[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","fmdf4cndwslrluv6ucnkfki9t","revision",2,"title","Kinetics Mutual Funds Inc 2026年半年度N-CSR更正报告","originalTitle","KINETICS MUTUAL FUNDS INC (0001083387) (Filer)","summary","Kinetics Mutual Funds Inc. 提交了截至2026年6月30日的更正后N-CSR文件，以纠正行政疏忽。报告期内，The Internet Fund净资产2.48亿美元，净投资亏损166万美元；The Global Fund净资产5,039万美元，净投资亏损11.5万美元；The Paradigm Fund净资产11.85亿美元，净投资亏损620万美元。","reason","报告显示基金资产规模缩水且投资组合集中度较高，部分基金在2026年上半年出现净投资亏损，需关注单一持仓及非流动性资产带来的估值与流动性风险。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-20T20:41:50.000Z","discoveredAt","2026-10-20T23:19:20.061Z","timelineAt","category","tip","tags",[83,84,85],"stockSymbols",[],"score",60,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fvhYSMMLhuq0",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","6b0a33c6-4e42-4dc7-aa7a-bcb08e0db79c","Kinetics Mutual Funds Inc. 更正报告提交",{"_73":74,"_16":75},"

美国
证券交易委员会
\n华盛顿特区 20549

表格\nN-CSR

经认证的注册管理投资公司股东报告

管理投资公司

投资公司法案文件编号 811-09303\n& 811-09923

动力基金公司 & 动力投资组合信托
(注册人名称，如章程中所指定)

1270 大道,

27^层楼,

纽约,\n纽约 10020
(主要执行办公室地址) (邮编)

美国银行基金服务有限公司

615 东密歇根大道

密尔沃基,\n威斯康星 53202
(服务代理人名称和地址)

1-646-495-7333

注册人的电话号码，包括区号

财政年度结束日期: 12月31日

报告期间日期: 2026年6月30日

说明性备注: 注册人正在提交这份更正的N-CSR表格，以更正其向证券交易委员会提交的文件中的行政疏忽。尽管为所涵盖期间拟定的N-CSR表格指明了注册人和动力基金公司作为共同注册人，但该拟定的N-CSR表格无意中仅代表动力基金公司提交，而未代表注册人提交。这份更正文件的唯一目的是代表注册人提交拟定的N-CSR表格，并更新拟提交的N-CSR表格第13(b)项中提供的认证日期。除上述内容外，这份更正文件不会修改、更新或更改拟提交的N-CSR表格中包含的任何其他项目或披露内容。

项目 1. 向股东的报告。

注册人截至2026年6月30日的六个月的半年度股东报告，根据1940年投资公司法案（经修订）第30e-1条的规定向股东发送，如下所示：

\n \n \n \n

(a)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 互联网基金\n \n	\n $\"image\"$ \n
\n 无负载类 \| WWWFX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含有关互联网基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

过去六个月基金的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 无负载类 \n	\n $79 \n	\n 1.68% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $248,276,312 \n
\n 持仓数量 \n	\n 41 \n
\n 投资组合周转率 \n	\n 33% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 证券、商品合约及其他金融投资及相关活动金融投资及相关活动\n \n	\n 41.2 \n	\n % \n
\n 石油和天然气开采\n \n	\n 32.7 \n	\n % \n
\n 其他金融投资活动\n \n	\n 5.6 \n	\n % \n
\n 现金及其他\n \n	\n 5.1 \n	\n % \n
\n 计算机系统设计及相关服务\n \n	\n 4.7 \n	\n % \n
\n 技术服务和软件\n \n	\n 2.8 \n	\n % \n
\n 证券和商品交易所\n \n	\n 2.5 \n	\n % \n
\n 房地产代理和经纪办公室\n \n	\n 2.1 \n	\n % \n
\n 制药和药品制造\n \n	\n 1.7 \n	\n % \n
\n 数据中心基础设施\n \n	\n 1.6 \n	\n % \n
\n 数据处理、托管及相关服务\n \n	\n 1.2 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 灰度比特币信托ETF\n \n	\n 38.7 \n	\n % \n
\n 德克萨斯太平洋土地公司\n \n	\n 32.6 \n	\n % \n
\n 灰度比特币迷你信托ETF\n \n	\n 4.5 \n	\n % \n
\n CACI国际公司\n \n	\n 3.4 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 3.3 \n	\n % \n
\n SB科技公司\n \n	\n 2.8 \n	\n % \n
\n 场外交易市场集团公司\n \n	\n 2.5 \n	\n % \n
\n 兰德里奇公司有限责任公司\n \n	\n 2.1 \n	\n % \n
\n 银河数字公司\n \n	\n 1.7 \n	\n % \n
\n bolt数据与能源公司\n \n	\n 1.6 \n	\n % \n

如需了解有关基金的更多信息，包括其说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭邮寄\n

为减少基金费用，仅会向在同一地址拥有多个账户的股东邮寄大部分股东文件的唯一副本（家庭邮寄）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭邮寄，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

\n \n \n \n \n \n

互联网基金 \n

第1页 \n

TSR-SAR-460953102

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 互联网基金\n \n	\n $\"image\"$ \n
\n 顾问类A \| KINAX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含有关互联网基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

过去六个月基金费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000 美元的投资成本 \n	\n 作为 10,000 美元投资的百分比支付的费用 \n
\n 顾问级 A \n	\n $91 \n	\n 1.93% \n

基金关键统计数据 （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $248,276,312 \n
\n 持仓数量 \n	\n 41 \n
\n 投资组合周转率 \n	\n 33% \n

基金投资了什么？ （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 证券、商品合约和其他金融投资及相关活动\n \n	\n 41.2 \n	\n % \n
\n 石油和天然气开采\n \n	\n 32.7 \n	\n % \n
\n 其他金融投资活动\n \n	\n 5.6 \n	\n % \n
\n 现金 & 其他\n \n	\n 5.1 \n	\n % \n
\n 计算机系统设计及相关服务\n \n	\n 4.7 \n	\n % \n
\n 技术服务和软件\n \n	\n 2.8 \n	\n % \n
\n 证券和商品交易所\n \n	\n 2.5 \n	\n % \n
\n 房地产代理和经纪办公室\n \n	\n 2.1 \n	\n % \n
\n 制药和药品制造\n \n	\n 1.7 \n	\n % \n
\n 数据中心基础设施\n \n	\n 1.6 \n	\n % \n
\n 数据处理、托管及相关服务\n \n	\n 1.2 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 灰度比特币信托 ETF\n \n	\n 38.7 \n	\n % \n
\n 德克萨斯太平洋土地公司\n \n	\n 32.6 \n	\n % \n
\n 灰度比特币迷你信托 ETF\n \n	\n 4.5 \n	\n % \n
\n CACI 国际公司\n \n	\n 3.4 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 3.3 \n	\n % \n
\n SB 技术公司\n \n	\n 2.8 \n	\n % \n
\n 场外交易市场集团公司\n \n	\n 2.5 \n	\n % \n
\n Landbridge 公司 LLC\n \n	\n 2.1 \n	\n % \n
\n 银河数字公司\n \n	\n 1.7 \n	\n % \n
\n Bolt 数据与能源公司\n \n	\n 1.6 \n	\n % \n

如需了解有关基金的更多信息，包括其招股书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

集中邮寄\n

为了减少基金费用，仅会向同一地址的多个账户持有人邮寄大多数股东文件（集中邮寄）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行集中邮寄，请联系您的财务中介。您的指示通常在财务中介收到后 30 天内生效。

\n \n \n \n \n \n

互联网基金 \n

第 1 页 \n

TSR-SAR-494613862

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 互联网基金\n \n	\n $\"image\"$ \n
\n 顾问级 C \| KINCX\n \n
\n 半年度股东报告 \| 2026 年 6 月 30 日\n \n

这份半年期股东报告包含有关互联网基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

基金在过去六个月的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 班级名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 顾问级C \n	\n $115 \n	\n 2.43% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $248,276,312 \n
\n 持仓数量 \n	\n 41 \n
\n 投资组合周转率 \n	\n 33% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 证券、商品合约和其他金融投资及相关活动\n \n	\n 41.2 \n	\n % \n
\n 石油和天然气开采\n \n	\n 32.7 \n	\n % \n
\n 其他金融投资活动\n \n	\n 5.6 \n	\n % \n
\n 现金 & 其他\n \n	\n 5.1 \n	\n % \n
\n 计算机系统设计及相关服务\n \n	\n 4.7 \n	\n % \n
\n 技术服务业和软件\n \n	\n 2.8 \n	\n % \n
\n 证券和商品交易所\n \n	\n 2.5 \n	\n % \n
\n 房地产代理和经纪人办公室\n \n	\n 2.1 \n	\n % \n
\n 制药和医药制造\n \n	\n 1.7 \n	\n % \n
\n 数据中心基础设施\n \n	\n 1.6 \n	\n % \n
\n 数据处理、托管及相关服务\n \n	\n 1.2 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 灰度比特币信托ETF\n \n	\n 38.7 \n	\n % \n
\n 德克萨斯太平洋土地公司\n \n	\n 32.6 \n	\n % \n
\n 灰度比特币迷你信托ETF\n \n	\n 4.5 \n	\n % \n
\n CACI国际公司\n \n	\n 3.4 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 3.3 \n	\n % \n
\n SB科技公司\n \n	\n 2.8 \n	\n % \n
\n 场外交易市场集团公司\n \n	\n 2.5 \n	\n % \n
\n 兰德里奇公司有限责任公司\n \n	\n 2.1 \n	\n % \n
\n 银河数字公司\n \n	\n 1.7 \n	\n % \n
\n bolt数据与能源公司\n \n	\n 1.6 \n	\n % \n

如需了解有关该基金的更多信息，包括其说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

托管\n

为了减少基金费用，大多数股东文件可能只邮寄一份给同一地址的多个账户（家庭共用）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭共用，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

\n \n \n \n \n \n

互联网基金 \n

第1页 \n

TSR-SAR-494613763

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 全球基金\n \n	\n $\"image\"$ \n
\n 无负载类 \| WWWEX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

这份半年度股东报告包含有关全球基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

过去六个月基金的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 基金类别 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 无负载类 \n	\n $70 \n	\n 1.38% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $50,447,935 \n
\n 持仓数量 \n	\n 82 \n
\n 投资组合周转率 \n	\n 10% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 金融和保险\n \n	\n 38.5 \n	\n % \n
\n 采矿、采石和石油及天然气开采\n \n	\n 31.6 \n	\n % \n
\n 公司和企业的管理\n \n	\n 12.9 \n	\n % \n
\n 现金 & 其他\n \n	\n 4.5 \n	\n % \n
\n 科技\n \n	\n 3.7 \n	\n % \n
\n 制药\n \n	\n 2.7 \n	\n % \n
\n 媒体\n \n	\n 1.7 \n	\n % \n
\n 交通运输和仓储\n \n	\n 1.4 \n	\n % \n
\n 娱乐\n \n	\n 1.3 \n	\n % \n
\n 房地产和租赁及出租\n \n	\n 1.3 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 0.4 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 21.1 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 13.3 \n	\n % \n
\n 夏威夷电力工业公司，公司\n \n	\n 7.0 \n	\n % \n
\n 法尔科斯印度控股公司\n \n	\n 5.7 \n	\n % \n
\n 兰德里奇公司有限责任公司\n \n	\n 5.6 \n	\n % \n
\n 投资者AB\n \n	\n 4.9 \n	\n % \n
\n 怀特山脉保险公司集团有限公司\n \n	\n 4.9 \n	\n % \n
\n 泛欧交易所NV\n \n	\n 4.9 \n	\n % \n
\n Galaxy Digital, Inc.\n \n	\n 2.7 \n	\n % \n
\n SB Technology, Inc.\n \n	\n 2.5 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 十大国家 \n	\n (%) \n
\n 美国\n \n	\n 68.9 \n	\n % \n
\n 加拿大\n \n	\n 11.9 \n	\n % \n
\n 荷兰\n \n	\n 5.2 \n	\n % \n
\n 瑞典\n \n	\n 4.9 \n	\n % \n
\n 日本\n \n	\n 4.0 \n	\n % \n
\n 开曼群岛\n \n	\n 0.8 \n	\n % \n
\n 英国\n \n	\n 0.7 \n	\n % \n
\n 德国\n \n	\n 0.3 \n	\n % \n
\n 巴西\n \n	\n 0.2 \n	\n % \n
\n 现金及其他\n \n	\n 3.1 \n	\n % \n

有关基金的更多信息，包括其说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭合并邮寄\n

为减少基金费用，仅会向同一地址的多个账户持有人邮寄一份股东文件（家庭合并邮寄）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭合并邮寄，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

\n \n \n \n \n \n

全球基金 \n

第1页 \n

TSR-SAR-494613805

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 全球基金\n \n	\n $\"image\"$ \n
\n 顾问类 A \| KGLAX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含有关全球基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

过去六个月基金的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 顾问类 A \n	\n $83 \n	\n 1.63% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $50,447,935 \n
\n 持仓数量 \n	\n 82 \n
\n 投资组合周转率 \n	\n 10% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 金融和保险\n \n	\n 38.5 \n	\n % \n
\n 采矿、采石和石油及天然气开采\n \n	\n 31.6 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 12.9 \n	\n % \n
\n 现金及其他\n \n	\n 4.5 \n	\n % \n
\n 科技\n \n	\n 3.7 \n	\n % \n
\n 制药\n \n	\n 2.7 \n	\n % \n
\n 媒体\n \n	\n 1.7 \n	\n % \n
\n 交通运输和仓储\n \n	\n 1.4 \n	\n % \n
\n 娱乐\n \n	\n 1.3 \n	\n % \n
\n 房地产和租赁和出租\n \n	\n 1.3 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 0.4 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 21.1 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 13.3 \n	\n % \n
\n 夏威夷电力工业公司，公司\n \n	\n 7.0 \n	\n % \n
\n 法菲尔印度控股公司\n \n	\n 5.7 \n	\n % \n
\n 兰德里奇公司有限责任公司\n \n	\n 5.6 \n	\n % \n
\n 投资者AB\n \n	\n 4.9 \n	\n % \n
\n 怀特山脉保险公司集团有限公司\n \n	\n 4.9 \n	\n % \n
\n 欧洲交易所NV\n \n	\n 4.9 \n	\n % \n
\n 银河数字公司\n \n	\n 2.7 \n	\n % \n
\n SB科技公司\n \n	\n 2.5 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十国家 \n	\n (%) \n
\n 美国\n \n	\n 68.9 \n	\n % \n
\n 加拿大\n \n	\n 11.9 \n	\n % \n
\n 荷兰\n \n	\n 5.2 \n	\n % \n
\n 瑞典\n \n	\n 4.9 \n	\n % \n
\n 日本\n \n	\n 4.0 \n	\n % \n
\n 开曼群岛\n \n	\n 0.8 \n	\n % \n
\n 英国\n \n	\n 0.7 \n	\n % \n
\n 德国\n \n	\n 0.3 \n	\n % \n
\n 巴西\n \n	\n 0.2 \n	\n % \n
\n 现金和其他\n \n	\n 3.1 \n	\n % \n

有关基金的更多信息，包括其招募说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭共用\n

为减少基金费用，通常只会向同一地址的多个账户持有人邮寄一份股东文件（家庭共用）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭共用，请联系您的金融中介。您的指示通常在金融中介收到后30天内生效。

\n \n \n \n \n \n

全球基金 \n

第1页 \n

TSR-SAR-494613631

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 全球基金\n \n	\n $\"image\"$ \n
\n 顾问类C \| KGLCX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

过去六个月基金费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 支出占 10,000 美元投资的比例 \n
\n 顾问类 C \n	\n $108 \n	\n 2.13% \n

基金关键统计数据 （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $50,447,935 \n
\n 持仓数量 \n	\n 82 \n
\n 投资组合换手率 \n	\n 10% \n

基金投资了什么？ （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 金融和保险 \n	\n 38.5 \n	\n % \n
\n 采矿、采石和石油和天然气开采 \n	\n 31.6 \n	\n % \n
\n 公司和企业管理 \n	\n 12.9 \n	\n % \n
\n 现金 & 其他 \n	\n 4.5 \n	\n % \n
\n 科技 \n	\n 3.7 \n	\n % \n
\n 制药 \n	\n 2.7 \n	\n % \n
\n 媒体 \n	\n 1.7 \n	\n % \n
\n 交通运输和仓储 \n	\n 1.4 \n	\n % \n
\n 娱乐 \n	\n 1.3 \n	\n % \n
\n 房地产和租赁及出租 \n	\n 1.3 \n	\n % \n
\n 住宿和餐饮服务 \n	\n 0.4 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司 \n	\n 21.1 \n	\n % \n
\n 灰度比特币信托 ETF \n	\n 13.3 \n	\n % \n
\n 夏威夷电力工业公司，有限公司 \n	\n 7.0 \n	\n % \n
\n 法尔克斯印度控股公司 \n	\n 5.7 \n	\n % \n
\n Landbridge 公司 LLC \n	\n 5.6 \n	\n % \n
\n Investor AB \n	\n 4.9 \n	\n % \n
\n 怀特山脉保险公司集团有限公司 \n	\n 4.9 \n	\n % \n
\n Euronext NV \n	\n 4.9 \n	\n % \n
\n 银河数字公司，有限公司 \n	\n 2.7 \n	\n % \n
\n SB 科技公司，有限公司 \n	\n 2.5 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十国家 \n	\n (%) \n
\n 美国 \n	\n 68.9 \n	\n % \n
\n 加拿大 \n	\n 11.9 \n	\n % \n
\n 荷兰 \n	\n 5.2 \n	\n % \n
\n 瑞典 \n	\n 4.9 \n	\n % \n
\n 日本 \n	\n 4.0 \n	\n % \n
\n 开曼群岛 \n	\n 0.8 \n	\n % \n
\n 英国 \n	\n 0.7 \n	\n % \n
\n 德国 \n	\n 0.3 \n	\n % \n
\n 巴西 \n	\n 0.2 \n	\n % \n
\n 现金 & 其他 \n	\n 3.1 \n	\n % \n

如需了解基金的更多信息，包括其招募说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭共用

为减少基金费用，仅会向同一地址下拥有多个账户的股东邮寄一份股东文件（家庭共用）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭共用，请联系您的财务中介。您的指示通常在财务中介收到后 30 天内生效。

\n \n \n \n \n \n

全球基金

第 1 页

TSR-SAR-494613623

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 范式基金\n \n	\n $\"image\"$ \n
\n 无销售服务费类 \| WWNPX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含有关 The Paradigm Fund（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的其他信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

基金在过去六个月的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 无销售服务费类 \n	\n $93 \n	\n 1.64% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $1,186,210,139 \n
\n 持仓数量 \n	\n 44 \n
\n 投资组合周转率 \n	\n 2% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 76.1 \n	\n % \n
\n 金融和保险\n \n	\n 13.7 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 4.8 \n	\n % \n
\n 信息\n \n	\n 1.2 \n	\n % \n
\n 科技\n \n	\n 1.0 \n	\n % \n
\n 现金及其他\n \n	\n 1.0 \n	\n % \n
\n 专业、科学和技术服务\n \n	\n 0.9 \n	\n % \n
\n 艺术、娱乐和休闲\n \n	\n 0.7 \n	\n % \n
\n 运输和仓储\n \n	\n 0.3 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 0.2 \n	\n % \n
\n 房地产和租赁及出借\n \n	\n 0.1 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 69.4 \n	\n % \n
\n 灰度比特币迷你信托ETF\n \n	\n 7.5 \n	\n % \n
\n Landbridge公司有限责任公司\n \n	\n 6.1 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 4.1 \n	\n % \n
\n 布鲁克菲尔德公司\n \n	\n 3.1 \n	\n % \n
\n Cboe全球市场公司\n \n	\n 1.2 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.2 \n	\n % \n
\n CACI国际公司\n \n	\n 0.9 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 0.8 \n	\n % \n
\n Live Nation娱乐公司\n \n	\n 0.7 \n	\n % \n

有关该基金的更多信息，包括其招募说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

托管\n

为减少基金费用，大多数股东文件可能仅邮寄一份到同一地址的多个账户（家庭共用）。如果您希望您的Horizon Kinetics Asset Management LLC文件不进行家庭共用，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

\n \n \n \n \n \n

The Paradigm Fund \n

PAGE 1 \n

TSR-SAR-494613607

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Paradigm Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| KNPAX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

这份半年度股东报告包含关于The Paradigm Fund（“基金”）在2026年1月1日至2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

最近六个月的基金费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n Advisor Class A \n	\n $107 \n	\n 1.89% \n

基金关键统计数据 （截至2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $1,186,210,139 \n
\n 持仓数量 \n	\n 44 \n
\n 投资组合周转率 \n	\n 2% \n

基金投资了什么？ （截至2026年6月30日）

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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 76.1 \n	\n % \n
\n 金融和保险\n \n	\n 13.7 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 4.8 \n	\n % \n
\n 信息\n \n	\n 1.2 \n	\n % \n
\n 科技\n \n	\n 1.0 \n	\n % \n
\n 现金及其他\n \n	\n 1.0 \n	\n % \n
\n 专业、科学和技术服务服务\n \n	\n 0.9 \n	\n % \n
\n 艺术、娱乐和休闲\n \n	\n 0.7 \n	\n % \n
\n 运输和仓储\n \n	\n 0.3 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 0.2 \n	\n % \n
\n 房地产和租赁及租赁\n \n	\n 0.1 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 69.4 \n	\n % \n
\n 灰度比特币迷你信托ETF\n \n	\n 7.5 \n	\n % \n
\n Landbridge公司有限责任公司\n \n	\n 6.1 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 4.1 \n	\n % \n
\n 布鲁克菲尔德公司\n \n	\n 3.1 \n	\n % \n
\n Cboe全球市场公司\n \n	\n 1.2 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.2 \n	\n % \n
\n CACI国际公司\n \n	\n 0.9 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 0.8 \n	\n % \n
\n Live Nation Entertainment, Inc.\n \n	\n 0.7 \n	\n % \n

有关该基金的更多信息，包括其说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

集中邮寄\n

为减少基金费用，仅会向同一地址的多个账户持有人邮寄一份股东文件（集中邮寄）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行集中邮寄，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

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The Paradigm Fund \n

PAGE 1 \n

TSR-SAR-494613854

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Paradigm Fund\n \n	\n $\"image\"$ \n
\n 顾问类 C \| KNPCX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含有关 The Paradigm Fund（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

过去六个月基金费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 顾问类 C \n	\n $135 \n	\n 2.39% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $1,186,210,139 \n
\n 持仓数量 \n	\n 44 \n
\n 投资组合周转率 \n	\n 2% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 76.1 \n	\n % \n
\n 金融和保险\n \n	\n 13.7 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 4.8 \n	\n % \n
\n 信息\n \n	\n 1.2 \n	\n % \n
\n 科技\n \n	\n 1.0 \n	\n % \n
\n 现金及其他\n \n	\n 1.0 \n	\n % \n
\n 专业、科学和技术服务服务\n \n	\n 0.9 \n	\n % \n
\n 艺术、娱乐和休闲\n \n	\n 0.7 \n	\n % \n
\n 交通运输和仓储\n \n	\n 0.3 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 0.2 \n	\n % \n
\n 房地产和租赁及出借\n \n	\n 0.1 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 69.4 \n	\n % \n
\n 灰度比特币迷你信托ETF\n \n	\n 7.5 \n	\n % \n
\n Landbridge公司有限责任公司\n \n	\n 6.1 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 4.1 \n	\n % \n
\n 布鲁克菲尔德公司\n \n	\n 3.1 \n	\n % \n
\n Cboe全球市场公司\n \n	\n 1.2 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.2 \n	\n % \n
\n CACI国际公司\n \n	\n 0.9 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 0.8 \n	\n % \n
\n Live Nation娱乐公司\n \n	\n 0.7 \n	\n % \n

如需了解基金的更多信息，包括其说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭合并邮寄\n

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帕拉迪格姆基金 \n

第1页 \n

TSR-SAR-494613821

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\n	\n	\n
\n $\"image\"$ \n	\n 帕拉迪格姆基金\n \n	\n $\"image\"$ \n
\n 机构类 \| KNPYX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含关于帕拉迪格姆基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

过去六个月基金的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 机构类 \n	\n $82 \n	\n 1.44% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $1,186,210,139 \n
\n 持仓数量 \n	\n 44 \n
\n 投资组合周转率 \n	\n 2% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 76.1 \n	\n % \n
\n 金融和保险\n \n	\n 13.7 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 4.8 \n	\n % \n
\n 信息\n \n	\n 1.2 \n	\n % \n
\n 科技\n \n	\n 1.0 \n	\n % \n
\n 现金 & 其他\n \n	\n 1.0 \n	\n % \n
\n 专业、科学和技术服务服务\n \n	\n 0.9 \n	\n % \n
\n 艺术、娱乐和休闲\n \n	\n 0.7 \n	\n % \n
\n 运输和仓储\n \n	\n 0.3 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 0.2 \n	\n % \n
\n 房地产和租赁及融资租赁\n \n	\n 0.1 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前10大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 69.4 \n	\n % \n
\n 灰度比特币迷你信托ETF\n \n	\n 7.5 \n	\n % \n
\n Landbridge公司有限责任公司\n \n	\n 6.1 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 4.1 \n	\n % \n
\n 布鲁克菲尔德公司\n \n	\n 3.1 \n	\n % \n
\n Cboe全球市场公司\n \n	\n 1.2 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.2 \n	\n % \n
\n CACI国际公司\n \n	\n 0.9 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 0.8 \n	\n % \n
\n Live Nation娱乐公司\n \n	\n 0.7 \n	\n % \n

如需了解有关基金的更多信息，包括其说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭邮寄\n

为减少基金费用，通常只会将一份股东文件邮寄给同一地址下拥有多个账户的股东（家庭邮寄）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭邮寄，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

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范式基金 \n

第1页 \n

TSR-SAR-494613797

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\n	\n	\n
\n $\"image\"$ \n	\n 小盘机会基金\n \n	\n $\"image\"$ \n
\n 无销售服务类 \| KSCOX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含有关小盘机会基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/ 找到有关基金的更多信息。您也可以通过致电 1-800-930-3828 联系我们获取此信息。\n

