sales charge of 5.75%.*

*\* Reflects the growth of a $1,000,000 investment.*

*Returns for periods greater than one year are average annual total returns.*

------

KINETICS MUTUAL FUNDS, INC. — THE FUNDS

**Expense Example**

December 31, 2022

Shareholders incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvestments of dividends or other distributions made by a Fund, redemption fees, and exchange fees, and (2), ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help investors understand the ongoing costs (in dollars) of investing in a series of Kinetics Mutual Funds, Inc. (except the Spin-off Fund, each a "Feeder Fund" and including the Spin-off Fund, collectively the "Funds"), and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested on July 1, 2022 and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

The Actual Expenses comparison provides information about actual account values and actual expenses. Unlike other mutual funds that directly acquire and manage their own portfolio securities, each Feeder Fund invests all or generally all of its investable assets in a corresponding series of The Kinetics Portfolios Trust (each, a "Master Portfolio", and together the "Master Portfolios"), a separately registered investment company. The Master Portfolio, in turn, invests in securities. With this type of organization, expenses can accrue specifically to the Master Portfolio or the Feeder Fund or both. Each Feeder Fund records its proportionate share of the Master Portfolio's expenses, including directed brokerage credits, on a daily basis. Any expense reductions include Fund-specific expenses as well as the expenses allocated from the Master Portfolio. Note, the Spin-off Fund is not a Feeder Fund.

The Funds will charge shareholder fees for outgoing wire transfers, returned checks, and exchanges executed by telephone between a Fund and any other Fund. The Funds' transfer agent charges a $5.00 transaction fee to shareholder accounts for telephone exchanges between any two Funds. The Funds' transfer agent does not charge a transaction fee for written exchange requests. IRA accounts are assessed a $15.00 annual fee. Finally, as a disincentive to market-timing transactions, the Funds will assess a 2.00% fee on the redemption or exchange of Fund shares held for less than 30 days. These fees will be paid to the Funds to help offset transaction costs. The Funds reserve the right to waive the redemption fee, subject to their sole discretion, in instances deemed not to be disadvantageous to the Funds or shareholders as described in the Funds' prospectus.

------

KINETICS MUTUAL FUNDS, INC. — THE FUNDS

**Expense Example —** ***(Continued)***

December 31, 2022

A shareholder may use the information provided in the first line, together with the amounts invested, to estimate the expenses paid over the period. A shareholder may divide his/her account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses paid on his/her account during this period.

**Hypothetical Example for Comparison Purposes**

The Hypothetical Example for Comparison Purposes provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. A shareholder may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, a shareholder would compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The expenses shown in the table are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the Hypothetical Example for Comparison Purposes is useful in comparing ongoing costs only, and will not help determine the relative total costs of owning different funds. In addition, if these transactional costs were included, shareholders costs would have been higher.

------

KINETICS MUTUAL FUNDS, INC. — THE FUNDS

**Expense Example —** ***(Continued)***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Beginning**<br>**Account**<br>**Value**<br>**(7/1/22)** | <br>**Ending**<br>**Account**<br>**Value**<br>**(12/31/22)** | <br>**Annualized**<br>**Expense**<br>**Ratio** | **Expenses Paid**<br>**During**<br>**Period\***<br>**(7/1/22 to**<br>**12/31/22)** |
| **The Internet Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual | $1000.00 | $1061.10 | 1.77% | $9.20 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) | $1000.00 | $1016.28 | 1.77% | $9.00 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Actual | $1000.00 | $1059.60 | 2.02% | $10.49 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) | $1000.00 | $1015.02 | 2.02% | $10.26 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Actual | $1000.00 | $1056.90 | 2.52% | $13.06 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) | $1000.00 | $1012.50 | 2.52% | $12.78 |
| **The Global Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1081.50 | 1.39% | $7.29 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1018.20 | 1.39% | $7.07 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1079.30 | 1.64% | $8.60 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1016.94 | 1.64% | $8.34 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1076.20 | 2.14% | $11.20 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1014.42 | 2.14% | $10.87 |
| **The Paradigm Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1325.00 | 1.64% | $9.61 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1016.94 | 1.64% | $8.34 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1323.40 | 1.89% | $11.07 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1015.68 | 1.89% | $9.60 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1320.20 | 2.39% | $13.98 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1013.16 | 2.39% | $12.13 |
| &nbsp;&nbsp;&nbsp;Institutional Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1326.40 | 1.44% | $8.44 |
| &nbsp;&nbsp;&nbsp;Institutional Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1017.95 | 1.44% | $7.32 |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FUNDS

**Expense Example —** ***(Continued)***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Beginning**<br>**Account**<br>**Value**<br>**(7/1/22)** | <br>**Ending**<br>**Account**<br>**Value**<br>**(12/31/22)** | <br>**Annualized**<br>**Expense**<br>**Ratio** | **Expenses Paid**<br>**During**<br>**Period\***<br>**(7/1/22 to**<br>**12/31/22)** |
| **The Medical Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1052.30 | 1.36% | $7.19 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1018.20 | 1.36% | $7.07 |
| **The Small Cap Opportunities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1298.30 | 1.64% | $9.50 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1016.94 | 1.64% | $8.34 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1296.60 | 1.89% | $10.94 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1015.68 | 1.89% | $9.60 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1293.30 | 2.39% | $13.82 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1013.16 | 2.39% | $12.13 |
| &nbsp;&nbsp;&nbsp;Institutional Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1299.50 | 1.44% | $8.35 |
| &nbsp;&nbsp;&nbsp;Institutional Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1017.95 | 1.44% | $7.32 |
| **The Market Opportunities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1252.40 | 1.40% | $7.95 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1018.15 | 1.40% | $7.12 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1251.00 | 1.65% | $9.36 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1016.89 | 1.65% | $8.39 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1247.80 | 2.15% | $12.18 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1014.37 | 2.15% | $10.92 |
| &nbsp;&nbsp;&nbsp;Institutional Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1253.90 | 1.20% | $6.82 |
| &nbsp;&nbsp;&nbsp;Institutional Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1019.16 | 1.20% | $6.11 |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FUNDS

**Expense Example —** ***(Continued)***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Beginning**<br>**Account**<br>**Value**<br>**(7/1/22)** | <br>**Ending**<br>**Account**<br>**Value**<br>**(12/31/22)** | <br>**Annualized**<br>**Expense**<br>**Ratio** | **Expenses Paid**<br>&nbsp;&nbsp;&nbsp;&nbsp;**During**<br>**Period\***<br>**(7/1/22 to**<br>**12/31/22)** |
| **The Alternative Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $999.10 | 0.87% | $4.79 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1020.42 | 0.87% | $4.84 |
| **The Multi-Disciplinary Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1003.40 | 1.29% | $7.52 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1017.69 | 1.29% | $7.58 |
| **The Kinetics Spin-off and Corporate Restructuring Fund** | **The Kinetics Spin-off and Corporate Restructuring Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;No Load Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1361.70 | 145.00% | $8.63 |
| &nbsp;&nbsp;&nbsp;No Load Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1017.90 | 145.00% | $7.37 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1362.50 | 150.00% | $8.93 |
| &nbsp;&nbsp;&nbsp;Advisor Class A Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1017.64 | 150.00% | $7.63 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1356.40 | 225.00% | $13.36 |
| &nbsp;&nbsp;&nbsp;Advisor Class C Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1013.86 | 225.00% | $11.42 |
| &nbsp;&nbsp;&nbsp;Institutional Class Actual – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1364.10 | 125.00% | $7.45 |
| &nbsp;&nbsp;&nbsp;Institutional Class Hypothetical (5% return |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before expenses) – after expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reimbursement | $1000.00 | $1018.90 | 125.00% | $6.36 |

---

*Note: Each Feeder Fund records its proportionate share of the respective Master Portfolio's expenses on a daily basis. Any expense reductions include Feeder Fund-specific expenses as well as the expenses allocated for the Master Portfolio.*

*\* Expenses are equal to the Feeder Fund's annualized expense ratio after expense reimbursement multiplied by the average account value over the period, multiplied by 184/365.*

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

**Allocation of Portfolio Assets**

December 31, 2022

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

![A picture containing chart Description automatically generated](image_013.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Mining, Quarrying, and Oil and Gas Extraction | $22488198 | 64.1% |
| Manufacturing | 1602560 | 4.6% |
| Management of Companies and Enterprises | 1573428 | 4.5% |
| Real Estate | 1145665 | 3.3% |
| Accommodation and Food Services | 1063620 | 3.0% |
| Finance and Insurance | 950066 | 2.7% |
| Educational Services | 604210 | 1.7% |
| Real Estate and Rental and Leasing | 499496 | 1.4% |
| Arts, Entertainment, and Recreation | 243594 | 0.7% |
| Information | 127010 | 0.4% |
| Retail Trade | 82131 | 0.2% |
| Professional, Scientific, and Technical Services | 1870 | 0.0% |
| Wholesale Trade | 1448 | 0.0% |
| *\*Excludes Short-Term Investments* |  |  |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FUND<br> **The Kinetics Spin-off and Corporate**<br> **Restructuring Fund**<br> Schedule of Investments — December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 85.74%** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Accommodation — 3.03%** |  |  |
| Civeo Corp. — ADR\* | 34200 | $1063620 |
| **Beverage and Tobacco Product Manufacturing — 0.16%** |  |  |
| Crimson Wine Group Limited\* | 10000 | 56100 |
| **Broadcasting (except Internet) — 0.30%** |  |  |
| The E.W. Scripps Company — Class A\* | 8000 | 105520 |
| **Chemical Manufacturing — 0.30%** |  |  |
| Prestige Consumer Healthcare, Inc.\* | 797 | 49892 |
| Rayonier Advanced Materials, Inc.\* | 5800 | 55680 |
|  |  | 105572 |
| **Data Processing, Hosting and Related Services — 0.00%** |  |  |
| Rumble, Inc.\* | 200 | 1190 |
| **Diversified Real Estate Activities — 0.55%** |  |  |
| PrairieSky Royalty Limited\* | 12100 | 193922 |
| **E-Commerce — 0.01%** |  |  |
| eBay, Inc. | 100 | 4147 |
| **Educational Services — 1.72%** |  |  |
| Graham Holdings Company — Class B | 1000 | 604210 |
| **Fabricated Metal Product Manufacturing — 0.40%** |  |  |
| Masco Corporation | 3000 | 140010 |
| **Funds, Trusts, and Other Financial Vehicles — 0.03%** |  |  |
| Mesabi Trust | 550 | 9911 |
| **Machinery Manufacturing — 0.07%** |  |  |
| The Manitowoc Company, Inc.\* | 2800 | 25648 |
| **Management of Companies and Enterprises — 4.48%** |  |  |
| A.P. Moeller-Maersk A/S — Class B — ADR — ADR | 8000 | 89760 |
| Associated Capital Group, Inc. — Class A | 34300 | 1440257 |
| Dundee Corporation — Class A\* | 28000 | 29120 |
| Galaxy Digital Holdings Ltd.\* | 5000 | 14291 |
|  |  | 1573428 |
| **Miscellaneous Manufacturing — 3.63%** |  |  |
| CSW Industrials, Inc. | 11000 | 1275230 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

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

Schedule of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Oil and Gas Extraction — 64.07%** |  |  |
| Texas Pacific Land Corp. *<sup>c</sup>* | 9593 | $22488198 |
| **Other Financial Investment Activities — 1.80%** |  |  |
| GAMCO Investors, Inc. — Class A | 41354 | 630235 |
| Morgan Group Holding Co.\**<sup>f</sup>* | 724 | 1448 |
|  |  | 631683 |
| **Other Investment Pools and Funds — 0.06%** |  |  |
| Urbana Corporation\* | 4834 | 15209 |
| Urbana Corporation — Class A\* | 1400 | 4012 |
|  |  | 19221 |
| **Publishing Industries (except Internet) — 0.06%** |  |  |
| Gannett Co., Inc.\* | 10000 | 20300 |
| **Real Estate — 4.14%** |  |  |
| DREAM Unlimited Corp.\**<sup>f</sup>* | 61000 | 1145664 |
| The Howard Hughes Corporation\* | 3900 | 298038 |
| Tejon Ranch Co.\* | 400 | 7536 |
|  |  | 1451238 |
| **Scientific Research and Development Services — 0.01%** |  |  |
| Rafael Holdings, Inc. — Class B\* | 1000 | 1870 |
| **Spectator Sports — 0.70%** |  |  |
| Liberty Media Corp.-Liberty Braves — Class C\* | 1590 | 51246 |
| Liberty Media Corp.-Liberty Formula One — Class A\* | 3600 | 192348 |
|  |  | 243594 |
| **Sporting Goods, Hobby, Musical Instrument, and Book Stores — 0.22%** |  |  |
| Vista Outdoor, Inc.\* | 3200 | 77984 |
| TOTAL COMMON STOCKS |  |  |
| (cost $7,207,547) |  | 30092596 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

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

Schedule of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **CLOSED END FUNDS — 0.83%** | **Shares** | **Value** |
| **Funds, Trusts, and Other Financial Vehicles — 0.83%** |  |  |
| Capital Southwest Corporation | &nbsp;&nbsp;&nbsp;17000 | $290700 |
| TOTAL CLOSED-END FUNDS |  |  |
| (cost $283,909) |  | 290700 |
| **TOTAL INVESTMENTS — 86.57%** |  |  |
| **(cost $7,491,456)** |  | **$30383296** |

---

*Percentages are stated as a percent of net assets.*

*\* — Non-income producing security.*

*<sup>c</sup> — Significant Investment — Greater than 5% of net assets.*

*<sup>f</sup> — Level 2 Investment.*

*<sup>g</sup> — Illiquid.*

*ADR —American Depository Receipt.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Assets & Liabilities**

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Internet**<br>**Fund** | **The Global**<br>**Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in the Master Portfolio, at value\* | $148005671 | $28464697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser |  | 18480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Master Portfolio interest sold | 88866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 40730 | 29132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 23488 | 18415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 148158755 | 28530724 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Master Portfolio interest purchased |  | 19709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Directors | 3391 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer | 306 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 129564 | 9423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder servicing fees | 32444 | 6057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | 9073 | 14461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund distribution payable | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 38946 | 15012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 213756 | 65285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $147944999 | $28465439 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $95873634 | $21538741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 52071365 | 6926698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $147944999 | $28465439 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $144396543 | $21051772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3171675 | 2448661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $45.53 | $8.60 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS A:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $2301654 | $840067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 55722 | 98228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (redemption price) | $41.31 | $8.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share ($41.31 divided by .9425 and $8.55 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;divided by .9425) | $43.83 | $9.07 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS C:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $1246802 | $6573600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 36591 | 832892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $34.07 | $7.89 |

---

*\** *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.*

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Assets & Liabilities —** ***(Continued)***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Paradigm**<br>**Fund** | **The Medical**<br>**Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in the Master Portfolio, at value\* | $1078339974 | $19259029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser |  | 16021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 1416595 | 67498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 45370 | 22257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 1079801939 | 19364805 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Master Portfolio interest purchased | 771957 | 19064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 30722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Directors | 20528 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer | 1161 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 644637 | 48434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder servicing fees | 188410 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | 185939 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund distribution payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 136128 | 12753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1979482 | 85280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $1077822457 | $19279525 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $299873556 | $9835334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 777948901 | 9444191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $1077822457 | $19279525 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $517267513 | $19279525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 5567242 | 611165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $92.91 | $31.55 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS A:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $188033000 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2115123 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (redemption price) | $88.90 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share ($88.90 divided by .9425) | $94.32 | N/A |
| **CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS C:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $84135169 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1044398 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $80.56 | N/A |
| **CALCULATION OF NET ASSET VALUE PER SHARE – INSTITUTIONAL CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $288386775 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3071650 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $93.89 | 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.*

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Assets & Liabilities —** ***(Continued)***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Small Cap**<br>**Opportunities**<br>**Fund** | **The Market**<br>**Opportunities**<br>**Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in the Master Portfolio, at value\* | $459336959 | $140182979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | 10481 | 41233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 1718777 | 361939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 35928 | 30290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 461102145 | 140616441 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Master Portfolio interest purchased | 1499205 | 250942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Directors | 7615 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer | 348 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 219572 | 110996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder servicing fees | 82153 | 27138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | 28556 | 23513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 55408 | 29762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1892857 | 445407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $459209288 | $140171034 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $227030297 | $57296775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 232178991 | 82874259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $459209288 | $140171034 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $327092582 | $96189970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2509351 | 2111514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $130.35 | $45.55 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS A:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $23920029 | $9794096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 190794 | 218548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (redemption price) | $125.37 | $44.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share ($125.37 divided by .9425 and $44.81 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;divided by .9425) | $133.02 | $47.54 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS C:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $12233926 | $12610234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 103552 | 296630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $118.14 | $42.51 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – INSTITUTIONAL CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $95962751 | $21576734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 719774 | 466151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $133.32 | $46.29 |

---

*\** *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.*

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Assets & Liabilities —** ***(Continued)***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | <br>**The Alternative**<br>**Income**<br>**Fund** | **The Multi-**<br>**Disciplinary**<br>**Income**<br>**Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in the Master Portfolio, at value\* | $7363783 | $16319670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | 15525 | 19778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Master Portfolio interest sold |  | 70532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 22785 | 15116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 7402093 | 16426096 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Master Portfolio interest purchased | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Directors | 164 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer | 8 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased |  | 71532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder servicing fees | 1691 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | 3753 | 11984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 12405 | 13557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 18022 | 101016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $7384071 | $16325080 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $7690490 | $21695255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | (306419) | (5370175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $7384071 | $16325080 |
| **CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $7384071 | $16325080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 78631 | 1642176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $93.91 | $9.94 |

---

*\** *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.*

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

**Statements of Assets & Liabilities —** ***(Continued)***

December 31, 2022

---

| | |
|:---|:---|
| | **The Kinetics**<br>**Spin-off and**<br>**Corporate**<br>**Restructuring**<br>**Fund** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value<sup>(1)</sup> | $30383296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 4777749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 84648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 22129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 18095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 23350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 35309267 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 21502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Directors | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Chief Compliance Officer | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased | 108521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 35362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder servicing fees | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | 9216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 31959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 211930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $35097337 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Cost of investments | $7491456 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $10579530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 24517807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $35097337 |
| **CALCULATION OF NET ASSET VALUE PER SHARE - NO LOAD CLASS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $148781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 5650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $26.33 |
| **CALCULATION OF NET ASSET VALUE PER SHARE - ADVISOR CLASS A:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $10648579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 425174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (redemption price) | $25.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share ($25.05 divided by .9425) | $26.58 |
| **CALCULATION OF NET ASSET VALUE PER SHARE - ADVISOR CLASS C:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $842281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 36603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $23.01 |
| **CALCULATION OF NET ASSET VALUE PER SHARE - INSTITUTIONAL CLASS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $23457696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 929171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share (offering price and redemption price) | $25.25 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Operations**

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Internet**<br>**Fund** | **The Global**<br>**Fund** |
| **INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<sup>†</sup> | $1142805 | $217368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 776072 | 217748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending | 71623 | 18420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses allocated from Master Portfolio | (2294628) | (402984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) from Master Portfolio | (304128) | 50552 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class A (See Note 3) | 7300 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class C (See Note 3) | 11177 | 51064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class A (See Note 3) | 7300 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class C (See Note 3) | 3726 | 17021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – No Load Class (See Note 3) | 412508 | 50534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 79904 | 19600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 25213 | 3942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 48187 | 10853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 31602 | 12863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 14448 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3108 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 66195 | 48536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 6417 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 8015 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 725100 | 222495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense reimbursement |  | (188097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 725100 | 34398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) from Master Portfolio | (1029228) | 16154 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 247097 | 565563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | (51267951) | (2587071) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on investments | (51020854) | (2021508) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(52050082) | $(2005354) |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>†</sup> Net of foreign taxes withheld of: | $14291 | $29700 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Operations —** ***(Continued)***

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Paradigm**<br>**Fund** | **The Medical**<br>**Fund** |
| **INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<sup>†</sup> | $11732806 | $406522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1349354 | 3139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending | 25509 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses allocated from Master Portfolio | (11791684) | (262456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income from Master Portfolio | 1315985 | 147680 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class A (See Note 3) | 408663 | 4527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class C (See Note 3) | 558666 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class A (See Note 3) | 408663 | 4527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class C (See Note 3) | 186222 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – No Load Class (See Note 3) | 995628 | 40399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Institutional Class (See Note 3) | 500590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 174672 | 18083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 48485 | 3269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 219357 | 6520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 128700 | 11481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 70429 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 14164 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 73281 | 47037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 30398 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 32148 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3850066 | 139271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense waiver for Institutional Class shareholder servicing fees | (375442) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense reimbursement | (261851) | (146788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3212773 | (7517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) from Master Portfolio | (1896788) | 155197 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 22615251 | 267028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 214553758 | 313715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on investments | 237169009 | 580743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $235272221 | $735940 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>†</sup> Net of foreign taxes withheld of: | $163547 | $16802 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Operations —** ***(Continued)***

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Small Cap**<br>**Opportunities** <br>**Fund** | **The Market**<br>**Opportunities**<br>**Fund** |
| **INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<sup>†</sup> | $4247045 | $1543126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1055741 | 497068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending | 20195 | 27451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses allocated from Master Portfolio | (4164223) | (1776956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income from Master Portfolio | 1158758 | 290689 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class A (See Note 3) | 45922 | 22015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class C (See Note 3) | 76048 | 85585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class A (See Note 3) | 45922 | 22015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class C (See Note 3) | 25349 | 28529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – No Load Class (See Note 3) | 558609 | 218471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Institutional Class (See Note 3) | 120446 | 47175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 67553 | 41259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 19927 | 9977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 75537 | 36633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 51782 | 24989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 24124 | 10640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 4797 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 65571 | 62549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 10480 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 9967 | 5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1202034 | 621778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense waiver for Institutional Class shareholder servicing fees | (90334) | (35381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense reimbursement | (154733) | (466220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 956967 | 120177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | 201791 | 170512 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 6951276 | 1910559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 78345476 | 16234351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on investments | 85296752 | 18144910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $85498543 | $18315422 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>†</sup> Net of foreign taxes withheld of: | $153105 | $49431 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Operations —** ***(Continued)***

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | <br>**The Alternative**<br>**Income**<br>**Fund** | **The Multi-**<br>**Disciplinary**<br>**Income**<br>**Fund** |
| **INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $109130 | $265803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 37200 | 394458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses allocated from Master Portfolio | (98059) | (275520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income from Master Portfolio | 48271 | 384741 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class A (See Note 3) | 1546 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class C (See Note 3) | 4483 | 18384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class A (See Note 3) | 1546 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class C (See Note 3) | 1494 | 6128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – No Load Class (See Note 3) | 7919 | 9897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Institutional Class (See Note 3) | 6803 | 22340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 21229 | 23152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 2572 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 3828 | 6744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 11043 | 11866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 623 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 119 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 57402 | 58120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 271 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 360 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 121238 | 168153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense waiver for Institutional Class shareholder servicing fees | (5102) | (16755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense reimbursement | (141007) | (151419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | (24871) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 73142 | 384762 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ALLOCATED FROM MASTER PORTFOLIOS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 5013 | (2246927) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long term realized gain distributions received from other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment companies | 410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | (401371) | 1400871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on investments | (395948) | (846056) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(322806) | $(461294) |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

