Kinetics Mutual Funds Inc 2026年半年度N-CSR更正报告
KINETICS MUTUAL FUNDS INC (0001083387) (Filer)
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。
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。
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09303 & 811-09923
Kinetics
Mutual Funds, Inc. & Kinetics Portfolios Trust
(Exact name of registrant as specified in
charter)
1270 Avenue of the Americas,
27th Floor,
New York,
NY 10020
(Address of principal executive offices) (Zip code)
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee,
WI 53202
(Name and address of agent for service)
1-646-495-7333
Registrant’s telephone number, including area code
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026
Explanatory Note: The Registrant is submitting this corrective Form N-CSR filing for the period ended June 30, 2026 (covered period) to correct an administrative oversight in its filings made with the Securities and Exchange Commission. Although the intended Form N-CSR filing for the covered period identified the Registrant and Kinetics Mutual Funds, Inc. as co-registrants, the intended Form N-CSR filing was inadvertently made only on behalf of Kinetics Mutual Funds, Inc. and not the Registrant. The sole purpose of this corrective filing is to file the intended Form N-CSR on behalf of the Registrant for the covered period and to update the date of the certifications furnished under Item 13(b) of the intended Form N-CSR. Except as set forth above, this corrective filing does not amend, update or change any other items or disclosures included in the intended Form N-CSR filing.
Item 1. Reports to Stockholders.
The Registrant’s Semi-Annual Shareholder Reports for the six months ended June 30, 2026 which were transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended, are as follows:
| (a) |
|
|
The Internet Fund |
|
|
No Load Class | WWWFX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Internet 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
No Load Class |
$79 |
1.68% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$248,276,312 |
|
Number of Holdings |
41 |
|
Portfolio Turnover |
33% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Securities, Commodity Contracts, and Other Financial Investments and Related Activities |
41.2 |
% |
|
Oil and Gas Extraction |
32.7 |
% |
|
Other Financial Investment Activities |
5.6 |
% |
|
Cash & Other |
5.1 |
% |
|
Computer Systems Design and Related Services |
4.7 |
% |
|
Technology Services and Software |
2.8 |
% |
|
Securities and Commodities Exchanges |
2.5 |
% |
|
Offices of Real Estate Agents and Brokers |
2.1 |
% |
|
Pharmaceutical and Medicine Manufacturing |
1.7 |
% |
|
Data Center Infrastructure |
1.6 |
% |
|
Data Processing, Hosting, and Related Services |
1.2 |
% |
|
Top 10 Issuers |
(%) |
|
|
Grayscale Bitcoin Trust ETF |
38.7 |
% |
|
Texas Pacific Land Corp. |
32.6 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
4.5 |
% |
|
CACI International, Inc. |
3.4 |
% |
|
Miami International Holdings Inc. |
3.3 |
% |
|
SB Technology, Inc. |
2.8 |
% |
|
OTC Markets Group, Inc. |
2.5 |
% |
|
Landbridge Co. LLC |
2.1 |
% |
|
Galaxy Digital, Inc. |
1.7 |
% |
|
Bolt Data & Energy Inc. |
1.6 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Internet Fund | PAGE 1 | TSR-SAR-460953102 |
|
|
The Internet Fund |
|
|
Advisor Class A | KINAX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Internet 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class A |
$91 |
1.93% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$248,276,312 |
|
Number of Holdings |
41 |
|
Portfolio Turnover |
33% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Securities, Commodity Contracts, and Other Financial Investments and Related Activities |
41.2 |
% |
|
Oil and Gas Extraction |
32.7 |
% |
|
Other Financial Investment Activities |
5.6 |
% |
|
Cash & Other |
5.1 |
% |
|
Computer Systems Design and Related Services |
4.7 |
% |
|
Technology Services and Software |
2.8 |
% |
|
Securities and Commodities Exchanges |
2.5 |
% |
|
Offices of Real Estate Agents and Brokers |
2.1 |
% |
|
Pharmaceutical and Medicine Manufacturing |
1.7 |
% |
|
Data Center Infrastructure |
1.6 |
% |
|
Data Processing, Hosting, and Related Services |
1.2 |
% |
|
Top 10 Issuers |
(%) |
|
|
Grayscale Bitcoin Trust ETF |
38.7 |
% |
|
Texas Pacific Land Corp. |
32.6 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
4.5 |
% |
|
CACI International, Inc. |
3.4 |
% |
|
Miami International Holdings Inc. |
3.3 |
% |
|
SB Technology, Inc. |
2.8 |
% |
|
OTC Markets Group, Inc. |
2.5 |
% |
|
Landbridge Co. LLC |
2.1 |
% |
|
Galaxy Digital, Inc. |
1.7 |
% |
|
Bolt Data & Energy Inc. |
1.6 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Internet Fund | PAGE 1 | TSR-SAR-494613862 |
|
|
The Internet Fund |
|
|
Advisor Class C | KINCX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Internet 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class C |
$115 |
2.43% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$248,276,312 |
|
Number of Holdings |
41 |
|
Portfolio Turnover |
33% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Securities, Commodity Contracts, and Other Financial Investments and Related Activities |
41.2 |
% |
|
Oil and Gas Extraction |
32.7 |
% |
|
Other Financial Investment Activities |
5.6 |
% |
|
Cash & Other |
5.1 |
% |
|
Computer Systems Design and Related Services |
4.7 |
% |
|
Technology Services and Software |
2.8 |
% |
|
Securities and Commodities Exchanges |
2.5 |
% |
|
Offices of Real Estate Agents and Brokers |
2.1 |
% |
|
Pharmaceutical and Medicine Manufacturing |
1.7 |
% |
|
Data Center Infrastructure |
1.6 |
% |
|
Data Processing, Hosting, and Related Services |
1.2 |
% |
|
Top 10 Issuers |
(%) |
|
|
Grayscale Bitcoin Trust ETF |
38.7 |
% |
|
Texas Pacific Land Corp. |
32.6 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
4.5 |
% |
|
CACI International, Inc. |
3.4 |
% |
|
Miami International Holdings Inc. |
3.3 |
% |
|
SB Technology, Inc. |
2.8 |
% |
|
OTC Markets Group, Inc. |
2.5 |
% |
|
Landbridge Co. LLC |
2.1 |
% |
|
Galaxy Digital, Inc. |
1.7 |
% |
|
Bolt Data & Energy Inc. |
1.6 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Internet Fund | PAGE 1 | TSR-SAR-494613763 |
|
|
The Global Fund |
|
|
No Load Class | WWWEX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Global 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
No Load Class |
$70 |
1.38% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$50,447,935 |
|
Number of Holdings |
82 |
|
Portfolio Turnover |
10% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Finance and Insurance |
38.5 |
% |
|
Mining, Quarrying, and Oil and Gas Extraction |
31.6 |
% |
|
Management of Companies and Enterprises |
12.9 |
% |
|
Cash & Other |
4.5 |
% |
|
Technology |
3.7 |
% |
|
Pharmaceuticals |
2.7 |
% |
|
Media |
1.7 |
% |
|
Transportation and Warehousing |
1.4 |
% |
|
Entertainment |
1.3 |
% |
|
Real Estate and Rental and Leasing |
1.3 |
% |
|
Accommodation and Food Services |
0.4 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
21.1 |
% |
|
Grayscale Bitcoin Trust ETF |
13.3 |
% |
|
Hawaiian Electric Industries, Inc. |
7.0 |
% |
|
Fairfax India Holdings Corp. |
5.7 |
% |
|
Landbridge Co. LLC |
5.6 |
% |
|
Investor AB |
4.9 |
% |
|
White Mountains Insurance Group Ltd. |
4.9 |
% |
|
Euronext NV |
4.9 |
% |
|
Galaxy Digital, Inc. |
2.7 |
% |
|
SB Technology, Inc. |
2.5 |
% |
|
Top Ten Countries |
(%) |
|
|
United States |
68.9 |
% |
|
Canada |
11.9 |
% |
|
Netherlands |
5.2 |
% |
|
Sweden |
4.9 |
% |
|
Japan |
4.0 |
% |
|
Cayman Islands |
0.8 |
% |
|
United Kingdom |
0.7 |
% |
|
Germany |
0.3 |
% |
|
Brazil |
0.2 |
% |
|
Cash & Other |
3.1 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Global Fund | PAGE 1 | TSR-SAR-494613805 |
|
|
The Global Fund |
|
|
Advisor Class A | KGLAX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Global 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class A |
$83 |
1.63% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$50,447,935 |
|
Number of Holdings |
82 |
|
Portfolio Turnover |
10% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Finance and Insurance |
38.5 |
% |
|
Mining, Quarrying, and Oil and Gas Extraction |
31.6 |
% |
|
Management of Companies and Enterprises |
12.9 |
% |
|
Cash & Other |
4.5 |
% |
|
Technology |
3.7 |
% |
|
Pharmaceuticals |
2.7 |
% |
|
Media |
1.7 |
% |
|
Transportation and Warehousing |
1.4 |
% |
|
Entertainment |
1.3 |
% |
|
Real Estate and Rental and Leasing |
1.3 |
% |
|
Accommodation and Food Services |
0.4 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
21.1 |
% |
|
Grayscale Bitcoin Trust ETF |
13.3 |
% |
|
Hawaiian Electric Industries, Inc. |
7.0 |
% |
|
Fairfax India Holdings Corp. |
5.7 |
% |
|
Landbridge Co. LLC |
5.6 |
% |
|
Investor AB |
4.9 |
% |
|
White Mountains Insurance Group Ltd. |
4.9 |
% |
|
Euronext NV |
4.9 |
% |
|
Galaxy Digital, Inc. |
2.7 |
% |
|
SB Technology, Inc. |
2.5 |
% |
|
Top Ten Countries |
(%) |
|
|
United States |
68.9 |
% |
|
Canada |
11.9 |
% |
|
Netherlands |
5.2 |
% |
|
Sweden |
4.9 |
% |
|
Japan |
4.0 |
% |
|
Cayman Islands |
0.8 |
% |
|
United Kingdom |
0.7 |
% |
|
Germany |
0.3 |
% |
|
Brazil |
0.2 |
% |
|
Cash & Other |
3.1 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Global Fund | PAGE 1 | TSR-SAR-494613631 |
|
|
The Global Fund |
|
|
Advisor Class C | KGLCX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Global 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class C |
$108 |
2.13% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$50,447,935 |
|
Number of Holdings |
82 |
|
Portfolio Turnover |
10% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Finance and Insurance |
38.5 |
% |
|
Mining, Quarrying, and Oil and Gas Extraction |
31.6 |
% |
|
Management of Companies and Enterprises |
12.9 |
% |
|
Cash & Other |
4.5 |
% |
|
Technology |
3.7 |
% |
|
Pharmaceuticals |
2.7 |
% |
|
Media |
1.7 |
% |
|
Transportation and Warehousing |
1.4 |
% |
|
Entertainment |
1.3 |
% |
|
Real Estate and Rental and Leasing |
1.3 |
% |
|
Accommodation and Food Services |
0.4 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
21.1 |
% |
|
Grayscale Bitcoin Trust ETF |
13.3 |
% |
|
Hawaiian Electric Industries, Inc. |
7.0 |
% |
|
Fairfax India Holdings Corp. |
5.7 |
% |
|
Landbridge Co. LLC |
5.6 |
% |
|
Investor AB |
4.9 |
% |
|
White Mountains Insurance Group Ltd. |
4.9 |
% |
|
Euronext NV |
4.9 |
% |
|
Galaxy Digital, Inc. |
2.7 |
% |
|
SB Technology, Inc. |
2.5 |
% |
|
Top Ten Countries |
(%) |
|
|
United States |
68.9 |
% |
|
Canada |
11.9 |
% |
|
Netherlands |
5.2 |
% |
|
Sweden |
4.9 |
% |
|
Japan |
4.0 |
% |
|
Cayman Islands |
0.8 |
% |
|
United Kingdom |
0.7 |
% |
|
Germany |
0.3 |
% |
|
Brazil |
0.2 |
% |
|
Cash & Other |
3.1 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Global Fund | PAGE 1 | TSR-SAR-494613623 |
|
|
The Paradigm Fund |
|
|
No Load Class | WWNPX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Paradigm 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
No Load Class |
$93 |
1.64% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$1,186,210,139 |
|
Number of Holdings |
44 |
|
Portfolio Turnover |
2% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
76.1 |
% |
|
Finance and Insurance |
13.7 |
% |
|
Management of Companies and Enterprises |
4.8 |
% |
|
Information |
1.2 |
% |
|
Technology |
1.0 |
% |
|
Cash & Other |
1.0 |
% |
|
Professional, Scientific and Technical Services |
0.9 |
% |
|
Arts, Entertainment, and Recreation |
0.7 |
% |
|
Transportation and Warehousing |
0.3 |
% |
|
Accommodation and Food Services |
0.2 |
% |
|
Real Estate and Rental and Leasing |
0.1 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
69.4 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
7.5 |
% |
|
Landbridge Co. LLC |
6.1 |
% |
|
Hawaiian Electric Industries, Inc. |
4.1 |
% |
|
Brookfield Corp. |
3.1 |
% |
|
Cboe Global Markets, Inc. |
1.2 |
% |
|
Miami International Holdings, Inc. |
1.2 |
% |
|
CACI International, Inc. |
0.9 |
% |
|
Grayscale Bitcoin Trust ETF |
0.8 |
% |
|
Live Nation Entertainment, Inc. |
0.7 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613607 |
|
|
The Paradigm Fund |
|
|
Advisor Class A | KNPAX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Paradigm 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class A |
$107 |
1.89% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$1,186,210,139 |
|
Number of Holdings |
44 |
|
Portfolio Turnover |
2% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
76.1 |
% |
|
Finance and Insurance |
13.7 |
% |
|
Management of Companies and Enterprises |
4.8 |
% |
|
Information |
1.2 |
% |
|
Technology |
1.0 |
% |
|
Cash & Other |
1.0 |
% |
|
Professional, Scientific and Technical Services |
0.9 |
% |
|
Arts, Entertainment, and Recreation |
0.7 |
% |
|
Transportation and Warehousing |
0.3 |
% |
|
Accommodation and Food Services |
0.2 |
% |
|
Real Estate and Rental and Leasing |
0.1 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
69.4 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
7.5 |
% |
|
Landbridge Co. LLC |
6.1 |
% |
|
Hawaiian Electric Industries, Inc. |
4.1 |
% |
|
Brookfield Corp. |
3.1 |
% |
|
Cboe Global Markets, Inc. |
1.2 |
% |
|
Miami International Holdings, Inc. |
1.2 |
% |
|
CACI International, Inc. |
0.9 |
% |
|
Grayscale Bitcoin Trust ETF |
0.8 |
% |
|
Live Nation Entertainment, Inc. |
0.7 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613854 |
|
|
The Paradigm Fund |
|
|
Advisor Class C | KNPCX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Paradigm 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class C |
$135 |
2.39% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$1,186,210,139 |
|
Number of Holdings |
44 |
|
Portfolio Turnover |
2% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
76.1 |
% |
|
Finance and Insurance |
13.7 |
% |
|
Management of Companies and Enterprises |
4.8 |
% |
|
Information |
1.2 |
% |
|
Technology |
1.0 |
% |
|
Cash & Other |
1.0 |
% |
|
Professional, Scientific and Technical Services |
0.9 |
% |
|
Arts, Entertainment, and Recreation |
0.7 |
% |
|
Transportation and Warehousing |
0.3 |
% |
|
Accommodation and Food Services |
0.2 |
% |
|
Real Estate and Rental and Leasing |
0.1 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
69.4 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
7.5 |
% |
|
Landbridge Co. LLC |
6.1 |
% |
|
Hawaiian Electric Industries, Inc. |
4.1 |
% |
|
Brookfield Corp. |
3.1 |
% |
|
Cboe Global Markets, Inc. |
1.2 |
% |
|
Miami International Holdings, Inc. |
1.2 |
% |
|
CACI International, Inc. |
0.9 |
% |
|
Grayscale Bitcoin Trust ETF |
0.8 |
% |
|
Live Nation Entertainment, Inc. |
0.7 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613821 |
|
|
The Paradigm Fund |
|
|
Institutional Class | KNPYX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Paradigm 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Institutional Class |
$82 |
1.44% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$1,186,210,139 |
|
Number of Holdings |
44 |
|
Portfolio Turnover |
2% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
76.1 |
% |
|
Finance and Insurance |
13.7 |
% |
|
Management of Companies and Enterprises |
4.8 |
% |
|
Information |
1.2 |
% |
|
Technology |
1.0 |
% |
|
Cash & Other |
1.0 |
% |
|
Professional, Scientific and Technical Services |
0.9 |
% |
|
Arts, Entertainment, and Recreation |
0.7 |
% |
|
Transportation and Warehousing |
0.3 |
% |
|
Accommodation and Food Services |
0.2 |
% |
|
Real Estate and Rental and Leasing |
0.1 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
69.4 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
7.5 |
% |
|
Landbridge Co. LLC |
6.1 |
% |
|
Hawaiian Electric Industries, Inc. |
4.1 |
% |
|
Brookfield Corp. |
3.1 |
% |
|
Cboe Global Markets, Inc. |
1.2 |
% |
|
Miami International Holdings, Inc. |
1.2 |
% |
|
CACI International, Inc. |
0.9 |
% |
|
Grayscale Bitcoin Trust ETF |
0.8 |
% |
|
Live Nation Entertainment, Inc. |
0.7 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613797 |
|
|
The Small Cap Opportunities Fund |
|
|
No Load Class | KSCOX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Small Cap 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
No Load Class |
$93 |
1.63% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$529,333,343 |
|
Number of Holdings |
70 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
66.9 |
% |
|
Finance and Insurance |
7.5 |
% |
|
Management of Companies and Enterprises |
7.4 |
% |
|
Professional, Scientific and Technical Services |
4.8 |
% |
|
Accommodation and Food Services |
3.8 |
% |
|
Technology |
3.1 |
% |
|
Cash & Other |
2.1 |
% |
|
Real Estate |
1.7 |
% |
|
Manufacturing |
1.2 |
% |
|
Pharmaceuticals |
0.8 |
% |
|
Real Estate and Rental and Leasing |
0.7 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
55.4 |
% |
|
Landbridge Co. LLC |
5.9 |
% |
|
Hawaiian Electric Industries, Inc. |
5.1 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
CACI International, Inc. |
4.4 |
% |
|
Civeo Corp. |
3.7 |
% |
|
Grayscale Bitcoin Trust ETF |
2.6 |
% |
|
SB Technology, Inc. |
1.7 |
% |
|
DREAM Unlimited Corp. |
1.7 |
% |
|
Miami International Holdings, Inc. |
1.3 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613706 |
|
|
The Small Cap Opportunities Fund |
|
|
Advisor Class A | KSOAX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Small Cap 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class A |
$107 |
1.88% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$529,333,343 |
|
Number of Holdings |
70 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
66.9 |
% |
|
Finance and Insurance |
7.5 |
% |
|
Management of Companies and Enterprises |
7.4 |
% |
|
Professional, Scientific and Technical Services |
4.8 |
% |
|
Accommodation and Food Services |
3.8 |
% |
|
Technology |
3.1 |
% |
|
Cash & Other |
2.1 |
% |
|
Real Estate |
1.7 |
% |
|
Manufacturing |
1.2 |
% |
|
Pharmaceuticals |
0.8 |
% |
|
Real Estate and Rental and Leasing |
0.7 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
55.4 |
% |
|
Landbridge Co. LLC |
5.9 |
% |
|
Hawaiian Electric Industries, Inc. |
5.1 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
CACI International, Inc. |
4.4 |
% |
|
Civeo Corp. |
3.7 |
% |
|
Grayscale Bitcoin Trust ETF |
2.6 |
% |
|
SB Technology, Inc. |
1.7 |
% |
|
DREAM Unlimited Corp. |
1.7 |
% |
|
Miami International Holdings, Inc. |
1.3 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613839 |
|
|
The Small Cap Opportunities Fund |
|
|
Advisor Class C | KSOCX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Small Cap 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class C |
$135 |
2.38% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$529,333,343 |
|
Number of Holdings |
70 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
66.9 |
% |
|
Finance and Insurance |
7.5 |
% |
|
Management of Companies and Enterprises |
7.4 |
% |
|
Professional, Scientific and Technical Services |
4.8 |
% |
|
Accommodation and Food Services |
3.8 |
% |
|
Technology |
3.1 |
% |
|
Cash & Other |
2.1 |
% |
|
Real Estate |
1.7 |
% |
|
Manufacturing |
1.2 |
% |
|
Pharmaceuticals |
0.8 |
% |
|
Real Estate and Rental and Leasing |
0.7 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
55.4 |
% |
|
Landbridge Co. LLC |
5.9 |
% |
|
Hawaiian Electric Industries, Inc. |
5.1 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
CACI International, Inc. |
4.4 |
% |
|
Civeo Corp. |
3.7 |
% |
|
Grayscale Bitcoin Trust ETF |
2.6 |
% |
|
SB Technology, Inc. |
1.7 |
% |
|
DREAM Unlimited Corp. |
1.7 |
% |
|
Miami International Holdings, Inc. |
1.3 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613748 |
|
|
The Small Cap Opportunities Fund |
|
|
Institutional Class | KSCYX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
This semi-annual shareholder report contains important information about The Small Cap 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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Institutional Class |
$82 |
1.43% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$529,333,343 |
|
Number of Holdings |
70 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
66.9 |
% |
|
Finance and Insurance |
7.5 |
% |
|
Management of Companies and Enterprises |
7.4 |
% |
|
Professional, Scientific and Technical Services |
4.8 |
% |
|
Accommodation and Food Services |
3.8 |
% |
|
Technology |
3.1 |
% |
|
Cash & Other |
2.1 |
% |
|
Real Estate |
1.7 |
% |
|
Manufacturing |
1.2 |
% |
|
Pharmaceuticals |
0.8 |
% |
|
Real Estate and Rental and Leasing |
0.7 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
55.4 |
% |
|
Landbridge Co. LLC |
5.9 |
% |
|
Hawaiian Electric Industries, Inc. |
5.1 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
CACI International, Inc. |
4.4 |
% |
|
Civeo Corp. |
3.7 |
% |
|
Grayscale Bitcoin Trust ETF |
2.6 |
% |
|
SB Technology, Inc. |
1.7 |
% |
|
DREAM Unlimited Corp. |
1.7 |
% |
|
Miami International Holdings, Inc. |
1.3 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613813 |
|
|
The Market Opportunities Fund |
|
|
No Load Class | KMKNX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
No Load Class |
$75 |
1.40% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$302,809,014 |
|
Number of Holdings |
83 |
|
Portfolio Turnover |
7% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Oil and Gas Extraction |
48.8 |
% |
|
Cash & Other |
12.8 |
% |
|
Securities, Commodity Contracts, and Other Financial Investments and Related Activities |
9.1 |
% |
|
Electric Power Generation, Transmission and Distribution |
7.2 |
% |
|
Water, Sewage and Other Systems |
4.7 |
% |
|
Offices of Real Estate Agents and Brokers |
4.3 |
% |
|
Other Investment Pools and Funds |
2.8 |
% |
|
Management of Companies and Enterprises |
2.7 |
% |
|
Securities and Commodities Exchanges |
2.7 |
% |
|
Other Financial Investment Activities |
2.6 |
% |
|
Computer Systems Design and Related Services |
2.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
47.3 |
% |
|
Grayscale Bitcoin Trust ETF |
9.0 |
% |
|
Hawaiian Electric Industries, Inc. |
7.2 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
Landbridge Co. LLC |
4.3 |
% |
|
Miami International Holdings, Inc. |
2.8 |
% |
|
Bolt Data & Energy Inc. |
2.0 |
% |
|
Partners Value Investments LP |
2.0 |
% |
|
White Mountains Insurance Group Ltd. |
1.3 |
% |
|
Permian Basin Royalty Trust |
1.1 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613789 |
|
|
The Market Opportunities Fund |
|
|
Advisor Class A | KMKAX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class A |
$89 |
1.65% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$302,809,014 |
|
Number of Holdings |
83 |
|
Portfolio Turnover |
7% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Oil and Gas Extraction |
48.8 |
% |
|
Cash & Other |
12.8 |
% |
|
Securities, Commodity Contracts, and Other Financial Investments and Related Activities |
9.1 |
% |
|
Electric Power Generation, Transmission and Distribution |
7.2 |
% |
|
Water, Sewage and Other Systems |
4.7 |
% |
|
Offices of Real Estate Agents and Brokers |
4.3 |
% |
|
Other Investment Pools and Funds |
2.8 |
% |
|
Management of Companies and Enterprises |
2.7 |
% |
|
Securities and Commodities Exchanges |
2.7 |
% |
|
Other Financial Investment Activities |
2.6 |
% |
|
Computer Systems Design and Related Services |
2.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
47.3 |
% |
|
Grayscale Bitcoin Trust ETF |
9.0 |
% |
|
Hawaiian Electric Industries, Inc. |
7.2 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
Landbridge Co. LLC |
4.3 |
% |
|
Miami International Holdings, Inc. |
2.8 |
% |
|
Bolt Data & Energy Inc. |
2.0 |
% |
|
Partners Value Investments LP |
2.0 |
% |
|
White Mountains Insurance Group Ltd. |
1.3 |
% |
|
Permian Basin Royalty Trust |
1.1 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613771 |
|
|
The Market Opportunities Fund |
|
|
Advisor Class C | KMKCX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class C |
$116 |
2.15% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$302,809,014 |
|
Number of Holdings |
83 |
|
Portfolio Turnover |
7% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Oil and Gas Extraction |
48.8 |
% |
|
Cash & Other |
12.8 |
% |
|
Securities, Commodity Contracts, and Other Financial Investments and Related Activities |
9.1 |
% |
|
Electric Power Generation, Transmission and Distribution |
7.2 |
% |
|
Water, Sewage and Other Systems |
4.7 |
% |
|
Offices of Real Estate Agents and Brokers |
4.3 |
% |
|
Other Investment Pools and Funds |
2.8 |
% |
|
Management of Companies and Enterprises |
2.7 |
% |
|
Securities and Commodities Exchanges |
2.7 |
% |
|
Other Financial Investment Activities |
2.6 |
% |
|
Computer Systems Design and Related Services |
2.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
47.3 |
% |
|
Grayscale Bitcoin Trust ETF |
9.0 |
% |
|
Hawaiian Electric Industries, Inc. |
7.2 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
Landbridge Co. LLC |
4.3 |
% |
|
Miami International Holdings, Inc. |
2.8 |
% |
|
Bolt Data & Energy Inc. |
2.0 |
% |
|
Partners Value Investments LP |
2.0 |
% |
|
White Mountains Insurance Group Ltd. |
1.3 |
% |
|
Permian Basin Royalty Trust |
1.1 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613730 |
|
|
The Market Opportunities Fund |
|
|
Institutional Class | KMKYX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Institutional Class |
$65 |
1.20% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$302,809,014 |
|
Number of Holdings |
83 |
|
Portfolio Turnover |
7% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Oil and Gas Extraction |
48.8 |
% |
|
Cash & Other |
12.8 |
% |
|
Securities, Commodity Contracts, and Other Financial Investments and Related Activities |
9.1 |
% |
|
Electric Power Generation, Transmission and Distribution |
7.2 |
% |
|
Water, Sewage and Other Systems |
4.7 |
% |
|
Offices of Real Estate Agents and Brokers |
4.3 |
% |
|
Other Investment Pools and Funds |
2.8 |
% |
|
Management of Companies and Enterprises |
2.7 |
% |
|
Securities and Commodities Exchanges |
2.7 |
% |
|
Other Financial Investment Activities |
2.6 |
% |
|
Computer Systems Design and Related Services |
2.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
47.3 |
% |
|
Grayscale Bitcoin Trust ETF |
9.0 |
% |
|
Hawaiian Electric Industries, Inc. |
7.2 |
% |
|
WaterBridge Infrastructure LLC |
4.7 |
% |
|
Landbridge Co. LLC |
4.3 |
% |
|
Miami International Holdings, Inc. |
2.8 |
% |
|
Bolt Data & Energy Inc. |
2.0 |
% |
|
Partners Value Investments LP |
2.0 |
% |
|
White Mountains Insurance Group Ltd. |
1.3 |
% |
|
Permian Basin Royalty Trust |
1.1 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613615 |
|
|
The Multi-Disciplinary Income Fund |
|
|
No Load Class | KMDNX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
No Load Class |
$37 |
0.74% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$17,713,423 |
|
Number of Holdings |
28 |
|
Portfolio Turnover |
17% |
|
Average Credit Quality |
AAA / AA |
|
Effective Duration |
0.1 years |
|
30-Day SEC Yield |
4.63% |
|
30-Day SEC Yield Unsubsidized |
4.06% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Asset Backed Securities |
91.4 |
% |
|
Cash & Other |
8.6 |
% |
|
Top 10 Issuers |
(%) |
|
|
Brant Point CLO Ltd. 2024-4-AA tranche |
5.7 |
% |
|
Sound Point CLO Ltd. 2025-1R-AAA tranche |
4.6 |
% |
|
Apex Credit CLO Ltd. 2021-1-AA tranche |
4.6 |
% |
|
Elevation CLO Ltd. 2013-1-AA tranche |
4.3 |
% |
|
Atlantic Avenue Ltd. 2023-1-AA tranche |
4.3 |
% |
|
Warwick Capital CLO Ltd. 2023-2-AA tranche |
4.3 |
% |
|
Black Diamond CLO Ltd. 2022-1-AA tranche |
4.3 |
% |
|
Eaton Vance 2013-1-AA tranche |
4.3 |
% |
|
BlueMountain CLO Ltd. 2021-33-AA tranche |
4.3 |
% |
|
Venture CDO Ltd. 2022-45-AA tranche |
3.6 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Multi-Disciplinary Income Fund | PAGE 1 | TSR-SAR-494613672 |
|
|
The Kinetics Spin-off and Corporate Restructuring Fund |
|
|
No Load Class | LSHEX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
No Load Class |
$88 |
1.45% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$35,873,587 |
|
Number of Holdings |
30 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
85.6 |
% |
|
Management of Companies and Enterprises |
7.1 |
% |
|
Finance and Insurance |
2.3 |
% |
|
Technology |
1.0 |
% |
|
Accommodation and Food Services |
0.9 |
% |
|
Real Estate and Rental and Leasing |
0.8 |
% |
|
Manufacturing |
0.3 |
% |
|
Pharmaceuticals |
0.3 |
% |
|
Information |
0.3 |
% |
|
Utilities |
0.1 |
% |
|
Cash & Other |
1.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
77.7 |
% |
|
Landbridge Co. LLC |
6.5 |
% |
|
Associated Capital Group, Inc. |
3.5 |
% |
|
Hawaiian Electric Industries, Inc. |
3.2 |
% |
|
WaterBridge Infrastructure LLC |
1.4 |
% |
|
GAMCO Investors, Inc. |
1.1 |
% |
|
Civeo Corp. |
0.9 |
% |
|
PrairieSky Royalty Ltd. |
0.8 |
% |
|
SB Technology, Inc. |
0.7 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
0.4 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613524 |
|
|
The Kinetics Spin-off and Corporate Restructuring Fund |
|
|
Advisor Class A | LSHAX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class A |
$91 |
1.50% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$35,873,587 |
|
Number of Holdings |
30 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
85.6 |
% |
|
Management of Companies and Enterprises |
7.1 |
% |
|
Finance and Insurance |
2.3 |
% |
|
Technology |
1.0 |
% |
|
Accommodation and Food Services |
0.9 |
% |
|
Real Estate and Rental and Leasing |
0.8 |
% |
|
Manufacturing |
0.3 |
% |
|
Pharmaceuticals |
0.3 |
% |
|
Information |
0.3 |
% |
|
Utilities |
0.1 |
% |
|
Cash & Other |
1.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
77.7 |
% |
|
Landbridge Co. LLC |
6.5 |
% |
|
Associated Capital Group, Inc. |
3.5 |
% |
|
Hawaiian Electric Industries, Inc. |
3.2 |
% |
|
WaterBridge Infrastructure LLC |
1.4 |
% |
|
GAMCO Investors, Inc. |
1.1 |
% |
|
Civeo Corp. |
0.9 |
% |
|
PrairieSky Royalty Ltd. |
0.8 |
% |
|
SB Technology, Inc. |
0.7 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
0.4 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613557 |
|
|
The Kinetics Spin-off and Corporate Restructuring Fund |
|
|
Advisor Class C | LSHCX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Advisor Class C |
$136 |
2.25% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$35,873,587 |
|
Number of Holdings |
30 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
85.6 |
% |
|
Management of Companies and Enterprises |
7.1 |
% |
|
Finance and Insurance |
2.3 |
% |
|
Technology |
1.0 |
% |
|
Accommodation and Food Services |
0.9 |
% |
|
Real Estate and Rental and Leasing |
0.8 |
% |
|
Manufacturing |
0.3 |
% |
|
Pharmaceuticals |
0.3 |
% |
|
Information |
0.3 |
% |
|
Utilities |
0.1 |
% |
|
Cash & Other |
1.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
77.7 |
% |
|
Landbridge Co. LLC |
6.5 |
% |
|
Associated Capital Group, Inc. |
3.5 |
% |
|
Hawaiian Electric Industries, Inc. |
3.2 |
% |
|
WaterBridge Infrastructure LLC |
1.4 |
% |
|
GAMCO Investors, Inc. |
1.1 |
% |
|
Civeo Corp. |
0.9 |
% |
|
PrairieSky Royalty Ltd. |
0.8 |
% |
|
SB Technology, Inc. |
0.7 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
0.4 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613540 |
|
|
The Kinetics Spin-off and Corporate Restructuring Fund |
|
|
Institutional Class | LSHUX |
||
|
Semi-Annual Shareholder Report | June 30, 2026 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Institutional Class |
$76 |
1.25% |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets |
$35,873,587 |
|
Number of Holdings |
30 |
|
Portfolio Turnover |
1% |
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
|
Top Sectors |
(%) |
|
|
Mining, Quarrying, and Oil and Gas Extraction |
85.6 |
% |
|
Management of Companies and Enterprises |
7.1 |
% |
|
Finance and Insurance |
2.3 |
% |
|
Technology |
1.0 |
% |
|
Accommodation and Food Services |
0.9 |
% |
|
Real Estate and Rental and Leasing |
0.8 |
% |
|
Manufacturing |
0.3 |
% |
|
Pharmaceuticals |
0.3 |
% |
|
Information |
0.3 |
% |
|
Utilities |
0.1 |
% |
|
Cash & Other |
1.3 |
% |
|
Top 10 Issuers |
(%) |
|
|
Texas Pacific Land Corp. |
77.7 |
% |
|
Landbridge Co. LLC |
6.5 |
% |
|
Associated Capital Group, Inc. |
3.5 |
% |
|
Hawaiian Electric Industries, Inc. |
3.2 |
% |
|
WaterBridge Infrastructure LLC |
1.4 |
% |
|
GAMCO Investors, Inc. |
1.1 |
% |
|
Civeo Corp. |
0.9 |
% |
|
PrairieSky Royalty Ltd. |
0.8 |
% |
|
SB Technology, Inc. |
0.7 |
% |
|
Grayscale Bitcoin Mini Trust ETF |
0.4 |
% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://kineticsfunds.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by your financial intermediary.
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613532 |
Item 2. Code of Ethics.
Not applicable for semi-annual reports on Form N-CSR.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
KINETICS
MUTUAL FUNDS, INC.