过去六个月基金的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 无销售服务类 \n	\n $93 \n	\n 1.63% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $529,333,343 \n
\n 持仓数量 \n	\n 70 \n
\n 投资组合周转率 \n	\n 1% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 66.9 \n	\n % \n
\n 金融和保险\n \n	\n 7.5 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 7.4 \n	\n % \n
\n 专业、科学和技术服务服务\n \n	\n 4.8 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 3.8 \n	\n % \n
\n 科技\n \n	\n 3.1 \n	\n % \n
\n 现金及其他\n \n	\n 2.1 \n	\n % \n
\n 房地产\n \n	\n 1.7 \n	\n % \n
\n 制造业\n \n	\n 1.2 \n	\n % \n
\n 制药\n \n	\n 0.8 \n	\n % \n
\n 房地产、租赁和租赁\n \n	\n 0.7 \n	\n % \n

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\n	\n	\n
\n 前10大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 55.4 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 5.9 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 5.1 \n	\n % \n
\n WaterBridge基础设施有限责任公司\n \n	\n 4.7 \n	\n % \n
\n CACI国际公司\n \n	\n 4.4 \n	\n % \n
\n Civeo公司\n \n	\n 3.7 \n	\n % \n
\n Grayscale比特币信托ETF\n \n	\n 2.6 \n	\n % \n
\n SB科技公司\n \n	\n 1.7 \n	\n % \n
\n DREAM Unlimited公司\n \n	\n 1.7 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.3 \n	\n % \n

有关基金的更多信息，包括其说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭化管理\n

为了减少基金费用，通常只会向同一地址的多个账户持有人邮寄一份股东文件（家庭化管理）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭化管理，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

\n \n \n \n \n \n

小盘机会基金 \n

第1页 \n

TSR-SAR-494613706

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\n	\n	\n
\n $\"image\"$ \n	\n 小盘机会基金\n \n	\n $\"image\"$ \n
\n 顾问类A \| KSOAX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

此半年度股东报告包含有关小盘机会基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关基金的更多信息。您也可以通过致电 1-800-930-3828 联系我们获取此信息。\n

过去六个月基金费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 顾问类A \n	\n $107 \n	\n 1.88% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $529,333,343 \n
\n 持仓数量 \n	\n 70 \n
\n 投资组合周转率 \n	\n 1% \n

基金投资了什么？（截至2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 66.9 \n	\n % \n
\n 金融和保险\n \n	\n 7.5 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 7.4 \n	\n % \n
\n 专业、科学和技术服务服务\n \n	\n 4.8 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 3.8 \n	\n % \n
\n 科技\n \n	\n 3.1 \n	\n % \n
\n 现金及其他\n \n	\n 2.1 \n	\n % \n
\n 房地产\n \n	\n 1.7 \n	\n % \n
\n 制造业\n \n	\n 1.2 \n	\n % \n
\n 制药\n \n	\n 0.8 \n	\n % \n
\n 房地产、租赁和租赁\n \n	\n 0.7 \n	\n % \n

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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 55.4 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 5.9 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 5.1 \n	\n % \n
\n WaterBridge基础设施有限责任公司\n \n	\n 4.7 \n	\n % \n
\n CACI国际公司\n \n	\n 4.4 \n	\n % \n
\n Civeo公司\n \n	\n 3.7 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 2.6 \n	\n % \n
\n SB科技公司\n \n	\n 1.7 \n	\n % \n
\n DREAM Unlimited公司\n \n	\n 1.7 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.3 \n	\n % \n

如需了解基金的更多信息，包括其招募说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭邮寄\n

为了减少基金费用，仅会向同一地址的多个账户持有人邮寄一份股东文件（家庭邮寄）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭邮寄，请联系您的财务中介。您的指示通常在财务中介收到后30天内生效。

\n \n \n \n \n \n

小盘机会基金 \n

第1页 \n

TSR-SAR-494613839

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 小盘机会基金\n \n	\n $\"image\"$ \n
\n 顾问类C \| KSOCX\n \n
\n 半年度股东报告 \| 2026年6月30日\n \n

过去六个月基金的成本是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000 美元的投资成本 \n	\n 以 10,000 美元投资的百分比支付的费用 \n
\n 顾问级 C \n	\n $135 \n	\n 2.38% \n

基金关键统计数据 （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $529,333,343 \n
\n 持仓数量 \n	\n 70 \n
\n 投资组合周转率 \n	\n 1% \n

基金投资了什么？ （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 66.9 \n	\n % \n
\n 金融和保险\n \n	\n 7.5 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 7.4 \n	\n % \n
\n 专业、科学和技术服务\n \n	\n 4.8 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 3.8 \n	\n % \n
\n 科技\n \n	\n 3.1 \n	\n % \n
\n 现金 & 其他\n \n	\n 2.1 \n	\n % \n
\n 房地产\n \n	\n 1.7 \n	\n % \n
\n 制造业\n \n	\n 1.2 \n	\n % \n
\n 制药\n \n	\n 0.8 \n	\n % \n
\n 房地产、租赁和租赁\n \n	\n 0.7 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 德克萨斯太平洋土地公司\n \n	\n 55.4 \n	\n % \n
\n Landbridge 公司 LLC\n \n	\n 5.9 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 5.1 \n	\n % \n
\n WaterBridge 基础设施 LLC\n \n	\n 4.7 \n	\n % \n
\n CACI 国际公司\n \n	\n 4.4 \n	\n % \n
\n Civeo 公司\n \n	\n 3.7 \n	\n % \n
\n 灰度比特币信托 ETF\n \n	\n 2.6 \n	\n % \n
\n SB 科技公司\n \n	\n 1.7 \n	\n % \n
\n DREAM 无限公司\n \n	\n 1.7 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.3 \n	\n % \n

如需了解基金的更多信息，包括其招募说明书、财务信息、持仓和代理信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

家庭共用\n

为了减少基金费用，仅会向同一地址下拥有多个账户的股东邮寄一份股东文件（家庭共用）。如果您希望您的 Horizon Kinetics Asset Management LLC 文件不进行家庭共用，请联系您的财务中介。您的指示通常在财务中介收到后 30 天内生效。

\n \n \n \n \n \n

小盘机会基金 \n

第 1 页 \n

TSR-SAR-494613748

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 小盘机会基金\n \n	\n $\"image\"$ \n
\n 机构级 \| KSCYX\n \n
\n 半年度股东报告 \| 2026 年 6 月 30 日\n \n

这份半年期股东报告包含有关小盘机会基金（“基金”）在 2026年1月1日至 2026年6月30日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

基金在过去六个月的费用是多少？ （基于假设的10,000美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 班级名称 \n	\n 10,000美元投资的费用 \n	\n 作为10,000美元投资的百分比支付的费用 \n
\n 机构类 \n	\n $82 \n	\n 1.43% \n

基金关键统计数据 （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $529,333,343 \n
\n 持仓数量 \n	\n 70 \n
\n 投资组合周转率 \n	\n 1% \n

基金投资了什么？ （截至 2026年6月30日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 采矿、采石和石油天然气开采\n \n	\n 66.9 \n	\n % \n
\n 金融和保险\n \n	\n 7.5 \n	\n % \n
\n 公司和企业经营管理\n \n	\n 7.4 \n	\n % \n
\n 专业、科学和技术服务\n \n	\n 4.8 \n	\n % \n
\n 住宿和餐饮服务\n \n	\n 3.8 \n	\n % \n
\n 科技\n \n	\n 3.1 \n	\n % \n
\n 现金 & 其他\n \n	\n 2.1 \n	\n % \n
\n 房地产\n \n	\n 1.7 \n	\n % \n
\n 制造业\n \n	\n 1.2 \n	\n % \n
\n 制药\n \n	\n 0.8 \n	\n % \n
\n 房地产和租赁及租赁\n \n	\n 0.7 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 前十大发行人 \n	\n (%) \n
\n 得克萨斯太平洋土地公司\n \n	\n 55.4 \n	\n % \n
\n Landbridge公司有限责任公司\n \n	\n 5.9 \n	\n % \n
\n 夏威夷电力工业公司\n \n	\n 5.1 \n	\n % \n
\n WaterBridge基础设施有限责任公司\n \n	\n 4.7 \n	\n % \n
\n CACI国际公司\n \n	\n 4.4 \n	\n % \n
\n Civeo公司\n \n	\n 3.7 \n	\n % \n
\n 灰度比特币信托ETF\n \n	\n 2.6 \n	\n % \n
\n SB科技公司\n \n	\n 1.7 \n	\n % \n
\n DREAM无限公司\n \n	\n 1.7 \n	\n % \n
\n 迈阿密国际控股公司\n \n	\n 1.3 \n	\n % \n

如需了解有关基金的更多信息，包括其招募说明书、财务信息、持仓和代理投票信息，请扫描二维码或访问 https://kineticsfunds.com/resources/。

集中邮寄\n

为了减少基金费用，仅会向同一地址下拥有多个账户的股东邮寄大多数股东文件的一份副本（集中邮寄）。如果您希望您的 Horizon Kinetics资产管理有限责任公司文件不进行集中邮寄，请联系您的金融中介。您的指示通常在金融中介收到后30天内生效。

\n \n \n \n \n \n

小盘机会基金 \n

第 1 页 \n

TSR-SAR-494613813

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n 市场机会基金\n \n	\n $\"image\"$ \n
\n 无销售费用类 \| KMKNX\n \n
\n 半年度股东报告 \| 2026 年 6 月 30 日\n \n

此半年度股东报告包含有关市场机会基金（“基金”）在 2026 年 1 月 1 日至 2026 年 6 月 30 日期间的重要信息。您可以在 https://kineticsfunds.com/resources/找到有关该基金的更多信息。您也可以通过致电 1-800-930-3828联系我们获取此信息。\n

过去六个月基金费用是多少？ （基于假设的 10,000 美元投资）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 类别名称 \n	\n 10,000 美元投资的费用 \n	\n 作为 10,000 美元投资的百分比支付的费用 \n
\n 无销售费用类 \n	\n $75 \n	\n 1.40% \n

基金关键统计数据 （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n 净资产 \n	\n $302,809,014 \n
\n 持仓数量 \n	\n 83 \n
\n 投资组合周转率 \n	\n 7% \n

基金投资了哪些内容？ （截至 2026 年 6 月 30 日）

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n 主要行业 \n	\n (%) \n
\n 石油和天然气开采\n \n	\n 48.8 \n	\n % \n
\n 现金 & 其他\n \n	\n 12.8 \n	\n % \n
\n 证券、商品合约和其他金融投资及相关活动\n \n	\n 9.1 \n	\n % \n
\n 电力发电、输电和配电\n \n	\n 7.2 \n	\n % \n
\n 供水、排污及其他系统\n \n	\n 4.7 \n	\n % \n
\n 房地产代理和经纪办公室\n \n	\n 4.3 \n	\n % \n
\n Other Investment Pools and Funds\n \n	\n 2.8 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 2.7 \n	\n % \n
\n Securities and Commodities Exchanges\n \n	\n 2.7 \n	\n % \n
\n Other Financial Investment Activities\n \n	\n 2.6 \n	\n % \n
\n Computer Systems Design and Related Services\n \n	\n 2.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 47.3 \n	\n % \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 9.0 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 7.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 4.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 4.3 \n	\n % \n
\n Miami International Holdings, Inc.\n \n	\n 2.8 \n	\n % \n
\n Bolt Data & Energy Inc.\n \n	\n 2.0 \n	\n % \n
\n Partners Value Investments LP\n \n	\n 2.0 \n	\n % \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.3 \n	\n % \n
\n Permian Basin Royalty Trust\n \n	\n 1.1 \n	\n % \n

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

HOUSEHOLDING\n

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

\n \n \n \n \n \n

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613789

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Market Opportunities Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| KMKAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

This semi-annual shareholder report contains important information about The Market Opportunities Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.\n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $89 \n	\n 1.65% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $302,809,014 \n
\n Number of Holdings \n	\n 83 \n
\n Portfolio Turnover \n	\n 7% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Oil and Gas Extraction\n \n	\n 48.8 \n	\n % \n
\n Cash & Other\n \n	\n 12.8 \n	\n % \n
\n Securities, Commodity Contracts, and Other Financial Investments and Related Activities\n \n	\n 9.1 \n	\n % \n
\n Electric Power Generation, Transmission and Distribution\n \n	\n 7.2 \n	\n % \n
\n Water, Sewage and Other Systems\n \n	\n 4.7 \n	\n % \n
\n Offices of Real Estate Agents and Brokers\n \n	\n 4.3 \n	\n % \n
\n Other Investment Pools and Funds\n \n	\n 2.8 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 2.7 \n	\n % \n
\n Securities and Commodities Exchanges\n \n	\n 2.7 \n	\n % \n
\n Other Financial Investment Activities\n \n	\n 2.6 \n	\n % \n
\n Computer Systems Design and Related Services\n \n	\n 2.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 47.3 \n	\n % \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 9.0 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 7.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 4.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 4.3 \n	\n % \n
\n Miami International Holdings, Inc.\n \n	\n 2.8 \n	\n % \n
\n Bolt Data & Energy Inc.\n \n	\n 2.0 \n	\n % \n
\n Partners Value Investments LP\n \n	\n 2.0 \n	\n % \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.3 \n	\n % \n
\n Permian Basin Royalty Trust\n \n	\n 1.1 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613771

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Market Opportunities Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| KMKCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $116 \n	\n 2.15% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $302,809,014 \n
\n Number of Holdings \n	\n 83 \n
\n Portfolio Turnover \n	\n 7% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Oil and Gas Extraction\n \n	\n 48.8 \n	\n % \n
\n Cash & Other\n \n	\n 12.8 \n	\n % \n
\n Securities, Commodity Contracts, and Other Financial Investments and Related Activities\n \n	\n 9.1 \n	\n % \n
\n Electric Power Generation, Transmission and Distribution\n \n	\n 7.2 \n	\n % \n
\n Water, Sewage and Other Systems\n \n	\n 4.7 \n	\n % \n
\n Offices of Real Estate Agents and Brokers\n \n	\n 4.3 \n	\n % \n
\n Other Investment Pools and Funds\n \n	\n 2.8 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 2.7 \n	\n % \n
\n Securities and Commodities Exchanges\n \n	\n 2.7 \n	\n % \n
\n Other Financial Investment Activities\n \n	\n 2.6 \n	\n % \n
\n Computer Systems Design and Related Services\n \n	\n 2.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 47.3 \n	\n % \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 9.0 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 7.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 4.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 4.3 \n	\n % \n
\n Miami International Holdings, Inc.\n \n	\n 2.8 \n	\n % \n
\n Bolt Data & Energy Inc.\n \n	\n 2.0 \n	\n % \n
\n Partners Value Investments LP\n \n	\n 2.0 \n	\n % \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.3 \n	\n % \n
\n Permian Basin Royalty Trust\n \n	\n 1.1 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613730

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Market Opportunities Fund\n \n	\n $\"image\"$ \n
\n Institutional Class \| KMKYX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Institutional Class \n	\n $65 \n	\n 1.20% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $302,809,014 \n
\n Number of Holdings \n	\n 83 \n
\n Portfolio Turnover \n	\n 7% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Oil and Gas Extraction\n \n	\n 48.8 \n	\n % \n
\n Cash & Other\n \n	\n 12.8 \n	\n % \n
\n Securities, Commodity Contracts, and Other Financial Investments and Related Activities\n \n	\n 9.1 \n	\n % \n
\n Electric Power Generation, Transmission and Distribution\n \n	\n 7.2 \n	\n % \n
\n Water, Sewage and Other Systems\n \n	\n 4.7 \n	\n % \n
\n Offices of Real Estate Agents and Brokers\n \n	\n 4.3 \n	\n % \n
\n Other Investment Pools and Funds\n \n	\n 2.8 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 2.7 \n	\n % \n
\n Securities and Commodities Exchanges\n \n	\n 2.7 \n	\n % \n
\n Other Financial Investment Activities\n \n	\n 2.6 \n	\n % \n
\n Computer Systems Design and Related Services\n \n	\n 2.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 47.3 \n	\n % \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 9.0 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 7.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 4.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 4.3 \n	\n % \n
\n Miami International Holdings, Inc.\n \n	\n 2.8 \n	\n % \n
\n Bolt Data & Energy Inc.\n \n	\n 2.0 \n	\n % \n
\n Partners Value Investments LP\n \n	\n 2.0 \n	\n % \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.3 \n	\n % \n
\n Permian Basin Royalty Trust\n \n	\n 1.1 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613615

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Multi-Disciplinary Income Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| KMDNX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

This semi-annual shareholder report contains important information about The Multi-Disciplinary Income Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.\n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $37 \n	\n 0.74% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $17,713,423 \n
\n Number of Holdings \n	\n 28 \n
\n Portfolio Turnover \n	\n 17% \n
\n Average Credit Quality \n	\n AAA / AA \n
\n Effective Duration \n	\n 0.1 years \n
\n 30-Day SEC Yield \n	\n 4.63% \n
\n 30-Day SEC Yield Unsubsidized \n	\n 4.06% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Asset Backed Securities\n \n	\n 91.4 \n	\n % \n
\n Cash & Other\n \n	\n 8.6 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Brant Point CLO Ltd. 2024-4-AA tranche\n \n	\n 5.7 \n	\n % \n
\n Sound Point CLO Ltd. 2025-1R-AAA tranche\n \n	\n 4.6 \n	\n % \n
\n Apex Credit CLO Ltd. 2021-1-AA tranche\n \n	\n 4.6 \n	\n % \n
\n Elevation CLO Ltd. 2013-1-AA tranche\n \n	\n 4.3 \n	\n % \n
\n Atlantic Avenue Ltd. 2023-1-AA tranche\n \n	\n 4.3 \n	\n % \n
\n Warwick Capital CLO Ltd. 2023-2-AA tranche\n \n	\n 4.3 \n	\n % \n
\n Black Diamond CLO Ltd. 2022-1-AA tranche\n \n	\n 4.3 \n	\n % \n
\n Eaton Vance 2013-1-AA tranche\n \n	\n 4.3 \n	\n % \n
\n BlueMountain CLO Ltd. 2021-33-AA tranche\n \n	\n 4.3 \n	\n % \n
\n Venture CDO Ltd. 2022-45-AA tranche\n \n	\n 3.6 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Multi-Disciplinary Income Fund \n

PAGE 1 \n

TSR-SAR-494613672

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| LSHEX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

This semi-annual shareholder report contains important information about The Kinetics Spin-off and Corporate Restructuring Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.\n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $88 \n	\n 1.45% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $35,873,587 \n
\n Number of Holdings \n	\n 30 \n
\n Portfolio Turnover \n	\n 1% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 85.6 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 7.1 \n	\n % \n
\n Finance and Insurance\n \n	\n 2.3 \n	\n % \n
\n Technology\n \n	\n 1.0 \n	\n % \n
\n Accommodation and Food Services\n \n	\n 0.9 \n	\n % \n
\n Real Estate and Rental and Leasing\n \n	\n 0.8 \n	\n % \n
\n Manufacturing\n \n	\n 0.3 \n	\n % \n
\n Pharmaceuticals\n \n	\n 0.3 \n	\n % \n
\n Information\n \n	\n 0.3 \n	\n % \n
\n Utilities\n \n	\n 0.1 \n	\n % \n
\n Cash & Other\n \n	\n 1.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 77.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 6.5 \n	\n % \n
\n Associated Capital Group, Inc.\n \n	\n 3.5 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 3.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 1.4 \n	\n % \n
\n GAMCO Investors, Inc.\n \n	\n 1.1 \n	\n % \n
\n Civeo Corp.\n \n	\n 0.9 \n	\n % \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.8 \n	\n % \n
\n SB Technology, Inc.\n \n	\n 0.7 \n	\n % \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.4 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613524

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| LSHAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $91 \n	\n 1.50% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $35,873,587 \n
\n Number of Holdings \n	\n 30 \n
\n Portfolio Turnover \n	\n 1% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 85.6 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 7.1 \n	\n % \n
\n Finance and Insurance\n \n	\n 2.3 \n	\n % \n
\n Technology\n \n	\n 1.0 \n	\n % \n
\n Accommodation and Food Services\n \n	\n 0.9 \n	\n % \n
\n Real Estate and Rental and Leasing\n \n	\n 0.8 \n	\n % \n
\n Manufacturing\n \n	\n 0.3 \n	\n % \n
\n Pharmaceuticals\n \n	\n 0.3 \n	\n % \n
\n Information\n \n	\n 0.3 \n	\n % \n
\n Utilities\n \n	\n 0.1 \n	\n % \n
\n Cash & Other\n \n	\n 1.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 77.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 6.5 \n	\n % \n
\n Associated Capital Group, Inc.\n \n	\n 3.5 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 3.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 1.4 \n	\n % \n
\n GAMCO Investors, Inc.\n \n	\n 1.1 \n	\n % \n
\n Civeo Corp.\n \n	\n 0.9 \n	\n % \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.8 \n	\n % \n
\n SB Technology, Inc.\n \n	\n 0.7 \n	\n % \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.4 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613557

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| LSHCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $136 \n	\n 2.25% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $35,873,587 \n
\n Number of Holdings \n	\n 30 \n
\n Portfolio Turnover \n	\n 1% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 85.6 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 7.1 \n	\n % \n
\n Finance and Insurance\n \n	\n 2.3 \n	\n % \n
\n Technology\n \n	\n 1.0 \n	\n % \n
\n Accommodation and Food Services\n \n	\n 0.9 \n	\n % \n
\n Real Estate and Rental and Leasing\n \n	\n 0.8 \n	\n % \n
\n Manufacturing\n \n	\n 0.3 \n	\n % \n
\n Pharmaceuticals\n \n	\n 0.3 \n	\n % \n
\n Information\n \n	\n 0.3 \n	\n % \n
\n Utilities\n \n	\n 0.1 \n	\n % \n
\n Cash & Other\n \n	\n 1.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 77.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 6.5 \n	\n % \n
\n Associated Capital Group, Inc.\n \n	\n 3.5 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 3.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 1.4 \n	\n % \n
\n GAMCO Investors, Inc.\n \n	\n 1.1 \n	\n % \n
\n Civeo Corp.\n \n	\n 0.9 \n	\n % \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.8 \n	\n % \n
\n SB Technology, Inc.\n \n	\n 0.7 \n	\n % \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.4 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613540

\n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n Institutional Class \| LSHUX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2026\n \n

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

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Institutional Class \n	\n $76 \n	\n 1.25% \n

KEY FUND STATISTICS (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Net Assets \n	\n $35,873,587 \n
\n Number of Holdings \n	\n 30 \n
\n Portfolio Turnover \n	\n 1% \n

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top Sectors \n	\n (%) \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 85.6 \n	\n % \n
\n Management of Companies and Enterprises\n \n	\n 7.1 \n	\n % \n
\n Finance and Insurance\n \n	\n 2.3 \n	\n % \n
\n Technology\n \n	\n 1.0 \n	\n % \n
\n Accommodation and Food Services\n \n	\n 0.9 \n	\n % \n
\n Real Estate and Rental and Leasing\n \n	\n 0.8 \n	\n % \n
\n Manufacturing\n \n	\n 0.3 \n	\n % \n
\n Pharmaceuticals\n \n	\n 0.3 \n	\n % \n
\n Information\n \n	\n 0.3 \n	\n % \n
\n Utilities\n \n	\n 0.1 \n	\n % \n
\n Cash & Other\n \n	\n 1.3 \n	\n % \n

\n \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 77.7 \n	\n % \n
\n Landbridge Co. LLC\n \n	\n 6.5 \n	\n % \n
\n Associated Capital Group, Inc.\n \n	\n 3.5 \n	\n % \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 3.2 \n	\n % \n
\n WaterBridge Infrastructure LLC\n \n	\n 1.4 \n	\n % \n
\n GAMCO Investors, Inc.\n \n	\n 1.1 \n	\n % \n
\n Civeo Corp.\n \n	\n 0.9 \n	\n % \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.8 \n	\n % \n
\n SB Technology, Inc.\n \n	\n 0.7 \n	\n % \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.4 \n	\n % \n

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

HOUSEHOLDING\n

\n \n \n \n \n \n

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613532

Item 2. Code of Ethics.

Not applicable for semi-annual reports on Form N-CSR.

Item 3. Audit Committee Financial\nExpert.

Not applicable for semi-annual reports on Form N-CSR.

Item 4.\nPrincipal Accountant Fees and Services.

Not applicable for semi-annual reports on Form N-CSR.

Item 5.\nAudit Committee of Listed Registrants.

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

Item 6.\nInvestments.

\n \n \n \n

(a)

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

\n \n \n \n

(b)

Not applicable.

Item 7.\nFinancial Statements and Financial Highlights for Open-End Investment Companies.

\n \n \n \n

(a)

$\"\"$

KINETICS\nMUTUAL FUNDS, INC.