**Statements of Operations —** ***(Continued)***

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
| | **The Kinetics**<br>**Spin-off and**<br>**Corporate**<br>**Restructuring**<br>**Fund** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<sup>†</sup> | $450707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 49292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 499999 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class A (See Note 3) | 18559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees – Advisor Class C (See Note 3) | 6470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class A (See Note 3) | 18558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Advisor Class C (See Note 3) | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – No Load Class (See Note 3) | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees – Institutional Class (See Note 3) | 38567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 24267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 22697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 21883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 61513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 277034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees and expenses | 7157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 510446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense waiver for Institutional Class shareholder servicing fees | (28925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less, expense reimbursement | (107775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 373746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 126253 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 3182087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 6283730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on investments | 9465817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $9592070 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>†</sup> Net of foreign taxes withheld of: | $14664 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Fund** | **The Internet Fund** | **The Global Fund** | **The Global Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(1029228) | $(3111300) | $16154 | $(304899) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency | 247097 | 1373275 | 565563 | 436103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) of investments and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency | (51267951) | 17498415 | (2587071) | 2328014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations | (52050082) | 15760390 | (2005354) | 2459218 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;No Load Class (See Note 5) | (1207973) | (1978383) | (306161) | (656975) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class A (See Note 5) | (21151) | (52048) | (12291) | (15725) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class C (See Note 5) | (13872) | (21037) | (104220) | (181634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (1242996) | (2051468) | (422672) | (854334) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5080488 | 136313042 | 6422667 | 13439053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 18359 | 182351 | 366 | 10095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 1177902 | 1911515 | 296392 | 632061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (36392338) | (94996217) | (3064882) | (9676171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (30115589) | 43410691 | 3654543 | 4405038 |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 151861 | 4286195 | 331052 | 110119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 409 | 3089 | 12 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 20034 | 49698 | 11941 | 15075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2390106) | (1619377) | (51346) | (182184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (2217802) | 2719605 | 291659 | (56675) |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Fund** | **The Internet Fund** | **The Global Fund** | **The Global Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | $61970 | $978354 | $166949 | $1083086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 162 | 1537 | 136 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 12935 | 20825 | 86990 | 155785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (244098) | (896939) | (468624) | (494660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (169031) | 103777 | (214549) | 748100 |
| **TOTAL INCREASE (DECREASE)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**IN NET ASSETS:** | (85795500) | 59942995 | 1303627 | 6701347 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 233740499 | 173797504 | 27161812 | 20460465 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $147944999 | $233740499 | $28465439 | $27161812 |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 99119 | 2003836 | 722160 | 1307096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 26031 | 31183 | 34666 | 67312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (684124) | (1499540) | (357454) | (1000011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | (558974) | 535479 | 399372 | 374397 |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3147 | 69489 | 38765 | 10767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 488 | 891 | 1403 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (49711) | (27734) | (5834) | (18254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | (46076) | 42646 | 34334 | (5878) |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1472 | 20189 | 19959 | 116394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 382 | 449 | 11081 | 17907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6545) | (17872) | (58750) | (53768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | (4691) | 2766 | (27710) | 80533 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Medical Fund** | **The Medical Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(1896788) | $(8332468) | $155197 | $149195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and foreign currency | 22615251 | 21047088 | 267028 | 251206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) of investments and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency | 214553758 | 225330711 | 313715 | 1396568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations | 235272221 | 238045331 | 735940 | 1796969 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;No Load Class (See Note 5) | (10193493) | (6074958) | (316610) | (172448) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class A (See Note 5) | (3852589) | (2668869) |  | (19378) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class C (See Note 5) | (1894254) | (1344113) |  | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (See Note 5) | (6040846) | (4236142) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (21981182) | (14324082) | (316610) | (191917) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 100409520 | 86425619 | 3520626 | 573519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 25054 | 43837 | 13 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 9208256 | 5882956 | 309042 | 169249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (55513123) | (92148122) | (1077655) | (1427235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 54129707 | 204290 | 2752026 | (681965) |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Medical Fund** | **The Medical Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | $6530604 | $52017739 | $12801 | $108238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 9922 | 16632 | 2 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 3314774 | 2288439 |  | 18657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (16577623) | (22889875) | (2272668) | (179534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (6722323) | 31432935 | (2259865) | (52301) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 875965 | 2500097 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 4482 | 9648 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 1751396 | 1264060 |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7623346) | (49091960) | (36854) | (75403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (4991503) | (45318155) | (36854) | (75310) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INSTITUTIONAL CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 26267333 | 33700693 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 15214 | 27677 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 5793148 | 4056304 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (36141849) | (59988789) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (4066154) | (22204115) | N/A | N/A |
| **TOTAL INCREASE IN** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS:** | 251640766 | 187836204 | 874638 | 795476 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 826181691 | 638345487 | 18404887 | 17609411 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $1077822457 | $826181691 | $19279525 | $18404887 |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1146027 | 1059024 | 110258 | 18455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 99452 | 79932 | 9774 | 5465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (698988) | (1209154) | (34773) | (47617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | 546491 | (70198) | 85259 | (23697) |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Medical Fund** | **The Medical Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 79284 | 682231 | 460 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 37417 | 32391 |  | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (214260) | (313258) | (74632) | (6091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | (97559) | 401364 | (74172) | (1623) |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 11206 | 38400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 21816 | 19604 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (107863) | (709706) | (1273) | (2905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (74841) | (651702) | (1273) | (2902) |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INSTITUTIONAL CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 330569 | 447389 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 61919 | 54579 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (425231) | (785508) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | (32743) | (283540) | N/A | N/A |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Small Cap** | **The Small Cap** | **The Market** | **The Market** |
|  | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $201791 | $(2548689) | $170512 | $(1109314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency | 6951276 | 1647285 | 1910559 | 410522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) of investments and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency | 78345476 | 85846420 | 16234351 | 26139518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations | 85498543 | 84945016 | 18315422 | 25440726 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;No Load Class (See Note 5) |  | (3231920) | (1299088) | (1336743) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class A (See Note 5) |  | (206877) | (114166) | (111931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class C (See Note 5) |  | (59714) | (156778) | (39057) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (See Note 5) |  | (957560) | (325685) | (385830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders |  | (4456071) | (1895717) | (1873561) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 126701752 | 73181695 | 22338739 | 19161499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 66119 | 106632 | 6103 | 35684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends |  | 3159453 | 1295925 | 1330343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (55982202) | (64221864) | (24781188) | (16240838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 70785669 | 12225916 | (1140421) | 4286688 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Small Cap** | **The Small Cap** | **The Market** | **The Market** |
|  | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | $8562055 | $8903792 | $746621 | $4040870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 5258 | 8192 | 625 | 4207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends |  | 190373 | 95007 | 92870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4856689) | (5749302) | (995753) | (3305130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 3710624 | 3353055 | (153500) | 832817 |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1910596 | 39238 | 667866 | 1458716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 2785 | 5435 | 807 | 4621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends |  | 57023 | 126611 | 36653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1622186) | (4007493) | (728230) | (2380862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 291195 | (3905797) | 67054 | (880872) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INSTITUTIONAL CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 47886092 | 20708468 | 3121126 | 6712534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 18656 | 30616 | 1674 | 8223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends |  | 746219 | 274801 | 340112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18070779) | (22882753) | (7889891) | (2060862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 29833969 | (1397450) | (4492290) | 5000007 |
| **TOTAL INCREASE IN** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS:** | 190120000 | 90764669 | 10700548 | 32805805 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 269089288 | 178324619 | 129470486 | 96664681 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $459209288 | $269089288 | $140171034 | $129470486 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Small Cap** | **The Small Cap** | **The Market** | **The Market** |
|  | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1051852 | 698768 | 520254 | 434181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and distributions |  | 31969 | 28645 | 32921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (522996) | (641362) | (602202) | (392084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | 528856 | 89375 | (53303) | 75018 |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 75758 | 84144 | 17658 | 93117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions |  | 1998 | 2135 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (39878) | (58100) | (23447) | (78681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | 35880 | 28042 | (3654) | 16771 |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 17143 | 419 | 18811 | 36618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions |  | 632 | 2998 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (15798) | (41557) | (19107) | (58960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | 1345 | (40506) | 2702 | (21376) |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INSTITUTIONAL CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 395880 | 198103 | 75839 | 153208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions |  | 7397 | 5978 | 8289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (166875) | (229282) | (171124) | (46945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | 229005 | (23782) | (89307) | 114552 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Alternative** | **The Alternative** | **The Multi-** | **The Multi-** |
|  | **Income Fund** | **Income Fund** | **Disciplinary Income Fund** | **Disciplinary Income Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $73142 | $(9221) | $384762 | $447463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency | 5423 | 8702 | (2246927) | 353345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) of investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and foreign currency | (401371) | (123704) | 1400871 | (507059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations | (322806) | (124223) | (461294) | 293749 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;No Load Class (See Note 5) | (63497) |  | (157840) | (54744) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class A (See Note 5) | (1377) |  | (12920) | (23548) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class C (See Note 5) | (573) |  | (24369) | (47900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (See Note 5) | (13474) | (187) | (193403) | (328189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (78921) | (187) | (388532) | (454381) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 8105652 | 499319 | 15474902 | 560898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 68 | 24 | 1 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 58299 |  | 103542 | 49554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3266779) | (479959) | (2280354) | (1093835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 4897240 | 19384 | 13298091 | (480450) |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Alternative** | **The Alternative** | **The Multi-** | **The Multi-** |
|  | **Income Fund** | **Income Fund** | **Disciplinary Income Fund** | **Disciplinary Income Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | $2884542 | $269579 | $24756 | $401477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 18 | 8 | 1 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 1359 |  | 12137 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3626333) | (157136) | (1367470) | (835656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (740414) | 112451 | (1330576) | (411759) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold |  | 432496 | 17323 | 87474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 18 | 3 | 2 | 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 558 |  | 18739 | 31932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (762104) | (278753) | (3032935) | (2747548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (761528) | 153746 | (2996871) | (2623871) |
| **CAPITAL SHARE TRANSACTIONS —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INSTITUTIONAL CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 20805 | 164308 | 272593 | 5296325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 103 | 72 | 8 | 14878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in reinvestment of dividends | 13474 | 187 | 171754 | 303006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3924567) | (4636133) | (16807095) | (3591545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (3890185) | (4471566) | (16362740) | 2022664 |
| **TOTAL DECREASE IN** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS:** | (896614) | (4310395) | (8241922) | (1654048) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 8280685 | 12591080 | 24567002 | 26221050 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $7384071 | $8280685 | $16325080 | $24567002 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Alternative** | **The Alternative** | **The Multi-** | **The Multi-** |
|  | **Income Fund** | **Income Fund** | **Disciplinary Income Fund** | **Disciplinary Income Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NO LOAD CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 85968 | 4999 | 1549430 | 53441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 621 |  | 10375 | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (34507) | (4810) | (225594) | (104014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | 52082 | 189 | 1334211 | (45852) |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 31106 | 2736 | 2469 | 38292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 15 |  | 1209 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (39106) | (1599) | (137046) | (80078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | (7985) | 1137 | (133368) | (39776) |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ADVISOR CLASS C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 4609 | 1734 | 8507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 6 |  | 1896 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (8609) | (2960) | (308441) | (265706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding | (8603) | 1649 | (304811) | (254109) |
| **CHANGES IN SHARES OUTSTANDING —** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INSTITUTIONAL CLASS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 217 | 1623 | 26594 | 502170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends and distributions | 141 | 2 | 17032 | 28827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (40969) | (45804) | (1663235) | (341481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in shares outstanding | (40611) | (44179) | (1619609) | 189516 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

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

---

| | | |
|:---|:---|:---|
|  | **The Kinetics Spin-off and** | **The Kinetics Spin-off and** |
|  | **Corporate Restructuring Fund** | **Corporate Restructuring Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $126253 | $(126941) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of investments and foreign currency | 3182087 | 221667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and foreign currency | 6283730 | 7422202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 9592070 | 7516928 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;No Load Class (See Note 5) | (2445) | (128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class A (See Note 5) | (184769) | (6536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class C (See Note 5) | (15877) | (1594) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (See Note 5) | (436078) | (18643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (639169) | (26901) |
| **CAPITAL SHARE TRANSACTIONS — NO LOAD CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1000 | 121611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders in reinvestment of dividends | 2445 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (23464) | (9376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (20018) | 112366 |
| **CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS A:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4473654 | 3019148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 47 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders in reinvestment of dividends | 180329 | 6006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2250607) | (436189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 2403423 | 2589253 |
| **CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS C:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 71000 | 23000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 5 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders in reinvestment of dividends | 14785 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (438911) | (3137211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital share transactions | (353121) | (3112588) |
| **CAPITAL SHARE TRANSACTIONS — INSTITUTIONAL CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1902160 | 902951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fees | 117 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued to holders in reinvestment of dividends | 355529 | 15299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2453673) | (1225423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from capital share transactions | (195867) | (306177) |
| **TOTAL INCREASE IN NET ASSETS:** | 10787318 | 6772881 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 24310019 | 17537138 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $35097337 | $24310019 |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

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

---

| | | |
|:---|:---|:---|
|  | **The Kinetics Spin-off and** | **The Kinetics Spin-off and** |
|  | **Corporate Restructuring Fund** | **Corporate Restructuring Fund** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **CHANGES IN SHARES OUTSTANDING — NO LOAD CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 53 | 5632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of dividends and distributions | 93 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (984) | (509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (838) | 5130 |
| **CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS A:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 200315 | 146243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of dividends and distributions | 7225 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (103447) | (22162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 104093 | 124411 |
| **CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS C:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3054 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of dividends and distributions | 645 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (22530) | (163776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (18831) | (162472) |
| **CHANGES IN SHARES OUTSTANDING — INSTITUTIONAL CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 75451 | 45249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestments of dividends and distributions | 14131 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (104583) | (64232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (15001) | (18149) |

---

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements**

December 31, 2022

**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 Medical Fund ("Medical"), The Small Cap Opportunities Fund ("Small Cap"), The Market Opportunities Fund ("Market Opportunities"), The Alternative Income Fund ("Alternative Income"), The Multi-Disciplinary Income Fund ("Multi-Disciplinary Income") and The Kinetics Spin-off and Corporate Restructuring Fund ("Spin-off Fund"). Investment operations of the Company began on October 21, 1996 (Internet), September 30, 1999 (Medical), December 31, 1999 (Global and Paradigm), March 20, 2000 (Small Cap), January 31, 2006 (Market Opportunities), June 29, 2007 (Alternative Income), 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 (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, June 29, 2007, with respect to Alternative Income, 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.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

Each Feeder Fund's respective interest in the corresponding Master Portfolio as of December 31, 2022, is as follows:

---

| | |
|:---|:---|
|  | **Interest in**<br>**Master Portfolio** |
| The Internet Fund | 99.974% |
| The Global Fund | 99.954% |
| The Paradigm Fund | 96.760% |
| The Medical Fund | 100.000% |
| The Small Cap Opportunities Fund | 99.968% |
| The Market Opportunities Fund | 99.965% |
| The Alternative Income Fund | 100.000% |
| The Multi-Disciplinary Income Fund | 98.863% |

---

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, 2022, each of the Funds (other than the Medical Fund, Alternative Income Fund and 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, 2022, each of the Funds (other than the Medical Fund, Alternative Income Fund and Multi-Disciplinary Income Fund) offers Advisor Class C shares. Advisor Class C shares are subject to an annual Rule 12b-1 fee of 0.75% of average daily net assets and a shareholder servicing fee of 0.25% of average daily net assets. If you sell your Advisor Class C shares within 12 months of purchase, you will have to pay a contingent deferred sales charge of 1.00%, which is applied to the NAV of the shares on the date of original purchase or on the date of redemption, whichever is less.

As of December 31, 2022, 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, 2022, 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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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%.

Prior to the close of business on November 18, 2022, the Medical Fund, Alternative Income Fund and Multi-Disciplinary Income Fund each also offered Class A and Class C shares, and the Alternative Income Fund and Multi-Disciplinary Income Fund each offered Institutional Class shares. After the close of business on November 18, 2022, each of the aforementioned Funds converted their Class A, C and Institutional Class shares, as applicable, into No Load Class shares.

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

(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, 2022, 1.48%, 1.26%, 0.06%, 0.16% and 2.44% 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 other Master Portfolios and Spin-off Fund did not hold any fair valued securities at December 31, 2022.

**Bitcoin**

The Master Portfolios and Spin-off Fund may 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, 2022, 12.00%, 4.47%, 1.45%, 0.54%, and 3.54% 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").

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

**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.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

The 144A securities have been deemed to be liquid by the Master Portfolio and Spin-off Fund's Adviser under the supervision of the Board of Trustees/Directors. At December 31, 2022, none of the Master Portfolios and Spin-off Fund held securities restricted to institutional investors (144A securities).

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, 2022, the following Master Portfolios and Spin-off Fund held illiquid securities.

---

| | | |
|:---|:---|:---|
|  | <br>**Market Value** | **Percentage of**<br>**Net Assets** |
| The Internet Portfolio | $2192839 | 1.48% |
| The Global Portfolio | 357547 | 1.26% |
| The Paradigm Portfolio | 651091 | 0.06% |
| The Medical Portfolio | —\* | 0.00% |
| The Small Cap Opportunities Portfolio | 732644 | 0.16% |
| The Market Opportunities Portfolio | 3425430 | 2.44% |
| The Alternative Income Portfolio |  | 0.00% |
| The Multi-Disciplinary Income Portfolio |  | 0.00% |
| The Spin-off Fund |  | 0.00% |

---

\* Amount is less than $0.50.

**When-Issued Securities**

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

**Securities Lending**

Each Master Portfolio and Spin-off Fund may lend its portfolio securities to broker-dealers by entering directly into lending arrangements with such broker- dealers or indirectly through repurchase agreements with respect to no more than 33 <sup>1</sup> / <sub>³ </sub>% 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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

with cash and/or short-term debt obligations. The Master Portfolios and Spinoff 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"), avoiding bad income generation by indirectly making commodities-related investments. These investments 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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

purposes (1) to the extent the income is actually distributed by the CFC to the RIC each year and (2) even if not distributed currently, to the extent the income is derived with respect to the RIC's business of investing in stock, securities or currencies. If the IRS were to determine that income derived from a Master Portfolio's investment in its Subsidiaries do not constitute qualifying income and if such positions were upheld by a court, or if future legislation or Treasury regulations were to adversely affect the tax treatment of such investments, then the corresponding Feeder Fund might cease to qualify as a RIC and could be required to reduce its exposure to such investments. In that event, a Feeder Fund's taxable income would be subject to tax at the Feeder Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. In such an event, in order to re-qualify for taxation as a regulated investment company, the Feeder Fund may be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions.

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

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

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. As of December 31, 2022, open tax years include the tax years ended December 31, 2019 through December 31, 2022. 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.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

**Use of Estimates**

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

**Other**

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

**3. Investment Adviser**

The Trust has entered into Investment Advisory Agreements (the "Agreements") with Horizon Kinetics Asset Management LLC (the "Adviser"), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios and Spin-off Fund. The Adviser is a wholly-owned subsidiary of Horizon Kinetics LLC. Under the terms of the Agreements, the Master Portfolios, except the Alternative 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. The Alternative Income Portfolio compensates the Adviser for its management services at the annual rate of 0.90% of the Master Portfolio's average daily net assets. The Spinoff 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 as deemed appropriate through at least April 30, 2023. The Adviser may discontinue the waiver/reimbursement at any time after April 30, 2023; these waivers/reimbursements are not subject to recapture. Operating expenses exclude brokerage commissions, borrowing costs on

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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 funds:

---

| | | |
|:---|:---|:---|
|  | **The Internet**<br>**Fund** | **The Global**<br>**Fund** |
| No Load Class | 1.89% | 1.39% |
| Class A | 2.14% | 1.64% |
| Class C | 2.64% | 2.14% |
|  | **The Paradigm** | **The Medical** |
|  | **Fund** | **Fund** |
| No Load Class | 1.64% | 1.39% |
| Class A | 1.89% | N/A |
| Class C | 2.39% | N/A |
| Institutional Class | 1.44% | N/A |
|  | **The Small Cap** | **The Market** |
|  | **Opportunities** | **Opportunities** |
|  | **Fund** | **Fund** |
| No Load Class | 1.64% | 1.40% |
| Class A | 1.89% | 1.65% |
| Class C | 2.39% | 2.15% |
| Institutional Class | 1.44% | 1.20% |
|  | **The Alternative** | **The Multi-** |
|  | **Income** | **Disciplinary Income** |
|  | **Fund** | **Fund** |
| No Load Class | 0.95% | 1.49% |
|  | **The** |  |
|  | **Spin-off** |  |
|  | **Fund** |  |
| No Load Class | 1.45% |  |
| Class A | 1.50% |  |
| Class C | 2.25% |  |
| Institutional Class | 1.25% |  |

---

For the year ended December 31, 2022, 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**<br>**Fund** | **The Global**<br>**Fund** |
| Annual Advisory Rate | 1.25% | 1.25% |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;voluntary waiver | $— | $188097 |

---

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KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **The Paradigm**<br>**Fund** | **The Medical**<br>**Fund** |
| Annual Advisory Rate | 1.25% | 1.25% |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;voluntary waiver | $261851 | $146788 |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;institutional class shareholder servicing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;fee waiver | $375442 | N/A |
|  | **The Small Cap** | **The Market** |
|  | **Opportunities** | **Opportunities** |
|  | **Fund** | **Fund** |
| Annual Advisory Rate | 1.25% | 1.25% |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;voluntary waiver | $154733 | $466220 |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;institutional class shareholder servicing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;fee waiver | $90334 | $35381 |
|  | **The Alternative** | **The Multi-** |
|  | **Income** | **Disciplinary Income** |
|  | **Fund** | **Fund** |
| Annual Advisory Rate | 0.90% | 1.25% |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;voluntary waiver | $141007 | $151419 |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;institutional class shareholder servicing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;fee waiver | $5102 | $16755 |
|  | **The** |  |
|  | **Spin-off** |  |
|  | **Fund** |  |
| Annual Advisory Rate | 1.00% |  |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;voluntary waiver | $107775 |  |
| Expenses Reimbursed by Adviser through |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;institutional class shareholder servicing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;fee waiver | $28925 |  |

---

The Adviser receives the shareholder servicing fees from the No Load Class, Advisor Class A and Advisor Class C shares of a Fund pursuant to a Shareholder Servicing Agreement in the amount equal to 0.25% of the Funds' average daily net assets attributable to No Load Class, Advisor Class A and Advisor Class C shares, respectively. For the Institutional Class, the Adviser receives a shareholder servicing fee pursuant to a shareholder servicing agreement in the amount equal to 0.20% of a Funds' average daily net assets attributable to Institutional Class shares. At this time, the Adviser has contractually agreed to waive and/or reimburse the portion of the Institutional Class shareholder

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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, 2023. For the year ended December 31, 2022, the Adviser waived amounts depicted in the above table in shareholder servicing fees for the Institutional Class of the Paradigm, Small Cap, Market Opportunities, Alternative Income, Multi-Disciplinary Income and Spin- off Funds.

