Kinetics Mutual Funds提交更正后的N-CSR年度报告，披露截至2025年12月31日旗下基金表现与持仓

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)

470 Park Avenue South

New York, NY 10016
(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: December 31, 2025

Explanatory Note: The Registrant is submitting this corrective Form N-CSR filing for the period ended December 31, 2025 (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.

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within financial services (exchanges), specifically Miami International Holdings (Ticker: MIAX).
The Fund’s top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

94269645151481098713852216162487018785243144279438829100001119613640130421714920304261322139927025337863982710000108871411313712187442716433188223903238541962508331000010750137861325117919257383124420902299783856446415

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within financial services (exchanges), specifically Miami International Holdings (Ticker: MIAX).
The Fund’s top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

1000010183159221148614409223712561919248247954341839200100001119613640130421714920304261322139927025337863982710000108871411313712187442716433188223903238541962508331000010750137861325117919257383124420902299783856446415

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within financial services (exchanges), specifically Miami International Holdings (Ticker: MIAX).
The Fund’s top detractor: Security selection within the blockchain/crypto, specifically Grayscale Bitcoin Trust (Ticker: GBTC).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

1000010259161511173814843232172678120278263134642642228100001119613640130421714920304261322139927025337863982710000108871411313712187442716433188223903238541962508331000010750137861325117919257383124420902299783856446415

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: WPM).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

94231074416148123181491718602216082014022521386653965310000111961364013042171492030426132213992702533786398271000010786133721211315335178282113317252210822476930302

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: WPM).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

100001136316819127501538919099220482045922746388893968910000111961364013042171492030426132213992702533786398271000010786133721211315335178282113317252210822476930302

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within precious metals, specifically Wheaton Precious Metals (Ticker: WPM).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

100001144017068130441586419829230662157624143415644276410000111961364013042171492030426132213992702533786398271000010786133721211315335178282113317252210822476930302

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

94261132814508136671778918332252643255526987507354322610000111961364013042171492030426132213992702533786398271000010786133721211315335178282113317252210822476930302

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

100001195515240142841849618970260103334927506514534362210000111961364013042171492030426132213992702533786398271000010786133721211315335178282113317252210822476930302

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

100001207315534146991922019902275533566329698560794799710000111961364013042171492030426132213992702533786398271000010786133721211315335178282113317252210822476930302

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within precious metal royalties, specifically Franco Nevada Corporation (Ticker: FNV).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

100001204515467146091906219694272083514729209550504702010000111961364013042171492030426132213992702533786398271000010786133721211315335178282113317252210822476930302

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

94261169414728147281866419045285573759131987537704899010000111961364013042171492030426132213992702533786398271000012656143301311516103179202272719068221292405325500

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

100001234515470153921940719705293993850632605545324943710000111961364013042171492030426132213992702533786398271000012656143301311516103179202272719068221292405325500

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.

100001246115764158342015720663311224115035175593935436110000111961364013042171492030426132213992702533786398271000012656143301311516103179202272719068221292405325500

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

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

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

WHAT FACTORS INFLUENCED PERFORMANCE

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

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection within defense, specifically CACI International (Ticker: CACI).
The Fund’s top detractor: Security selection within the Energy Sector, specifically Texas Pacific Land Corporation (Ticker: TPL).

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2025)

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

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

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact Horizon Kinetics Asset Management LLC at 1-800-930-3828, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Horizon Kinetics Asset Management LLC or your financial intermediary.