The\nInternet Fund

The\nGlobal Fund

The\nParadigm Fund

The\nSmall Cap Opportunities Fund

The\nMarket Opportunities Fund

The\nMulti-Disciplinary Income Fund

The\nKinetics Spin-Off and Corporate Restructuring Fund

Semi-Annual\nFinancial Statements and Other Important Information

June 30,\n2026 (Unaudited)

TABLE\nOF CONTENTS

\n	\n	\n	\n
\n	\n	\n	\n Page\n
\n KINETICS\n MUTUAL FUNDS, INC. – FEEDER FUNDS AND THE KINETICS SPIN-OFF AND CORPORATE RESTRUCTURING FUND	\n	\n	\n
\n Schedule\n of Investments – The Kinetics Spin-Off and Corporate Restructuring Fund	\n	\n	\n 1\n
\n Statements\n of Assets & Liabilities	\n	\n	\n 3\n
\n Statements\n of Operations	\n	\n	\n 7\n
\n Statements\n of Changes in Net Assets	\n	\n	\n 11\n
\n Financial\n Highlights	\n	\n	\n 19\n
\n Notes\n to Financial Statements	\n	\n	\n 42\n
\n KINETICS\n PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS	\n	\n	\n
\n Consolidated\n Portfolio of Investments – The Internet Portfolio	\n	\n	\n 58\n
\n Consolidated\n Portfolio of Investments – The Global Portfolio	\n	\n	\n 60
\n Consolidated\n Portfolio of Investments – The Paradigm Portfolio	\n	\n	\n 63\n
\n Consolidated\n Portfolio of Investments – The Small Cap Opportunities Portfolio	\n	\n	\n 65\n
\n Consolidated\n Portfolio of Investments – The Market Opportunities Portfolio	\n	\n	\n 68\n
\n Portfolio\n of Investments – The Multi-Disciplinary Income Portfolio	\n	\n	\n 71\n
\n Consolidated\n Statements of Assets & Liabilities	\n	\n	\n 73\n
\n Consolidated\n Statements of Operations	\n	\n	\n 76\n
\n Consolidated\n Statements of Changes in Net Assets	\n	\n	\n 79\n
\n Consolidated\n Notes to Financial Statements	\n	\n	\n 82\n
\n Additional\n Information	\n	\n	\n 98
\n	\n	\n	\n

\n \n \n \n \n \n \n \n \n \n \n

\n Directory of Funds’ Service Providers	\n	\n	\n Back Cover
\n	\n	\n	\n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Funds

The\nKinetics Spin-off and Corporate Restructuring Fund

Schedule\nof Investments

June\n30, 2026 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value \n
\n COMMON\n STOCKS - 96.3%	\n	\n	\n	\n	\n	\n
\n Accommodation\n - 0.9%	\n	\n	\n	\n	\n	\n
\n Civeo\n Corp.^(a)	\n	\n	\n 9,000	\n	\n	\n $315,000\n
\n Broadcasting\n (except Internet) - 0.2%	\n	\n	\n	\n	\n	\n
\n Atlanta\n Braves Holdings, Inc. - Class C^(a)	\n	\n	\n 1,694	\n	\n	\n 87,919\n
\n Communications\n Equipment Manufacturing - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n EchoStar\n Corp. - Class A^(a)	\n	\n	\n 4	\n	\n	\n 406\n
\n Computer\n Systems Design and Related Services - 0.3%	\n	\n	\n	\n	\n	\n
\n Miami\n International Holdings, Inc.^(a)	\n	\n	\n 2,616	\n	\n	\n 97,211\n
\n Data\n Center Infrastructure - 0.3%	\n	\n	\n	\n	\n	\n
\n Bolt\n Data & Energy Inc.^(a)(c)	\n	\n	\n 20,000	\n	\n	\n 100,000\n
\n Digital\n Asset Financial Services - 0.3%	\n	\n	\n	\n	\n	\n
\n Galaxy\n Digital, Inc. - Class A^(a)	\n	\n	\n 3,600\n	\n	\n	\n 98,424\n
\n Diversified\n Real Estate Activities - 0.8%	\n	\n	\n	\n	\n	\n
\n PrairieSky\n Royalty Ltd.	\n	\n	\n 12,000	\n	\n	\n 268,556\n
\n Electric\n Power Generation, Transmission and Distribution - 3.2%	\n	\n	\n	\n	\n	\n
\n GE\n Vernova, Inc.	\n	\n	\n 25	\n	\n	\n 29,371\n
\n Hawaiian\n Electric Industries, Inc.^(a)	\n	\n	\n 83,600	\n	\n	\n 1,131,108\n
\n	\n	\n	\n	\n	\n	\n 1,160,479\n
\n Funds,\n Trusts, and Other Financial Vehicles - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Mesabi\n Trust	\n	\n	\n 550	\n	\n	\n 13,915\n
\n Insurance\n Carriers - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Fairfax\n Financial Holdings Limited	\n	\n	\n 2	\n	\n	\n 3,294\n
\n Machinery\n Manufacturing - 0.1%	\n	\n	\n	\n	\n	\n
\n General\n Electric Co.	\n	\n	\n 100	\n	\n	\n 37,373\n
\n Management\n of Companies and Enterprises - 3.9%	\n	\n	\n	\n	\n	\n
\n Associated\n Capital Group, Inc. - Class A	\n	\n	\n 34,300	\n	\n	\n 1,231,370\n
\n Fairfax\n India Holdings Corp.^(a)(d)	\n	\n	\n 2,800	\n	\n	\n 51,240\n
\n Valterra\n Platinum Ltd. - ADR	\n	\n	\n 22	\n	\n	\n 245\n
\n White\n Mountains Insurance Group Ltd.	\n	\n	\n 58	\n	\n	\n 120,256\n
\n	\n	\n	\n	\n	\n	\n 1,403,111\n
\n Media\n - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Toei\n Animation Co. Ltd.	\n	\n	\n 200	\n	\n	\n 2,994\n
\n Mining\n (except Oil and Gas) - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Knife\n River Corp.^(a)	\n	\n	\n 100	\n	\n	\n 8,365\n
\n	\n	\n	\n	\n	\n	\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value \n
\n Nonmetallic\n Mineral Mining and Quarrying - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Anglo\n American PLC - ADR	\n	\n	\n 63	\n	\n	\n $1,557\n
\n Nonmetallic\n Mineral Product Manufacturing - 0.2%	\n	\n	\n	\n	\n	\n
\n Eagle\n Materials, Inc.	\n	\n	\n 342	\n	\n	\n 76,950\n
\n Offices\n of Real Estate Agents and Brokers - 6.3%	\n	\n	\n	\n	\n	\n
\n Landbridge\n Co. LLC - Class A	\n	\n	\n 28,670	\n	\n	\n 2,271,811\n
\n Oil\n and Gas Extraction - 76.3%^(e)	\n	\n	\n	\n	\n	\n
\n Texas\n Pacific Land Corp.^(f)	\n	\n	\n 62,531	\n	\n	\n 27,366,067\n
\n Other\n Financial Investment Activities - 1.1%	\n	\n	\n	\n	\n	\n
\n GAMCO\n Investors, Inc. - Class A	\n	\n	\n 17,000	\n	\n	\n 402,947\n
\n Seaport\n Entertainment Group, Inc.^(a)	\n	\n	\n 188	\n	\n	\n 5,001\n
\n	\n	\n	\n	\n	\n	\n 407,948\n
\n Other\n Investment Pools and Funds - 0.1%	\n	\n	\n	\n	\n	\n
\n Urbana\n Corp.	\n	\n	\n 6,234	\n	\n	\n 40,527\n
\n Urbana\n Corp. - Class A	\n	\n	\n 1,600	\n	\n	\n 9,364\n
\n	\n	\n	\n	\n	\n	\n 49,891
\n Securities\n and Commodities Exchanges - 0.1%	\n	\n	\n	\n	\n	\n
\n TXSE\n Group, Inc.^(a)(c)	\n	\n	\n 1,300	\n	\n	\n 29,900\n
\n Support\n Activities for Mining - 0.1%	\n	\n	\n	\n	\n	\n
\n Liberty\n Energy, Inc.	\n	\n	\n 972	\n	\n	\n 25,457\n
\n Technology\n Services and Software - 0.7%	\n	\n	\n	\n	\n	\n
\n SB\n Technology, Inc.^(a)(c)	\n	\n	\n 6,130	\n	\n	\n 253,475\n
\n Water,\n Sewage and Other Systems - 1.4%	\n	\n	\n	\n	\n	\n
\n WaterBridge\n Infrastructure LLC - Class A	\n	\n	\n 14,098	\n	\n	\n 483,138\n
\n TOTAL\n COMMON STOCKS \n (Cost\n $4,819,618)	\n	\n	\n	\n	\n	\n 34,563,241\n
\n UNIT\n INVESTMENT TRUSTS - 0.4%	\n	\n	\n	\n	\n	\n
\n Grayscale\n Bitcoin Cash Trust^(a)	\n	\n	\n 6,073	\n	\n	\n 9,000\n
\n Grayscale\n Bitcoin Mini Trust ETF^(a)	\n	\n	\n 4,890	\n	\n	\n 126,896\n
\n Grayscale\n Bitcoin Trust ETF^(a)	\n	\n	\n 60	\n	\n	\n 2,731\n
\n Grayscale\n Litecoin Trust^(a)	\n	\n	\n 24	\n	\n	\n 74\n
\n TOTAL\n UNIT INVESTMENT TRUSTS \n (Cost\n $213,196)	\n	\n	\n	\n	\n	\n 138,701\n
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Funds

The\nKinetics Spin-off and Corporate Restructuring Fund

Schedule\nof Investments

June\n30, 2026 (Unaudited)(Continued)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value \n
\n EXCHANGE\n TRADED FUNDS - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n iShares\n Bitcoin Trust ETF^(a)	\n	\n	\n 146	\n	\n	\n $4,861\n
\n TOTAL\n EXCHANGE TRADED FUNDS \n (Cost\n $5,256)	\n	\n	\n	\n	\n	\n 4,861\n
\n TOTAL\n INVESTMENTS - 96.7% \n (Cost\n $5,038,070)	\n	\n	\n	\n	\n	\n $34,706,803\n
\n Money\n Market Deposit Account - 3.1%^(g)	\n	\n	\n	\n	\n	\n 1,097,911\n
\n Other\n Assets in Excess of \n Liabilities\n - 0.2%	\n	\n	\n	\n	\n	\n 68,873\n
\n TOTAL\n NET ASSETS - 100.0%	\n	\n	\n	\n	\n	\n $35,873,587
\n	\n	\n	\n	\n	\n	\n

Percentages\nare stated as a percent of net assets.

ADR\n- American Depositary Receipt

\n \n \n \n

(a)

Non-income producing\n security.

\n \n \n \n

(b)

Represents less than\n 0.05% of net assets.

\n \n \n \n

(c)

Fair value determined\n using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $383,375 or\n 1.1% of net assets as of June 30, 2026.

\n \n \n \n

(d)

Security is exempt\n from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions\n exempt from registration to qualified institutional investors. As of June 30, 2026, the values of these securities totaled $51,240\n or 0.1% of the Fund’s net assets.

\n \n \n \n

(e)

To the extent that\n the Fund invests significantly in the securities of issuers in a particular industry or sector of the economy, its performance will be\n especially sensitive to developments affecting that industry or sector.

\n \n \n \n

(f)

Fair value of this\n security exceeds 25% of the Fund’s net assets. Additional information about the issuer of this security, including its\n financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

\n \n \n \n

(g)

The U.S. Bank Money\n Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest\n at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was\n 3.49%.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Assets & Liabilities

June 30,\n2026 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n \n Internet\n Fund	\n	\n	\n The\n \n Global\n Fund
\n ASSETS:	\n	\n	\n	\n	\n	\n
\n Investments\n in the Master Portfolio, at value*	\n	\n	\n $247,975,194	\n	\n	\n $50,382,500\n
\n Receivable\n from Adviser	\n	\n	\n —	\n	\n	\n 22,082\n
\n Receivable\n for Master Portfolio interest sold	\n	\n	\n 227,719	\n	\n	\n —\n
\n Receivable\n for Fund shares sold	\n	\n	\n 17,009	\n	\n	\n 2,993\n
\n Prepaid\n expenses and other assets	\n	\n	\n 40,343	\n	\n	\n 72,882\n
\n Total\n Assets	\n	\n	\n 248,260,265	\n	\n	\n 50,480,457\n
\n LIABILITIES:	\n	\n	\n	\n	\n	\n
\n Payable\n to Directors	\n	\n	\n 4,507	\n	\n	\n 928\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 309	\n	\n	\n 60\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 244,728	\n	\n	\n 41,100\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 51,008	\n	\n	\n 10,415\n
\n Payable\n for distribution fees	\n	\n	\n 26,814	\n	\n	\n 17,824\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 49,224	\n	\n	\n 19,891\n
\n Total\n Liabilities	\n	\n	\n 376,590	\n	\n	\n 90,218\n
\n Net\n Assets	\n	\n	\n $\n 247,883,675	\n	\n	\n $\n 50,390,239
\n Net\n Assets Consist of:	\n	\n	\n	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $71,946,936	\n	\n	\n $25,219,164\n
\n Accumulated\n earnings	\n	\n	\n 175,936,739	\n	\n	\n 25,171,075\n
\n Net\n assets	\n	\n	\n $\n 247,883,675	\n	\n	\n $\n 50,390,239
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $242,913,396	\n	\n	\n $42,264,093\n
\n Shares\n outstanding	\n	\n	\n 2,921,347	\n	\n	\n 2,522,071\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $83.15\n	\n	\n	\n $16.76\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $2,895,877	\n	\n	\n $4,009,818\n
\n Shares\n outstanding	\n	\n	\n 38,881	\n	\n	\n 241,599\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $74.48\n	\n	\n	\n $16.60\n
\n Offering\n price per share ($74.48 divided by .9425 and $16.60 divided by .9425)	\n	\n	\n $79.02\n	\n	\n	\n $17.61\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $2,074,402	\n	\n	\n $4,116,328\n
\n Shares\n outstanding	\n	\n	\n 34,660	\n	\n	\n 269,504\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $59.85\n	\n	\n	\n $15.27
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n

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

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Assets & Liabilities

June\n30, 2026 (Unaudited)(Continued)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n \n Paradigm\n Fund	\n	\n	\n The\n Small Cap \n Opportunities\n Fund
\n ASSETS:	\n	\n	\n	\n	\n	\n
\n Investments\n in the Master Portfolio, at value*	\n	\n	\n $1,185,720,625	\n	\n	\n $528,652,805\n
\n Receivable\n from Adviser	\n	\n	\n 97,338	\n	\n	\n 33,457\n
\n Receivable\n for Master Portfolio interest sold	\n	\n	\n 147,570	\n	\n	\n 429,877\n
\n Receivable\n for Fund shares sold	\n	\n	\n 238,768	\n	\n	\n 267,730\n
\n Prepaid\n expenses and other assets	\n	\n	\n 218,211	\n	\n	\n 51,076\n
\n Total\n Assets	\n	\n	\n 1,186,422,512	\n	\n	\n 529,434,945\n
\n LIABILITIES:	\n	\n	\n	\n	\n	\n
\n Payable\n to Directors	\n	\n	\n 19,712	\n	\n	\n 8,665\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 913	\n	\n	\n 429\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 386,338	\n	\n	\n 697,607\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 174,663	\n	\n	\n 80,822\n
\n Payable\n for distribution fees	\n	\n	\n 284,466	\n	\n	\n 58,014\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 158,690	\n	\n	\n 71,231\n
\n Total\n Liabilities	\n	\n	\n 1,024,782	\n	\n	\n 916,768\n
\n Net\n Assets	\n	\n	\n $\n 1,185,397,730	\n	\n	\n $\n 528,518,177
\n Net\n Assets Consist of:	\n	\n	\n	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $25,407,241	\n	\n	\n $156,701,231\n
\n Accumulated\n earnings	\n	\n	\n 1,159,990,489	\n	\n	\n 371,816,946\n
\n Net\n Assets	\n	\n	\n $\n 1,185,397,730	\n	\n	\n $\n 528,518,177
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $548,658,582	\n	\n	\n $362,221,123\n
\n Shares\n outstanding	\n	\n	\n 4,017,548	\n	\n	\n 1,821,565\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $136.57	\n	\n	\n $198.85\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $239,212,667	\n	\n	\n $26,629,949\n
\n Shares\n outstanding	\n	\n	\n 1,862,166	\n	\n	\n 140,131\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $128.46	\n	\n	\n $190.04\n
\n Offering\n price per share ($128.46 divided by .9425 and $190.04 divided by .9425)	\n	\n	\n $136.30	\n	\n	\n $201.63\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $75,925,232	\n	\n	\n $11,950,686\n
\n Shares\n outstanding	\n	\n	\n 678,072	\n	\n	\n 67,727\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $111.97	\n	\n	\n $176.45\n
\n Calculation\n of Net Asset Value Per Share - Institutional Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $321,601,249	\n	\n	\n $127,716,419\n
\n Shares\n outstanding	\n	\n	\n 2,312,518	\n	\n	\n 625,932\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $139.07	\n	\n	\n $204.04
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Assets & Liabilities

June\n30, 2026 (Unaudited)(Continued)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Market \n Opportunities\n \n Fund	\n	\n	\n The\n \n Multi-Disciplinary\n \n Income\n Fund
\n ASSETS:	\n	\n	\n	\n	\n	\n
\n Investments\n in the Master Portfolio, at value*	\n	\n	\n $302,225,228	\n	\n	\n $17,493,166\n
\n Receivable\n from Adviser	\n	\n	\n 74,737	\n	\n	\n 4,526\n
\n Receivable\n for Master Portfolio interest sold	\n	\n	\n 488,230	\n	\n	\n —\n
\n Receivable\n for Fund shares sold	\n	\n	\n 46,720	\n	\n	\n 8,987\n
\n Prepaid\n expenses and other assets	\n	\n	\n 49,158	\n	\n	\n 26,481\n
\n Total\n Assets	\n	\n	\n 302,884,073	\n	\n	\n 17,533,160\n
\n LIABILITIES:	\n	\n	\n	\n	\n	\n
\n Payable\n for Master Portfolio interest purchased	\n	\n	\n —	\n	\n	\n 8,987\n
\n Payable\n to Directors	\n	\n	\n 5,131	\n	\n	\n 291\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 241	\n	\n	\n 19\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 534,951	\n	\n	\n —\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 52,226	\n	\n	\n 3,580\n
\n Payable\n for distribution fees	\n	\n	\n 36,874	\n	\n	\n 845\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 48,138	\n	\n	\n 11,752\n
\n Total\n Liabilities	\n	\n	\n 677,561	\n	\n	\n 25,474\n
\n Net\n Assets	\n	\n	\n $\n 302,206,512	\n	\n	\n $\n 17,507,686
\n Net\n Assets Consist of:	\n	\n	\n	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $108,595,489	\n	\n	\n $22,933,158\n
\n Accumulated\n earnings	\n	\n	\n 193,611,023	\n	\n	\n (5,425,472)\n
\n Net\n Assets	\n	\n	\n $\n 302,206,512	\n	\n	\n $\n 17,507,686
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $224,537,904	\n	\n	\n $17,507,686\n
\n Shares\n outstanding	\n	\n	\n 2,604,637	\n	\n	\n 1,761,217\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $86.21	\n	\n	\n $9.94\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $25,133,907	\n	\n	\n N/A\n
\n Shares\n outstanding	\n	\n	\n 297,838	\n	\n	\n N/A\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $84.39	\n	\n	\n N/A\n
\n Offering\n price per share ($84.39 divided by .9425)	\n	\n	\n $89.54	\n	\n	\n N/A\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $11,251,189	\n	\n	\n N/A\n
\n Shares\n outstanding	\n	\n	\n 141,709	\n	\n	\n N/A\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $79.40	\n	\n	\n N/A\n
\n Calculation\n of Net Asset Value Per Share - Institutional Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $41,283,512	\n	\n	\n N/A\n
\n Shares\n outstanding	\n	\n	\n 470,419	\n	\n	\n N/A\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $87.76	\n	\n	\n N/A
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Assets & Liabilities

June\n30, 2026 (Unaudited)(Continued)

\n	\n	\n	\n
\n	\n	\n	\n The\n Kinetics Spin-Off \n and\n Corporate \n Restructuring\n Fund \n (Consolidated)\n
\n ASSETS:	\n	\n	\n
\n Investments,\n at value⁽¹⁾	\n	\n	\n $34,706,803\n
\n Cash	\n	\n	\n 1,089,712\n
\n Receivable\n for investments sold	\n	\n	\n 218,383\n
\n Dividends\n and interest receivable	\n	\n	\n 3,528\n
\n Prepaid\n expenses and other assets	\n	\n	\n 35,818\n
\n Total\n Assets	\n	\n	\n 36,054,244\n
\n LIABILITIES:	\n	\n	\n
\n Payable\n to Adviser	\n	\n	\n 13,939\n
\n Payable\n to Directors	\n	\n	\n 598\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 16\n
\n Payable\n to custodian	\n	\n	\n 1,885\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 104,007\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 2,757\n
\n Payable\n for distribution fees	\n	\n	\n 25,693\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 31,762\n
\n Total\n Liabilities	\n	\n	\n 180,657\n
\n Net\n Assets	\n	\n	\n $35,873,587\n
\n (1)\n Cost of investments	\n	\n	\n 5,038,070\n
\n Net\n Assets Consist of:	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $3,663,891\n
\n Accumulated\n earnings	\n	\n	\n 32,209,696\n
\n Net\n Assets	\n	\n	\n $35,873,587\n
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $97,989\n
\n Shares\n outstanding	\n	\n	\n 2,750\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $35.63\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $9,538,309\n
\n Shares\n outstanding	\n	\n	\n 285,199\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $33.44\n
\n Offering\n price per share ($33.44 divided by .9425)	\n	\n	\n $35.48\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $201,588\n
\n Shares\n outstanding	\n	\n	\n 6,875\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $29.32\n
\n Calculation\n of Net Asset Value Per Share - Institutional Class:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $26,035,701\n
\n Shares\n outstanding	\n	\n	\n 769,190\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $33.85
\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Operations

For\nthe Six Months Ended June 30, 2026 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n \n Internet\n Fund	\n	\n	\n The\n \n Global\n Fund
\n INVESTMENT\n LOSS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Dividends^†	\n	\n	\n $556,755\n	\n	\n	\n $254,270\n
\n Interest	\n	\n	\n 99,339	\n	\n	\n 37,294\n
\n Income\n from securities lending	\n	\n	\n 6,959	\n	\n	\n 2,543\n
\n Expenses\n allocated from Master Portfolio	\n	\n	\n (1,824,455)	\n	\n	\n (388,279)\n
\n Net\n investment loss from Master Portfolio	\n	\n	\n (1,161,402)	\n	\n	\n (94,172)\n
\n EXPENSES:	\n	\n	\n	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 4,063	\n	\n	\n 5,328\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 9,160	\n	\n	\n 16,855\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 4,063	\n	\n	\n 5,328\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 3,053	\n	\n	\n 5,618\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 337,593	\n	\n	\n 58,801\n
\n Transfer\n agent fees and expenses	\n	\n	\n 39,892	\n	\n	\n 15,883\n
\n Reports\n to shareholders	\n	\n	\n 5,574	\n	\n	\n 933\n
\n Administration\n fees	\n	\n	\n 29,427	\n	\n	\n 7,151\n
\n Professional\n fees	\n	\n	\n 19,990	\n	\n	\n 10,819\n
\n Directors’\n fees	\n	\n	\n 9,386	\n	\n	\n 1,816\n
\n Chief\n Compliance Officer fees	\n	\n	\n 1,523	\n	\n	\n 305\n
\n Registration\n fees	\n	\n	\n 32,978	\n	\n	\n 33,463\n
\n Fund\n accounting fees	\n	\n	\n 4,741	\n	\n	\n 610\n
\n Other\n expenses	\n	\n	\n 67	\n	\n	\n —\n
\n Total\n expenses	\n	\n	\n 501,510	\n	\n	\n 162,910\n
\n Less,\n expense reimbursement	\n	\n	\n —	\n	\n	\n (142,516)\n
\n Net\n expenses	\n	\n	\n 501,510	\n	\n	\n 20,394\n
\n Net\n investment loss	\n	\n	\n (1,662,912)	\n	\n	\n (114,566)\n
\n REALIZED\n AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Net\n realized gain on:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 8,202,077	\n	\n	\n 2,921,395\n
\n Net\n change in unrealized appreciation (depreciation) of:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n (31,946,220)	\n	\n	\n (345,168)\n
\n Net\n gain (loss) on investments	\n	\n	\n (23,744,143)	\n	\n	\n 2,576,227\n
\n Net\n increase (decrease) in net assets resulting from operations	\n	\n	\n $(25,407,055)	\n	\n	\n $2,461,661\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $57,746\n	\n	\n	\n $8,656
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Operations

For\nthe Six Months Ended June 30, 2026 (Unaudited)(Continued)\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n \n Paradigm\n Fund	\n	\n	\n The\n Small Cap \n Opportunities\n Fund
\n INVESTMENT\n LOSS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Dividends^†	\n	\n	\n $3,233,843\n	\n	\n	\n $1,794,463\n
\n Interest	\n	\n	\n 699,473	\n	\n	\n 364,731\n
\n Income\n from securities lending	\n	\n	\n 3,228	\n	\n	\n 7,799\n
\n Expenses\n allocated from Master Portfolio	\n	\n	\n (7,953,860)	\n	\n	\n (3,468,162)\n
\n Net\n investment loss from Master Portfolio	\n	\n	\n (4,017,316)	\n	\n	\n (1,301,169)\n
\n EXPENSES:	\n	\n	\n	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 303,332	\n	\n	\n 31,763\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 288,519	\n	\n	\n 43,535\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 303,332	\n	\n	\n 31,763\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 96,173	\n	\n	\n 14,512\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 699,749	\n	\n	\n 447,780\n
\n Shareholder\n servicing fees - Institutional Class (See Note 3)	\n	\n	\n 323,251	\n	\n	\n 130,639\n
\n Transfer\n agent fees and expenses	\n	\n	\n 82,661	\n	\n	\n 46,206\n
\n Reports\n to shareholders	\n	\n	\n 25,451	\n	\n	\n 12,518\n
\n Administration\n fees	\n	\n	\n 134,807	\n	\n	\n 58,201\n
\n Professional\n fees	\n	\n	\n 54,300	\n	\n	\n 27,096\n
\n Directors’\n fees	\n	\n	\n 37,393	\n	\n	\n 16,512\n
\n Chief\n Compliance Officer fees	\n	\n	\n 6,103	\n	\n	\n 2,738\n
\n Registration\n fees	\n	\n	\n 59,910	\n	\n	\n 52,128\n
\n Fund\n accounting fees	\n	\n	\n 22,900	\n	\n	\n 9,575\n
\n Other\n expenses	\n	\n	\n 796	\n	\n	\n —\n
\n Total\n expenses	\n	\n	\n 2,438,677	\n	\n	\n 924,966\n
\n Less,\n expense waiver for Institutional Class shareholder servicing fees	\n	\n	\n (242,438)	\n	\n	\n (97,979)\n
\n Less,\n expense reimbursement	\n	\n	\n (12,897)	\n	\n	\n (38,250)\n
\n Net\n expenses	\n	\n	\n 2,183,342	\n	\n	\n 788,737\n
\n Net\n investment loss	\n	\n	\n (6,200,658)	\n	\n	\n (2,089,906)\n
\n REALIZED\n AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Net\n realized gain on:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 175,451,063	\n	\n	\n 6,426,202\n
\n Net\n change in unrealized appreciation (depreciation) of:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 117,790,938	\n	\n	\n 120,664,276\n
\n Net\n gain on investments	\n	\n	\n 293,242,001	\n	\n	\n 127,090,478\n
\n Net\n increase in net assets resulting from operations	\n	\n	\n $287,041,343	\n	\n	\n $125,000,572\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $12,588\n	\n	\n	\n $17,479
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Operations