---

| | |
|:---|:---|
|  | **Shareholder Servicing**<br>**Expenses for the**<br>**year ended**<br>**December 31, 2022** |
| The Internet Fund | $423534 |
| The Global Fund | 69188 |
| The Paradigm Fund | 2091103 |
| The Medical Fund | 44999 |
| The Small Cap Opportunities Fund | 750326 |
| The Market Opportunities Fund | 316190 |
| The Alternative Income Fund | 17762 |
| The Multi-Disciplinary Income Fund | 40881 |
| The Spin-off Fund | 59616 |

---

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 year ended December 31, 2022, the Funds were allocated approximately $26,000 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 year ended December 31, 2022, payments under the 12b-1 Plan for the Advisor Class A shares of the Internet, Global, Paradigm, Medical, Small Cap, Market Opportunities, Alternative Income, Multi-Disciplinary Income and Spin-off Funds were limited

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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** | **12b-1 Expenses for** |
|  | **the year ended** | **the year ended** |
|  | **December 31, 2022** | **December 31, 2022** |
|  | **Advisor Class A** | **Advisor Class C** |
| The Internet Fund | $7300 | $11177 |
| The Global Fund | 1633 | 51064 |
| The Paradigm Fund | 408663 | 558666 |
| The Medical Fund | 4527 | 220 |
| The Small Cap Opportunities Fund | 45922 | 76048 |
| The Market Opportunities Fund | 22015 | 85585 |
| The Alternative Income Fund | 1546 | 4483 |
| The Multi-Disciplinary Income Fund | 2516 | 18384 |
| The Spin-off Fund | 18559 | 6470 |

---

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**<br>**Load Fees for**<br>**the year ended**<br>**December 31, 2022** |
| The Internet Fund | $499 |
| The Global Fund |  |
| The Paradigm Fund | 7358 |
| The Medical Fund | 49 |
| The Small Cap Opportunities Fund | 3114 |
| The Market Opportunities Fund | 1830 |
| The Alternative Income Fund |  |
| The Multi-Disciplinary Income Fund |  |
| The Spin-off Fund | 4281 |

---

**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, 2022, each Fund recorded the following reclassifications to the accounts listed below:

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **INCREASE/(DECREASE)** | **INCREASE/(DECREASE)** |
|  | **Accumulated**<br>**Earnings**<br>**(Deficit)** | <br>**Paid In Capital** |
| The Internet Fund | $4792600 | $(4792600) |
| The Global Fund | 881718 | (881718) |
| The Paradigm Fund | 2333733 | (2333733) |
| The Medical Fund | (59616) | 59616 |
| The Small Cap Opportunities Fund | 4994889 | (4994889) |
| The Market Opportunities Fund | 2804854 | (2804854) |
| The Alternative Income Fund | (410) | 410 |
| The Multi-Disciplinary Income Fund |  |  |
| The Spin-off Fund | (101042) | 101042 |

---

**5. Income Taxes**

At December 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Internet** | **Global** | **Paradigm** | **Medical** |
| Net Unrealized Appreciation | $50800088 | $6969428 | $777007983 | $9296474 |
| Undistributed Ordinary Income |  |  |  | 22235 |
| Undistributed Long-Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Gains | 1312764 |  | 3117368 | 125482 |
| Total Distributable Earnings | $1312764 | $— | $3117368 | $147717 |
| Other Accumulated Loss | (41487) | (42730) | (2176450) |  |
| Total Accumulated Gain | $52071365 | $6926698 | $777948901 | $9444191 |
|  |  |  |  | **Multi-** |
|  | **Small Cap** | **Market** | **Alternative** | **Disciplinary** |
|  | **Opportunities** | **Opportunities** | **Income** | **Income** |
| Net Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Appreciation (Depreciation) | $242418082 | $82979427 | $(314114) | $(1744599) |
| Undistributed Ordinary Income |  |  | 7695 | 39094 |
| Undistributed Long-Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Gains |  |  |  |  |
| Total Distributable Earnings | $— | $— | $7695 | $39094 |
| Other Accumulated Loss | (10239091) | (105168) |  | (3664670) |
| Total Accumulated Gain (Loss) | $232178991 | $82874259 | $(306419) | $(5370175) |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

---

| | |
|:---|:---|
|  | **Spin-off**<br>**Fund** |
| Net Unrealized Appreciation | $22822152 |
| Undistributed Ordinary Income | 29138 |
| Undistributed Long-Term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Gains | 1666517 |
| Total Distributable Earnings | $$1695655 |
| Other Accumulated Loss |  |
| Total Accumulated Gain | $24517807 |

---

At December 31, 2022, the Funds had no accumulated net realized capital loss carryforwards that will expire in 2023.

At December 31, 2022, 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 Medical Fund |  |  |  |
| The Small Cap Opportunities Fund | (1299686) | (5123807) | (6423493) |
| The Market Opportunities Fund |  |  |  |
| The Alternative Income Fund |  |  |  |
| The Multi-Disciplinary Income Fund | (13004) | (3651666) | (3664670) |
| The Spin-off Fund |  |  |  |

---

For the year ended December 31, 2022, the following Funds utilized capital losses.

---

| | |
|:---|:---|
|  | **Capital Losses**<br>**Utilized** |
| The Internet Fund | $— |
| The Global Fund |  |
| The Paradigm Fund |  |
| The Medical Fund |  |
| The Small Cap Opportunities Fund | 6890629 |
| The Market Opportunities Fund |  |
| The Alternative Income Fund |  |
| The Multi-Disciplinary Income Fund |  |
| The Spin-off Fund | 807722 |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

At December 31, 2022, the following Funds deferred, on a tax basis, post-October losses:

---

| | |
|:---|:---|
|  | **Post-October**<br>**Capital Loss**<br>**Deferral** |
| The Internet Fund | $41487 |
| The Global Fund | 42730 |
| The Paradigm Fund | 2176450 |
| The Medical Fund |  |
| The Small Cap Opportunities Fund | 3133826 |
| The Market Opportunities Fund | 105168 |
| The Alternative Income Fund |  |
| The Multi-Disciplinary Income Fund |  |
| The Spin-off Fund |  |

---

The tax components of dividends paid during the year ended December 31, 2022 and the year ended December 31, 2021, are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Fund** | **The Internet Fund** | **The Global Fund** | **The Global Fund** |
|  | **Ordinary**<br>**Income**<br>**Distribution** | **Long-Term**<br>**Capital Gains**<br>**Distribution** | **Ordinary**<br>**Income**<br>**Distribution** | **Long-Term**<br>**Capital Gains**<br>**Distribution** |
| 2022 | $— | $1242996 | $— | $422672 |
| 2021 | $— | $2051468 | $753888 | $100446 |
|  | **The Paradigm Fund** | **The Paradigm Fund** | **The Medical Fund** | **The Medical Fund** |
|  | **Ordinary** | **Long-Term** | **Ordinary** | **Long-Term** |
|  | **Income** | **Capital Gains** | **Income** | **Capital Gains** |
|  | **Distribution** | **Distribution** | **Distribution** | **Distribution** |
| 2022 | $— | $21981182 | $219395 | $97215 |
| 2021 | $— | $14324081 | $149191 | $42725 |
|  | **The Small Cap** | **The Small Cap** | **The Market** | **The Market** |
|  | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** | **Opportunities Fund** |
|  | **Ordinary** | **Long-Term** | **Ordinary** | **Long-Term** |
|  | **Income** | **Capital Gains** | **Income** | **Capital Gains** |
|  | **Distribution** | **Distribution** | **Distribution** | **Distribution** |
| 2022 | $— | $— | $49925 | $1845792 |
| 2021 | $4456071 | $— | $1496725 | $376836 |
|  | **The Alternative** | **The Alternative** | **The Multi-Disciplinary** | **The Multi-Disciplinary** |
|  | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **Ordinary** | **Long-Term** | **Ordinary** | **Long-Term** |
|  | **Income** | **Capital Gains** | **Income** | **Capital Gains** |
|  | **Distribution** | **Distribution** | **Distribution** | **Distribution** |
| 2022 | $70460 | $8461 | $388532 | $— |
| 2021 | $— | $187 | $454381 | $— |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **The Spin-off Fund** | **The Spin-off Fund** |
|  | **Ordinary**<br>**Income**<br>**Distribution** | **Long-Term**<br>**Capital Gains**<br>**Distribution** |
| 2022.0 | $32300 | $606869 |
| 2021.0 | $26901 | $— |

---

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, 2022.

**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 year ended December 31, 2022, were as follows for the Spin-off Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **U.S. Government** | **Other** | **U.S. Government** | **Other** |
| The Spin-off Fund | $— | $1109140 | $— | $4266600 |

---

As of December 31, 2022, 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**<br>**Fund** |
| Tax Cost of Investments | $7560629 |
| Unrealized Appreciation | 24117782 |
| Unrealized Depreciation | (1295111) |
| Net Unrealized Appreciation | $22822671 |

---

**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, 2022, Spin-off Fund invested approximately 64% of its net assets in individual securities greater than 5% of net assets. See the Schedule of Investments for further details.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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, 2022, the Spin-off Fund holds 64% of its net assets in Texas Pacific Land Trust and because a large portion of its revenue is derived from oil and gas royalties, the performance of the Fund could be adversely affected if the underlying markets for oil or gas were to decline, thereby having a more significant impact on the fund given the concentration in this holding.

**7. Summary of Fair Value Exposure – Spin-off Fund**

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

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

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

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

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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, 2022:

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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $28945484 | $1147112 | $— | $30092596 |
| Closed-End Funds | 290700 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 290700 |
| Total Investments in Securities | $29236184 | $1147112 | $— | $30383296 |

---

As of December 31, 2022, there were no investments in Level 3 securities.

During the period ended December 31, 2022, there were no transfers into or out of Level 3.

**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 LLC. 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 year ended December 31, 2022, Spin-off Fund incurred $277,034 in expenses pursuant to the Agreement.

**9. Subsequent Events**

Effective after close of business on January 27, 2023, the Medical Fund and Alternative Income Fund have been reorganized into the Horizon Kinetics Medical ETF and the Horizon Kinetics SPAC Active ETF, respectively, each a newly created series of Listed Funds Trust.

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.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

**10. Results of Shareholder Meeting (Unaudited)**

On January 23, 2023, a special meeting of shareholders (the "Special Meeting") of Kinetics Alternative Income Fund and Kinetics Medical Fund (the "Funds") was held. At the Special Meeting, shareholders voted on the following proposals:

1. To approve an Agreement and Plan of Reorganization providing for (a) the transfer of all of the assets of the Kinetics Alternative Income Fund (the "Target Fund") to the Horizon Kinetics SPAC Active ETF (the "Acquiring Fund"), the Acquiring Fund being a newly created series of Listed Funds Trust, in exchange for the shares of the Acquiring Fund with an aggregate net asset value ("NAV") equal to the aggregate NAV of the Target Fund, and (b) the Acquiring Fund's assumption of all of the liabilities of the Target Fund, followed by the liquidating distribution by the Target Fund to its shareholders of the shares of the Acquiring Fund in proportion to their holdings of shares of the Target Fund (the "Reorganization").

2. To approve an Agreement and Plan of Reorganization providing for (a) the transfer of all of the assets of the Kinetics Medical Fund (the "Target Fund") to Horizon Kinetics Medical ETF (the "Acquiring Fund"), the Acquiring Fund being a newly created series of Listed Funds Trust, in exchange for the shares of the Acquiring Fund with an aggregate net asset value ("NAV") equal to the aggregate NAV of the Target Fund, and (b) the Acquiring Fund's assumption of all of the liabilities of the Target Fund, followed by the liquidating distribution by the Target Fund to its shareholders of the shares of the Acquiring Fund in proportion to their holdings of shares of the Target Fund (the "Reorganization").

Further details regarding the proposal and the Special Meeting are contained in a combined proxy statement and prospectus filed with the Securities and Exchange Commission on December 23, 2022.

The voting results of the special meeting of shareholders are shown below:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund Name** | **Shares**<br>**Voted For** | **Shares**<br>**Voted Against** | **Shares**<br>**Abstain** |
| Alternative Income Fund: | 35946 | 27 | 4410 |
| Medical Fund: | 222961 | 13288 | 63370 |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

**11. Tax Information (Unaudited)**

For the fiscal year ended December 31, 2022, 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 | 0.00% | The Market Opportunities Fund | 100.00% |
| The Global Fund | 0.00% | The Alternative Income Fund | 0.00% |
| The Paradigm Fund | 0.00% | The Multi-Disciplinary Income Fund | 0.00% |
| The Medical Fund | 100.00% | The Spin-off Fund | 100.00% |
| The Small Cap Opportunities Fund | 0.00% |  |  |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| The Internet Fund | 0.00% | The Market Opportunities Fund | 100.00% |
| The Global Fund | 0.00% | The Alternative Income Fund | 0.00% |
| The Paradigm Fund | 0.00% | The Multi-Disciplinary Income Fund | 0.00% |
| The Medical Fund | 100.00% | The Spin-off Fund | 100.00% |
| The Small Cap Opportunities Fund | 0.00% |  |  |

---

The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for the year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| The Internet Fund | 0.00% | The Market Opportunities Fund | 0.00% |
| The Global Fund | 0.00% | The Alternative Income Fund | 21.76% |
| The Paradigm Fund | 0.00% | The Multi-Disciplinary Income Fund | 47.55% |
| The Medical Fund | 0.00% | The Spin-off Fund | 11.33% |
| The Small Cap Opportunities 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, 2022 was as follows.

---

| | | | |
|:---|:---|:---|:---|
| The Internet Fund | 0.00% | The Market Opportunities Fund | 0.00% |
| The Global Fund | 0.00% | The Alternative Income Fund | 0.00% |
| The Paradigm Fund | 0.00% | The Multi-Disciplinary Income Fund | 0.00% |
| The Medical Fund | 0.00% | The Spin-off Fund | 0.00% |
| The Small Cap Opportunities Fund | 0.00% |  |  |

---

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

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, 2022 was as follows.

---

| | | |
|:---|:---|:---|
|  | **Ordinary** | **Long-Term** |
| The Internet Fund | 0.00% | 100.00% |
| The Global Fund | 0.00% | 100.00% |
| The Paradigm Fund | 0.00% | 100.00% |
| The Medical Fund | 69.30% | 30.70% |
| The Small Cap Opportunities Fund | 0.00% | 0.00% |
| The Market Opportunities Fund | 2.63% | 97.37% |
| The Alternative Income Fund | 89.28% | 10.72% |
| The Multi-Disciplinary Income Fund | 100.00% | 0.00% |
| The Spin-off Fund | 5.05% | 94.95% |

---

**12. Recent Accounting Pronouncements**

**Fair Value Measurement**

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

**Reference Rate Reform**

In March 2020, FASB issued ASU 2020-04, *Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting*. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds' financial statements and various filings.

**Investment Company Derivatives Risk Management Program (Rule 18f-4)**

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a Portfolio can enter into, eliminates the asset segregation framework previously used by Portfolios to comply with Section 18 of the 1940 Act, and requires Portfolios whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Portfolios were required to comply with Rule 18f-4 by August 19, 2022. As limited derivatives users under Rule 18f-4, the Portfolios are not required to appoint a derivatives risk manager, but have adopted a limited derivatives user policy.

**SEC Modernizes Framework for Fund Valuation Practices (Rule 2a-5)**

In December 2020, the SEC adopted a new rule providing a framework for portfolio valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits portfolio boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a portfolio must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and has rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of portfolio investments. The Portfolios/Funds have adopted procedures in accordance with Rule 2a-5, and the Board of Trustees/Directors has appointed the Adviser as Valuation Designee pursuant to the Rule.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Notes to Financial Statements —** ***(Continued)***

December 31, 2022

**13. Information about Proxy Voting (Unaudited)**

Information regarding how the Spin-off Fund, the Feeder Funds and the Master Portfolios vote proxies relating to portfolio securities is available without charge, upon request by calling toll-free at 1-800-930-3828 or by accessing the Company's website at www.kineticsfunds.com and by accessing the SEC's website at www.sec.gov. Information regarding how the Spin-off Fund, the Feeder Funds and the Master Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30, is available without charge, upon request, by calling toll-free at 1-800-930-3828 or by accessing the SEC's website at www.sec.gov.

**14. 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.

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Internet Fund** | **The Internet Fund** | **The Internet Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $60.64 | $53.01 | $33.89 | $27.19 | $52.18 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.30) | (0.83) | (0.29) | (0.25) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (14.44) | 8.93 | 19.41 | 7.44 | (13.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (14.74) | 8.10 | 19.12 | 7.19 | (14.25) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.01 | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.02 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.38) | (0.52) |  | (0.49) | (10.76) |
| Total Distributions | (0.38) | (0.52) |  | (0.49) | (10.76) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $45.53 | $60.64 | $53.01 | $33.89 | $27.19 |
| &nbsp;&nbsp;&nbsp;Total return | (24.28)% | 15.35% | 56.42% | 26.45% | (27.32)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $144397 | $226228 | $169374 | $115351 | $102268 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;net assets:<sup>(4)</sup> | 1.77% | 1.71% | 1.82% | 1.84% | 1.84% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | (0.60)% | (1.29)% | (0.80)% | &nbsp;&nbsp;&nbsp;(0.76)% | (1.05)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 19% | 4% | 1% | 1% | 15% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Internet Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Internet Fund** | **The Internet Fund** | **The Internet Fund** | |
|  | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** |
|  | **For the** | **For the** | **For the** | **For the** | &nbsp;&nbsp;**For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $55.20 | $48.42 | $31.03 | $25.00 | $49.27 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.39) | (0.91) | (0.35) | (0.31) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (13.13) | 8.17 | 17.74 | 6.83 | (12.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (13.52) | 7.26 | 17.39 | 6.52 | (13.54) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.01 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(6)</sup> |  | 0.03 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.38) | (0.52) |  | (0.49) | (10.76) |
| Total Distributions | (0.38) | (0.52) |  | (0.49) | (10.76) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $41.31 | $55.20 | $48.42 | $31.03 | $25.00 |
| &nbsp;&nbsp;&nbsp;Total return <sup>(3)</sup> | (24.47)% | 15.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.04% | 26.08% | (27.47)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $2302 | $5620 | $2864 | $2296 | $2481 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;net assets:<sup>(4)</sup> | 2.02% | 1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | 2.09% | 2.09% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | (0.85)% | (1.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05)% | (1.01)% | (1.30)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 19% | 4% | 1% | 1% | 15% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

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

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Internet Portfolio.*

*(6) Amount calculated is less than $0.005.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Internet Fund** | **The Internet Fund** | **The Internet Fund** | |
|  | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** |
|  | **For the** | **For the** | **For the** | **For the** | &nbsp;&nbsp;**For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $45.86 | $40.49 | $26.08 | $21.18 | $44.24 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.51) | (1.00) | (0.43) | (0.39) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (10.90) | 6.85 | 14.84 | 5.78 | (11.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (11.41) | 5.85 | 14.41 | 5.39 | (12.31) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.00<sup>(5)</sup> | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(5)</sup> |  | 0.01 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.38) | (0.52) |  | (0.49) | (10.76) |
| Total Distributions | (0.38) | (0.52) |  | (0.49) | (10.76) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $34.07 | $45.86 | $40.49 | $26.08 | $21.18 |
| &nbsp;&nbsp;&nbsp;Total return | (24.87)% | 14.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.25% | 25.45% | (27.86)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $1247 | $1893 | $1560 | $943 | $1065 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;net assets:<sup>(3)</sup> | 2.52% | 2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | 2.59% | 2.59% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | (1.35)% | (2.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55)% | (1.51)% | (1.80)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(4)</sup> | 19% | 4% | 1% | 1% | 15% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(4) Portfolio turnover of The Internet Portfolio.*

*(5) Amount calculated is less than $0.005.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Global Fund** | **The Global Fund** | **The Global Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;&nbsp;**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $9.33 | $8.30 | $6.64 | $5.46 | $7.15 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | (0.03) | (0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | 1.43 | 1.69 | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;(1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | 1.34 | 1.66 | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $8.60 | $9.33 | $8.30 | $6.64 | $5.46 |
| &nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.46)% | 16.32% | 25.00% | 21.61% | (23.58)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $21052 | $19128 | $13904 | $8115 | $5665 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;2.08% | 2.45% | 2.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | 1.39% | 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;(0.90)% | (0.46)% | 0.01% | (0.30)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | 7% | 8% | 5% | 28% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Global Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Global Fund** | **The Global Fund** | **The Global Fund** | |
| | <br>&nbsp;&nbsp;&nbsp;&nbsp;**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;&nbsp;**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2021** | **Advisor Class A**<br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | $8.23 | $6.60 | $5.45 | &nbsp;&nbsp;$7.15 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | (0.05) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | 1.68 | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;(1.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | 1.63 | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | $9.31 | $8.23 | $6.60 | &nbsp;&nbsp;$5.45 |
| &nbsp;&nbsp;&nbsp;Total return<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.79)% | &nbsp;&nbsp;&nbsp;16.16% | 24.70% | 21.10% | &nbsp;&nbsp;&nbsp;(23.72)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | &nbsp;&nbsp;&nbsp;&nbsp;$840 | $595 | $574 | $1331 | &nbsp;&nbsp;$1012 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | 2.70% | 2.78% | &nbsp;&nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | 1.64% | 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.15)% | (0.71)% | (0.24)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.55)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | 8% | 5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

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

*(5) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(6) Portfolio turnover of The Global Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Global Fund** | **The Global Fund** | **The Global Fund** | |
|  | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $8.64 | $7.67 | $6.18 | $5.12 | $6.76 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | (0.07) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | 1.56 | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;(1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 1.49 | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;(1.64) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $7.89 | $8.64 | $7.67 | $6.18 | $5.12 |
| &nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.21)% | &nbsp;&nbsp;&nbsp;15.44% | 24.11% | 20.70% | (24.20)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $6574 | $7439 | $5982 | $4969 | $4284 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;2.83% | 3.20% | 3.28% | &nbsp;&nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | 2.14% | 2.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.65)% | (1.21)% | (0.74)% | (1.05)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | 8% | 5% | 28% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Global Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Paradigm Fund** | **The Paradigm Fund** | **The Paradigm Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2021** | **No Load Class**<br>**For the**<br>&nbsp;&nbsp;**Year Ended**<br>**December 31,**<br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $73.37 | $53.99 | &nbsp;&nbsp;&nbsp;$53.38 | $41.32 | $48.32 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.13) | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 21.52 | 21.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;(2.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 21.39 | 20.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;12.60 | &nbsp;&nbsp;&nbsp;&nbsp;(2.70) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.01 | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.01) | 0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.85) | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.86) | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $92.91 | $73.37 | &nbsp;&nbsp;&nbsp;$53.99 | $53.38 | $41.32 |
| &nbsp;&nbsp;&nbsp;Total return | 29.17% | 38.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;30.48% | &nbsp;&nbsp;&nbsp;&nbsp;(5.55)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $517268 | $368385 | &nbsp;&nbsp;&nbsp;$274876 | $348402 | $297990 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.67% | 1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 1.64% | 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.88)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;(0.72)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.93)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 0% | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Paradigm Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Paradigm Fund** | **The Paradigm Fund** | **The Paradigm Fund** | |
|  | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | &nbsp;&nbsp;&nbsp;**2020** | **2019** | **2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $70.44 | $51.99 | $51.47 | $39.95 | $46.99 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.31) | (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 20.62 | 20.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | 12.52 | &nbsp;&nbsp;&nbsp;&nbsp;(2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 20.31 | 19.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 12.05 | &nbsp;&nbsp;&nbsp;&nbsp;(2.73) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.85) | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.85) | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $88.90 | $70.44 | $51.99 | $51.47 | $39.95 |
| &nbsp;&nbsp;&nbsp;Total return<sup>(4)</sup> | 28.86% | 37.83% | &nbsp;&nbsp;&nbsp;&nbsp;3.05% | 30.15% | &nbsp;&nbsp;&nbsp;&nbsp;(5.79)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $188033 | $155851 | $94179 | $115580 | $95503 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.92% | 1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | 1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(5)</sup> | 1.89% | 1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | 1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.13)% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;(0.97)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.18)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | 0% | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