The
Internet Fund
The
Global Fund
The
Paradigm Fund
The
Small Cap Opportunities Fund
The
Market Opportunities Fund
The
Multi-Disciplinary Income Fund
The Kinetics Spin-Off and Corporate Restructuring Fund
Semi-Annual
Financial Statements and Other Important Information
June 30, 2026 (Unaudited)
TABLE
OF CONTENTS
KINETICS
MUTUAL FUNDS, INC. – The Funds
The
Kinetics Spin-off and Corporate Restructuring Fund
Schedule
of Investments
June
30, 2026 (Unaudited)
|
Shares |
Value | |||||
|
COMMON
STOCKS - 96.3% |
||||||
|
Accommodation
- 0.9% |
||||||
|
Civeo Corp.(a) |
9,000 |
$315,000 | ||||
|
Broadcasting
(except Internet) - 0.2% |
||||||
|
Atlanta Braves Holdings, Inc. - Class C(a) |
1,694 |
87,919 | ||||
|
Communications
Equipment Manufacturing - 0.0%(b) |
||||||
|
EchoStar Corp. - Class A(a) |
4 |
406 | ||||
|
Computer
Systems Design and Related Services - 0.3% |
||||||
|
Miami International Holdings, Inc.(a) |
2,616 |
97,211 | ||||
|
Data
Center Infrastructure - 0.3% |
||||||
|
Bolt Data & Energy Inc.(a)(c) |
20,000 |
100,000 | ||||
|
Digital
Asset Financial Services - 0.3% |
||||||
|
Galaxy Digital, Inc. - Class A(a) |
3,600 |
98,424 | ||||
|
Diversified
Real Estate Activities - 0.8% |
||||||
|
PrairieSky Royalty Ltd. |
12,000 |
268,556 | ||||
|
Electric
Power Generation, Transmission and Distribution - 3.2% |
||||||
|
GE Vernova, Inc. |
25 |
29,371 | ||||
|
Hawaiian Electric Industries, Inc.(a) |
83,600 |
1,131,108 | ||||
|
1,160,479 | ||||||
|
Funds,
Trusts, and Other Financial Vehicles - 0.0%(b) |
||||||
|
Mesabi Trust |
550 |
13,915 | ||||
|
Insurance
Carriers - 0.0%(b) |
||||||
|
Fairfax Financial Holdings Limited |
2 |
3,294 | ||||
|
Machinery
Manufacturing - 0.1% |
||||||
|
General Electric Co. |
100 |
37,373 | ||||
|
Management
of Companies and Enterprises - 3.9% |
||||||
|
Associated Capital Group, Inc. - Class A |
34,300 |
1,231,370 | ||||
|
Fairfax India Holdings Corp.(a)(d) |
2,800 |
51,240 | ||||
|
Valterra Platinum Ltd. - ADR |
22 |
245 | ||||
|
White Mountains Insurance Group Ltd. |
58 |
120,256 | ||||
|
1,403,111 | ||||||
|
Media
- 0.0%(b) |
||||||
|
Toei Animation Co. Ltd. |
200 |
2,994 | ||||
|
Mining
(except Oil and Gas) - 0.0%(b) |
||||||
|
Knife River Corp.(a) |
100 |
8,365 | ||||
|
Shares |
Value | |||||
|
Nonmetallic
Mineral Mining and Quarrying - 0.0%(b) |
||||||
|
Anglo American PLC - ADR |
63 |
$1,557 | ||||
|
Nonmetallic
Mineral Product Manufacturing - 0.2% |
||||||
|
Eagle Materials, Inc. |
342 |
76,950 | ||||
|
Offices
of Real Estate Agents and Brokers - 6.3% |
||||||
|
Landbridge Co. LLC - Class A |
28,670 |
2,271,811 | ||||
|
Oil
and Gas Extraction - 76.3%(e) |
||||||
|
Texas Pacific Land Corp.(f) |
62,531 |
27,366,067 | ||||
|
Other
Financial Investment Activities - 1.1% |
||||||
|
GAMCO Investors, Inc. - Class A |
17,000 |
402,947 | ||||
|
Seaport Entertainment Group, Inc.(a) |
188 |
5,001 | ||||
|
407,948 | ||||||
|
Other
Investment Pools and Funds - 0.1% |
||||||
|
Urbana Corp. |
6,234 |
40,527 | ||||
|
Urbana Corp. - Class A |
1,600 |
9,364 | ||||
|
49,891 | ||||||
|
Securities
and Commodities Exchanges - 0.1% |
||||||
|
TXSE Group, Inc.(a)(c) |
1,300 |
29,900 | ||||
|
Support
Activities for Mining - 0.1% |
||||||
|
Liberty Energy, Inc. |
972 |
25,457 | ||||
|
Technology
Services and Software - 0.7% |
||||||
|
SB Technology, Inc.(a)(c) |
6,130 |
253,475 | ||||
|
Water,
Sewage and Other Systems - 1.4% |
||||||
|
WaterBridge Infrastructure LLC - Class A |
14,098 |
483,138 | ||||
|
TOTAL
COMMON STOCKS (Cost $4,819,618) |
34,563,241 | |||||
|
UNIT
INVESTMENT TRUSTS - 0.4% |
||||||
|
Grayscale Bitcoin Cash Trust(a) |
6,073 |
9,000 | ||||
|
Grayscale Bitcoin Mini Trust ETF(a) |
4,890 |
126,896 | ||||
|
Grayscale Bitcoin Trust ETF(a) |
60 |
2,731 | ||||
|
Grayscale Litecoin Trust(a) |
24 |
74 | ||||
|
TOTAL
UNIT INVESTMENT TRUSTS (Cost $213,196) |
138,701 | |||||
The
accompanying notes are an integral part of these financial statements.
|
1 |
KINETICS
MUTUAL FUNDS, INC. – The Funds
The
Kinetics Spin-off and Corporate Restructuring Fund
Schedule
of Investments
June
30, 2026 (Unaudited)(Continued)
|
Shares |
Value | |||||
|
EXCHANGE
TRADED FUNDS - 0.0%(b) |
||||||
|
iShares Bitcoin Trust ETF(a) |
146 |
$4,861 | ||||
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $5,256) |
4,861 | |||||
|
TOTAL
INVESTMENTS - 96.7% (Cost $5,038,070) |
$34,706,803 | |||||
|
Money Market Deposit Account - 3.1%(g) |
1,097,911 | |||||
|
Other
Assets in Excess of Liabilities - 0.2% |
68,873 | |||||
|
TOTAL NET ASSETS - 100.0% |
$35,873,587 | |||||
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $383,375 or
1.1% of net assets as of June 30, 2026. |
|
(d) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2026, the values of these securities totaled $51,240
or 0.1% of the Fund’s net assets. |
|
(e) |
To the extent that
the Fund invests significantly in the securities of issuers in a particular industry or sector of the economy, its performance will be
especially sensitive to developments affecting that industry or sector. |
|
(f) |
Fair value of this
security exceeds 25% of the Fund’s net assets. Additional information about the issuer of this security, including its
financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
|
(g) |
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was 3.49%. |
The
accompanying notes are an integral part of these financial statements.
|
2 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Assets & Liabilities
June 30,
2026 (Unaudited)
|
The
Internet Fund |
The
Global Fund | |||||
|
ASSETS: |
||||||
|
Investments in the Master Portfolio, at value* |
$247,975,194 |
$50,382,500 | ||||
|
Receivable from Adviser |
— |
22,082 | ||||
|
Receivable for Master Portfolio interest sold |
227,719 |
— | ||||
|
Receivable for Fund shares sold |
17,009 |
2,993 | ||||
|
Prepaid expenses and other assets |
40,343 |
72,882 | ||||
|
Total Assets |
248,260,265 |
50,480,457 | ||||
|
LIABILITIES: |
||||||
|
Payable to Directors |
4,507 |
928 | ||||
|
Payable to Chief Compliance Officer |
309 |
60 | ||||
|
Payable for Fund shares repurchased |
244,728 |
41,100 | ||||
|
Payable for shareholder servicing fees |
51,008 |
10,415 | ||||
|
Payable for distribution fees |
26,814 |
17,824 | ||||
|
Accrued expenses and other liabilities |
49,224 |
19,891 | ||||
|
Total Liabilities |
376,590 |
90,218 | ||||
|
Net Assets |
$ 247,883,675 |
$ 50,390,239 | ||||
|
Net
Assets Consist of: |
||||||
|
Paid in capital |
$71,946,936 |
$25,219,164 | ||||
|
Accumulated earnings |
175,936,739 |
25,171,075 | ||||
|
Net assets |
$ 247,883,675 |
$ 50,390,239 | ||||
|
Calculation
of Net Asset Value Per Share - No Load Class: |
||||||
|
Net Assets |
$242,913,396 |
$42,264,093 | ||||
|
Shares outstanding |
2,921,347 |
2,522,071 | ||||
|
Net asset value per share (offering price and redemption price) |
$83.15 |
$16.76 | ||||
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
||||||
|
Net Assets |
$2,895,877 |
$4,009,818 | ||||
|
Shares outstanding |
38,881 |
241,599 | ||||
|
Net asset value per share (redemption price) |
$74.48 |
$16.60 | ||||
|
Offering price per share ($74.48 divided by .9425 and $16.60 divided by .9425) |
$79.02 |
$17.61 | ||||
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
||||||
|
Net Assets |
$2,074,402 |
$4,116,328 | ||||
|
Shares outstanding |
34,660 |
269,504 | ||||
|
Net asset value per share (offering price and redemption price) |
$59.85 |
$15.27 | ||||
|
* |
Each Feeder Fund invests all or generally all
its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio
of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Funds’ financial
statements. |
The
accompanying notes are an integral part of these financial statements.
|
3 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Assets & Liabilities
June
30, 2026 (Unaudited)(Continued)
|
The
Paradigm Fund |
The
Small Cap Opportunities Fund | |||||
|
ASSETS: |
||||||
|
Investments in the Master Portfolio, at value* |
$1,185,720,625 |
$528,652,805 | ||||
|
Receivable from Adviser |
97,338 |
33,457 | ||||
|
Receivable for Master Portfolio interest sold |
147,570 |
429,877 | ||||
|
Receivable for Fund shares sold |
238,768 |
267,730 | ||||
|
Prepaid expenses and other assets |
218,211 |
51,076 | ||||
|
Total Assets |
1,186,422,512 |
529,434,945 | ||||
|
LIABILITIES: |
||||||
|
Payable to Directors |
19,712 |
8,665 | ||||
|
Payable to Chief Compliance Officer |
913 |
429 | ||||
|
Payable for Fund shares repurchased |
386,338 |
697,607 | ||||
|
Payable for shareholder servicing fees |
174,663 |
80,822 | ||||
|
Payable for distribution fees |
284,466 |
58,014 | ||||
|
Accrued expenses and other liabilities |
158,690 |
71,231 | ||||
|
Total Liabilities |
1,024,782 |
916,768 | ||||
|
Net Assets |
$ 1,185,397,730 |
$ 528,518,177 | ||||
|
Net
Assets Consist of: |
||||||
|
Paid in capital |
$25,407,241 |
$156,701,231 | ||||
|
Accumulated earnings |
1,159,990,489 |
371,816,946 | ||||
|
Net Assets |
$ 1,185,397,730 |
$ 528,518,177 | ||||
|
Calculation
of Net Asset Value Per Share - No Load Class: |
||||||
|
Net Assets |
$548,658,582 |
$362,221,123 | ||||
|
Shares outstanding |
4,017,548 |
1,821,565 | ||||
|
Net asset value per share (offering price and redemption price) |
$136.57 |
$198.85 | ||||
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
||||||
|
Net Assets |
$239,212,667 |
$26,629,949 | ||||
|
Shares outstanding |
1,862,166 |
140,131 | ||||
|
Net asset value per share (redemption price) |
$128.46 |
$190.04 | ||||
|
Offering price per share ($128.46 divided by .9425 and $190.04 divided by .9425) |
$136.30 |
$201.63 | ||||
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
||||||
|
Net Assets |
$75,925,232 |
$11,950,686 | ||||
|
Shares outstanding |
678,072 |
67,727 | ||||
|
Net asset value per share (offering price and redemption price) |
$111.97 |
$176.45 | ||||
|
Calculation
of Net Asset Value Per Share - Institutional Class: |
||||||
|
Net Assets |
$321,601,249 |
$127,716,419 | ||||
|
Shares outstanding |
2,312,518 |
625,932 | ||||
|
Net asset value per share (offering price and redemption price) |
$139.07 |
$204.04 | ||||
|
* |
Each Feeder Fund invests all or generally all
its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio
of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Funds’ financial
statements. |
The
accompanying notes are an integral part of these financial statements.
|
4 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Assets & Liabilities
June
30, 2026 (Unaudited)(Continued)
|
The
Market Opportunities
Fund |
The
Multi-Disciplinary
Income Fund | |||||
|
ASSETS: |
||||||
|
Investments in the Master Portfolio, at value* |
$302,225,228 |
$17,493,166 | ||||
|
Receivable from Adviser |
74,737 |
4,526 | ||||
|
Receivable for Master Portfolio interest sold |
488,230 |
— | ||||
|
Receivable for Fund shares sold |
46,720 |
8,987 | ||||
|
Prepaid expenses and other assets |
49,158 |
26,481 | ||||
|
Total Assets |
302,884,073 |
17,533,160 | ||||
|
LIABILITIES: |
||||||
|
Payable for Master Portfolio interest purchased |
— |
8,987 | ||||
|
Payable to Directors |
5,131 |
291 | ||||
|
Payable to Chief Compliance Officer |
241 |
19 | ||||
|
Payable for Fund shares repurchased |
534,951 |
— | ||||
|
Payable for shareholder servicing fees |
52,226 |
3,580 | ||||
|
Payable for distribution fees |
36,874 |
845 | ||||
|
Accrued expenses and other liabilities |
48,138 |
11,752 | ||||
|
Total Liabilities |
677,561 |
25,474 | ||||
|
Net Assets |
$ 302,206,512 |
$ 17,507,686 | ||||
|
Net
Assets Consist of: |
||||||
|
Paid in capital |
$108,595,489 |
$22,933,158 | ||||
|
Accumulated earnings |
193,611,023 |
(5,425,472) | ||||
|
Net Assets |
$ 302,206,512 |
$ 17,507,686 | ||||
|
Calculation
of Net Asset Value Per Share - No Load Class: |
||||||
|
Net Assets |
$224,537,904 |
$17,507,686 | ||||
|
Shares outstanding |
2,604,637 |
1,761,217 | ||||
|
Net asset value per share (offering price and redemption price) |
$86.21 |
$9.94 | ||||
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
||||||
|
Net Assets |
$25,133,907 |
N/A | ||||
|
Shares outstanding |
297,838 |
N/A | ||||
|
Net asset value per share (redemption price) |
$84.39 |
N/A | ||||
|
Offering price per share ($84.39 divided by .9425) |
$89.54 |
N/A | ||||
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
||||||
|
Net Assets |
$11,251,189 |
N/A | ||||
|
Shares outstanding |
141,709 |
N/A | ||||
|
Net asset value per share (offering price and redemption price) |
$79.40 |
N/A | ||||
|
Calculation
of Net Asset Value Per Share - Institutional Class: |
||||||
|
Net Assets |
$41,283,512 |
N/A | ||||
|
Shares outstanding |
470,419 |
N/A | ||||
|
Net asset value per share (offering price and redemption price) |
$87.76 |
N/A | ||||
|
* |
Each Feeder Fund invests all or generally all
its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio
of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Funds’ financial
statements. |
The
accompanying notes are an integral part of these financial statements.
|
5 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Assets & Liabilities
June
30, 2026 (Unaudited)(Continued)
|
The
Kinetics Spin-Off and
Corporate Restructuring
Fund (Consolidated) | |||
|
ASSETS: |
|||
|
Investments, at value(1) |
$34,706,803 | ||
|
Cash |
1,089,712 | ||
|
Receivable for investments sold |
218,383 | ||
|
Dividends and interest receivable |
3,528 | ||
|
Prepaid expenses and other assets |
35,818 | ||
|
Total Assets |
36,054,244 | ||
|
LIABILITIES: |
|||
|
Payable to Adviser |
13,939 | ||
|
Payable to Directors |
598 | ||
|
Payable to Chief Compliance Officer |
16 | ||
|
Payable to custodian |
1,885 | ||
|
Payable for Fund shares repurchased |
104,007 | ||
|
Payable for shareholder servicing fees |
2,757 | ||
|
Payable for distribution fees |
25,693 | ||
|
Accrued expenses and other liabilities |
31,762 | ||
|
Total Liabilities |
180,657 | ||
|
Net Assets |
$35,873,587 | ||
|
(1) Cost of investments |
5,038,070 | ||
|
Net
Assets Consist of: |
|||
|
Paid in capital |
$3,663,891 | ||
|
Accumulated earnings |
32,209,696 | ||
|
Net Assets |
$35,873,587 | ||
|
Calculation
of Net Asset Value Per Share - No Load Class: |
|||
|
Net Assets |
$97,989 | ||
|
Shares outstanding |
2,750 | ||
|
Net asset value per share (offering price and redemption price) |
$35.63 | ||
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
|||
|
Net Assets |
$9,538,309 | ||
|
Shares outstanding |
285,199 | ||
|
Net asset value per share (redemption price) |
$33.44 | ||
|
Offering price per share ($33.44 divided by .9425) |
$35.48 | ||
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
|||
|
Net Assets |
$201,588 | ||
|
Shares outstanding |
6,875 | ||
|
Net asset value per share (offering price and redemption price) |
$29.32 | ||
|
Calculation
of Net Asset Value Per Share - Institutional Class: |
|||
|
Net Assets |
$26,035,701 | ||
|
Shares outstanding |
769,190 | ||
|
Net asset value per share (offering price and redemption price) |
$33.85 | ||
The
accompanying notes are an integral part of these financial statements.
|
6 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Operations
For
the Six Months Ended June 30, 2026 (Unaudited)
|
The
Internet Fund |
The
Global Fund | |||||
|
INVESTMENT
LOSS ALLOCATED FROM MASTER PORTFOLIOS: |
||||||
|
Dividends† |
$556,755 |
$254,270 | ||||
|
Interest |
99,339 |
37,294 | ||||
|
Income from securities lending |
6,959 |
2,543 | ||||
|
Expenses allocated from Master Portfolio |
(1,824,455) |
(388,279) | ||||
|
Net investment loss from Master Portfolio |
(1,161,402) |
(94,172) | ||||
|
EXPENSES: |
||||||
|
Distribution fees - Advisor Class A (See Note 3) |
4,063 |
5,328 | ||||
|
Distribution fees - Advisor Class C (See Note 3) |
9,160 |
16,855 | ||||
|
Shareholder servicing fees - Advisor Class A (See Note 3) |
4,063 |
5,328 | ||||
|
Shareholder servicing fees - Advisor Class C (See Note 3) |
3,053 |
5,618 | ||||
|
Shareholder servicing fees - No Load Class (See Note 3) |
337,593 |
58,801 | ||||
|
Transfer agent fees and expenses |
39,892 |
15,883 | ||||
|
Reports to shareholders |
5,574 |
933 | ||||
|
Administration fees |
29,427 |
7,151 | ||||
|
Professional fees |
19,990 |
10,819 | ||||
|
Directors’ fees |
9,386 |
1,816 | ||||
|
Chief Compliance Officer fees |
1,523 |
305 | ||||
|
Registration fees |
32,978 |
33,463 | ||||
|
Fund accounting fees |
4,741 |
610 | ||||
|
Other expenses |
67 |
— | ||||
|
Total expenses |
501,510 |
162,910 | ||||
|
Less, expense reimbursement |
— |
(142,516) | ||||
|
Net expenses |
501,510 |
20,394 | ||||
|
Net investment loss |
(1,662,912) |
(114,566) | ||||
|
REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: |
||||||
|
Net
realized gain on: |
||||||
|
Investments and foreign currency |
8,202,077 |
2,921,395 | ||||
|
Net
change in unrealized appreciation (depreciation) of: |
||||||
|
Investments and foreign currency |
(31,946,220) |
(345,168) | ||||
|
Net gain (loss) on investments |
(23,744,143) |
2,576,227 | ||||
|
Net increase (decrease) in net assets resulting from operations |
$(25,407,055) |
$2,461,661 | ||||
|
† Net of foreign taxes withheld of: |
$57,746 |
$8,656 | ||||
The
accompanying notes are an integral part of these financial statements.
|
7 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Operations
For
the Six Months Ended June 30, 2026 (Unaudited)(Continued)
|
The
Paradigm Fund |
The
Small Cap Opportunities Fund | |||||
|
INVESTMENT
LOSS ALLOCATED FROM MASTER PORTFOLIOS: |
||||||
|
Dividends† |
$3,233,843 |
$1,794,463 | ||||
|
Interest |
699,473 |
364,731 | ||||
|
Income from securities lending |
3,228 |
7,799 | ||||
|
Expenses allocated from Master Portfolio |
(7,953,860) |
(3,468,162) | ||||
|
Net investment loss from Master Portfolio |
(4,017,316) |
(1,301,169) | ||||
|
EXPENSES: |
||||||
|
Distribution fees - Advisor Class A (See Note 3) |
303,332 |
31,763 | ||||
|
Distribution fees - Advisor Class C (See Note 3) |
288,519 |
43,535 | ||||
|
Shareholder servicing fees - Advisor Class A (See Note 3) |
303,332 |
31,763 | ||||
|
Shareholder servicing fees - Advisor Class C (See Note 3) |
96,173 |
14,512 | ||||
|
Shareholder servicing fees - No Load Class (See Note 3) |
699,749 |
447,780 | ||||
|
Shareholder servicing fees - Institutional Class (See Note 3) |
323,251 |
130,639 | ||||
|
Transfer agent fees and expenses |
82,661 |
46,206 | ||||
|
Reports to shareholders |
25,451 |
12,518 | ||||
|
Administration fees |
134,807 |
58,201 | ||||
|
Professional fees |
54,300 |
27,096 | ||||
|
Directors’ fees |
37,393 |
16,512 | ||||
|
Chief Compliance Officer fees |
6,103 |
2,738 | ||||
|
Registration fees |
59,910 |
52,128 | ||||
|
Fund accounting fees |
22,900 |
9,575 | ||||
|
Other expenses |
796 |
— | ||||
|
Total expenses |
2,438,677 |
924,966 | ||||
|
Less, expense waiver for Institutional Class shareholder servicing fees |
(242,438) |
(97,979) | ||||
|
Less, expense reimbursement |
(12,897) |
(38,250) | ||||
|
Net expenses |
2,183,342 |
788,737 | ||||
|
Net investment loss |
(6,200,658) |
(2,089,906) | ||||
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: |
||||||
|
Net
realized gain on: |
||||||
|
Investments and foreign currency |
175,451,063 |
6,426,202 | ||||
|
Net
change in unrealized appreciation (depreciation) of: |
||||||
|
Investments and foreign currency |
117,790,938 |
120,664,276 | ||||
|
Net gain on investments |
293,242,001 |
127,090,478 | ||||
|
Net increase in net assets resulting from operations |
$287,041,343 |
$125,000,572 | ||||
|
† Net of foreign taxes withheld of: |
$12,588 |
$17,479 | ||||
The
accompanying notes are an integral part of these financial statements.
|
8 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Operations
For
the Six Months Ended June 30, 2026 (Unaudited)(Continued)
|
The
Market Opportunities
Fund |
The
Multi-Disciplinary
Income Fund | |||||
|
INVESTMENT
GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS: |
||||||
|
Dividends† |
$886,059 |
$— | ||||
|
Interest |
319,858 |
473,061 | ||||
|
Income from securities lending |
19,506 |
— | ||||
|
Realized loss on paydown |
— |
(919) | ||||
|
Expenses allocated from Master Portfolio |
(2,031,202) |
(36,497) | ||||
|
Net investment income (loss) from Master Portfolio |
(805,779) |
435,645 | ||||
|
EXPENSES: |
||||||
|
Distribution fees - Advisor Class A (See Note 3) |
30,256 |
— | ||||
|
Distribution fees - Advisor Class C (See Note 3) |
43,988 |
— | ||||
|
Shareholder servicing fees - Advisor Class A (See Note 3) |
30,256 |
— | ||||
|
Shareholder servicing fees - Advisor Class C (See Note 3) |
14,663 |
— | ||||
|
Shareholder servicing fees - No Load Class (See Note 3) |
285,506 |
22,033 | ||||
|
Shareholder servicing fees - Institutional Class (See Note 3) |
42,461 |
— | ||||
|
Transfer agent fees and expenses |
32,496 |
5,883 | ||||
|
Reports to shareholders |
7,537 |
116 | ||||
|
Administration fees |
34,560 |
2,447 | ||||
|
Professional fees |
18,736 |
9,612 | ||||
|
Directors’ fees |
9,632 |
612 | ||||
|
Chief Compliance Officer fees |
1,587 |
101 | ||||
|
Registration fees |
59,803 |
3,482 | ||||
|
Fund accounting fees |
5,261 |
326 | ||||
|
Other expenses |
— |
— | ||||
|
Total expenses |
616,742 |
44,612 | ||||
|
Less, expense waiver for Institutional Class shareholder servicing fees |
(31,846) |
— | ||||
|
Less, expense reimbursement |
(436,708) |
(12,311) | ||||
|
Net expenses |
148,188 |
32,301 | ||||
|
Net investment income (loss) from Master Portfolio |
(953,967) |
403,344 | ||||
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: |
||||||
|
Net
realized gain on: |
||||||
|
Investments and foreign currency |
5,390,846 |
922 | ||||
|
Net
change in unrealized appreciation (depreciation) of: |
||||||
|
Investments and foreign currency |
40,579,102 |
7,602 | ||||
|
Net gain on investments |
45,969,948 |
8,524 | ||||
|
Net increase in net assets resulting from operations |
$45,015,981 |
$411,868 | ||||
|
† Net of foreign taxes withheld of: |
$33,500 |
$— | ||||
The
accompanying notes are an integral part of these financial statements.
|
9 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
Statements
of Operations
For
the Six Months Ended June 30, 2026 (Unaudited)(Continued)
|
The
Kinetics Spin-Off and
Corporate Restructuring
Fund (Consolidated) | |||
|
INVESTMENT
INCOME: |
|||
|
Dividends† |
$101,856 | ||
|
Interest |
21,617 | ||
|
Total investment income |
123,473 | ||
|
EXPENSES: |
|||
|
Distribution fees - Advisor Class A (See Note 3) |
12,265 | ||
|
Distribution fees - Advisor Class C (See Note 3) |
733 | ||
|
Shareholder servicing fees - Advisor Class A (See Note 3) |
12,265 | ||
|
Shareholder servicing fees - Advisor Class C (See Note 3) |
244 | ||
|
Shareholder servicing fees - No Load Class (See Note 3) |
111 | ||
|
Shareholder servicing fees - Institutional Class (See Note 3) |
24,831 | ||
|
Transfer agent fees and expenses |
18,543 | ||
|
Reports to shareholders |
943 | ||
|
Administration fees |
12,311 | ||
|
Professional fees |
35,782 | ||
|
Directors’ fees |
1,149 | ||
|
Chief Compliance Officer fees |
157 | ||
|
Registration fees |
40,533 | ||
|
Fund accounting fees |
2,503 | ||
|
Investment advisory fees |
174,636 | ||
|
Custodian fees and expenses |
5,614 | ||
|
Other expenses |
4 | ||
|
Total expenses |
342,624 | ||
|
Less, expense waiver for Institutional Class shareholder servicing fees |
(18,623) | ||
|
Less, expense reimbursement |
(92,709) | ||
|
Net expenses |
231,292 | ||
|
Net investment loss |
(107,819) | ||
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY: |
|||
|
Net
realized gain on: |
|||
|
Investments and foreign currency |
2,400,107 | ||
|
Net
change in unrealized appreciation (depreciation) of: |
|||
|
Investments and foreign currency |
8,742,618 | ||
|
Net gain on investments |
11,142,725 | ||
|
Net increase in net assets resulting from operations |
$11,034,906 | ||
|
† Net of foreign taxes withheld of: |
$1,036 | ||
The
accompanying notes are an integral part of these financial statements.
|
10 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS
|
The Internet Fund |
The Global Fund | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
OPERATIONS: |
||||||||||||
|
Net investment income (loss) |
$(1,662,912) |
$(3,126,552) |
$(114,566) |
$96,153 | ||||||||
|
Net realized gain on sale of investments and foreign currency |
8,202,077 |
10,222,884 |
2,921,395 |
1,122,142 | ||||||||
|
Net change in unrealized appreciation (depreciation) of investments and foreign currency |
(31,946,220) |
(35,050,697) |
(345,168) |
(177,309) | ||||||||
|
Net increase (decrease) in net assets resulting from operations |
(25,407,055) |
(27,954,365) |
2,461,661 |
1,040,986 | ||||||||
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
||||||||||||
|
No Load Class (See Note 5) |
— |
(4,905,095) |
— |
(1,168,926) | ||||||||
|
Advisor Class A (See Note 5) |
— |
(65,206) |
— |
(96,382) | ||||||||
|
Advisor Class C (See Note 5) |
— |
(60,860) |
— |
(79,870) | ||||||||
|
Total distributions to shareholders |
— |
(5,031,161) |
— |
(1,345,178) | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
||||||||||||
|
Proceeds from shares sold |
8,612,652 |
45,348,885 |
4,379,927 |
43,356,409 | ||||||||
|
Redemption fees |
5,917 |
32,326 |
2,658 |
26,038 | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
4,809,231 |
— |
1,150,793 | ||||||||
|
Cost of shares redeemed |
(16,558,361) |
(65,550,926) |
(10,366,280) |
(37,975,720) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(7,939,792) |
(15,360,484) |
(5,983,695) |
6,557,520 | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
||||||||||||
|
Proceeds from shares sold |
203,587 |
893,914 |
117,737 |
1,843,428 | ||||||||
|
Redemption fees |
71 |
394 |
239 |
1,598 | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
58,144 |
— |
84,406 | ||||||||
|
Cost of shares redeemed |
(304,157) |
(1,169,489) |
(316,428) |
(597,250) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(100,499) |
(217,037) |
(198,452) |
1,332,182 | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
||||||||||||
|
Proceeds from shares sold |
354,675 |
271,233 |
30,000 |
22,387 | ||||||||
|
Redemption fees |
52 |
358 |
250 |
3,116 | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
54,046 |
— |
68,742 | ||||||||
|
Cost of shares redeemed |
(565,714) |
(1,571,827) |
(657,624) |
(2,557,391) | ||||||||
|
Net decrease in net assets resulting from capital share transactions |
(210,987) |
(1,246,190) |
(627,374) |
(2,463,146) | ||||||||
|
Total increase (decrease) in net assets: |
(33,658,333) |
(49,809,237) |
(4,347,860) |
5,122,364 | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
11 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The Internet Fund |
The Global Fund | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
NET
ASSETS: |
||||||||||||
|
Beginning of period |
$281,542,008 |
$331,351,245 |
$54,738,099 |
$49,615,735 | ||||||||
|
End of period |
$247,883,675 |
$281,542,008 |
$50,390,239 |
$54,738,099 | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
||||||||||||
|
Shares sold |
93,359 |
426,032 |
251,308 |
2,542,818 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
52,076 |
— |
71,212 | ||||||||
|
Shares redeemed |
(182,296) |
(622,417) |
(605,504) |
(2,236,932) | ||||||||
|
Net
increase (decrease) in shares outstanding |
(88,937) |
(144,309) |
(354,196) |
377,098 | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
||||||||||||
|
Shares sold |
2,383 |
9,389 |
6,989 |
109,506 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
702 |
— |
5,269 | ||||||||
|
Shares redeemed |
(3,667) |
(12,438) |
(18,441) |
(34,928) | ||||||||
|
Net
increase (decrease) in shares outstanding |
(1,284) |
(2,347) |
(11,452) |
79,847 | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
||||||||||||
|
Shares sold |
5,299 |
3,460 |
1,894 |
1,420 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
810 |
— |
4,651 | ||||||||
|
Shares redeemed |
(8,250) |
(20,488) |
(40,494) |
(165,263) | ||||||||
|
Net decrease in shares outstanding |
(2,951) |
(16,218) |
(38,600) |
(159,192) | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
12 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The Paradigm Fund |
The Small Cap Opportunities Fund | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
OPERATIONS: |
||||||||||||
|
Net investment loss |
$(6,200,658) |
$(13,684,752) |
$(2,089,906) |
$(2,058,392) | ||||||||
|
Net realized gain (loss) on sale of investments and foreign currency |
175,451,063 |
91,965,606 |
6,426,202 |
(263,606) | ||||||||
|
Net change in unrealized appreciation (depreciation) of investments and foreign currency |
117,790,938 |
(267,584,489) |
120,664,276 |
(47,653,090) | ||||||||
|
Net increase (decrease) in net assets resulting from operations |
287,041,343 |
(189,303,635) |
125,000,572 |
(49,975,088) | ||||||||
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
||||||||||||
|
No Load Class (See Note 5) |
— |
(35,834,348) |
— |
(546,352) | ||||||||
|
Advisor Class A (See Note 5) |
— |
(16,217,074) |
— |
— | ||||||||
|
Advisor Class C (See Note 5) |
— |
(5,809,435) |
— |
— | ||||||||
|
Institutional Class (See Note 5) |
— |
(20,310,839) |
— |
(473,052) | ||||||||
|
Total distributions to shareholders |
— |
(78,171,696) |
— |
(1,019,404) | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
||||||||||||
|
Proceeds from shares sold |
26,375,703 |
212,356,621 |
29,423,458 |
137,634,708 | ||||||||
|
Redemption fees |
33,834 |
230,575 |
17,816 |
106,226 | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
34,567,228 |
— |
528,493 | ||||||||
|
Cost of shares redeemed |
(71,938,306) |
(260,209,107) |
(55,638,354) |
(134,959,036) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(45,528,769) |
(13,054,683) |
(26,197,080) |
3,310,391 | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
||||||||||||
|
Proceeds from shares sold |
3,147,677 |
14,751,079 |
2,129,221 |
3,298,299 | ||||||||
|
Redemption fees |
14,639 |
88,967 |
1,265 |
7,325 | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
13,875,175 |
— |
— | ||||||||
|
Cost of shares redeemed |
(20,659,146) |
(33,078,015) |
(2,952,920) |
(3,849,732) | ||||||||
|
Net decrease in net assets resulting from capital share transactions |
(17,496,830) |
(4,362,794) |
(822,434) |
(544,108) | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
||||||||||||
|
Proceeds from shares sold |
674,194 |
3,568,176 |
229,620 |
448,125 | ||||||||
|
Redemption fees |
4,657 |
29,674 |
577 |
3,395 | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
5,140,994 |
— |
— | ||||||||
|
Cost of shares redeemed |
(5,588,663) |
(18,724,817) |
(703,705) |
(2,269,573) | ||||||||
|
Net decrease in net assets resulting from capital share transactions |
(4,909,812) |
(9,985,973) |
(473,508) |
(1,818,053) | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
13 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The Paradigm Fund |
The Small Cap Opportunities Fund | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
CAPITAL
SHARE TRANSACTIONS - INSTITUTIONAL CLASS: |
||||||||||||
|
Proceeds from shares sold |
17,277,826 |
65,167,588 |
15,315,921 |
57,593,732 | ||||||||
|
Redemption fees |
19,365 |
114,276 |
6,436 |
30,864 | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
19,752,771 |
— |
462,568 | ||||||||
|
Cost of shares redeemed |
(41,375,715) |
(73,990,269) |
(30,410,318) |
(27,363,781) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(24,078,524) |
11,044,366 |
(15,087,961) |
30,723,383 | ||||||||
|
Total increase (decrease) in net assets: |
195,027,408 |
(283,834,415) |
82,419,589 |
(19,322,879) | ||||||||
|
NET
ASSETS: |
||||||||||||
|
Beginning of period |
990,370,322 |
1,274,204,737 |
446,098,588 |
465,421,467 | ||||||||
|
End of period |
$1,185,397,730 |
$990,370,322 |
$528,518,177 |
$446,098,588 | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
||||||||||||
|
Shares sold |
183,224 |
1,439,102 |
152,057 |
764,195 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
321,675 |
— |
3,374 | ||||||||
|
Shares redeemed |
(537,234) |
(1,928,574) |
(295,327) |
(786,321) | ||||||||
|
Net decrease in shares outstanding |
(354,010) |
(167,797) |
(143,270) |
(18,752) | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
||||||||||||
|
Shares sold |
24,860 |
110,012 |
11,017 |
19,234 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
137,080 |
— |
— | ||||||||
|
Shares redeemed |
(157,254) |
(256,931) |
(16,794) |
(23,330) | ||||||||
|
Net decrease in shares outstanding |
(132,394) |
(9,839) |
(5,777) |
(4,096) | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
||||||||||||
|
Shares sold |
5,164 |
28,007 |
1,289 |
2,891 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
58,130 |
— |
— | ||||||||
|
Shares redeemed |
(50,501) |
(159,666) |
(4,106) |
(14,483) | ||||||||
|
Net decrease in shares outstanding |
(45,337) |
(73,529) |
(2,817) |
(11,592) | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: |
||||||||||||
|
Shares sold |
128,042 |
458,403 |
77,472 |
320,445 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
180,655 |
— |
2,881 | ||||||||
|
Shares redeemed |
(286,854) |
(538,939) |
(150,597) |
(153,312) | ||||||||
|
Net increase (decrease) in shares outstanding |
(158,812) |
100,119 |
(73,125) |
170,014 | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
14 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The Market Opportunities Fund |
The Multi-Disciplinary Income Fund | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
OPERATIONS: |
||||||||||||
|
Net investment income (loss) |
$(953,967) |
$(366,807) |
$403,344 |
$821,835 | ||||||||
|
Net realized gain (loss) on sale of investments and foreign currency |
5,390,846 |
3,530,320 |
922 |
(96) | ||||||||
|
Net change in unrealized appreciation (depreciation) of investments and foreign currency |
40,579,102 |
(22,531,030) |
7,602 |
(44,382) | ||||||||
|
Net increase (decrease) in net assets resulting from operations |
45,015,981 |
(19,367,517) |
411,868 |
777,357 | ||||||||
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
||||||||||||
|
No Load Class (See Note 5) |
— |
(1,334,415) |
(451,284) |
(820,482) | ||||||||
|
Advisor Class A (See Note 5) |
— |
(124,004) |
N/A |
N/A | ||||||||
|
Advisor Class C (See Note 5) |
— |
(69,870) |
N/A |
N/A | ||||||||
|
Institutional Class (See Note 5) |
— |
(291,888) |
N/A |
N/A | ||||||||
|
Total distributions to shareholders |
— |
(1,820,177) |
(451,284) |
(820,482) | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
||||||||||||
|
Proceeds from shares sold |
21,083,958 |
190,143,043 |
2,650,883 |
6,798,655 | ||||||||
|
Redemption fees |
10,597 |
137,088 |
— |
— | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
1,332,016 |
303,117 |
461,137 | ||||||||
|
Cost of shares redeemed |
(32,745,015) |
(134,006,053) |
(2,606,244) |
(3,423,310) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(11,650,460) |
57,606,094 |
347,756 |
3,836,482 | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
||||||||||||
|
Proceeds from shares sold |
2,587,858 |
6,266,620 |
N/A |
N/A | ||||||||
|
Redemption fees |
1,142 |
12,318 |
N/A |
N/A | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
113,719 |
N/A |
N/A | ||||||||
|
Cost of shares redeemed |
(1,430,720) |
(3,599,006) |
N/A |
N/A | ||||||||
|
Net increase in net assets resulting from capital share transactions |
1,158,280 |
2,793,651 |
N/A |
N/A | ||||||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
||||||||||||
|
Proceeds from shares sold |
28,500 |
631,258 |
N/A |
N/A | ||||||||
|
Redemption fees |
532 |
8,273 |
N/A |
N/A | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
50,728 |
N/A |
N/A | ||||||||
|
Cost of shares redeemed |
(1,540,602) |
(4,629,809) |
N/A |
N/A | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(1,511,570) |
(3,939,550) |
N/A |
N/A | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
15 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The Market Opportunities Fund |
The Multi-Disciplinary Income Fund | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
CAPITAL
SHARE TRANSACTIONS - INSTITUTIONAL CLASS: |
||||||||||||
|
Proceeds from shares sold |
8,522,844 |
48,545,639 |
N/A |
N/A | ||||||||
|
Redemption fees |
2,008 |
28,434 |
N/A |
N/A | ||||||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
277,364 |
N/A |
N/A | ||||||||
|
Cost of shares redeemed |
(6,701,033) |
(40,137,887) |
N/A |
N/A | ||||||||
|
Net increase in net assets resulting from capital share transactions |
1,823,819 |
8,713,550 |
N/A |
N/A | ||||||||
|
Total increase in net assets: |
34,836,050 |
43,986,051 |
308,340 |
3,793,357 | ||||||||
|
NET
ASSETS: |
||||||||||||
|
Beginning of period |
267,370,462 |
223,384,411 |
17,199,346 |
13,405,989 | ||||||||
|
End of period |
$302,206,512 |
$267,370,462 |
$17,507,686 |
$17,199,346 | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
||||||||||||
|
Shares sold |
241,060 |
2,282,294 |
265,187 |
678,043 | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
17,896 |
30,511 |
46,358 | ||||||||
|
Shares redeemed |
(385,187) |
(1,660,730) |
(260,241) |
(341,759) | ||||||||
|
Net
increase (decrease) in shares outstanding |
(144,127) |
639,460 |
35,457 |
382,642 | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
||||||||||||
|
Shares sold |
30,095 |
77,549 |
N/A |
N/A | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
1,559 |
N/A |
N/A | ||||||||
|
Shares redeemed |
(16,992) |
(44,974) |
N/A |
N/A | ||||||||
|
Net increase in shares outstanding |
13,103 |
34,134 |
N/A |
N/A | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
||||||||||||
|
Shares sold |
376 |
8,092 |
N/A |
N/A | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
738 |
N/A |
N/A | ||||||||
|
Shares redeemed |
(18,920) |
(60,168) |
N/A |
N/A | ||||||||
|
Net
increase (decrease) in shares outstanding |
(18,544) |
(51,338) |
N/A |
N/A | ||||||||
|
CHANGES
IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: |
||||||||||||
|
Shares sold |
97,279 |
569,880 |
N/A |
N/A | ||||||||
|
Shares issued in reinvestments of dividends and distributions |
— |
3,664 |
N/A |
N/A | ||||||||
|
Shares redeemed |
(76,858) |
(488,160) |
N/A |
N/A | ||||||||
|
Net increase in shares outstanding |
20,421 |
85,384 |
N/A |
N/A | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
16 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS
|
The
Kinetics Spin-Off and Corporate Restructuring Fund (Consolidated) | ||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||
|
OPERATIONS: |
||||||
|
Net investment loss |
$(107,819) |
$(219,889) | ||||
|
Net realized gain on sale of investments and foreign currency |
2,400,107 |
3,153,252 | ||||
|
Net change in unrealized appreciation (depreciation) of investments and foreign currency |
8,742,618 |
(9,619,838) | ||||
|
Net increase (decrease) in net assets resulting from operations |
11,034,906 |
(6,686,475) | ||||
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
||||||
|
No Load Class (See Note 5) |
— |
(6,605) | ||||
|
Advisor Class A (See Note 5) |
— |
(758,992) | ||||
|
Advisor Class C (See Note 5) |
— |
(24,609) | ||||
|
Institutional Class (See Note 5) |
— |
(1,951,915) | ||||
|
Total distributions to shareholders |
— |
(2,742,121) | ||||
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
||||||
|
Proceeds from shares sold |
3,600 |
48,650 | ||||
|
Redemption fees |
22 |
462 | ||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
6,391 | ||||
|
Cost of shares redeemed |
(1,813) |
(156,649) | ||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
1,809 |
(101,146) | ||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
||||||
|
Proceeds from shares sold |
1,891,620 |
1,483,713 | ||||
|
Redemption fees |
2,445 |
20,760 | ||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
748,617 | ||||
|
Cost of shares redeemed |
(2,340,208) |
(3,060,653) | ||||
|
Net decrease in net assets resulting from capital share transactions |
(446,143) |
(807,563) | ||||
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
||||||
|
Proceeds from shares sold |
— |
— | ||||
|
Redemption fees |
47 |
511 | ||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
24,610 | ||||
|
Cost of shares redeemed |
(43,434) |
(31,719) | ||||
|
Net decrease in net assets resulting from capital share transactions |
(43,387) |
(6,598) | ||||
|
CAPITAL
SHARE TRANSACTIONS - INSTITUTIONAL CLASS: |
||||||
|
Proceeds from shares sold |
574,857 |
4,620,983 | ||||
|
Redemption fees |
6,077 |
48,089 | ||||
|
Proceeds from shares issued to holders in reinvestment of dividends |
— |
1,942,264 | ||||
|
Cost of shares redeemed |
(1,395,199) |
(6,759,139) | ||||
|
Net decrease in net assets resulting from capital share transactions |
(814,265) |
(147,803) | ||||
|
Total increase (decrease) in net assets: |
9,732,920 |
(10,491,706) | ||||
The
accompanying notes are an integral part of these financial statements.