For\nthe Six Months Ended June 30, 2026 (Unaudited)(Continued)\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Market \n Opportunities\n \n Fund	\n	\n	\n The\n \n Multi-Disciplinary\n \n Income\n Fund
\n INVESTMENT\n GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Dividends^†	\n	\n	\n $886,059\n	\n	\n	\n $—\n
\n Interest	\n	\n	\n 319,858	\n	\n	\n 473,061\n
\n Income\n from securities lending	\n	\n	\n 19,506	\n	\n	\n —\n
\n Realized\n loss on paydown	\n	\n	\n —	\n	\n	\n (919)\n
\n Expenses\n allocated from Master Portfolio	\n	\n	\n (2,031,202)	\n	\n	\n (36,497)\n
\n Net\n investment income (loss) from Master Portfolio	\n	\n	\n (805,779)	\n	\n	\n 435,645\n
\n EXPENSES:	\n	\n	\n	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 30,256	\n	\n	\n —\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 43,988	\n	\n	\n —\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 30,256	\n	\n	\n —\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 14,663	\n	\n	\n —\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 285,506	\n	\n	\n 22,033\n
\n Shareholder\n servicing fees - Institutional Class (See Note 3)	\n	\n	\n 42,461	\n	\n	\n —\n
\n Transfer\n agent fees and expenses	\n	\n	\n 32,496	\n	\n	\n 5,883\n
\n Reports\n to shareholders	\n	\n	\n 7,537	\n	\n	\n 116\n
\n Administration\n fees	\n	\n	\n 34,560	\n	\n	\n 2,447\n
\n Professional\n fees	\n	\n	\n 18,736	\n	\n	\n 9,612\n
\n Directors’\n fees	\n	\n	\n 9,632	\n	\n	\n 612\n
\n Chief\n Compliance Officer fees	\n	\n	\n 1,587	\n	\n	\n 101\n
\n Registration\n fees	\n	\n	\n 59,803	\n	\n	\n 3,482\n
\n Fund\n accounting fees	\n	\n	\n 5,261	\n	\n	\n 326\n
\n Other\n expenses	\n	\n	\n —	\n	\n	\n —\n
\n Total\n expenses	\n	\n	\n 616,742	\n	\n	\n 44,612\n
\n Less,\n expense waiver for Institutional Class shareholder servicing fees	\n	\n	\n (31,846)	\n	\n	\n —\n
\n Less,\n expense reimbursement	\n	\n	\n (436,708)	\n	\n	\n (12,311)\n
\n Net\n expenses	\n	\n	\n 148,188	\n	\n	\n 32,301\n
\n Net\n investment income (loss) from Master Portfolio	\n	\n	\n (953,967)	\n	\n	\n 403,344\n
\n REALIZED\n AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Net\n realized gain on:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 5,390,846	\n	\n	\n 922\n
\n Net\n change in unrealized appreciation (depreciation) of:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 40,579,102	\n	\n	\n 7,602\n
\n Net\n gain on investments	\n	\n	\n 45,969,948	\n	\n	\n 8,524\n
\n Net\n increase in net assets resulting from operations	\n	\n	\n $45,015,981	\n	\n	\n $411,868\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $33,500\n	\n	\n	\n $—
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

Statements\nof Operations

For\nthe Six Months Ended June 30, 2026 (Unaudited)(Continued)\n

\n	\n	\n	\n
\n	\n	\n	\n The\n Kinetics Spin-Off \n and\n Corporate \n Restructuring\n Fund \n (Consolidated)\n
\n INVESTMENT\n INCOME:	\n	\n	\n
\n Dividends^†	\n	\n	\n $101,856\n
\n Interest	\n	\n	\n 21,617\n
\n Total\n investment income	\n	\n	\n 123,473\n
\n EXPENSES:	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 12,265\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 733\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 12,265\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 244\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 111\n
\n Shareholder\n servicing fees - Institutional Class (See Note 3)	\n	\n	\n 24,831\n
\n Transfer\n agent fees and expenses	\n	\n	\n 18,543\n
\n Reports\n to shareholders	\n	\n	\n 943\n
\n Administration\n fees	\n	\n	\n 12,311\n
\n Professional\n fees	\n	\n	\n 35,782\n
\n Directors’\n fees	\n	\n	\n 1,149\n
\n Chief\n Compliance Officer fees	\n	\n	\n 157\n
\n Registration\n fees	\n	\n	\n 40,533\n
\n Fund\n accounting fees	\n	\n	\n 2,503\n
\n Investment\n advisory fees	\n	\n	\n 174,636\n
\n Custodian\n fees and expenses	\n	\n	\n 5,614\n
\n Other\n expenses	\n	\n	\n 4\n
\n Total\n expenses	\n	\n	\n 342,624\n
\n Less,\n expense waiver for Institutional Class shareholder servicing fees	\n	\n	\n (18,623)\n
\n Less,\n expense reimbursement	\n	\n	\n (92,709)\n
\n Net\n expenses	\n	\n	\n 231,292\n
\n Net\n investment loss	\n	\n	\n (107,819)\n
\n REALIZED\n AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:	\n	\n	\n
\n Net\n realized gain on:	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 2,400,107\n
\n Net\n change in unrealized appreciation (depreciation) of:	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 8,742,618\n
\n Net\n gain on investments	\n	\n	\n 11,142,725\n
\n Net\n increase in net assets resulting from operations	\n	\n	\n $11,034,906\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $1,036
\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS

The\n Internet Fund

The\n Global Fund

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025\n

OPERATIONS:

Net\n investment income (loss)

$(1,662,912)\n

$(3,126,552)\n

$(114,566)\n

$96,153\n

Net\n realized gain on sale of investments and foreign currency

8,202,077

10,222,884

2,921,395

1,122,142\n

Net\n change in unrealized appreciation (depreciation) of investments and foreign currency

(31,946,220)

(35,050,697)

(345,168)

(177,309)\n

Net increase\n (decrease) in net assets resulting from operations

(25,407,055)

(27,954,365)

2,461,661

1,040,986\n

DISTRIBUTIONS\n TO SHAREHOLDERS:

No\n Load Class (See Note 5)

—

(4,905,095)

—

(1,168,926)\n

Advisor\n Class A (See Note 5)

—

(65,206)

—

(96,382)\n

Advisor\n Class C (See Note 5)

—

(60,860)

—

(79,870)\n

Total\n distributions to shareholders

—

(5,031,161)

—

(1,345,178)\n

CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:

Proceeds\n from shares sold

8,612,652

45,348,885

4,379,927

43,356,409\n

Redemption\n fees

5,917

32,326

2,658

26,038\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

4,809,231

—

1,150,793\n

Cost\n of shares redeemed

(16,558,361)

(65,550,926)

(10,366,280)

(37,975,720)\n

Net\n increase (decrease) in net assets resulting from capital share transactions

(7,939,792)

(15,360,484)

(5,983,695)

6,557,520\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:

Proceeds\n from shares sold

203,587

893,914

117,737

1,843,428\n

Redemption\n fees

394

239

1,598\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

58,144

—

84,406\n

Cost\n of shares redeemed

(304,157)

(1,169,489)

(316,428)

(597,250)\n

Net\n increase (decrease) in net assets resulting from capital share transactions

(100,499)

(217,037)

(198,452)

1,332,182\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:

Proceeds\n from shares sold

354,675

271,233

30,000

22,387\n

Redemption\n fees

358

250

3,116\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

54,046

—

68,742\n

Cost\n of shares redeemed

(565,714)

(1,571,827)

(657,624)

(2,557,391)\n

Net\n decrease in net assets resulting from capital share transactions

(210,987)

(1,246,190)

(627,374)

(2,463,146)\n

Total\n increase (decrease) in net assets:

(33,658,333)

(49,809,237)

(4,347,860)

5,122,364\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS(Continued)

The\n Internet Fund

The\n Global Fund

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025\n

NET\n ASSETS:

Beginning\n of period

$281,542,008

$331,351,245

$54,738,099

$49,615,735\n

End\n of period

$247,883,675\n

$281,542,008\n

$50,390,239\n

$54,738,099\n

CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:

Shares\n sold

93,359

426,032

251,308

2,542,818\n

Shares\n issued in reinvestments of dividends and distributions

—

52,076

—

71,212\n

Shares\n redeemed

(182,296)

(622,417)

(605,504)

(2,236,932)\n

Net\n increase (decrease) in shares

outstanding

(88,937)

(144,309)

(354,196)

377,098\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:

Shares\n sold

2,383

9,389

6,989

109,506\n

Shares\n issued in reinvestments of dividends and distributions

—

702

—

5,269\n

Shares\n redeemed

(3,667)

(12,438)

(18,441)

(34,928)\n

Net\n increase (decrease) in shares

outstanding

(1,284)

(2,347)

(11,452)

79,847\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:

Shares\n sold

5,299

3,460

1,894

1,420\n

Shares\n issued in reinvestments of dividends and distributions

—

810

—

4,651\n

Shares\n redeemed

(8,250)

(20,488)

(40,494)

(165,263)\n

Net\n decrease in shares outstanding

(2,951)

(16,218)

(38,600)

(159,192)

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS(Continued)

The\n Paradigm Fund

The\n Small Cap Opportunities Fund

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025\n

OPERATIONS:

Net\n investment loss

$(6,200,658)\n

$(13,684,752)\n

$(2,089,906)\n

$(2,058,392)\n

Net\n realized gain (loss) on sale of investments and foreign currency

175,451,063

91,965,606

6,426,202

(263,606)\n

Net\n change in unrealized appreciation (depreciation) of investments and foreign currency

117,790,938

(267,584,489)

120,664,276

(47,653,090)\n

Net increase\n (decrease) in net assets resulting from operations

287,041,343

(189,303,635)

125,000,572

(49,975,088)\n

DISTRIBUTIONS\n TO SHAREHOLDERS:

No\n Load Class (See Note 5)

—

(35,834,348)

—

(546,352)\n

Advisor\n Class A (See Note 5)

—

(16,217,074)

—

—\n

Advisor\n Class C (See Note 5)

—

(5,809,435)

—

—\n

Institutional\n Class (See Note 5)

—

(20,310,839)

—

(473,052)\n

Total\n distributions to shareholders

—

(78,171,696)

—

(1,019,404)\n

CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:

Proceeds\n from shares sold

26,375,703

212,356,621

29,423,458

137,634,708\n

Redemption\n fees

33,834

230,575

17,816

106,226\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

34,567,228

—

528,493\n

Cost\n of shares redeemed

(71,938,306)

(260,209,107)

(55,638,354)

(134,959,036)\n

Net\n increase (decrease) in net assets resulting from capital share transactions

(45,528,769)

(13,054,683)

(26,197,080)

3,310,391\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:

Proceeds\n from shares sold

3,147,677

14,751,079

2,129,221

3,298,299\n

Redemption\n fees

14,639

88,967

1,265

7,325\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

13,875,175

—

—\n

Cost\n of shares redeemed

(20,659,146)

(33,078,015)

(2,952,920)

(3,849,732)\n

Net\n decrease in net assets resulting from capital share transactions

(17,496,830)

(4,362,794)

(822,434)

(544,108)\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:

Proceeds\n from shares sold

674,194

3,568,176

229,620

448,125\n

Redemption\n fees

4,657

29,674

577

3,395\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

5,140,994

—

—\n

Cost\n of shares redeemed

(5,588,663)

(18,724,817)

(703,705)

(2,269,573)\n

Net\n decrease in net assets resulting from capital share transactions

(4,909,812)

(9,985,973)

(473,508)

(1,818,053)\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS(Continued)

The\n Paradigm Fund

The\n Small Cap Opportunities Fund

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025\n

CAPITAL\n SHARE TRANSACTIONS - INSTITUTIONAL CLASS:

Proceeds\n from shares sold

17,277,826

65,167,588

15,315,921

57,593,732\n

Redemption\n fees

19,365

114,276

6,436

30,864\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

19,752,771

—

462,568\n

Cost\n of shares redeemed

(41,375,715)

(73,990,269)

(30,410,318)

(27,363,781)\n

Net\n increase (decrease) in net assets resulting from capital share transactions

(24,078,524)

11,044,366

(15,087,961)

30,723,383\n

Total\n increase (decrease) in net assets:

195,027,408

(283,834,415)

82,419,589

(19,322,879)\n

NET\n ASSETS:

Beginning\n of period

990,370,322

1,274,204,737

446,098,588

465,421,467\n

End\n of period

$1,185,397,730\n

$990,370,322\n

$528,518,177\n

$446,098,588\n

CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:

Shares\n sold

183,224

1,439,102

152,057

764,195\n

Shares\n issued in reinvestments of dividends and distributions

—

321,675

—

3,374\n

Shares\n redeemed

(537,234)

(1,928,574)

(295,327)

(786,321)\n

Net\n decrease in shares outstanding

(354,010)

(167,797)

(143,270)

(18,752)\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:

Shares\n sold

24,860

110,012

11,017

19,234\n

Shares\n issued in reinvestments of dividends and distributions

—

137,080

—

—\n

Shares\n redeemed

(157,254)

(256,931)

(16,794)

(23,330)\n

Net\n decrease in shares outstanding

(132,394)

(9,839)

(5,777)

(4,096)\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:

Shares\n sold

5,164

28,007

1,289

2,891\n

Shares\n issued in reinvestments of dividends and distributions

—

58,130

—

—\n

Shares\n redeemed

(50,501)

(159,666)

(4,106)

(14,483)\n

Net\n decrease in shares outstanding

(45,337)

(73,529)

(2,817)

(11,592)\n

CHANGES\n IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:

Shares\n sold

128,042

458,403

77,472

320,445\n

Shares\n issued in reinvestments of dividends and distributions

—

180,655

—

2,881\n

Shares\n redeemed

(286,854)

(538,939)

(150,597)

(153,312)\n

Net\n increase (decrease) in shares outstanding

(158,812)

100,119

(73,125)

170,014

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS(Continued)

The\n Market Opportunities Fund

The\n Multi-Disciplinary Income Fund

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025\n

OPERATIONS:

Net\n investment income (loss)

$(953,967)\n

$(366,807)\n

$403,344\n

$821,835\n

Net\n realized gain (loss) on sale of investments and foreign currency

5,390,846

3,530,320

922

(96)\n

Net\n change in unrealized appreciation (depreciation) of investments and foreign currency

40,579,102

(22,531,030)

7,602

(44,382)\n

Net increase\n (decrease) in net assets resulting from operations

45,015,981

(19,367,517)

411,868

777,357\n

DISTRIBUTIONS\n TO SHAREHOLDERS:

No\n Load Class (See Note 5)

—

(1,334,415)

(451,284)

(820,482)\n

Advisor\n Class A (See Note 5)

—

(124,004)

N/A

N/A\n

Advisor\n Class C (See Note 5)

—

(69,870)

N/A

N/A\n

Institutional\n Class (See Note 5)

—

(291,888)

N/A

N/A\n

Total\n distributions to shareholders

—

(1,820,177)

(451,284)

(820,482)\n

CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:

Proceeds\n from shares sold

21,083,958

190,143,043

2,650,883

6,798,655\n

Redemption\n fees

10,597

137,088

—

—\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

1,332,016

303,117

461,137\n

Cost\n of shares redeemed

(32,745,015)

(134,006,053)

(2,606,244)

(3,423,310)\n

Net\n increase (decrease) in net assets resulting from capital share transactions

(11,650,460)

57,606,094

347,756

3,836,482\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:

Proceeds\n from shares sold

2,587,858

6,266,620

N/A

N/A\n

Redemption\n fees

1,142

12,318

N/A

N/A\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

113,719

N/A

N/A\n

Cost\n of shares redeemed

(1,430,720)

(3,599,006)

N/A

N/A\n

Net\n increase in net assets resulting from capital share transactions

1,158,280

2,793,651

N/A

N/A\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:

Proceeds\n from shares sold

28,500

631,258

N/A

N/A\n

Redemption\n fees

532

8,273

N/A

N/A\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

50,728

N/A

N/A\n

Cost\n of shares redeemed

(1,540,602)

(4,629,809)

N/A

N/A\n

Net\n increase (decrease) in net assets resulting from capital share transactions

(1,511,570)

(3,939,550)

N/A

N/A\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS(Continued)

The\n Market Opportunities Fund

The\n Multi-Disciplinary Income Fund

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the

Year\n Ended

December 31,\n

2025\n

CAPITAL\n SHARE TRANSACTIONS - INSTITUTIONAL CLASS:

Proceeds\n from shares sold

8,522,844

48,545,639

N/A

N/A\n

Redemption\n fees

2,008

28,434

N/A

N/A\n

Proceeds\n from shares issued to holders in reinvestment of dividends

—

277,364

N/A

N/A\n

Cost\n of shares redeemed

(6,701,033)

(40,137,887)

N/A

N/A\n

Net\n increase in net assets resulting from capital share transactions

1,823,819

8,713,550

N/A

N/A\n

Total\n increase in net assets:

34,836,050

43,986,051

308,340

3,793,357\n

NET\n ASSETS:

Beginning\n of period

267,370,462

223,384,411

17,199,346

13,405,989\n

End\n of period

$302,206,512\n

$267,370,462\n

$17,507,686\n

$17,199,346\n

CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:

Shares\n sold

241,060

2,282,294

265,187

678,043\n

Shares\n issued in reinvestments of dividends and distributions

—

17,896

30,511

46,358\n

Shares\n redeemed

(385,187)

(1,660,730)

(260,241)

(341,759)\n

Net\n increase (decrease) in shares

outstanding

(144,127)

639,460

35,457

382,642\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:

Shares\n sold

30,095

77,549

N/A

N/A\n

Shares\n issued in reinvestments of dividends and distributions

—

1,559

N/A

N/A\n

Shares\n redeemed

(16,992)

(44,974)

N/A

N/A\n

Net\n increase in shares outstanding

13,103

34,134

N/A

N/A\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:

Shares\n sold

376

8,092

N/A

N/A\n

Shares\n issued in reinvestments of dividends and distributions

—

738

N/A

N/A\n

Shares\n redeemed

(18,920)

(60,168)

N/A

N/A\n

Net\n increase (decrease) in shares

outstanding

(18,544)

(51,338)

N/A

N/A\n

CHANGES\n IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:

Shares\n sold

97,279

569,880

N/A

N/A\n

Shares\n issued in reinvestments of dividends and distributions

—

3,664

N/A

N/A\n

Shares\n redeemed

(76,858)

(488,160)

N/A

N/A\n

Net\n increase in shares outstanding

20,421

85,384

N/A

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS

\n	\n	\n	\n
\n	\n	\n	\n The\n Kinetics Spin-Off and Corporate \n Restructuring\n Fund (Consolidated)
\n	\n	\n	\n For\n the \n Period\n Ended \n June 30,\n 2026 \n (Unaudited)	\n	\n	\n For\n the \n Year\n Ended \n December 31,\n \n 2025\n
\n OPERATIONS:	\n	\n	\n	\n	\n	\n
\n Net\n investment loss	\n	\n	\n $(107,819)\n	\n	\n	\n $(219,889)\n
\n Net\n realized gain on sale of investments and foreign currency	\n	\n	\n 2,400,107	\n	\n	\n 3,153,252\n
\n Net\n change in unrealized appreciation (depreciation) of investments and foreign currency	\n	\n	\n 8,742,618	\n	\n	\n (9,619,838)\n
\n Net increase\n (decrease) in net assets resulting from operations	\n	\n	\n 11,034,906	\n	\n	\n (6,686,475)\n
\n DISTRIBUTIONS\n TO SHAREHOLDERS:	\n	\n	\n	\n	\n	\n
\n No\n Load Class (See Note 5)	\n	\n	\n —	\n	\n	\n (6,605)\n
\n Advisor\n Class A (See Note 5)	\n	\n	\n —	\n	\n	\n (758,992)\n
\n Advisor\n Class C (See Note 5)	\n	\n	\n —	\n	\n	\n (24,609)\n
\n Institutional\n Class (See Note 5)	\n	\n	\n —	\n	\n	\n (1,951,915)\n
\n Total\n distributions to shareholders	\n	\n	\n —	\n	\n	\n (2,742,121)\n
\n CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n 3,600	\n	\n	\n 48,650\n
\n Redemption\n fees	\n	\n	\n 22	\n	\n	\n 462\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 6,391\n
\n Cost\n of shares redeemed	\n	\n	\n (1,813)	\n	\n	\n (156,649)\n
\n Net\n increase (decrease) in net assets resulting from capital share transactions	\n	\n	\n 1,809	\n	\n	\n (101,146)\n
\n CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n 1,891,620	\n	\n	\n 1,483,713\n
\n Redemption\n fees	\n	\n	\n 2,445	\n	\n	\n 20,760\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 748,617\n
\n Cost\n of shares redeemed	\n	\n	\n (2,340,208)	\n	\n	\n (3,060,653)\n
\n Net\n decrease in net assets resulting from capital share transactions	\n	\n	\n (446,143)	\n	\n	\n (807,563)\n
\n CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n —	\n	\n	\n —\n
\n Redemption\n fees	\n	\n	\n 47	\n	\n	\n 511\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 24,610\n
\n Cost\n of shares redeemed	\n	\n	\n (43,434)	\n	\n	\n (31,719)\n
\n Net\n decrease in net assets resulting from capital share transactions	\n	\n	\n (43,387)	\n	\n	\n (6,598)\n
\n CAPITAL\n SHARE TRANSACTIONS - INSTITUTIONAL CLASS:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n 574,857	\n	\n	\n 4,620,983\n
\n Redemption\n fees	\n	\n	\n 6,077	\n	\n	\n 48,089\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 1,942,264\n
\n Cost\n of shares redeemed	\n	\n	\n (1,395,199)	\n	\n	\n (6,759,139)\n
\n Net\n decrease in net assets resulting from capital share transactions	\n	\n	\n (814,265)	\n	\n	\n (147,803)\n
\n Total\n increase (decrease) in net assets:	\n	\n	\n 9,732,920	\n	\n	\n (10,491,706)\n
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF CHANGES IN NET ASSETS(Continued)

\n	\n	\n	\n
\n	\n	\n	\n The\n Kinetics Spin-Off and Corporate \n Restructuring\n Fund (Consolidated)
\n	\n	\n	\n For\n the \n Period\n Ended \n June 30,\n 2026 \n (Unaudited)	\n	\n	\n For\n the \n Year\n Ended \n December 31,\n \n 2025\n
\n NET\n ASSETS:	\n	\n	\n	\n	\n	\n
\n Beginning\n of period	\n	\n	\n $26,140,667	\n	\n	\n $36,632,373\n
\n End\n of period	\n	\n	\n $\n 35,873,587	\n	\n	\n $26,140,667\n
\n CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n 111	\n	\n	\n 1,361\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 254\n
\n Shares\n redeemed	\n	\n	\n (72)	\n	\n	\n (5,457)\n
\n Net\n increase (decrease) in shares outstanding	\n	\n	\n 39	\n	\n	\n (3,842)\n
\n CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n 51,046	\n	\n	\n 41,195\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 31,708\n
\n Shares\n redeemed	\n	\n	\n (76,008)	\n	\n	\n (95,556)\n
\n Net\n decrease in shares outstanding	\n	\n	\n (24,962)	\n	\n	\n (22,653)\n
\n CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n —	\n	\n	\n —\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 1,185\n
\n Shares\n redeemed	\n	\n	\n (1,909)	\n	\n	\n (1,553)\n
\n Net\n decrease in shares outstanding	\n	\n	\n (1,909)	\n	\n	\n (368)\n
\n CHANGES\n IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n 16,167	\n	\n	\n 126,197\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 81,403\n
\n Shares\n redeemed	\n	\n	\n (44,463)	\n	\n	\n (197,519)\n
\n Net\n increase (decrease) in shares outstanding	\n	\n	\n (28,296)	\n	\n	\n 10,081
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nINTERNET FUND

FINANCIAL\nHIGHLIGHTS

NO\nLOAD CLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net asset value, beginning of year

\n\n \n\n

$91.60

$102.51

$58.64

$45.53

$60.64

$53.01\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.55)\n

(0.98)\n

(0.09)\n

0.40

(0.30)\n

(0.83)\n

Net\n realized and unrealized gain (loss) on investments

(7.90)\n

(8.29)\n

44.90

13.14

(14.44)\n

8.93\n

Total\n from investment operations

(8.45)

(9.27)\n

44.81

13.54

(14.74)\n

8.10\n

Redemption\n fees

0.00⁽³⁾

0.01

0.02

0.01

0.05\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.21)\n

—

From\n net realized gains

—

(1.65)\n

(0.75)\n

(0.44)\n

(0.38)\n

(0.52)\n

Total\n distributions

—

(1.65)\n

(0.96)\n

(0.44)\n

(0.38)\n

(0.52)\n

Net\n asset value, end of year

$83.15

$91.60

$102.51

$58.64

$45.53

$60.64\n

Total\n return

(9.23)%⁽⁶⁾

(9.04)%

76.44%

29.76%

(24.28)%

15.35%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$242,913

$275,752

$323,380

$185,790

$144,397

$226,228\n

Ratio\n of operating expenses to average net assets:⁽⁴⁾

1.68%⁽⁷⁾

1.67%

1.71%

1.75%

1.77%

1.71%\n

Ratio\n of net investment income (loss) to average net assets:

(1.20)%⁽⁷⁾

(0.91)%

(0.11)%

0.83%

(0.60)%

(1.29)%\n

Portfolio\n turnover rate⁽⁵⁾

33%

45%

43%

19%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Internet Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nINTERNET FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS A

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$82.18

$92.38

$53.03

$41.31

$55.20

$48.42\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.59)\n

(1.12)\n

(0.26)\n

0.26

(0.39)\n

(0.91)\n

Net\n realized and unrealized gain (loss) on investments

(7.11)\n

(7.44)\n

40.55

11.89

(13.13)\n

8.17\n

Total\n from investment operations

(7.70)

(8.56)\n

40.29

12.15

(13.52)\n

7.26\n

Redemption\n fees

0.00⁽⁶⁾

0.01

0.02

0.01

0.04\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.21)\n

—

From\n net realized gains

—

(1.65)\n

(0.75)\n

(0.44)\n

(0.38)\n

(0.52)\n

Total\n distributions

—

(1.65)\n

(0.96)\n

(0.44)\n

(0.38)\n

(0.52)\n

Net\n asset value, end of year

$74.48

$82.18

$92.38

$53.03

$41.31

$55.20\n

Total\n return

(9.37)%⁽⁷⁾

(9.27)%

76.00%

29.43%

(24.47)%

15.06%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$2,896

$3,301

$3,927

$2,337

$2,302

$5,620\n

Ratio\n of operating expenses to average net assets:⁽⁴⁾

1.93%⁽⁸⁾

1.92%

1.96%

2.00%

2.02%

1.96%\n

Ratio\n of net investment income (loss) to average net assets:

(1.45)%⁽⁸⁾

(1.16)%

(0.36)%

0.58%

(0.85)%

(1.54)%\n

Portfolio\n turnover rate⁽⁵⁾

33%

45%

43%

19%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

The total return calculation\n does not reflect the 5.75% front end sales charge on Advisor Class A shares.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Internet Portfolio.