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

*(5) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(6) Portfolio turnover of The Paradigm Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Paradigm Fund** | **The Paradigm Fund** | **The Paradigm Fund** | |
|  | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | **2019** | **2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $64.28 | $47.77 | $47.54 | $37.12 | $44.21 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss<sup>(2)</sup> | (0.63) | (1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 18.76 | 18.80 | 1.36 | 11.61 | &nbsp;&nbsp;&nbsp;&nbsp;(1.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 18.13 | 17.72 | 1.22 | 10.95 | &nbsp;&nbsp;&nbsp;&nbsp;(2.78) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.85) | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.85) | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $80.56 | $64.28 | $47.77 | $47.54 | $37.12 |
| &nbsp;&nbsp;&nbsp;Total return | 28.22% | 37.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | 29.49% | &nbsp;&nbsp;&nbsp;&nbsp;(6.27)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $84135 | $71948 | $84597 | $113300 | $100718 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.42% | 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | 2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 2.39% | 2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | 2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;net assets: | (0.91)% | (1.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33)% | &nbsp;&nbsp;&nbsp;(1.47)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.68)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 0% | 1% | 1% | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Paradigm Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Paradigm Fund** | **The Paradigm Fund** | **The Paradigm Fund** | |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | **2021** | **2020** | **2019** | **2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $74.09 | $54.51 | $53.87 | $41.69 | $48.62 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.03 | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 21.77 | 21.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | 13.08 | &nbsp;&nbsp;&nbsp;&nbsp;(2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 21.80 | 20.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | 12.82 | &nbsp;&nbsp;&nbsp;&nbsp;(2.62) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.00<sup>(3)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.15) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | (0.11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.85) | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.00) | (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | 93.89 | $74.09 | $54.51 | $53.87 | $41.69 |
| &nbsp;&nbsp;&nbsp;Total return | 29.43% | 38.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55% | 30.75% | &nbsp;&nbsp;&nbsp;&nbsp;(5.37)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $288387 | $229998 | $184693 | $202378 | $148968 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.62% | 1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | 1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 1.44% | 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.04% | (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.73)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 0% | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Paradigm Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Medical Fund** | **The Medical Fund** | **The Medical Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;&nbsp;**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;&nbsp;**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $30.78 | $28.13 | $26.53 | $23.47 | $25.33 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| &nbsp;&nbsp;&nbsp;Redemption Fees<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(2.25) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $31.55 | $30.78 | $28.13 | $26.53 | $23.47 |
| &nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21% | 10.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04% | 16.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $19280 | $16188 | $15462 | $15442 | $14814 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Medical Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $98.78 | $66.81 | $65.31 | $51.40 | $51.25 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.07 | (0.91) | 0.43 | (0.29) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 31.47 | 34.48 | 1.07 | 14.20 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 31.54 | 33.57 | 1.50 | 13.91 | 0.12 |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.03 | 0.05 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.03 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (1.65) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |  | (1.65) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $130.35 | $98.78 | $66.81 | $65.31 | $51.40 |
| &nbsp;&nbsp;&nbsp;Total return | 31.96% | 50.33% | 2.30% | 27.06% | 0.29% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $327093 | $195631 | $126350 | $180575 | $164330 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.69% | 1.70% | 1.78% | 1.75% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.07% | &nbsp;&nbsp;&nbsp;&nbsp;(0.93)% | 0.78% | (0.48)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 6% | 3% | 0% | 4% | 3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Small Cap Opportunities Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | |
|  | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | &nbsp;&nbsp;&nbsp;**2019** | **2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $95.24 | $64.41 | $63.12 | $49.81 | $49.81 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.20) | (1.12) | 0.28 | (0.43) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 30.30 | 33.24 | 1.01 | 13.74 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 30.10 | 32.12 | 1.29 | 13.31 |  |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.03 | 0.05 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | 0.00<sup>(3</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (1.34) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |  | (1.34) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $125.37 | $95.24 | $64.41 | $63.12 | $49.81 |
| &nbsp;&nbsp;&nbsp;Total return<sup>(4)</sup> | 31.64% | 49.94% | 2.04% | 26.72% | 0.00% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $23920 | $14755 | $8172 | $11986 | $10505 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.94% | 1.95% | 2.03% | 2.00% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(5)</sup> | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets:<sup>(5)</sup> | (0.18)% | (1.18)% | 0.53% | (0.73)% | (0.85)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | 6% | 3% | 0% | 4% | 3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

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

*(5) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(6) Portfolio turnover of The Small Cap Opportunities Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | |
|  | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | **2019** | **2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $90.20 | $60.85 | $59.93 | $47.53 | $47.77 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.69) | (1.49) | 0.02 | (0.69) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 28.60 | 31.38 | 0.90 | 13.09 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 27.91 | 29.89 | 0.92 | 12.40 | (0.24) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.03 | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.59) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |  | (0.59) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $118.14 | $90.20 | $60.85 | $59.93 | $47.53 |
| &nbsp;&nbsp;&nbsp;Total return | 30.98% | 49.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | 26.09% | (0.50)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $12234 | $9219 | $8684 | $10544 | $8373 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.44% | 2.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | 2.50% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 2.39% | 2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | 2.39% | 2.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68)% | (1.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | (1.23)% | (1.35)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 6% | 3% | 0% | 4% | 3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Small Cap Opportunities Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | **The Small Cap Opportunities Fund** | |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | &nbsp;&nbsp;&nbsp;**2019** | **2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $100.83 | $68.25 | $66.58 | $52.30 | $52.07 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss<sup>(2)</sup> | 0.31 | (0.73) | 0.55 | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 32.14 | 35.22 | 1.12 | 14.45 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 32.45 | 34.49 | 1.67 | 14.28 | 0.23 |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.04 | 0.06 | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (1.97) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions |  | (1.97) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $133.32 | $100.83 | $68.25 | $66.58 | $52.30 |
| &nbsp;&nbsp;&nbsp;Total return | 32.22% | 50.62% | 2.51% | 27.30% | 0.44% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $95963 | $49484 | $35118 | $66459 | $40075 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.64% | 1.65% | 1.73% | 1.70% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.27% | (0.73)% | 0.98% | (0.28)% | (0.40)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 6% | 3% | 0% | 4% | 3% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Small Cap Opportunities Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Market Opportunities Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;&nbsp;**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $40.16 | $31.85 | $26.71 | $21.83 | $26.72 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.33) | .10 | (0.00)<sup>(3)</sup> | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | 9.25 | 5.12 | 4.97 | (2.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 | 8.92 | 5.22 | 4.97 | (2.91) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | (0.59) | (0.08) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | (0.04) |  |  | (1.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | (0.63) | (0.08) | (0.09) | (1.99) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $45.55 | $40.16 | $31.85 | $26.71 | $21.83 |
| &nbsp;&nbsp;&nbsp;Total return | 14.98% | 28.04% | 19.55% | 22.76% | (10.86)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $96190 | $86943 | $66570 | $56987 | $48487 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | 1.75% | 1.85% | 1.84% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | 1.40% | 1.40% | 1.40% | 1.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | (0.79)% | 0.40% | (0.01)% | (0.53)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | 2% | 2% | 4% | 8% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Market Opportunities Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Market Opportunities Fund** | |
|  | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** | **Advisor Class A** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $39.54 | $31.36 | $26.29 | $21.49 | &nbsp;&nbsp;$26.41 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.03) | (0.43) | 0.04 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 5.83 | 9.10 | 5.04 | 4.89 | &nbsp;&nbsp;&nbsp;&nbsp;(2.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.80 | 8.67 | 5.08 | 4.82 | &nbsp;&nbsp;&nbsp;&nbsp;(2.93) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.47) | (0.01) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.53) | (0.04) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.53) | (0.51) | (0.01) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(1.99) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $44.81 | $39.54 | $31.36 | $26.29 | &nbsp;&nbsp;$21.49 |
| &nbsp;&nbsp;&nbsp;Total return<sup>(4)</sup> | 14.69% | 27.70% | 19.31% | 22.42% | &nbsp;&nbsp;&nbsp;(11.10)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $9794 | $8786 | $6442 | $6868 | &nbsp;&nbsp;$6426 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.01% | 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | 2.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(5)</sup> | 1.65% | 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | (0.07)% | (1.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | (0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | 13% | 2% | 2% | 4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

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

*(5) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(6) Portfolio turnover of The Market Opportunities Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Market Opportunities Fund** |
|  | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** | **Advisor Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $37.72 | $29.79 | $25.10 | $20.61 | $25.53 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.22) | (0.60) | (0.08) | (0.18) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 5.54 | 8.65 | 4.77 | 4.67 | (2.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.32 | 8.05 | 4.69 | 4.49 | (2.93) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(5)</sup> | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.10) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.53) | (0.04) |  |  | (1.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.53) | (0.14) |  |  | (1.99) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | 42.51 | $37.72 | $29.79 | $25.10 | $20.61 |
| &nbsp;&nbsp;&nbsp;Total return | 14.12% | 27.06% | 18.69% | 21.79% | (11.48)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $12610 | $11087 | $9392 | $10051 | $8517 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.51% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | 2.60% | 2.59% | 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(3)</sup> | 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;2.15% | 2.15% | 2.15% | 2.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.54)% | (0.35)% | (0.76)% | (1.28)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(4)</sup> | 13% | 2% | 2% | 4% | 8% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(4) Portfolio turnover of The Market Opportunities Portfolio.*

*(5) Amount calculated is less than $0.005.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Market Opportunities Fund** | **The Market Opportunities Fund** | **The Market Opportunities Fund** | |
|  | | **Institutional Class** | **Institutional Class** | **Institutional Class** | |
|  | | **For the** | **For the** | **For the** | |
|  | | **Year Ended** | **Year Ended** | **Year Ended** | |
|  | | **December 31,** | **December 31,** | **December 31,** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | **2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $40.79 | $32.34 | $27.11 | $22.16 | $27.04 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | (0.25) | 0.15 | 0.05 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | 9.39 | 5.22 | 5.04 | (2.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | 9.14 | 5.37 | 5.09 | (2.90) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.02 |  | 0.00<sup>(3)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | (0.67) | (0.14) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | (0.04) |  |  | (1.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | (0.71) | (0.14) | (0.14) | (1.99) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $46.29 | $40.79 | $32.34 | $27.11 | $22.16 |
| &nbsp;&nbsp;&nbsp;Total return | 15.21% | 28.31% | 19.79% | 22.98% | (10.70)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $21577 | $22655 | $14260 | $12534 | $9471 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.70% | 1.80% | 1.79% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | 1.20% | 1.20% | 1.44% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | (0.59)% | 0.60% | 0.19% | (0.33)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | 2% | 2% | 4% | 8% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Market Opportunities Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Alternative Income Fund** | **The Alternative Income Fund** | **The Alternative Income Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;&nbsp;**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $98.92 | $100.24 | $98.28 | $97.46 | $97.57 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | (0.15) | 0.25 | 1.39 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92) | (1.17) | 1.91 | 1.01 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.03) | (1.32) | 2.16 | 2.40 | 0.89 |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | 0.02 |  | 0.01 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) |  | (0.22) | (1.58) | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) |  | (0.22) | (1.58) | (1.01) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $93.91 | $98.92 | $100.24 | $98.28 | $97.46 |
| &nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.07)% | (1.32)% | 2.23% | 2.47% | 0.92% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $7384 | $2626 | $2642 | $3482 | $4265 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | 2.35% | 2.16% | 2.01% | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | (0.15)% | 0.25% | 1.41% | 0.94% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | 0% | 0% | 0% | 0% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Alternative Income Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Multi-Disciplinary Income Fund** | **The Multi-Disciplinary Income Fund** | **The Multi-Disciplinary Income Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;&nbsp;**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>&nbsp;&nbsp;&nbsp;&nbsp;**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $10.40 | $10.45 | $10.95 | $10.46 | $11.02 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | (0.11) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | (0.45) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $9.94 | $10.40 | $10.45 | $10.95 | $10.46 |
| &nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38)% | &nbsp;&nbsp;&nbsp;&nbsp;9.08% | (1.00)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $16325 | $3202 | $3698 | $6025 | $6134 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | 1.49% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | &nbsp;&nbsp;&nbsp;&nbsp;4.10% | 4.06% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | 0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | 2% |

---

*(1) Information presented relates to a share of capital stock outstanding for each year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.*

*(3) Amount calculated is less than $0.005.*

*(4) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(5) Portfolio turnover of The Multi-Disciplinary Income Portfolio.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Spin-off Fund** | **The Spin-off Fund** | **The Spin-off Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2021** | **No Load Class**<br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $19.20 | $13.45 | $12.83 | $9.77 | $11.14 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.08 | (0.11) | 0.10 | (0.00)<sup>(3</sup>) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 7.49 | 5.88 | 0.60 | 3.06 | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 7.57 | 5.77 | 0.70 | 3.06 | (0.92) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.02) | (0.08) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.44) |  |  |  | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.44) | (0.02) | (0.08) |  | (0.45) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $26.33 | $19.20 | $13.45 | $12.83 | $9.77 |
| &nbsp;&nbsp;&nbsp;Total return | 39.43% | 42.90% | 5.44% | 31.32% | (8.22)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Period (000's) | $149 | $125 | $18 | $60 | $11 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.79% | 1.84% | 2.17% | 1.96% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(6)</sup> | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.36% | (0.57)% | 0.92% | (0.04)% | (0.63)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 4% | 1% | 0% | 2% | 9% |

---

*(1) Information presented relates to a share of capital stock outstanding for each Year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year.*

*(3) Amount calculated is less than $0.005.*

*(4) Not annualized.*

*(5) Annualized.*

*(6) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Spin-off Fund** | **The Spin-off Fund** | **The Spin-off Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2021** | **Advisor Class A**<br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $18.28 | $12.82 | $12.25 | $9.33 | $10.67 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.06 | (0.12) | 0.09 | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gain (loss) on investments | 7.15 | 5.60 | 0.55 | 2.93 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 7.21 | 5.48 | 0.64 | 2.92 | (0.89) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.00<sup>(3)</sup> | 0.00<sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.02) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.44) |  |  |  | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.44) | (0.02) | (0.07) |  | (0.45) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $25.05 | $18.28 | $12.82 | $12.25 | $9.33 |
| &nbsp;&nbsp;&nbsp;Total return<sup>(4)</sup> | 39.45% | 42.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% | 31.30% | (8.30)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $10649 | $5869 | $2521 | $3574 | $3303 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.04% | 2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | 2.21% | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(7)</sup> | 1.50% | 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(loss) to average net assets: | 0.30% | (0.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | (0.09)% | (0.68)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 4% | 1% | 0% | 2% | 9% |

---

*(1) Information presented relates to a share of capital stock outstanding for each Year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year.*

*(3) Amount calculated is less than $0.005.*

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

*(5) Not annualized.*

*(6) Annualized.*

*(7) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Spin-off Fund** | **The Spin-off Fund** | **The Spin-off Fund** | |
| | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2021** | **Advisor Class C**<br>**For the**<br>**Year Ended**<br>**December 31,**<br>**2020** | <br>**For the**<br>**Year Ended**<br>**December 31,** <br>**2019** | <br>**For the**<br>**Year Ended**<br>**December 31,**<br>&nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $16.95 | $11.98 | $11.47 | $8.80 | $10.17 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.08) | (0.23) | 0.01 | (0.09) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss) on investments | 6.58 | 5.23 | 0.50 | 2.76 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 6.50 | 5.00 | 0.51 | 2.67 | (0.92) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(6)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.03) | (0.00)<sup>(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.44) |  |  |  | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.44) | (0.03) | (0.00)<sup>(6)</sup> |  | (0.45) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $23.01 | $16.95 | $11.98 | $11.47 | $8.80 |
| &nbsp;&nbsp;&nbsp;Total return | 38.36% | 41.73% | 4.47% | 30.34% | (9.00)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $842 | $940 | $2611 | $4064 | $4114 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.54% | 2.59% | 2.91% | 2.71% | 2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(5)</sup> | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(loss) to average net assets: | (0.43)% | (1.37)% | 0.12% | (0.84)% | (1.43)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 4% | 1% | 0% | 2% | 9% |

---

*(1) Information presented relates to a share of capital stock outstanding for each Year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year.*

*(3) Not annualized.*

*(4) Annualized.*

*(5) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(6) Amount calculated is less than $0.005.*

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

------

KINETICS MUTUAL FUNDS, INC. — THE FUND

**Financial Highlights —** ***(Continued)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Spin-off Fund** | **The Spin-off Fund** | **The Spin-off Fund** | |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;**2018** |
| **PER SHARE DATA:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Year | $18.40 | $12.87 | $12.32 | $9.36 | $10.68 |
| &nbsp;&nbsp;&nbsp;Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | (0.07) | 0.12 | 0.02 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 | 5.62 | 0.55 | 2.95 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33 | 5.55 | 0.67 | 2.97 | (0.87) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(7)</sup> | 0.00<sup>(7)</sup> | 0.00<sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | (0.02) | (0.12) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |  |  |  | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | (0.02) | (0.12) | (0.01) | (0.45) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year | $25.25 | $18.40 | $12.87 | $12.32 | $9.36 |
| &nbsp;&nbsp;&nbsp;Total return | 39.82% | 43.12% | 5.46% | 31.74% | (8.11)% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of Year (000's) | $23458 | $17377 | $12387 | $13751 | $11290 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | 1.79% | 2.11% | 1.91% | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | (0.37)% | 1.12% | 0.16% | (0.43)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | 1% | 0% | 2% | 9% |

---

*(1) Information presented relates to a share of capital stock outstanding for each Year.*

*(2) Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year.*

*(3) Amount calculated is less than $0.005.*

*(4) Not annualized.*

*(5) Annualized.*

*(6) See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.*

*(7) Amount calculated is less than $0.005.*

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

------

KINETICS MUTUAL FUNDS, INC.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors<br> of Kinetics Mutual Funds, Inc.<br>**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 Medical Fund, The Small Cap Opportunities Fund, The Market Opportunities Fund, The Alternative Income 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, 2022, 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, 2022, 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.

------

KINETICS MUTUAL FUNDS, INC.

**Report of Independent Registered Public Accounting Firm** *(Continued)*

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, 2022 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.

![Black text on a white background Description automatically generated](image_014.gif)

Philadelphia, Pennsylvania<br> March 1, 2023

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Consolidated Portfolio Assets**

December 31, 2022

**The Internet Portfolio**

![Chart, box and whisker chart Description automatically generated](image_015.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Mining, Quarrying, and Oil and Gas Extraction | $49598480 | 33.6% |
| Finance and Insurance<sup>#</sup> | 28177388 | 19.0% |
| Professional, Scientific, and Technical Services | 12665721 | 8.6% |
| Information | 4029589 | 2.7% |
| Arts, Entertainment, and Recreation | 1756994 | 1.2% |
| Management of Companies and Enterprises | 365850 | 0.2% |
| Retail Trade | 12178 | 0.0% |
| Administrative and Support and Waste Management and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remediation Services | 1872 | 0.0% |

---

*\* Excludes Short-Term Investments*

# *In the Finance and Insurance Sector, $17,758,001 represents a cryptocurrency investment of 12.00% of total net assets as of December 31, 2022.*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Consolidated Portfolio Assets**

December 31, 2022 — *(Continued)*

**The Global Portfolio**

![Chart Description automatically generated with medium confidence](image_016.gif)

---

| | | |
|:---|:---|:---|
| <br>**Country Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| United States<sup>#</sup> | $10819613 | 38.0% |
| Canada | 1943775 | 6.8% |
| United Kingdom | 441964 | 1.6% |
| Cayman Islands | 250546 | 0.9% |
| Germany | 103662 | 0.4% |
| Netherlands | 86970 | 0.3% |
| Brazil | 75742 | 0.3% |
| Australia | 74020 | 0.3% |
| Singapore | 13076 | 0.0% |
| Panama | 12896 | 0.0% |
| France | 5267 | 0.0% |
| Liberia | 4943 | 0.0% |
| Japan | 2868 | 0.0% |
| Guernsey | 2419 | 0.0% |
| Israel | 1640 | 0.0% |
| Bermuda | 235 | 0.0% |

---

*\* Excludes Short-Term Investments*

# *In the United States Sector, $1,272,681 represents a cryptocurrency investment of 4.5% of total net assets as of December 31, 2022.*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Consolidated Portfolio Assets**

December 31, 2022 — *(Continued)*

**The Paradigm Portfolio**

![A picture containing chart Description automatically generated](image_017.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Mining, Quarrying, and Oil and Gas Extraction | $789714893 | 70.9% |
| Finance and Insurance<sup>#</sup> | 62391688 | 5.6% |
| Real Estate and Rental and Leasing | 31234000 | 2.8% |
| Arts, Entertainment, and Recreation | 29314261 | 2.6% |
| Information | 24309405 | 2.2% |
| Management of Companies and Enterprises | 23979099 | 2.2% |
| Accommodation and Food Services | 19206662 | 1.7% |
| Professional, Scientific, and Technical Services | 14210448 | 1.2% |
| Transportation and Warehousing | 4979863 | 0.4% |
| Real Estate | 2886699 | 0.3% |
| Utilities | 1889648 | 0.2% |
| Construction | 898909 | 0.1% |
| Administrative and Support and Waste Management and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remediation Services | 700800 | 0.1% |
| Retail Trade | 414700 | 0.0% |
| Manufacturing | 295995 | 0.0% |
| Wholesale Trade | 11682 | 0.0% |

---

*\* Excludes Short-Term Investments*

# *In the Finance and Insurance Sector, $16,135,656 represents a cryptocurrency investment of 1.4% of total net assets as of December 31, 2022.*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Portfolio Assets**

December 31, 2022 — *(Continued)*

**The Medical Portfolio**

![Chart Description automatically generated with medium confidence](image_018.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Manufacturing | $18345001 | 95.3% |
| Professional, Scientific, and Technical Services | 250236 | 1.3% |
| Health Care and Social Assistance | 41426 | 0.2% |

---

*\* Excludes Short-Term Investments*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Consolidated Portfolio Assets**

December 31, 2022 — *(Continued)*

**The Small Cap Opportunities Portfolio**

![A picture containing box and whisker chart Description automatically generated](image_019.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Mining, Quarrying, and Oil and Gas Extraction | $240639416 | 52.4% |
| Accommodation and Food Services | 25285284 | 5.5% |
| Management of Companies and Enterprises | 19724129 | 4.3% |
| Professional, Scientific, and Technical Services | 18850809 | 4.1% |
| Real Estate | 15780123 | 3.4% |
| Finance and Insurance<sup>#</sup> | 7713977 | 1.7% |
| Manufacturing | 6151730 | 1.3% |
| Real Estate and Rental and Leasing | 5003588 | 1.1% |
| Arts, Entertainment, and Recreation | 4562998 | 1.0% |
| Transportation and Warehousing | 1967370 | 0.4% |
| Information | 322380 | 0.1% |
| Retail Trade | 111115 | 0.0% |

---

*\* Excludes Short-Term Investments*

# *In the Finance and Insurance Sector, $2,487,000 represents a cryptocurrency investment of 0.5% of total net assets as of December 31, 2022.*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Consolidated Portfolio Assets**

December 31, 2022 — *(Continued)*

**The Market Opportunities Portfolio**

![Timeline Description automatically generated](image_020.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>&nbsp;&nbsp;&nbsp;**Market**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Mining, Quarrying, and Oil and Gas Extraction | $88892721 | 63.3% |
| Finance and Insurance<sup>#</sup> | 16435673 | 11.7% |
| Management of Companies and Enterprises | 3568093 | 2.5% |
| Transportation and Warehousing | 1216313 | 0.9% |
| Information | 1181150 | 0.8% |
| Real Estate and Rental and Leasing | 367265 | 0.3% |
| Accommodation and Food Services | 356593 | 0.3% |
| Real Estate | 161426 | 0.1% |
| Live Sports (Spectator Sports) | 135025 | 0.1% |
| Wholesale Trade | 112880 | 0.1% |
| Professional, Scientific, and Technical Services | 112363 | 0.1% |
| Retail Trade | 99528 | 0.1% |
| Manufacturing | 15708 | 0.0% |
| Machinery Manufacturing | 6765 | 0.0% |
| Agriculture, Forestry, Fishing and Hunting | 311 | 0.0% |

---

*\* Excludes Short-Term Investments*

# *In the Finance and Insurance Sector, $4,964,665 represents a cryptocurrency investment of 3.5% of total net assets as of December 31, 2022.*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Portfolio Assets**

December 31, 2022 — *(Continued)*

**The Alternative Income Portfolio**

![A picture containing chart Description automatically generated](image_021.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Finance and Insurance | $5490678 | 74.6% |

---

*\* Excludes Short-Term Investments*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Allocation of Portfolio Assets**

December 31, 2022 — *(Continued)*

**The Multi-Disciplinary Income Portfolio**

![Chart Description automatically generated](image_022.gif)

---

| | | |
|:---|:---|:---|
| <br>**Sector Allocation\*** | <br>**Market**<br>**Value** | **Percentage**<br>**of Total**<br>**Net Assets** |
| Finance and Insurance | $1953369 | 11.8% |
| Manufacturing | 221395 | 1.4% |
| Wholesale Trade | 181357 | 1.1% |