|
17 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The
Kinetics Spin-Off and Corporate Restructuring Fund (Consolidated) | ||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||
|
NET
ASSETS: |
||||||
|
Beginning of period |
$26,140,667 |
$36,632,373 | ||||
|
End of period |
$ 35,873,587 |
$26,140,667 | ||||
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
||||||
|
Shares sold |
111 |
1,361 | ||||
|
Shares issued in reinvestments of dividends and distributions |
— |
254 | ||||
|
Shares redeemed |
(72) |
(5,457) | ||||
|
Net increase (decrease) in shares outstanding |
39 |
(3,842) | ||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
||||||
|
Shares sold |
51,046 |
41,195 | ||||
|
Shares issued in reinvestments of dividends and distributions |
— |
31,708 | ||||
|
Shares redeemed |
(76,008) |
(95,556) | ||||
|
Net decrease in shares outstanding |
(24,962) |
(22,653) | ||||
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
||||||
|
Shares sold |
— |
— | ||||
|
Shares issued in reinvestments of dividends and distributions |
— |
1,185 | ||||
|
Shares redeemed |
(1,909) |
(1,553) | ||||
|
Net decrease in shares outstanding |
(1,909) |
(368) | ||||
|
CHANGES
IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: |
||||||
|
Shares sold |
16,167 |
126,197 | ||||
|
Shares issued in reinvestments of dividends and distributions |
— |
81,403 | ||||
|
Shares redeemed |
(44,463) |
(197,519) | ||||
|
Net increase (decrease) in shares outstanding |
(28,296) |
10,081 | ||||
The
accompanying notes are an integral part of these financial statements.
|
18 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
INTERNET FUND
FINANCIAL
HIGHLIGHTS
NO
LOAD CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
Net asset value, beginning of year |
$91.60 |
$102.51 |
$58.64 |
$45.53 |
$60.64 |
$53.01 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.55) |
(0.98) |
(0.09) |
0.40 |
(0.30) |
(0.83) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
(7.90) |
(8.29) |
44.90 |
13.14 |
(14.44) |
8.93 | ||||||||||||
|
Total from investment operations |
(8.45) |
(9.27) |
44.81 |
13.54 |
(14.74) |
8.10 | ||||||||||||
|
Redemption fees |
0.00(3) |
0.01 |
0.02 |
0.01 |
0.01 |
0.05 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
(0.21) |
— |
— |
— | ||||||||||||
|
From net realized gains |
— |
(1.65) |
(0.75) |
(0.44) |
(0.38) |
(0.52) | ||||||||||||
|
Total distributions |
— |
(1.65) |
(0.96) |
(0.44) |
(0.38) |
(0.52) | ||||||||||||
|
Net asset value, end of year |
$83.15 |
$91.60 |
$102.51 |
$58.64 |
$45.53 |
$60.64 | ||||||||||||
|
Total return |
(9.23)%(6) |
(9.04)% |
76.44% |
29.76% |
(24.28)% |
15.35% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$242,913 |
$275,752 |
$323,380 |
$185,790 |
$144,397 |
$226,228 | ||||||||||||
|
Ratio of operating expenses to average net assets:(4) |
1.68%(7) |
1.67% |
1.71% |
1.75% |
1.77% |
1.71% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.20)%(7) |
(0.91)% |
(0.11)% |
0.83% |
(0.60)% |
(1.29)% | ||||||||||||
|
Portfolio turnover rate(5) |
33% |
45% |
43% |
19% |
19% |
4% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Internet Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
19 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
INTERNET FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS A
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$82.18 |
$92.38 |
$53.03 |
$41.31 |
$55.20 |
$48.42 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.59) |
(1.12) |
(0.26) |
0.26 |
(0.39) |
(0.91) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
(7.11) |
(7.44) |
40.55 |
11.89 |
(13.13) |
8.17 | ||||||||||||
|
Total from investment operations |
(7.70) |
(8.56) |
40.29 |
12.15 |
(13.52) |
7.26 | ||||||||||||
|
Redemption fees |
0.00(6) |
0.01 |
0.02 |
0.01 |
0.01 |
0.04 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
(0.21) |
— |
— |
— | ||||||||||||
|
From net realized gains |
— |
(1.65) |
(0.75) |
(0.44) |
(0.38) |
(0.52) | ||||||||||||
|
Total distributions |
— |
(1.65) |
(0.96) |
(0.44) |
(0.38) |
(0.52) | ||||||||||||
|
Net asset value, end of year |
$74.48 |
$82.18 |
$92.38 |
$53.03 |
$41.31 |
$55.20 | ||||||||||||
|
Total return |
(9.37)%(7) |
(9.27)% |
76.00% |
29.43% |
(24.47)% |
15.06% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$2,896 |
$3,301 |
$3,927 |
$2,337 |
$2,302 |
$5,620 | ||||||||||||
|
Ratio of operating expenses to average net assets:(4) |
1.93%(8) |
1.92% |
1.96% |
2.00% |
2.02% |
1.96% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.45)%(8) |
(1.16)% |
(0.36)% |
0.58% |
(0.85)% |
(1.54)% | ||||||||||||
|
Portfolio turnover rate(5) |
33% |
45% |
43% |
19% |
19% |
4% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Internet Portfolio. |
|
(6) |
Amount calculated is less than $0.005. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
20 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
INTERNET FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS C
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$66.19 |
$75.13 |
$43.45 |
$34.07 |
$45.86 |
$40.49 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.64) |
(1.30) |
(0.52) |
0.03 |
(0.51) |
(1.00) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
(5.70) |
(6.00) |
33.14 |
9.79 |
(10.90) |
6.85 | ||||||||||||
|
Total from investment operations |
(6.34) |
(7.30) |
32.62 |
9.82 |
(11.41) |
5.85 | ||||||||||||
|
Redemption fees |
0.00(5) |
0.01 |
0.02 |
0.00(5) |
0.00(5) |
0.04 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
(0.21) |
— |
— |
— | ||||||||||||
|
From net realized gains |
— |
(1.65) |
(0.75) |
(0.44) |
(0.38) |
(0.52) | ||||||||||||
|
Total distributions |
— |
(1.65) |
(0.96) |
(0.44) |
(0.38) |
(0.52) | ||||||||||||
|
Net asset value, end of year |
$59.85 |
$66.19 |
$75.13 |
$43.45 |
$34.07 |
$45.86 | ||||||||||||
|
Total return |
(9.58)%(6) |
(9.72)% |
75.11% |
28.82% |
(24.87)% |
14.52% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$2,074 |
$2,489 |
$4,044 |
$1,896 |
$1,247 |
$1,893 | ||||||||||||
|
Ratio of operating expenses to average net assets:(3) |
2.43%(7) |
2.42% |
2.46% |
2.50% |
2.52% |
2.46% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.95)%(7) |
(1.66)% |
(0.86)% |
0.08% |
(1.35)% |
(2.04)% | ||||||||||||
|
Portfolio turnover rate(4) |
33% |
45% |
43% |
19% |
19% |
4% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(4) |
Portfolio turnover of The Internet Portfolio. |
|
(5) |
Amount calculated is less than $0.005. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
21 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
GLOBAL FUND
FINANCIAL
HIGHLIGHTS
NO
LOAD CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$16.06 |
$16.01 |
$9.39 |
$8.60 |
$9.33 |
$8.30 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.03) |
0.04 |
0.10 |
0.15 |
0.02 |
(0.09) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
0.73 |
0.41 |
6.67 |
0.87 |
(0.62) |
1.43 | ||||||||||||
|
Total from investment operations |
0.70 |
0.45 |
6.77 |
1.02 |
(0.60) |
1.34 | ||||||||||||
|
Redemption fees |
0.00(3) |
0.01 |
0.01 |
0.00(3) |
0.00(3) |
0.01 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.27) |
(0.16) |
(0.23) |
— |
(0.29) | ||||||||||||
|
From net realized gains |
— |
(0.14) |
— |
— |
(0.13) |
(0.03) | ||||||||||||
|
Total distributions |
— |
(0.41) |
(0.16) |
(0.23) |
(0.13) |
(0.32) | ||||||||||||
|
Net asset value, end of year |
$16.76 |
$16.06 |
$16.01 |
$9.39 |
$8.60 |
$9.33 | ||||||||||||
|
Total return |
4.36%(6) |
2.89% |
72.16% |
11.89% |
(6.46)% |
16.32% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$42,264 |
$46,183 |
$40,018 |
$11,857 |
$21,052 |
$19,128 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
1.90%(7) |
1.83% |
2.04% |
2.13% |
2.07% |
2.08% | ||||||||||||
|
After expense reimbursement(4) |
1.39%(7) |
1.39% |
1.39% |
1.39% |
1.39% |
1.39% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.34)%(7) |
0.24% |
0.78% |
1.81% |
0.25% |
(0.90)% | ||||||||||||
|
Portfolio turnover rate(5) |
10% |
5% |
34% |
16% |
57% |
7% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Global Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
22 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
GLOBAL FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS A
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$15.92 |
$15.90 |
$9.33 |
$8.55 |
$9.31 |
$8.23 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.05) |
0.00 |
0.07 |
0.13 |
0.00 |
(0.11) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
0.73 |
0.40 |
6.61 |
0.88 |
(0.63) |
1.44 | ||||||||||||
|
Total from investment operations |
0.68 |
0.40 |
6.68 |
1.01 |
(0.63) |
1.33 | ||||||||||||
|
Redemption fees |
0.00(3) |
0.01 |
0.01 |
0.00(3) |
0.00(3) |
0.00(3) | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.25) |
(0.12) |
(0.23) |
— |
(0.22) | ||||||||||||
|
From net realized gains |
— |
(0.14) |
— |
— |
(0.13) |
(0.03) | ||||||||||||
|
Total distributions |
— |
(0.39) |
(0.12) |
(0.23) |
(0.13) |
(0.25) | ||||||||||||
|
Net asset value, end of year |
$16.60 |
$15.92 |
$15.90 |
$9.33 |
$8.55 |
$9.31 | ||||||||||||
|
Total return |
4.27%(7) |
2.55% |
71.69% |
11.82% |
(6.79)% |
16.16% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$4,010 |
$4,029 |
$2,753 |
$1,335 |
$840 |
$595 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
2.15%(8) |
2.08% |
2.29% |
2.38% |
2.32% |
2.33% | ||||||||||||
|
After expense reimbursement(5) |
1.64%(8) |
1.64% |
1.64% |
1.64% |
1.64% |
1.64% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.59)%(8) |
(0.01)% |
0.53% |
1.56% |
0% |
(1.15)% | ||||||||||||
|
Portfolio turnover rate(6) |
10% |
5% |
34% |
16% |
57% |
7% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
|
(5) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(6) |
Portfolio turnover of The Global Portfolio. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
23 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
GLOBAL FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS C
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$14.69 |
$14.65 |
$8.60 |
$7.89 |
$8.64 |
$7.67 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.08) |
(0.08) |
— |
0.08 |
(0.04) |
(0.15) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
0.66 |
0.37 |
6.09 |
0.80 |
(0.58) |
1.33 | ||||||||||||
|
Total from investment operations |
0.58 |
0.29 |
6.09 |
0.88 |
(0.62) |
1.18 | ||||||||||||
|
Redemption fees |
0.00(3) |
0.01 |
0.01 |
0.00(3) |
0.00(3) |
0.00(3) | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.12) |
(0.05) |
(0.17) |
— |
(0.18) | ||||||||||||
|
From net realized gains |
— |
(0.14) |
— |
— |
(0.13) |
(0.03) | ||||||||||||
|
Total distributions |
— |
(0.26) |
(0.05) |
(0.17) |
(0.13) |
(0.21) | ||||||||||||
|
Net asset value, end of year |
$15.27 |
$14.69 |
$14.65 |
$8.60 |
$7.89 |
$8.64 | ||||||||||||
|
Total return |
3.95%(6) |
2.06% |
70.97% |
11.18% |
(7.21)% |
15.44% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$4,116 |
$4,526 |
$6,844 |
$4,732 |
$6,574 |
$7,439 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
2.65%(7) |
2.58% |
2.79% |
2.88% |
2.82% |
2.83% | ||||||||||||
|
After expense reimbursement(4) |
2.14%(7) |
2.14% |
2.14% |
2.14% |
2.14% |
2.14% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.09)%(7) |
(0.51)% |
0.03% |
1.06% |
(0.50)% |
(1.65)% | ||||||||||||
|
Portfolio turnover rate(5) |
10% |
5% |
34% |
16% |
57% |
7% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Global Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
24 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
PARADIGM FUND
FINANCIAL
HIGHLIGHTS
NO
LOAD CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$105.80 |
$133.88 |
$73.13 |
$92.91 |
$73.37 |
$53.99 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.68) |
(1.38) |
0.01 |
(0.39) |
(0.13) |
(0.67) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
31.44 |
(18.06) |
64.65 |
(15.26) |
21.52 |
21.26 | ||||||||||||
|
Total from investment operations |
30.76 |
(19.44) |
64.66 |
(15.65) |
21.39 |
20.59 | ||||||||||||
|
Redemption fees |
0.01 |
0.05 |
0.04 |
0.00(3) |
0.01 |
0.01 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
(0.09) |
— |
(0.01) |
— | ||||||||||||
|
From net realized gains |
— |
(8.69) |
(3.86) |
(4.13) |
(1.85) |
(1.22) | ||||||||||||
|
Total distributions |
— |
(8.69) |
(3.95) |
(4.13) |
(1.86) |
(1.22) | ||||||||||||
|
Net asset value, end of year |
$136.57 |
$105.80 |
$133.88 |
$73.13 |
$92.91 |
$73.37 | ||||||||||||
|
Total return |
29.08%(6) |
(14.59)% |
88.47% |
(16.89)% |
29.17% |
38.15% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$548,659 |
$462,532 |
$607,750 |
$338,263 |
$517,268 |
$368,383 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before
expense reimbursement |
1.67%(7) |
1.64% |
1.66% |
1.68% |
1.67% |
1.68% | ||||||||||||
|
After expense reimbursement(4) |
1.67%(7) |
1.64% |
1.64% |
1.64% |
1.64% |
1.64% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.01)%(7) |
(1.01)% |
0.01% |
(0.51)% |
(0.16)% |
(0.88)% | ||||||||||||
|
Portfolio turnover rate(5) |
2% |
3% |
2% |
0% |
0% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Paradigm Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
25 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
PARADIGM FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS A
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$99.66 |
$127.01 |
$69.61 |
$88.90 |
$70.44 |
$51.99 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.80) |
(1.63) |
(0.24) |
(0.56) |
(0.31) |
(0.83) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
29.59 |
(17.08) |
61.46 |
(14.60) |
20.62 |
20.49 | ||||||||||||
|
Total from investment operations |
28.79 |
(18.71) |
61.22 |
(15.16) |
20.31 |
19.66 | ||||||||||||
|
Redemption fees |
0.01 |
0.05 |
0.04 |
0.00(3) |
0.00(3) |
0.01 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
— |
— |
— |
— | ||||||||||||
|
From net realized gains |
— |
(8.69) |
(3.86) |
(4.13) |
(1.85) |
(1.22) | ||||||||||||
|
Total distributions |
— |
(8.69) |
(3.86) |
(4.13) |
(1.85) |
(1.22) | ||||||||||||
|
Net asset value, end of year |
$128.46 |
$99.66 |
$127.01 |
$69.61 |
$88.90 |
$70.44 | ||||||||||||
|
Total return |
28.90%(7) |
(14.80)% |
88.00% |
(17.10)% |
28.86% |
37.81% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$239,213 |
$198,784 |
$254,589 |
$143,676 |
$188,033 |
$155,850 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before
expense reimbursement |
1.92%(8) |
1.89% |
1.91% |
1.93% |
1.92% |
1.93% | ||||||||||||
|
After expense reimbursement(5) |
1.92%(8) |
1.89% |
1.89% |
1.89% |
1.89% |
1.89% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.26)%(8) |
(1.26)% |
(0.24)% |
(0.76)% |
(0.41)% |
(1.13)% | ||||||||||||
|
Portfolio turnover rate(6) |
2% |
3% |
2% |
0% |
0% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
|
(5) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(6) |
Portfolio turnover of The Paradigm Portfolio. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
26 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
PARADIGM FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS C
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$87.08 |
$112.80 |
$62.36 |
$80.56 |
$64.28 |
$47.77 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment loss(2) |
(0.97) |
(2.03) |
(0.64) |
(0.83) |
(0.63) |
(1.08) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
25.85 |
(15.04) |
54.91 |
(13.24) |
18.76 |
18.80 | ||||||||||||
|
Total from investment operations |
24.88 |
(17.07) |
54.27 |
(14.07) |
18.13 |
17.72 | ||||||||||||
|
Redemption fees |
0.01 |
0.04 |
0.03 |
0.00(3) |
0.00(3) |
0.01 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
— |
— |
— |
— | ||||||||||||
|
From net realized gains |
— |
(8.69) |
(3.86) |
(4.13) |
(1.85) |
(1.22) | ||||||||||||
|
Total distributions |
— |
(8.69) |
(3.86) |
(4.13) |
(1.85) |
(1.22) | ||||||||||||
|
Net asset value, end of year |
$111.97 |
$87.08 |
$112.80 |
$62.36 |
$80.56 |
$64.28 | ||||||||||||
|
Total return |
28.58%(6) |
(15.22)% |
87.06% |
(17.52)% |
28.22% |
37.11% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$75,925 |
$62,997 |
$89,897 |
$57,370 |
$84,135 |
$71,947 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
2.42%(7) |
2.39% |
2.41% |
2.43% |
2.42% |
2.43% | ||||||||||||
|
After expense reimbursement(4) |
2.42%(7) |
2.39% |
2.39% |
2.39% |
2.39% |
2.39% | ||||||||||||
|
Ratio
of net investment loss to average net assets: |
(1.76)%(7) |
(1.76)% |
(0.74)% |
(1.26)% |
(0.91)% |
(1.63)% | ||||||||||||
|
Portfolio turnover rate(5) |
2% |
3% |
2% |
0% |
0% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Paradigm Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
27 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
PARADIGM FUND
FINANCIAL
HIGHLIGHTS
INSTITUTIONAL
CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$107.66 |
$135.78 |
$74.10 |
$93.89 |
$74.09 |
$54.51 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.55) |
(1.12) |
0.22 |
(0.24) |
0.03 |
(0.52) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
31.95 |
(18.36) |
65.57 |
(15.42) |
21.77 |
21.47 | ||||||||||||
|
Total from investment operations |
31.40 |
(19.48) |
65.79 |
(15.66) |
21.80 |
20.95 | ||||||||||||
|
Redemption fees |
0.01 |
0.05 |
0.04 |
0.00(3) |
0.00(3) |
0.01 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
(0.29) |
— |
(0.15) |
(0.16) | ||||||||||||
|
From net realized gains |
— |
(8.69) |
(3.86) |
(4.13) |
(1.85) |
(1.22) | ||||||||||||
|
Total distributions |
— |
(8.69) |
(4.15) |
(4.13) |
(2.00) |
(1.38) | ||||||||||||
|
Net asset value, end of year |
$139.07 |
$107.66 |
$135.78 |
$74.10 |
$93.89 |
$74.09 | ||||||||||||
|
Total return |
29.18%(6) |
(14.41)% |
88.83% |
(16.73)% |
29.43% |
38.44% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$321,601 |
$266,058 |
$321,969 |
$222,295 |
$288,387 |
$229,996 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before
expense reimbursement |
1.62%(7) |
1.59% |
1.61% |
1.63% |
1.62% |
1.63% | ||||||||||||
|
After expense reimbursement(4) |
1.47%(7) |
1.44% |
1.44% |
1.44% |
1.44% |
1.44% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
0.15%(7) |
(0.81)% |
0.21% |
(0.31)% |
0.04% |
(0.68)% | ||||||||||||
|
Portfolio turnover rate(5) |
2% |
3% |
2% |
0% |
0% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Paradigm Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
28 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SMALL CAP OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
NO
LOAD CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$154.69 |
$169.66 |
$104.27 |
$130.35 |
$98.78 |
$66.81 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.78) |
(0.72) |
0.90 |
0.25 |
0.07 |
(0.91) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
44.93 |
(14.02) |
70.50 |
(19.35) |
31.47 |
34.48 | ||||||||||||
|
Total from investment operations |
44.15 |
(14.74) |
71.40 |
(19.10) |
31.54 |
33.57 | ||||||||||||
|
Redemption fees |
0.01 |
0.05 |
0.06 |
0.02 |
0.03 |
0.05 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.28) |
(2.94) |
(1.30) |
— |
(1.65) | ||||||||||||
|
From net realized gains |
— |
— |
(3.13) |
(5.70) |
— |
— | ||||||||||||
|
Total distributions |
— |
(0.28) |
(6.07) |
(7.00) |
— |
(1.65) | ||||||||||||
|
Net asset value, end of year |
$198.85 |
$154.69 |
$169.66 |
$104.27 |
$130.35 |
$98.78 | ||||||||||||
|
Total return |
28.55%(6) |
(8.66)% |
68.52% |
(14.69)% |
31.96% |
50.33% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$362,221 |
$303,935 |
$336,526 |
$204,889 |
$327,093 |
$195,631 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before
expense reimbursement |
1.65%(7) |
1.65% |
1.69% |
1.72% |
1.69% |
1.70% | ||||||||||||
|
After expense reimbursement(4) |
1.64%(7) |
1.64% |
1.64% |
1.64% |
1.64% |
1.64% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.82)%(7) |
(0.42)% |
0.65% |
0.22% |
0.07% |
(0.93)% | ||||||||||||
|
Portfolio turnover rate(5) |
1% |
0% |
6% |
2% |
6% |
3% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Small Cap Opportunities Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
29 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SMALL CAP OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS A
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$148.01 |
$162.45 |
$100.03 |
$125.37 |
$95.24 |
$64.41 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.97) |
(1.11) |
0.53 |
(0.03) |
(0.20) |
(1.12) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
42.99 |
(13.38) |
67.55 |
(18.61) |
30.30 |
33.24 | ||||||||||||
|
Total from investment operations |
42.02 |
(14.49) |
68.08 |
(18.64) |
30.10 |
32.12 | ||||||||||||
|
Redemption fees |
0.01 |
0.05 |
0.05 |
0.02 |
0.03 |
0.05 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
(2.58) |
(1.02) |
— |
(1.34) | ||||||||||||
|
From net realized gains |
— |
— |
(3.13) |
(5.70) |
— |
— | ||||||||||||
|
Total distributions |
— |
— |
(5.71) |
(6.72) |
— |
(1.34) | ||||||||||||
|
Net asset value, end of year |
$190.04 |
$148.01 |
$162.45 |
$100.03 |
$125.37 |
$95.24 | ||||||||||||
|
Total return |
28.40%(7) |
(8.89)% |
68.10% |
(14.91)% |
31.64% |
49.94% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$26,630 |
$21,596 |
$24,368 |
$15,685 |
$23,920 |
$14,755 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
1.90%(8) |
1.90% |
1.94% |
1.97% |
1.94% |
1.95% | ||||||||||||
|
After expense reimbursement(5) |
1.89%(8) |
1.89% |
1.89% |
1.89% |
1.89% |
1.89% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.07)%(8) |
(0.67)% |
0.40% |
(0.03)% |
(0.18)% |
(1.18)% | ||||||||||||
|
Portfolio turnover rate(6) |
1% |
0% |
6% |
2% |
6% |
3% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
|
(5) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(6) |
Portfolio turnover of The Small Cap Opportunities Portfolio. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
30 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SMALL CAP OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS C
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$137.77 |
$151.97 |
$93.93 |
$118.14 |
$90.20 |
$60.85 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(1.32) |
(1.81) |
(0.12) |
(0.53) |
(0.69) |
(1.49) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
39.99 |
(12.44) |
63.25 |
(17.53) |
28.60 |
31.38 | ||||||||||||
|
Total from investment operations |
38.67 |
(14.25) |
63.13 |
(18.06) |
27.91 |
29.89 | ||||||||||||
|
Redemption fees |
0.01 |
0.05 |
0.05 |
0.02 |
0.03 |
0.05 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
— |
(2.01) |
(0.47) |
— |
(0.59) | ||||||||||||
|
From net realized gains |
— |
— |
(3.13) |
(5.70) |
— |
— | ||||||||||||
|
Total distributions |
— |
— |
(5.14) |
(6.17) |
— |
(0.59) | ||||||||||||
|
Net asset value, end of year |
$176.45 |
$137.77 |
$151.97 |
$93.93 |
$118.14 |
$90.20 | ||||||||||||
|
Total return |
28.08%(6) |
(9.34)% |
67.25% |
(15.32)% |
30.98% |
49.20% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$11,951 |
$9,719 |
$12,482 |
$8,396 |
$12,234 |
$9,219 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
2.40%(7) |
2.40% |
2.44% |
2.46% |
2.44% |
2.45% | ||||||||||||
|
After expense reimbursement(4) |
2.39%(7) |
2.39% |
2.39% |
2.39% |
2.39% |
2.39% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.57)%(7) |
(1.17)% |
(0.10)% |
(0.53)% |
(0.68)% |
(1.68)% | ||||||||||||
|
Portfolio turnover rate(5) |
1% |
0% |
6% |
2% |
6% |
3% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Small Cap Opportunities Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
31 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SMALL CAP OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
INSTITUTIONAL
CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net
asset value, beginning of year |
$158.57 |
$173.98 |
$106.78 |
$133.32 |
$100.83 |
$68.25 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.60) |
(0.38) |
1.21 |
0.48 |
0.31 |
(0.73) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
46.06 |
(14.40) |
72.26 |
(19.78) |
32.14 |
35.22 | ||||||||||||
|
Total from investment operations |
45.46 |
(14.78) |
73.47 |
(19.30) |
32.45 |
34.49 | ||||||||||||
|
Redemption fees |
0.01 |
0.05 |
0.06 |
0.02 |
0.04 |
0.06 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.68) |
(3.20) |
(1.56) |
— |
(1.97) | ||||||||||||
|
From net realized gains |
— |
— |
(3.13) |
(5.70) |
— |
— | ||||||||||||
|
Total distributions |
— |
(0.68) |
(6.33) |
(7.26) |
— |
(1.97) | ||||||||||||
|
Net asset value, end of year |
$204.04 |
$158.57 |
$173.98 |
$106.78 |
$133.32 |
$100.83 | ||||||||||||
|
Total return |
28.68%(6) |
(8.47)% |
68.85% |
(14.52)% |
32.22% |
50.62% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$127,716 |
$110,848 |
$92,045 |
$55,494 |
$95,963 |
$49,484 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before
expense reimbursement |
1.60%(7) |
1.60% |
1.64% |
1.67% |
1.64% |
1.65% | ||||||||||||
|
After expense reimbursement(4) |
1.44%(7) |
1.44% |
1.44% |
1.44% |
1.44% |
1.44% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
0.15%(7) |
(0.22)% |
0.85% |
0.42% |
0.27% |
(0.73)% | ||||||||||||
|
Portfolio turnover rate(5) |
1% |
0% |
6% |
2% |
6% |
3% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Small Cap Opportunities Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
32 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
MARKET OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
NO
LOAD CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net
asset value, beginning of year |
$73.58 |
$76.42 |
$41.85 |
$45.55 |
$40.16 |
$31.85 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.26) |
(0.08) |
0.31 |
0.36 |
0.07 |
(0.33) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
12.89 |
(2.33) |
34.85 |
(3.70) |
5.94 |
9.25 | ||||||||||||
|
Total from investment operations |
12.63 |
(2.41) |
35.16 |
(3.34) |
6.01 |
8.92 | ||||||||||||
|
Redemption fees |
0.00(3) |
0.05 |
0.03 |
0.00(3) |
0.00(3) |
0.02 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.12) |
(0.53) |
(0.36) |
(0.02) |
(0.59) | ||||||||||||
|
From net realized gains |
— |
(0.36) |
(0.09) |
— |
(0.60) |
(0.04) | ||||||||||||
|
Total distributions |
— |
(0.48) |
(0.62) |
(0.36) |
(0.62) |
(0.63) | ||||||||||||
|
Net asset value, end of year |
$86.21 |
$73.58 |
$76.42 |
$41.85 |
$45.55 |
$40.16 | ||||||||||||
|
Total return |
17.16%(6) |
(3.09)% |
84.08% |
(7.33)% |
14.98% |
28.04% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$224,538 |
$202,260 |
$161,183 |
$92,117 |
$96,190 |
$86,943 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before
expense reimbursement |
1.68%(7) |
1.68% |
1.72% |
1.76% |
1.76% |
1.75% | ||||||||||||
|
After expense reimbursement(4) |
1.40%(7) |
1.40% |
1.40% |
1.40% |
1.40% |
1.40% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.61)%(7) |
(0.10)% |
0.53% |
0.90% |
0.18% |
(0.79)% | ||||||||||||
|
Portfolio turnover rate(5) |
7% |
4% |
7% |
5% |
13% |
2% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Market Opportunities Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
33 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
MARKET OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS A
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$72.12 |
$75.04 |
$41.14 |
$44.81 |
$39.54 |
$31.36 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.36) |
(0.28) |
0.16 |
0.26 |
(0.03) |
(0.43) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
12.63 |
(2.25) |
34.20 |
(3.65) |
5.83 |
9.10 | ||||||||||||
|
Total from investment operations |
12.27 |
(2.53) |
34.36 |
(3.39) |
5.80 |
8.67 | ||||||||||||
|
Redemption fees |
0.00(3) |
0.05 |
0.03 |
0.00(3) |
0.00(3) |
0.02 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.08) |
(0.40) |
(0.28) |
— |
(0.47) | ||||||||||||
|
From net realized gains |
— |
(0.36) |
(0.09) |
— |
(0.53) |
(0.04) | ||||||||||||
|
Total distributions |
— |
(0.44) |
(0.49) |
(0.28) |
(0.53) |
(0.51) | ||||||||||||
|
Net asset value, end of year |
$84.39 |
$72.12 |
$75.04 |
$ 41.14 |
$44.81 |
$39.54 | ||||||||||||
|
Total return |
17.01%(7) |
(3.31)% |
83.60% |
(7.56)% |
14.69% |
27.70% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$25,134 |
$20,535 |
$18,806 |
$9,238 |
$9,794 |
$8,786 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
1.93%(8) |
1.93% |
1.97% |
2.01% |
2.01% |
2.00% | ||||||||||||
|
After expense reimbursement(5) |
1.65%(8) |
1.65% |
1.65% |
1.65% |
1.65% |
1.65% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.86)%(8) |
(0.35)% |
0.28% |
0.65% |
(0.07)% |
(1.04)% | ||||||||||||
|
Portfolio turnover rate(6) |
7% |
4% |
7% |
5% |
13% |
2% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
|
(5) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(6) |
Portfolio turnover of The Market Opportunities Portfolio. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
34 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
MARKET OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS C
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$68.02 |
$71.16 |
$39.06 |
$42.51 |
$37.72 |
$29.79 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.54) |
(0.64) |
(0.12) |
0.06 |
(0.22) |
(0.60) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
11.92 |
(2.11) |
32.38 |
(3.46) |
5.54 |
8.65 | ||||||||||||
|
Total from investment operations |
11.38 |
(2.75) |
32.26 |
(3.40) |
5.32 |
8.05 | ||||||||||||
|
Redemption fees |
0.00(5) |
0.05 |
0.02 |
0.00(5) |
0.00(5) |
0.02 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.08) |
(0.09) |
(0.05) |
— |
(0.10) | ||||||||||||
|
From net realized gains |
— |
(0.36) |
(0.09) |
— |
(0.53) |
(0.04) | ||||||||||||
|
Total distributions |
— |
(0.44) |
(0.18) |
(0.05) |
(0.53) |
(0.14) | ||||||||||||
|
Net asset value, end of year |
$79.40 |
$68.02 |
$71.16 |
$39.06 |
$42.51 |
$37.72 | ||||||||||||
|
Total return |
16.73%(6) |
(3.80)% |
82.65% |
(8.01)% |
14.12% |
27.06% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$11,251 |
$10,901 |
$15,057 |
$9,871 |
$12,610 |
$11,087 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
2.43%(7) |
2.43% |
2.47% |
2.51% |
2.51% |
2.50% | ||||||||||||
|
After expense reimbursement(3) |
2.15%(7) |
2.15% |
2.15% |
2.15% |
2.15% |
2.15% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.36)%(7) |
(0.85)% |
(0.22)% |
0.15% |
(0.57)% |
(1.54)% | ||||||||||||
|
Portfolio turnover rate(4) |
7% |
4% |
7% |
5% |
13% |
2% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(4) |
Portfolio turnover of The Market Opportunities Portfolio. |
|
(5) |
Amount calculated is less than $0.005. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
35 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
MARKET OPPORTUNITIES FUND
FINANCIAL
HIGHLIGHTS
INSTITUTIONAL
CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$74.83 |
$77.72 |
$42.54 |
$46.29 |
$40.79 |
$32.34 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.18) |
0.09 |
0.43 |
0.45 |
0.16 |
(0.25) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
13.11 |
(2.38) |
35.45 |
(3.76) |
6.04 |
9.39 | ||||||||||||
|
Total from investment operations |
12.93 |
(2.29) |
35.88 |
(3.31) |
6.20 |
9.14 | ||||||||||||
|
Redemption fees |
0.00(3) |
0.05 |
0.02 |
0.00(3) |
0.00(3) |
0.02 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.29) |
(0.63) |
(0.44) |
(0.03) |
(0.67) | ||||||||||||
|
From net realized gains |
— |
(0.36) |
(0.09) |
— |
(0.67) |
(0.04) | ||||||||||||
|
Total distributions |
— |
(0.65) |
(0.72) |
(0.44) |
(0.70) |
(0.71) | ||||||||||||
|
Net asset value, end of year |
$87.76 |
$74.83 |
$77.72 |
$42.54 |
$46.29 |
$40.79 | ||||||||||||
|
Total return |
17.28%(6) |
(2.89)% |
84.40% |
(7.14)% |
15.21% |
28.31% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$41,284 |
$33,675 |
$28,338 |
$19,964 |
$21,577 |
$22,655 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
1.63%(7) |
1.63% |
1.67% |
1.71% |
1.71% |
1.70% | ||||||||||||
|
After expense reimbursement(4) |
1.20%(7) |
1.20% |
1.20% |
1.20% |
1.20% |
1.20% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
0.15%(7) |
0.10% |
0.73% |
1.10% |
0.38% |
(0.59)% | ||||||||||||
|
Portfolio turnover rate(5) |
7% |
4% |
7% |
5% |
13% |
2% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Market Opportunities Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
The
accompanying notes are an integral part of these financial statements.