\n \n \n \n

(6)

Amount calculated\n is less than $0.005.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nINTERNET FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS C

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$66.19

$75.13

$43.45

$34.07

$45.86

$40.49\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.64)\n

(1.30)\n

(0.52)\n

0.03

(0.51)\n

(1.00)\n

Net\n realized and unrealized gain (loss) on investments

(5.70)\n

(6.00)\n

33.14

9.79

(10.90)\n

6.85\n

Total\n from investment operations

(6.34)

(7.30)\n

32.62

9.82

(11.41)\n

5.85\n

Redemption\n fees

0.00⁽⁵⁾

0.01

0.02

0.00⁽⁵⁾

0.04\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.21)\n

—

From\n net realized gains

—

(1.65)\n

(0.75)\n

(0.44)\n

(0.38)\n

(0.52)\n

Total\n distributions

—

(1.65)\n

(0.96)\n

(0.44)\n

(0.38)\n

(0.52)\n

Net\n asset value, end of year

$59.85

$66.19

$75.13

$43.45

$34.07

$45.86\n

Total\n return

(9.58)%⁽⁶⁾

(9.72)%

75.11%

28.82%

(24.87)%

14.52%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$2,074

$2,489

$4,044

$1,896

$1,247

$1,893\n

Ratio\n of operating expenses to average net assets:⁽³⁾

2.43%⁽⁷⁾

2.42%

2.46%

2.50%

2.52%

2.46%\n

Ratio\n of net investment income (loss) to average net assets:

(1.95)%⁽⁷⁾

(1.66)%

(0.86)%

0.08%

(1.35)%

(2.04)%\n

Portfolio\n turnover rate⁽⁴⁾

33%\n

45%

43%

19%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(4)

Portfolio turnover\n of The Internet Portfolio.

\n \n \n \n

(5)

Amount calculated\n is less than $0.005.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nGLOBAL FUND

FINANCIAL\nHIGHLIGHTS

NO\nLOAD CLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$16.06

$16.01

$9.39

$8.60

$9.33

$8.30\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.03)\n

0.04

0.10

0.15

0.02

(0.09)\n

Net\n realized and unrealized gain (loss) on investments

0.73

0.41

6.67

0.87

(0.62)\n

1.43\n

Total\n from investment operations

0.70

0.45

6.77

1.02

(0.60)\n

1.34\n

Redemption\n fees

0.00⁽³⁾

0.01

0.00⁽³⁾

0.01\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.27)\n

(0.16)\n

(0.23)\n

—

(0.29)\n

From\n net realized gains

—

(0.14)\n

—

(0.13)\n

(0.03)\n

Total\n distributions

—

(0.41)\n

(0.16)\n

(0.23)\n

(0.13)\n

(0.32)\n

Net\n asset value, end of year

$16.76\n

$16.06\n

$16.01\n

$9.39\n

$8.60

$9.33\n

Total\n return

4.36%⁽⁶⁾

2.89%

72.16%

11.89%

(6.46)%

16.32%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$42,264

$46,183

$40,018

$11,857

$21,052

$19,128\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

1.90%⁽⁷⁾

1.83%

2.04%

2.13%

2.07%

2.08%\n

After\n expense reimbursement⁽⁴⁾

1.39%⁽⁷⁾

1.39%

1.39%\n

Ratio\n of net investment income (loss) to average net assets:

(0.34)%⁽⁷⁾

0.24%

0.78%

1.81%

0.25%

(0.90)%\n

Portfolio\n turnover rate⁽⁵⁾

10%\n

34%

16%

57%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Global Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nGLOBAL FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS A

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$15.92

$15.90

$9.33

$8.55

$9.31

$8.23\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.05)\n

0.00

0.07

0.13

0.00

(0.11)\n

Net\n realized and unrealized gain (loss) on investments

0.73

0.40

6.61

0.88

(0.63)\n

1.44\n

Total\n from investment operations

0.68

0.40

6.68

1.01

(0.63)\n

1.33\n

Redemption\n fees

0.00⁽³⁾

0.01

0.00⁽³⁾

0.00⁽³⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.25)\n

(0.12)\n

(0.23)\n

—

(0.22)\n

From\n net realized gains

—

(0.14)\n

—

(0.13)\n

(0.03)\n

Total\n distributions

—

(0.39)\n

(0.12)\n

(0.23)\n

(0.13)\n

(0.25)\n

Net\n asset value, end of year

$16.60

$15.92

$15.90

$9.33

$8.55

$9.31\n

Total\n return

4.27%⁽⁷⁾

2.55%

71.69%

11.82%

(6.79)%

16.16%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$4,010

$4,029

$2,753

$1,335

$840

$595\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.15%⁽⁸⁾

2.08%

2.29%

2.38%

2.32%

2.33%\n

After\n expense reimbursement⁽⁵⁾

1.64%⁽⁸⁾

1.64%

1.64%\n

Ratio\n of net investment income (loss) to average net assets:

(0.59)%⁽⁸⁾

(0.01)%

0.53%

1.56%

(1.15)%\n

Portfolio\n turnover rate⁽⁶⁾

10%\n

34%

16%

57%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

The total return calculation\n does not reflect the 5.75% front end sales charge on Advisor Class A shares.

\n \n \n \n

(5)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(6)

Portfolio turnover\n of The Global Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nGLOBAL FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS C

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$14.69

$14.65

$8.60

$7.89

$8.64

$7.67\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.08)\n

—

0.08

(0.04)\n

(0.15)\n

Net\n realized and unrealized gain (loss) on investments

0.66

0.37

6.09

0.80

(0.58)\n

1.33\n

Total\n from investment operations

0.58

0.29

6.09

0.88

(0.62)\n

1.18\n

Redemption\n fees

0.00⁽³⁾

0.01

0.00⁽³⁾

0.00⁽³⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.12)\n

(0.05)\n

(0.17)\n

—

(0.18)\n

From\n net realized gains

—

(0.14)\n

—

(0.13)\n

(0.03)\n

Total\n distributions

—

(0.26)\n

(0.05)\n

(0.17)\n

(0.13)\n

(0.21)\n

Net\n asset value, end of year

$15.27

$14.69

$14.65

$8.60

$7.89

$8.64\n

Total\n return

3.95%⁽⁶⁾

2.06%

70.97%

11.18%

(7.21)%

15.44%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$4,116

$4,526

$6,844

$4,732

$6,574

$7,439\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.65%⁽⁷⁾

2.58%

2.79%

2.88%

2.82%

2.83%\n

After\n expense reimbursement⁽⁴⁾

2.14%⁽⁷⁾

2.14%

2.14%\n

Ratio\n of net investment income (loss) to average net assets:

(1.09)%⁽⁷⁾

(0.51)%

0.03%

1.06%

(0.50)%

(1.65)%\n

Portfolio\n turnover rate⁽⁵⁾

10%

34%

16%

57%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Global Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nPARADIGM FUND

FINANCIAL\nHIGHLIGHTS

NO\nLOAD CLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$105.80

$133.88

$73.13

$92.91

$73.37

$53.99\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.68)\n

(1.38)\n

0.01

(0.39)\n

(0.13)\n

(0.67)\n

Net\n realized and unrealized gain (loss) on investments

31.44\n

(18.06)\n

64.65

(15.26)\n

21.52

21.26\n

Total\n from investment operations

30.76\n

(19.44)\n

64.66

(15.65)\n

21.39

20.59\n

Redemption\n fees

0.01\n

0.05

0.04

0.00⁽³⁾

0.01

0.01\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

—

(0.09)\n

—

(0.01)\n

—\n

From\n net realized gains

—\n

(8.69)\n

(3.86)\n

(4.13)\n

(1.85)\n

(1.22)\n

Total\n distributions

—\n

(8.69)\n

(3.95)\n

(4.13)\n

(1.86)\n

(1.22)\n

Net\n asset value, end of year

$136.57\n

$105.80\n

$133.88\n

$73.13\n

$92.91\n

$73.37\n

Total\n return

29.08%⁽⁶⁾

(14.59)%

88.47%

(16.89)%

29.17%

38.15%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$548,659

$462,532

$607,750

$338,263

$517,268

$368,383\n

Ratio\n of operating expenses to average net assets:

Before\n expense

reimbursement

1.67%⁽⁷⁾

1.64%

1.66%

1.68%

1.67%

1.68%\n

After\n expense reimbursement⁽⁴⁾

1.67%⁽⁷⁾

1.64%

1.64%\n

Ratio\n of net investment income (loss) to average net assets:

(1.01)%⁽⁷⁾

(1.01)%

0.01%

(0.51)%

(0.16)%

(0.88)%\n

Portfolio\n turnover rate⁽⁵⁾

2%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nPARADIGM FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS A

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$99.66\n

$127.01

$69.61

$88.90

$70.44

$51.99\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.80)\n

(1.63)\n

(0.24)\n

(0.56)\n

(0.31)\n

(0.83)\n

Net\n realized and unrealized gain (loss) on investments

29.59\n

(17.08)\n

61.46

(14.60)\n

20.62

20.49\n

Total\n from investment operations

28.79\n

(18.71)\n

61.22

(15.16)\n

20.31

19.66\n

Redemption\n fees

0.01\n

0.05

0.04

0.00⁽³⁾

0.01\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

—

—\n

From\n net realized gains

—\n

(8.69)\n

(3.86)\n

(4.13)\n

(1.85)\n

(1.22)\n

Total\n distributions

—\n

(8.69)\n

(3.86)\n

(4.13)\n

(1.85)\n

(1.22)\n

Net\n asset value, end of year

$128.46\n

$99.66\n

$127.01\n

$69.61\n

$88.90

$70.44\n

Total\n return

28.90%⁽⁷⁾

(14.80)%

88.00%

(17.10)%

28.86%

37.81%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$239,213

$198,784

$254,589

$143,676

$188,033

$155,850\n

Ratio\n of operating expenses to average net assets:

Before\n expense

reimbursement

1.92%⁽⁸⁾

1.89%

1.91%

1.93%

1.92%

1.93%\n

After\n expense reimbursement⁽⁵⁾

1.92%⁽⁸⁾

1.89%

1.89%\n

Ratio\n of net investment income (loss) to average net assets:

(1.26)%⁽⁸⁾

(1.26)%

(0.24)%

(0.76)%

(0.41)%

(1.13)%\n

Portfolio\n turnover rate⁽⁶⁾

2%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

The total return calculation\n does not reflect the 5.75% front end sales charge on Advisor Class A shares.

\n \n \n \n

(5)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(6)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nPARADIGM FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS C

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$87.08\n

$112.80

$62.36

$80.56

$64.28

$47.77\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment loss⁽²⁾

(0.97)\n

(2.03)\n

(0.64)\n

(0.83)\n

(0.63)\n

(1.08)\n

Net\n realized and unrealized gain (loss) on investments

25.85\n

(15.04)\n

54.91

(13.24)\n

18.76

18.80\n

Total\n from investment operations

24.88\n

(17.07)\n

54.27

(14.07)\n

18.13

17.72\n

Redemption\n fees

0.01\n

0.04

0.03

0.00⁽³⁾

0.01\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

—

—\n

From\n net realized gains

—\n

(8.69)\n

(3.86)\n

(4.13)\n

(1.85)\n

(1.22)\n

Total\n distributions

—\n

(8.69)\n

(3.86)\n

(4.13)\n

(1.85)\n

(1.22)\n

Net\n asset value, end of year

$111.97\n

$87.08\n

$112.80\n

$62.36\n

$80.56

$64.28\n

Total\n return

28.58%⁽⁶⁾

(15.22)%

87.06%

(17.52)%

28.22%

37.11%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$75,925

$62,997

$89,897

$57,370

$84,135

$71,947\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.42%⁽⁷⁾

2.39%

2.41%

2.43%

2.42%

2.43%\n

After\n expense reimbursement⁽⁴⁾

2.42%⁽⁷⁾

2.39%

2.39%\n

Ratio\n of net investment loss to average net

assets:

(1.76)%⁽⁷⁾

(1.76)%

(0.74)%

(1.26)%

(0.91)%

(1.63)%\n

Portfolio\n turnover rate⁽⁵⁾

2%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nPARADIGM FUND

FINANCIAL\nHIGHLIGHTS

INSTITUTIONAL\nCLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$107.66\n

$135.78

$74.10

$93.89

$74.09

$54.51\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.55)\n

(1.12)\n

0.22

(0.24)\n

0.03

(0.52)\n

Net\n realized and unrealized gain (loss) on investments

31.95\n

(18.36)\n

65.57

(15.42)\n

21.77

21.47\n

Total\n from investment operations

31.40\n

(19.48)\n

65.79

(15.66)\n

21.80

20.95\n

Redemption\n fees

0.01\n

0.05

0.04

0.00⁽³⁾

0.01\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

—

(0.29)\n

—

(0.15)\n

(0.16)\n

From\n net realized gains

—\n

(8.69)\n

(3.86)\n

(4.13)\n

(1.85)\n

(1.22)\n

Total\n distributions

—\n

(8.69)\n

(4.15)\n

(4.13)\n

(2.00)\n

(1.38)\n

Net\n asset value, end of year

$139.07\n

$107.66

$135.78

$74.10

$93.89

$74.09\n

Total\n return

29.18%⁽⁶⁾

(14.41)%

88.83%

(16.73)%

29.43%

38.44%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$321,601

$266,058

$321,969

$222,295

$288,387

$229,996\n

Ratio\n of operating expenses to average net assets:

Before\n expense

reimbursement

1.62%⁽⁷⁾

1.59%

1.61%

1.63%

1.62%

1.63%\n

After\n expense reimbursement⁽⁴⁾

1.47%⁽⁷⁾

1.44%

1.44%\n

Ratio\n of net investment income (loss) to average net assets:

0.15%⁽⁷⁾

(0.81)%

0.21%

(0.31)%

0.04%

(0.68)%\n

Portfolio\n turnover rate⁽⁵⁾

2%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSMALL CAP OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

NO\nLOAD CLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$154.69\n

$169.66

$104.27

$130.35

$98.78

$66.81\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.78)\n

(0.72)\n

0.90

0.25

0.07

(0.91)\n

Net\n realized and unrealized gain (loss) on investments

44.93\n

(14.02)\n

70.50

(19.35)\n

31.47

34.48\n

Total\n from investment operations

44.15\n

(14.74)\n

71.40

(19.10)\n

31.54

33.57\n

Redemption\n fees

0.01\n

0.05

0.06

0.02

0.03

0.05\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

(0.28)\n

(2.94)\n

(1.30)\n

—

(1.65)\n

From\n net realized gains

—\n

—

(3.13)\n

(5.70)\n

—

—\n

Total\n distributions

—\n

(0.28)\n

(6.07)\n

(7.00)\n

—

(1.65)\n

Net\n asset value, end of year

$198.85\n

$154.69

$169.66

$104.27

$130.35

$98.78\n

Total\n return

28.55%⁽⁶⁾

(8.66)%

68.52%

(14.69)%

31.96%

50.33%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$362,221

$303,935

$336,526

$204,889

$327,093

$195,631\n

Ratio\n of operating expenses to average net assets:

Before\n expense

reimbursement

1.65%⁽⁷⁾

1.65%

1.69%

1.72%

1.69%

1.70%\n

After\n expense reimbursement⁽⁴⁾

1.64%⁽⁷⁾

1.64%

1.64%\n

Ratio\n of net investment income (loss) to average net assets:

(0.82)%⁽⁷⁾

(0.42)%

0.65%

0.22%

0.07%

(0.93)%\n

Portfolio\n turnover rate⁽⁵⁾

1%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSMALL CAP OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS A

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$148.01\n

$162.45

$100.03

$125.37

$95.24

$64.41\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.97)\n

(1.11)\n

0.53

(0.03)\n

(0.20)\n

(1.12)\n

Net\n realized and unrealized gain (loss) on investments

42.99\n

(13.38)\n

67.55

(18.61)\n

30.30

33.24\n

Total\n from investment operations

42.02\n

(14.49)\n

68.08

(18.64)\n

30.10

32.12\n

Redemption\n fees

0.01\n

0.05

0.02

0.03

0.05\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

—

(2.58)\n

(1.02)\n

—

(1.34)\n

From\n net realized gains

—\n

—

(3.13)\n

(5.70)\n

—

—\n

Total\n distributions

—\n

—

(5.71)\n

(6.72)\n

—

(1.34)\n

Net\n asset value, end of year

$190.04\n

$148.01

$162.45

$100.03

$125.37

$95.24\n

Total\n return

28.40%⁽⁷⁾

(8.89)%

68.10%

(14.91)%

31.64%

49.94%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$26,630

$21,596

$24,368

$15,685

$23,920

$14,755\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

1.90%⁽⁸⁾

1.90%

1.94%

1.97%

1.94%

1.95%\n

After\n expense reimbursement⁽⁵⁾

1.89%⁽⁸⁾

1.89%

1.89%\n

Ratio\n of net investment income (loss) to average net assets:

(1.07)%⁽⁸⁾

(0.67)%

0.40%

(0.03)%

(0.18)%

(1.18)%\n

Portfolio\n turnover rate⁽⁶⁾

1%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

The total return calculation\n does not reflect the 5.75% front end sales charge on Advisor Class A shares.

\n \n \n \n

(5)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(6)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSMALL CAP OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS C

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$137.77\n

$151.97

$93.93

$118.14

$90.20

$60.85\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(1.32)\n

(1.81)\n

(0.12)\n

(0.53)\n

(0.69)\n

(1.49)\n

Net\n realized and unrealized gain (loss) on investments

39.99\n

(12.44)\n

63.25

(17.53)\n

28.60

31.38\n

Total\n from investment operations

38.67\n

(14.25)\n

63.13

(18.06)\n

27.91

29.89\n

Redemption\n fees

0.01\n

0.05

0.02

0.03

0.05\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

—

(2.01)\n

(0.47)\n

—

(0.59)\n

From\n net realized gains

—\n

—

(3.13)\n

(5.70)\n

—

—\n

Total\n distributions

—\n

—

(5.14)\n

(6.17)\n

—

(0.59)\n

Net\n asset value, end of year

$176.45\n

$137.77

$151.97

$93.93

$118.14

$90.20\n

Total\n return

28.08%⁽⁶⁾

(9.34)%

67.25%

(15.32)%

30.98%

49.20%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$11,951

$9,719

$12,482

$8,396

$12,234

$9,219\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

2.40%⁽⁷⁾

2.40%

2.44%

2.46%

2.44%

2.45%\n

After\n expense reimbursement⁽⁴⁾

2.39%⁽⁷⁾

2.39%

2.39%\n

Ratio\n of net investment income (loss) to average net assets:

(1.57)%⁽⁷⁾

(1.17)%

(0.10)%

(0.53)%

(0.68)%

(1.68)%\n

Portfolio\n turnover rate⁽⁵⁾

1%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSMALL CAP OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

INSTITUTIONAL\nCLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of

year

$158.57\n

$173.98

$106.78

$133.32

$100.83

$68.25\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.60)\n

(0.38)\n

1.21

0.48

0.31

(0.73)\n

Net\n realized and unrealized gain (loss) on investments

46.06\n

(14.40)\n

72.26

(19.78)\n

32.14

35.22\n

Total\n from investment operations

45.46\n

(14.78)\n

73.47

(19.30)\n

32.45

34.49\n

Redemption\n fees

0.01\n

0.05

0.06

0.02

0.04

0.06\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

(0.68)\n

(3.20)\n

(1.56)\n

—

(1.97)\n

From\n net realized gains

—\n

—

(3.13)\n

(5.70)\n

—

—\n

Total\n distributions

—\n

(0.68)\n

(6.33)\n

(7.26)\n

—

(1.97)\n

Net\n asset value, end of year

$204.04\n

$158.57

$173.98

$106.78

$133.32

$100.83\n

Total\n return

28.68%⁽⁶⁾

(8.47)%

68.85%

(14.52)%

32.22%

50.62%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$127,716

$110,848

$92,045

$55,494

$95,963

$49,484\n

Ratio\n of operating expenses to average net assets:

Before\n expense

reimbursement

1.60%⁽⁷⁾

1.60%

1.64%

1.67%

1.64%

1.65%\n

After\n expense reimbursement⁽⁴⁾

1.44%⁽⁷⁾

1.44%

1.44%\n

Ratio\n of net investment income (loss) to average net assets:

0.15%⁽⁷⁾

(0.22)%

0.85%

0.42%

0.27%

(0.73)%\n

Portfolio\n turnover rate⁽⁵⁾

1%\n

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nMARKET OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

NO\nLOAD CLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of

year

$73.58

$76.42\n

$41.85\n

$45.55\n

$40.16\n

$31.85\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.26)\n

(0.08)\n

0.31\n

0.36\n

0.07\n

(0.33)\n

Net\n realized and unrealized gain (loss) on investments

12.89\n

(2.33)\n

34.85\n

(3.70)\n

5.94\n

9.25\n

Total\n from investment operations

12.63

(2.41)\n

35.16\n

(3.34)\n

6.01\n

8.92\n

Redemption\n fees

0.00⁽³⁾\n

0.05\n

0.03\n

0.00⁽³⁾

0.02\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

(0.12)\n

(0.53)\n

(0.36)\n

(0.02)\n

(0.59)\n

From\n net realized gains

—\n

(0.36)\n

(0.09)\n

—\n

(0.60)\n

(0.04)\n

Total\n distributions

—

(0.48)\n

(0.62)\n

(0.36)\n

(0.62)\n

(0.63)\n

Net\n asset value, end of year

$86.21\n

$73.58\n

$76.42\n

$41.85\n

$45.55\n

$40.16\n

Total\n return

17.16%⁽⁶⁾

(3.09)%

84.08%

(7.33)%

14.98%

28.04%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$224,538\n

$202,260\n

$161,183\n

$92,117\n

$96,190\n

$86,943\n

Ratio\n of operating expenses to average net assets:

Before\n expense

reimbursement

1.68%⁽⁷⁾

1.68%

1.72%

1.76%

1.75%\n

After\n expense reimbursement⁽⁴⁾

1.40%⁽⁷⁾

1.40%

1.40%\n

Ratio\n of net investment income (loss) to average net assets:

(0.61)%⁽⁷⁾

(0.10)%

0.53%

0.90%

0.18%

(0.79)%\n

Portfolio\n turnover rate⁽⁵⁾

7%\n

13%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nMARKET OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS A

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$72.12

$75.04\n

$41.14\n

$44.81\n

$39.54\n

$31.36\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.36)\n

(0.28)\n

0.16\n

0.26\n

(0.03)\n

(0.43)\n

Net\n realized and unrealized gain (loss) on investments

12.63\n

(2.25)\n

34.20\n

(3.65)\n

5.83\n

9.10\n

Total\n from investment operations

12.27

(2.53)\n

34.36\n

(3.39)\n

5.80\n

8.67\n

Redemption\n fees

0.00⁽³⁾\n

0.05\n

0.03\n

0.00⁽³⁾

0.02\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

(0.08)\n

(0.40)\n

(0.28)\n

—\n

(0.47)\n

From\n net realized gains

—\n

(0.36)\n

(0.09)\n

—\n

(0.53)\n

(0.04)\n

Total\n distributions

—

(0.44)\n

(0.49)\n

(0.28)\n

(0.53)\n

(0.51)\n

Net\n asset value, end of year

$84.39\n

$72.12\n

$75.04\n

$\n 41.14

$44.81\n

$39.54\n

Total\n return

17.01%⁽⁷⁾

(3.31)%

83.60%

(7.56)%

14.69%

27.70%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$25,134\n

$20,535\n

$18,806\n

$9,238\n

$9,794\n

$8,786\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

1.93%⁽⁸⁾

1.93%

1.97%

2.01%

2.00%\n

After\n expense reimbursement⁽⁵⁾

1.65%⁽⁸⁾

1.65%

1.65%\n

Ratio\n of net investment income (loss) to average net assets:

(0.86)%⁽⁸⁾

(0.35)%

0.28%

0.65%

(0.07)%

(1.04)%\n

Portfolio\n turnover rate⁽⁶⁾

7%\n

13%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

The total return calculation\n does not reflect the 5.75% front end sales charge on Advisor Class A shares.