---

*\* Excludes Short-Term Investments*

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Internet Portfolio**

Consolidated Portfolio of Investments — December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 53.20%** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Administrative and Support Services — 0.00%*** |  |  |
| CreditRiskMonitor.com, Inc.\* | 780 | $1872 |
| ***Aerospace and Defense — 8.12%*** |  |  |
| CACI International, Inc. — Class A\*<sup>c</sup> | 40000 | 12023600 |
| ***Broadcasting (except Internet) — 0.18%*** |  |  |
| The E.W. Scripps Company — Class A\* | 20000 | 263800 |
| ***Data Processing, Hosting and Related Services — 0.08%*** |  |  |
| Rumble, Inc.\*^ | 21000 | 124950 |
| ***Data Processing, Hosting, and Related Services — 2.22%*** |  |  |
| MasterCard, Inc. — Class A | 5900 | 2051607 |
| Verisk Analytics, Inc. | 7000 | 1234940 |
|  |  | 3286547 |
| ***Funds, Trusts, and Other Financial Vehicles — 0.31%*** |  |  |
| Mesabi Trust^ | 25800 | 464916 |
| ***Management of Companies and Enterprises — 0.25%*** |  |  |
| Galaxy Digital Holdings Ltd.\*^ | 128000 | 365849 |
| ***Oil and Gas Extraction — 33.50%*** |  |  |
| Permian Basin Royalty Trust^ | 12250 | 308700 |
| Texas Pacific Land Corp.<sup>c</sup> | 21026 | 49289780 |
|  |  | 49598480 |
| ***Other Information Services — 0.15%*** |  |  |
| Alphabet, Inc. — Class C\* | 2580 | 228923 |
| ***Other Motor Vehicle Dealers — 0.01%*** |  |  |
| Copart, Inc.\* | 200 | 12178 |
| ***Other Professional, Scientific, and Technical Services — 0.30%*** |  |  |
| GMO internet group, Inc. | 24000 | 450960 |
| ***Other Telecommunications — 0.09%*** |  |  |
| Liberty Latin America Limited — Class C — ADR\* | 16496 | 125370 |
| ***Performing Arts, Spectator Sports, and Related Industries — 0.12%*** |  |  |
| Madison Square Garden Entertainment Corp.\* | 4000 | 179880 |
| ***Professional, Scientific, and Technical Services — 0.13%*** |  |  |
| Cookpad, Inc.\* | 128000 | 191161 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Internet Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Securities and Commodities Exchanges — 1.99%*** |  |  |
| CME Group, Inc. | 4180 | $702909 |
| Miami International Holdings, Inc.\*<sup>ag</sup> | 268000 | 2109160 |
| NASDAQ, Inc. | 2100 | 128835 |
|  |  | 2940904 |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |  |
| ***Related Activities — 4.68%*** |  |  |
| Bakkt Holdings, Inc.\*^ | 6000 | 7140 |
| OTC Markets Group, Inc. — Class A | 121000 | 6884900 |
| S&P Global, Inc. | 113 | 37848 |
|  |  | 6929888 |
| ***Spectator Sports — 1.07%*** |  |  |
| Liberty Media Corp.-Liberty Braves — Class A\* | 8000 | 261360 |
| Liberty Media Corp.-Liberty Braves — Class C\* | 8000 | 257840 |
| Liberty Media Corp.-Liberty Formula One — Class A\* | 19800 | 1057914 |
|  |  | 1577114 |
| TOTAL COMMON STOCKS |  |  |
| (cost $39,286,753) |  | 78766392 |
| **UNIT INVESTMENT TRUST — 12.00%** |  |  |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |  |
| ***Related Activities — 12.00%*** |  |  |
| Grayscale Bitcoin Trust\*<sup>c</sup> | 2142099 | 17758001 |
| TOTAL UNIT INVESTMENT TRUST |  |  |
| (cost $6,566,231) |  | 17758001 |
| **WARRANTS — 0.06%** | **Shares** |  |
| ***Securities and Commodities Exchanges — 0.06%*** |  |  |
| Miami International Holdings, Inc. Expiration: 04/08/2026, |  |  |
| Exercise Price: 7.50 USD \*<sup>ag</sup> | 40819 | 83679 |
| TOTAL WARRANTS |  |  |
| (cost $–) |  | 83679 |
| **TOTAL INVESTMENTS — 65.26%** |  |  |
| **(cost $45,852,984)** |  | **$96608072** |

---

*Percentages are stated as a percent of net assets.*

---

| | |
|:---|:---|
| *^* | *— This security or a portion of this security was out on loan at December 31, 2022. Total loaned securities had a market value of $918,110 at December 31, 2022. The total collateral for the loaned securities was cash in the amount of $970,875.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Internet Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| |
|:---|
| *\* — Non-income producing security.* |
| *a — Value determined using significant unobservable inputs.* |
| *c — Significant Investment — Greater than 5% of net assets.* |
| *f — Level 2 Investment.* |
| *g — Illiquid.* |
| *ADR — American Depository Receipt.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Global Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 44.04%** | **Shares** | **Value** |
| ***Accommodation — 1.41%*** |  |  |
| Civeo Corp. — ADR\* | 12900 | $401190 |
| ***Aerospace and Defense — 0.11%*** |  |  |
| CACI International, Inc. — Class A\* | 100 | 30059 |
| Elbit Systems Ltd. — ADR | 10 | 1641 |
|  |  | 31700 |
| ***Agricultural Operations — 0.05%*** |  |  |
| Wilmar International Ltd. | 4200 | 13076 |
| ***Data Processing, Hosting and Related Services — 0.01%*** |  |  |
| Rumble, Inc.\*^ | 600 | 3570 |
| ***Diversified Real Estate Activities — 1.28%*** |  |  |
| PrairieSky Royalty Limited\* | 22800 | 365406 |
| ***Funds, Trusts, and Other Financial Vehicles — 1.32%*** |  |  |
| Mesabi Trust^ | 20900 | 376618 |
| ***Global Exchanges — 1.06%*** |  |  |
| ASX Ltd. | 800 | 37049 |
| B3 SA — Brasil Bolsa Balcao | 30000 | 75742 |
| Deutsche Boerse AG | 600 | 103662 |
| Euronext NV | 1120 | 82916 |
| Japan Exchange Group Inc. — ADR — ADR\*^ | 400 | 2868 |
|  |  | 302237 |
| ***Industrial Machinery Manufacturing — 0.57%*** |  |  |
| TerraVest Industries, Inc.\* | 8000 | 163013 |
| ***Live Sports (Spectator Sports) — 0.35%*** |  |  |
| Big League Advance, LLC\*<sup>ag</sup> | 1818 | 99990 |
| ***Management of Companies and Enterprises — 2.38%*** |  |  |
| Associated Capital Group, Inc. — Class A | 12900 | 541671 |
| Carnival Corp. — ADR\* | 1600 | 12896 |
| Galaxy Digital Holdings Ltd.\*^ | 43400 | 124046 |
|  |  | 678613 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Global Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Mining (except Oil and Gas) — 2.30%*** |  |  |
| Altius Minerals Corp.\* | 200 | $3281 |
| Franco-Nevada Corporation — ADR | 200 | 27296 |
| NovaGold Resources, Inc. — ADR\* | 4000 | 23920 |
| Sandstorm Gold Ltd. — ADR | 108800 | 572288 |
| Wheaton Precious Metals Corporation — ADR | 700 | 27356 |
|  |  | 654141 |
| ***Oil and Gas Extraction — 27.37%*** |  |  |
| Permian Basin Royalty Trust^ | 41600 | 1048320 |
| Texas Pacific Land Corp. <sup>c</sup> | 2878 | 6746694 |
|  |  | 7795014 |
| ***Other Financial Investment Activities — 1.60%*** |  |  |
| Burford Capital Ltd. <sup>f</sup> | 300 | 2419 |
| GAMCO Investors, Inc. — Class A | 27200 | 414528 |
| Morgan Group Holding Co.\*<sup>f</sup> | 53 | 106 |
| Omni Bridgeway Ltd.\* | 15000 | 36970 |
|  |  | 454023 |
| ***Other Investment Pools and Funds — 0.50%*** |  |  |
| Partners Value Investments LP\*<sup>a</sup>g | 2193 | 105277 |
| Urbana Corporation\* | 11200 | 35238 |
| Urbana Corporation — Class A\* | 600 | 1719 |
|  |  | 142234 |
| ***Other Pipeline Transportation — 0.02%*** |  |  |
| Rubis SCA | 200 | 5267 |
| Other Telecommunications — 0.00% |  |  |
| Liberty Latin America Limited — Class A — ADR\* | 9 | 68 |
| Liberty Latin America Limited — Class C — ADR\* | 22 | 167 |
|  |  | 235 |
| ***Personal and Laundry Services — 0.02%*** |  |  |
| IAC/InterActiveCorp\* | 100 | 4440 |
| ***Real Estate — 0.75%*** |  |  |
| DREAM Unlimited Corp.\*<sup>f</sup> | 1000 | 18781 |
| Tejon Ranch Co.\* | 10400 | 195936 |
|  |  | 214717 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Global Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Securities and Commodities Exchanges — 0.30%*** | ***Securities and Commodities Exchanges — 0.30%*** |  |
| CME Group, Inc. | 200 | $33632 |
| IntercontinentalExchange Group, Inc. | 500 | 51295 |
|  |  | 84927 |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** | ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |
| ***Related Activities — 0.54%*** |  |  |
| Brookfield Asset Management Ltd. — ADR\* | 1000 | 28670 |
| Brookfield Corp. | 4000 | 125840 |
|  |  | 154510 |
| ***Support Activities for Mining — 0.08%*** |  |  |
| Core Laboratories NV — ADR | 200 | 4054 |
| Maverix Metals, Inc. — ADR | 4000 | 18720 |
|  |  | 22774 |
| ***Support Activities for Water Transportation — 2.00%*** | ***Support Activities for Water Transportation — 2.00%*** |  |
| Braemar Shipping Services plc | 2200 | 7846 |
| Clarkson plc | 11100 | 434118 |
| Siem Industries, Inc. — ADR\*<sup>ag</sup> | 5500 | 126500 |
|  |  | 568464 |
| ***Water Transportation — 0.02%*** |  |  |
| Royal Caribbean Cruises Ltd. — ADR\* | 100 | 4943 |
| TOTAL COMMON STOCKS |  |  |
| (cost $6,641,059) |  | 12541102 |
| **PREFERRED STOCKS — 0.03%** | **PREFERRED STOCKS — 0.03%** |  |
| ***Other Investment Pools and Funds — 0.03%*** | ***Other Investment Pools and Funds — 0.03%*** |  |
| Partners Value Investments LP — Class A\*<sup>a</sup>g | 515 | 9785 |
| TOTAL PREFERRED STOCKS |  |  |
| (cost $9,785) |  | 9785 |
| **UNIT INVESTMENT TRUST — 4.47%** | **UNIT INVESTMENT TRUST — 4.47%** |  |
| ***Funds, Trusts, and Other Financial Vehicles — 0.00%*** | ***Funds, Trusts, and Other Financial Vehicles — 0.00%*** |  |
| Grayscale Ethereum Classic Trust\* | 24 | 73 |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** | ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |
| ***Related Activities — 4.47%*** |  |  |
| Grayscale Bitcoin Trust\* | 153520 | 1272681 |
| TOTAL UNIT INVESTMENT TRUST |  |  |
| (cost $247,918) |  | 1272754 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Global Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| <br>**CONVERTIBLE BONDS — 0.00%** | **Principal**<br>**Amount** | <br>**Value** |
| ***Department Stores — 0.00%*** |  |  |
| Sears Holdings Corporation, 8.000%, 12/15/2019\*<sup>a</sup> | 41080 | $– |
| TOTAL CONVERTIBLE BONDS |  |  |
| (cost $41,080) |  | – |
| **WARRANTS — 0.06%** | **Shares** |  |
| ***Other Investment Pools and Funds — 0.06%*** |  |  |
| Partners Value Investments LP Expiration: 06/30/2026, |  |  |
| Exercise Price: 32.45 CAD\*<sup>ag</sup> | 3493 | 15995 |
| TOTAL WARRANTS |  |  |
| (cost $19,638) |  | 15995 |
| **TOTAL INVESTMENTS — 48.60%** |  |  |
| **(cost $6,959,480)** |  | **$13839636** |

---

---

| |
|:---|
| *Percentages are stated as a percent of net assets.* |
| *\* — Non-income producing security.* |
| *^ — This security or a portion of this security was out on loan at December 31, 2022. Total loaned securities had* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a market value of $1,309,805– at December 31, 2022. The total collateral for the loaned securities was cash* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*in the amount of $1,306,019.* |
| *a — Value determined using significant unobservable inputs.* |
| *c — Significant Investment - Greater than 5% of net assets.* |
| *e — Default or other conditions exist and the security is not presently accruing income.* |
| *f — Level 2 Investment.* |
| *g — Illiquid.* |
| *ADR — American Depository Receipt.* |
| *CAD — Canadian Dollars.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Paradigm Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.86%** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Accommodation — 0.87%*** |  |  |
| Civeo Corp. — ADR\* | 312400 | $9715640 |
| ***Administrative and Support Services — 0.06%*** |  |  |
| Expedia Group, Inc.\* | 8000 | 700800 |
| ***Aerospace and Defense — 1.24%*** |  |  |
| CACI International, Inc. — Class A\* | 46150 | 13872228 |
| ***Beverage and Tobacco Product Manufacturing — 0.03%*** |  |  |
| Crimson Wine Group Limited\* | 52762 | 295995 |
| ***Broadcasting (except Internet) — 0.15%*** |  |  |
| Warner Bros. Discovery, Inc.\* | 178800 | 1695024 |
| ***Casinos & Gaming — 0.08%*** |  |  |
| Las Vegas Sands Corp.\* | 18700 | 898909 |
| ***Data Processing, Hosting and Related Services — 0.00%*** |  |  |
| Rumble, Inc.\*^ | 800 | 4760 |
| ***Diversified Real Estate Activities — 0.09%*** |  |  |
| PrairieSky Royalty Limited\* | 60000 | 961595 |
| ***E-Commerce — 0.04%*** |  |  |
| eBay, Inc. | 10000 | 414700 |
| ***Food Services and Drinking Places — 0.85%*** |  |  |
| The Wendy's Company | 419400 | 9491022 |
| ***Funds, Trusts, and Other Financial Vehicles — 0.05%*** |  |  |
| Mesabi Trust^ | 28500 | 513570 |
| ***Insurance Carriers and Related Activities — 0.01%*** |  |  |
| Markel Corporation\* | 100 | 131749 |
| ***Management of Companies and Enterprises — 2.15%*** |  |  |
| Associated Capital Group, Inc. — Class A | 260290 | 10929577 |
| Bollore SE | 8300 | 46378 |
| Brookfield Business Partners LP | 3500 | 59360 |
| Carnival Corp. — ADR\* | 156000 | 1257360 |
| Galaxy Digital Holdings Ltd.\*^ | 1400 | 4001 |
| Icahn Enterprises LP | 230650 | 11682423 |
|  |  | 23979099 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Paradigm Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Mining (except Oil and Gas) — 2.30%*** |  |  |
| Franco-Nevada Corporation — ADR | 170550 | $23276664 |
| Sandstorm Gold Ltd. — ADR | 90000 | 473400 |
| Wheaton Precious Metals Corporation — ADR | 48200 | 1883656 |
|  |  | 25633720 |
| ***Oil and Gas Extraction — 68.56%*** |  |  |
| Texas Pacific Land Corp.<sup>c</sup> | 325800 | 763750134 |
| Tourmaline Oil Corp.\*<sup>f</sup> | 6400 | 322931 |
|  |  | 764073065 |
| ***Other Financial Investment Activities — 0.37%*** |  |  |
| GAMCO Investors, Inc. — Class A | 7500 | 114300 |
| Morgan Group Holding Co.\*<sup>f</sup>^ | 5841 | 11682 |
| Onex Corp. — ADR | 83300 | 4007563 |
|  |  | 4133545 |
| ***Other Investment Pools and Funds — 0.01%*** |  |  |
| Partners Value Investments LP\*<sup>ag</sup> | 800 | 38405 |
| Urbana Corporation\* | 7500 | 23597 |
| Urbana Corporation — Class A\* | 2200 | 6304 |
|  |  | 68306 |
| ***Other Professional, Scientific, and Technical Services — 0.03%*** |  |  |
| GMO internet group, Inc. | 18000 | 338220 |
| ***Other Telecommunications — 1.88%*** |  |  |
| Liberty Broadband Corporation — Series A\* | 2900 | 219965 |
| Liberty Broadband Corporation — Series C\* | 109900 | 8382073 |
| Liberty Media Corp.-Liberty SiriusXM — Class A\* | 135100 | 5310781 |
| Liberty Media Corp.-Liberty SiriusXM — Class C\* | 180650 | 7068835 |
|  |  | 20981654 |
| ***Performing Arts, Spectator Sports, and Related Industries — 1.78%*** |  |  |
| Live Nation Entertainment, Inc.\* | 284550 | 19844517 |
| ***Real Estate — 2.98%*** |  |  |
| DREAM Unlimited Corp.\*<sup>f</sup> | 153700 | 2886699 |
| Equity Lifestyle Properties, Inc. — REIT | 99000 | 6395400 |
| The Howard Hughes Corporation\* | 312050 | 23846861 |
| Tejon Ranch Co.\* | 1600 | 30144 |
|  |  | 33159104 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Paradigm Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Satellite Telecommunications — 0.15%*** |  |  |
| EchoStar Corporation — Class A\* | 97600 | $1627968 |
| ***Securities and Commodities Exchanges — 0.86%*** |  |  |
| Cboe Global Markets, Inc. | 63200 | 7929704 |
| CME Group, Inc. | 9600 | 1614336 |
| IntercontinentalExchange Group, Inc. | 500 | 51295 |
|  |  | 9595335 |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |  |
| ***Related Activities — 2.85%*** |  |  |
| Brookfield Asset Management Ltd. — ADR\*^ | 205187 | 5882711 |
| Brookfield Corp. | 820750 | 25820795 |
| S&P Global, Inc. | 340 | 113880 |
|  |  | 31817386 |
| ***Spectator Sports — 0.85%*** |  |  |
| Liberty Media Corp.-Liberty Formula One — Class A\* | 88400 | 4723212 |
| Liberty Media Corp.-Liberty Formula One — Class C\* | 79400 | 4746532 |
|  |  | 9469744 |
| ***Support Activities for Mining — 0.00%*** |  |  |
| Core Laboratories NV — ADR | 400 | 8108 |
| ***Support Activities for Water Transportation — 0.41%*** |  |  |
| Clarkson plc | 101500 | 3969637 |
| Siem Industries, Inc. — ADR\*<sup>ag</sup> | 26300 | 604900 |
|  |  | 4574537 |
| ***Utilities — 0.17%*** |  |  |
| Brookfield Infrastructure Corporation — Class A — ADR | 7350 | 285915 |
| Brookfield Infrastructure Partners LP | 51750 | 1603732 |
|  |  | 1889647 |
| ***Water Transportation — 0.04%*** |  |  |
| Royal Caribbean Cruises Ltd. — ADR\* | 8200 | 405326 |
| TOTAL COMMON STOCKS |  |  |
| (cost $179,795,738) |  | 990295273 |
| **PREFERRED STOCKS — 0.00%** |  |  |
| ***Other Investment Pools and Funds — 0.00%*** |  |  |
| Partners Value Investments LP — Class A\*<sup>ag</sup> | 217 | 4123 |
| TOTAL PREFERRED STOCKS |  |  |
| (cost $1,764) |  | 4123 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Paradigm Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **UNIT INVESTMENT TRUST — 1.45%** | **Shares** | **Value** |
| ***Funds, Trusts, and Other Financial Vehicles — 0.00%*** |  |  |
| Grayscale Ethereum Classic Trust\* | 12 | $37 |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |  |
| ***Related Activities — 1.45%*** |  |  |
| Grayscale Bitcoin Trust\* | 1946400 | 16135656 |
| TOTAL UNIT INVESTMENT TRUST |  |  |
| (cost $25,987,742) |  | 16135693 |
| **WARRANTS — 0.00%** |  |  |
| ***Other Investment Pools and Funds — 0.00%*** |  |  |
| Partners Value Investments LP Expiration: 06/30/2026, |  |  |
| Exercise Price: 32.45 CAD\*<sup>ag</sup> | 800 | 3663 |
| TOTAL WARRANTS |  |  |
| (cost $2,367) |  | 3663 |
| **TOTAL INVESTMENTS — 90.31%** |  |  |
| **(cost $205,787,611)** |  | **$1006438752** |

---

---

| |
|:---|
| *Percentages are stated as a percent of net assets.* |
| *\* — Non-income producing security.* |
| *^ — This security or a portion of this security was out on loan at December 31, 2022. Total loaned securities had* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a market value of $673,273 at December 31, 2022. The total collateral for the loaned securities was cash in* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*the amount of $701,943.* |
| *a — Value determined using significant unobservable inputs.* |
| *c — Significant Investment - Greater than 5% of net assets.* |
| *f — Level 2 Investment.* |
| *g — Illiquid.* |
| *ADR — American Depository Receipt.* |
| *CAD — Canadian Dollars.* |
| *REIT — Real Estate Investment Trust.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Medical Portfolio**

Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 96.74%** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Ambulatory Health Care Services — 0.21%*** |  |  |
| Viatris, Inc. | 3722 | $41426 |
| ***Chemical Manufacturing — 10.43%*** |  |  |
| 2seventy bio, Inc.\* | 1000 | 9370 |
| Alnylam Pharmaceuticals, Inc.\* | 3000 | 712950 |
| Bluebird Bio, Inc.\* | 3000 | 20760 |
| Editas Medicine, Inc.\* | 8000 | 70960 |
| Galectin Therapeutics, Inc.\* | 26000 | 29380 |
| GSK Plc — ADR | 11738 | 412473 |
| Haleon Plc — ADR\* | 14673 | 117384 |
| Intellia Therapeutics, Inc.\* | 10000 | 348900 |
| Organon & Co. | 8400 | 234612 |
| Vanda Pharmaceuticals, Inc.\* | 7000 | 51730 |
|  |  | 2008519 |
| ***Food Manufacturing — 0.02%*** |  |  |
| Salarius Pharmaceuticals, Inc.\* | 2400 | 3672 |
| ***Machinery Manufacturing — 1.31%*** |  |  |
| General Electric Company | 3000 | 251370 |
| ***Pharmaceutical and Medicine Manufacturing — 83.5%*** |  |  |
| AbbVie, Inc. <sup>c</sup> | 10000 | 1616100 |
| Agenus, Inc.\* | 148 | 355 |
| Alkermes plc — ADR\* | 22000 | 574860 |
| AMGEN, Inc.<sup>c</sup> | 4000 | 1050560 |
| AstraZeneca plc — ADR — ADR | 13000 | 881400 |
| Biogen, Inc.\*<sup>c</sup> | 3750 | 1038450 |
| Bristol-Myers Squibb Company <sup>c</sup> | 23500 | 1690825 |
| Eli Lilly & Co. <sup>c</sup> | 5000 | 1829200 |
| Gilead Sciences, Inc. | 9000 | 772650 |
| Immune Pharmaceuticals, Inc.\*<sup>ag</sup> | 1 | 0 |
| Ionis Pharmaceuticals, Inc.\* | 8000 | 302160 |
| Johnson & Johnson <sup>c</sup> | 7000 | 1236550 |
| Merck & Co., Inc. <sup>c</sup> | 14000 | 1553300 |
| Novartis AG — ADR — ADR <sup>c</sup> | 14000 | 1270080 |
| Pacific Biosciences of California, Inc.\* | 12000 | 98160 |
| Pfizer, Inc. <sup>c</sup> | 30000 | 1537200 |
| Sanofi — ADR — ADR | 13000 | 629590 |
|  |  | 16081440 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Medical Portfolio**

Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ***Professional, Scientific, and Technical Services — 1.27%*** |  |  |
| CRISPR Therapeutics AG — ADR\* | 6000 | $243900 |
| TOTAL COMMON STOCKS |  |  |
| (cost $9,250,767) |  | 18630327 |
| **RIGHTS — 0.03%** | **Shares** |  |
| ***Scientific Research and Development Services — 0.03%*** |  |  |
| Ligand Pharmaceuticals, Inc.\*<sup>f</sup> | 44000 | 5720 |
| Ligand Pharmaceuticals, Inc.\*<sup>f</sup> | 44000 | 220 |
| Ligand Pharmaceuticals, Inc.\*<sup>f</sup> | 44000 | 132 |
| Ligand Pharmaceuticals, Inc.\*<sup>#f</sup> | 44000 | 264 |
|  |  | 6336 |
| TOTAL RIGHTS |  |  |
| (cost $0) |  | 6336 |
| **TOTAL INVESTMENTS — 96.77%** |  |  |
| **(cost $9,250,767)** |  | **$18636663** |