|
36 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
MULTI-DISCIPLINARY INCOME FUND
FINANCIAL
HIGHLIGHTS
NO
LOAD CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$9.97 |
$9.98 |
$9.92 |
$9.94 |
$10.40 |
$10.45 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income(2) |
0.23 |
0.53 |
0.65 |
0.49 |
0.21 |
0.18 | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
— |
(0.02) |
0.03 |
0.01 |
(0.45) |
(0.07) | ||||||||||||
|
Total from investment operations |
0.23 |
0.51 |
0.68 |
0.50 |
(0.24) |
0.11 | ||||||||||||
|
Redemption fees |
0.00 |
0.00 |
0.00 |
0.00(3) |
0.00(3) |
0.01 | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
(0.26) |
(0.52) |
(0.62) |
(0.52) |
(0.22) |
(0.17) | ||||||||||||
|
From net realized gains |
— |
— |
— |
— |
— |
— | ||||||||||||
|
Total distributions |
(0.26) |
(0.52) |
(0.62) |
(0.52) |
(0.22) |
(0.17) | ||||||||||||
|
Net asset value, end of year |
$9.94 |
$9.97 |
$9.98 |
$9.92 |
$9.94 |
$10.40 | ||||||||||||
|
Total return |
2.41%(6) |
5.23% |
7.05% |
5.15% |
(2.30)% |
1.18% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$17,508 |
$17,199 |
$13,406 |
$12,121 |
$16,325 |
$3,202 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
0.92%(7) |
0.98% |
1.17% |
1.64% |
2.30% |
2.10% | ||||||||||||
|
After expense reimbursement(4) |
0.78%(7) |
0.74% |
0.76% |
1.03%(8) |
1.49% |
1.49% | ||||||||||||
|
Ratio of net investment income to average net assets: |
4.59%(7) |
5.33% |
6.47% |
4.94% |
2.06% |
1.72% | ||||||||||||
|
Portfolio turnover rate(5) |
17% |
74% |
37% |
37% |
0% |
0% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(5) |
Portfolio turnover of The Multi-Disciplinary Income Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
(8) |
Effective as of April 30, 2023, the Adviser agreed to reduce the expense limitation for the Multi-Disciplinary Income Fund from 1.49% to 0.74%. |
The
accompanying notes are an integral part of these financial statements.
|
37 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SPIN-OFF FUND
FINANCIAL
HIGHLIGHTS
NO
LOAD CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$24.68 |
$33.92 |
$19.46 |
$26.33 |
$19.20 |
$13.45 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.12) |
(0.27) |
0.32 |
0.03 |
0.08 |
(0.11) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
11.06 |
(6.36) |
15.73 |
(5.17) |
7.49 |
5.88 | ||||||||||||
|
Total from investment operations |
10.94 |
(6.63) |
16.05 |
(5.14) |
7.57 |
5.77 | ||||||||||||
|
Redemption fees |
0.01 |
0.08 |
0.01 |
0.01 |
0.00(3) |
0.00(3) | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.04) |
(0.40) |
(0.03) |
— |
(0.02) | ||||||||||||
|
From net realized gains |
— |
(2.65) |
(1.20) |
(1.71) |
(0.44) |
— | ||||||||||||
|
Total distributions |
— |
(2.69) |
(1.60) |
(1.74) |
(0.44) |
(0.02) | ||||||||||||
|
Net asset value, end of year |
$35.63 |
$24.68 |
$33.92 |
$19.46 |
$26.33 |
$19.20 | ||||||||||||
|
Total return |
44.37%(4) |
(19.45)% |
82.47% |
(19.59)% |
39.43% |
42.90% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS |
||||||||||||||||||
|
Net assets, end of Year (000’s) |
$98 |
$67 |
$222 |
$29 |
$149 |
$125 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
1.98%(5) |
1.68% |
1.77% |
1.83% |
1.79% |
1.84% | ||||||||||||
|
After expense reimbursement(6) |
1.45%(5) |
1.47% |
1.45% |
1.45% |
1.45% |
1.45% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.74)%(5) |
(0.77)% |
1.06% |
0.15% |
0.36% |
(0.57)% | ||||||||||||
|
Portfolio turnover rate |
1% |
4% |
6% |
1% |
4% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each Year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
Not annualized. |
|
(5) |
Annualized. |
|
(6) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
The
accompanying notes are an integral part of these financial statements.
|
38 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SPIN-OFF FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS A
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$23.20 |
$32.10 |
$18.42 |
$25.05 |
$18.28 |
$12.82 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.12) |
(0.27) |
0.26 |
0.02 |
0.06 |
(0.12) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
10.35 |
(6.01) |
14.91 |
(4.91) |
7.15 |
5.60 | ||||||||||||
|
Total from investment operations |
10.23 |
(6.28) |
15.17 |
(4.89) |
7.21 |
5.48 | ||||||||||||
|
Redemption fees |
0.01 |
0.07 |
0.01 |
0.00(3) |
0.00(3) |
0.00(3) | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.04) |
(0.30) |
(0.03) |
— |
(0.02) | ||||||||||||
|
From net realized gains |
— |
(2.65) |
(1.20) |
(1.71) |
(0.44) |
— | ||||||||||||
|
Total distributions |
— |
(2.69) |
(1.50) |
(1.74) |
(0.44) |
(0.02) | ||||||||||||
|
Net asset value, end of year |
$33.44 |
$23.20 |
$32.10 |
$18.42 |
$25.05 |
$18.28 | ||||||||||||
|
Total return |
44.14%(5) |
(19.50)% |
82.36% |
(19.63)% |
39.45% |
42.75% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$9,538 |
$7,197 |
$10,684 |
$5,758 |
$10,649 |
$5,869 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
2.17%(6) |
1.99% |
2.02% |
2.08% |
2.04% |
2.09% | ||||||||||||
|
After expense reimbursement(7) |
1.49%(6) |
1.54% |
1.50% |
1.50% |
1.50% |
1.50% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.78)%(6) |
(0.84)% |
1.00% |
0.09% |
0.30% |
(0.62)% | ||||||||||||
|
Portfolio turnover rate |
1% |
4% |
6% |
1% |
4% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each Year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
|
(5) |
Not annualized. |
|
(6) |
Annualized. |
|
(7) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
The
accompanying notes are an integral part of these financial statements.
|
39 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SPIN-OFF FUND
FINANCIAL
HIGHLIGHTS
ADVISOR
CLASS C
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$20.41 |
$28.86 |
$16.64 |
$23.01 |
$16.95 |
$11.98 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.21) |
(0.44) |
0.06 |
(0.13) |
(0.08) |
(0.23) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
9.11 |
(5.38) |
13.42 |
(4.50) |
6.58 |
5.23 | ||||||||||||
|
Total from investment operations |
8.90 |
(5.82) |
13.48 |
(4.63) |
6.50 |
5.00 | ||||||||||||
|
Redemption fees |
0.01 |
0.06 |
0.01 |
0.00(6) |
0.00(6) |
0.00(6) | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.04) |
(0.07) |
(0.03) |
— |
(0.03) | ||||||||||||
|
From net realized gains |
— |
(2.65) |
(1.20) |
(1.71) |
(0.44) |
— | ||||||||||||
|
Total distributions |
— |
(2.69) |
(1.27) |
(1.74) |
(0.44) |
(0.03) | ||||||||||||
|
Net asset value, end of year |
$29.32 |
$20.41 |
$28.86 |
$16.64 |
$23.01 |
$16.95 | ||||||||||||
|
Total return |
43.58%(3) |
(20.12)% |
81.04% |
(20.24)% |
38.36% |
41.73% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS |
||||||||||||||||||
|
Net assets, end of Year (000’s) |
$202 |
$179 |
$264 |
$301 |
$842 |
$940 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
2.67%(4) |
2.45% |
2.52% |
2.58% |
2.54% |
2.59% | ||||||||||||
|
After expense reimbursement(5) |
2.26%(4) |
2.25% |
2.25% |
2.25% |
2.25% |
2.25% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(1.55)%(4) |
(1.55)% |
0.26% |
(0.66)% |
(0.43)% |
(1.37)% | ||||||||||||
|
Portfolio turnover rate |
1% |
4% |
6% |
1% |
4% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each Year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
|
(3) |
Not annualized. |
|
(4) |
Annualized. |
|
(5) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(6) |
Amount calculated is less than $0.005. |
The
accompanying notes are an integral part of these financial statements.
|
40 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
THE
SPIN-OFF FUND
FINANCIAL
HIGHLIGHTS
INSTITUTIONAL
CLASS
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
PER
SHARE DATA:(1) |
||||||||||||||||||
|
Net asset value, beginning of year |
$23.45 |
$32.34 |
$18.56 |
$25.25 |
$18.40 |
$12.87 | ||||||||||||
|
INCOME
FROM INVESTMENT OPERATIONS: | ||||||||||||||||||
|
Net investment income (loss)(2) |
(0.09) |
(0.17) |
0.32 |
0.07 |
0.12 |
(0.07) | ||||||||||||
|
Net realized and unrealized gain (loss) on investments |
10.48 |
(6.09) |
15.06 |
(4.95) |
7.21 |
5.62 | ||||||||||||
|
Total from investment operations |
10.39 |
(6.26) |
15.38 |
(4.88) |
7.33 |
5.55 | ||||||||||||
|
Redemption Fees |
0.01 |
0.06 |
0.01 |
0.00(3) |
0.00(3) |
0.00(3) | ||||||||||||
|
LESS
DISTRIBUTIONS: |
||||||||||||||||||
|
From net investment income |
— |
(0.04) |
(0.41) |
(0.10) |
(0.04) |
(0.02) | ||||||||||||
|
From net realized gains |
— |
(2.65) |
(1.20) |
(1.71) |
(0.44) |
— | ||||||||||||
|
Total distributions |
— |
(2.69) |
(1.61) |
(1.81) |
(0.48) |
(0.02) | ||||||||||||
|
Net Asset Value, End of Year |
$33.85 |
$23.45 |
$32.34 |
$18.56 |
$25.25 |
$18.40 | ||||||||||||
|
Total return |
44.37%(4) |
(19.32)% |
82.86% |
(19.43)% |
39.82% |
43.12% | ||||||||||||
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net assets, end of Year (000’s) |
$26,036 |
$18,700 |
$25,461 |
$16,389 |
$23,458 |
$17,377 | ||||||||||||
|
Ratio
of operating expenses to average net assets: |
||||||||||||||||||
|
Before expense reimbursement |
1.87%(5) |
1.63% |
1.72% |
1.78% |
1.74% |
1.79% | ||||||||||||
|
After expense reimbursement(6) |
1.25%(5) |
1.23% |
1.25% |
1.25% |
1.25% |
1.25% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
0.15%(5) |
(0.53)% |
0.15% |
0.35% |
0.56% |
(0.37)% | ||||||||||||
|
Portfolio turnover rate |
1% |
4% |
6% |
1% |
4% |
1% | ||||||||||||
|
(1) |
Information presented relates to a share of capital stock outstanding for each Year. |
|
(2) |
Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
|
(3) |
Amount calculated is less than $0.005. |
|
(4) |
Not annualized. |
|
(5) |
Annualized. |
|
(6) |
See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
The
accompanying notes are an integral part of these financial statements.
|
41 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June 30,
2026 (Unaudited)
1. ORGANIZATION
Kinetics Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and is incorporated in the State of Maryland. The Company is an open-end management investment company issuing its shares in series. One billion shares are authorized for the Company with a par value of $0.001 per share. The series of the Company presently authorized are The Internet Fund (“Internet”), The Global Fund (“Global”), The Paradigm Fund (“Paradigm”), The Small Cap Opportunities Fund (“Small Cap”), The Market Opportunities Fund (“Market Opportunities”), The Multi-Disciplinary Income Fund (“Multi-Disciplinary Income”) and The Kinetics Spin-Off and Corporate Restructuring Fund (“Spin-Off Fund”) (each, a “Fund” and collectively, the “Funds”). Investment operations of the Company began on October 21, 1996 (Internet), December 31, 1999 (Global and Paradigm), March 20, 2000 (Small Cap), January 31, 2006 (Market Opportunities), February 11, 2008 (Multi-Disciplinary Income) and May 4, 2007 (Spin-Off Fund). The Spin-Off Fund completed a plan of reorganization at the close of business on December 8, 2017 to begin operations under the Company. Prior to December 8, 2017, the Spin-Off Fund was known as Horizon Spin-Off and Corporate Restructuring Fund, a series of Investment Managers Series Trust. Each series, except the Spin-Off Fund, unlike many other investment companies which directly acquire and manage their own portfolios of securities, seeks to achieve its investment objective by investing all of its investable assets in a corresponding portfolio series, The Internet Portfolio (“Internet Portfolio”), The Global Portfolio (“Global Portfolio”), The Paradigm Portfolio (“Paradigm Portfolio”), The Small Cap Opportunities Portfolio (“Small Cap Opportunities Portfolio”), The Market Opportunities Portfolio (“Market Opportunities Portfolio”) and The Multi-Disciplinary Income Portfolio (“Multi-Disciplinary Income Portfolio”) (each a “Master Portfolio” and collectively the “Master Portfolios”) of Kinetics Portfolios Trust (the “Trust”). The Spin-Off Fund does not invest all of its investable assets in a Master Portfolio and will directly acquire and manage its own portfolio of securities.
On April 28, 2000 (January 31, 2006, with respect to Market Opportunities, and February 11, 2008, with respect to Multi-Disciplinary Income), each series in the Company, except for the Spin-Off Fund, entered into a master-feeder fund structure. By entering into this structure, each series, except for the Spin-Off Fund, (each a “Feeder Fund” and collectively, the “Feeder Funds”) invested all of its assets in a corresponding Master Portfolio which had the same investment objective as the Feeder Fund. Each Master Portfolio may have multiple feeder funds. Each Feeder Fund receives a proportionate amount of interest in the Master Portfolio equal to its relative contribution of capital. Thus, each Feeder Fund is allocated its portion of income, gains (losses) and expenses from the Master Portfolio.
Each Feeder Fund’s respective interest in the corresponding Master Portfolio as of June 30, 2026, is as follows:
|
Interest
in Master Portfolio | |||
|
The Internet Fund |
99.970% | ||
|
The Global Fund |
99.946% | ||
|
The Paradigm Fund |
99.971% | ||
|
The Small Cap Opportunities Fund |
99.953% | ||
|
The Market Opportunities Fund |
99.968% | ||
|
The Multi-Disciplinary Income Fund |
98.706% | ||
Prior to the conversion to a master-feeder fund structure on April 28, 2000, each then existing series conducted its own investment operations.
As of June 30, 2026, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class A shares. Advisor Class A shares are subject to an annual Rule 12b-1 fee of 0.25% of average daily net assets and a shareholder servicing fee of 0.25% of average daily net assets. The Advisor Class A shares are also subject to a front-end sales charge of 5.75%.
As of June 30, 2026, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class C shares. Advisor Class C shares are subject to an annual Rule 12b-1 fee of 0.75% of average daily net assets and a shareholder servicing fee of 0.25% of average daily net assets. If you sell your Advisor Class C shares within 12 months of purchase, you will have to pay a contingent deferred sales charge of 1.00%, which is applied to the NAV of the shares on the date of original purchase or on the date of redemption, whichever is less.
|
42 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
As of June 30, 2026, each of the Funds offers No Load Class shares. No Load Class shares are subject to a shareholder servicing fee of 0.25% of average daily net assets but do not have 12b-1 fees or a sales charge.
As of June 30, 2026, the Paradigm, Small Cap, Market Opportunities and Spin-Off Funds offer Institutional Class shares. Institutional Class shares are subject to a shareholder servicing fee of 0.20% of average daily net assets but do not have 12b-1 fees or a sales charge. The Adviser has contractually agreed to waive the portion of the Institutional Class shareholder servicing fee in excess of 0.05%.
Each class of shares for each Feeder Fund and the Spin-Off Fund has identical rights and privileges except with respect to the Rule 12b-1 fees paid by the Advisor Class A and Advisor Class C shares, the front-end sales charge on the Advisor Class A shares, the contingent deferred sales charge on Class C, the shareholder servicing fees paid by the Advisor Class A, Advisor Class C, No Load Class and Institutional Class shares, voting rights on matters pertaining to a single class of shares and the exchange privileges of each class of shares. Shares of each Feeder Fund and the Spin-Off Fund will assess a 2.00% redemption fee (with exceptions) on shares redeemed or exchanged within 30 days of purchase. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class based on its relative net assets.
Refer to the Master Portfolios’ financial statements to obtain information about the investment objective of the corresponding Feeder Fund. The financial statements of the Master Portfolios, including the portfolios of investments, are contained elsewhere in this report, and should be read in conjunction with the Feeder Funds’ financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Security Valuation – Equity securities held in the Master Portfolios and Spin-Off Fund that are listed on a securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation is made, or, in the absence of a sale, at the last bid price. Price information on listed securities is taken from the exchange where the security is primarily traded. All equity securities, including exchange-traded funds, that are traded using the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) are valued using the NASDAQ Official Closing Price (“NOCP”). In the event market quotations are not readily available or if events occur that may materially affect the value of a particular security between the time trading ends on a particular security and the close of regular trading on the New York Stock Exchange (“NYSE”), “fair value” will be determined. If such security represents a foreign security, then the value is determined as of the close of trading on the foreign exchange on which it is principally traded or as of the scheduled close of trading on the NYSE, whichever is earlier, at the closing prices provided by approved pricing services or other alternate sources. In the absence of sales, the last available closing bid will be used. Foreign securities and assets for which market quotations are not readily available are valued at “fair value.”
Unlisted equity securities and listed equity securities not traded on the valuation date for which market quotations are readily available are valued at the last bid price. Options and futures contracts listed for trading on a securities exchange or board of trade will be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace.
Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. If a composite option price is not available, then a quote provided by one of the authorized pricing vendors will be used. If neither a composite price nor a quote from an authorized pricing provider is available, and it is the day of expiration or post-expiration, expiring options will be priced at intrinsic value. Non-exchange-traded options for which over-the-counter quotations are not readily available are valued at the mean between the last bid and asked quotations. Debt obligations (including convertible securities) that are either investment grade or below investment grade and irrespective of days to maturity are valued at evaluated mean by one of the authorized third-party pricing agents which rely on various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Debt securities that are not priced by one of the authorized third-party pricing agents are valued (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 previous five business days, at the average of the bids, or at the sole bid if there is only one. Certain instruments, such as repurchase agreements and demand notes, do not have values from third parties and are valued at amortized cost. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported net asset value (“NAV”).
|
43 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value by the Adviser, as the Master Portfolios’ and Spin-Off Fund’s Valuation Designee. In determining the fair value of a security, the Adviser, as Valuation Designee, shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (v) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vi) the liquidity or illiquidity of the market for the security; and (vii) the value of a foreign security traded 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 Multi-Disciplinary Income Portfolio did not hold any fair valued securities at June 30, 2026.
Bitcoin – The Master Portfolios and Spin-Off Fund invests in Grayscale Bitcoin Trust, a Delaware statutory trust (“Bitcoin Trust”) that invests in bitcoins. From time to time, the Bitcoin Trust issues creation units in exchange for bitcoins and distributes bitcoins in exchange for redemption units. The performance of the Bitcoin Trust is intended to reflect changes in the value of the Bitcoin Trust’s bitcoin investments. At June 30, 2026, 0.39% of the net assets of The Spin-Off Fund were invested in the Bitcoin Trust. Investments in bitcoins produce non-qualifying income under Subchapter M of the Internal Revenue Code.
Bitcoin is a decentralized digital currency that enables instant transfers to anyone, anywhere in the world. Transactions in bitcoin are processed through an open-source, cryptographic protocol that operates without reliance on a central authority. The Bitcoin Network is an online, end-user-to-end-user network that hosts the public transaction ledger, known as the Blockchain, and the source code that comprises the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by a decentralized user base. Since the Bitcoin Network is decentralized, it does not rely on either governmental authorities or financial institutions to create, transmit or determine the value of bitcoins. Rather, the value of bitcoins is determined by the supply of and demand for bitcoins in the global bitcoin exchange market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the Bitcoin Trust. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a Master Portfolio’s direct or indirect investment in the Bitcoin Trust. Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a Master Portfolio’s direct or indirect investment in the Bitcoin Trust. Shares of the Bitcoin Trust may trade at a premium or discount to the net asset value of the Bitcoin Trust. The price of bitcoins is set in transfers by mutual agreement or barter as well as the number of merchants that accept bitcoins. Because bitcoins are digital files that can be transferred without the involvement of intermediaries or third parties, there are little or no transaction costs in direct end-user-to-end-user transactions. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S. dollar, at rates determined by the Bitcoin Exchanges. Additionally, third-party service providers such as Bitcoin Exchanges are also used for transfers, but they may charge significant fees for processing transactions.
As bitcoins have grown in popularity, the U.S. Congress and a number of federal and state agencies (including the Financial Crimes Enforcement Network (FinCEN), the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, and state financial institution regulators) have begun to examine the operations of the network that facilitates bitcoins, bitcoin users and the Bitcoin Exchanges, with particular focus on (1) the extent to which bitcoins can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises, (2) the safety and soundness of the Bitcoin Exchange or other service-providers that hold bitcoins for users and (3) other risks to investors and consumers who hold and use bitcoins. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the value of a Master Portfolio’s and its Subsidiary’s investment in the Bitcoin Trust or the ability of the Bitcoin Trust to continue to operate.
|
44 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
Consolidation of Subsidiaries – The consolidated financial statements include the accounts of Cayman wholly-owned Controlled Foreign Corporations (“CFCs”), (the “Cayman” or “Subsidiaries”). The Spin-Off Fund (the “Fund”) holds a CFC. The Fund can invest up to 25% of its total assets in the Subsidiaries. The Subsidiaries act as an investment vehicle in order to invest in commodity-linked and bitcoin-linked instruments consistent with the Portfolio’s investment objectives and policies. By investing in its Subsidiaries, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by a Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. However, the Fund wholly-owns and controls its Subsidiary, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund. The Subsidiary will be subject to the same investment restrictions and limitations and follow the same compliance policies and procedures as its Master Portfolio.
The Cayman Subsidiary is an exempted Cayman investment company and is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, each Cayman Subsidiary is a CFC not subject to U.S. income taxes. As a wholly-owned CFC, however, the Cayman Subsidiary’s net income and capital gain will be included each year in the Fund’s investment company taxable income. As of June 30, 2026, the Cayman Subsidiary’s net assets and percent of the Fund’s net assets were:
|
The Spin-Off Fund |
421,751 |
1.18% | ||||
Repurchase Agreements – Each Master Portfolio and the Spin-Off Fund may enter into repurchase agreements with banks that are members of the Federal Reserve System or securities dealers who are members of a national securities exchange or are primary dealers in U.S. Government Securities. In connection with transactions in repurchase agreements, it is the Trust’s policy that the Master Portfolios and Spin-Off Fund receive, as collateral, securities whose market value, including accrued interest, at all times will be at least equal to 102% of the amount invested by the Master Portfolio and Spin-Off Fund in each repurchase agreement. If the seller defaults and the value of the collateral declines, realization of the collateral by the Master Portfolio and Spin-Off Fund may be delayed or limited.
Foreign Currency Translations – The books and records of the Master Portfolios and Spin-Off Fund are maintained in U.S. dollars. For the Master Portfolios and Spin-Off Fund, foreign currency transactions are translated into U.S. dollars on the following basis: (i) market values of investment securities and other assets and liabilities are translated at the exchange rate of such currencies against the U.S. dollar, as provided by an approved pricing service, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Master Portfolios and Spin-Off Fund do not isolate and treat as ordinary income that portion of the results of operations arising as a result of changes in the exchange rate from the fluctuations arising from changes in the market prices of securities held during the year. Such fluctuations are included with the net realized and unrealized gain or loss from investments. However, for federal income tax purposes, the Master Portfolios and Spin-Off Fund do isolate and treat as ordinary income the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the effect of changes in foreign exchange rates arising between trade date and settlement date.
Restricted and Illiquid Securities – The Master Portfolios and Spin-Off Fund may invest and from time to time have invested in restricted securities. These securities are valued by the Adviser, as the Valuation Designee pursuant to Rule 2a-5 under the 1040 Act, after giving due consideration to pertinent factors including recent private sales, market conditions and the issuer’s financial performance. The Master Portfolios and Spin-Off Fund generally have no right to require registration of unregistered securities. Rule 144A securities are classified pursuant to the liquidity risk management program adopted under Rule 22e-4 of the 1940 Act, for which the Adviser serves as program administrator subject to the oversight of the Board of Trustees. At June 30, 2026, market value and percentage of 144A securities held by the Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.
An illiquid investment is any investment that cannot reasonably be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. At June 30, 2026, the market value and percentage of illiquid securities held by the Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.
|
45 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
When-Issued Securities – The Master Portfolios and Spin-Off Fund may purchase securities on a when- issued or delayed delivery basis. Although the purchase amounts of these securities are established at the time the purchaser enters into the agreement, these securities may be delivered and paid for at a future date. The Master Portfolios and Spin-Off Fund record purchases of when-issued securities and reflect the values of such securities in determining net asset value in the same manner as other portfolio securities.
Securities Lending – Each Master Portfolio and Spin-Off Fund may lend its portfolio securities to broker-dealers by entering directly into lending arrangements with such broker- dealers or indirectly through repurchase agreements with respect to no more than 331⁄3% of the total assets of each Master Portfolio and Spin-Off Fund (including any collateral posted) or 50% of the total assets of each Master Portfolio and Spin-Off Fund (excluding any collateral posted). Securities lending and repurchase transactions will be fully collateralized at all times with cash and/or short-term debt obligations. The Master Portfolios and Spin-Off Fund receive interest on the collateral received as well as a fee for the securities loaned.
Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average net assets, (ii) as incurred on a specific identification basis, or (iii) equally among the Funds, depending on the nature of the expenditure.
Each Feeder Fund records its proportionate share of the corresponding Master Portfolio’s expenses on a daily basis. In addition, each Feeder Fund accrues its own separate expenses. Any cap on expenses includes Feeder Fund-specific expenses as well as the expenses allocated from the Master Portfolio.
Federal Income Taxes – Each Master Portfolio will be treated as a partnership for federal income tax purposes. As such, each investor in a Master Portfolio via its investment in a Feeder Fund will be subject to taxation on its share of the Master Portfolio’s ordinary income and capital gains. It is intended that the Master Portfolio’s assets will be managed so an investor in the Master Portfolio via its investment in a Feeder Fund can satisfy the requirements of subchapter M of the Internal Revenue Code. It is intended that the Spin-Off Fund will be managed to satisfy the requirements of subchapter M of the Internal Revenue Code.
The consolidated financial statements include the accounts of Cayman wholly-owned Controlled Foreign Corporations (“CFCs”) and the accounts of Delaware Corporations (“Cayman” or “Delaware,” respectively, or “Subsidiaries” for both). The respective Master Portfolios hold a CFC: Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities Portfolio and Market Opportunities Portfolio. The respective Master Portfolios hold a Delaware subsidiary: Internet Portfolio, Global Portfolio and Market Opportunities Portfolio. The investment of up to 25% of a Master Portfolio’s assets in the Subsidiaries is a structure that has been used by a number of Registered Investment Companies (“RICs”) to avoid earning non-qualified income by indirectly making commodities-related investments which would not generate qualifying income if they were made directly by the RIC. Under Treasury Regulations, income from a foreign subsidiary that is a CFC, such as the Subsidiaries, is qualifying income for a RIC for U.S. federal income tax purposes (1) to the extent the income is actually distributed by the CFC to the RIC each year and (2) even if not distributed currently, to the extent the income is derived with respect to the RIC’s business of investing in stock, securities or currencies. If the IRS were to determine that income derived from a Master Portfolio’s investment in its Subsidiaries does not constitute qualifying income and if such positions were upheld by a court, or if future legislation or Treasury regulations were to adversely affect the tax treatment of such investments, then the corresponding Feeder Fund might cease to qualify as a RIC and could be required to reduce its exposure to such investments. In that event, a Feeder Fund’s taxable income would be subject to tax at the Feeder Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. In such an event, in order to re-qualify for taxation as a regulated investment company, the Feeder Fund may be required to recognize unrealized gains, pay substantial taxes, and interest and make certain distributions.
It is the Funds’ policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and the Funds intend to distribute investment company net taxable income and net capital gains to shareholders.
Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of
|
46 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
income, expenses and realized gain items for financial statement and tax purposes. Additionally, the Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Where appropriate, reclassifications between capital accounts are made for such differences that are permanent in nature.
There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. As of June 30, 2026, open tax years include the tax years ended December 31, 2022 through December 31, 2025. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates.
Segment Reporting – The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the current fiscal period. The Fund’s adoption of the new standard impacted financial statements disclosures only and did not affect the Fund’s financial position or result of operations.
The Treasurer (principal financial officer) acts as the Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.
Other – Realized gains and losses on the sale of investments are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method. Other noncash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been incorporated in accordance with the Company’s understanding of the applicable country’s tax rules and rates.
3. INVESTMENT ADVISER
The Trust has entered into Investment Advisory Agreements (the “Agreements”) with Horizon Kinetics Asset Management LLC (the “Adviser”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios and Spin-Off Fund. The Adviser is a wholly-owned subsidiary of Horizon Kinetics Holding Corporation (OTC: HKHC). Under the terms of the Agreements, the Master Portfolios, except the Multi-Disciplinary Income Portfolio, compensate the Adviser for its management services at the annual rate of 1.25% of each Master Portfolio’s average daily net assets. Effective as of April 30, 2023, the Adviser agreed to reduce the management fee for the Multi-Disciplinary Income Portfolio from 1.25% to 1.00%. Additionally, effective as of April 30, 2023, the Adviser agreed to waive 0.75% of the 1.00% management fee for the Multi-Disciplinary Income Portfolio through April 30, 2027. The Spin-Off Fund compensates the Adviser for its management services at the annual rate of 1.00% of the Fund’s average daily net assets.