\n \n \n \n

(5)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(6)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nMARKET OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS C

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$68.02

$71.16\n

$39.06\n

$42.51\n

$37.72\n

$29.79\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.54)\n

(0.64)\n

(0.12)\n

0.06\n

(0.22)\n

(0.60)\n

Net\n realized and unrealized gain (loss) on investments

11.92\n

(2.11)\n

32.38\n

(3.46)\n

5.54\n

8.65\n

Total\n from investment operations

11.38

(2.75)\n

32.26\n

(3.40)\n

5.32\n

8.05\n

Redemption\n fees

0.00⁽⁵⁾\n

0.05\n

0.02\n

0.00⁽⁵⁾

0.02\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

(0.08)\n

(0.09)\n

(0.05)\n

—\n

(0.10)\n

From\n net realized gains

—\n

(0.36)\n

(0.09)\n

—\n

(0.53)\n

(0.04)\n

Total\n distributions

—

(0.44)\n

(0.18)\n

(0.05)\n

(0.53)\n

(0.14)\n

Net\n asset value, end of year

$79.40\n

$68.02\n

$71.16\n

$39.06\n

$42.51\n

$37.72\n

Total\n return

16.73%⁽⁶⁾

(3.80)%

82.65%

(8.01)%

14.12%

27.06%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$11,251\n

$10,901\n

$15,057\n

$9,871\n

$12,610\n

$11,087\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

2.43%⁽⁷⁾

2.43%

2.47%

2.51%

2.50%\n

After\n expense reimbursement⁽³⁾

2.15%⁽⁷⁾

2.15%

2.15%\n

Ratio\n of net investment income (loss) to average net assets:

(1.36)%⁽⁷⁾

(0.85)%

(0.22)%

0.15%

(0.57)%

(1.54)%\n

Portfolio\n turnover rate⁽⁴⁾

7%\n

13%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(4)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(5)

Amount calculated\n is less than $0.005.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nMARKET OPPORTUNITIES FUND

FINANCIAL\nHIGHLIGHTS

INSTITUTIONAL\nCLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$74.83

$77.72\n

$42.54\n

$46.29\n

$40.79\n

$32.34\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.18)\n

0.09\n

0.43\n

0.45\n

0.16\n

(0.25)\n

Net\n realized and unrealized gain (loss) on investments

13.11\n

(2.38)\n

35.45\n

(3.76)\n

6.04\n

9.39\n

Total\n from investment operations

12.93

(2.29)\n

35.88\n

(3.31)\n

6.20\n

9.14\n

Redemption\n fees

0.00⁽³⁾\n

0.05\n

0.02\n

0.00⁽³⁾

0.02\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—\n

(0.29)\n

(0.63)\n

(0.44)\n

(0.03)\n

(0.67)\n

From\n net realized gains

—\n

(0.36)\n

(0.09)\n

—\n

(0.67)\n

(0.04)\n

Total\n distributions

—

(0.65)\n

(0.72)\n

(0.44)\n

(0.70)\n

(0.71)\n

Net\n asset value, end of year

$87.76\n

$74.83\n

$77.72\n

$42.54\n

$46.29\n

$40.79\n

Total\n return

17.28%⁽⁶⁾

(2.89)%

84.40%

(7.14)%

15.21%

28.31%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$41,284\n

$33,675\n

$28,338\n

$19,964\n

$21,577\n

$22,655\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

1.63%⁽⁷⁾

1.63%

1.67%

1.71%

1.70%\n

After\n expense reimbursement⁽⁴⁾

1.20%⁽⁷⁾

1.20%

1.20%\n

Ratio\n of net investment income (loss) to average net assets:

0.15%⁽⁷⁾

0.10%

0.73%

1.10%

0.38%

(0.59)%\n

Portfolio\n turnover rate⁽⁵⁾

7%\n

13%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nMULTI-DISCIPLINARY INCOME FUND

FINANCIAL\nHIGHLIGHTS

NO\nLOAD CLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)\n

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$9.97

$9.98

$9.92

$9.94

$10.40

$10.45\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income⁽²⁾

0.23

0.53

0.65

0.49

0.21

0.18\n

Net\n realized and unrealized gain (loss) on investments

—

(0.02)\n

0.03

0.01

(0.45)\n

(0.07)\n

Total\n from investment operations

0.23

0.51

0.68

0.50

(0.24)\n

0.11\n

Redemption\n fees

0.00

0.00⁽³⁾

0.01\n

LESS\n DISTRIBUTIONS:

From\n net investment income

(0.26)\n

(0.52)\n

(0.62)\n

(0.52)\n

(0.22)\n

(0.17)\n

From\n net realized gains

—

—\n

Total\n distributions

(0.26)

(0.52)\n

(0.62)\n

(0.52)\n

(0.22)\n

(0.17)\n

Net\n asset value, end of year

$9.94

$9.97

$9.98

$9.92

$9.94

$10.40\n

Total\n return

2.41%⁽⁶⁾

5.23%

7.05%

5.15%

(2.30)%

1.18%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$17,508

$17,199

$13,406

$12,121

$16,325

$3,202\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

0.92%⁽⁷⁾

0.98%

1.17%

1.64%

2.30%

2.10%\n

After\n expense reimbursement⁽⁴⁾

0.78%⁽⁷⁾

0.74%

0.76%

1.03%⁽⁸⁾

1.49%

1.49%\n

Ratio\n of net investment income to average net assets:

4.59%⁽⁷⁾

5.33%

6.47%

4.94%

2.06%

1.72%\n

Portfolio\n turnover rate⁽⁵⁾

17%\n

74%

37%

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(5)

Portfolio turnover\n of The Multi-Disciplinary Income Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

\n \n \n \n

(8)

Effective as of\n April 30, 2023, the Adviser agreed to reduce the expense limitation for the Multi-Disciplinary Income Fund from 1.49% to 0.74%.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSPIN-OFF FUND

FINANCIAL\nHIGHLIGHTS

NO\nLOAD CLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$24.68

$33.92

$19.46

$26.33

$19.20

$13.45\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.12)\n

(0.27)

0.32

0.03

0.08

(0.11)\n

Net\n realized and unrealized gain (loss) on investments

11.06

(6.36)\n

15.73

(5.17)\n

7.49

5.88\n

Total\n from investment operations

10.94

(6.63)\n

16.05

(5.14)\n

7.57

5.77\n

Redemption\n fees

0.01

0.08

0.01

0.00⁽³⁾

0.00⁽³⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.04)\n

(0.40)\n

(0.03)\n

—

(0.02)\n

From\n net realized gains

—

(2.65)\n

(1.20)\n

(1.71)\n

(0.44)\n

—\n

Total\n distributions

—

(2.69)\n

(1.60)\n

(1.74)\n

(0.44)\n

(0.02)\n

Net\n asset value, end of year

$35.63

$24.68

$33.92

$19.46

$26.33

$19.20\n

Total\n return

44.37%⁽⁴⁾

(19.45)%

82.47%

(19.59)%

39.43%

42.90%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$98

$67

$222

$29

$149

$125\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.98%⁽⁵⁾

1.68%

1.77%

1.83%

1.79%

1.84%\n

After\n expense reimbursement⁽⁶⁾

1.45%⁽⁵⁾

1.47%

1.45%

1.45%\n

Ratio\n of net investment income (loss) to average net assets:

(0.74)%⁽⁵⁾

(0.77)%

1.06%

0.15%

0.36%

(0.57)%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each Year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the Year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

Not annualized.

\n \n \n \n

(5)

Annualized.

\n \n \n \n

(6)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSPIN-OFF FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS A

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$23.20

$32.10

$18.42

$25.05

$18.28

$12.82\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.12)\n

(0.27)\n

0.26

0.02

0.06

(0.12)\n

Net\n realized and unrealized gain (loss) on investments

10.35

(6.01)\n

14.91

(4.91)\n

7.15

5.60\n

Total\n from investment operations

10.23

(6.28)\n

15.17

(4.89)\n

7.21

5.48\n

Redemption\n fees

0.01

0.07

0.01

0.00⁽³⁾

0.00⁽³⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.04)\n

(0.30)\n

(0.03)\n

—

(0.02)\n

From\n net realized gains

—

(2.65)\n

(1.20)\n

(1.71)

(0.44)\n

—\n

Total\n distributions

—

(2.69)\n

(1.50)\n

(1.74)\n

(0.44)\n

(0.02)\n

Net\n asset value, end of year

$33.44

$23.20

$32.10

$18.42

$25.05

$18.28\n

Total\n return

44.14%⁽⁵⁾

(19.50)%

82.36%

(19.63)%

39.45%

42.75%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$9,538

$7,197

$10,684

$5,758

$10,649

$5,869\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

2.17%⁽⁶⁾

1.99%

2.02%

2.08%

2.04%

2.09%\n

After\n expense reimbursement⁽⁷⁾

1.49%⁽⁶⁾

1.54%

1.50%

1.50%\n

Ratio\n of net investment income (loss) to average net assets:

(0.78)%⁽⁶⁾

(0.84)%

1.00%

0.09%

0.30%

(0.62)%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each Year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the Year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

The total return calculation\n does not reflect the 5.75% front end sales charge on Advisor Class A shares.

\n \n \n \n

(5)

Not annualized.

\n \n \n \n

(6)

Annualized.

\n \n \n \n

(7)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSPIN-OFF FUND

FINANCIAL\nHIGHLIGHTS

ADVISOR\nCLASS C

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$20.41

$28.86

$16.64

$23.01

$16.95

$11.98\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.21)\n

(0.44)\n

0.06

(0.13)\n

(0.08)\n

(0.23)\n

Net\n realized and unrealized gain (loss) on investments

9.11

(5.38)\n

13.42

(4.50)\n

6.58

5.23\n

Total\n from investment operations

8.90

(5.82)\n

13.48

(4.63)\n

6.50

5.00\n

Redemption\n fees

0.01

0.06

0.01

0.00⁽⁶⁾

0.00⁽⁶⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.04)\n

(0.07)\n

(0.03)\n

—

(0.03)\n

From\n net realized gains

—

(2.65)\n

(1.20)\n

(1.71)\n

(0.44)\n

—\n

Total\n distributions

—

(2.69)\n

(1.27)\n

(1.74)\n

(0.44)\n

(0.03)\n

Net\n asset value, end of year

$29.32

$20.41

$28.86

$16.64

$23.01

$16.95\n

Total\n return

43.58%⁽³⁾

(20.12)%

81.04%

(20.24)%

38.36%

41.73%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$202

$179

$264

$301

$842

$940\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.67%⁽⁴⁾

2.45%

2.52%

2.58%

2.54%

2.59%\n

After\n expense reimbursement⁽⁵⁾

2.26%⁽⁴⁾

2.25%

2.25%\n

Ratio\n of net investment income (loss) to average net assets:

(1.55)%⁽⁴⁾

(1.55)%

0.26%

(0.66)%

(0.43)%

(1.37)%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each Year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the Year.

\n \n \n \n

(3)

Not annualized.

\n \n \n \n

(4)

Annualized.

\n \n \n \n

(5)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

\n \n \n \n

(6)

Amount calculated\n is less than $0.005.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

THE\nSPIN-OFF FUND

FINANCIAL\nHIGHLIGHTS

INSTITUTIONAL\nCLASS

For\n the

Period\n Ended

June 30,\n 2026

(Unaudited)

For\n the Year Ended December 31,

2025

2024

2023

2022

2021\n

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of year

$23.45

$32.34

$18.56

$25.25

$18.40

$12.87\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.09)\n

(0.17)\n

0.32

0.07

0.12

(0.07)\n

Net\n realized and unrealized gain (loss) on investments

10.48

(6.09)\n

15.06

(4.95)\n

7.21

5.62\n

Total\n from investment operations

10.39

(6.26)\n

15.38

(4.88)\n

7.33

5.55\n

Redemption\n Fees

0.01

0.06

0.01

0.00⁽³⁾

0.00⁽³⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.04)\n

(0.41)\n

(0.10)\n

(0.04)\n

(0.02)\n

From\n net realized gains

—

(2.65)\n

(1.20)\n

(1.71)\n

(0.44)\n

—\n

Total\n distributions

—

(2.69)\n

(1.61)\n

(1.81)\n

(0.48)\n

(0.02)\n

Net\n Asset Value, End of Year

$33.85

$23.45

$32.34

$18.56

$25.25

$18.40\n

Total\n return

44.37%⁽⁴⁾

(19.32)%

82.86%

(19.43)%

39.82%

43.12%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$26,036

$18,700

$25,461

$16,389

$23,458

$17,377\n

Ratio\n of operating expenses to average net

assets:

Before\n expense reimbursement

1.87%⁽⁵⁾

1.63%

1.72%

1.78%

1.74%

1.79%\n

After\n expense reimbursement⁽⁶⁾

1.25%⁽⁵⁾

1.23%

1.25%

1.25%\n

Ratio\n of net investment income (loss) to average net assets:

0.15%⁽⁵⁾

(0.53)%

0.15%

0.35%

0.56%

(0.37)%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

Information presented\n relates to a share of capital stock outstanding for each Year.

\n \n \n \n

(2)

Net investment income\n per share represents net investment income divided by the average shares outstanding throughout the Year.

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

Not annualized.

\n \n \n \n

(5)

Annualized.

\n \n \n \n

(6)

See Note #3,\n Investment Adviser, for the waiver and expense reimbursement discussion.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June 30,\n2026 (Unaudited)

1.\nORGANIZATION

Kinetics\nMutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”),\nand is incorporated in the State of Maryland. The Company is an open-end management investment company issuing its shares in series. One\nbillion shares are authorized for the Company with a par value of $0.001 per share. The series of the Company presently authorized are\nThe Internet Fund (“Internet”), The Global Fund (“Global”), The Paradigm Fund (“Paradigm”), The Small\nCap Opportunities Fund (“Small Cap”), The Market Opportunities Fund (“Market Opportunities”), The Multi-Disciplinary\nIncome Fund (“Multi-Disciplinary Income”) and The Kinetics Spin-Off and Corporate Restructuring Fund (“Spin-Off Fund”)\n(each, a “Fund” and collectively, the “Funds”). Investment operations of the Company began on October 21,\n1996 (Internet), December 31, 1999 (Global and Paradigm), March 20, 2000 (Small Cap), January 31, 2006 (Market Opportunities),\nFebruary 11, 2008 (Multi-Disciplinary Income) and May 4, 2007 (Spin-Off Fund). The Spin-Off Fund completed a plan of reorganization\nat 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\nas Horizon Spin-Off and Corporate Restructuring Fund, a series of Investment Managers Series Trust. Each series, except the Spin-Off Fund,\nunlike many other investment companies which directly acquire and manage their own portfolios of securities, seeks to achieve its investment\nobjective by investing all of its investable assets in a corresponding portfolio series, The Internet Portfolio (“Internet Portfolio”),\nThe Global Portfolio (“Global Portfolio”), The Paradigm Portfolio (“Paradigm Portfolio”), The Small Cap Opportunities\nPortfolio (“Small Cap Opportunities Portfolio”), The Market Opportunities Portfolio (“Market Opportunities Portfolio”)\nand The Multi-Disciplinary Income Portfolio (“Multi-Disciplinary Income Portfolio”) (each a “Master Portfolio”\nand collectively the “Master Portfolios”) of Kinetics Portfolios Trust (the “Trust”). The Spin-Off Fund does not\ninvest all of its investable assets in a Master Portfolio and will directly acquire and manage its own portfolio of securities.

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

Each\nFeeder Fund’s respective interest in the corresponding Master Portfolio as of June 30, 2026, is as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n Interest\n in \n Master\n Portfolio
\n The\n Internet Fund	\n	\n	\n 99.970%\n
\n The\n Global Fund	\n	\n	\n 99.946%\n
\n The\n Paradigm Fund	\n	\n	\n 99.971%\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 99.953%\n
\n The\n Market Opportunities Fund	\n	\n	\n 99.968%\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 98.706%
\n	\n	\n	\n

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

As\nof June 30, 2026, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class A shares. Advisor Class\nA 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\naverage daily net assets. The Advisor Class A shares are also subject to a front-end sales charge of 5.75%.

As\nof June 30, 2026, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class C shares. Advisor Class\nC 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\ndaily net assets. If you sell your Advisor Class C shares within 12 months of purchase, you will have to pay a contingent deferred sales\ncharge 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\nless.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

As\nof June 30, 2026, each of the Funds offers No Load Class shares. No Load Class shares are subject to a shareholder servicing fee\nof 0.25% of average daily net assets but do not have 12b-1 fees or a sales charge.

As\nof June 30, 2026, the Paradigm, Small Cap, Market Opportunities and Spin-Off Funds offer Institutional Class shares. Institutional\nClass shares are subject to a shareholder servicing fee of 0.20% of average daily net assets but do not have 12b-1 fees or a sales charge.\nThe Adviser has contractually agreed to waive the portion of the Institutional Class shareholder servicing fee in excess of 0.05%.\n

Each\nclass 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\npaid by the Advisor Class A and Advisor Class C shares, the front-end sales charge on the Advisor Class A shares, the contingent deferred\nsales charge on Class C, the shareholder servicing fees paid by the Advisor Class A, Advisor Class C, No Load Class and Institutional\nClass shares, voting rights on matters pertaining to a single class of shares and the exchange privileges of each class of shares. Shares\nof each Feeder Fund and the Spin-Off Fund will assess a 2.00% redemption fee (with exceptions) on shares redeemed or exchanged within\n30 days of purchase. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses\non investments are allocated to each class based on its relative net assets.

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

2.\nSIGNIFICANT ACCOUNTING POLICIES

Security\nValuation – Equity securities held in the Master Portfolios and Spin-Off Fund that are listed\non a securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation\nis made, or, in the absence of a sale, at the last bid price. Price information on listed securities is taken from the exchange where\nthe security is primarily traded. All equity securities, including exchange-traded funds, that are traded using the National Association\nof Securities Dealers’ Automated Quotation System (“NASDAQ”) are valued using the NASDAQ Official Closing Price (“NOCP”).\nIn the event market quotations are not readily available or if events occur that may materially affect the value of a particular security\nbetween the time trading ends on a particular security and the close of regular trading on the New York Stock Exchange (“NYSE”),\n“fair value” will be determined. If such security represents a foreign security, then the value is determined as of the close\nof trading on the foreign exchange on which it is principally traded or as of the scheduled close of trading on the NYSE, whichever is\nearlier, at the closing prices provided by approved pricing services or other alternate sources. In the absence of sales, the last available\nclosing bid will be used. Foreign securities and assets for which market quotations are not readily available are valued at “fair\nvalue.”

Unlisted\nequity securities and listed equity securities not traded on the valuation date for which market quotations are readily available are\nvalued at the last bid price. Options and futures contracts listed for trading on a securities exchange or board of trade will be valued\nat the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and\nlowest 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\noption pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. If a\ncomposite option price is not available, then a quote provided by one of the authorized pricing vendors will be used. If neither a composite\nprice nor a quote from an authorized pricing provider is available, and it is the day of expiration or post-expiration, expiring options\nwill be priced at intrinsic value. Non-exchange-traded options for which over-the-counter quotations are not readily available are valued\nat the mean between the last bid and asked quotations. Debt obligations (including convertible securities) that are either investment\ngrade or below investment grade and irrespective of days to maturity are valued at evaluated mean by one of the authorized third-party\npricing agents which rely on various valuation methodologies such as matrix pricing and other analytical pricing models as well as market\ntransactions and dealer quotations. Debt securities that are not priced by one of the authorized third-party pricing agents are valued\n(a) at the last sale price if such sale occurred within the previous five business days, and (b) if there was no sale price during the\nprevious five business days, at the average of the bids, or at the sole bid if there is only one. Certain instruments, such as repurchase\nagreements and demand notes, do not have values from third parties and are valued at amortized cost. Investments in registered open-end\ninvestment companies (including money market funds), other than exchange-traded funds, are valued at their reported net asset value (“NAV”).\n

\n \n \n \n \n \n \n

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NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

Other\nassets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at\nfair value by the Adviser, as the Master Portfolios’ and Spin-Off Fund’s Valuation Designee. In determining the fair value\nof a security, the Adviser, as Valuation Designee, shall take into account the relevant factors and surrounding circumstances, which may\ninclude: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available;\n(iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) whether the same or similar\nsecurities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (v)\nthe 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\nindependent of the Adviser; (vi) the liquidity or illiquidity of the market for the security; and (vii) the value of a foreign security\ntraded on other foreign markets. At June 30, 2026, 1.07% of the net assets of The Spin-Off Fund consisted of fair valued securities. The\nMulti-Disciplinary Income Portfolio did not hold any fair valued securities at June 30, 2026.

Bitcoin\n– The Master Portfolios and Spin-Off Fund invests in Grayscale Bitcoin Trust, a Delaware statutory\ntrust (“Bitcoin Trust”) that invests in bitcoins. From time to time, the Bitcoin Trust issues creation units in exchange for\nbitcoins and distributes bitcoins in exchange for redemption units. The performance of the Bitcoin Trust is intended to reflect changes\nin the value of the Bitcoin Trust’s bitcoin investments. At June 30, 2026, 0.39% of the net assets of The Spin-Off Fund\nwere invested in the Bitcoin Trust. Investments in bitcoins produce non-qualifying income under Subchapter\nM of the Internal Revenue Code.

Bitcoin\nis a decentralized digital currency that enables instant transfers to anyone, anywhere in the world. Transactions in bitcoin are processed\nthrough an open-source, cryptographic protocol that operates without reliance on a central authority. The Bitcoin Network is an online,\nend-user-to-end-user network that hosts the public transaction ledger, known as the Blockchain, and the source code that comprises the\nbasis for the cryptographic and algorithmic protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network,\nthe infrastructure of which is collectively maintained by a decentralized user base. Since the Bitcoin Network is decentralized, it does\nnot rely on either governmental authorities or financial institutions to create, transmit or determine the value of bitcoins. Rather,\nthe value of bitcoins is determined by the supply of and demand for bitcoins in the global bitcoin exchange market for the trading of\nbitcoins, which consists of transactions on electronic bitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges\nand other venues can be volatile and can adversely affect the value of the Bitcoin Trust. Currently, there is relatively small use of\nbitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing\nto price volatility that could adversely affect a Master Portfolio’s direct or indirect investment in the Bitcoin Trust. Bitcoin\ntransactions are irrevocable and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed\nbitcoin transactions could adversely affect the value of a Master Portfolio’s direct or indirect investment in the Bitcoin Trust.\nShares 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\nin transfers by mutual agreement or barter as well as the number of merchants that accept bitcoins. Because bitcoins are digital files\nthat can be transferred without the involvement of intermediaries or third parties, there are little or no transaction costs in direct\nend-user-to-end-user transactions. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as\nthe U.S. dollar, at rates determined by the Bitcoin Exchanges. Additionally, third-party service providers such as Bitcoin Exchanges are\nalso used for transfers, but they may charge significant fees for processing transactions.

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

\n \n \n \n \n \n \n

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NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

Consolidation\nof Subsidiaries – The consolidated financial statements include the accounts of Cayman wholly-owned\nControlled Foreign Corporations (“CFCs”), (the “Cayman” or “Subsidiaries”). The Spin-Off Fund (the\n“Fund”) holds a CFC. The Fund can invest up to 25% of its total assets in the Subsidiaries. The Subsidiaries act as an investment\nvehicle in order to invest in commodity-linked and bitcoin-linked instruments consistent with the Portfolio’s investment objectives\nand policies. By investing in its Subsidiaries, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.\nThe investments held by a Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same\nrisks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act and is not subject\nto all the investor protections of the 1940 Act. However, the Fund wholly-owns and controls its Subsidiary, making it unlikely that the\nSubsidiary will take action contrary to the interests of the Fund. The Subsidiary will be subject to the same investment restrictions\nand limitations and follow the same compliance policies and procedures as its Master Portfolio.

The\nCayman Subsidiary is an exempted Cayman investment company and is not subject to Cayman Islands taxes at the present time. For U.S. income\ntax purposes, each Cayman Subsidiary is a CFC not subject to U.S. income taxes. As a wholly-owned CFC, however, the Cayman Subsidiary’s\nnet income and capital gain will be included each year in the Fund’s investment company taxable income. As of June 30, 2026,\nthe Cayman Subsidiary’s net assets and percent of the Fund’s net assets were:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n The\n Spin-Off Fund	\n	\n	\n 421,751	\n	\n	\n 1.18%
\n	\n	\n	\n	\n	\n	\n

Repurchase\nAgreements – Each Master Portfolio and the Spin-Off Fund may enter into repurchase agreements\nwith banks that are members of the Federal Reserve System or securities dealers who are members of a national securities exchange or are\nprimary dealers in U.S. Government Securities. In connection with transactions in repurchase agreements, it is the Trust’s policy\nthat the Master Portfolios and Spin-Off Fund receive, as collateral, securities whose market value, including accrued interest, at all\ntimes will be at least equal to 102% of the amount invested by the Master Portfolio and Spin-Off Fund in each repurchase agreement. If\nthe seller defaults and the value of the collateral declines, realization of the collateral by the Master Portfolio and Spin-Off Fund\nmay be delayed or limited.

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

Restricted\nand Illiquid Securities – The Master Portfolios and Spin-Off Fund may invest and from time to\ntime have invested in restricted securities. These securities are valued by the Adviser, as the Valuation Designee pursuant to Rule 2a-5\nunder the 1040 Act, after giving due consideration to pertinent factors including recent private sales, market conditions and the issuer’s\nfinancial performance. The Master Portfolios and Spin-Off Fund generally have no right to require registration of unregistered securities.\nRule 144A securities are classified pursuant to the liquidity risk management program adopted under Rule 22e-4 of the 1940 Act, for\nwhich the Adviser serves as program administrator subject to the oversight of the Board of Trustees. At June 30, 2026, market value and\npercentage of 144A securities held by the Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.

An\nilliquid investment is any investment that cannot reasonably be sold or disposed of in current market conditions in seven calendar days\nor less without the sale or disposition significantly changing the market value of the investment. At June 30, 2026, the market value\nand percentage of illiquid securities held by the Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.

\n \n \n \n \n \n \n

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KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

When-Issued\nSecurities – The Master Portfolios and Spin-Off Fund may purchase securities on a when- issued\nor delayed delivery basis. Although the purchase amounts of these securities are established at the time the purchaser enters into the\nagreement, these securities may be delivered and paid for at a future date. The Master Portfolios and Spin-Off Fund record purchases of\nwhen-issued securities and reflect the values of such securities in determining net asset value in the same manner as other portfolio\nsecurities.

Securities\nLending – Each Master Portfolio and Spin-Off Fund may lend its portfolio securities to broker-dealers\nby entering directly into lending arrangements with such broker- dealers or indirectly through repurchase agreements with respect to no\nmore than 331⁄3% of the total assets of each Master Portfolio and Spin-Off Fund (including any collateral posted) or 50% of the\ntotal assets of each Master Portfolio and Spin-Off Fund (excluding any collateral posted). Securities lending and repurchase transactions\nwill be fully collateralized at all times with cash and/or short-term debt obligations. The Master Portfolios and Spin-Off Fund receive\ninterest on the collateral received as well as a fee for the securities loaned.