---

---

| |
|:---|
| *Percentages are stated as a percent of net assets.* |
| *\* — Non-income producing security.* |
| *# — Contingent value right (contingent upon profitability of company).* |
| *a — Value determined using significant unobservable inputs.* |
| *c — Significant Investment - Greater than 5% of net assets.* |
| *f — Level 2 Investment.* |
| *g — Illiquid.* |
| *ADR — American Depository Receipt.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Small Cap Opportunities Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 74.62%** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Accommodation — 4.39%*** |  |  |
| Civeo Corp. — ADR\* | 648000 | $20152800 |
| ***Aerospace and Defense — 3.60%*** |  |  |
| CACI International, Inc. — Class A\* | 55400 | 16652686 |
| ***Beverage and Tobacco Product Manufacturing — 0.08%*** |  |  |
| Crimson Wine Group Limited\* | 67700 | 379797 |
| ***Chemical Manufacturing — 1.17%*** |  |  |
| Inter Parfums, Inc. | 55700 | 5376164 |
| ***Computer and Electronic Product Manufacturing — 0.02%*** |  |  |
| The LGL Group, Inc.\* | 10600 | 42930 |
| M-tron Industries, Inc.\* | 5300 | 46375 |
|  |  | 89305 |
| ***Data Processing, Hosting and Related Services — 0.00%*** |  |  |
| Rumble, Inc.\*^ | 400 | 2380 |
| ***Diversified Real Estate Activities — 0.25%*** |  |  |
| PrairieSky Royalty Limited\* | 72000 | 1153914 |
| ***Fabricated Metal Product Manufacturing — 0.03%*** |  |  |
| Enovis Corporation\* | 2700 | 144504 |
| ***Food Services and Drinking Places — 1.12%*** |  |  |
| The Wendy's Company | 226800 | 5132484 |
| ***Funds, Trusts, and Other Financial Vehicles — 0.04%*** |  |  |
| Mesabi Trust^ | 9640 | 173713 |
| ***Insurance Carriers and Related Activities — 0.02%*** |  |  |
| White Mountains Insurance Group Ltd. — ADR | 50 | 70717 |
| ***Machinery Manufacturing — 0.04%*** |  |  |
| ESAB Corporation | 2700 | 126684 |
| Oshkosh Corp. | 400 | 35276 |
|  |  | 161960 |
| ***Management of Companies and Enterprises — 4.29%*** |  |  |
| Associated Capital Group, Inc. — Class A | 190500 | 7999095 |
| Carnival Corp. — ADR\* | 328000 | 2643680 |
| Dundee Corporation — Class A\* | 1173800 | 1220752 |
| Galaxy Digital Holdings Ltd.\*^ | 376000 | 1074683 |
| Icahn Enterprises LP | 132100 | 6690865 |
| RIT Capital Partners plc | 3700 | 95054 |
|  |  | 19724129 |
| ***Mining (except Oil and Gas) — 0.97%*** |  |  |
| Altius Minerals Corp.\* | 10000 | 164032 |
| Sandstorm Gold Ltd. — ADR | 772600 | 4063876 |
| Wheaton Precious Metals Corporation — ADR | 5400 | 211032 |
|  |  | 4438940 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Small Cap Opportunities Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Motor Vehicle and Parts Dealers — 0.02%*** |  |  |
| AutoNation, Inc.\* | 500 | $53650 |
| Penske Automotive Group, Inc. | 500 | 57465 |
|  |  | 111115 |
| ***Oil and Gas Extraction — 51.36%*** |  |  |
| Permian Basin Royalty Trust | 100000 | 2520000 |
| Texas Pacific Land Corp. <sup>c</sup> | 99590 | 233461866 |
|  |  | 235981866 |
| ***Other Financial Investment Activities — 0.24%*** |  |  |
| GAMCO Investors, Inc. — Class A | 14400 | 219456 |
| Onex Corporation <sup>f</sup> | 18600 | 896894 |
|  |  | 1116350 |
| ***Other Investment Pools and Funds — 0.68%*** |  |  |
| Urbana Corporation\* | 20200 | 63554 |
| Urbana Corporation — Class A\* | 1071271 | 3069816 |
|  |  | 3133370 |
| ***Other Pipeline Transportation — 0.21%*** |  |  |
| Rubis SCA | 35700 | 940087 |
| ***Performing Arts, Spectator Sports, and Related Industries — 0.99%*** |  |  |
| Live Nation Entertainment, Inc.\* | 64300 | 4484282 |
| Madison Square Garden Entertainment Corp.\* | 772 | 34717 |
|  |  | 4518999 |
| ***Professional, Scientific, and Technical Services — 0.48%*** |  |  |
| Cookpad, Inc.\* | 16000 | 23895 |
| Science Applications International Corp. | 19600 | 2174228 |
|  |  | 2198123 |
| ***Promoters of Performing Arts, Sports, and Similar Events — 0.01%*** |  |  |
| Madison Square Garden Sports Corp. — Class A | 240 | 43999 |
| ***Real Estate — 4.27%*** |  |  |
| DREAM Unlimited Corp.\*<sup>f</sup> | 840200 | 15780123 |
| Equity Commonwealth REIT | 400 | 9988 |
| The Howard Hughes Corporation\* | 46300 | 3538246 |
| Tejon Ranch Co.\* | 16000 | 301440 |
|  |  | 19629797 |
| ***Support Activities for Mining — 0.05%*** |  |  |
| Core Laboratories NV — ADR | 8000 | 162160 |
| Maverix Metals, Inc. — ADR | 2000 | 9360 |
| Pason Systems, Inc.\* | 4000 | 47090 |
|  |  | 218610 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Small Cap Opportunities Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Support Activities for Water Transportation — 0.22%*** | ***Support Activities for Water Transportation — 0.22%*** |  |
| Braemar Shipping Services plc | 243600 | $868780 |
| Clarkson plc | 3800 | 148617 |
|  |  | 1017397 |
| ***Telecommunications — 0.07%*** |  |  |
| LICT Corporation\* | 16 | 320000 |
| ***Water Transportation — 0.00%*** |  |  |
| Royal Caribbean Cruises Ltd. — ADR\* | 200 | 9886 |
| TOTAL COMMON STOCKS |  |  |
| (cost $101,273,933) |  | 342893092 |
| **UNIT INVESTMENT TRUST — 0.54%** | **UNIT INVESTMENT TRUST — 0.54%** |  |
| ***Funds, Trusts, and Other Financial Vehicles — 0.00%*** | ***Funds, Trusts, and Other Financial Vehicles — 0.00%*** |  |
| Grayscale Ethereum Classic Trust\* | 60 | 183 |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** | ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |
| ***Related Activities — 0.54%*** |  |  |
| Grayscale Bitcoin Trust\* | 300000 | 2487000 |
| TOTAL UNIT INVESTMENT TRUST |  |  |
| (cost $3,168,942) |  | 2487183 |
| **WARRANTS — 0.16%** | **Shares** |  |
| ***Other Investment Pools and Funds — 0.16%*** | ***Other Investment Pools and Funds — 0.16%*** |  |
| Partners Value Investments LP Expiration: 06/30/2026, | Partners Value Investments LP Expiration: 06/30/2026, |  |
| Exercise Price: 32.45 CAD\*<sup>ag</sup> | 160000 | 732644 |
| TOTAL WARRANTS |  |  |
| (cost $433,365) |  | 732644 |
| **TOTAL INVESTMENTS — 75.32%** |  |  |
| **(cost $104,876,240)** |  | **$346112919** |

---

---

| |
|:---|
| *Percentages are stated as a percent of net assets.* |
| *\* — Non-income producing security.* |
| *^ — This security or a portion of this security was out on loan at December 31, 2022. Total loaned securities had* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a market value of $1,155,163 at December 31, 2022. The total collateral for the loaned securities was cash* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*in the amount of $1,229,392.* |
| *a — Value determined using significant unobservable inputs.* |
| *c — Significant Investment — Greater than 5% of net assets.* |
| *f — Level 2 Investment.* |
| *g — Illiquid.* |
| *ADR — American Depository Receipt.* |
| *CAD — Canadian Dollars.* |
| *REIT — Real Estate Investment Trust.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Market Opportunities Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.47%** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Accommodation — 0.25%*** |  |  |
| Civeo Corp. — ADR\* | 11466 | $356593 |
| ***Aerospace and Defense — 0.06%*** |  |  |
| CACI International, Inc. — Class A\* | 300 | 90177 |
| ***Agricultural Operations — 0.00%*** |  |  |
| Wilmar International Ltd. | 100 | 311 |
| ***Asset Management — 0.10%*** |  |  |
| Sprott, Inc.\*<sup>f</sup> | 4115 | 136883 |
| WisdomTree, Inc. | 100 | 545 |
|  |  | 137428 |
| ***Beverage and Tobacco Product Manufacturing — 0.01%*** |  |  |
| Crimson Wine Group Limited\* | 2800 | 15708 |
| ***Data Processing, Hosting and Related Services — 0.00%*** |  |  |
| Rumble, Inc.\*^ | 400 | 2380 |
| ***Data Processing, Hosting, and Related Services — 0.84%*** |  |  |
| MasterCard, Inc. — Class A | 1000 | 347730 |
| Visa, Inc. — Class A | 4000 | 831040 |
|  |  | 1178770 |
| ***Diversified Real Estate Activities — 0.00%*** |  |  |
| PrairieSky Royalty Limited\* | 200 | 3205 |
| ***E-Commerce — 0.07%*** |  |  |
| eBay, Inc. | 2400 | 99528 |
| ***Funds, Trusts, and Other Financial Vehicles — 0.42%*** |  |  |
| Mesabi Trust^ | 32392 | 583703 |
| ***Global Exchanges — 0.78%*** |  |  |
| ASX Ltd. | 4400 | 203770 |
| Deutsche Boerse AG | 1800 | 310986 |
| Euronext NV | 2520 | 186561 |
| Hellenic Exchanges — Athens Stock Exchange SA | 800 | 2655 |
| Japan Exchange Group Inc. — ADR — ADR\*^ | 7200 | 51624 |
| London Stock Exchange Group Plc | 600 | 51762 |
| NZX Limited | 364202 | 279791 |
|  |  | 1087149 |
| ***Industrial Machinery Manufacturing — 0.01%*** |  |  |
| TerraVest Industries, Inc.\* | 332 | 6765 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Market Opportunities Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Insurance Carriers and Related Activities — 0.05%*** |  |  |
| Arthur J. Gallagher & Co. | 400 | $75416 |
| ***Live Sports (Spectator Sports) — 0.10%*** |  |  |
| Big League Advance, LLC\*<sup>ag</sup> | 2455 | 135025 |
| ***Management of Companies and Enterprises — 2.51%*** |  |  |
| Associated Capital Group, Inc. — Class A | 75941 | 3188763 |
| Dundee Corporation — Class A\* | 1800 | 1872 |
| Galaxy Digital Holdings Ltd.\*^ | 114000 | 325834 |
|  |  | 3516469 |
| ***Merchant Wholesalers, Durable Goods — 0.08%*** |  |  |
| A-Mark Precious Metals, Inc. | 3200 | 111136 |
| ***Mining (except Oil and Gas) — 1.22%*** |  |  |
| Franco-Nevada Corporation — ADR | 9444 | 1288917 |
| Sandstorm Gold Ltd. — ADR | 65000 | 341900 |
| Wheaton Precious Metals Corporation — ADR | 2200 | 85976 |
|  |  | 1716793 |
| ***Oil and Gas Extraction — 62.17%*** |  |  |
| Permian Basin Royalty Trust^ | 79950 | 2014740 |
| Texas Pacific Land Corp. <sup>c</sup> | 36328 | 85161188 |
|  |  | 87175928 |
| ***Other Financial Investment Activities — 0.67%*** |  |  |
| GAMCO Investors, Inc. — Class A | 61600 | 938784 |
| Morgan Group Holding Co.\*<sup>f</sup> | 872 | 1744 |
|  |  | 940528 |
| ***Other Investment Pools and Funds — 2.28%*** |  |  |
| Partners Value Investments LP\*<sup>ag</sup> | 43516 | 2089025 |
| Urbana Corporation\* | 17600 | 55374 |
| Urbana Corporation — Class A\* | 365542 | 1047491 |
|  |  | 3191890 |
| ***Professional, Scientific, and Technical Services — 0.02%*** |  |  |
| Science Applications International Corp. | 200 | 22186 |
| ***Real Estate — 0.37%*** |  |  |
| DREAM Unlimited Corp.\*<sup>f</sup> | 8595 | 161426 |
| The Howard Hughes Corporation\* | 2200 | 168124 |
| Tejon Ranch Co.\* | 10400 | 195936 |
|  |  | 525486 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Market Opportunities Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Securities and Commodities Exchanges — 3.44%*** | ***Securities and Commodities Exchanges — 3.44%*** |  |
| Cboe Global Markets, Inc. | 7806 | $979419 |
| CME Group, Inc. | 5800 | 975328 |
| IntercontinentalExchange Group, Inc. | 12900 | 1323411 |
| Miami International Holdings, Inc.\*<sup>ag</sup> | 95000 | 747650 |
| NASDAQ, Inc. | 7200 | 441720 |
| TMX Group Ltd.\* | 3600 | 360319 |
|  |  | 4827847 |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** | ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |
| ***Related Activities — 0.15%*** |  |  |
| Bakkt Holdings, Inc.\*^ | 100 | 119 |
| Brookfield Asset Management Ltd. — ADR\* | 906 | 25975 |
| Brookfield Corp. | 3600 | 113256 |
| Burford Capital Ltd. — ADR | 100 | 815 |
| MarketAxess Holdings, Inc. | 48 | 13387 |
| OTC Markets Group Inc. — Class A | 400 | 22760 |
| S&P Global, Inc. | 113 | 37848 |
|  |  | 214160 |
| ***Support Activities for Water Transportation — 0.87%*** | ***Support Activities for Water Transportation — 0.87%*** |  |
| Clarkson plc | 31100 | 1216313 |
| TOTAL COMMON STOCKS |  |  |
| (cost $27,458,757) |  | 107230894 |
| **PREFERRED STOCKS — 0.16%** | **PREFERRED STOCKS — 0.16%** |  |
| ***Other Investment Pools and Funds — 0.16%*** | ***Other Investment Pools and Funds — 0.16%*** |  |
| Partners Value Investments LP — Class A\*<sup>ag</sup> | 11832 | 224808 |
| TOTAL PREFERRED STOCKS |  |  |
| (cost $219,010) |  | 224808 |
| **CONVERTIBLE PREFERRED STOCKS — 0.00%** | **CONVERTIBLE PREFERRED STOCKS — 0.00%** |  |
| ***Insurance Carriers and Related Activities — 0.00%*** | ***Insurance Carriers and Related Activities — 0.00%*** |  |
| Brookfield Reinsurance Ltd. | 24 | 751 |
| TOTAL CONVERTIBLE PREFERRED STOCKS |  |  |
| (cost $1,333) |  | 751 |
| **UNIT INVESTMENT TRUST — 3.54%** | **UNIT INVESTMENT TRUST — 3.54%** |  |
| ***Funds, Trusts, and Other Financial Vehicles — 0.00%*** | ***Funds, Trusts, and Other Financial Vehicles — 0.00%*** |  |
| Grayscale Ethereum Classic Trust\* | 12 | 37 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Market Opportunities Portfolio**

Consolidated Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |  |
| ***Related Activities — 3.54%*** |  |  |
| Grayscale Bitcoin Trust\* | 598874 | $4964666 |
| TOTAL UNIT INVESTMENT TRUST |  |  |
| (cost $1,503,556) |  | 4964703 |
|  | **Principal** |  |
| **CONVERTIBLE BONDS — 0.00%** | **Amount** | **Value** |
| ***Department Stores — 0.00%*** |  |  |
| Sears Holdings Corporation, 8.000%, 12/15/2019\*<sup>a</sup> | 5720 | 0 |
| TOTAL CONVERTIBLE BONDS |  |  |
| (cost $5,720) |  | 0 |
| **EXCHANGE TRADED FUNDS — 0.01%** | **Shares** |  |
| ***Securities, Commodity Contracts, and Other Financial Investments and*** |  |  |
| ***Related Activities — 0.01%*** |  |  |
| ProShares Short VIX Short-Term Futures ETF\* | 200 | 11736 |
| TOTAL EXCHANGE TRADED FUNDS |  |  |
| (cost $6,796) |  | 11736 |
| **WARRANTS — 0.16%** | **Shares** |  |
| ***Other Investment Pools and Funds — 0.14%*** |  |  |
| Partners Value Investments LP Expiration: 06/30/2026, |  |  |
| Exercise Price: 32.45 CAD\*<sup>ag</sup> | 43516 | 199261 |
| ***Securities and Commodities Exchanges — 0.02%*** |  |  |
| Miami International Holdings, Inc. Expiration: 04/08/2026, |  |  |
| Exercise Price: 7.50 USD \*<sup>ag</sup> | 14469 | 29661 |
| TOTAL WARRANTS |  |  |
| (cost $130,104) |  | 228922 |
| **TOTAL INVESTMENTS — 80.34%** |  |  |
| **(cost $29,325,276)** |  | **$112661814** |

---

---

| |
|:---|
| *Percentages are stated as a percent of net assets.* |
| *\* — Non-income producing security.* |
| *^ — This security or a portion of this security was out on loan at December 31, 2022. Total loaned securities had* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a market value of $2,179,894 at December 31, 2022. The total collateral for the loaned securities was cash* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*in the amount of $2,185,449.* |
| *a — Value determined using significant unobservable inputs.* |
| *c — Significant Investment - Greater than 5% of net assets.* |
| *e — Default or other conditions exist and the security is not presently accruing income.* |
| *f — Level 2 Investment.* |
| *g — Illiquid.* |
| *ADR — American Depository Receipt.* |
| *CAD — Canadian Dollars.* |
| *ETF — Exchange Traded Fund.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Alternative Income Portfolio**

Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS — 74.56%** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Funds, Trusts, and Other Financial Vehicles — 74.56%*** |  |  |
| iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF | 54000 | $2690280 |
| PIMCO Enhanced Short Maturity Active ETF | 4700 | 463655 |
| SPDR Barclays Short Term Corporate Bond ETF | 24000 | 705120 |
| Vanguard Short-Term Corporate Bond ETF | 21700 | 1631623 |
| TOTAL EXCHANGE TRADED FUNDS |  |  |
| (cost $5,804,792) |  | 5490678 |
| **TOTAL INVESTMENTS — 74.56%** |  |  |
| **(cost $5,804,792)** |  | **$5490678** |

---

*Percentages are stated as a percent of net assets.*

*ETF — Exchange Traded Fund.*

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**The Multi-Disciplinary Income Portfolio**

Portfolio of Investments — December 31, 2022 — *(Continued)*

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 1.1%** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Merchant Wholesalers, Durable Goods — 1.1%*** |  |  |
| Valaris Ltd. — ADR\* | 2682 | $181357 |
| TOTAL COMMON STOCKS |  |  |
| (cost $567,646) |  | 181357 |
|  | **Principal** |  |
| **CORPORATE BONDS — 1.34%** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| ***Fabricated Metal Product Manufacturing — 1.34%*** |  |  |
| Ball Corporation, 5.250%, 07/01/2025 <sup>f</sup> | $224000 | 221395 |
| TOTAL CORPORATE BONDS |  |  |
| (cost $229,436) |  | 221395 |
| **CLOSED-END FUNDS — 11.83%** | **Shares** |  |
| ***Funds, Trusts, and Other Financial Vehicles — 11.78%*** |  |  |
| DoubleLine Opportunistic Credit Fund | 50900 | 755865 |
| PIMCO Dynamic Income Fund <sup>c</sup> | 64800 | 1197504 |
| TOTAL CLOSED-END FUNDS |  |  |
| (cost $3,312,428) |  | 1953369 |
| **TOTAL INVESTMENTS — 14.27%** |  |  |
| **(cost $4,109,500)** |  | **$2356121** |

---

---

| |
|:---|
| *Percentages are stated as a percent of net assets.* |
| *\* — Non-income producing security.* |
| *c — Significant Investment - Greater than 5% of net assets.* |
| *f — Level 2 Investment.* |
| *ADR — American Depository Receipt.* |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Assets & Liabilities**

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | | **The Internet**<br>**Portfolio**<br>**(Consolidated)** | **The Global**<br>**Portfolio**<br>**(Consolidated)** |
| **ASSETS:** | **ASSETS:** |  |  |
|  | Investments, at value<sup>(1)(2)</sup> | $96608072 | $13839636 |
|  | Foreign currencies, at value <sup>(3)</sup> |  | 138 |
|  | Cash | 51515827 | 14600191 |
|  | Cash proceeds from securities lending | 970875 | 1306019 |
|  | Receivable for contributed capital | 40698 | 29132 |
|  | Dividends and interest receivable | 205717 | 66701 |
|  | Prepaid expenses and other assets | 10124 | 8368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 149351313 | 29850185 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
|  | Payable to Adviser | 162397 | 30294 |
|  | Payable to Trustees | 3273 | 602 |
|  | Payable to Chief Compliance Officer | 323 | 43 |
|  | Payable for securities purchased | 3658 | 3094 |
|  | Payable for collateral received for securities loaned | 970875 | 1306019 |
|  | Payable for withdrawn capital | 129564 | 9423 |
|  | Accrued expenses and other liabilities | 37207 | 22812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1307297 | 1372287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $148044016 | $28477898 |
| <sup>(1)</sup> | Cost of investments | $45852984 | $6959480 |
| <sup>(2)</sup> | Includes loaned securities with a market value of | $918110 | $1309805 |
| <sup>(3)</sup> | Cost of foreign currencies | $— | $138 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Assets & Liabilities —** ***(Continued)***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Paradigm**<br>**Portfolio**<br>**(Consolidated)** | <br>**The Medical**<br>**Portfolio** |
| **ASSETS:** |  |  |
| Investments, at value<sup>(1)(2)</sup> | $1006438752 | $18636663 |
| Cash | 108180849 | 575266 |
| Cash proceeds from securities lending | 701943 |  |
| Receivable for contributed capital | 1416595 | 67498 |
| Receivable for investments sold | 169295 |  |
| Dividends and interest receivable | 473350 | 54700 |
| Prepaid expenses and other assets | 10869 | 6898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 1117391653 | 19341025 |
| **LIABILITIES:** |  |  |
| Payable to Adviser | 1240670 | 20538 |
| Payable to Trustees | 23068 | 389 |
| Payable to Chief Compliance Officer | 1189 | 31 |
| Payable for securities purchased | 189592 |  |
| Payable for collateral received for securities loaned | 701943 |  |
| Payable for withdrawn capital | 644637 | 48434 |
| Accrued expenses and other liabilities | 136871 | 12601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 2937970 | 81993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $1114453683 | $19259032 |
| <sup>(1)</sup> Cost of investments | $205787611 | $9250767 |
| <sup>(2)</sup> Includes loaned securities with a market value of | $673273 | $— |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Assets & Liabilities —** ***(Continued)***

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | | **The Small Cap**<br>**Opportunities** <br>**Portfolio**<br>**(Consolidated)** | **The Market**<br>**Opportunities**<br>**Portfolio**<br>**(Consolidated)** |
| **ASSETS:** | **ASSETS:** |  |  |
|  | Investments, at value<sup>(1)(2)</sup> | $346112919 | $112661814 |
|  | Cash | 112300448 | 27397919 |
|  | Cash proceeds from securities lending | 1229392 | 2185449 |
|  | Receivable for contributed capital | 1718777 | 361938 |
|  | Dividends and interest receivable | 436957 | 133206 |
|  | Prepaid expenses and other assets | 10115 | 12591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 461808608 | 142752917 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
|  | Payable to Adviser | 491604 | 156142 |
|  | Payable to Trustees | 8487 | 3002 |
|  | Payable to Chief Compliance Officer | 318 | 201 |
|  | Payable for securities purchased | 317116 | 33813 |
|  | Payable for collateral received for securities loaned | 1229392 | 2185449 |
|  | Payable for withdrawn capital | 219572 | 110996 |
|  | Accrued expenses and other liabilities | 58100 | 31096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 2324589 | 2520699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $459484019 | $140232218 |
| <sup>(1)</sup> | Cost of investments | $104876240 | $29325276 |
| <sup>(2)</sup> | Includes loaned securities with a market value of | $1155163 $| 2179894 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Assets & Liabilities —** ***(Continued)***