The Adviser agreed to waive a portion of its advisory fee and/or reimburse certain operating expenses through at least April 30, 2027. The Adviser may discontinue the waiver/reimbursement at any time after April 30, 2027; these waivers/reimbursements are not subject to recapture. Operating expenses exclude brokerage commissions, borrowing costs on securities sold short, short dividends, interest expense, taxes, acquired fund fees and expenses and extraordinary expenses. Below are operating expense limitations by each share class of each of the Funds (set forth below):
|
The Internet Fund |
The Global Fund | |||||
|
No Load Class |
1.75% |
1.39% | ||||
|
Class A |
2.00% |
1.64% | ||||
|
Class C |
2.50% |
2.14% | ||||
|
47 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
|
The Paradigm Fund |
The
Small Cap Opportunities Fund | |||||
|
No Load Class |
1.64% |
1.64% | ||||
|
Class A |
1.89% |
1.89% | ||||
|
Class C |
2.39% |
2.39% | ||||
|
Institutional Class |
1.44% |
1.44% | ||||
|
The
Market Opportunities Fund |
The
Multi-Disciplinary Income Fund | |||||
|
No Load Class |
1.40% |
0.74% | ||||
|
Class A |
1.65% |
N/A | ||||
|
Class C |
2.15% |
N/A | ||||
|
Institutional Class |
1.20% |
N/A | ||||
|
The Spin-Off Fund | |||
|
No Load Class |
1.45% | ||
|
Class A |
1.50% | ||
|
Class C |
2.25% | ||
|
Institutional Class |
1.25% | ||
For the period ended June 30, 2026, the rate earned by the Adviser from the Master Portfolios and Spin-Off Fund and the amount of waived fees/reimbursed expenses for the Funds are as follows:
|
The Internet Fund |
The Global Fund | |||||
|
Annual Advisory Rate |
1.25% |
1.25% | ||||
|
Expenses Reimbursed by Adviser through voluntary waiver |
$— |
$142,516 | ||||
|
The Paradigm Fund |
The
Small Cap Opportunities Fund | |||||
|
Annual Advisory Rate |
1.25% |
1.25% | ||||
|
Expenses Reimbursed by Adviser through voluntary waiver |
$12,897 |
$38,250 | ||||
|
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver |
$242,438 |
$97,979 | ||||
|
The
Market Opportunities Fund |
The
Multi-Disciplinary Income Fund | |||||
|
Annual Advisory Rate |
1.25% |
1.00% | ||||
|
Expenses Reimbursed by Adviser through voluntary waiver |
$436,708 |
$12,311 | ||||
|
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver |
$31,846 |
N/A | ||||
|
The Spin-Off Fund | |||
|
Annual Advisory Rate |
1.00% | ||
|
Expenses Reimbursed by Adviser through voluntary waiver |
$92,709 | ||
|
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver |
$ 18,623 | ||
The Adviser receives the shareholder servicing fees from the No Load Class, Advisor Class A and Advisor Class C shares of a Fund pursuant to a Shareholder Servicing Agreement in the amount equal to 0.25% of the Funds’ average daily net assets attributable to No Load Class, Advisor Class A and Advisor Class C shares, respectively. For the Institutional Class, the Adviser receives a shareholder servicing fee pursuant to a shareholder servicing agreement in the amount equal to 0.20% of a Fund’s average daily net assets attributable to Institutional Class shares. At this time, the Adviser has contractually agreed to waive and/or reimburse the portion of the Institutional Class shareholder servicing
|
48 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
fee in excess of 0.05% of a Fund’s average daily net assets attributable to Institutional Class shares until at least April 30, 2027. For the period ended June 30, 2026, the Adviser waived amounts depicted in the above table in shareholder servicing fees for the Institutional Class of the Paradigm, Small Cap, Market Opportunities and Spin-Off Funds.
The Adviser is responsible for paying a portion of these shareholder servicing fees to various agents that have a written shareholder servicing agreement with the Adviser and that perform shareholder servicing functions and maintenance of shareholder accounts on behalf of their clients who own shares of the Funds.
|
Shareholder
Servicing Expenses
for the period ended June 30, 2026 | |||
|
The Internet Fund |
$344,709 | ||
|
The Global Fund |
69,747 | ||
|
The Paradigm Fund |
1,422,505 | ||
|
The Small Cap Opportunities Fund |
624,694 | ||
|
The Market Opportunities Fund |
372,886 | ||
|
The Multi-Disciplinary Income Fund |
22,033 | ||
|
The Spin-Off Fund |
37,451 | ||
For the period ended June 30, 2026, the Funds were allocated approximately $12,500 for the services of the Chief Compliance Officer employed by the Adviser.
The Company, on behalf of the Funds, has adopted two Retail Distribution Plans pursuant to Rule 12b-1 under the 1940 Act (each a “12b-1 Plan”). One 12b-1 Plan is for Advisor Class A shares, while the other 12b-1 Plan is for Advisor Class C shares. Under the 12b-1 Plan for Advisor Class A shares, Advisor Class A shares may pay up to an annual rate of 0.50% of the average daily net asset value of Advisor Class A shares to the Distributor or other qualified recipients under the 12b-1 Plan. During the period ended June 30, 2026, payments under the 12b-1 Plan for the Advisor Class A shares of the Internet, Global, Paradigm, Small Cap, Market Opportunities and Spin-Off Funds were limited to 0.25% of the average daily net asset value of such shares of such Funds. Under the second 12b-1 Plan, Advisor Class C shares pay an annual rate of 0.75% of the average daily net asset value of such shares.
|
12b-1
Expenses for the period ended June 30, 2026 | ||||||
|
Advisor Class A |
Advisor Class C | |||||
|
The Internet Fund |
$4,063 |
$9,160 | ||||
|
The Global Fund |
5,328 |
16,855 | ||||
|
The Paradigm Fund |
303,332 |
288,519 | ||||
|
The Small Cap Opportunities Fund |
31,763 |
43,535 | ||||
|
The Market Opportunities Fund |
30,256 |
43,988 | ||||
|
The Spin-Off Fund |
12,265 |
733 | ||||
Kinetics Funds Distributor, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser.
|
Distributor
Sales Load Fees
for the period ended June 30, 2026 | |||
|
The Internet Fund |
$249 | ||
|
The Global Fund |
273 | ||
|
The Paradigm Fund |
5,971 | ||
|
The Small Cap Opportunities Fund |
850 | ||
|
The Market Opportunities Fund |
2,427 | ||
|
The Multi-Disciplinary Income Fund |
— | ||
|
The Spin-Off Fund |
— | ||
|
49 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
4. RECLASSIFICATION OF CAPITAL ACCOUNTS
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the period ended December 31, 2025, each Fund recorded the following reclassifications to the accounts listed below:
|
Increase/(Decrease) | ||||||
|
Accumulated
Earnings (Deficit) |
Paid In Capital | |||||
|
The Internet Fund |
$(453,226) |
$453,226 | ||||
|
The Global Fund |
$(297,619) |
$297,619 | ||||
|
The Paradigm Fund |
$4,889,886 |
$(4,889,886) | ||||
|
The Small Cap Opportunities Fund |
$1,113,236 |
$(1,113,236) | ||||
|
The Market Opportunities Fund |
$(1,199,430) |
$1,199,430 | ||||
|
The Multi-Disciplinary Income Fund |
$— |
$— | ||||
|
The Spin-Off Fund |
$(3,101) |
$3,101 | ||||
5. INCOME TAXES
At December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:
|
Internet |
Global |
Paradigm |
Small
Cap Opportunities | |||||||||
|
Net Unrealized Appreciation |
$198,186,273 |
$22,361,417 |
$846,270,687 |
$247,389,313 | ||||||||
|
Undistributed Ordinary Income |
— |
398,531 |
— |
— | ||||||||
|
Undistributed Long-Term Capital Gains |
3,145,439 |
— |
28,497,747 |
— | ||||||||
|
Total Distributable Earnings |
$3,145,439 |
$398,531 |
$28,497,747 |
$— | ||||||||
|
Other Accumulated Loss |
— |
(56,829) |
(2,152,658) |
(625,133) | ||||||||
|
Total Accumulated Gain |
$201,331,712 |
$22,703,119 |
$872,615,776 |
$246,764,180 | ||||||||
|
Market
Opportunities |
Multi- Disciplinary Income |
Spin-Off
Fund | |||||||
|
Net Unrealized Appreciation |
$148,109,900 |
$25,816 |
$20,724,847 | ||||||
|
Undistributed Ordinary Income |
533,286 |
56,159 |
— | ||||||
|
Undistributed Long-Term Capital Gains |
— |
— |
432,767 | ||||||
|
Total Distributable Earnings |
$533,286 |
$56,159 |
$432,767 | ||||||
|
Other Accumulated Loss |
(76,702) |
(5,468,030) |
— | ||||||
|
Total Accumulated Gain (Loss) |
$148,566,484 |
$(5,386,055) |
$21,157,614 | ||||||
At December 31, 2025, the Funds had the following short-term and long-term capital loss carryforwards without expiration.
|
Capital Loss Carryforward | |||||||||
|
Short-Term |
Long-Term |
Total | |||||||
|
The Internet Fund |
$— |
$— |
$— | ||||||
|
The Global Fund |
— |
— |
— | ||||||
|
The Paradigm Fund |
— |
— |
— | ||||||
|
The Small Cap Opportunities Fund |
258,970 |
— |
258,970 | ||||||
|
The Market Opportunities Fund |
— |
— |
— | ||||||
|
The Multi-Disciplinary Income Fund |
16,302 |
5,451,728 |
5,468,030 | ||||||
|
The Spin-Off Fund |
— |
— |
— | ||||||
|
50 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
For the year ended December 31, 2025, the following Funds utilized capital losses.
|
Capital
Losses Utilized | |||
|
The Internet Fund |
$— | ||
|
The Global Fund |
11,749 | ||
|
The Paradigm Fund |
— | ||
|
The Small Cap Opportunities Fund |
— | ||
|
The Market Opportunities Fund |
— | ||
|
The Multi-Disciplinary Income Fund |
— | ||
|
The Spin-Off Fund |
— | ||
At December 31, 2025, the following Funds deferred, on a tax basis, post-October losses:
|
Post-October
Capital
Loss Deferral | |||
|
The Internet Fund |
$— | ||
|
The Global Fund |
— | ||
|
The Paradigm Fund |
2,152,658 | ||
|
The Small Cap Opportunities Fund |
366,163 | ||
|
The Market Opportunities Fund |
— | ||
|
The Multi-Disciplinary Income Fund |
— | ||
|
The Spin-Off Fund |
— | ||
The tax components of dividends paid during the period ended June 30, 2026 and the year ended December 31, 2025, are:
|
The Internet Fund |
The Global Fund | |||||||||||
|
Ordinary
Income
Distribution |
Long-Term
Capital Gains Distribution |
Ordinary
Income
Distribution |
Long-Term
Capital Gains Distribution | |||||||||
|
2026 |
$— |
$— |
$— |
$— | ||||||||
|
2025 |
$ 89,769 |
$ 4,941,382 |
$ 871,558 |
$ 473,620 | ||||||||
|
The Paradigm Fund |
The
Small Cap Opportunities Fund | |||||||||||
|
Ordinary
Income
Distribution |
Long-Term
Capital Gains Distribution |
Ordinary
Income
Distribution |
Long-Term
Capital Gains Distribution | |||||||||
|
2026 |
$— |
$— |
$— |
$ — | ||||||||
|
2025 |
$— |
$ 78,171,696 |
$ 1,019,404 |
$— | ||||||||
|
The
Market Opportunities Fund |
The
Multi-Disciplinary Income Fund | |||||||||||
|
Ordinary
Income
Distribution |
Long-Term
Capital Gains Distribution |
Ordinary
Income
Distribution |
Long-Term
Capital Gains Distribution | |||||||||
|
2026 |
$— |
$— |
$ 451,284 |
$— | ||||||||
|
2025 |
$ 505,628 |
$ 1,314,549 |
$820,482 |
$— | ||||||||
|
51 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
|
The Spin-Off Fund | ||||||
|
Ordinary
Income
Distribution |
Long-Term
Capital Gains Distribution | |||||
|
2026 |
$— |
$— | ||||
|
2025 |
$ 43,075 |
$ 2,699,046 | ||||
Each Feeder Fund and the Spin-Off Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Feeder Funds and the Spin-Off Fund related to net capital gain to zero for the tax year ended December 31, 2025.
6. SECURITIES TRANSACTIONS, TAX COST AND SIGNIFICANT INVESTMENTS – THE SPIN-OFF FUND
Purchases and sales of investment securities, other than short-term investments and short-term options, for the period ended June 30, 2026, were as follows for the Spin-Off Fund:
|
Purchases |
Sales | |||||||||||
|
U.S.
Government |
Other |
U.S.
Government |
Other | |||||||||
|
The Spin-Off Fund |
$— |
$208,045 |
$— |
$2,469,090 | ||||||||
As of December 31, 2025, the cost of investments and unrealized appreciation (depreciation) on investment securities for federal income tax purposes was as follows for the Spin-Off Fund:
|
The Spin-Off Fund | |||
|
Tax Cost of Investments |
$5,095,233 | ||
|
Unrealized Appreciation |
21,084,200 | ||
|
Unrealized Depreciation |
(359,406) | ||
|
Net Unrealized Appreciation |
$20,724,794 | ||
Significant Investments – The Spin-Off Fund may invest a greater percentage of its assets in one or more individual securities at any time. The greater percentage of assets in individual securities (not including short-term investments or other funds) exposes the fund to the risk of unanticipated industry conditions, the risks particular to a single company or security, and the risk of potentially lower liquidity. At June 30, 2026, the Spin-Off Fund invested approximately 83% of its net assets in individual securities, which each comprised more than 5% of net assets. See the Schedule of Investments for further details.
Holding a large concentration in a single security or issuer may expose a fund to the market volatility of that specific security or issuer if the security or issuer performs worse than the market as a whole, which could adversely affect the Fund’s performance. At June 30, 2026, the Spin-Off Fund held 76.3% of its net assets in the securities of Texas Pacific Land Corp. Because a large portion of its revenue is derived from oil and gas royalties, the performance of the Spin-Off Fund could be adversely affected if the underlying markets for oil or gas were to decline, thereby having a more significant impact on the Spin-Off Fund given the concentration in this holding.
|
52 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
7. SUMMARY OF FAIR VALUE EXPOSURE – SPIN-OFF FUND
Various inputs are used in determining the value of the Spin-Off Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
Level 1 – |
Unadjusted quoted prices in active markets for identical assets or liabilities that the Spin-Off Fund has the ability to access. |
|
Level 2 – |
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
|
Level 3 – |
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Spin-Off Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The Kinetics Spin-Off and Corporate Restructuring Fund
The following is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund’s net assets as of June 30, 2026:
|
Assets^ |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Common Stocks |
$ 34,179,866 |
$— |
$ 383,375 |
$ 34,563,241 | ||||||||
|
Unit Investment Trust |
138,701 |
— |
— |
138,701 | ||||||||
|
Exchange Traded Funds |
4,861 |
— |
— |
4,861 | ||||||||
|
Total Investments in Securities |
$ 34,323,428 |
$— |
$ 383,375 |
$ 34,706,803 | ||||||||
During the period ended June 30, 2026, there were no transfers into or out of Level 3.
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
Description |
Investments
in Securities | ||
|
Balance as of December 31, 2025 |
$ 229,907 | ||
|
Accrued discounts/premiums |
— | ||
|
Realized gain (loss) |
— | ||
|
Change in unrealized appreciation (depreciation) |
153,468 *** | ||
|
Net purchases and/or acquisitions |
— | ||
|
Net sales and/or write-offs |
— | ||
|
Transfer in and/or out of Level 3 |
— | ||
|
Balance as of June 30, 2026 |
$ 383,375 | ||
|
53 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
|
Description |
Fair
Value at 6/30/2026 |
Valuation
Techniques |
Unobservable
Input |
Range** | ||||||||
|
Common Stocks |
$ 100,000 |
Cost Approach |
Precedent Transaction |
$5.00 - $5.00 | ||||||||
|
Common Stocks |
$ 253,476 |
Cost Approach |
Precedent Transaction |
$17.21 - $41.35 | ||||||||
|
Common Stocks |
$29,900 |
Cost Approach |
Precedent Transaction |
$23.00 - $23.00 | ||||||||
|
^ |
See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
|
** |
Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
|
*** |
Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2026 is $140,278. |
8. INVESTMENT ADVISER
The Spin-Off Fund entered into Investment Advisory Agreements (the “Agreement”) with the Adviser, with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Spin-Off Fund. The Adviser is a wholly-owned subsidiary of Horizon Kinetics Holding Corporation. Under the terms of the Agreement, the Spin-Off Fund compensates the Adviser for its management services at the annual rate of 1.00% of the Spin-Off Fund’s average daily net assets. For the period ended June 30, 2026, Spin-Off Fund incurred $174,636 in expenses pursuant to the Agreement.
9. SUBSEQUENT EVENTS
In preparing these financial statements, management has evaluated Fund-related events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other events or transactions that occurred during the period that materially impacted the amounts or disclosures in the Funds’ financial statements.
10. TAX INFORMATION (UNAUDITED)
For the fiscal year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
|
The Internet Fund |
100.00% | ||
|
The Global Fund |
61.36% | ||
|
The Paradigm Fund |
0.00% | ||
|
The Small Cap Opportunities Fund |
100.00% | ||
|
The Market Opportunities Fund |
100.00% | ||
|
The Multi-Disciplinary Income Fund |
0.00% | ||
|
The Spin-Off Fund |
100.00% | ||
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:
|
The Internet Fund |
100.00% | ||
|
The Global Fund |
11.30% | ||
|
The Paradigm Fund |
0.00% | ||
|
The Small Cap Opportunities Fund |
100.00% | ||
|
The Market Opportunities Fund |
95.92% | ||
|
The Multi-Disciplinary Income Fund |
0.00% | ||
|
The Spin-Off Fund |
100.00% | ||
|
54 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for the year ended December 31, 2025 was as follows:
|
The Internet Fund |
0.00% | ||
|
The Global Fund |
28.14% | ||
|
The Paradigm Fund |
0.00% | ||
|
The Small Cap Opportunities Fund |
0.00% | ||
|
The Market Opportunities Fund |
0.00% | ||
|
The Multi-Disciplinary Income Fund |
21.25% | ||
|
The Spin-Off Fund |
0.00% | ||
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the year ended December 31, 2025 was as follows.
|
The Internet Fund |
100.00% | ||
|
The Global Fund |
0.00% | ||
|
The Paradigm Fund |
0.00% | ||
|
The Small Cap Opportunities Fund |
0.00% | ||
|
The Market Opportunities Fund |
0.00% | ||
|
The Multi-Disciplinary Income Fund |
0.00% | ||
|
The Spin-Off Fund |
0.00% | ||
The percentage of taxable income distributions that are designated as ordinary and long-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the year ended December 31, 2025 was as follows.
|
Ordinary |
Long-Term | |||||
|
The Internet Fund |
1.78% |
98.22% | ||||
|
The Global Fund |
64.79% |
35.21% | ||||
|
The Paradigm Fund |
0.00% |
100.00% | ||||
|
The Small Cap Opportunities Fund |
100.00% |
0.00% | ||||
|
The Market Opportunities Fund |
27.78% |
72.22% | ||||
|
The Multi-Disciplinary Income Fund |
100.00% |
0.00% | ||||
|
The Spin-Off Fund |
1.57% |
98.43% | ||||
11. RECENT ACCOUNTING PRONOUNCEMENTS
ASU 2023-09 - Improvement to Income Tax Disclosure
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvement to Income Tax Disclosure, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning December 15, 2024, and early adoption is permitted. The Adviser has adopted the amendment for the current fiscal period, but related income taxes paid were deemed immaterial.
12. INFORMATION ABOUT PROXY VOTING (UNAUDITED)
Information regarding how the Spin-Off Fund, the Feeder Funds and the Master Portfolios vote proxies relating to portfolio securities is available without charge, upon request by calling toll-free at 1-800-930-3828 or by accessing the Company’s website at www.kineticsfunds.com and by accessing the SEC’s website at www.sec.gov.Information regarding how the Spin-Off Fund, the Feeder Funds and the Master Portfolios voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, is available without charge, upon request, by calling toll-free at 1-800-930-3828 or by accessing the SEC’s website at www.sec.gov.
|
55 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
13. INFORMATION ABOUT THE PORTFOLIO HOLDINGS (UNAUDITED)
The Spin-Off Fund and Feeder Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Spin-Off Fund’s and Feeder Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-800-930-3828. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
14.
APPROVAL OF INVESTMENT ADVISORY CONTRACT BY DIRECTORS OF KINETICS MUTUAL FUNDS, INC. (UNAUDITED)
At a meeting held on June 5, 2026, the Board of Directors of Kinetics Mutual Funds, Inc. (the “Company”), including all of the Directors who are not interested persons of the Company or Horizon Kinetics Asset Management LLC (the “Adviser”) within the meaning of the Investment Company Act of 1940, as amended (the “Independent Directors”), approved the continuation of the Investment Advisory Agreement between the Adviser and the Kinetics Spin-Off and Corporate Restructuring Fund (the “Fund”) for an additional twelve-month period. In connection with its review, the Board received and considered information concerning the Adviser, the Fund and the services provided under the Advisory Agreement, including, among other things, a Section 15(c) request letter provided by counsel to the Fund and the Executive Memorandum from the Adviser responding to the request letter, a Section 15(c) analysis prepared by U.S. Bancorp Fund Services, LLC, supplemental peer-group analyses, performance information, profitability reports, compliance materials and cybersecurity updates.
In evaluating the Advisory Agreement, the Board considered the nature, extent and quality of the services provided by the Adviser, including portfolio management, research, trading, compliance oversight, liquidity risk management and shareholder servicing support. The Board noted that the Adviser manages approximately $11.4 billion in assets across its various advisory businesses and continued to devote substantial resources to supporting the Fund and its shareholders. The Board also reviewed the experience and qualifications of investment, compliance and operational personnel responsible for servicing the Fund.
The Board carefully considered the Fund’s investment performance and reviewed performance results against applicable Morningstar peer groups and benchmark information. The Board noted considered information regarding the performance of the Fund for the year-to-date, one-year, three-year, five-year and ten-year periods. The Board also reviewed supplemental information presented by the Adviser indicating that the Morningstar U.S. Mid-Cap Blend category may provide a more appropriate comparison for the Fund’s investment strategy. The Board also considered the Fund’s performance rankings in the Morningstar U.S. Mid-Cap Blend category for the year-to-date, one-year, three-year, five-year and ten-year periods. The Board considered these results within the context of the Fund’s long-term, value-oriented investment approach.
With respect to fees and expenses, the Board reviewed the Fund’s advisory fee, net expense ratio and applicable peer group comparisons. The Board considered that the Fund’s management fee and net expense ratio, respectively, relative to the Morningstar Miscellaneous Sector peer group. The Board also reviewed the Fund’s management fee and net expense ratio ranked with respect to the supplemental Mid-Cap Blend group. The Board further considered the Adviser’s history of fee waivers and expense reimbursements and noted that fee and expense comparisons may be affected by differences in asset size, services and other factors among peer funds.
The Board reviewed information regarding the Adviser’s profitability, costs of providing services and benefits derived from its relationship with the Fund. The Board also considered potential ancillary benefits received by the Adviser and its affiliates and concluded that the Adviser’s profitability was not excessive in relation to the nature, extent and quality of services provided. In addition, the Board considered whether economies of scale were being realized and whether shareholders were appropriately benefiting from any such economies through the Fund’s fee arrangements and expense structure. Based upon the information presented, the Board concluded that the Fund’s advisory fee remained fair and reasonable.
The Board also reviewed information concerning cybersecurity and operational risk oversight. In particular, the Board considered reports addressing the Adviser’s cybersecurity policies and procedures, disaster recovery and business continuity planning, remote business capabilities, oversight of critical service providers and due diligence
|
56 |
KINETICS
MUTUAL FUNDS, INC. – THE FEEDER FUNDS
NOTES
TO FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
processes relating to cybersecurity and operational resiliency. The Board noted that the Adviser maintained cybersecurity controls and ongoing service-provider oversight programs designed to support the secure operation of the Fund and its service relationships.
After considering all information deemed relevant, the Board, including all of the Independent Directors, concluded that the Adviser continued to provide high-quality services to the Fund, that the advisory fee payable under the Advisory Agreement was fair and reasonable in light of the nature, extent and quality of services provided, and that continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders. Accordingly, the Board approved the continuation of the Advisory Agreement for an additional twelve-month period. This conclusion was not based on any single factor, but on an evaluation of the totality of factors and information reviewed by the Board.
|
57 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Internet Portfolio
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)
|
Shares |
Value | |||||
|
COMMON
STOCKS - 54.8% |
||||||
|
Administrative
and Support Services - 0.0%(a) |
||||||
|
CreditRiskMonitor.com, Inc.(b) |
780 |
$1,708 | ||||
|
Aerospace
and Defense - 0.0%(a) |
||||||
|
Booz Allen Hamilton Holding Corp. |
1,400 |
84,938 | ||||
|
Broadcasting
(except Internet) - 0.4% |
||||||
|
Atlanta
Braves Holdings, Inc. - Class A(b) |
8,000 |
450,480 | ||||
|
Atlanta
Braves Holdings, Inc. - Class C(b) |
8,000 |
415,200 | ||||
|
865,680 | ||||||
|
Business
Support Services - 0.1% |
||||||
|
Circle Internet Group, Inc.(b) |
1,000 |
62,630 | ||||
|
Fermi, Inc.(b) |
6,667 |
61,070 | ||||
|
123,700 | ||||||
|
Computer
Systems Design and Related
Services - 4.7% |
||||||
|
CACI International, Inc. - Class A(b) |
18,000 |
8,338,680 | ||||
|
Miami International Holdings, Inc.(b) |
87,222 |
3,241,158 | ||||
|
11,579,838 | ||||||
|
Computing
Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.4% |
||||||
|
Broadridge Financial Solutions, Inc. |
7,200 |
986,040 | ||||
|
Data
Center Infrastructure - 1.6% |
||||||
|
Bolt Data & Energy Inc.(b)(c) |
800,000 |
4,000,000 | ||||
|
Data
Processing, Hosting, and Related
Services - 1.2% |
||||||
|
Mastercard, Inc. - Class A |
3,500 |
1,797,600 | ||||
|
Verisk Analytics, Inc. |
7,000 |
1,256,710 | ||||
|
3,054,310 | ||||||
|
Digital
Asset Financial Services - 1.7% |
||||||
|
Galaxy Digital, Inc. - Class A(b)(d) |
150,000 |
4,101,000 | ||||
|
Entertainment
- 0.1% |
||||||
|
IG Port, Inc. |
32,200 |
258,638 | ||||
|
Financial
Services - 0.1% |
||||||
|
Euronext NV(c) |
1,600 |
255,942 | ||||
|
Funds,
Trusts, and Other Financial Vehicles - 0.4% |
||||||
|
Mesabi Trust |
37,900 |
958,870 | ||||
|
Global
Exchanges - 0.0%(a) |
||||||
|
Japan Exchange Group, Inc. - ADR(d) |
6,200 |
78,492 | ||||
|
NZX Ltd. |
1,200 |
961 | ||||
|
79,453 | ||||||
|
Shares |
Value | |||||
|
Media
- 0.0%(a) |
||||||
|
Nippon Television Holdings, Inc. |
200 |
$3,437 | ||||
|
Toei Animation Co. Ltd. |
7,000 |
104,788 | ||||
|
108,225 | ||||||
|
Offices
of Real Estate Agents and Brokers
- 2.1% |
||||||
|
Landbridge Co. LLC - Class A |
66,800 |
5,293,232 | ||||
|
Oil
and Gas Extraction - 32.7%(e) |
||||||
|
Permian Basin Royalty Trust(d) |
12,550 |
314,252 | ||||
|
Texas Pacific Land Corp.(f) |
184,734 |
80,846,988 | ||||
|
81,161,240 | ||||||
|
Other
Financial Investment Activities - 1.1% |
||||||
|
Grayscale Investments, Inc.(b)(c) |
200,000 |
2,000,000 | ||||
|
Bakkt, Inc.(b)(d) |
80,000 |
624,800 | ||||
|
2,624,800 | ||||||
|
Other
Motor Vehicle Dealers - 0.0%(a) |
||||||
|
Copart, Inc.(b) |
400 |
11,276 | ||||
|
Performing
Arts, Spectator Sports, and Related Industries - 0.4% |
||||||
|
Madison Square Garden Entertainment Corp.(b) |
4,000 |
323,560 | ||||
|
Sphere Entertainment Co.(b) |
4,000 |
692,120 | ||||
|
1,015,680 | ||||||
|
Securities
and Commodities Exchanges - 2.5% |
||||||
|
CME Group, Inc. |
4,000 |
883,320 | ||||
|
Miami International Holdings Inc.(b) |
134,000 |
4,979,440 | ||||
|
Nasdaq, Inc. |
2,100 |
165,522 | ||||
|
TXSE Group, Inc.(b)(c) |
8,700 |
200,100 | ||||
|
6,228,382 | ||||||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 2.5% |
||||||
|
OTC Markets Group, Inc. - Class A |
120,900 |
6,226,350 | ||||
|
S&P Global, Inc. |
113 |
46,020 | ||||
|
6,272,370 | ||||||
|
Technology
Services and Software - 2.8% |
||||||
|
SB Technology, Inc.(b)(c) |
165,515 |
6,844,045 | ||||
|
Web
Search Portals, Libraries, Archives, and Other Information Services - 0.0%(a) |
||||||
|
CoStar Group, Inc.(b) |
200 |
5,664 | ||||
|
TOTAL
COMMON STOCKS (Cost $70,435,973) |
135,915,031 | |||||
|
UNIT
INVESTMENT TRUSTS - 43.2% |
||||||
|
Grayscale Bitcoin Mini Trust ETF(b) |
428,419 |
11,117,473 | ||||
|
Grayscale Bitcoin Trust ETF(b)(f) |
2,110,371 |
96,064,088 | ||||
|
Grayscale Litecoin Trust(b) |
4 |
12 | ||||
The
accompanying notes are an integral part of these financial statements.
|
58 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Internet Portfolio
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)(Continued)
|
Shares |
Value | |||||
|
UNIT
INVESTMENT TRUSTS - (Continued) | ||||||
|
ProShares UltraShort Bloomberg Natural Gas(b) |
4,591 |
$103,986 | ||||
|
TOTAL
UNIT INVESTMENT TRUSTS (Cost $6,887,660) |
107,285,559 | |||||
|
PREFERRED
STOCKS - 0.1% |
||||||
|
Technology
- 0.1% |
||||||
|
Ripple Labs, Inc. - Preferred A shares, 0.00%(b)(c) |
1,875 |
246,319 | ||||
|
TOTAL
PREFERRED STOCKS (Cost $300,000) |
246,319 | |||||
|
EXCHANGE
TRADED FUNDS - 0.0%(a) | ||||||
|
ProShares Ultra Bloomberg Natural Gas(b)(d) |
3,465 |
95,079 | ||||
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $99,792) |
95,079 | |||||
|
TOTAL
INVESTMENTS - 98.1% (Cost $77,723,425) |
$243,541,988 | |||||
|
Money
Market Deposit Account - 2.8%(g)(h) |
6,834,943 | |||||
|
Liabilities
in Excess of Other Assets - (0.9)% |
(2,328,338) | |||||
|
TOTAL NET ASSETS - 100.0% |
$248,048,593 | |||||
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $13,546,406
or 5.5% of net assets as of June 30, 2026. |
|
(d) |
All or a portion
of this security is on loan as of June 30, 2026. The fair value of these securities was $2,479,531. |
|
(e) |
To the extent that
the Fund invests significantly in the securities of issuers in a particular industry or sector of the economy, its performance will be
especially sensitive to developments affecting that industry or sector. |
|
(f) |
Fair value of this
security exceeds 25% of the Fund’s net assets. Additional information about the issuer of this security, including its financial
statements, is available from the SEC’s EDGAR database at www.sec.gov. |
|
(g) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was
3.49%. |
|
(h) |
All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2026 is $3,116,634 which represented 1.3% of net assets. |
The
accompanying notes are an integral part of these financial statements.
|
59 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Global Portfolio
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)
|
Shares |
Value | |||||
|
COMMON
STOCKS - 82.1% |
||||||
|
Accommodation
- 0.4% |
||||||
|
Civeo Corp.(a) |
5,400 |
$189,000 | ||||
|
Administrative
and Support Services - 0.1% |
||||||
|
RB Global, Inc. |
200 |
23,290 | ||||
|
Aerospace
and Defense - 0.2% |
||||||
|
Booz Allen Hamilton Holding Corp. |
1,600 |
97,072 | ||||
|
Elbit Systems Ltd. |
10 |
7,587 | ||||
|
104,659 | ||||||
|
Agencies,
Brokerages, and Other Insurance Related Activities - 0.0%(b) |
||||||
|
Brookfield Wealth Solutions Ltd.(c) |
348 |
14,846 | ||||
|
Architectural,
Engineering, and Related Services - 0.0%(b) |
||||||
|
Sumitomo Corp. - ADR |
600 |
22,974 | ||||
|
Asset
Management - 4.9% |
||||||
|
Investor AB(a) |
60,000 |
2,490,937 | ||||
|
Business
Support Services - 0.0%(b) |
||||||
|
Circle Internet Group, Inc.(a) |
100 |
6,263 | ||||
|
Fermi, Inc.(a) |
1,800 |
16,488 | ||||
|
22,751 | ||||||
|
Chemical
Manufacturing - 0.1% |
||||||
|
Resonac Holdings Corp. |
600 |
65,316 | ||||
|
Computer
Systems Design and Related Services - 2.3% |
||||||
|
CACI International, Inc. - Class A(a) |
100 |
46,326 | ||||
|
Miami International Holdings, Inc.(a) |
29,900 |
1,111,084 | ||||
|
1,157,410 | ||||||
|
Data
Center Infrastructure - 1.2% |
||||||
|
Bolt Data & Energy Inc.(a)(d) |
120,000 |
600,000 | ||||
|
Digital
Asset Financial Services - 2.7% |
||||||
|
Galaxy Digital, Inc. - Class A(a) |
50,000 |
1,367,000 | ||||
|
Diversified
Real Estate Activities - 1.2% |
||||||
|
PrairieSky Royalty Ltd. |
27,200 |
608,728 | ||||
|
Electric
Power Generation, Transmission and Distribution - 7.0% |
||||||
|
Hawaiian Electric Industries, Inc.(a) |
260,000 |
3,517,800 | ||||
|
Entertainment
- 1.3% |
||||||
|
IG Port, Inc. |
83,200 |
668,281 | ||||
|
Financial
Services - 4.9% |
||||||
|
Euronext NV(d) |
15,520 |
2,482,632 | ||||
|
Kinnevik AB(a) |
200 |
1,073 | ||||
|
Value Partners Group Ltd. |
10,000 |
2,614 | ||||
|
2,486,319 | ||||||
|
Shares |
Value | |||||
|
Funds,
Trusts, and Other Financial Vehicles - 1.1% |
||||||
|
Mesabi Trust |
20,918 |
$529,225 | ||||
|
Global
Exchanges - 1.1% |
||||||
|
ASX Ltd. |
800 |
29,533 | ||||
|
B3 SA - Brasil Bolsa Balcao - ADR(c) |
100 |
850 | ||||
|
B3 SA - Brasil Bolsa Balcao |
30,000 |
84,381 | ||||
|
Deutsche Boerse AG |
600 |
163,711 | ||||
|
Euronext NV(e) |
1,120 |
179,159 | ||||
|
Japan Exchange Group, Inc. - ADR(c) |
4,000 |
50,640 | ||||
|
NZX Ltd. |
38,000 |
30,431 | ||||
|
538,705 | ||||||
|
Hospitality
and Tourism - 0.1% |
||||||
|
Norwegian Cruise Line Holdings Ltd.(a) |
2,000 |
42,220 | ||||
|
Insurance
Carriers - 0.0%(b) |
||||||
|
Fairfax Financial Holdings Limited |
4 |
6,587 | ||||
|
Legal
Services - 0.1% |
||||||
|
CRA International, Inc. |
220 |
31,306 | ||||
|
Live
Sports (Spectator Sports) - 0.2% |
||||||
|
Big League Advance, LLC(a)(d) |
1,818 |
121,461 | ||||
|
Management
of Companies and Enterprises - 11.6% |
||||||
|
Associated Capital Group, Inc. - Class A |
13,300 |
477,470 | ||||
|
Fairfax India Holdings Corp.(a)(e) |
157,000 |
2,873,100 | ||||
|
Valterra Platinum Ltd. - ADR |
736 |
8,192 | ||||
|
White Mountains Insurance Group Ltd. |
1,200 |
2,488,068 | ||||
|
5,846,830 | ||||||
|
Media
- 1.7% |
||||||
|
AlphaPolis Co. Ltd. |
36,400 |
216,034 | ||||
|
Nippon BS Broadcasting Corp. |
2,000 |
11,218 | ||||
|
Nippon Television Holdings, Inc. |
25,000 |
429,672 | ||||
|
Toei Animation Co. Ltd. |
14,000 |
209,576 | ||||
|
866,500 | ||||||
|
Mining
(except Oil and Gas) - 1.9% |
||||||
|
Franco-Nevada Corp. |
2,400 |
500,256 | ||||
|
Wheaton Precious Metals Corp. |
4,000 |
449,280 | ||||
|
949,536 | ||||||
|
Miscellaneous
Durable Goods Merchant Wholesalers - 0.7% |
||||||
|
ITOCHU Corp. - ADR |
600 |
6,840 | ||||
|
Mitsui & Co. Ltd. - ADR |
600 |
332,262 | ||||
|
339,102 | ||||||
|
Motor
Vehicle and Parts Dealers - 0.0%(b) |
||||||
|
AutoNation, Inc.(a) |
40 |
7,432 | ||||
|
Penske Automotive Group, Inc. |
30 |
5,368 | ||||
|
12,800 | ||||||
The
accompanying notes are an integral part of these financial statements.