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

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

Federal\nIncome Taxes – Each Master Portfolio will be treated as a partnership for federal income tax purposes.\nAs 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\nPortfolio’s ordinary income and capital gains. It is intended that the Master Portfolio’s assets will be managed so an investor\nin the Master Portfolio via its investment in a Feeder Fund can satisfy the requirements of subchapter M of the Internal Revenue Code.\nIt is intended that the Spin-Off Fund will be managed to satisfy the requirements of subchapter M of the Internal Revenue Code.

The\nconsolidated financial statements include the accounts of Cayman wholly-owned Controlled Foreign Corporations (“CFCs”) and\nthe accounts of Delaware Corporations (“Cayman” or “Delaware,” respectively, or “Subsidiaries” for\nboth). The respective Master Portfolios hold a CFC: Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities\nPortfolio and Market Opportunities Portfolio. The respective Master Portfolios hold a Delaware subsidiary: Internet Portfolio, Global\nPortfolio and Market Opportunities Portfolio. The investment of up to 25% of a Master Portfolio’s assets in the Subsidiaries is\na structure that has been used by a number of Registered Investment Companies (“RICs”) to avoid earning non-qualified income\nby indirectly making commodities-related investments which would not generate qualifying income if they were made directly by the RIC.\nUnder Treasury Regulations, income from a foreign subsidiary that is a CFC, such as the Subsidiaries, is qualifying income for a RIC for\nU.S. federal income tax purposes (1) to the extent the income is actually distributed by the CFC to the RIC each year and (2) even if\nnot distributed currently, to the extent the income is derived with respect to the RIC’s business of investing in stock, securities\nor currencies. If the IRS were to determine that income derived from a Master Portfolio’s investment in its Subsidiaries does not\nconstitute qualifying income and if such positions were upheld by a court, or if future legislation or Treasury regulations were to adversely\naffect the tax treatment of such investments, then the corresponding Feeder Fund might cease to qualify as a RIC and could be required\nto reduce its exposure to such investments. In that event, a Feeder Fund’s taxable income would be subject to tax at the Feeder\nFund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder\nlevel when such income is distributed. In such an event, in order to re-qualify for taxation as a regulated investment company, the Feeder\nFund may be required to recognize unrealized gains, pay substantial taxes, and interest and make certain distributions.

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

Dividends\nfrom net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. The character\nof distributions made during the year from net investment income or net realized gains may differ from the characterization for federal\nincome tax purposes due to differences in the recognition of

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

income,\nexpenses and realized gain items for financial statement and tax purposes. Additionally, the Funds may utilize earnings and profits distributed\nto shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Where appropriate, reclassifications\nbetween capital accounts are made for such differences that are permanent in nature.

There\nis no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken\nin future tax returns. As of June 30, 2026, open tax years include the tax years ended December 31, 2022 through December 31,\n2025. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax\nbenefits will significantly change in the next twelve months.

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

Segment\nReporting – The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting\n(Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the current fiscal period. The Fund’s\nadoption of the new standard impacted financial statements disclosures only and did not affect the Fund’s financial position or\nresult of operations.

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

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

3.\nINVESTMENT ADVISER

The\nTrust has entered into Investment Advisory Agreements (the “Agreements”) with Horizon Kinetics Asset Management LLC (the “Adviser”),\nwith whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios\nand Spin-Off Fund. The Adviser is a wholly-owned subsidiary of Horizon Kinetics Holding Corporation (OTC: HKHC). Under the terms of the\nAgreements, the Master Portfolios, except the Multi-Disciplinary Income Portfolio, compensate the Adviser for its management services\nat the annual rate of 1.25% of each Master Portfolio’s average daily net assets. Effective as of April 30, 2023, the Adviser agreed\nto reduce the management fee for the Multi-Disciplinary Income Portfolio from 1.25% to 1.00%. Additionally, effective as of April 30,\n2023, the Adviser agreed to waive 0.75% of the 1.00% management fee for the Multi-Disciplinary Income Portfolio through April 30, 2027.\nThe Spin-Off Fund compensates the Adviser for its management services at the annual rate of 1.00% of the Fund’s average daily net\nassets.

The\nAdviser agreed to waive a portion of its advisory fee and/or reimburse certain operating expenses through at least April 30, 2027. The\nAdviser may discontinue the waiver/reimbursement at any time after April 30, 2027; these waivers/reimbursements are not subject to recapture.\nOperating expenses exclude brokerage commissions, borrowing costs on securities sold short, short dividends, interest expense, taxes,\nacquired fund fees and expenses and extraordinary expenses. Below are operating expense limitations by each share class of each of the\nFunds (set forth below):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Internet Fund	\n	\n	\n The\n Global Fund
\n No\n Load Class	\n	\n	\n 1.75%	\n	\n	\n 1.39%\n
\n Class\n A	\n	\n	\n 2.00%	\n	\n	\n 1.64%\n
\n Class C\n	\n	\n	\n 2.50%	\n	\n	\n 2.14%
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Paradigm Fund	\n	\n	\n The\n Small Cap \n Opportunities\n Fund
\n No\n Load Class	\n	\n	\n 1.64%	\n	\n	\n 1.64%\n
\n Class\n A	\n	\n	\n 1.89%	\n	\n	\n 1.89%\n
\n Class C\n	\n	\n	\n 2.39%	\n	\n	\n 2.39%\n
\n Institutional\n Class	\n	\n	\n 1.44%	\n	\n	\n 1.44%
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Market \n Opportunities\n Fund	\n	\n	\n The\n Multi-Disciplinary \n Income\n Fund
\n No\n Load Class	\n	\n	\n 1.40%\n	\n	\n	\n 0.74%
\n Class\n A	\n	\n	\n 1.65%\n	\n	\n	\n N/A
\n Class C\n	\n	\n	\n 2.15%\n	\n	\n	\n N/A
\n Institutional\n Class	\n	\n	\n 1.20%\n	\n	\n	\n N/A
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n The\n Spin-Off Fund
\n No\n Load Class	\n	\n	\n 1.45%\n
\n Class A	\n	\n	\n 1.50%\n
\n Class C	\n	\n	\n 2.25%\n
\n Institutional\n Class	\n	\n	\n 1.25%
\n	\n	\n	\n

For\nthe period ended June 30, 2026, the rate earned by the Adviser from the Master Portfolios and Spin-Off Fund and the amount of waived\nfees/reimbursed expenses for the Funds are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Internet Fund	\n	\n	\n The\n Global Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.25%	\n	\n	\n 1.25%\n
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $—	\n	\n	\n $142,516
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Paradigm Fund	\n	\n	\n The\n Small Cap \n Opportunities\n Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.25%	\n	\n	\n 1.25%\n
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $12,897	\n	\n	\n $38,250\n
\n Expenses\n Reimbursed by Adviser through institutional class shareholder servicing fee waiver	\n	\n	\n $242,438	\n	\n	\n $97,979
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The\n Market \n Opportunities\n Fund	\n	\n	\n The\n Multi-Disciplinary \n Income\n Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.25%	\n	\n	\n 1.00%\n
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $436,708	\n	\n	\n $12,311\n
\n Expenses\n Reimbursed by Adviser through institutional class shareholder servicing fee waiver	\n	\n	\n $31,846	\n	\n	\n N/A
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n The\n Spin-Off Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.00%\n
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $92,709\n
\n Expenses\n Reimbursed by Adviser through institutional class shareholder servicing fee waiver	\n	\n	\n $\n 18,623
\n	\n	\n	\n

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

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

fee\nin excess of 0.05% of a Fund’s average daily net assets attributable to Institutional Class shares until at least April 30,\n2027. For the period ended June 30, 2026, the Adviser waived amounts depicted in the above table in shareholder servicing fees for\nthe Institutional Class of the Paradigm, Small Cap, Market Opportunities and Spin-Off Funds.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n Shareholder\n Servicing \n Expenses\n for the period \n ended\n June 30, 2026
\n The\n Internet Fund	\n	\n	\n $344,709\n
\n The\n Global Fund	\n	\n	\n 69,747\n
\n The\n Paradigm Fund	\n	\n	\n 1,422,505\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 624,694\n
\n The\n Market Opportunities Fund	\n	\n	\n 372,886\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 22,033\n
\n The\n Spin-Off Fund	\n	\n	\n 37,451
\n	\n	\n	\n

For\nthe period ended June 30, 2026, the Funds were allocated approximately $12,500 for the services of the Chief Compliance Officer employed\nby the Adviser.

The\nCompany, on behalf of the Funds, has adopted two Retail Distribution Plans pursuant to Rule 12b-1 under the 1940 Act (each a “12b-1\nPlan”). 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\nPlan 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\nAdvisor Class A shares to the Distributor or other qualified recipients under the 12b-1 Plan. During the period ended June 30, 2026,\npayments under the 12b-1 Plan for the Advisor Class A shares of the Internet, Global, Paradigm, Small Cap, Market Opportunities and\nSpin-Off Funds were limited to 0.25% of the average daily net asset value of such shares of such Funds. Under the second 12b-1 Plan, Advisor\nClass C shares pay an annual rate of 0.75% of the average daily net asset value of such shares.

\n	\n	\n	\n
\n	\n	\n	\n 12b-1\n Expenses for the period ended \n June\n 30, 2026
\n	\n	\n	\n Advisor\n Class A	\n	\n	\n Advisor\n Class C
\n The\n Internet Fund	\n	\n	\n $4,063\n	\n	\n	\n $9,160\n
\n The\n Global Fund	\n	\n	\n 5,328\n	\n	\n	\n 16,855\n
\n The\n Paradigm Fund	\n	\n	\n 303,332\n	\n	\n	\n 288,519\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 31,763\n	\n	\n	\n 43,535\n
\n The\n Market Opportunities Fund	\n	\n	\n 30,256\n	\n	\n	\n 43,988\n
\n The\n Spin-Off Fund	\n	\n	\n 12,265\n	\n	\n	\n 733
\n	\n	\n	\n	\n	\n	\n

Kinetics\nFunds Distributor, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering\nof the Funds’ shares. The Distributor is an affiliate of the Adviser.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n Distributor\n Sales Load \n Fees\n for the period ended \n June 30,\n 2026
\n The\n Internet Fund	\n	\n	\n $249\n
\n The\n Global Fund	\n	\n	\n 273\n
\n The\n Paradigm Fund	\n	\n	\n 5,971\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 850\n
\n The\n Market Opportunities Fund	\n	\n	\n 2,427\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n —\n
\n The\n Spin-Off Fund	\n	\n	\n —
\n	\n	\n	\n

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

4.\nRECLASSIFICATION OF CAPITAL ACCOUNTS

GAAP\nrequires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.\nThese reclassifications have no effect on net assets or net asset value per share. For the period ended December 31, 2025, each Fund\nrecorded the following reclassifications to the accounts listed below:

\n	\n	\n	\n
\n	\n	\n	\n Increase/(Decrease)\n
\n	\n	\n	\n Accumulated\n \n Earnings\n (Deficit)	\n	\n	\n Paid\n In Capital
\n The\n Internet Fund	\n	\n	\n $(453,226)	\n	\n	\n $453,226\n
\n The\n Global Fund	\n	\n	\n $(297,619)	\n	\n	\n $297,619\n
\n The\n Paradigm Fund	\n	\n	\n $4,889,886	\n	\n	\n $(4,889,886)\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n $1,113,236	\n	\n	\n $(1,113,236)\n
\n The\n Market Opportunities Fund	\n	\n	\n $(1,199,430)	\n	\n	\n $1,199,430\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n $—	\n	\n	\n $—\n
\n The\n Spin-Off Fund	\n	\n	\n $(3,101)	\n	\n	\n $3,101
\n	\n	\n	\n	\n	\n	\n

5.\nINCOME TAXES

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

Internet

Global

Paradigm

Small\n Cap

Opportunities\n

Net\n Unrealized Appreciation

$198,186,273

$22,361,417

$846,270,687

$247,389,313\n

Undistributed\n Ordinary Income

—

398,531

—

—\n

Undistributed\n Long-Term Capital Gains

3,145,439

—

28,497,747

—\n

Total\n Distributable Earnings

$3,145,439

$398,531

$28,497,747

$—\n

Other\n Accumulated Loss

—

(56,829)

(2,152,658)

(625,133)\n

Total\n Accumulated Gain

$201,331,712

$22,703,119

$872,615,776

$246,764,180

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Market\n \n Opportunities	\n	\n	\n Multi- \n Disciplinary\n Income	\n	\n	\n Spin-Off\n \n Fund\n
\n Net\n Unrealized Appreciation	\n	\n	\n $148,109,900\n	\n	\n	\n $25,816\n	\n	\n	\n $20,724,847\n
\n Undistributed\n Ordinary Income	\n	\n	\n 533,286\n	\n	\n	\n 56,159\n	\n	\n	\n —\n
\n Undistributed\n Long-Term Capital Gains	\n	\n	\n —\n	\n	\n	\n —\n	\n	\n	\n 432,767\n
\n Total\n Distributable Earnings	\n	\n	\n $533,286\n	\n	\n	\n $56,159\n	\n	\n	\n $432,767\n
\n Other\n Accumulated Loss	\n	\n	\n (76,702)\n	\n	\n	\n (5,468,030)\n	\n	\n	\n —\n
\n Total\n Accumulated Gain (Loss)	\n	\n	\n $148,566,484\n	\n	\n	\n $(5,386,055)\n	\n	\n	\n $21,157,614
\n	\n	\n	\n	\n	\n	\n	\n	\n	\n

At\nDecember 31, 2025, the Funds had the following short-term and long-term capital loss carryforwards without expiration.

\n	\n	\n	\n
\n	\n	\n	\n Capital\n Loss Carryforward
\n	\n	\n	\n Short-Term	\n	\n	\n Long-Term	\n	\n	\n Total\n
\n The\n Internet Fund	\n	\n	\n $—	\n	\n	\n $—	\n	\n	\n $—
\n The\n Global Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —
\n The\n Paradigm Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —
\n The\n Small Cap Opportunities Fund	\n	\n	\n 258,970\n	\n	\n	\n —	\n	\n	\n 258,970\n
\n The\n Market Opportunities Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 16,302\n	\n	\n	\n 5,451,728\n	\n	\n	\n 5,468,030\n
\n The\n Spin-Off Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —
\n	\n	\n	\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

For\nthe year ended December 31, 2025, the following Funds utilized capital losses.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n Capital\n Losses \n Utilized\n
\n The\n Internet Fund	\n	\n	\n $—\n
\n The\n Global Fund	\n	\n	\n 11,749\n
\n The\n Paradigm Fund	\n	\n	\n —\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n —\n
\n The\n Market Opportunities Fund	\n	\n	\n —\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n —\n
\n The\n Spin-Off Fund	\n	\n	\n —
\n	\n	\n	\n

At\nDecember 31, 2025, the following Funds deferred, on a tax basis, post-October losses:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n Post-October\n \n Capital\n Loss \n Deferral\n
\n The\n Internet Fund	\n	\n	\n $—
\n The\n Global Fund	\n	\n	\n —
\n The\n Paradigm Fund	\n	\n	\n 2,152,658\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 366,163\n
\n The\n Market Opportunities Fund	\n	\n	\n —
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n —
\n The\n Spin-Off Fund	\n	\n	\n —
\n	\n	\n	\n

The\ntax components of dividends paid during the period ended June 30, 2026 and the year ended December 31, 2025, are:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

The\n Internet Fund

The\n Global Fund

Ordinary\n

Income\n

Distribution

Long-Term\n Capital

Gains\n Distribution

Ordinary\n

Income\n

Distribution

Long-Term\n Capital

Gains\n Distribution

2026

$—\n

2025

$\n 89,769

$\n 4,941,382

$\n 871,558

$\n 473,620

The\n Paradigm Fund

The\n Small Cap

Opportunities\n Fund

Ordinary\n

Income\n

Distribution

Long-Term\n Capital

Gains\n Distribution

Ordinary\n

Income\n

Distribution

Long-Term\n Capital

Gains\n Distribution

2026

$—\n

$\n —

2025

$—\n

$\n 78,171,696

$\n 1,019,404

$—

The\n Market

Opportunities\n Fund

The\n Multi-Disciplinary

Income\n Fund

Ordinary\n

Income\n

Distribution

Long-Term\n Capital

Gains\n Distribution

Ordinary\n

Income\n

Distribution

Long-Term\n Capital

Gains\n Distribution

2026

$—\n

$\n 451,284

$—\n

2025

$\n 505,628

$\n 1,314,549

$820,482\n

$—

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n The\n Spin-Off Fund
\n	\n	\n	\n Ordinary\n \n Income\n \n Distribution	\n	\n	\n Long-Term\n Capital \n Gains\n Distribution
\n 2026	\n	\n	\n $—\n	\n	\n	\n $—\n
\n 2025	\n	\n	\n $\n 43,075	\n	\n	\n $\n 2,699,046
\n	\n	\n	\n	\n	\n	\n

Each\nFeeder Fund and the Spin-Off Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3),\nthe amount necessary to reduce the earnings and profits of the Feeder Funds and the Spin-Off Fund related to net capital gain to zero\nfor the tax year ended December 31, 2025.

6.\nSECURITIES TRANSACTIONS, TAX COST AND SIGNIFICANT INVESTMENTS – THE SPIN-OFF FUND

Purchases\nand sales of investment securities, other than short-term investments and short-term options, for the period ended June 30, 2026,\nwere as follows for the Spin-Off Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Purchases

Sales\n

U.S.\n

Government

Other

U.S.\n

Government

Other\n

The\n Spin-Off Fund

$—\n

$208,045\n

$—\n

$2,469,090

As\nof December 31, 2025, the cost of investments and unrealized appreciation (depreciation) on investment securities for federal income\ntax purposes was as follows for the Spin-Off Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n	\n	\n	\n The\n Spin-Off Fund
\n Tax\n Cost of Investments	\n	\n	\n $5,095,233\n
\n Unrealized\n Appreciation	\n	\n	\n 21,084,200\n
\n Unrealized\n Depreciation	\n	\n	\n (359,406)\n
\n Net\n Unrealized Appreciation	\n	\n	\n $20,724,794
\n	\n	\n	\n

Significant\nInvestments – The Spin-Off Fund may invest a greater percentage of its assets in one or more individual\nsecurities at any time. The greater percentage of assets in individual securities (not including short-term investments or other funds)\nexposes the fund to the risk of unanticipated industry conditions, the risks particular to a single company or security, and the risk\nof potentially lower liquidity. At June 30, 2026, the Spin-Off Fund invested approximately 83% of its net assets in individual securities,\nwhich each comprised more than 5% of net assets. See the Schedule of Investments for further details.

Holding\na large concentration in a single security or issuer may expose a fund to the market volatility of that specific security or issuer if\nthe security or issuer performs worse than the market as a whole, which could adversely affect the Fund’s performance. At\nJune 30, 2026, the Spin-Off Fund held 76.3% of its net assets in the securities of Texas Pacific Land Corp. Because a large\nportion of its revenue is derived from oil and gas royalties, the performance of the Spin-Off Fund could be adversely affected if the\nunderlying markets for oil or gas were to decline, thereby having a more significant impact on the Spin-Off Fund given the concentration\nin this holding.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

7.\nSUMMARY OF FAIR VALUE EXPOSURE – SPIN-OFF FUND

Various\ninputs are used in determining the value of the Spin-Off Fund’s investments. These inputs are summarized in the three broad levels\nlisted below:

\n \n \n \n

Level 1 –

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

\n \n \n \n

Level 2 –

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

\n \n \n \n

Level 3 –

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

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

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

The\nKinetics Spin-Off and Corporate Restructuring Fund

The\nfollowing is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund’s net assets as of June 30,\n2026:

Assets^

Level 1

Level 2

Level 3

Total\n

Common\n Stocks

$\n 34,179,866

$—\n

$\n 383,375

$\n 34,563,241

Unit\n Investment Trust

138,701\n

—

—\n

138,701\n

Exchange\n Traded Funds

4,861\n

—

—\n

4,861\n

Total\n Investments in Securities

$\n 34,323,428

$—\n

$\n 383,375

$\n 34,706,803

During\nthe period ended June 30, 2026, there were no transfers into or out of Level 3.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n Description	\n	\n	\n Investments\n in \n Securities
\n Balance\n as of December 31, 2025	\n	\n	\n $\n 229,907
\n Accrued\n discounts/premiums	\n	\n	\n —\n
\n Realized\n gain (loss)	\n	\n	\n —\n
\n Change\n in unrealized appreciation (depreciation)	\n	\n	\n 153,468\n ***
\n Net\n purchases and/or acquisitions	\n	\n	\n —\n
\n Net\n sales and/or write-offs	\n	\n	\n —\n
\n Transfer\n in and/or out of Level 3	\n	\n	\n —\n
\n Balance\n as of June 30, 2026	\n	\n	\n $\n 383,375
\n	\n	\n	\n

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

Description

Fair\n Value at

6/30/2026

Valuation\n

Techniques

Unobservable\n

Input

Range**\n

Common\n Stocks

$\n 100,000

Cost\n Approach

Precedent\n Transaction

$5.00 -\n $5.00

Common\n Stocks

$\n 253,476

Cost\n Approach

Precedent\n Transaction

$17.21\n - $41.35

Common\n Stocks

$29,900\n

Cost\n Approach

Precedent\n Transaction

$23.00\n - $23.00

\n \n \n \n

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

\n \n \n \n

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

\n \n \n \n

***

Total change in unrealized appreciation/(depreciation)\n relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2026 is $140,278.

8.\nINVESTMENT ADVISER

The\nSpin-Off Fund entered into Investment Advisory Agreements (the “Agreement”) with the Adviser, with whom certain officers and\ntrustees of the Trust are affiliated, to furnish investment advisory services to the Spin-Off Fund. The Adviser is a wholly-owned subsidiary\nof Horizon Kinetics Holding Corporation. Under the terms of the Agreement, the Spin-Off Fund compensates the Adviser for its management\nservices at the annual rate of 1.00% of the Spin-Off Fund’s average daily net assets. For the period ended June 30, 2026, Spin-Off\nFund incurred $174,636 in expenses pursuant to the Agreement.

9.\nSUBSEQUENT EVENTS

In\npreparing these financial statements, management has evaluated Fund-related events and transactions for potential recognition or disclosure\nthrough the date the financial statements were issued. There were no other events or transactions that occurred during the period that\nmaterially impacted the amounts or disclosures in the Funds’ financial statements.

10.\nTAX INFORMATION (UNAUDITED)

For\nthe fiscal year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided\nfor by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated\nas qualified dividend income was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n The\n Internet Fund	\n	\n	\n 100.00%
\n The\n Global Fund	\n	\n	\n 61.36%
\n The\n Paradigm Fund	\n	\n	\n 0.00%
\n The\n Small Cap Opportunities Fund	\n	\n	\n 100.00%
\n The\n Market Opportunities Fund	\n	\n	\n 100.00%
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 0.00%
\n The\n Spin-Off Fund	\n	\n	\n 100.00%
\n	\n	\n	\n

For\ncorporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the\nfiscal year ended December 31, 2025 was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

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

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

The\npercentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C)\nfor the year ended December 31, 2025 was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n The\n Internet Fund	\n	\n	\n 0.00%
\n The\n Global Fund	\n	\n	\n 28.14%
\n The\n Paradigm Fund	\n	\n	\n 0.00%
\n The\n Small Cap Opportunities Fund	\n	\n	\n 0.00%
\n The\n Market Opportunities Fund	\n	\n	\n 0.00%
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 21.25%
\n The\n Spin-Off Fund	\n	\n	\n 0.00%
\n	\n	\n	\n

The\npercentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue\nSection 871(k)(2)(C) for the year ended December 31, 2025 was as follows.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n The\n Internet Fund	\n	\n	\n 100.00%
\n The\n Global Fund	\n	\n	\n 0.00%
\n The\n Paradigm Fund	\n	\n	\n 0.00%
\n The\n Small Cap Opportunities Fund	\n	\n	\n 0.00%
\n The\n Market Opportunities Fund	\n	\n	\n 0.00%
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 0.00%
\n The\n Spin-Off Fund	\n	\n	\n 0.00%
\n	\n	\n	\n

The\npercentage of taxable income distributions that are designated as ordinary and long-term capital gain distributions under Internal Revenue\nSection 871(k)(2)(C) for the year ended December 31, 2025 was as follows.

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Ordinary\n	\n	\n	\n Long-Term\n
\n The\n Internet Fund	\n	\n	\n 1.78%	\n	\n	\n 98.22%\n
\n The\n Global Fund	\n	\n	\n 64.79%	\n	\n	\n 35.21%\n
\n The\n Paradigm Fund	\n	\n	\n 0.00%	\n	\n	\n 100.00%\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 100.00%	\n	\n	\n 0.00%\n
\n The\n Market Opportunities Fund	\n	\n	\n 27.78%	\n	\n	\n 72.22%\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 100.00%	\n	\n	\n 0.00%\n
\n The\n Spin-Off Fund	\n	\n	\n 1.57%	\n	\n	\n 98.43%
\n	\n	\n	\n	\n	\n	\n

11.\nRECENT ACCOUNTING PRONOUNCEMENTS

ASU\n2023-09 - Improvement to Income Tax Disclosure

In\nDecember 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvement\nto Income Tax Disclosure, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure\nconsistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective\nfor annual periods beginning December 15, 2024, and early adoption is permitted. The Adviser has adopted the amendment for the current\nfiscal period, but related income taxes paid were deemed immaterial.

12.\nINFORMATION ABOUT PROXY VOTING (UNAUDITED)

Information\nregarding how the Spin-Off Fund, the Feeder Funds and the Master Portfolios vote proxies relating to portfolio securities is available\nwithout charge, upon request by calling toll-free at 1-800-930-3828 or by accessing the Company’s website at www.kineticsfunds.com\nand by accessing the SEC’s website at www.sec.gov.Information regarding how the Spin-Off Fund, the Feeder Funds and the Master Portfolios\nvoted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, is available without charge,\nupon request, by calling toll-free at 1-800-930-3828 or by accessing the SEC’s website at www.sec.gov.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

13.\nINFORMATION ABOUT THE PORTFOLIO HOLDINGS (UNAUDITED)

The\nSpin-Off Fund and Feeder Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC\non 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,\nby 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\nwww.sec.gov.