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | | <br>**The Alternative**<br>**Income**<br>**Portfolio** | **The Multi-**<br>**Disciplinary**<br>**Income**<br>**Portfolio** |
| **ASSETS:** | **ASSETS:** |  |  |
|  | Investments, at value<sup>(1)(2)</sup> | $5490678 | $2356121 |
|  | Cash | 1877274 | 14176107 |
|  | Receivable for contributed capital | 1 | 1000 |
|  | Dividends and interest receivable | 10147 | 70068 |
|  | Prepaid expenses and other assets | 2942 | 6865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 7381042 | 16610161 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
|  | Payable to Adviser | 6139 | 17902 |
|  | Payable to Trustees | 165 | 402 |
|  | Payable to Chief Compliance Officer | 9 | 32 |
|  | Payable for withdrawn capital |  | 71532 |
|  | Accrued expenses and other liabilities | 10946 | 13016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 17259 | 102884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $7363783 | $16507277 |
| <sup>(1)</sup> | Cost of investments | $5804792 | $4109500 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Operations**

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Internet**<br>**Portfolio**<br>**(Consolidated)** | **The Global**<br>**Portfolio**<br>**(Consolidated)** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends† | $1143083 | $217415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 776250 | 217850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending | 71429 | 17942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1990762 | 453207 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 2118754 | 345839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 74058 | 23627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 28558 | 11104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 27385 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 16536 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3117 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees and expenses | 17897 | 12860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 888 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 7996 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2295189 | 403173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (304427) | 50034 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 299355 | 689917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | (51332003) | (2711885) |
| Net realized and unrealized loss on investments | (51032648) | (2021968) |
| Net decrease in net assets resulting from operations | $(51337075) | $(1971934) |
| † Net of foreign taxes withheld of: | $14291 | $29736 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Operations —** ***(Continued)***

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Paradigm**<br>**Portfolio**<br>**(Consolidated)** | <br>**The Medical**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends† | $12136400 | $407554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1394378 | 3143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending | 25473 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 13556251 | 411172 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 11462128 | 225262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 306052 | 19693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 105119 | 10525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 129655 | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 84882 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 14650 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees and expenses | 58824 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 1436 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 33161 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 12195907 | 263080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1360344 | 148092 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 23371121 | 286410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 221993198 | 295301 |
| Net realized and unrealized gain on investments | 245364319 | 581711 |
| Net increase in net assets resulting from operations | $246724663 | $729803 |
| † Net of foreign taxes withheld of: | $168535 | $16848 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Operations —** ***(Continued)***

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | **The Small Cap**<br>**Opportunities** <br>**Portfolio**<br>**(Consolidated)** | **The Market**<br>**Opportunities**<br>**Portfolio**<br>**(Consolidated)** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends† | $4248820 | $1543615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1056111 | 497231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending | 20152 | 26163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 5325083 | 2067009 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 3895500 | 1639501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 111398 | 57193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 39657 | 22317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 43845 | 20601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 28235 | 12363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 4803 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees and expenses | 32215 | 17391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 292 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 9946 | 5127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4165891 | 1777548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1159192 | 289461 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 7063295 | 1939429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 78268899 | 16213129 |
| Net realized and unrealized gain on investments | 85332194 | 18152558 |
| Net increase in net assets resulting from operations | $86491386 | $18442019 |
| † Net of foreign taxes withheld of: | $153164 | $49438 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Operations —** ***(Continued)***

For the Year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
| | <br>**The Alternative**<br>**Income**<br>**Portfolio** | **The Multi-**<br>**Disciplinary**<br>**Income**<br>**Portfolio** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends† | $110511 | $268486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 37562 | 398557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 148073 | 667043 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 70930 | 234606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 15595 | 19680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 9402 | 10672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 1217 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 744 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 121 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees and expenses | 1022 | 6773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 46 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 374 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 99451 | 278320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 48622 | 388723 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | 7 | (2257433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long term realized gain distributions received from other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment companies | 410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and foreign currency | (402796) | 1403021 |
| Net realized and unrealized loss on investments | (402379) | (854412) |
| Net decrease in net assets resulting from operations | $(353757) | $(465689) |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Internet Portfolio** | **The Internet Portfolio** | **The Global Portfolio** | **The Global Portfolio** |
|  | **(Consolidated)** | **(Consolidated)** | **(Consolidated)** | **(Consolidated)** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(304427) | $(2195554) | $50034 | $(271793) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency | 299355 | 1373651 | 689917 | 436399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) of investments and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency | (51332003) | 17505437 | (2711885) | 2330030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations | (51337075) | 16683534 | (1971934) | 2494636 |
| **NET INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**RESULTING FROM BENEFICIAL** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 789649 | 101179878 | 5796145 | 12260221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | (35279900) | (57882549) | (2526422) | (8038442) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (34490251) | 43297329 | 3269723 | 4221779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net assets | (85827326) | 59980863 | 1297789 | 6716415 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 233871342 | 173890479 | 27180109 | 20463694 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $148044016 | $233871342 | $28477898 | $27180109 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Paradigm Portfolio** | **The Paradigm Portfolio** |  |  |
|  | **(Consolidated)** | **(Consolidated)** | **The Medical Portfolio** | **The Medical Portfolio** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1360344 | $(5253335) | $148092 | $144394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency | 23371121 | 21684321 | 286410 | 251613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (depreciation) of investments and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency | 221993198 | 232627876 | 295301 | 1400543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations | 246724663 | 249058862 | 729803 | 1796550 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ASSETS RESULTING FROM BENEFICIAL** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 71541406 | 59510967 | 1190050 | 491764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | (58229696) | (112877140) | (1106021) | (1484927) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 13311710 | (53366173) | 84029 | (993163) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase in net assets | 260036373 | 195692689 | 813832 | 803387 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 854417310 | 658724621 | 18445200 | 17641813 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $1114453683 | $854417310 | $19259032 | $18445200 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Small Cap** | **The Small Cap** | **The Market** | **The Market** |
|  | **Opportunities Portfolio** | **Opportunities Portfolio** | **Opportunities Portfolio** | **Opportunities Portfolio** |
|  | **(Consolidated)** | **(Consolidated)** | **(Consolidated)** | **(Consolidated)** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1159192 | $(1712063) | $289461 | $(980194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on sale of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency | 7063295 | 1647914 | 1939429 | 410680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (depreciation) of investments and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency | 78268899 | 85881530 | 16213129 | 26149090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from operations | 86491386 | 85817381 | 18442019 | 25579576 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ASSETS RESULTING FROM BENEFICIAL** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 133822724 | 58012973 | 18641291 | 20290895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | (30111721) | (53010578) | (26367384) | (13054775) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | 103711003 | 5002395 | (7726093) | 7236120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total increase in net assets | 190202389 | 90819776 | 10715926 | 32815696 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 269281630 | 178461854 | 129516292 | 96700596 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $459484019 | $269281630 | $140232218 | $129516292 |

---

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Alternative** | **The Alternative** | **The Multi-Disciplinary** | **The Multi-Disciplinary** |
|  | **Income Portfolio** | **Income Portfolio** | **Income Portfolio** | **Income Portfolio** |
| | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2022** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2021** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $48622 | $(42643) | $388723 | $466473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency | 417 | 8835 | (2257433) | 355888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (depreciation) of investments and |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency | (402796) | (125419) | 1403021 | (510846) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations | (353757) | (159227) | (465689) | 311515 |
| **NET DECREASE IN NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**RESULTING FROM BENEFICIAL** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 3269388 | 1105136 | 237477 | 5154131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | (3951441) | (5254443) | (8006166) | (7116201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share transactions | (682053) | (4149307) | (7768689) | (1962070) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total decrease in net assets | (1035810) | (4308534) | (8234378) | (1650555) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 8399593 | 12708127 | 24741655 | 26392210 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $7363783 | $8399593 | $16507277 | $24741655 |

---

*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, 2022

**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 Medical Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio, The Alternative Income 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, The Alternative Income Portfolio and The Multi-Disciplinary Income Portfolio. The Market Opportunities Portfolio commenced operations on January 31, 2006, The Alternative Income Portfolio commenced operations on June 29, 2007 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 Alternative Income Portfolio and The Multi-Disciplinary Income Portfolio, seeks to provide investors with long-term capital growth. The Alternative Income Portfolio seeks to provide current income and gains. 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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

positioned to reduce their costs, extend the reach of their distribution channels and experience significant growth in their assets or revenues. The Medical Portfolio invests primarily in the equity securities of U.S. and foreign companies engaged in medical research, pharmaceutical treatments and related medical technology industries and related technology industries, generally, with a focus on companies engaged in cancer research and drug development. 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 Alternative Income and 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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

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 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

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KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

December 31, 2022, 1.48%, 1.26%, 0.06%, 0.16%, and 2.44% 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 other Master Portfolios did not hold any fair valued securities at December 31, 2022.

**Bitcoin**

The Master Portfolios may 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, 2022, 12.00%, 4.47%, 1.45%, 0.54%, and 3.54% 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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

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 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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

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, 2022, the respective Cayman Subsidiary's net assets and percent of the respective Portfolio's net assets were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Portfolio | $9242755 | 6.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Portfolio | 1476414 | 5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Portfolio | 18007064 | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Opportunities Portfolio | 2770266 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Opportunities Portfolio | 3877874 | 2.77% |

---

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 —**

***(Continued)*** December 31, 2022

As of December 31, 2022, the respective Delaware Subsidiary's net assets and percent of the respective Portfolio's net assets were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Portfolio | $2490 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Portfolio | 2478 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Opportunities Portfolio | 2529 | 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.

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KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**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 supervision of the Board of Trustees. At December 31, 2022, none of the Master Portfolios held securities restricted to institutional investors (144A Securities):

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, 2022, the following Master Portfolios held illiquid securities:

---

| | | |
|:---|:---|:---|
|  | <br>**Market Value** | **Percentage of**<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Internet Portfolio | $2192839 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Global Portfolio | 357547 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Paradigm Portfolio | 651091 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Medical Portfolio |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Small Cap Opportunities Portfolio | 732644 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Market Opportunities Portfolio | 3425430 | 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Alternative Income Portfolio |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Multi-Disciplinary Income Portfolio |  | 0.00% |

---

**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.

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KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**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 33 <sup>1</sup> / <sub>3 </sub>% 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, 2022, The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Medical Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Multi-Disciplinary Income Portfolio invested approximately 53%, 24%, 69%, 67%, 51%, 61% and 7% 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, 2022, The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio held 33%, 24%, 69%, 51% and 61% of their respective net assets in Texas Pacific Land Trust and 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.

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KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**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, 2022, open tax years include the tax years ended December 31, 2019 through December 31, 2022. 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.

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KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**Other**

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

**3. Investment Adviser**

The Trust has entered into Investment Advisory Agreements (the "Agreements") with Horizon Kinetics Asset Management LLC (the "Adviser"), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios. The Adviser is a wholly-owned subsidiary of Horizon Kinetics LLC. Under the terms of the Agreements, the Master Portfolios, except the Alternative 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. The Alternative Income Portfolio compensates the Adviser for its management services at the annual rate of 0.90% of the Master Portfolio's average daily net assets.

For the year ended December 31, 2022, Master Portfolios incurred the following expenses pursuant to the Agreements:

---

| | |
|:---|:---|
|  | **Investment Advisory Fees** |
| The Internet Portfolio | $2118754 |
| The Global Portfolio | 345839 |
| The Paradigm Portfolio | 11462128 |
| The Medical Portfolio | 225262 |
| The Small Cap Opportunities Portfolio | 3895500 |
| The Market Opportunities Portfolio | 1639501 |
| The Alternative Income Portfolio | 70930 |
| The Multi-Disciplinary Income Portfolio | 234606 |

---

For the year ended December 31, 2022, the Trust was allocated approximately $26,000 for the services of the Chief Compliance Officer employed by the Adviser.

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KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**4. Securities Transactions**

Purchases and sales of investment securities, other than short-term investments and short-term options, for the year ended December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **U.S.**<br>**Government** | <br>**Other** | **U.S.**<br>**Government** | <br>**Other** |
| The Internet Portfolio | $— | $23429601 | $— | $52573666 |
| The Global Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8262990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8916806 |
| The Paradigm Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3244269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 30454658 |
| The Medical Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 507570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 841808 |
| The Small Cap Opportunities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 21831295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 17196126 |
| The Market Opportunities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 12984388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 14056259 |
| The Alternative Income Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| The Multi-Disciplinary Income Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 14233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5365603 |

---

As of December 31, 2022, the cost of investments and unrealized appreciation (depreciation) on investment securities for federal income tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Internet** | **Global** | **Paradigm** | **Medical** |
| Tax Cost of Investments | $45816027 | $6989472 | $204444794 | $9340181 |
| Unrealized Appreciation | 53956677 | 7960569 | 815851780 | 10189548 |
| Unrealized Depreciation | (3164632) | (1110405) | (13857822) | (893066) |
| Net Unrealized Appreciation | $50792045 | $6850164 | $801993958 | $9296482 |
|  |  |  |  | **Multi-** |
|  | **Small Cap** | **Market** | **Alternative** | **Disciplinary** |
|  | **Opportunities** | **Opportunities** | **Income** | **Income** |
| Tax Cost of Investments | $103763182 | $29685086 | $5804792 | $4109500 |
| Unrealized Appreciation | 255821805 | 85802438 |  | 47322 |
| Unrealized Depreciation | (13472068) | (2825710) | (314114) | (1800701) |
| Net Unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Appreciation (Depreciation) | $242349737 | $82976728 | $(314114) | $(1753379) |

---

**5. Portfolio Securities Loaned**

As of December 31, 2022, 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.

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

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, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Securities** | **Collateral** |
| The Internet Portfolio | $918110 | $970875 |
| The Global Portfolio | 1309805 | 1306019 |
| The Paradigm Portfolio | 673273 | 701943 |
| The Medical Portfolio |  |  |
| The Small Cap Opportunities Portfolio | 1155163 | 1229392 |
| The Market Opportunities Portfolio | 2179894 | 2185449 |
| The Alternative Income Portfolio |  |  |
| The Multi-Disciplinary Income Portfolio |  |  |

---

**6. Selected Financial Highlights**

Financial highlights for the Master Portfolios were as follows:

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Internet Portfolio** | **The Internet Portfolio** | **The Internet Portfolio** | |
| | **For the Year Ended**<br>**December 31,**<br>**2022** | **For the Year Ended** <br>**December 31,**<br>**2021** | **For the Year Ended**<br>**December 31,**<br>**2020** | **For the Year Ended** <br>**December 31,**<br>**2019** | **For the Year Ended**<br>**December 31,**<br>**2018** |
| Total Return | (23.86)% | 15.72% | 56.87% | 26.92% | (26.86)% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.35% | 1.34% | 1.37% | 1.37% | 1.38% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | (0.18)% | (0.92)% | (0.36)% | (0.29)% | (0.60)% |
| Portfolio turnover rate | 19% | 4% | 1% | 1% | 15% |
|  |  | **The Global Portfolio** | **The Global Portfolio** | **The Global Portfolio** |  |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Total Return | (6.53)% | 16.23% | 24.80% | 21.41% | (23.85)% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.46% | 1.48% | 1.59% | 1.59% | 1.66% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.18% | (1.00)% | (0.66)% | (0.18)% | (0.57)% |
| Portfolio turnover rate | 57% | 7% | 8% | 5% | 28% |

---

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Paradigm Portfolio** | **The Paradigm Portfolio** | **The Paradigm Portfolio** | |
| | **For the Year Ended** <br>**December 31,**<br>**2022** | **For the Year Ended** <br>**December 31,**<br>**2021** | **For the Year Ended** <br>**December 31,**<br>**2020** | **For the Year Ended** <br>**December 31,**<br>**2019** | **For the Year Ended**<br>**December 31,**<br>**2018** |
| Total Return | 29.48% | 38.46% | 3.61% | 30.77% | (5.27)% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.33% | 1.33% | 1.35% | 1.35% | 1.36% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.15% | (0.58)% | 0.70% | (0.43)% | (0.65)% |
| Portfolio turnover rate | 0% | 1% | 1% | 1% | 3% |
|  |  | **The Medical Portfolio** | **The Medical Portfolio** | **The Medical Portfolio** |  |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Total Return | 4.14% | 10.53% | 8.95% | 15.92% | 1.59% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.46% | 1.45% | 1.48% | 1.51% | 1.47% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.82% | 0.78% | 1.03% | 1.22% | 0.96% |
| Portfolio turnover rate | 3% | 1% | 7% | 6% | 0% |
|  |  | **The Small Cap Opportunities Portfolio** | **The Small Cap Opportunities Portfolio** | **The Small Cap Opportunities Portfolio** |  |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Total Return | 32.26% | 50.63% | 2.57% | 27.34% | 0.56% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.34% | 1.34% | 1.37% | 1.36% | 1.37% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.37% | (0.62)% | 1.05% | (0.20)% | (0.33)% |
| Portfolio turnover rate | 6% | 3% | 0% | 4% | 3% |

---

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **The Market Opportunities Portfolio** | **The Market Opportunities Portfolio** | **The Market Opportunities Portfolio** | |
| | **For the Year Ended** <br>**December 31,**<br>**2022** | **For the Year Ended** <br>**December 31,**<br>**2021** | **For the Year Ended** <br>**December 31,**<br>**2020** | **For the Year Ended** <br>**December 31,**<br>**2019** | **For the Year Ended**<br>**December 31,**<br>**2018** |
| Total Return | 15.02% | 28.08% | 19.57% | 22.77% | (10.62)% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.36% | 1.36% | 1.38% | 1.39% | 1.40% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.22% | (0.74)% | 0.42% | (0.00)% | (0.30)% |
| Portfolio turnover rate | 13% | 2% | 2% | 4% | 8% |
|  |  | **The Alternative Income Portfolio** | **The Alternative Income Portfolio** | **The Alternative Income Portfolio** |  |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Total Return | (4.38)% | (1.56)% | 2.03% | 2.28% | 0.77% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.26% | 1.19% | 1.15% | 1.14% | 1.10% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 0.62% | (0.39)% | 0.06% | 1.22% | 0.79% |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 0% |
|  |  | **The Multi-Disciplinary Income Portfolio** | **The Multi-Disciplinary Income Portfolio** | **The Multi-Disciplinary Income Portfolio** |  |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Total Return | (2.29)% | 1.23% | (1.35)% | 9.13% | (0.93)% |
| Ratio of expenses to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 1.48% | 1.44% | 1.46% | 1.44% | 1.42% |
| Ratio of net investment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;average net assets: | 2.07% | 1.74% | 3.17% | 4.15% | 4.13% |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 2% |

---

**7. Summary of Fair Value Exposure**

Various inputs are used in determining the value of Master Portfolio's and Spinoff Fund's investments. These inputs are summarized in the three broad levels listed below:

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that Master Portfolio's and Spin-off Fund has the ability to access.

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

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

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

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**The Internet Portfolio**

The following is a summary of the inputs used to value The Internet Portfolio's net assets as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $76657232 | $— | $2109160 | $78766392 |
| Unit Investment Trust | 17758001 |  |  | 17758001 |
| Warrants |  |  | 83679 | 83679 |
| Total Investments in Securities | $94415233 | $— | $2192839 | $96608072 |

---

During the year ended December 31, 2022, there were no transfers into or out of Level 3.

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | | | **Investments in Securities** | **Investments in Securities** |
| Balance as of December 31, 2022 | Balance as of December 31, 2022 |  |  | $2005453 |
| Accrued discounts/premiums | Accrued discounts/premiums |  |  |  |
| Realized gain (loss) |  |  |  |  |
| Change in unrealized appreciation (depreciation) | Change in unrealized appreciation (depreciation) | Change in unrealized appreciation (depreciation) |  | 187386 |
| Net purchases and/or acquisitions | Net purchases and/or acquisitions |  |  |  |
| Net sales and/or write-offs | Net sales and/or write-offs |  |  |  |
| Transfer in and/or out of Level 3 | Transfer in and/or out of Level 3 |  |  |  |
| Balance as of December 31, 2022 | Balance as of December 31, 2022 |  |  | $2192839 |
|  | **Fair Value at** | **Valuation** | **Unobservable** |  |
| **Description** | **12/31/2022** | **Techniques** | **Input** | **Range\*\*** |
| Common Stocks | $2109160 | Followed valuation | &nbsp;&nbsp;Precedent | $6.87 - $8.60 |
|  |  | procedures and used the | &nbsp;&nbsp;Transaction |  |
|  |  | last traded price- fair valuation |  |  |
|  |  | is reviewed by the board |  |  |
|  |  | using market comparables |  |  |
| Warrants | $83679 | Black Scholes | &nbsp;&nbsp;Volatility | 25% |
|  |  |  |  | Method |

---

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

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

**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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $12188029 | $21306 | $331767 | $12541102 |
| Unit Investment Trust | 1272754 |  |  | 1272754 |
| Preferred Stocks |  |  | 9785 | 9785 |
| Convertible Bonds |  |  | —\* |  |
| Warrants |  |  | 15995 | 15995 |
| Total Investments in Securities | $13460783 | $21306 | $357547 | $13839636 |

---

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

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

---

| | |
|:---|:---|
| **Description** | **Investments in Securities** |
| Balance as of December 31, 2021 | $265697 |
| Accrued discounts/premiums |  |
| Realized gain (loss) |  |
| Change in unrealized appreciation (depreciation) | (8150) |
| Net purchases and/or acquisitions | 100000 |
| Net sales and/or write-offs |  |
| Transfer in and/or out of Level 3 | —\* |
| Balance as of December 31, 2022 | $357547 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value at**<br>**12/31/2022** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | <br>**Range\*\*** |
| Common Stocks | $105277 | Followed valuation | &nbsp;&nbsp;Intermittent | $45.00 - $80.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Common Stocks | $99990 | Followed valuation | &nbsp;&nbsp;Intermittent | $55.00 - $55.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Common Stocks | $126500 | Followed valuation | &nbsp;&nbsp;Intermittent | $10.20 - $23.10 |
|  |  | procedures and used the last | &nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Convertible Bonds | $—\* | Followed valuation | &nbsp;&nbsp;Intermittent | $0.00 - $6.15 |
|  |  | procedures and used the last | &nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparable | market comparable | market comparable |
| Preferred Stocks | $9785 | Followed valuation | &nbsp;&nbsp;Intermittent | $18.00 - $23.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Warrants | $15995 | Followed valuation | &nbsp;&nbsp;Intermittent | $5.00 - $10.50 |
|  |  | procedures and used the last | &nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |

---

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

*\* Amount is less than $0.50.*

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**The Paradigm Portfolio**

The following is a summary of the inputs used to value The Paradigm Portfolio's net assets as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $986430656 | $3221312 | $643305 | $990295273 |
| Unit Investment Trust | 16135693 |  |  | 16135693 |
| Preferred Stocks |  |  | 4123 | 4123 |
| Warrants |  |  | 3663 | 3663 |
| Total Investments in Securities | $1002566349 | $3221312 | $651091 | $1006438752 |

---

During the year ended December 31, 2022, 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 Securities** |
| Balance as of December 31, 2021 | $578173 |
| Accrued discounts/premiums |  |
| Realized gain (loss) |  |
| Change in unrealized appreciation (depreciation) | 72918 |
| Net purchases and/or acquisitions |  |
| Net sales and/or write-offs |  |
| Transfer in and/or out of Level 3 |  |
| Balance as of December 31, 2022 | $651091 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value at**<br>**12/31/2022** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | <br>**Range\*\*** |
| Common Stocks | $38405 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $45.00 - $80.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Common Stocks | $604900 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $10.20 - $23.10 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Preferred Stocks | $4123 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $18.00 - $23.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |

---

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value at**<br>**12/31/2022** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | <br>**Range\*\*** |
| Warrants | $3663 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $5.00 - $10.50 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |

---

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

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

**The Medical Portfolio**

The following is a summary of the inputs used to value The Medical Portfolio's net assets as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks | $18630327 | $— | $—\* | $18630327 |
| Rights |  | 6336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6336 |
| Total Investments in Securities | $18630327 | $6336 | $—\* | $18636663 |