|
60 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Global Portfolio
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)(Continued)
|
Shares |
Value | |||||
|
COMMON
STOCKS - (Continued) | ||||||
|
Nondepository
Credit Intermediation - 0.0%(b) |
||||||
|
Burford Capital Ltd. |
1,800 |
$7,380 | ||||
|
Nonmetallic
Mineral Mining and Quarrying - 0.1% |
||||||
|
Anglo American PLC - ADR(c) |
2,113 |
52,212 | ||||
|
Nonmetallic
Mineral Product Manufacturing - 0.2% |
||||||
|
Eagle Materials, Inc. |
418 |
94,050 | ||||
|
Offices
of Real Estate Agents and Brokers - 5.6% |
||||||
|
Aztec Land and Cattle Co. Ltd. |
4 |
9,700 | ||||
|
Landbridge Co. LLC - Class A |
35,400 |
2,805,096 | ||||
|
2,814,796 | ||||||
|
Oil
and Gas Extraction - 23.5% |
||||||
|
EQT Corp. |
12 |
638 | ||||
|
Permian Basin Royalty Trust |
40,000 |
1,001,600 | ||||
|
Texas Pacific Land Corp. |
24,302 |
10,635,527 | ||||
|
Western Midstream Partners LP |
3,500 |
153,160 | ||||
|
11,790,925 | ||||||
|
Other
Crop Farming - 0.1% |
||||||
|
J G Boswell Co. |
54 |
29,808 | ||||
|
Other
Financial Investment Activities - 0.2% |
||||||
|
GAMCO Investors, Inc. - Class A |
5,000 |
118,514 | ||||
|
Other
Investment Pools and Funds - 2.4% |
||||||
|
Partners Value Investments LP |
21,930 |
268,278 | ||||
|
Urbana Corp. |
83,760 |
544,521 | ||||
|
Urbana Corp. - Class A |
64,000 |
374,546 | ||||
|
1,187,345 | ||||||
|
Real
Estate - 0.0%(b) |
||||||
|
Tejon Ranch Co.(a) |
800 |
14,960 | ||||
|
Retail
& Wholesale - Staples - 0.1% |
||||||
|
Marubeni Corporation |
600 |
17,307 | ||||
|
Mitsubishi Corporation |
600 |
16,041 | ||||
|
33,348 | ||||||
|
Securities
and Commodities Exchanges
- 0.6% |
||||||
|
Cboe Global Markets, Inc. |
200 |
48,534 | ||||
|
CME Group, Inc. |
200 |
44,166 | ||||
|
Intercontinental Exchange, Inc. |
1,000 |
123,110 | ||||
|
TXSE Group, Inc.(a)(d) |
4,350 |
100,050 | ||||
|
315,860 | ||||||
|
Shares |
Value | |||||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 0.6% |
||||||
|
Brookfield Asset Management Ltd. - Class A |
400 |
$17,940 | ||||
|
Brookfield Corp. |
6,000 |
255,540 | ||||
|
OTC Markets Group, Inc. - Class A |
400 |
20,600 | ||||
|
294,080 | ||||||
|
Support
Activities for Mining - 0.0%(b) |
||||||
|
Core Laboratories, Inc. |
200 |
2,330 | ||||
|
Liberty Energy, Inc. |
200 |
5,238 | ||||
|
7,568 | ||||||
|
Support
Activities for Water Transportation - 1.4% |
||||||
|
Clarkson PLC |
6,000 |
331,560 | ||||
|
Siem Industries, Inc.(a)(d) |
5,500 |
385,000 | ||||
|
716,560 | ||||||
|
Technology
Services and Software - 2.5% |
||||||
|
SB Technology, Inc.(a)(d) |
30,651 |
1,267,419 | ||||
|
Water,
Sewage and Other Systems - 0.0%(b) |
||||||
|
Pure Cycle Corp.(a) |
800 |
8,568 | ||||
|
WaterBridge Infrastructure LLC - Class A |
400 |
13,708 | ||||
|
22,276 | ||||||
|
TOTAL
COMMON STOCKS (Cost $25,666,766) |
41,390,684 | |||||
|
UNIT
INVESTMENT TRUSTS - 14.9% |
||||||
|
Grayscale Bitcoin Mini Trust ETF(a) |
30,704 |
796,769 | ||||
|
Grayscale Bitcoin Trust ETF(a)(c) |
147,820 |
6,728,766 | ||||
|
Grayscale Ethereum Classic Trust(a) |
24 |
93 | ||||
|
TOTAL
UNIT INVESTMENT TRUSTS (Cost $521,994) |
7,525,628 | |||||
|
Contracts |
||||||
|
WARRANTS
- 0.2% | ||||||
|
Other
Investment Pools and Funds - 0.2% |
||||||
|
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93(a)(d) |
3,996 |
78,187 | ||||
|
TOTAL
WARRANTS (Cost $30,925) |
78,187 | |||||
|
Shares |
||||||
|
PREFERRED
STOCKS - 0.0%(b) |
||||||
|
Financial
Services - 0.0%(b) |
||||||
|
Partners Value Investments LP, Series 1*, 4.50%, Perpetual(a) |
515 |
7,725 | ||||
|
Other
Investment Pools and Funds - 0.0%(b) |
||||||
|
Partners Value Investments LP, Series 1*, 0.16%, 11/27/2030(a) |
2,193 |
1,689 | ||||
|
TOTAL
PREFERRED STOCKS (Cost $12,301) |
9,414 | |||||
The
accompanying notes are an integral part of these financial statements.
|
61 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Global Portfolio
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)(Continued)
|
Par |
Value | |||||
|
CONVERTIBLE
BONDS - 0.0%(b) |
||||||
|
Department
Stores - 0.0%(b) |
||||||
|
Sears Holdings Corp., 8.00%, 12/15/2019(d)(f) |
$41,080 |
$0 | ||||
|
TOTAL
CONVERTIBLE BONDS (Cost $41,080) |
0 | |||||
|
TOTAL
INVESTMENTS - 97.2% (Cost $26,273,066) |
$49,003,913 | |||||
|
Money
Market Deposit Account - 3.5%(g)(h) |
1,767,649 | |||||
|
Liabilities
in Excess of Other Assets - (0.7)% |
(361,735) | |||||
|
TOTAL NET ASSETS - 100.0% |
$50,409,827 | |||||
Par
amount is in USD unless otherwise indicated.
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
(c) |
All or a portion
of this security is on loan as of June 30, 2026. The fair value of these securities was $668,055. |
|
(d) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $5,034,749
or 10.0% of net assets as of June 30, 2026. |
|
(e) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2026, the values of these securities totaled $3,052,259
or 6.1% of the Fund’s net assets. |
|
(f) |
Issuer is currently
in default. |
|
(g) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was
3.49%. |
|
(h) |
All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2026 is $697,332 which represented 1.4% of net assets. |
The
accompanying notes are an integral part of these financial statements.
|
62 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
THE
PARADIGM PORTFOLIO
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)
|
Shares |
Value | |||||
|
COMMON
STOCKS - 90.9% |
||||||
|
Accommodation
- 0.3% |
||||||
|
Civeo Corp.(a) |
83,767 |
$2,931,845 | ||||
|
Asset
Management - 0.0%(b) |
||||||
|
Investor AB(a) |
1,000 |
41,516 | ||||
|
Beverage
and Tobacco Product Manufacturing - 0.0%(b) |
||||||
|
Crimson Wine Group Ltd.(a) |
9,200 |
40,627 | ||||
|
Broadcasting
(except Internet) - 0.0%(b) |
||||||
|
Atlanta Braves Holdings, Inc. - Class C(a) |
4,842 |
251,300 | ||||
|
Business
Support Services - 0.0%(b) |
||||||
|
Circle Internet Group, Inc.(a) |
200 |
12,526 | ||||
|
Fermi, Inc.(a) |
40,000 |
366,400 | ||||
|
378,926 | ||||||
|
Computer
Systems Design and Related Services - 2.2% |
||||||
|
CACI International, Inc. - Class A(a) |
24,000 |
11,118,240 | ||||
|
Miami International Holdings, Inc.(a) |
387,956 |
14,416,445 | ||||
|
25,534,685 | ||||||
|
Computing
Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.0%(b) |
||||||
|
Broadridge Financial Solutions, Inc. |
1,000 |
136,950 | ||||
|
Data
Center Infrastructure - 0.3% |
||||||
|
Bolt Data & Energy Inc.(a)(c) |
800,000 |
4,000,000 | ||||
|
Diversified
Real Estate Activities - 0.1% |
||||||
|
PrairieSky Royalty Ltd. |
60,000 |
1,342,782 | ||||
|
Electric
Power Generation, Transmission and Distribution - 4.1% |
||||||
|
Hawaiian Electric Industries, Inc.(a) |
3,566,000 |
48,247,980 | ||||
|
NRG Energy, Inc. |
148 |
21,617 | ||||
|
48,269,597 | ||||||
|
Financial
Services - 0.0%(b) |
||||||
|
Kinnevik AB(a) |
200 |
1,072 | ||||
|
Funds,
Trusts, and Other Financial Vehicles - 0.1% |
||||||
|
Mesabi Trust(d) |
41,800 |
1,057,540 | ||||
|
Insurance
Carriers - 0.0%(b) |
||||||
|
Fairfax Financial Holdings Limited |
2 |
3,294 | ||||
|
Insurance
Carriers and Related Activities - 0.0%(b) |
||||||
|
Markel Group, Inc.(a) |
100 |
195,301 | ||||
|
Shares |
Value | |||||
|
Management
of Companies and Enterprises - 0.8% |
||||||
|
Associated Capital Group, Inc. - Class A |
189,933 |
$6,818,595 | ||||
|
Fairfax India Holdings Corp.(a)(e) |
8,400 |
153,720 | ||||
|
White
Mountains Insurance Group Ltd. |
924 |
1,915,812 | ||||
|
8,888,127 | ||||||
|
Mining
(except Oil and Gas) - 0.5% |
||||||
|
Franco-Nevada Corp. |
24,000 |
5,002,560 | ||||
|
Wheaton Precious Metals Corp. |
12,000 |
1,347,840 | ||||
|
6,350,400 | ||||||
|
Offices
of Real Estate Agents and Brokers - 6.1% |
||||||
|
Landbridge Co. LLC - Class A |
916,400 |
72,615,536 | ||||
|
Oil
and Gas Extraction - 69.4%(f) |
||||||
|
Texas Pacific Land Corp.(g) |
1,880,818 |
823,121,189 | ||||
|
Other
Financial Investment Activities - 0.4% |
||||||
|
Grayscale Investments, Inc.(a)(c) |
100,000 |
1,000,000 | ||||
|
Onex Corp. |
32,000 |
2,383,040 | ||||
|
Seaport Entertainment Group, Inc.(a) |
30,000 |
798,000 | ||||
|
4,181,040 | ||||||
|
Other
Investment Pools and Funds - 0.0%(b) |
||||||
|
Partners
Value Investments LP |
8,000 |
97,867 | ||||
|
Urbana Corp. |
400 |
2,600 | ||||
|
Urbana Corp. - Class A |
400 |
2,341 | ||||
|
102,808 | ||||||
|
Performing
Arts, Spectator Sports, and Related Industries - 0.7% |
||||||
|
Live Nation Entertainment, Inc.(a) |
45,000 |
8,239,950 | ||||
|
Securities
and Commodities Exchanges - 1.2% |
||||||
|
Cboe Global Markets, Inc. |
60,000 |
14,560,200 | ||||
|
TXSE Group, Inc.(a)(c) |
4,350 |
100,050 | ||||
|
14,660,250 | ||||||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 3.7% |
||||||
|
Brookfield Asset Management Ltd. - Class A |
160,000 |
7,176,000 | ||||
|
Brookfield Corp. |
849,600 |
36,184,464 | ||||
|
43,360,464 | ||||||
|
Support
Activities for Water Transportation - 0.3% |
||||||
|
Clarkson PLC |
70,000 |
3,868,204 | ||||
|
Technology
Services and Software - 0.6% |
||||||
|
SB Technology, Inc.(a)(c) |
165,515 |
6,844,045 | ||||
The
accompanying notes are an integral part of these financial statements.
|
63 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
THE
PARADIGM PORTFOLIO
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)(Continued)
|
Shares |
Value | |||||
|
COMMON
STOCKS - (Continued) | ||||||
|
Water,
Sewage and Other Systems - 0.1% |
||||||
|
WaterBridge Infrastructure LLC - Class A |
50,000 |
$1,713,500 | ||||
|
TOTAL
COMMON STOCKS (Cost $136,560,107) |
1,078,130,948 | |||||
|
UNIT
INVESTMENT TRUSTS - 8.3% | ||||||
|
Grayscale Bitcoin Mini Trust ETF(a) |
3,439,280 |
89,249,316 | ||||
|
Grayscale Bitcoin Trust ETF(a) |
207,900 |
9,463,608 | ||||
|
Grayscale Ethereum Classic Trust(a) |
12 |
46 | ||||
|
Grayscale Litecoin Trust(a) |
8 |
25 | ||||
|
TOTAL
UNIT INVESTMENT TRUSTS (Cost $25,987,832) |
98,712,995 | |||||
|
PREFERRED
STOCKS - 0.0%(b) |
||||||
|
Other
Investment Pools and Funds - 0.0%(b) |
||||||
|
Partners Value Investments LP, Series 1*, 0.16%, 11/27/2030(a) |
800 |
616 | ||||
|
Technology
- 0.0%(b) |
||||||
|
Ripple Labs, Inc. - Preferred A shares, 0.00%(a)(c) |
625 |
82,106 | ||||
|
TOTAL
PREFERRED STOCKS (Cost $100,239) |
82,722 | |||||
|
Contracts |
||||||
|
WARRANTS
- 0.0%(b) | ||||||
|
Other
Investment Pools and Funds - 0.0%(b) |
||||||
|
Partners
Value Investments LP, Expires
06/30/2026, Exercise Price $2.93(a)(c) |
800 |
15,653 | ||||
|
TOTAL
WARRANTS (Cost $2,368) |
15,653 | |||||
|
TOTAL
INVESTMENTS - 99.2% (Cost $162,650,546) |
$1,176,942,318 | |||||
|
Money
Market Deposit Account - 0.9%(h)(i) |
11,023,544 | |||||
|
Liabilities
in Excess of Other Assets - (0.1)% |
(1,903,293) | |||||
|
TOTAL NET ASSETS - 100.0% |
$1,186,062,569 | |||||
Percentages
are stated as a percent of net assets.
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $12,041,854
or 1.0% of net assets as of June 30, 2026. |
|
(d) |
All or a portion
of this security is on loan as of June 30, 2026. The fair value of these securities was $1,046,965. |
|
(e) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2026, the values of these securities totaled $153,720
or 0.0% of the Fund’s net assets. |
|
(f) |
To the extent that
the Fund invests significantly in the securities of issuers in a particular industry or sector of the economy, its performance will be
especially sensitive to developments affecting that industry or sector. |
|
(g) |
Fair value of this
security exceeds 25% of the Fund’s net assets. Additional information about the issuer of this security, including its financial
statements, is available from the SEC’s EDGAR database at www.sec.gov. |
|
(h) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was
3.49%. |
|
(i) |
All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2026 is $1,013,859 which represented 0.1% of net assets. |
The
accompanying notes are an integral part of these financial statements.
|
64 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Small Cap Opportunities Portfolio
Consolidated
Portfolio of Investments June 30, 2026 (Unaudited)
|
Shares |
Value | |||||
|
COMMON
STOCKS - 95.4% |
||||||
|
Accommodation
- 3.7% |
||||||
|
Civeo Corp.(a) |
554,000 |
$19,390,000 | ||||
|
Administrative
and Support Services - 0.0%(b) |
||||||
|
RB Global, Inc. |
400 |
46,580 | ||||
|
Aerospace
and Defense - 0.4% |
||||||
|
Booz Allen Hamilton Holding Corp. |
3,400 |
206,278 | ||||
|
Science Applications International Corp. |
18,000 |
1,987,380 | ||||
|
2,193,658 | ||||||
|
Beverage
and Tobacco Product Manufacturing - 0.0%(b) |
||||||
|
Crimson Wine Group Ltd.(a) |
48,200 |
212,851 | ||||
|
Business
Support Services - 0.2% |
||||||
|
Circle Internet Group, Inc.(a) |
800 |
50,104 | ||||
|
Fermi, Inc.(a) |
90,000 |
824,400 | ||||
|
874,504 | ||||||
|
Chemical
Manufacturing - 1.1% |
||||||
|
Interparfums, Inc. |
53,200 |
5,950,952 | ||||
|
Oil-Dri Corp. of America |
400 |
40,884 | ||||
|
5,991,836 | ||||||
|
Computer
Systems Design and Related Services - 5.7% |
||||||
|
CACI International, Inc. - Class A(a) |
50,000 |
23,163,000 | ||||
|
Miami International Holdings, Inc.(a) |
182,572 |
6,784,376 | ||||
|
29,947,376 | ||||||
|
Data
Center Infrastructure - 1.1% |
||||||
|
Bolt Data & Energy Inc.(a)(c) |
1,200,000 |
6,000,000 | ||||
|
Digital
Asset Financial Services - 0.8% |
||||||
|
Canton Strategic Holdings, Inc.(a) |
200 |
564 | ||||
|
Galaxy Digital, Inc. - Class A(a)(d) |
160,000 |
4,374,400 | ||||
|
4,374,964 | ||||||
|
Deep
Sea, Coastal, and Great Lakes Water Transportation - 0.2% |
||||||
|
Carnival Corp. Ltd. |
35,000 |
999,950 | ||||
|
Diversified
Real Estate Activities - 0.3% |
||||||
|
PrairieSky Royalty Ltd. |
72,000 |
1,611,338 | ||||
|
Electric
Power Generation, Transmission and Distribution - 5.2% |
||||||
|
Hawaiian Electric Industries, Inc.(a) |
2,012,000 |
27,222,360 | ||||
|
Entertainment
- 0.1% |
||||||
|
IG Port, Inc. |
34,200 |
274,702 | ||||
|
Financial
Services - 0.1% |
||||||
|
Euronext NV(c) |
2,000 |
319,927 | ||||
|
Shares |
Value | |||||
|
Food
Services and Drinking Places - 0.2% |
||||||
|
Wendy’s Co.(d) |
100,000 |
$829,000 | ||||
|
Funds,
Trusts, and Other Financial Vehicles - 0.2% |
||||||
|
Mesabi Trust(d) |
50,200 |
1,270,060 | ||||
|
Global
Exchanges - 0.0%(b) |
||||||
|
NZX Ltd. |
1,000 |
801 | ||||
|
Industrial
Services - 0.1% |
||||||
|
BRAEMAR PLC |
188,600 |
595,403 | ||||
|
Insurance
Carriers - 0.0%(b) |
||||||
|
Fairfax Financial Holdings Limited |
4 |
6,587 | ||||
|
Machinery
Manufacturing - 0.0%(b) |
||||||
|
Oshkosh Corp. |
400 |
61,392 | ||||
|
Management
of Companies and Enterprises - 2.5% |
||||||
|
Associated Capital Group, Inc. - Class A |
152,957 |
5,491,156 | ||||
|
Centuri Holdings, Inc.(a) |
400 |
12,096 | ||||
|
Dundee Corp. - Class A(a) |
64,000 |
154,880 | ||||
|
Fairfax India Holdings Corp.(a)(e) |
72,000 |
1,317,600 | ||||
|
White Mountains Insurance Group Ltd. |
2,940 |
6,095,767 | ||||
|
13,071,499 | ||||||
|
Media
- 0.0%(b) |
||||||
|
Nippon Television Holdings, Inc. |
400 |
6,875 | ||||
|
Toei Animation Co. Ltd. |
14,200 |
212,570 | ||||
|
219,445 | ||||||
|
Mining
(except Oil and Gas) - 0.0%(b) |
||||||
|
Triple Flag Precious Metals Corp. |
720 |
21,578 | ||||
|
Motor
Vehicle and Parts Dealers - 0.0%(b) |
||||||
|
AutoNation, Inc.(a) |
520 |
96,611 | ||||
|
Penske Automotive Group, Inc. |
500 |
89,475 | ||||
|
186,086 | ||||||
|
Nondepository
Credit Intermediation
- 0.0%(b) |
||||||
|
Burford Capital Ltd. |
100 |
410 | ||||
|
Nonmetallic
Mineral Product Manufacturing - 0.0%(b) |
||||||
|
Eagle Materials, Inc. |
880 |
198,000 | ||||
|
Offices
of Real Estate Agents and Brokers - 6.0% |
||||||
|
Aztec Land and Cattle Co. Ltd. |
245 |
594,125 | ||||
|
Landbridge Co. LLC - Class A |
395,044 |
31,303,287 | ||||
|
31,897,412 | ||||||
The
accompanying notes are an integral part of these financial statements.
|
65 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Small Cap Opportunities Portfolio
Consolidated
Portfolio of Investments June 30, 2026 (Unaudited)(Continued)
|
Shares |
Value | |||||
|
COMMON
STOCKS - (Continued) | ||||||
|
Oil
and Gas Extraction - 56.4%(f) |
||||||
|
Permian Basin Royalty Trust |
99,600 |
$2,493,984 | ||||
|
Texas Pacific Land Corp.(g) |
669,896 |
293,173,285 | ||||
|
Western Midstream Partners LP |
54,375 |
2,379,450 | ||||
|
298,046,719 | ||||||
|
Other
Crop Farming - 0.0%(b) |
||||||
|
J G Boswell Co. |
152 |
83,904 | ||||
|
Other
Financial Investment Activities - 0.8% |
||||||
|
Grayscale Investments, Inc.(a)(c) |
400,000 |
4,000,000 | ||||
|
GAMCO Investors, Inc. - Class A |
11,000 |
260,731 | ||||
|
Seaport Entertainment Group, Inc.(a) |
2,166 |
57,615 | ||||
|
4,318,346 | ||||||
|
Other
Investment Pools and Funds - 1.3% |
||||||
|
Urbana Corp. |
35,200 |
228,834 | ||||
|
Urbana Corp. - Class A |
1,111,400 |
6,504,227 | ||||
|
6,733,061 | ||||||
|
Other
Pipeline Transportation - 0.1% |
||||||
|
Rubis SCA |
10,000 |
350,777 | ||||
|
Performing
Arts, Spectator Sports, and Related Industries - 0.4% |
||||||
|
Live Nation Entertainment, Inc.(a) |
9,000 |
1,647,990 | ||||
|
Madison Square Garden Entertainment Corp.(a) |
772 |
62,447 | ||||
|
Sphere Entertainment Co.(a) |
772 |
133,579 | ||||
|
1,844,016 | ||||||
|
Promoters
of Performing Arts, Sports, and Similar Events - 0.0%(b) |
||||||
|
Madison Square Garden Sports Corp.(a) |
240 |
96,442 | ||||
|
Real
Estate - 1.9% |
||||||
|
DREAM Unlimited Corp.(a) |
630,000 |
8,750,925 | ||||
|
Tejon Ranch Co.(a) |
72,200 |
1,350,140 | ||||
|
10,101,065 | ||||||
|
Securities
and Commodities Exchanges
- 0.1% |
||||||
|
TXSE Group, Inc.(a)(c) |
17,390 |
399,970 | ||||
|
Securities
and Commodity Contracts Intermediation and Brokerage
- 0.0%(b) |
||||||
|
Affiliated Managers Group, Inc. |
234 |
79,186 | ||||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%(b) |
||||||
|
OTC Markets Group, Inc. - Class A |
800 |
41,200 | ||||
|
Support
Activities for Mining - 0.0%(b) |
||||||
|
Liberty Energy, Inc. |
400 |
10,476 | ||||
|
Pason Systems, Inc. |
8,000 |
69,550 | ||||
|
80,026 | ||||||
|
Shares |
Value | |||||
|
Technology
Services and Software - 1.7% |
||||||
|
SB Technology, Inc.(a)(c) |
220,687 |
$9,125,407 | ||||
|
Telecommunications
- 0.0%(b) |
||||||
|
LICT Corp.(a) |
16 |
187,200 | ||||
|
Water,
Sewage and Other Systems - 4.8% |
||||||
|
Pure Cycle Corp.(a) |
26,000 |
278,460 | ||||
|
WaterBridge
Infrastructure LLC - Class A |
732,765 |
25,111,857 | ||||
|
25,390,317 | ||||||
|
TOTAL
COMMON STOCKS (Cost $144,625,183) |
504,695,355 | |||||
|
UNIT
INVESTMENT TRUSTS - 2.9% |
||||||
|
Grayscale Bitcoin Mini Trust ETF(a) |
60,000 |
1,557,000 | ||||
|
Grayscale Bitcoin Trust ETF(a)(d) |
300,000 |
13,656,000 | ||||
|
Grayscale Ethereum Classic Trust(a) |
60 |
231 | ||||
|
Grayscale Litecoin Trust(a) |
12 |
37 | ||||
|
TOTAL
UNIT INVESTMENT TRUSTS (Cost $3,169,082) |
15,213,268 | |||||
|
Contracts |
||||||
|
WARRANTS
- 0.6% | ||||||
|
Other
Investment Pools and Funds - 0.6% |
||||||
|
Partners
Value Investments LP, Expires
06/30/2026, Exercise Price $2.93(a)(c) |
160,000 |
3,130,619 | ||||
|
TOTAL
WARRANTS (Cost $433,365) |
3,130,619 | |||||
|
Shares |
||||||
|
PREFERRED
STOCKS - 0.0%(b) |
||||||
|
Technology
- 0.0%(b) |
||||||
|
Ripple Labs, Inc. - Preferred A shares, 0.00%(a)(c) |
1,250 |
164,212 | ||||
|
TOTAL
PREFERRED STOCKS (Cost $200,000) |
164,212 | |||||
|
TOTAL
INVESTMENTS - 98.9% (Cost $148,427,630) |
$523,203,454 | |||||
|
Money
Market Deposit Account - 2.5%(h)(i) |
13,280,613 | |||||
|
Liabilities
in Excess of Other Assets - (1.4)% |
(7,580,600) | |||||
|
TOTAL NET ASSETS - 100.0% |
$528,903,467 | |||||
Percentages
are stated as a percent of net assets.
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
The
accompanying notes are an integral part of these financial statements.
|
66 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Small Cap Opportunities Portfolio
Consolidated
Portfolio of Investments June 30, 2026 (Unaudited)(Continued)
|
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $23,140,135
or 4.4% of net assets as of June 30, 2026. |
|
(d) |
All or a portion
of this security is on loan as of June 30, 2026. The fair value of these securities was $6,485,939. |
|
(e) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2026, the values of these securities totaled $1,317,600
or 0.2% of the Fund’s net assets. |
|
(f) |
To the extent that
the Fund invests significantly in the securities of issuers in a particular industry or sector of the economy, its performance will be
especially sensitive to developments affecting that industry or sector. |
|
(g) |
Fair value of this
security exceeds 25% of the Fund’s net assets. Additional information about the issuer of this security, including its financial
statements, is available from the SEC’s EDGAR database at www.sec.gov. |
|
(h) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was
3.49%. |
|
(i) |
All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2026 is $6,837,907 which represented 1.3% of net assets. |
The
accompanying notes are an integral part of these financial statements.
|
67 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
THE
MARKET OPPORTUNITIES PORTFOLIO
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)
|
Shares |
Value | |||||
|
COMMON
STOCKS - 85.8% |
||||||
|
Administrative
and Support Services - 0.1% |
||||||
|
RB Global, Inc. |
1,400 |
$163,030 | ||||
|
Aerospace
and Defense - 0.0%(a) |
||||||
|
Booz Allen Hamilton Holding Corp. |
144 |
8,736 | ||||
|
Science Applications International Corp. |
200 |
22,082 | ||||
|
30,818 | ||||||
|
Agencies,
Brokerages, and Other Insurance Related Activities - 0.1% |
||||||
|
Brookfield Wealth Solutions Ltd.(b) |
6,925 |
295,420 | ||||
|
Asset
Management - 0.2% |
||||||
|
Investor AB(c) |
17,000 |
705,766 | ||||
|
Business
Support Services - 0.3% |
||||||
|
Circle Internet Group, Inc.(c) |
4,000 |
250,520 | ||||
|
Fermi, Inc.(c) |
84,000 |
769,440 | ||||
|
1,019,960 | ||||||
|
Coal
Mining - 0.0%(a) |
||||||
|
Core Natural Resources, Inc. |
2 |
160 | ||||
|
Computer
Systems Design and Related Services - 2.3% |
||||||
|
CACI International, Inc. - Class A(c) |
300 |
138,978 | ||||
|
Miami International Holdings, Inc.(c) |
180,807 |
6,718,788 | ||||
|
6,857,766 | ||||||
|
Computing
Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.5% |
||||||
|
Broadridge Financial Solutions, Inc. |
10,400 |
1,424,280 | ||||
|
Data
Center Infrastructure - 2.0% |
||||||
|
Bolt Data & Energy Inc.(c)(d) |
1,200,000 |
6,000,000 | ||||
|
Data
Processing, Hosting, and Related Services - 0.6% |
||||||
|
Mastercard, Inc. - Class A |
1,000 |
513,600 | ||||
|
Visa, Inc. - Class A |
4,000 |
1,372,360 | ||||
|
1,885,960 | ||||||
|
Digital
Asset Financial Services - 1.0% |
||||||
|
Canton Strategic Holdings, Inc.(c) |
600 |
1,692 | ||||
|
Galaxy Digital, Inc. - Class A(b)(c) |
110,000 |
3,007,400 | ||||
|
3,009,092 | ||||||
|
Diversified
Real Estate Activities - 0.0%(a) |
||||||
|
PrairieSky Royalty Ltd. |
200 |
4,476 | ||||
|
Electric
Power Generation, Transmission and Distribution - 7.2% |
||||||
|
Hawaiian Electric Industries, Inc.(c) |
1,612,000 |
21,810,360 | ||||
|
Entertainment
- 0.0%(a) |
||||||
|
IG Port, Inc. |
4,000 |
32,129 | ||||
|
Shares |
Value | |||||
|
Financial
Services - 0.3% |
||||||
|
Euronext NV(d) |
5,200 |
$831,810 | ||||
|
Hong Kong Exchanges & Clearing Ltd. |
100 |
4,628 | ||||
|
JSE Limited |
200 |
1,919 | ||||
|
Value Partners Group Ltd. |
2,000 |
523 | ||||
|
838,880 | ||||||
|
Funds,
Trusts, and Other Financial Vehicles - 0.4% |
||||||
|
Mesabi Trust |
41,482 |
1,049,495 | ||||
|
Global
Exchanges - 0.5% |
||||||
|
ASX Ltd. |
4,400 |
162,430 | ||||
|
B3 SA - Brasil Bolsa Balcao - ADR(b) |
100 |
850 | ||||
|
Deutsche Boerse AG |
1,800 |
491,134 | ||||
|
Euronext NV(e) |
2,520 |
403,108 | ||||
|
Japan Exchange Group, Inc. - ADR(b) |
8,200 |
103,812 | ||||
|
London Stock Exchange Group PLC |
600 |
64,959 | ||||
|
NZX Ltd. |
400,202 |
320,485 | ||||
|
1,546,778 | ||||||
|
Insurance
Carriers - 0.0%(a) |
||||||
|
Fairfax Financial Holdings Limited |
2 |
3,294 | ||||
|
Insurance
Carriers and Related Activities - 0.0%(a) |
||||||
|
Arthur J. Gallagher & Co. |
400 |
91,828 | ||||
|
Legal
Services - 0.0%(a) |
||||||
|
CRA International, Inc. |
36 |
5,123 | ||||
|
Live
Sports (Spectator Sports) - 0.1% |
||||||
|
Big League Advance, LLC(c)(d) |
2,455 |
164,019 | ||||
|
Management
of Companies and Enterprises - 2.7% |
||||||
|
Associated Capital Group, Inc. - Class A |
77,000 |
2,764,300 | ||||
|
Fairfax India Holdings Corp.(c)(e) |
84,200 |
1,540,860 | ||||
|
Valterra Platinum Ltd. - ADR |
2,455 |
27,324 | ||||
|
White Mountains Insurance Group Ltd. |
1,900 |
3,939,441 | ||||
|
8,271,925 | ||||||
|
Media
- 0.0%(a) |
||||||
|
AlphaPolis Co. Ltd. |
200 |
1,187 | ||||
|
Nippon Television Holdings, Inc. |
400 |
6,875 | ||||
|
Toei Animation Co. Ltd. |
400 |
5,988 | ||||
|
14,050 | ||||||
|
Mining
(except Oil and Gas) - 0.6% |
||||||
|
Franco-Nevada Corp. |
4,800 |
1,000,512 | ||||
|
Wheaton Precious Metals Corp. |
8,000 |
898,560 | ||||
|
1,899,072 | ||||||
|
Miscellaneous
Durable Goods Merchant Wholesalers - 0.1% |
||||||
|
Gold.com, Inc. |
3,200 |
133,152 | ||||
The
accompanying notes are an integral part of these financial statements.
|
68 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
THE
MARKET OPPORTUNITIES PORTFOLIO
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)(Continued)
|
Shares |
Value | |||||
|
COMMON
STOCKS - (Continued) | ||||||
|
Motor
Vehicle and Parts Dealers - 0.0%(a) |
||||||
|
AutoNation, Inc.(c) |
10 |
$1,858 | ||||
|
Nondepository
Credit Intermediation - 0.0%(a) |
||||||
|
Burford Capital Ltd. |
2,800 |
11,480 | ||||
|
Nonmetallic
Mineral Mining and Quarrying - 0.1% |
||||||
|
Anglo American PLC - ADR(b) |
7,045 |
174,082 | ||||
|
Nonmetallic
Mineral Product Manufacturing - 0.0%(a) |
||||||
|
Eagle Materials, Inc. |
4 |
900 | ||||
|
Offices
of Real Estate Agents and Brokers - 4.3% |
||||||
|
Landbridge Co. LLC - Class A |
166,000 |
13,153,840 | ||||
|
Oil
and Gas Extraction - 49.0%(f) |
||||||
|
Permian Basin Royalty Trust(b) |
127,450 |
3,191,348 | ||||
|
Texas Pacific Land Corp.(g) |
326,952 |
143,087,273 | ||||
|
Western Midstream Partners LP |
40,562 |
1,774,993 | ||||
|
148,053,614 | ||||||
|
Other
Crop Farming - 0.1% |
||||||
|
J G Boswell Co. |
764 |
421,728 | ||||
|
Other
Financial Investment Activities - 1.5% |
||||||
|
Grayscale Investments, Inc.(c)(d) |
300,000 |
3,000,000 | ||||
|
Bakkt, Inc.(b)(c) |
32,000 |
249,920 | ||||
|
GAMCO Investors, Inc. - Class A |
58,600 |
1,388,984 | ||||
|
4,638,904 | ||||||
|
Other
Investment Pools and Funds - 2.7% |
||||||
|
Partners Value Investments LP |
435,150 |
5,323,358 | ||||
|
Urbana Corp. |
54,400 |
353,653 | ||||
|
Urbana Corp. - Class A |
428,400 |
2,507,118 | ||||
|
8,184,129 | ||||||
|
Real
Estate - 0.1% |
||||||
|
Tejon Ranch Co.(c) |
11,400 |
213,180 | ||||
|
Securities
and Commodities Exchanges
- 2.7% |
||||||
|
Cboe Global Markets, Inc. |
8,000 |
1,941,360 | ||||
|
CME Group, Inc. |
5,800 |
1,280,814 | ||||
|
Intercontinental Exchange, Inc. |
12,900 |
1,588,119 | ||||
|
Miami International Holdings Inc.(c) |
47,500 |
1,765,100 | ||||
|
Nasdaq, Inc. |
7,200 |
567,504 | ||||
|
TMX Group Ltd. |
18,000 |
589,275 | ||||
|
TXSE Group, Inc.(c)(d) |
17,390 |
399,970 | ||||
|
8,132,142 | ||||||
|
Shares |
Value | |||||
|
Securities
and Commodity Contracts Intermediation and Brokerage
- 0.0%(a) |
||||||
|
Affiliated Managers Group, Inc. |
190 |
$64,296 | ||||
|
MarketAxess Holdings, Inc. |
48 |
5,447 | ||||
|
69,743 | ||||||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 0.1% |
||||||
|
Brookfield Asset Management Ltd. - Class A |
806 |
36,149 | ||||
|
OTC Markets Group, Inc. - Class A |
2,800 |
144,200 | ||||
|
S&P Global, Inc. |
113 |
46,020 | ||||
|
226,369 | ||||||
|
Support
Activities for Water Transportation - 0.5% |
||||||
|
Clarkson PLC |
29,000 |
1,602,541 | ||||
|
Technology
Services and Software - 1.0% |
||||||
|
SB Technology, Inc.(c)(d) |
73,562 |
3,041,789 | ||||
|
Water,
Sewage and Other Systems - 4.7% |
||||||
|
Pure Cycle Corp.(c) |
3,200 |
34,272 | ||||
|
WaterBridge Infrastructure LLC - Class A |
416,632 |
14,277,979 | ||||
|
14,312,251 | ||||||
|
TOTAL
COMMON STOCKS (Cost $97,293,693) |
259,495,383 | |||||
|
UNIT
INVESTMENT TRUSTS - 10.0% |
||||||
|
Grayscale Bitcoin Mini Trust ETF(c) |
119,774 |
3,108,135 | ||||
|
Grayscale Bitcoin Trust ETF(c) |
598,874 |
27,260,745 | ||||
|
Grayscale Ethereum Classic Trust(c) |
12 |
46 | ||||
|
Grayscale Litecoin Trust(c) |
8 |
25 | ||||
|
TOTAL
UNIT INVESTMENT TRUSTS (Cost $2,319,988) |
30,368,951 | |||||
|
Contracts |
||||||
|
WARRANTS
- 0.2% | ||||||
|
Other
Investment Pools and Funds - 0.2% |
||||||
|
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93(c)(d) |
20,358 |
398,332 | ||||
|
TOTAL
WARRANTS (Cost $47,516) |
398,332 | |||||
|
Shares |
||||||
|
PREFERRED
STOCKS - 0.1% |
||||||
|
Financial
Services - 0.1% |
||||||
|
Partners Value Investments LP, Series 1*, 4.50%, Perpetual(c) |
11,832 |
177,480 | ||||
|
Other
Investment Pools and Funds - 0.0%(a) |
||||||
|
Partners Value Investments LP, Series 1*, 0.16%, 11/27/2030(c) |
43,516 |
33,507 | ||||
The
accompanying notes are an integral part of these financial statements.
|
69 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
THE
MARKET OPPORTUNITIES PORTFOLIO
Consolidated
Portfolio of Investments - June 30, 2026 (Unaudited)(Continued)
|
Shares |
Value | |||||
|
PREFERRED
STOCKS - (Continued) | ||||||
|
Technology
- 0.0%(a) |
||||||
|
Ripple Labs, Inc. - Preferred A shares, 0.00%(c)(d) |
1,250 |
$164,213 | ||||
|
TOTAL
PREFERRED STOCKS (Cost $459,342) |
375,200 | |||||
|
Par |
||||||
|
CONVERTIBLE
BONDS - 0.0%(a) |
||||||
|
Department
Stores - 0.0%(a) |
||||||
|
Sears
Holdings Corp., 8.00%, 12/15/2019(d)(h) |
$5,720 |
0 | ||||
|
TOTAL
CONVERTIBLE BONDS (Cost $5,720) |
0 | |||||
|
TOTAL
INVESTMENTS - 96.1% (Cost $100,126,259) |
$290,637,866 | |||||
|
Money
Market Deposit Account - 6.0%(i)(j) |
18,159,334 | |||||
|
Liabilities
in Excess of Other Assets - (2.1)% |
(6,476,416) | |||||
|
TOTAL NET ASSETS - 100.0% |
$302,320,784 | |||||
Par
amount is in USD unless otherwise indicated.