14.

APPROVAL OF INVESTMENT ADVISORY CONTRACT BY DIRECTORS OF KINETICS MUTUAL FUNDS, INC. (UNAUDITED)

At\na meeting held on June 5, 2026, the Board of Directors of Kinetics Mutual Funds, Inc. (the “Company”), including all of the\nDirectors who are not interested persons of the Company or Horizon Kinetics Asset Management LLC (the “Adviser”) within the\nmeaning of the Investment Company Act of 1940, as amended (the “Independent Directors”), approved the continuation of the\nInvestment Advisory Agreement between the Adviser and the Kinetics Spin-Off and Corporate Restructuring Fund (the “Fund”)\nfor an additional twelve-month period. In connection with its review, the Board received and considered information concerning the Adviser,\nthe Fund and the services provided under the Advisory Agreement, including, among other things, a Section 15(c) request letter provided\nby counsel to the Fund and the Executive Memorandum from the Adviser responding to the request letter, a Section 15(c) analysis prepared\nby U.S. Bancorp Fund Services, LLC, supplemental peer-group analyses, performance information, profitability reports, compliance materials\nand cybersecurity updates.

In\nevaluating the Advisory Agreement, the Board considered the nature, extent and quality of the services provided by the Adviser, including\nportfolio management, research, trading, compliance oversight, liquidity risk management and shareholder servicing support. The Board\nnoted that the Adviser manages approximately $11.4 billion in assets across its various advisory businesses and continued to devote substantial\nresources to supporting the Fund and its shareholders. The Board also reviewed the experience and qualifications of investment, compliance\nand operational personnel responsible for servicing the Fund.

The\nBoard carefully considered the Fund’s investment performance and reviewed performance results against applicable Morningstar peer\ngroups and benchmark information. The Board noted considered information regarding the performance of the Fund for the year-to-date, one-year,\nthree-year, five-year and ten-year periods. The Board also reviewed supplemental information presented by the Adviser indicating that\nthe Morningstar U.S. Mid-Cap Blend category may provide a more appropriate comparison for the Fund’s investment strategy. The Board\nalso considered the Fund’s performance rankings in the Morningstar U.S. Mid-Cap Blend category for the year-to-date, one-year, three-year,\nfive-year and ten-year periods. The Board considered these results within the context of the Fund’s long-term, value-oriented investment\napproach.

With\nrespect to fees and expenses, the Board reviewed the Fund’s advisory fee, net expense ratio and applicable peer group comparisons.\nThe Board considered that the Fund’s management fee and net expense ratio, respectively, relative to the Morningstar Miscellaneous\nSector peer group. The Board also reviewed the Fund’s management fee and net expense ratio ranked with respect to the supplemental\nMid-Cap Blend group. The Board further considered the Adviser’s history of fee waivers and expense reimbursements and noted that\nfee and expense comparisons may be affected by differences in asset size, services and other factors among peer funds.

The\nBoard reviewed information regarding the Adviser’s profitability, costs of providing services and benefits derived from its relationship\nwith the Fund. The Board also considered potential ancillary benefits received by the Adviser and its affiliates and concluded that the\nAdviser’s profitability was not excessive in relation to the nature, extent and quality of services provided. In addition, the Board\nconsidered whether economies of scale were being realized and whether shareholders were appropriately benefiting from any such economies\nthrough the Fund’s fee arrangements and expense structure. Based upon the information presented, the Board concluded that the Fund’s\nadvisory fee remained fair and reasonable.

The\nBoard also reviewed information concerning cybersecurity and operational risk oversight. In particular, the Board considered reports addressing\nthe Adviser’s cybersecurity policies and procedures, disaster recovery and business continuity planning, remote business capabilities,\noversight of critical service providers and due diligence

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

NOTES\nTO FINANCIAL STATEMENTS

June\n30, 2026 (Unaudited)(Continued)

processes\nrelating to cybersecurity and operational resiliency. The Board noted that the Adviser maintained cybersecurity controls and ongoing service-provider\noversight programs designed to support the secure operation of the Fund and its service relationships.

After\nconsidering all information deemed relevant, the Board, including all of the Independent Directors, concluded that the Adviser continued\nto provide high-quality services to the Fund, that the advisory fee payable under the Advisory Agreement was fair and reasonable in light\nof the nature, extent and quality of services provided, and that continuation of the Advisory Agreement was in the best interests of the\nFund and its shareholders. Accordingly, the Board approved the continuation of the Advisory Agreement for an additional twelve-month period.\nThis conclusion was not based on any single factor, but on an evaluation of the totality of factors and information reviewed by the Board.\n

\n \n \n \n \n \n \n

TABLE OF CONTENTS

\nKINETICS\nPORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS

The\nInternet Portfolio

Consolidated\nPortfolio of Investments - June 30, 2026 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value\n
\n COMMON\n STOCKS - 54.8%	\n	\n	\n	\n	\n	\n
\n Administrative\n and Support Services - 0.0%^(a)	\n	\n	\n
\n CreditRiskMonitor.com,\n Inc.^(b)	\n	\n	\n 780	\n	\n	\n $1,708\n
\n Aerospace\n and Defense - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Booz\n Allen Hamilton Holding Corp.	\n	\n	\n 1,400	\n	\n	\n 84,938\n
\n Broadcasting\n (except Internet) - 0.4%	\n	\n	\n	\n	\n	\n
\n Atlanta\n Braves Holdings, Inc. - \n Class A^(b)	\n	\n	\n 8,000	\n	\n	\n 450,480\n
\n Atlanta\n Braves Holdings, Inc. - \n Class C^(b)	\n	\n	\n 8,000	\n	\n	\n 415,200\n
\n	\n	\n	\n	\n	\n	\n 865,680\n
\n Business\n Support Services - 0.1%	\n	\n	\n	\n	\n	\n
\n Circle\n Internet Group, Inc.^(b)	\n	\n	\n 1,000	\n	\n	\n 62,630\n
\n Fermi,\n Inc.^(b)	\n	\n	\n 6,667	\n	\n	\n 61,070\n
\n	\n	\n	\n	\n	\n	\n 123,700\n
\n Computer\n Systems Design and \n Related\n Services - 4.7%	\n	\n	\n	\n	\n	\n
\n CACI\n International, Inc. - Class A^(b)	\n	\n	\n 18,000	\n	\n	\n 8,338,680\n
\n Miami\n International Holdings, Inc.^(b)	\n	\n	\n 87,222	\n	\n	\n 3,241,158\n
\n	\n	\n	\n	\n	\n	\n 11,579,838\n
\n Computing\n Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.4%	\n	\n	\n	\n	\n	\n
\n Broadridge\n Financial Solutions, Inc.	\n	\n	\n 7,200	\n	\n	\n 986,040\n
\n Data\n Center Infrastructure - 1.6%	\n	\n	\n	\n	\n	\n
\n Bolt\n Data & Energy Inc.^(b)(c)	\n	\n	\n 800,000	\n	\n	\n 4,000,000\n
\n Data\n Processing, Hosting, and \n Related\n Services - 1.2%	\n	\n	\n	\n	\n	\n
\n Mastercard,\n Inc. - Class A	\n	\n	\n 3,500	\n	\n	\n 1,797,600\n
\n Verisk\n Analytics, Inc.	\n	\n	\n 7,000	\n	\n	\n 1,256,710\n
\n	\n	\n	\n	\n	\n	\n 3,054,310\n
\n Digital\n Asset Financial Services - 1.7%	\n	\n	\n	\n	\n	\n
\n Galaxy\n Digital, Inc. - Class A^(b)(d)	\n	\n	\n 150,000	\n	\n	\n 4,101,000\n
\n Entertainment\n - 0.1%	\n	\n	\n	\n	\n	\n
\n IG\n Port, Inc.	\n	\n	\n 32,200	\n	\n	\n 258,638\n
\n Financial\n Services - 0.1%	\n	\n	\n	\n	\n	\n
\n Euronext\n NV^(c)	\n	\n	\n 1,600	\n	\n	\n 255,942\n
\n Funds,\n Trusts, and Other Financial Vehicles - 0.4%	\n	\n	\n	\n	\n	\n
\n Mesabi\n Trust	\n	\n	\n 37,900	\n	\n	\n 958,870\n
\n Global\n Exchanges - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Japan\n Exchange Group, Inc. - ADR^(d)	\n	\n	\n 6,200	\n	\n	\n 78,492\n
\n NZX\n Ltd.	\n	\n	\n 1,200	\n	\n	\n 961\n
\n	\n	\n	\n	\n	\n	\n 79,453\n
\n	\n	\n	\n	\n	\n	\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value\n
\n Media\n - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Nippon\n Television Holdings, Inc.	\n	\n	\n 200	\n	\n	\n $3,437\n
\n Toei\n Animation Co. Ltd.	\n	\n	\n 7,000	\n	\n	\n 104,788\n
\n	\n	\n	\n	\n	\n	\n 108,225\n
\n Offices\n of Real Estate Agents and \n Brokers\n - 2.1%	\n	\n	\n	\n	\n	\n
\n Landbridge\n Co. LLC - Class A	\n	\n	\n 66,800	\n	\n	\n 5,293,232\n
\n Oil\n and Gas Extraction - 32.7%^(e)	\n	\n	\n	\n	\n	\n
\n Permian\n Basin Royalty Trust^(d)	\n	\n	\n 12,550	\n	\n	\n 314,252\n
\n Texas\n Pacific Land Corp.^(f)	\n	\n	\n 184,734	\n	\n	\n 80,846,988\n
\n	\n	\n	\n	\n	\n	\n 81,161,240\n
\n Other\n Financial Investment Activities - 1.1%	\n	\n	\n
\n Grayscale\n Investments, Inc.^(b)(c)	\n	\n	\n 200,000	\n	\n	\n 2,000,000\n
\n Bakkt,\n Inc.^(b)(d)	\n	\n	\n 80,000	\n	\n	\n 624,800\n
\n	\n	\n	\n	\n	\n	\n 2,624,800\n
\n Other\n Motor Vehicle Dealers - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Copart,\n Inc.^(b)	\n	\n	\n 400	\n	\n	\n 11,276\n
\n Performing\n Arts, Spectator Sports, and Related Industries - 0.4%	\n	\n	\n	\n	\n	\n
\n Madison\n Square Garden Entertainment Corp.^(b)	\n	\n	\n 4,000	\n	\n	\n 323,560\n
\n Sphere\n Entertainment Co.^(b)	\n	\n	\n 4,000	\n	\n	\n 692,120\n
\n	\n	\n	\n	\n	\n	\n 1,015,680\n
\n Securities\n and Commodities Exchanges - 2.5%	\n	\n	\n
\n CME\n Group, Inc.	\n	\n	\n 4,000	\n	\n	\n 883,320\n
\n Miami\n International Holdings Inc.^(b)	\n	\n	\n 134,000	\n	\n	\n 4,979,440\n
\n Nasdaq,\n Inc.	\n	\n	\n 2,100	\n	\n	\n 165,522\n
\n TXSE\n Group, Inc.^(b)(c)	\n	\n	\n 8,700	\n	\n	\n 200,100\n
\n	\n	\n	\n	\n	\n	\n 6,228,382\n
\n Securities,\n Commodity Contracts, and Other Financial Investments and Related Activities - 2.5%	\n	\n	\n	\n	\n	\n
\n OTC\n Markets Group, Inc. - Class A	\n	\n	\n 120,900	\n	\n	\n 6,226,350\n
\n S&P\n Global, Inc.	\n	\n	\n 113	\n	\n	\n 46,020\n
\n	\n	\n	\n	\n	\n	\n 6,272,370\n
\n Technology\n Services and Software - 2.8%	\n	\n	\n
\n SB\n Technology, Inc.^(b)(c)	\n	\n	\n 165,515	\n	\n	\n 6,844,045\n
\n Web\n Search Portals, Libraries, Archives, and Other Information Services - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n CoStar\n Group, Inc.^(b)	\n	\n	\n 200	\n	\n	\n 5,664\n
\n TOTAL\n COMMON STOCKS \n (Cost\n $70,435,973)	\n	\n	\n	\n	\n	\n 135,915,031\n
\n UNIT\n INVESTMENT TRUSTS - 43.2%	\n	\n	\n	\n	\n	\n
\n Grayscale\n Bitcoin Mini Trust ETF^(b)	\n	\n	\n 428,419	\n	\n	\n 11,117,473\n
\n Grayscale\n Bitcoin Trust ETF^(b)(f)	\n	\n	\n 2,110,371	\n	\n	\n 96,064,088\n
\n Grayscale\n Litecoin Trust^(b)	\n	\n	\n 4	\n	\n	\n 12\n
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nPORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS

The\nInternet Portfolio

Consolidated\nPortfolio of Investments - June 30, 2026 (Unaudited)(Continued)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value\n
\n UNIT\n INVESTMENT TRUSTS - (Continued)
\n ProShares\n UltraShort Bloomberg Natural Gas^(b)	\n	\n	\n 4,591	\n	\n	\n $103,986\n
\n TOTAL\n UNIT INVESTMENT TRUSTS \n (Cost\n $6,887,660)	\n	\n	\n	\n	\n	\n 107,285,559\n
\n PREFERRED\n STOCKS - 0.1%	\n	\n	\n	\n	\n	\n
\n Technology\n - 0.1%	\n	\n	\n	\n	\n	\n
\n Ripple\n Labs, Inc. - Preferred A shares, 0.00%^(b)(c)	\n	\n	\n 1,875	\n	\n	\n 246,319\n
\n TOTAL\n PREFERRED STOCKS \n (Cost\n $300,000)	\n	\n	\n	\n	\n	\n 246,319\n
\n EXCHANGE\n TRADED FUNDS - 0.0%^(a)
\n ProShares\n Ultra Bloomberg Natural Gas^(b)(d)	\n	\n	\n 3,465	\n	\n	\n 95,079\n
\n TOTAL\n EXCHANGE TRADED FUNDS \n (Cost\n $99,792)	\n	\n	\n	\n	\n	\n 95,079\n
\n TOTAL\n INVESTMENTS - 98.1% \n (Cost\n $77,723,425)	\n	\n	\n	\n	\n	\n $243,541,988\n
\n Money\n Market Deposit \n Account\n - 2.8%^(g)(h)	\n	\n	\n	\n	\n	\n 6,834,943\n
\n Liabilities\n in Excess of Other \n Assets\n - (0.9)%	\n	\n	\n	\n	\n	\n (2,328,338)\n
\n TOTAL\n NET ASSETS - 100.0%	\n	\n	\n	\n	\n	\n $248,048,593
\n	\n	\n	\n	\n	\n	\n

Percentages\nare stated as a percent of net assets.

ADR\n- American Depositary Receipt

\n \n \n \n

(a)

Represents less than\n 0.05% of net assets.

\n \n \n \n

(b)

Non-income producing\n security.

\n \n \n \n

(c)

Fair value determined\n using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $13,546,406\n or 5.5% of net assets as of June 30, 2026.

\n \n \n \n

(d)

All or a portion\n of this security is on loan as of June 30, 2026. The fair value of these securities was $2,479,531.

\n \n \n \n

(e)

\n \n \n \n

(f)

Fair value of this\n security exceeds 25% of the Fund’s net assets. Additional information about the issuer of this security, including its financial\n statements, is available from the SEC’s EDGAR database at www.sec.gov.

\n \n \n \n

(g)

\n \n \n \n

(h)

All or a portion\n of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending\n as of June 30, 2026 is $3,116,634 which represented 1.3% of net assets.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nPORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS

The\nGlobal Portfolio

Consolidated\nPortfolio of Investments - June 30, 2026 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value\n
\n COMMON\n STOCKS - 82.1%	\n	\n	\n	\n	\n	\n
\n Accommodation\n - 0.4%	\n	\n	\n	\n	\n	\n
\n Civeo\n Corp.^(a)	\n	\n	\n 5,400	\n	\n	\n $189,000\n
\n Administrative\n and Support Services - 0.1%	\n	\n	\n
\n RB\n Global, Inc.	\n	\n	\n 200	\n	\n	\n 23,290\n
\n Aerospace\n and Defense - 0.2%	\n	\n	\n	\n	\n	\n
\n Booz\n Allen Hamilton Holding Corp.	\n	\n	\n 1,600	\n	\n	\n 97,072\n
\n Elbit\n Systems Ltd.	\n	\n	\n 10	\n	\n	\n 7,587\n
\n	\n	\n	\n	\n	\n	\n 104,659\n
\n Agencies,\n Brokerages, and Other Insurance Related Activities - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Brookfield\n Wealth Solutions Ltd.^(c)	\n	\n	\n 348	\n	\n	\n 14,846\n
\n Architectural,\n Engineering, and Related Services - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Sumitomo\n Corp. - ADR	\n	\n	\n 600	\n	\n	\n 22,974\n
\n Asset\n Management - 4.9%	\n	\n	\n	\n	\n	\n
\n Investor\n AB^(a)	\n	\n	\n 60,000	\n	\n	\n 2,490,937\n
\n Business\n Support Services - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Circle\n Internet Group, Inc.^(a)	\n	\n	\n 100	\n	\n	\n 6,263\n
\n Fermi,\n Inc.^(a)	\n	\n	\n 1,800	\n	\n	\n 16,488\n
\n	\n	\n	\n	\n	\n	\n 22,751\n
\n Chemical\n Manufacturing - 0.1%	\n	\n	\n	\n	\n	\n
\n Resonac\n Holdings Corp.	\n	\n	\n 600	\n	\n	\n 65,316\n
\n Computer\n Systems Design and Related Services - 2.3%	\n	\n	\n	\n	\n	\n
\n CACI\n International, Inc. - Class A^(a)	\n	\n	\n 100	\n	\n	\n 46,326\n
\n Miami\n International Holdings, Inc.^(a)	\n	\n	\n 29,900	\n	\n	\n 1,111,084\n
\n	\n	\n	\n	\n	\n	\n 1,157,410\n
\n Data\n Center Infrastructure - 1.2%	\n	\n	\n	\n	\n	\n
\n Bolt\n Data & Energy Inc.^(a)(d)	\n	\n	\n 120,000	\n	\n	\n 600,000\n
\n Digital\n Asset Financial Services - 2.7%	\n	\n	\n	\n	\n	\n
\n Galaxy\n Digital, Inc. - Class A^(a)	\n	\n	\n 50,000	\n	\n	\n 1,367,000\n
\n Diversified\n Real Estate Activities - 1.2%	\n	\n	\n	\n	\n	\n
\n PrairieSky\n Royalty Ltd.	\n	\n	\n 27,200	\n	\n	\n 608,728\n
\n Electric\n Power Generation, Transmission and Distribution - 7.0%	\n	\n	\n	\n	\n	\n
\n Hawaiian\n Electric Industries, Inc.^(a)	\n	\n	\n 260,000	\n	\n	\n 3,517,800\n
\n Entertainment\n - 1.3%	\n	\n	\n	\n	\n	\n
\n IG\n Port, Inc.	\n	\n	\n 83,200	\n	\n	\n 668,281\n
\n Financial\n Services - 4.9%	\n	\n	\n	\n	\n	\n
\n Euronext\n NV^(d)	\n	\n	\n 15,520	\n	\n	\n 2,482,632\n
\n Kinnevik\n AB^(a)	\n	\n	\n 200	\n	\n	\n 1,073\n
\n Value\n Partners Group Ltd.	\n	\n	\n 10,000	\n	\n	\n 2,614\n
\n	\n	\n	\n	\n	\n	\n 2,486,319\n
\n	\n	\n	\n	\n	\n	\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value\n
\n Funds,\n Trusts, and Other Financial Vehicles - 1.1%	\n	\n	\n	\n	\n	\n
\n Mesabi\n Trust	\n	\n	\n 20,918	\n	\n	\n $529,225\n
\n Global\n Exchanges - 1.1%	\n	\n	\n	\n	\n	\n
\n ASX\n Ltd.	\n	\n	\n 800	\n	\n	\n 29,533\n
\n B3\n SA - Brasil Bolsa Balcao - ADR^(c)	\n	\n	\n 100	\n	\n	\n 850\n
\n B3\n SA - Brasil Bolsa Balcao	\n	\n	\n 30,000	\n	\n	\n 84,381\n
\n Deutsche\n Boerse AG	\n	\n	\n 600	\n	\n	\n 163,711\n
\n Euronext\n NV^(e)	\n	\n	\n 1,120	\n	\n	\n 179,159\n
\n Japan\n Exchange Group, Inc. - ADR^(c)	\n	\n	\n 4,000	\n	\n	\n 50,640\n
\n NZX\n Ltd.	\n	\n	\n 38,000	\n	\n	\n 30,431\n
\n	\n	\n	\n	\n	\n	\n 538,705\n
\n Hospitality\n and Tourism - 0.1%	\n	\n	\n	\n	\n	\n
\n Norwegian\n Cruise Line Holdings Ltd.^(a)	\n	\n	\n 2,000	\n	\n	\n 42,220\n
\n Insurance\n Carriers - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Fairfax\n Financial Holdings Limited	\n	\n	\n 4	\n	\n	\n 6,587\n
\n Legal\n Services - 0.1%	\n	\n	\n	\n	\n	\n
\n CRA\n International, Inc.	\n	\n	\n 220	\n	\n	\n 31,306\n
\n Live\n Sports (Spectator Sports) - 0.2%	\n	\n	\n	\n	\n	\n
\n Big\n League Advance, LLC^(a)(d)	\n	\n	\n 1,818	\n	\n	\n 121,461\n
\n Management\n of Companies and Enterprises - 11.6%	\n	\n	\n	\n	\n	\n
\n Associated\n Capital Group, Inc. - Class A	\n	\n	\n 13,300	\n	\n	\n 477,470\n
\n Fairfax\n India Holdings Corp.^(a)(e)	\n	\n	\n 157,000	\n	\n	\n 2,873,100\n
\n Valterra\n Platinum Ltd. - ADR	\n	\n	\n 736	\n	\n	\n 8,192\n
\n White\n Mountains Insurance Group Ltd.	\n	\n	\n 1,200	\n	\n	\n 2,488,068\n
\n	\n	\n	\n	\n	\n	\n 5,846,830\n
\n Media\n - 1.7%	\n	\n	\n	\n	\n	\n
\n AlphaPolis\n Co. Ltd.	\n	\n	\n 36,400	\n	\n	\n 216,034\n
\n Nippon\n BS Broadcasting Corp.	\n	\n	\n 2,000	\n	\n	\n 11,218\n
\n Nippon\n Television Holdings, Inc.	\n	\n	\n 25,000	\n	\n	\n 429,672\n
\n Toei\n Animation Co. Ltd.	\n	\n	\n 14,000	\n	\n	\n 209,576\n
\n	\n	\n	\n	\n	\n	\n 866,500\n
\n Mining\n (except Oil and Gas) - 1.9%	\n	\n	\n	\n	\n	\n
\n Franco-Nevada\n Corp.	\n	\n	\n 2,400	\n	\n	\n 500,256\n
\n Wheaton\n Precious Metals Corp.	\n	\n	\n 4,000	\n	\n	\n 449,280\n
\n	\n	\n	\n	\n	\n	\n 949,536\n
\n Miscellaneous\n Durable Goods Merchant Wholesalers - 0.7%	\n	\n	\n	\n	\n	\n
\n ITOCHU\n Corp. - ADR	\n	\n	\n 600	\n	\n	\n 6,840\n
\n Mitsui\n & Co. Ltd. - ADR	\n	\n	\n 600	\n	\n	\n 332,262\n
\n	\n	\n	\n	\n	\n	\n 339,102\n
\n Motor\n Vehicle and Parts Dealers - 0.0%^(b)	\n	\n	\n
\n AutoNation,\n Inc.^(a)	\n	\n	\n 40	\n	\n	\n 7,432\n
\n Penske\n Automotive Group, Inc.	\n	\n	\n 30	\n	\n	\n 5,368\n
\n	\n	\n	\n	\n	\n	\n 12,800\n
\n	\n	\n	\n	\n	\n	\n

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

TABLE OF CONTENTS

KINETICS\nPORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS

The\nGlobal Portfolio

Consolidated\nPortfolio of Investments - June 30, 2026 (Unaudited)(Continued)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value\n
\n COMMON\n STOCKS - (Continued)
\n Nondepository\n Credit Intermediation - 0.0%^(b)	\n	\n	\n
\n Burford\n Capital Ltd.	\n	\n	\n 1,800	\n	\n	\n $7,380\n
\n Nonmetallic\n Mineral Mining and Quarrying - 0.1%	\n	\n	\n	\n	\n	\n
\n Anglo\n American PLC - ADR^(c)	\n	\n	\n 2,113	\n	\n	\n 52,212\n
\n Nonmetallic\n Mineral Product Manufacturing - 0.2%	\n	\n	\n	\n	\n	\n
\n Eagle\n Materials, Inc.	\n	\n	\n 418	\n	\n	\n 94,050\n
\n Offices\n of Real Estate Agents and Brokers - 5.6%	\n	\n	\n	\n	\n	\n
\n Aztec\n Land and Cattle Co. Ltd.	\n	\n	\n 4	\n	\n	\n 9,700\n
\n Landbridge\n Co. LLC - Class A	\n	\n	\n 35,400	\n	\n	\n 2,805,096\n
\n	\n	\n	\n	\n	\n	\n 2,814,796\n
\n Oil\n and Gas Extraction - 23.5%	\n	\n	\n	\n	\n	\n
\n EQT\n Corp.	\n	\n	\n 12	\n	\n	\n 638\n
\n Permian\n Basin Royalty Trust	\n	\n	\n 40,000	\n	\n	\n 1,001,600\n
\n Texas\n Pacific Land Corp.	\n	\n	\n 24,302	\n	\n	\n 10,635,527\n
\n Western\n Midstream Partners LP	\n	\n	\n 3,500	\n	\n	\n 153,160\n
\n	\n	\n	\n	\n	\n	\n 11,790,925\n
\n Other\n Crop Farming - 0.1%	\n	\n