---

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

---

| | |
|:---|:---|
| **Description** | **Investments in Securities** |
| Balance as of December 31, 2021 | $— |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net purchases and/or acquisitions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net sales and/or write-offs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfer in and/or out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* |
| Balance as of December 31, 2022 | $—\* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value at**<br>**12/31/2022** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | <br>**Range\*\*** |
| Common Stocks | $— | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $0.0000 - $0.0040 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |

---

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

*\** *Amount is less than $0.50.*

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $326216075 | $16677017 | $— | $342893092 |
| Unit Investment Trust | 2487183 |  |  | 2487183 |
| Warrants |  |  | 732644 | 732644 |
| Total Investments in Securities | $328703258 | $16677017 | $732644 | $346112919 |

---

During the year ended December 31, 2022, 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 Securities** |
| Balance as of December 31, 2021 | $1150480 |
| Accrued discounts/premiums |  |
| Realized gain (loss) | 6234 |
| Change in unrealized appreciation (depreciation) | (410815) |
| Net purchases and/or acquisitions |  |
| Net sales and/or write-offs | (13255) |
| Transfer in and/or out of Level 3 |  |
| Balance as of December 31, 2022 | $732644 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value at**<br>**12/31/2022** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | <br>**Range\*\*** |
| Warrants | $732644 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $5.00 - $10.50 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |

---

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

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | $103959141 | $300053 | $2971700 | $107230894 |
| Unit Investment Trust | 4964703 |  |  | 4964703 |
| Convertible Preferred Stocks | 751 |  |  | 751 |
| Preferred Stocks |  |  | 224808 | 224808 |
| Convertible Bonds |  |  | —\* |  |
| Exchange Traded Funds | 11736 |  |  | 11736 |
| Warrants |  |  | 228922 | 228922 |
| Total Investments in Securities | $108936331 | $300053 | $3425430 | $112661814 |

---

During the year ended December 31, 2022, 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 Securities** |
| Balance as of December 31, 2021 | $3907139 |
| Accrued discounts/premiums |  |
| Realized gain (loss) |  |
| Change in unrealized appreciation (depreciation) | (616709) |
| Net purchases and/or acquisitions | 135000 |
| Net sales and/or write-offs |  |
| Transfer in and/or out of Level 3 | —\* |
| Balance as of September 30, 2022 | $3425430 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value at**<br>**12/31/2022** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | <br>**Range\*\*** |
| Common Stocks | $2089025 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $45.00 - $80.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Common Stocks | $747650 | Followed valuation | &nbsp;&nbsp;&nbsp;Precedent | $6.87 - $8.60 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;Transaction |  |
|  |  | traded price-fair valuation is |  |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Common Stocks | $135025 | Followed valuation | &nbsp;&nbsp;&nbsp;Precedent | $55.00 - $55.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;Transaction |  |
|  |  | traded price-fair valuation is |  |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |

---

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value at**<br>**12/31/2022** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | <br>**Range\*\*** |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;$—\* | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $0.00 - $6.15 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparable | market comparable | market comparable |
| Preferred Stocks | $224808 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $18.00 - $23.00 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Warrants | $199261 | Followed valuation | &nbsp;&nbsp;&nbsp;Intermittent | $5.00 - $10.50 |
|  |  | procedures and used the last | &nbsp;&nbsp;&nbsp;market |  |
|  |  | traded price-fair valuation is | &nbsp;&nbsp;&nbsp;activity |  |
|  |  | reviewed by the board using |  |  |
|  |  | market comparables | market comparables | market comparables |
| Warrants | $29661 | Black Scholes Method | &nbsp;&nbsp;&nbsp;Volatility | 25% |

---

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

*\** *Amount is less than $0.50.*

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

**The Alternative Income Portfolio**

The following is a summary of the inputs used to value The Alternative Income Portfolio's net assets as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $5490678 | $— | $— | $5490678 |
| Total Investments in Securities | $5490678 | $— | $— | $5490678 |

---

As of December 31, 2022, there were no investments in Level 3 securities.

During the year ended December 31, 2022, there were no transfers into or out of Level 3.

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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $181357 | $— | $— | $181357 |
| Corporate Bonds |  | 221395 |  | 221395 |
| Closed-End Funds | 1953369 |  |  | 1953369 |
| Total Investments in Securities | $2134726 | $221395 | $— | $2356121 |

---

As of December 31, 2022, there were no investments in Level 3 securities.

During the year ended December 31, 2022, there were no transfers into or out of Level 3.

^ See 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, 2022, none of the Portfolios held any derivative instruments and there were no transactions during the period ended December 31, 2022.

**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

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

counterparty in a given account exceeds a specific threshold depending on the counterparty and the type of Master Netting Arrangement.

The following is a summary of the Assets and Liabilities subject to offsetting in the Master Portfolios as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts not Offset** | **Gross Amounts not Offset** | |
|  | | | | **in the Statement of** | **in the Statement of** | |
|  | | | | **Assets & Liabilities** | **Assets & Liabilities** | |
|  | <br>**Gross**<br>**Amounts of**<br>**Recognized** <br>**Liabilities** | <br>**Gross**<br>**Amounts**<br>**Offset in the**<br>**Statement**<br>**of Assets &**<br>**Liabilities** | **Net**<br>**Amounts**<br>**Presented**<br>**in the**<br>**Statement**<br>**of Assets &**<br>**Liabilities** | <br>**Financial**<br>**Instruments** | **Collateral**<br>**Pledged**<br>**(Received)** | <br>**Net**<br>**Amount** |
| **The Internet Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending | $970875 | $— | $970875 | $970875 | $— | $— |
|  | $970875 | $— | $970875 | $970875 | $— | $— |
| **The Global Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending | $1306019 | $— | $1306019 | $1306019 | $— | $— |
|  | $1306019 | $— | $1306019 | $1306019 | $— | $— |
| **The Paradigm Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending | $701943 | $— | $701943 | $701943 | $— | $— |
|  | $701943 | $— | $701943 | $701943 | $— | $— |
| **The Small Cap** |  |  |  |  |  |  |
| **Opportunities Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending | $1229392 | $— | $1229392 | $1229392 | $— | $— |
|  | $1229392 | $— | $1229392 | $1229392 | $— | $— |
| **The Market** |  |  |  |  |  |  |
| **Opportunities Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending | $2185449 | $— | $2185449 | $2185449 | $— | $— |
|  | $2185449 | $— | $2185449 | $2185449 | $— | $— |

---

**10. Subsequent Events**

The Medical Portfolio and Alternative Income Portfolio were liquidated after close of business on January 27, 2023. Each Portfolio distributed all of its assets to its shareholders, including its corresponding feeder fund after the close of business on January 27, 2023.

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.

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

**11. Recent Accounting Pronouncements**

**Reference Rate Reform**

In March 2020, FASB issued ASU 2020-04, *Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting*. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds' financial statements and various filings.

**Investment Company Derivatives Risk Management Program (Rule 18f-4)**

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a Portfolio can enter into, eliminate the asset segregation framework previously used by Portfolios to comply with Section 18 of the 1940 Act, and require Portfolios whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Portfolios were required to comply with Rule 18f-4 by August 19, 2022. As limited derivatives users under Rule 18f-4, the Portfolios are not required to appoint a derivatives risk manager, but have adopted a limited derivatives user policy.

**SEC Modernizes Framework for Fund Valuation Practices (Rule 2a-5)**

In December 2020, the SEC adopted a new rule providing a framework for portfolio valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits portfolio boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions.

------

KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS

**Notes to Consolidated Financial Statements —**

***(Continued)*** December 31, 2022

Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a portfolio must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and has rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of portfolio investments. The Portfolios have adopted procedures in accordance with Rule 2a-5, and the Board of Trustees has appointed the Adviser as Valuation Designee pursuant to the Rule.

**12. Information about Proxy Voting (Unaudited)**

Information regarding how the Feeder Funds and the Master Portfolios vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at 1-800-930-3828 or by accessing the Funds' website at www.kineticsfunds.com and by accessing the SEC's website at www.sec.gov. Information regarding how the Feeder Funds and the Master Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30, is available without charge, upon request, by calling toll-free at 1-800-930-3828 or by accessing the SEC's website at www.sec.gov.

**13. Information about the Portfolio Holdings (Unaudited)**

The Master Portfolios file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Master Portfolios' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-800-930-3828. Furthermore, you can obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

------

KINETICS PORTFOLIOS TRUST

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees<br> of Kinetics Portfolios Trust<br>**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 Medical Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio, The Alternative Income 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, 2022, 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, 2022, 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.

------

KINETICS PORTFOLIOS TRUST

**Report of Independent Registered Public Accounting Firm** ***(Continued)***

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, 2022 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.

![A picture containing text Description automatically generated](image_023.gif)

Philadelphia, Pennsylvania<br> March 1, 2023

------

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------

KINETICS PORTFOLIOS TRUST

**Management of the Funds and the Portfolios**

(Unaudited)

**Management of the Funds and the Portfolios**

The management and affairs of the Funds and the Portfolios are supervised by 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.

------

KINETICS PORTFOLIOS TRUST

**Management of the Funds and the Portfolios —** ***(Continued)*** (Unaudited)

**Board of Directors/Board of Trustees Independent Directors/Trustees**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address and**<br>**Year of Birth** | <br>**Position(s)**<br>**Held with**<br>**Company/**<br>**Trust** | <br>**Term of**<br>**Office and**<br>**Length of**<br>**Time**<br>**Served** | <br>**Principal Occupation(s)**<br>**During Past Five Years** | **# of Portfolios**<br>**in Fund**<br>**Complex<sup>(1)</sup>**<br>**Overseen by**<br>**Director/**<br>**Trustee** | <br>**Other Directorships**<br>**Held by Director/Trustee<sup>(2)</sup>** |
| Steven T. Russell | Independent | Indefinite/ | Professor of Business Law, | 17 | N/A |
| Year Born: 1963 | Director/ | 22 years | Suffolk County Community |  |  |
| c/o Horizon Kinetics Asset | Independent |  | College (1997 to Present); |  |  |
| Management LLC | Trustee |  | Lawyer, Private Practice |  |  |
| 470 Park Avenue South |  |  | (2010 to present). |  |  |
| New York, New York 10016 |  |  |  |  |  |
| Douglas Cohen, CPA | Independent | Indefinite/ | Chief Financial Officer, Sunrise | 17 | N/A |
| Year Born: 1961 | Director/ | 22 years | Credit Services, Inc. (2005 |  |  |
| c/o Horizon Kinetics Asset | Independent |  | to present). |  |  |
| Management LLC | Trustee |  |  |  |  |
| 470 Park Avenue South |  |  |  |  |  |
| New York, New York 10016 |  |  |  |  |  |
| William J. Graham | Independent | Indefinite/ | Attorney, William J. Graham, PC | 17 | N/A |
| Year Born: 1961 | Director/ | 22 years | (2001 to present); Assistant Town |  |  |
| c/o Horizon Kinetics | Independent |  | Attorney, Town of Islip, NY |  |  |
| Asset Management LLC | Trustee |  | (2016 to 2021). |  |  |
| 470 Park Avenue South |  |  |  |  |  |
| New York, New York 10016 |  |  |  |  |  |

---

------

KINETICS PORTFOLIOS TRUST

**Management of the Funds and the Portfolios —** ***(Continued)*** (Unaudited)

**Board of Directors/Board of Trustees (Continued) Independent Directors/Trustees (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address and**<br>**Year of Birth** | <br>**Position(s)**<br>**Held with**<br>**Company/**<br>**Trust** | <br>**Term of**<br>**Office and**<br>**Length of**<br>**Time**<br>**Served** | <br>**Principal Occupation(s)**<br>**During Past Five Years** | **# of Portfolios**<br>**in Fund**<br>**Complex<sup>(1)</sup>**<br>**Overseen by**<br>**Director/**<br>**Trustee** | <br>**Other Directorships**<br>**Held by Director/Trustee<sup>(2)</sup>** |
| Joseph E. Breslin | Independent | Indefinite/ | Counsel, White Oak Global | 17 | Security Consultant and Licensed Florida Private |
| Year Born: 1953 | Director/ | 22 years | Advisors, LLC (2016 to present); |  | Investigator (2019 to present); Special Agent, Florida |
| c/o Horizon Kinetics | Independent |  | J.E. Breslin & Co. – Consulting |  | Department of Law Enforcement (FDLE) (2015 to |
| Asset Management LLC | Trustee |  | (2010 to 2016). |  | 2019); Vice President, HBES Consulting, Inc. (2014 |
| 470 Park Avenue South |  |  |  |  | to present); Citibank, Senior AML Analyst |
| New York, New York 10016 |  |  |  |  | ((2014-2015); Senior Special Agent, Homeland |
|  |  |  |  |  | Security Investigations, Miami, FL (2011 to 2014); |
|  |  |  |  |  | Assistant Attaché Immigration & Customs |
|  |  |  |  |  | Enforcement, Pretoria, South Africa (2008 to 2011). |
| James M. Breen | Independent | Indefinite/ | Security Consultant and Licensed | 17 | N/A |
| Year Born: 1959 | Director/ | 14 years | Florida Private Investigator |  |  |
| c/o Horizon Kinetics | Independent |  | (2019 to present); Special Agent, |  |  |
| Asset Management LLC | Trustee |  | Florida Department of Law |  |  |
| 470 Park Avenue South |  |  | Enforcement (FDLE) (2015 to 2019); |  |  |
| New York, New York 10016 |  |  | Vice President, HBES Consulting, Inc. | Vice President, HBES Consulting, Inc. |  |
|  |  |  | (2014 to present); Citibank, Senior | (2014 to present); Citibank, Senior | (2014 to present); Citibank, Senior |
|  |  |  | AML Analyst (2014-2015); Senior | AML Analyst (2014-2015); Senior | AML Analyst (2014-2015); Senior |
|  |  |  | Special Agent, Homeland Security | Special Agent, Homeland Security | Special Agent, Homeland Security |
|  |  |  | Investigations, Miami, FL (2011 to 2014); | Investigations, Miami, FL (2011 to 2014); |  |
|  |  |  | Assistant Attaché Immigration & |  |  |
|  |  |  | Customs Enforcement, Pretoria, |  |  |
|  |  |  | South Africa (2008 to 2011). |  |  |

---

------

KINETICS PORTFOLIOS TRUST

**Management of the Funds and the Portfolios —** ***(Continued)*** (Unaudited)

**Board of Directors/Board of Trustees (Continued) Interested Directors/Trustees and Officers**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address and Year of Birth** | <br>**Position(s)**<br>**Held with the**<br>**Company/ Trust** | <br>**Term of**<br>**Office and**<br>**Length of**<br>**Time Served** | <br>**Principal Occupation(s)**<br>**During Past Five Years** | **# of Portfolios**<br>**in Fund Complex<sup>(1)</sup>**<br>**Overseen by**<br>**Director/**<br>**Trustee** | <br>**Other Directorships**<br>**Held by Director/Trustee<sup>(2)</sup>** |
| Murray Stahl<sup>(3)</sup> | Director/ | Indefinite/ | Chairman, FRMO Corp. (2001 to | 17 | Director and Officer of RENN Fund, Inc. |
| Year Born: 1953 | Trustee | 22 years | present) (provides consulting |  | (closed end investment company) (2017-present). |
| c/o Horizon Kinetics | & Secretary |  | services to private investment |  |  |
| Asset Management LLC |  |  | funds and research services |  |  |
| 470 Park Avenue South |  |  | with respect to marketable |  |  |
| New York, New York 10016 |  |  | securities);Chairman and Chief |  |  |
|  |  |  | Investment Officer, Horizon |  |  |
|  |  |  | Kinetics LLC, (including |  |  |
|  |  |  | Horizon Kinetics Asset Management | Horizon Kinetics Asset Management | Horizon Kinetics Asset Management |
|  |  |  | LLC (investment adviser) (1994 | LLC (investment adviser) (1994 | LLC (investment adviser) (1994 |
|  |  |  | to present); Kinetics Asset |  |  |
|  |  |  | Management LLC and Kinetics | Management LLC and Kinetics | Management LLC and Kinetics |
|  |  |  | Advisers, LLC (2000 to 2019); |  |  |
|  |  |  | CEO, Horizon Kinetics |  |  |
|  |  |  | LLC (2015 to present). |  |  |

---

------

KINETICS PORTFOLIOS TRUST

**Management of the Funds and the Portfolios —** ***(Continued)*** (Unaudited)

**Board of Directors/Board of Trustees (Continued) Interested Directors/Trustees and Officers (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address and Year of Birth** | <br>**Position(s)**<br>**Held with the**<br>**Company/ Trust** | <br>**Term of**<br>**Office and**<br>**Length of**<br>**Time Served** | <br>**Principal Occupation(s)**<br>**During Past Five Years** | **# of Portfolios**<br>**in Fund Complex<sup>(1)</sup>**<br>**Overseen by**<br>**Director/**<br>**Trustee** | <br>**Other Directorships**<br>**Held by Director/Trustee<sup>(2)</sup>** |
| Peter B. Doyle<sup>(3)</sup> | Director/ | Indefinite/ | Vice President, Horizon | 17 | Director and Officer of |
| Year Born: 1962 | Trustee, | 20 years | Kinetics Asset Management LLC |  | FRMO Corp. |
| c/o Horizon Kinetics | President & |  | (1997-2011); Vice President, |  |  |
| Asset Management LLC | Chairman |  | FMRO Corp. (2001 to present) |  |  |
| 470 Park Avenue South | of the Board |  | (provides consulting services to private | (provides consulting services to private |  |
| New York, New York 10016 |  |  | investment funds and research |  |  |
|  |  |  | services with respect to marketable | services with respect to marketable |  |
|  |  |  | securities); Managing Director, |  |  |
|  |  |  | Horizon Kinetics LLC (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). |  |  |
| Leonid Polyakov<sup>(3)</sup> | Director/ | Indefinite/ | CFO, Horizon Kinetics Asset | 17 | N/A |
| Year Born: 1959 | Trustee | 20 years | Management LLC (2000 to |  |  |
| c/o Horizon Kinetics | & Treasurer |  | 2011); CFO and FINOP, Kinetics |  |  |
| Asset Management LLC |  |  | Funds Distributor LLC (2002 to |  |  |
| 470 Park Avenue South |  |  | 2011); Director, Kinetics Advisers |  |  |
| New York, New York 10016 |  |  | LLC (2000 to 2011). |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The term "fund complex" refers to the Company and the Trust, which hold themselves out as related for investment purposes.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *"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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *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.* 

------

KINETICS PORTFOLIOS TRUST

**Management of the Funds and the Portfolios —** ***(Continued)*** (Unaudited)

**Board of Directors/Board of Trustees (Continued) Officers**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name, Address and Age** | <br>**Position(s)**<br>**Held with the**<br>**Company/ Trust** | **Term of**<br>**Office and**<br>**Length of**<br>**Time Served** | <br>**Principal Occupation(s)**<br>**During Past Five Years** | <br>**Other Directorships**<br>**Held by Officer** |
| Andrew M. Fishman | Chief Compliance | Indefinite/ | Associate General Counsel, Horizon Kinetics LLC (2011 to | N/A |
| Year Born: 1950 | Officer | 18 years | present); General Counsel, Horizon Asset Management, |  |
| c/o Horizon Kinetics |  |  | Inc. (1997 to 2011); Secretary, Horizon Asset Management, |  |
| Asset Management LLC |  |  | Inc. (2006 to 2011); Chief Compliance Officer, Kinetics |  |
| 470 Park Avenue South |  |  | Asset Management, Inc. (1999 to 2011); Chief Compliance |  |
| New York, New York 10016 |  |  | Officer, Kinetics Advisers, LLC (2000 to 2011). |  |
| Jay H. Kesslen | Vice President and | Indefinite/ | General Counsel, Horizon Kinetics LLC (including Horizon | N/A |
| Year Born: 1973 | Assistant Secretary | 18 years | Kinetics Asset Management LLC (an SEC registered investment |  |
| c/o Horizon Kinetics |  |  | adviser) (2011 to present), Chief Compliance Officer, Horizon |  |
| Asset Management LLC |  |  | Kinetics LLC (2015-2016), Kinetics Asset Management LLC |  |
| 470 Park Avenue South |  |  | (2000 to present), Kinetics Advisers LLC (2000 to 2019), |  |
| New York, New York 10016 |  |  | Kinetics Funds Distributor LLC (2000 to present), KBD |  |
|  |  |  | Securities LLC (2000 to present)); FROM Corp. (2014 to present); |  |
|  |  |  | Chief Compliance Officer, RENN Fund, Inc. (2017 to present). |  |

---

------

KINETICS MUTUAL FUNDS, INC. & KINETICS PORTFOLIOS TRUST

**Privacy Policy** (Unaudited)

We collect the following nonpublic personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from you on or in applications or other forms, correspondence, or
conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us, our affiliates, or others, including, but not
limited to, your account number and balance, payments history, parties to transactions, cost basis information, and other financial information.

We do not disclose any nonpublic personal information about our current or former shareholders to nonaffiliated third parties, except as permitted by law. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. Furthermore, we restrict access to your nonpublic personal information to those persons who require such information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

In the event that you hold shares of the fund(s) through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

This privacy policy is not part of the annual report.

------

![Text Description automatically generated](image_024.gif)

(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 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 was filed herewith.](ex99coe.htm)

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

The registrant's board of trustees/directors has determined that there is at least one audit committee financial expert 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 12/31/2022 Kinetics Portfolios Trust | &nbsp;&nbsp;FYE 12/31/2022 Kinetics Mutual Funds | &nbsp;&nbsp;FYE 12/31/2021 Kinetics Portfolios Trust | &nbsp;&nbsp;FYE 12/31/2021 Kinetics Mutual Funds |
| &nbsp;&nbsp;Audit Fees | &nbsp;&nbsp;89625 | &nbsp;&nbsp;105825 | &nbsp;&nbsp;89625 | &nbsp;&nbsp;105825 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;28375 | &nbsp;&nbsp;31175 | &nbsp;&nbsp;28375 | &nbsp;&nbsp;31175 |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 12/31/2022 | &nbsp;&nbsp;FYE 12/31/2021 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 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.

 

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2022</u> <u>FYE 12/31/2021</u> <br> Registrant 0 0 <br> <u>Registrant's Investment Adviser</u> <u> 0 </u> <u> 0 </u>

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>**

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. 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 trustees.

**<u>Item 11. Controls and Procedures.</u>**

(a) The Registrant's President/Chief
Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within
90 days of the filing date of this report, that includes the disclosure required by this paragraph, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as
amended.

(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 second fiscal
quarter of 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.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

*(a)* (1) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2)](ex99cert.htm) *[A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex99cert.htm)* [Filed herewith.](ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable to open-end investment companies.

(1) There was no change in the registrant's independent
public accountant for the period covered by this report.

*[(b)](ex99906cert.htm)* *[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex99906cert.htm)* [Furnished herewith.](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.

(Registrant) Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust

By (Signature and Title) /s/ Peter B. Doyle

Peter B. Doyle, President

Date March 2, 2023

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 (Signature and Title) /s/ Peter B. Doyle

Peter B. Doyle, President

Date March 2, 2023

By (Signature and Title) /s/ Leonid Polyakov

Leonid Polyakov, Treasurer

Date March 2, 2023

## Ex-99.Code

**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;&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;&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;&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;&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;&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

PHTRANS\396584\1

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;&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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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;&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 _______

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> Date

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Peter B. Doyle, certify that:

1. I have reviewed this report on Form N-CSR of Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
(each, the "registrant");

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;

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;

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;(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;(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;(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;(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

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 2, 2023 /s/ Peter B. Boyle

Peter B. Doyle<br> President

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Leonid Polyakov, certify that:

1. I have reviewed this report on Form N-CSR Kinetics Mutual Funds, Inc. &
Kinetics Portfolios Trust (each, the "registrant");

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;

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;

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;(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;(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;(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;(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

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 2, 2023 /s/ Leonid Polyakov

Leonid Polyakov 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, 2022, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Peter B. Doyle | &nbsp;&nbsp;/s/ Leonid Polyakov |
| &nbsp;&nbsp; Peter B. Doyle<br> President, Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust | &nbsp;&nbsp; Leonid Polyakov<br> Treasurer, Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust |
| &nbsp;&nbsp;Dated: March 2, 2023 | &nbsp;&nbsp;Dated: March 2, 2023 |

---

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.