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
All or a portion
of this security is on loan as of June 30, 2026. The fair value of these securities was $5,447,792. |
|
(c) |
Non-income producing
security. |
|
(d) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $14,000,133
or 4.6% of net assets as of June 30, 2026. |
|
(e) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2026, the values of these securities totaled $1,943,968
or 0.6% of the Fund’s net assets. |
|
(f) |
To the extent that
the Fund invests significantly in the securities of issuers in a particular industry or sector of the economy, its performance will be
especially sensitive to developments affecting that industry or sector. |
|
(g) |
Fair value of this
security exceeds 25% of the Fund’s net assets. Additional information about the issuer of this security, including its financial
statements, is available from the SEC’s EDGAR database at www.sec.gov. |
|
(h) |
Issuer is currently
in default. |
|
(i) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was
3.49%. |
|
(j) |
All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2026 is $5,712,593 which represented 1.9% of net assets. |
The
accompanying notes are an integral part of these financial statements.
|
70 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Multi-Disciplinary Income Portfolio
Portfolio
of Investments - June 30, 2026 (Unaudited)
|
Par |
Value | |||||
|
COLLATERALIZED
LOAN OBLIGATIONS - 90.6% | ||||||
|
Abry Liquid Credit CLO, Series 2025-1A, Class A2, 5.33% (3 mo. Term SOFR + 1.65%), 10/20/2038(a) |
$530,000 |
$530,592 | ||||
|
Apex Credit CLO Ltd., Series 2021-1A, Class BR, 5.53% (3 mo. Term SOFR + 1.85%), 07/18/2034(a) |
800,000 |
800,535 | ||||
|
ArrowMark
Colorado Holdings LLC, Series 2013-1A, Class BR3, 5.57% (3 mo. Term SOFR + 1.90%), 07/25/2038(a) |
750,000 |
753,808 | ||||
|
Atlantic Avenue Ltd., Series 2023-1A, Class BR, 5.47% (3 mo. Term SOFR + 1.80%), 01/15/2039(a) |
750,000 |
752,719 | ||||
|
Atlas
Senior Loan Fund Ltd., Series 2019-14A, Class BR, 5.89% (3 mo. Term SOFR + 2.21%), 07/20/2032(a) |
500,000 |
501,337 | ||||
|
Battery Park CLO, Series 2022-1A, Class AR, 5.18% (3 mo. Term SOFR + 1.50%), 10/20/2037(a) |
500,000 |
501,121 | ||||
|
Black
Diamond CLO Ltd., Series 2022-1A,
Class BR, 5.42% (3 mo. Term SOFR + 1.75%), 04/25/2039(a) |
750,000 |
752,378 | ||||
|
BlueMountain
CLO Ltd. |
||||||
|
Series 2021-33A,
Class BR, 5.38% (3 mo. Term SOFR + 1.70%), 10/20/2038(a) |
750,000 |
751,841 | ||||
|
Series 2022-35A,
Class BR, 5.51% (3 mo. Term SOFR + 1.85%), 10/22/2037(a) |
500,000 |
501,292 | ||||
|
Brant
Point CLO Ltd. |
||||||
|
Series 2024-4A,
Class B, 5.63% (3 mo. Term SOFR + 1.95%), 07/20/2037(a) |
1,000,000 |
1,000,523 | ||||
|
Series 2024-6A,
Class A2, 5.30% (3 mo. Term SOFR + 1.63%), 01/15/2038(a) |
500,000 |
501,356 | ||||
|
Eaton
Vance Management, Series 2013-1A,
Class BR4, 5.42% (3 mo. Term SOFR + 1.75%), 10/15/2038(a) |
750,000 |
752,183 | ||||
|
Eldridge CLO Ltd., Series 2025-1A, Class B, 5.33% (3 mo. Term SOFR + 1.65%), 10/20/2038(a) |
500,000 |
501,194 | ||||
|
Fort Washington CLO, Series 2019-1A, Class BR2, 5.58% (3 mo. Term SOFR + 1.90%), 10/20/2037(a) |
500,000 |
501,132 | ||||
|
Halsey Point CLO Ltd., Series 2021-4A, Class B, 5.69% (3 mo. Term SOFR + 2.01%), 04/20/2034(a) |
475,000 |
476,713 | ||||
|
Invesco CLO Ltd., Series 2022-3A, Class BR, 5.41% (3 mo. Term SOFR + 1.75%), 10/22/2037(a) |
250,000 |
250,695 | ||||
|
Par |
Value | |||||
|
Madison
Park Funding Ltd., Series 2020-47A, Class BR, 5.63% (3 mo. Term SOFR + 1.95%), 04/19/2037(a) |
$250,000 |
$250,131 | ||||
|
MUCLO 2023-1A BR, Series 2023-1A, Class BR, 5.23% (3 mo. Term SOFR + 1.60%), 07/20/2039(a) |
500,000 |
500,000 | ||||
|
Post CLO, Series 2023-1A, Class BR, 5.38% (3 mo. Term SOFR + 1.70%), 10/20/2038(a) |
500,000 |
501,201 | ||||
|
Sandstone Peak Ltd., Series 2023-1A, Class BR, 5.43% (3 mo. Term SOFR + 1.75%), 07/20/2038(a) |
500,000 |
501,465 | ||||
|
Sound
Point CLO Ltd. |
||||||
|
Series 2023-1A,
Class A2R, 5.37% (3 mo. Term SOFR + 1.70%), 07/26/2038(a) |
600,000 |
600,604 | ||||
|
Series 2025-1RA,
Class A2, 5.29% (3 mo. Term SOFR + 1.65%), 02/20/2038(a) |
800,000 |
800,850 | ||||
|
Venture
CDO Ltd. |
||||||
|
Series 2013-15A,
Class BR3, 5.80% (3 mo. Term SOFR + 2.13%), 07/15/2032(a) |
250,000 |
250,617 | ||||
|
Series 2022-45A,
Class BR, 5.58% (3 mo. Term SOFR + 1.90%), 07/20/2035(a) |
625,000 |
626,365 | ||||
|
Series 2022-46A,
Class A2R, 5.38% (3 mo. Term SOFR + 1.70%), 10/20/2037(a) |
500,000 |
500,438 | ||||
|
Voya CLO Ltd., Series 2019-4A, Class A2R, 5.28% (3 mo. Term SOFR + 1.61%), 01/15/2035(a) |
430,000 |
430,049 | ||||
|
Warwick
Capital CLO Ltd., Series 2023-2A,
Class BR, 5.36% (3 mo. Term SOFR + 1.70%), 03/15/2039(a) |
750,000 |
752,416 | ||||
|
Wind River CLO Ltd., Series 2023-1A, Class BR, 5.47% (3 mo. Term SOFR + 1.80%), 07/25/2038(a) |
500,000 |
501,767 | ||||
|
TOTAL
COLLATERALIZED LOAN OBLIGATIONS (Cost $16,004,122) |
16,045,322 | |||||
|
TOTAL
INVESTMENTS - 90.6% (Cost $16,004,122) |
$16,045,322 | |||||
|
Money
Market Deposit Account - 8.4%(b) |
1,495,993 | |||||
|
Other
Assets in Excess of Liabilities - 1.0% |
181,095 | |||||
|
TOTAL NET ASSETS - 100.0% |
$17,722,410 | |||||
The
accompanying notes are an integral part of these financial statements.
|
71 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
The
Multi-Disciplinary Income Portfolio
Portfolio
of Investments - June 30, 2026 (Unaudited)(Continued)
Par
amount is in USD unless otherwise indicated.
Percentages
are stated as a percent of net assets.
SOFR
- Secured Overnight Financing Rate
|
(a) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2026, the values of these securities totaled $16,045,322
or 90.6% of the Fund’s net assets. |
|
(b) |
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was 3.49%. |
The
accompanying notes are an integral part of these financial statements.
|
72 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF ASSETS & LIABILITIES
June 30,
2026 (Unaudited)
|
The
Internet Portfolio
(Consolidated) |
The
Global Portfolio
(Consolidated) | |||||
|
ASSETS: |
||||||
|
Investments, at value(1)(2) |
$243,541,988 |
$49,003,913 | ||||
|
Foreign currencies, at value(3) |
39 |
4,843 | ||||
|
Cash |
4,218,309 |
1,065,859 | ||||
|
Cash proceeds from securities lending |
3,116,634 |
697,332 | ||||
|
Receivable for contributed capital |
17,009 |
2,993 | ||||
|
Receivable for investments sold |
1,529,509 |
417,351 | ||||
|
Dividends and interest receivable |
23,953 |
28,166 | ||||
|
Prepaid expenses and other assets |
6,318 |
1,578 | ||||
|
Total Assets |
252,453,759 |
51,222,035 | ||||
|
LIABILITIES: |
||||||
|
Payable to Adviser |
255,182 |
52,095 | ||||
|
Payable to Trustees |
4,551 |
935 | ||||
|
Payable to Chief Compliance Officer |
226 |
47 | ||||
|
Payable for Fund shares repurchased |
500,000 |
— | ||||
|
Payable for securities purchased |
237,750 |
— | ||||
|
Payable for collateral received for securities loaned |
3,116,634 |
697,332 | ||||
|
Payable for withdrawn capital |
244,728 |
41,100 | ||||
|
Accrued expenses and other liabilities |
46,095 |
20,699 | ||||
|
Total Liabilities |
4,405,166 |
812,208 | ||||
|
NET ASSETS |
$248,048,593 |
$50,409,827 | ||||
|
(1) Cost of investments |
$77,723,425 |
$26,273,066 | ||||
|
(2) Includes loaned securities with a market value of |
$2,926,144 |
$668,055 | ||||
|
(3) Cost of foreign currencies |
$39 |
$4,868 | ||||
The
accompanying notes are an integral part of these financial statements.
|
73 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF ASSETS & LIABILITIES
June
30, 2026 (Unaudited)(Continued)
|
The
Paradigm Portfolio
(Consolidated) |
The
Small Cap Opportunities
Portfolio
(Consolidated) | |||||
|
ASSETS: |
||||||
|
Investments, at value(1)(2) |
$1,176,942,318 |
$523,203,454 | ||||
|
Foreign currencies, at value(3) |
— |
80,929 | ||||
|
Cash |
10,009,685 |
6,442,706 | ||||
|
Cash proceeds from securities lending |
1,013,859 |
6,837,907 | ||||
|
Receivable for contributed capital |
238,768 |
267,730 | ||||
|
Receivable for investments sold |
436,767 |
142,432 | ||||
|
Dividends and interest receivable |
205,213 |
63,981 | ||||
|
Prepaid expenses and other assets |
21,681 |
10,874 | ||||
|
Total Assets |
1,188,868,291 |
537,050,013 | ||||
|
LIABILITIES: |
||||||
|
Payable to Adviser |
1,171,937 |
500,839 | ||||
|
Payable to Trustees |
20,933 |
8,747 | ||||
|
Payable to Chief Compliance Officer |
1,097 |
453 | ||||
|
Payable for securities purchased |
34,100 |
21,229 | ||||
|
Payable for collateral received for securities loaned |
1,013,859 |
6,837,907 | ||||
|
Payable for withdrawn capital |
386,338 |
697,607 | ||||
|
Accrued expenses and other liabilities |
177,458 |
79,764 | ||||
|
Total Liabilities |
2,805,722 |
8,146,546 | ||||
|
NET ASSETS |
$1,186,062,569 |
$528,903,467 | ||||
|
(1) Cost of investments |
$162,650,546 |
$148,427,630 | ||||
|
(2) Includes loaned securities with a market value of |
$1,046,965 |
$6,485,939 | ||||
|
(3) Cost of foreign currencies |
$— |
$80,926 | ||||
The
accompanying notes are an integral part of these financial statements.
|
74 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF ASSETS & LIABILITIES
June
30, 2026 (Unaudited)(Continued)
|
The
Market Opportunities
Portfolio
(Consolidated) |
The
Multi- Disciplinary
Income
Portfolio | |||||
|
ASSETS: |
||||||
|
Investments, at value(1)(2) |
$290,637,866 |
$16,045,322 | ||||
|
Cash |
12,446,324 |
1,502,721 | ||||
|
Cash proceeds from securities lending |
5,712,593 |
— | ||||
|
Receivable for contributed capital |
46,720 |
8,987 | ||||
|
Dividends and interest receivable |
65,757 |
169,244 | ||||
|
Prepaid expenses and other assets |
8,637 |
313 | ||||
|
Total Assets |
308,917,897 |
17,726,587 | ||||
|
LIABILITIES: |
||||||
|
Payable to Adviser |
291,328 |
3,625 | ||||
|
Payable to Trustees |
5,203 |
301 | ||||
|
Payable to Chief Compliance Officer |
248 |
9 | ||||
|
Payable for collateral received for securities loaned |
5,712,593 |
— | ||||
|
Payable for withdrawn capital |
534,951 |
— | ||||
|
Accrued expenses and other liabilities |
52,790 |
242 | ||||
|
Total Liabilities |
6,597,113 |
4,177 | ||||
|
NET ASSETS |
$302,320,784 |
$17,722,410 | ||||
|
(1) Cost of investments |
$100,126,259 |
$16,004,122 | ||||
|
(2) Includes loaned securities with a market value of |
$5,447,792 |
$— | ||||
The
accompanying notes are an integral part of these financial statements.
|
75 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF OPERATIONS
For
the Six Months Ended June 30, 2026 (Unaudited)
|
The
Internet Portfolio
(Consolidated) |
The
Global Portfolio
(Consolidated) | |||||
|
INVESTMENT
INCOME: |
||||||
|
Dividends† |
$556,894 |
$254,375 | ||||
|
Interest |
99,349 |
37,306 | ||||
|
Income from securities lending |
9,009 |
2,539 | ||||
|
Total investment income |
665,252 |
294,220 | ||||
|
EXPENSES: |
||||||
|
Investment advisory fees |
1,724,521 |
348,855 | ||||
|
Administration fees |
49,440 |
15,755 | ||||
|
Professional fees |
7,655 |
2,525 | ||||
|
Fund accounting fees |
15,761 |
4,684 | ||||
|
Trustees’ fees |
9,986 |
1,944 | ||||
|
Chief Compliance Officer fees |
1,193 |
248 | ||||
|
Custodian fees and expenses |
12,061 |
10,133 | ||||
|
Registration fees |
4,301 |
4,329 | ||||
|
Other expenses |
68 |
— | ||||
|
Total expenses |
1,824,986 |
388,473 | ||||
|
Net investment loss |
(1,159,734) |
(94,253) | ||||
|
REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |
||||||
|
Net
realized gain on: |
||||||
|
Investments and foreign currency |
8,204,256 |
2,923,395 | ||||
|
Net
change in unrealized appreciation (depreciation) of: |
||||||
|
Investments and foreign currency |
(31,626,951) |
(672,746) | ||||
|
Net realized and unrealized gain (loss) on investments |
(23,422,695) |
2,250,649 | ||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$(24,582,429) |
$2,156,396 | ||||
|
† Net of foreign taxes withheld of: |
$57,746 |
$8,644 | ||||
The
accompanying notes are an integral part of these financial statements.
|
76 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF OPERATIONS
For
the Six Months Ended June 30, 2026 (Unaudited)(Continued)
|
The
Paradigm Portfolio
(Consolidated) |
The
Small Cap Opportunities
Portfolio
(Consolidated) | |||||
|
INVESTMENT
INCOME: |
||||||
|
Dividends† |
$3,315,348 |
$1,795,239 | ||||
|
Interest |
705,754 |
364,937 | ||||
|
Income from securities lending |
3,306 |
7,735 | ||||
|
Total investment income |
4,024,408 |
2,167,911 | ||||
|
EXPENSES: |
||||||
|
Investment advisory fees |
7,905,491 |
3,288,781 | ||||
|
Administration fees |
209,646 |
92,560 | ||||
|
Professional fees |
30,178 |
13,662 | ||||
|
Fund accounting fees |
71,242 |
30,878 | ||||
|
Trustees’ fees |
42,557 |
18,091 | ||||
|
Chief Compliance Officer fees |
5,436 |
2,383 | ||||
|
Custodian fees and expenses |
46,668 |
19,339 | ||||
|
Registration fees |
4,433 |
4,044 | ||||
|
Other expenses |
475 |
— | ||||
|
Total expenses |
8,316,126 |
3,469,738 | ||||
|
Net investment loss |
(4,291,718) |
(1,301,827) | ||||
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS: |
||||||
|
Net
realized gain on: |
||||||
|
Investments and foreign currency |
179,671,367 |
6,429,247 | ||||
|
Net
change in unrealized appreciation (depreciation) of: |
||||||
|
Investments and foreign currency |
137,794,527 |
121,827,377 | ||||
|
Net realized and unrealized gain on investments |
317,465,894 |
128,256,624 | ||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$313,174,176 |
$126,954,797 | ||||
|
† Net of foreign taxes withheld of: |
$11,206 |
$17,456 | ||||
The
accompanying notes are an integral part of these financial statements.
|
77 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF OPERATIONS
For
the Six Months Ended June 30, 2026 (Unaudited)(Continued)
|
The
Market Opportunities
Portfolio
(Consolidated) |
The
Multi- Disciplinary
Income
Portfolio | |||||
|
INVESTMENT
INCOME: |
||||||
|
Dividends† |
$887,040 |
$— | ||||
|
Interest |
319,930 |
479,088 | ||||
|
Income from securities lending |
17,407 |
— | ||||
|
Realized loss on paydown |
— |
(932) | ||||
|
Total investment income |
1,224,377 |
478,156 | ||||
|
EXPENSES: |
||||||
|
Investment advisory fees |
1,918,141 |
22,309 | ||||
|
Administration fees |
56,342 |
9,526 | ||||
|
Professional fees |
7,960 |
1,337 | ||||
|
Fund accounting fees |
18,565 |
1,375 | ||||
|
Trustees’ fees |
10,542 |
664 | ||||
|
Chief Compliance Officer fees |
1,377 |
82 | ||||
|
Custodian fees and expenses |
14,547 |
1,101 | ||||
|
Registration fees |
4,354 |
567 | ||||
|
Other expenses |
— |
— | ||||
|
Total expenses |
2,031,828 |
36,961 | ||||
|
Net investment income (loss) |
(807,451) |
441,195 | ||||
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS: |
||||||
|
Net
realized gain on: |
||||||
|
Investments and foreign currency |
5,392,959 |
939 | ||||
|
Net
change in unrealized appreciation (depreciation) of: |
||||||
|
Investments and foreign currency |
39,381,517 |
12,750 | ||||
|
Net realized and unrealized gain on investments |
44,774,476 |
13,689 | ||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$43,967,025 |
$454,884 | ||||
|
† Net of foreign taxes withheld of: |
$34,228 |
$— | ||||
The
accompanying notes are an integral part of these financial statements.
|
78 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF CHANGES IN NET ASSETS
|
The
Internet Portfolio (Consolidated) |
The
Global Portfolio (Consolidated) | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December
31, 2025 | |||||||||
|
OPERATIONS: |
||||||||||||
|
Net investment income (loss) |
$(1,159,734) |
$(1,936,686) |
$(94,253) |
$148,656 | ||||||||
|
Net realized gain on sale of investments and foreign currency |
8,204,256 |
10,615,090 |
2,923,395 |
1,122,969 | ||||||||
|
Net change in unrealized appreciation (depreciation) of investments and foreign currency |
(31,626,951) |
(35,446,987) |
(672,746) |
(148,241) | ||||||||
|
Net increase (decrease) in net assets resulting from operations |
(24,582,429) |
(26,768,583) |
2,156,396 |
1,123,384 | ||||||||
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: |
||||||||||||
|
Contributions |
2,243,318 |
20,525,399 |
1,693,768 |
26,303,787 | ||||||||
|
Withdrawals |
(11,360,625) |
(43,565,621) |
(8,235,622) |
(22,272,841) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(9,117,307) |
(23,040,222) |
(6,541,854) |
4,030,946 | ||||||||
|
Total increase (decrease) in net assets |
(33,699,736) |
(49,808,805) |
(4,385,458) |
5,154,330 | ||||||||
|
NET
ASSETS: |
||||||||||||
|
Beginning of period |
281,748,329 |
331,557,134 |
54,795,285 |
49,640,955 | ||||||||
|
End of period |
$248,048,593 |
$281,748,329 |
$50,409,827 |
$54,795,285 | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
79 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The
Paradigm Portfolio (Consolidated) |
The
Small Cap Opportunities Portfolio (Consolidated) | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
OPERATIONS: |
||||||||||||
|
Net investment loss |
$(4,291,718) |
$(9,343,488) |
$(1,301,827) |
$(531,722) | ||||||||
|
Net realized gain (loss) on sale of investments and foreign currency |
179,671,367 |
94,912,860 |
6,429,247 |
(263,690) | ||||||||
|
Net change in unrealized appreciation (depreciation) of investments and foreign currency |
137,794,527 |
(278,320,208) |
121,827,377 |
(47,666,806) | ||||||||
|
Net increase (decrease) in net assets resulting from operations |
313,174,176 |
(192,750,836) |
126,954,797 |
(48,462,218) | ||||||||
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: |
||||||||||||
|
Contributions |
5,225,560 |
104,241,069 |
5,390,676 |
82,409,200 | ||||||||
|
Withdrawals |
(172,189,864) |
(203,474,494) |
(49,874,823) |
(53,309,891) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(166,964,304) |
(99,233,425) |
(44,484,147) |
29,099,309 | ||||||||
|
Total increase (decrease) in net assets |
146,209,872 |
(291,984,261) |
82,470,650 |
(19,362,909) | ||||||||
|
NET
ASSETS: |
||||||||||||
|
Beginning of period |
1,039,852,697 |
1,331,836,958 |
446,432,817 |
465,795,726 | ||||||||
|
End of period |
$1,186,062,569 |
$1,039,852,697 |
$528,903,467 |
$446,432,817 | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
80 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
STATEMENTS
OF CHANGES IN NET ASSETS(Continued)
|
The
Market Opportunities Portfolio (Consolidated) |
The
Multi-Disciplinary Income Portfolio | |||||||||||
|
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 |
For
the Period
Ended June 30,
2026 (Unaudited) |
For
the Year
Ended December 31,
2025 | |||||||||
|
OPERATIONS: |
||||||||||||
|
Net investment income (loss) |
$(807,451) |
$(79,024) |
$441,195 |
$877,590 | ||||||||
|
Net realized gain (loss) on sale of investments and foreign currency |
5,392,959 |
3,531,651 |
939 |
(97) | ||||||||
|
Net change in unrealized appreciation (depreciation) of investments and foreign currency |
39,381,517 |
(22,524,968) |
12,750 |
(45,007) | ||||||||
|
Net increase (decrease) in net assets resulting from operations |
43,967,025 |
(19,072,341) |
454,884 |
832,486 | ||||||||
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: |
||||||||||||
|
Contributions |
11,572,302 |
160,491,625 |
2,314,089 |
6,309,811 | ||||||||
|
Withdrawals |
(20,705,702) |
(97,427,284) |
(2,478,383) |
(3,338,715) | ||||||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
(9,133,400) |
63,064,341 |
(164,294) |
2,971,096 | ||||||||
|
Total increase in net assets |
34,833,625 |
43,992,000 |
290,590 |
3,803,582 | ||||||||
|
NET
ASSETS: |
||||||||||||
|
Beginning of period |
267,487,159 |
223,495,159 |
17,431,820 |
13,628,238 | ||||||||
|
End of period |
$302,320,784 |
$267,487,159 |
$17,722,410 |
$17,431,820 | ||||||||
The
accompanying notes are an integral part of these financial statements.
|
81 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June 30,
2026 (Unaudited)
1. ORGANIZATION
The Kinetics Portfolios Trust (the “Trust”) was organized as a Delaware Statutory Trust on March 14, 2000 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company issuing its beneficial interests in series, each series representing a distinct portfolio with its own investment objective and policies. The series currently authorized are: The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Multi-Disciplinary Income Portfolio (collectively, the “Master Portfolios”). Pursuant to the 1940 Act, the Master Portfolios are “non- diversified” series of the Trust, except The Global Portfolio and The Multi-Disciplinary Income Portfolio. The Market Opportunities Portfolio commenced operations on January 31, 2006 and The Multi-Disciplinary Income Portfolio commenced operations on February 11, 2008. Each of the remaining Master Portfolios commenced operations on April 28, 2000.
Each Master Portfolio is a Master Investment Portfolio in a master-feeder fund structure. Each Master Portfolio may have multiple feeder funds invested in the Master Portfolio. By contributing assets to the Master Portfolio, the feeder funds receive a beneficial interest in the Master Portfolio. The Master Portfolio then invests the contributed assets in portfolio securities and allocates income, gains (losses) and expenses to the feeder funds based on the feeder funds’ proportionate interests in the Master Portfolio.
Each of the Master Portfolios, except for The Multi-Disciplinary Income Portfolio, seeks to provide investors with long-term capital growth. The Multi-Disciplinary Income Portfolio seeks to provide investors with total return. The Internet Portfolio invests primarily in the equity securities of U.S. and foreign companies engaged in the Internet and Internet-related activities. The Global Portfolio generally invests in the equity securities of foreign companies that have the ability to facilitate an increase in the growth of their traditional business lines and in U.S. companies benefiting from international economic growth. The Paradigm Portfolio invests primarily in the equity securities of U.S. and foreign companies that the investment adviser believes are undervalued and that have high returns on equity and are well positioned to reduce their costs, extend the reach of their distribution channels and experience significant growth in their assets or revenues. The Small Cap Opportunities Portfolio invests primarily in the equity securities of U.S. and foreign small capitalized companies that provide attractive valuation opportunities due to special situations such as lack of institutional ownership, lack of significant analyst coverage or companies with sound fundamentals that have experienced a short-term earnings shortfall. The Market Opportunities Portfolio invests primarily in the equity securities of U.S. and foreign companies engaged in capital markets or related to capital markets, as well as companies involved in the gaming industry. The Multi-Disciplinary Income Portfolio utilizes a two-part investment strategy, which includes fixed income and derivatives components. The Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities Portfolio and Market Opportunities Portfolio utilize wholly-owned subsidiaries to achieve their investment objectives. Please see Note 2 for further details.
2. SIGNIFICANT ACCOUNTING POLICIES
Security Valuation – Equity securities held in the Master Portfolios’ that are listed on a securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation is made, or, in the absence of a sale, at the last bid price. Price information on listed securities is taken from the exchange where the security is primarily traded. All equity securities, including exchange-traded funds, that are traded using the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) are valued using the NASDAQ Official Closing Price (“NOCP”). In the event market quotations are not readily available or if events occur that may materially affect the value of a particular security between the time trading ends on a particular security and the close of regular trading on the New York Stock Exchange (“NYSE”), “fair value” will be determined. If such security represents a foreign security, then the value is determined as of the close of trading on the foreign exchange on which it is principally traded or as of the scheduled close of trading on the NYSE, whichever is earlier, at the closing prices provided by approved pricing services or other alternate sources. In the absence of sales, the last available closing bid will be used. Foreign securities and assets for which market quotations are not readily available are valued at “fair value.”
Unlisted equity securities and listed equity securities not traded on the valuation date for which market quotations are readily available are valued at the last bid price. Options and futures contracts listed for trading on a securities exchange or board of trade will be valued at the composite price, using the National Best Bid and Offer quotes
|
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KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
(“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace.
Composite option pricing calculates the mean of the highest bid price and lowest asked price across the exchanges where the option is traded. If a composite option price is not available, then a quote provided by one of the authorized pricing vendors will be used. If neither a composite price nor a quote from an authorized pricing provider is available, and it is the day of expiration or post-expiration, expiring options will be priced at intrinsic value. Non-exchange-traded options for which over-the-counter quotations are not readily available are valued at the mean between the last bid and asked quotations. Debt obligations (including convertible securities) that are either investment grade or below investment grade and irrespective of days to maturity are valued at evaluated mean by one of the authorized third-party pricing agents which rely on various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Debt securities that are not priced by one of the authorized third-party pricing agents are valued (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 previous five business days, at the average of the bids, or at the sole bid if there is only one. Certain instruments, such as repurchase agreements and demand notes, do not have values from third parties and are valued at amortized cost. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported net asset value (“NAV”).
Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value by the Adviser, as the Portfolios’ Valuation Designee. In determining the fair value of a security, the Adviser, as Valuation Designee, shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (v) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vi) the liquidity or illiquidity of the market for the security; and (vii) the value of a foreign security traded on other foreign markets. At June 30, 2026, 5.46%, 9.99%, 1.02%, 4.38%, and 4.63% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio, respectively, consisted of fair valued securities. The Multi-Disciplinary Income Portfolio did not hold any fair valued securities at June 30, 2026.
Bitcoin – The Master Portfolios invest in Grayscale Bitcoin Trust, a Delaware statutory trust (“Bitcoin Trust”) that invests in bitcoins. From time to time, the Bitcoin Trust issues creation units in exchange for bitcoins and distributes bitcoins in exchange for redemption units. The performance of the Bitcoin Trust is intended to reflect changes in the value of the Bitcoin Trust’s bitcoin investments. At June 30, 2026, 43.21%, 14.93%, 8.32% 2.88%, and 10.05% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio, respectively, were invested in the Bitcoin Trust. Investments in bitcoins produce non-qualifying income under Subchapter M of the Internal Revenue Code.
Bitcoin is a decentralized digital currency that enables instant transfers to anyone, anywhere in the world. Transactions in bitcoin are processed through an open-source, cryptographic protocol that operates without reliance on a central authority. The Bitcoin Network is an online, end-user-to-end-user network that hosts the public transaction ledger, known as the Blockchain, and the source code that comprises the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by a decentralized user base. Since the Bitcoin Network is decentralized, it does not rely on either governmental authorities or financial institutions to create, transmit or determine the value of bitcoins. Rather, the value of bitcoins is determined by the supply of and demand for bitcoins in the global bitcoin exchange market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the Bitcoin Trust. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a Master Portfolio’s direct or indirect investment in the Bitcoin Trust. Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a Master Portfolio’s direct or indirect investment in the Bitcoin Trust. Shares of the Bitcoin
|
83 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
Trust may trade at a premium or discount to the net asset value of the Bitcoin Trust. The price of bitcoins is set in transfers by mutual agreement or barter as well as the number of merchants that accept bitcoins. Because bitcoins are digital files that can be transferred without the involvement of intermediaries or third parties, there are little or no transaction costs in direct end-user-to-end-user transactions. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S. dollar, at rates determined by the Bitcoin Exchanges. Additionally, third-party service providers such as Bitcoin Exchanges are also used for transfers, but they may charge significant fees for processing transactions.
As bitcoins have grown in popularity, the U.S. Congress and a number of federal and state agencies (including the Financial Crimes Enforcement Network (FinCEN), the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, and state financial institution regulators) have begun to examine the operations of the network that facilitates bitcoins, bitcoin users and the Bitcoin Exchanges, with particular focus on (1) the extent to which bitcoins can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises, (2) the safety and soundness of the Bitcoin Exchange or other service-providers that hold bitcoins for users and (3) other risks to investors and consumers who hold and use bitcoins. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the value of a Master Portfolio’s and its Subsidiary’s investment in the Bitcoin Trust or the ability of the Bitcoin Trust to continue to operate.
Consolidation of Subsidiaries – The consolidated financial statements include the accounts of Cayman wholly-owned Controlled Foreign Corporations (“CFCs”) and the accounts of Delaware Corporations (the “Cayman” or “Delaware,” respectively, or “Subsidiaries” for both). The respective Master Portfolios hold a CFC: Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities Portfolio and Market Opportunities Portfolio. The respective Master Portfolios hold a Delaware subsidiary: Internet Portfolio, Global Portfolio and Market Opportunities Portfolio. Each Master Portfolio may invest up to 25% of its total assets in the Subsidiaries. The Subsidiaries act as an investment vehicle in order to invest in commodity-linked and bitcoin-linked instruments consistent with the Portfolio’s investment objectives and policies. By investing in its Subsidiaries, a Master Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by a Subsidiary are generally similar to those that are permitted to be held by the Master Portfolio and are subject to the same risks that apply to similar investments if held directly by the Master Portfolio. Each Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. However, each Master Portfolio wholly-owns and controls its Subsidiaries, making it unlikely that the Subsidiaries will take action contrary to the interests of the Master Portfolio. Each Subsidiary will be subject to the same investment restrictions and limitations and follow the same compliance policies and procedures as its Master Portfolio.
The Cayman Subsidiary is an exempted Cayman investment company and is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, each Cayman Subsidiary is a CFC not subject to U.S. income taxes. As a wholly-owned CFC, however, each Cayman Subsidiary’s net income and capital gain will be included each year in the respective Portfolio’s investment company taxable income.
As of June 30, 2026, the respective Cayman Subsidiary’s net assets and percent of the respective Portfolio’s net assets were:
|
Internet Portfolio |
$27,673,092 |
11.16% |
|||||
|
Global Portfolio |
2,873,267 |
5.70% |
|||||
|
Paradigm Portfolio |
101,062,986 |
8.52% |
|||||
|
Small Cap Opportunities Portfolio |
18,765,753 |
3.55% |
|||||
|
Market Opportunities Portfolio |
15,315,114 |
5.07% |
|||||
|
The Spin-Off Fund |
421,751 |
1.18% |
|||||
The Delaware Subsidiary is organized under Delaware law. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to its respective Master Portfolio (i.e., those gains, net of the tax paid and any other expenses of the Delaware Subsidiary) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code.
|
84 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
As of June 30, 2026, the respective Delaware Subsidiary’s net assets and percent of the respective Portfolio’s net assets were:
|
Internet Portfolio |
$537 |
0.00% |
|||||
|
Global Portfolio |
464 |
0.00% |
|||||
|
Market Opportunities Portfolio |
582 |
0.00% |
|||||
Repurchase Agreements – Each Master Portfolio may enter into repurchase agreements with banks that are members of the Federal Reserve System or securities dealers who are members of a national securities exchange or are primary dealers in U.S. Government Securities. In connection with transactions in repurchase agreements, it is the Trust’s policy that the Master Portfolio receive, as collateral, securities whose market value, including accrued interest, at all times will be at least equal to 102% of the amount invested by the Master Portfolio in each repurchase agreement. If the seller defaults, and the value of the collateral declines, realization of the collateral by the Master Portfolio may be delayed or limited.
Foreign Currency Translations – The books and records of the Master Portfolios are maintained in U.S. dollars. For the Master Portfolios, foreign currency transactions are translated into U.S. dollars on the following basis: (i) market values of investment securities and other assets and liabilities are translated at the exchange rate of such currencies against the U.S. dollar, as provided by an approved pricing service, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Master Portfolios do not isolate and treat as ordinary income that portion of the results of operations arising as a result of changes in the exchange rate from the fluctuations arising from changes in the market prices of securities held during the period. Such fluctuations are included with the net realized and unrealized gain or loss from investments. However, for federal income tax purposes, the Master Portfolios do isolate and treat as ordinary income the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the effect of changes in foreign exchange rates arising between trade date and settlement date.
Restricted and Illiquid Securities – The Master Portfolios may invest and from time to time have invested in restricted securities. These securities are valued by the Adviser, as the Valuation Designee pursuant to Rule 2a-5 under the 1040 Act, after giving due consideration to pertinent factors including recent private sales, market conditions and the issuer’s financial performance. The Master Portfolios generally have no right to require registration of unregistered securities. Rule 144A securities are classified pursuant to the liquidity risk management program adopted under Rule 22e-4 of the 1940 Act, for which the Adviser serves as program administrator subject to the oversight of the Board of Trustees. At June 30, 2026, market value and percentage of 144A securities held by the Master Portfolios are disclosed under the respective schedule of investments.
An illiquid investment is any investment that cannot reasonably be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. At June 30, 2026, the market value and percentage of illiquid securities held by the Master Portfolios are disclosed under the respective schedule of investments.
When-Issued Securities – The Master Portfolios may purchase securities on a when-issued or delayed delivery basis. Although the purchase amounts of these securities are established at the time the purchaser enters into the agreement, these securities may be delivered and paid for at a future date. The Master Portfolios record purchases of when-issued securities and reflect the values of such securities in determining net asset value in the same manner as other portfolio securities.
Securities Lending – Each Master Portfolio may lend its portfolio securities to broker-dealers by entering directly into lending arrangements with such broker-dealers or indirectly through repurchase agreements with respect to no more than 331⁄3% of the total assets of each Master Portfolio (including any collateral posted) or 50% of the total assets of each Master Portfolio (excluding any collateral posted). Securities lending and repurchase transactions will be fully collateralized at all times with cash and/or short-term debt obligations. The Master Portfolios receive interest on the collateral received as well as a fee for the securities loaned.
Significant Investments – The Portfolios may invest a greater percentage of their assets in one or more individual securities at any time. The greater percentage of assets in individual securities (not including short-term investments or
|
85 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
other funds) exposes the portfolios to the risk of unanticipated industry conditions, the risks particular to a single company or security, and the risk of potentially lower liquidity. At June 30, 2026, The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Multi-Disciplinary Income Portfolio invested approximately 71%, 68%, 83%, 66%, 64% and 6% of their respective net assets in individual securities greater than 5% of net assets. See the respective Schedule of Investments for further details.
Holding a large concentration in a single security or issuer may expose the portfolios to the market volatility of that specific security or issuer if the security or issuer performs worse than the market as a whole, which could adversely affect the portfolios’ performance. At June 30, 2026, The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Market Opportunities Portfolio held 32.6%, 21.1%, 69.4%, 55.4%, and 47.3% of their respective net assets in Texas Pacific Land Corp. Because a large portion of its revenue is derived from oil and gas royalties, the performance of the portfolios could be adversely affected if the underlying markets for oil and gas were to decline, thereby having a more significant impact on the portfolios given the concentration in this holding.
Short-Term Investments – The Portfolios may invest in money market funds and short-term, high-quality debt securities, commercial paper, repurchase agreements, and certificates of deposit. Money market funds typically invest in short-term instruments and attempt to maintain a stable net asset value. While the risk is low, these funds may lose value.
Expense Allocation – Common expenses incurred by the Master Portfolios are allocated among the Master Portfolios (i) based upon relative average net assets, (ii) as incurred on a specific identification basis, or (iii) equally among the Master Portfolios, depending on the nature of the expenditure. All expenses incurred by the Master Portfolios are allocated to the Feeder Funds daily based on their proportionate interests in the respective Master Portfolios.
Federal Income Taxes – Each Master Portfolio will be treated as a partnership for federal income tax purposes. As such, each investor in a Master Portfolio will be subject to taxation on its share of the Master Portfolio’s ordinary income and capital gains. It is intended that each Master Portfolio’s assets will be managed so an investor in the Master Portfolio can satisfy the requirements of subchapter M of the Internal Revenue Code.
There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. As of June 30, 2026, open tax years include the tax years ended December 31, 2022 through June 30, 2026. The Master Portfolios are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates.
Segment Reporting – The Portfolios adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. (“ASU 2023-07”) during the current fiscal period. The Portfolios’ adoption of the new standard impacted financial statements disclosures only and did not affect the Portfolios’ financial position or result of operations.
The Treasurer (principal financial officer) acts as the Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Portfolio operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.
Other – Realized gains and losses on the sale of investments are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method. Other noncash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been incorporated in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
|
86 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
3. INVESTMENT ADVISER
The Trust has entered into Investment Advisory Agreements (the “Agreements”) with Horizon Kinetics Asset Management LLC (the “Adviser”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios. The Adviser is a wholly-owned subsidiary of Horizon Kinetics Holding Corporation. Under the terms of the Agreements, the Master Portfolios, except the Multi-Disciplinary Income Portfolio, compensate the Adviser for its management services at the annual rate of 1.25% of each Master Portfolio’s average daily net assets. Effective as of April 30, 2023, the Adviser agreed to reduce the management fee for the Multi-Disciplinary Income Portfolio from 1.25% to 1.00%. Additionally, effective as of April 30, 2023, the Adviser agreed to waive 0.75% of the 1.00% management fee for the Multi-Disciplinary Income Portfolio through April 30, 2027.
For the period ended June 30, 2026, Master Portfolios incurred the following expenses pursuant to the Agreements:
|
Investment
Advisory Fees | |||
|
The Internet Portfolio |
$1,724,521 | ||
|
The Global Portfolio |
348,855 | ||
|
The Paradigm Portfolio |
7,905,491 | ||
|
The Small Cap Opportunities Portfolio |
3,288,781 | ||
|
The Market Opportunities Portfolio |
1,918,141 | ||
|
The Multi-Disciplinary Income Portfolio |
22,309 | ||
For the period ended June 30, 2026, the Trust was allocated approximately $12,500 for the services of the Chief Compliance Officer employed by the Adviser.
4. SECURITIES TRANSACTIONS
Purchases and sales of investment securities, other than short-term investments and short-term options, for the period ended June 30, 2026, were as follows:
|
Purchases |
Sales | |||||||||||
|
U.S.
Government |
Other |
U.S.
Government |
Other | |||||||||
|
The Internet Portfolio |
$— |
$89,508,289 |
$— |
$92,977,558 | ||||||||
|
The Global Portfolio |
— |
5,443,358 |
— |
10,092,314 | ||||||||
|
The Paradigm Portfolio |
— |
28,260,368 |
— |
203,757,982 | ||||||||
|
The Small Cap Opportunities Portfolio |
— |
5,793,674 |
— |
15,449,804 | ||||||||
|
The Market Opportunities Portfolio |
— |
19,874,385 |
— |
19,015,861 | ||||||||
|
The Multi-Disciplinary Income Portfolio |
— |
3,128,906 |
— |
2,865,000 | ||||||||
As of December 31, 2025, the cost of investments and unrealized appreciation (depreciation) on investment securities for federal income tax purposes was as follows:
|
Internet |
Global |
Paradigm | |||||||
|
Tax Cost of Investments |
$72,249,907 |
$ 28,755,239 |
$161,523,448 | ||||||
|
Unrealized Appreciation |
203,574,416 |
24,465,949 |
886,836,932 | ||||||
|
Unrealized Depreciation |
(5,713,866) |
(2,188,916) |
(9,068,373) | ||||||
|
Net Unrealized Appreciation |
$197,860,550 |
$ 22,277,033 |
$877,768,559 | ||||||
|
87 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
|
Small
Cap Opportunities |
Market
Opportunities |
Multi- Disciplinary
Income | |||||||
|
Tax Cost of Investments |
$157,788,074 |
$97,441,283 |
$15,740,299 | ||||||
|
Unrealized Appreciation |
266,589,324 |
153,646,047 |
28,554 | ||||||
|
Unrealized Depreciation |
(19,237,949) |
(5,498,667) |
(2,204) | ||||||
|
Net Unrealized Appreciation |
$247,351,375 |
$148,147,380 |
$26,350 | ||||||
5. PORTFOLIO SECURITIES LOANED
As of June 30, 2026, the Master Portfolios had loaned securities that were collateralized by cash. The majority of the cash collateral is invested by the custodian in a money market pooled account approved by the Adviser. Although risk is mitigated by the collateral, a Master Portfolio could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The Master Portfolio receives interest on the collateral received as well as a fee for the securities loaned. The Master Portfolios will continue to receive dividends and interest on all securities loaned. Gain or loss in the fair value of the securities loaned that may occur during the term of the loan will be accounted for by the Master Portfolios. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. As the securities loans are subject to termination by the Funds or the borrower at any time, the remaining maturities of the outstanding securities lending transactions are considered to be overnight and continuous. The value of the securities on loan and the value of the related collateral at June 30, 2026, were as follows:
|
Securities |
Collateral | |||||
|
The Internet Portfolio |
$ 2,926,144 |
$3,116,634 | ||||
|
The Global Portfolio |
668,055 |
697,332 | ||||
|
The Paradigm Portfolio |
1,046,965 |
1,013,859 | ||||
|
The Small Cap Opportunities Portfolio |
6,485,939 |
6,837,907 | ||||
|
The Market Opportunities Portfolio |
5,447,792 |
5,712,593 | ||||
|
The Multi-Disciplinary Income Portfolio |
— |
— | ||||
6. SELECTED FINANCIAL HIGHLIGHTS
Financial highlights for the Master Portfolios were as follows:
|
The Internet Portfolio | ||||||||||||||||||
|
For
the Period Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
Total Return |
(8.88)% |
(8.70)% |
76.81% |
30.16% |
(23.86)% |
15.72% | ||||||||||||
|
Ratio of expenses to average net assets: |
1.32% |
1.33% |
1.34% |
1.35% |
1.35% |
1.34% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.84)% |
(0.57)% |
0.26% |
1.23% |
(0.18)% |
(0.92)% | ||||||||||||
|
Portfolio turnover rate |
33% |
45% |
43% |
19% |
19% |
4% | ||||||||||||
|
The Global Portfolio | ||||||||||||||||||
|
For
the Period Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
Total Return |
4.35% |
2.89% |
72.10% |
11.79% |
(6.53)% |
16.23% | ||||||||||||
|
Ratio of expenses to average net assets: |
1.39% |
1.39% |
1.45% |
1.49% |
1.46% |
1.48% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.34)% |
0.24% |
0.73% |
1.71% |
0.18% |
(1.00)% | ||||||||||||
|
Portfolio turnover rate |
10% |
5% |
34% |
16% |
57% |
7% | ||||||||||||
|
88 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
|
The Paradigm Portfolio | ||||||||||||||||||
|
For
the Period Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
Total Return |
29.41% |
(14.27)% |
88.79% |
(16.59)% |
29.48% |
38.46% | ||||||||||||
|
Ratio of expenses to average net assets: |
1.31% |
1.32% |
1.32% |
1.34% |
1.33% |
1.33% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.68)% |
(0.69)% |
0.32% |
(0.20)% |
0.15% |
(0.58)% | ||||||||||||
|
Portfolio turnover rate |
2% |
3% |
2% |
0% |
0% |
1% | ||||||||||||
|
The Small Cap Opportunities Portfolio | ||||||||||||||||||
|
For
the Period Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
Total Return |
28.87% |
(8.35)% |
68.83% |
(14.40)% |
32.26% |
50.63% | ||||||||||||
|
Ratio of expenses to average net assets: |
1.32% |
1.32% |
1.33% |
1.35% |
1.34% |
1.34% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.49)% |
(0.10)% |
0.96% |
0.52% |
0.37% |
(0.62)% | ||||||||||||
|
Portfolio turnover rate |
1% |
0% |
6% |
2% |
6% |
3% | ||||||||||||
|
The Market Opportunities Portfolio | ||||||||||||||||||
|
For
the Period Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
Total Return |
17.24% |
(3.02)% |
84.14% |
(7.29)% |
15.02% |
28.08% | ||||||||||||
|
Ratio of expenses to average net assets: |
1.32% |
1.33% |
1.34% |
1.36% |
1.36% |
1.36% | ||||||||||||
|
Ratio of net investment income (loss) to average net assets: |
(0.53)% |
(0.03)% |
0.59% |
0.94% |
0.22% |
(0.74)% | ||||||||||||
|
Portfolio turnover rate |
7% |
4% |
7% |
5% |
13% |
2% | ||||||||||||
|
The Multi-Disciplinary Income Portfolio | ||||||||||||||||||
|
For
the Period Ended June 30,
2026 (Unaudited) |
For the Year Ended December 31, | |||||||||||||||||
|
2025 |
2024 |
2023 |
2022 |
2021 | ||||||||||||||
|
Total Return |
2.74% |
5.41% |
7.28% |
5.24% |
(2.29)% |
1.23% | ||||||||||||
|
Ratio of expenses to average net assets: |
0.41% |
0.46% |
0.51% |
0.94% |
1.48% |
1.44% | ||||||||||||
|
Ratio of net investment income to average net assets: |
4.94% |
5.60% |
6.77% |
5.16% |
2.14% |
1.74% | ||||||||||||
|
Portfolio turnover rate |
17% |
74% |
37% |
37% |
0% |
0% | ||||||||||||
7. SUMMARY OF FAIR VALUE EXPOSURE
Various inputs are used in determining the value of Master Portfolios’ and Spin-Off Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that Master Portfolios’ and Spin-Off Fund has the ability to access.
Level 2 –
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Spin-Off Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
89 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The Internet Portfolio
The
following is a summary of the inputs used to value The Internet Portfolio’s net assets as of June 30, 2026:
|
Assets^ |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Common Stocks |
$117,635,504 |
$4,979,440 |
$13,300,087 |
$135,915,031 | ||||||||
|
Unit Investment Trust |
107,285,559 |
— |
— |
107,285,559 | ||||||||
|
Preferred Stocks |
— |
— |
246,319 |
246,319 | ||||||||
|
Exchange Traded Funds |
95,079 |
— |
— |
95,079 | ||||||||
|
Total Investments in Securities |
$225,016,142 |
$4,979,440 |
$13,546,406 |
$243,541,988 | ||||||||
Following
is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
Description |
Investments
in Securities | ||
|
Balance as of December 31, 2025 |
$9,502,596 | ||
|
Accrued discounts/premiums |
— | ||
|
Realized gain (loss) |
— | ||
|
Change in unrealized appreciation (depreciation) |
3,541,549*** | ||
|
Net purchases and/or acquisitions |
502,261 | ||
|
Net sales and/or write-offs |
— | ||
|
Transfer in and/or out of Level 3 |
— | ||
|
Balance as of June 30, 2026 |
$13,546,406 | ||
|
Description |
Fair
Value at 6/30/2026 |
Valuation
Techniques |
Unobservable
Input |
Range** | ||||||||
|
Common Stocks |
$2,000,000 |
Cost Approach |
Precedent Transaction |
$10.00 - $10.00 | ||||||||
|
Common Stocks |
$ 4,000,000 |
Cost Approach |
Precedent Transaction |
$5.00 - $5.00 | ||||||||
|
Common Stocks |
$255,942 |
Cost Approach |
Precedent Transaction |
$113.90 - $150.20 | ||||||||
|
Preferred Stocks |
$246,319 |
Cost Approach |
Precedent Transaction |
$121.21 - $160.00 | ||||||||
|
Common Stocks |
$6,844,045 |
Cost Approach |
Precedent Transaction |
$17.21 - $41.35 | ||||||||
|
Common Stocks |
$200,100 |
Cost Approach |
Precedent Transaction |
$23.00 - $23.00 | ||||||||
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
** |
Represents the expected directional change in
the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable
input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
|
*** |
Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2026 is $3,792,715. |
|
90 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
The Global Portfolio
The
following is a summary of the inputs used to value The Global Portfolio’s net assets as of June 30, 2026:
|
Assets^ |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Common Stocks |
$36,434,122 |
$— |
$4,956,562 |
$41,390,684 | ||||||||
|
Unit Investment Trust |
7,525,628 |
— |
— |
7,525,628 | ||||||||
|
Warrants |
— |
— |
78,187 |
78,187 | ||||||||
|
Preferred Stocks |
— |
9,414 |
— |
9,414 | ||||||||
|
Convertible Bonds |
— |
— |
—* |
— | ||||||||
|
Total Investments in Securities |
$ 43,959,750 |
$9,414 |
$5,034,749 |
$49,003,913 | ||||||||
Following
is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
Description |
Investments
in Securities | ||
|
Balance as of December 31, 2025 |
$1,310,187 | ||
|
Accrued discounts/premiums |
— | ||
|
Realized gain (loss) |
— | ||
|
Change in unrealized appreciation (depreciation) |
1,163,743*** | ||
|
Net purchases and/or acquisitions |
2,560,819 | ||
|
Net sales and/or write-offs |
— | ||
|
Transfer in and/or out of Level 3 |
— | ||
|
Balance as of June 30, 2026 |
$ 5,034,749 | ||
|
Description |
Fair
Value at 6/30/2026 |
Valuation
Techniques |
Unobservable
Input |
Range** | ||||||||
|
Common Stocks |
$121,461 |
Cost Approach |
Precedent Transaction |
$55.00 - $60.58 | ||||||||
|
Common Stocks |
$600,000 |
Cost Approach |
Precedent Transaction |
$5.00 - $5.00 | ||||||||
|
Common Stocks |
$2,482,632 |
Cost Approach |
Precedent Transaction |
$113.90 - $150.20 | ||||||||
|
Warrants |
$78,187 |
Cost Approach |
Precedent Transaction |
$0.75 - $33.10 | ||||||||
|
Common Stocks |
$1,267,419 |
Cost Approach |
Precedent Transaction |
$17.21 - $41.35 | ||||||||
|
Convertible Bonds |
$—* |
Asset
Liquidation Analysis |
Liquidation Proceeds |
$0.00 - $0.00 | ||||||||
|
Common Stocks |
$385,000 |
Market Approach |
Precedent Transaction |
$22.00 - $47.00 | ||||||||
|
Common Stocks |
$100,050 |
Cost Approach |
Precedent Transaction |
$23.00 - $23.00 | ||||||||
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
* |
Amount is less than $0.50. |
|
** |
Represents the expected directional change in
the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable
input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
|
*** |
Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2026 is $1,391,901. |
|
91 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
The Paradigm Portfolio
The
following is a summary of the inputs used to value The Paradigm Portfolio’s net assets as of June 30, 2026:
|
Assets^ |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Common Stocks |
$1,066,186,853 |
$— |
$11,944,095* |
$1,078,130,948 | ||||||||
|
Unit Investment Trust |
98,712,995 |
— |
— |
98,712,995 | ||||||||
|
Warrants |
— |
— |
15,653 |
15,653 | ||||||||
|
Preferred Stocks |
— |
616 |
82,106 |
82,722 | ||||||||
|
Total Investments in Securities |
$ 1,164,899,848 |
$616 |
$12,041,854* |
$1,176,942,318 | ||||||||
Following
is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
Description |
Investments
in Securities | ||
|
Balance as of December 31, 2025 |
$7,800,058* | ||
|
Accrued discounts/premiums |
— | ||
|
Realized gain (loss) |
— | ||
|
Change in unrealized appreciation (depreciation) |
4,144,037*** | ||
|
Net purchases and/or acquisitions |
97,759 | ||
|
Net sales and/or write-offs |
— | ||
|
Transfer in and/or out of Level 3 |
— | ||
|
Balance as of June 30, 2026 |
$ 12,041,854* | ||
|
Description |
Fair
Value at 6/30/2026 |
Valuation
Techniques |
Unobservable
Input |
Range** | ||||||||
|
Common Stocks |
$ 1,000,000 |
Cost Approach |
Precedent Transaction |
$10.00 - $10.00 | ||||||||
|
Common Stocks |
$ 4,000,000 |
Cost Approach |
Precedent Transaction |
$5.00 - $5.00 | ||||||||
|
Warrants |
$15,653 |
Cost Approach |
Precedent Transaction |
$0.75 - $33.10 | ||||||||
|
Preferred Stocks |
$82,106 |
Cost Approach |
Precedent Transaction |
$121.21 - $160.00 | ||||||||
|
Common Stocks |
$ 6,844,045 |
Cost Approach |
Precedent Transaction |
$17.21 - $41.35 | ||||||||
|
Common Stocks |
$100,050 |
Cost Approach |
Precedent Transaction |
$23.00 - $23.00 | ||||||||
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
* |
Amount is less than $0.50. |
|
** |
Represents the expected directional change in
the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable
input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
|
*** |
Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2026 is $3,770,416. |
The Small Cap Opportunities Portfolio
The
following is a summary of the inputs used to value The Small Cap Opportunities Portfolio’s net assets as of June 30, 2026:
|
Assets^ |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Common Stocks |
$ 484,850,051 |
$— |
$19,845,304 |
$ 504,695,355 | ||||||||
|
Unit Investment Trust |
15,213,268 |
— |
— |
15,213,268 | ||||||||
|
Warrants |
— |
3,130,619 |
3,130,619 | |||||||||
|
Preferred Stocks |
— |
— |
164,212 |
164,212 | ||||||||
|
Total Investments in Securities |
$ 500,063,319 |
$— |
$23,140,135 |
$ 523,203,454 | ||||||||
|
92 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
Following
is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
Description |
Investments
in Securities | ||
|
Balance as of December 31, 2025 |
$ 13,999,975 | ||
|
Accrued discounts/premiums |
— | ||
|
Realized gain (loss) |
— | ||
|
Change in unrealized appreciation (depreciation) |
5,525,401*** | ||
|
Net purchases and/or acquisitions |
3,614,759 | ||
|
Net sales and/or write-offs |
— | ||
|
Transfer in and/or out of Level 3 |
— | ||
|
Balance as of June 30, 2026 |
$ 23,140,135 | ||
|
Description |
Fair
Value at 6/30/2026 |
Valuation
Techniques |
Unobservable
Input |
Range** | ||||||||
|
Common Stocks |
$ 4,000,000 |
Cost Approach |
Precedent Transaction |
$10.00 - $10.00 | ||||||||
|
Common Stocks |
$ 6,000,000 |
Cost Approach |
Precedent Transaction |
$5.00 - $5.00 | ||||||||
|
Common Stocks |
$319,927 |
Cost Approach |
Precedent Transaction |
$113.90 - $150.20 | ||||||||
|
Warrants |
$ 3,130,619 |
Cost Approach |
Precedent Transaction |
$0.75 - $33.10 | ||||||||
|
Preferred Stocks |
$164,212 |
Cost Approach |
Precedent Transaction |
$121.21 - $160.00 | ||||||||
|
Common Stocks |
$ 9,125,407 |
Cost Approach |
Precedent Transaction |
$17.21 - $41.35 | ||||||||
|
Common Stocks |
$399,970 |
Cost Approach |
Precedent Transaction |
$23.00 - $23.00 | ||||||||
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
* |
Amount is less than $0.50. |
|
** |
Represents the expected directional change in
the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable
input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
|
*** |
Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2026 is $5,288,270. |
The Market Opportunities Portfolio
The
following is a summary of the inputs used to value The Market Opportunities Portfolio’s net assets as of June 30, 2026:
|
Assets^ |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Common Stocks |
$ 244,292,695 |
$1,765,100 |
$13,437,588 |
$ 259,495,383 | ||||||||
|
Unit Investment Trust |
30,368,951 |
— |
— |
30,368,951 | ||||||||
|
Warrants |
— |
— |
398,332 |
398,332 | ||||||||
|
Preferred Stocks |
— |
210,987 |
164,213 |
375,200 | ||||||||
|
Convertible Bonds |
— |
— |
— * |
— | ||||||||
|
Total Investments in Securities |
$ 274,661,646 |
$1,976,087 |
$14,000,133 |
$ 290,637,866 | ||||||||
|
93 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
Following
is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
Description |
Investments
in Securities | ||
|
Balance as of December 31, 2025 |
$ 10,962,273 | ||
|
Accrued discounts/premiums |
— | ||
|
Realized gain (loss) |
— | ||
|
Change in unrealized appreciation (depreciation) |
1,643,505*** | ||
|
Net purchases and/or acquisitions |
1,394,355 | ||
|
Net sales and/or write-offs |
— | ||
|
Transfer in and/or out of Level 3 |
— | ||
|
Balance as of June 30, 2026 |
$ 14,000,133 | ||
|
Description |
Fair
Value at 6/30/2026 |
Valuation
Techniques |
Unobservable
Input |
Range** | ||||||||
|
Common Stocks |
$ 3,000,000 |
Cost Approach |
Precedent Transaction |
$10.00 - $10.00 | ||||||||
|
Common Stocks |
$164,019 |
Cost Approach |
Precedent Transaction |
$55.00 - $60.58 | ||||||||
|
Common Stocks |
$ 6,000,000 |
Cost Approach |
Precedent Transaction |
$5.00 - $5.00 | ||||||||
|
Common Stocks |
$831,810 |
Cost Approach |
Precedent Transaction |
$113.90-$150.20 | ||||||||
|
Warrants |
$398,332 |
Cost Approach |
Precedent Transaction |
$0.75 - $33.10 | ||||||||
|
Preferred Stocks |
$164,213 |
Cost Approach |
Precedent Transaction |
$121.21 - $160.00 | ||||||||
|
Common Stocks |
$ 3,041,789 |
Cost Approach |
Precedent Transaction |
$17.21 - $41.35 | ||||||||
|
Convertible Bonds |
$—* |
Asset
Liquidation Analysis |
Liquidation Proceeds |
$0.00 - $0.00 | ||||||||
|
Common Stocks |
$399,970 |
Cost Approach |
Precedent Transaction |
$23.00 - $23.00 | ||||||||
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
* |
Amount is less than $0.50. |
|
** |
Represents the expected directional change in
the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable
input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
|
*** |
Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2026 is $1,528,217. |
The Multi-Disciplinary Income Portfolio
The
following is a summary of the inputs used to value The Multi-Disciplinary Income Portfolio’s net assets as of June 30, 2026:
|
Assets^ |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Collateralized Loan Obligation |
$— |
$16,045,322 |
$— |
$ 16,045,322 | ||||||||
|
Total Investments in Securities |
$— |
$ 16,045,322 |
$— |
$ 16,045,322 | ||||||||
As
of June 30, 2026, there were no investments in Level 3 securities.
During
the period ended June 30, 2026, there were no transfers into or out of Level 3.
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
94 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
8. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Master Portfolios have adopted authoritative standards regarding disclosure of derivatives and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why a Master Portfolio uses derivatives, how derivatives are accounted for by the Master Portfolios, and how derivative instruments affect a Master Portfolio’s results of operations and financial position. At June 30, 2026, none of the Portfolios held any derivative instruments and there were no transactions during the period ended June 30, 2026.
9. OFFSETTING ASSETS AND LIABILITIES
The Master Portfolios are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre- arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specific threshold depending on the counterparty and the type of Master Netting Arrangement.
The following is a summary of the Assets and Liabilities subject to offsetting in the Master Portfolios as of June 30, 2026:
|
Gross
Amounts
of Recognized
Liabilities |
Gross
Amounts
Offset
in the
Statement of
Assets & Liabilities |
Net
Amounts Presented
in the
Statement of
Assets & Liabilities |
Gross
Amounts not Offset in the
Statement of Assets & Liabilities |
||||||||||||||||||
|
Financial
Instruments |
Collateral
Pledged
(Received) |
Net
Amount | |||||||||||||||||||
|
The Internet Portfolio |
Securities Lending |
$3,116,634 |
$— |
$3,116,634 |
$3,116,634 |
$— |
$— | ||||||||||||||
|
$3,116,634 |
$— |
$3,116,634 |
$3,116,634 |
$— |
$— | ||||||||||||||||
|
The Global Portfolio |
Securities Lending |
$697,332 |
$— |
$697,332 |
$697,332 |
$— |
$— | ||||||||||||||
|
$697,332 |
$— |
$697,332 |
$697,332 |
$— |
$— | ||||||||||||||||
|
The Paradigm Portfolio |
Securities Lending |
$ 1,013,859 |
$— |
$ 1,013,859 |
$ 1,013,859 |
$— |
$— | ||||||||||||||
|
$ 1,013,859 |
$— |
$ 1,013,859 |
$ 1,013,859 |
$— |
$— | ||||||||||||||||
|
The Small Cap Opportunities Portfolio |
Securities Lending |
$ 6,837,907 |
$— |
$ 6,837,907 |
$ 6,837,907 |
$— |
$— | ||||||||||||||
|
$ 6,837,907 |
$— |
$ 6,837,907 |
$ 6,837,907 |
$— |
$— | ||||||||||||||||
|
The Market Opportunities Portfolio |
Securities Lending |
$ 5,712,593 |
$— |
$ 5,712,593 |
$ 5,712,593 |
$— |
$— | ||||||||||||||
|
$ 5,712,593 |
$— |
$ 5,712,593 |
$ 5,712,593 |
$— |
$— | ||||||||||||||||
10. SUBSEQUENT EVENTS
In preparing these financial statements, management has evaluated Portfolio-related events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other events or transactions that occurred during the period that materially impacted the amounts or disclosures in the Master Portfolios’ financial statements.
|
95 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
11. RECENT ACCOUNTING PRONOUNCEMENTS
ASU 2023-09 - Improvement to Income Tax Disclosure
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvement to Income Tax Disclosure, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning December 15, 2024, and early adoption is permitted. The Adviser has adopted the amendment for the current fiscal period, but related income taxes paid were deemed immaterial.
12. INFORMATION ABOUT PROXY VOTING (UNAUDITED)
Information regarding how the Feeder Funds and the Master Portfolios vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at 1-800-930-3828 or by accessing the Funds’ website at www.kineticsfunds.com and by accessing the SEC’s website at www.sec.gov. Information regarding how the Feeder Funds and the Master Portfolios voted proxies relating to portfolio securities during the most recent twelve-month period ended December 31, is available without charge, upon request, by calling toll-free at 1-800-930-3828 or by accessing the SEC’s website at www.sec.gov.
13. INFORMATION ABOUT THE PORTFOLIO HOLDINGS (UNAUDITED)
The Master Portfolios file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Master Portfolios’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-800-930-3828. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
14.
APPROVAL OF INVESTMENT ADVISORY CONTRACT BY TRUSTEES OF KINETICS PORTFOLIOS TRUST (UNAUDITED)
At a meeting held on June 5, 2026, the Board of Trustees of Kinetics Portfolios Trust (the “Trust”), including a majority of the Trustees who are not interested persons of the Trust or the Adviser within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the continuation of the Investment Advisory Agreements between the Adviser and each Portfolio of the Trust for an additional twelve-month period. In advance of the meeting, the Trustees reviewed extensive information relating to the Advisory Agreements, including performance and peer group comparisons, fee and expense analyses, profitability information, compliance materials, cybersecurity reports, an Executive Memorandum provided by the Adviser, and a Section 15(c) analysis prepared by U.S. Bancorp Fund Services, LLC.
In reviewing the nature, extent and quality of services provided by the Adviser, the Board considered the Adviser’s investment management process, research capabilities, trading practices, compliance oversight, liquidity risk management program, operational infrastructure and business continuity resources. The Board noted that the Adviser manages approximately $11.4 billion in assets across a variety of investment products and considered the experience and qualifications of the personnel responsible for managing and servicing the Portfolios.
The Board reviewed the investment performance of each Portfolio for the year-to-date, one-year, three-year, five-year and ten-year periods and considered both Morningstar peer group comparisons for each period, respectively, in addition to supplemental analyses provided by the Adviser.
The Board also reviewed fee and expense information for each Portfolio, including management fee and expense ratio comparisons relative to peer groups. The Board considered that several Portfolios had asset levels below the average asset levels of their respective peer groups and reviewed the extent to which those differences affected operating expenses. The Board further considered the Adviser’s representation that it waived advisory fees and reimbursed approximately $2.1 million of fund expenses during 2025 through a combination of voluntary waivers and contractual reimbursements.
With respect to profitability and economies of scale, the Board reviewed information concerning the Adviser’s revenues, expenses, profitability and financial condition, as well as potential ancillary benefits arising from its relationships with the Portfolios. The Board concluded that the Adviser’s profitability was not excessive and that the fee
|
96 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2026 (Unaudited)(Continued)
arrangements remained reasonable in light of the services provided. The Board also considered whether shareholders were appropriately benefiting from any economies of scale and evaluated the adviser’s ongoing fee-waiver and expense-reimbursement practices as part of that assessment.
The Board devoted particular attention to cybersecurity and operational resiliency matters. The Board reviewed reports regarding the Adviser’s cybersecurity program, information-security controls, remote-work capabilities, disaster recovery and business continuity planning, and oversight of key third-party service providers. The Board also considered the Adviser’s due diligence process for service providers, including periodic cybersecurity reviews, certifications and follow-up procedures designed to mitigate technological and operational risks. Based on the information presented, the Board concluded that the Adviser maintained appropriate cybersecurity and operational risk-management practices to support the ongoing operation of the Portfolios.
After considering all information deemed relevant, the Board, including a majority of the Independent Trustees, concluded that the Adviser continued to provide high-quality services to the Portfolios, that the advisory fees payable under the Advisory Agreements were fair and reasonable in light of the nature, extent and quality of services provided, and that continuation of the Advisory Agreements was in the best interests of the Portfolios and their shareholders. Accordingly, the Board approved the continuation of the Advisory Agreements for an additional twelve-month period. This conclusion was not based on any single factor, but on an evaluation of the totality of factors and information reviewed by the Board.
|
97 |
KINETICS
PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS
ADDITIONAL
INFORMATION
The following information is required disclosure from Form N-CSR
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Refer to information provided within financial statements.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Refer to information provided within financial statements.
|
98 |
KINETICS
MUTUAL FUNDS, INC.
615
East Michigan Street
Milwaukee, WI 53202
INVESTMENT
ADVISER AND SHAREHOLDER SERVICING AGENT
Horizon
Kinetics Asset Management LLC
1270
Avenue of the Americas,
27th
Floor,
New York, NY 10020
INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
Tait,
Weller & Baker LLP
50
South 16th Street, Suite 2900
Philadelphia, PA 19102
DISTRIBUTOR
Kinetics
Funds Distributor LLC
1270
Avenue of the Americas,
27th
Floor,
New York, NY 10020
ADMINISTRATOR
FUND ACCOUNTANT AND TRANSFER AGENT
U.S.
Bancorp Fund Services, LLC
615
East Michigan Street
Milwaukee, WI 53202
CUSTODIAN
U.S.
Bank, N.A.
Custody
Operations
1555
River Center Drive, Suite 302
Milwaukee, WI 53212
THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS
| (b) | See Item 7(a). |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors/trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual report. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
| (5) | Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4 or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies. |
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
| By: | /s/ Jay Kesslen | |
| Jay Kesslen, | ||
| Vice President for the President and Treasurer | ||
| Date: | October 15, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Jay Kesslen | |
| Jay Kesslen, | ||
| Vice President for the President and Treasurer | ||
| Date: | October 15, 2026 |
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