[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_96":97},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","tjzttn91q9uzbulnqmtnvhggm","revision",2,"title","Kinetics Mutual Funds 更正N-CSR 披露2025年中期资产配置与估值","originalTitle","KINETICS MUTUAL FUNDS INC (0001083387) (Filer)","summary","Kinetics Mutual Funds Inc. 更正了截至2025年6月30日的N-CSR文件，披露旗下各基金资产配置：The Internet Fund净资产3.48亿美元。","reason","source",{"_11":86,"_87":88,"_89":90,"_91":57,"_92":93,"_94":95},"links",{"_83":84,"_63":85},"publishedAt","2026-10-20T20:32:39.000Z","discoveredAt","2026-10-20T23:19:44.898Z","timelineAt","category","ai-products","tags",[80,81,82],"stockSymbols",[],"score",53,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fz7VDbUluuaU",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","c5ffc865-d345-4693-a959-e5c0fa04191e","Kinetics Mutual Funds 更正N-CSR披露",{"_72":73,"_15":74},"zh","

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
\nWashington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
\nMANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09303\n& 811-09923

Kinetics\nMutual Funds, Inc. & Kinetics Portfolios Trust

(Exact name of registrant as specified in charter)

470 Park Avenue South

New York,\nNY 10016
(Address of principal executive offices) (Zip code)

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee,\nWI 53202
(Name and address of agent for service)

1-646-495-7333

Registrant’s telephone number, including area\ncode

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Explanatory Note: The Registrant is submitting this corrective\nForm N-CSR filing for the period ended June 30, 2025 (covered period) to correct an administrative oversight in its filings made with\nthe Securities and Exchange Commission. Although the intended Form N-CSR filing for the covered period identified the Registrant and\nKinetics Mutual Funds, Inc. as co-registrants, the intended Form N-CSR filing was inadvertently made only on behalf of Kinetics Mutual\nFunds, 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\nfor the covered period and to update the date of the certifications furnished under Item 13(b) of the intended Form N-CSR. Except as\nset forth above, this corrective filing does not amend, update or change any other items or disclosures included in the intended Form\nN-CSR filing.

Item 1. Reports to Stockholders.

\n \n \n \n

(a)

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

\n	\n	\n
\n $\"image\"$ \n	\n The Internet Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| KINAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

This semi-annual shareholder report contains important information about The Internet Fund (the “Fund”) for the period of January 1, 2025 to June 30, 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.\n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $98 \n	\n 1.92% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $347,803,703 \n
\n Number of Holdings \n	\n 36 \n
\n Portfolio Turnover \n	\n 35% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Finance and Insurance\n \n	\n 61.1% \n
\n Utilities\n \n	\n 19.2% \n
\n Professional, Scientific, and Technical Services\n \n	\n 2.7% \n
\n Real Estate and Rental and Leasing\n \n	\n 1.2% \n
\n Manufacturing\n \n	\n 0.9% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 0.8% \n
\n Information\n \n	\n 0.8% \n
\n Management of Companies and Enterprises\n \n	\n 0.2% \n
\n Communications\n \n	\n 0.2% \n
\n Cash & Other\n \n	\n 12.9% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 52.2% \n
\n Texas Pacific Land Corp.\n \n	\n 19.2% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 5.9% \n
\n CACI International, Inc.\n \n	\n 2.7% \n
\n OTC Markets Group, Inc. - Class A\n \n	\n 2.0% \n
\n Landbridge Co. LLC\n \n	\n 1.2% \n
\n Galaxy Digital, Inc.\n \n	\n 0.9% \n
\n Miami International Holdings Inc.\n \n	\n 0.9% \n
\n Mastercard, Inc.\n \n	\n 0.8% \n
\n SB Technology, Inc.\n \n	\n 0.8% \n

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

HOUSEHOLDING\n

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Horizon Kinetics Asset Management LLC documents not be householded, please contact 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.

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

The Internet Fund \n

PAGE 1 \n

TSR-SAR-494613862

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

\n	\n	\n
\n $\"image\"$ \n	\n The Internet Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| KINCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $124 \n	\n 2.42% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $347,803,703 \n
\n Number of Holdings \n	\n 36 \n
\n Portfolio Turnover \n	\n 35% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Finance and Insurance\n \n	\n 61.1% \n
\n Utilities\n \n	\n 19.2% \n
\n Professional, Scientific, and Technical Services\n \n	\n 2.7% \n
\n Real Estate and Rental and Leasing\n \n	\n 1.2% \n
\n Manufacturing\n \n	\n 0.9% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 0.8% \n
\n Information\n \n	\n 0.8% \n
\n Management of Companies and Enterprises\n \n	\n 0.2% \n
\n Communications\n \n	\n 0.2% \n
\n Cash & Other\n \n	\n 12.9% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 52.2% \n
\n Texas Pacific Land Corp.\n \n	\n 19.2% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 5.9% \n
\n CACI International, Inc.\n \n	\n 2.7% \n
\n OTC Markets Group, Inc. - Class A\n \n	\n 2.0% \n
\n Landbridge Co. LLC\n \n	\n 1.2% \n
\n Galaxy Digital, Inc.\n \n	\n 0.9% \n
\n Miami International Holdings Inc.\n \n	\n 0.9% \n
\n Mastercard, Inc.\n \n	\n 0.8% \n
\n SB Technology, Inc.\n \n	\n 0.8% \n

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

HOUSEHOLDING\n

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

The Internet Fund \n

PAGE 1 \n

TSR-SAR-494613763

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

\n	\n	\n
\n $\"image\"$ \n	\n The Internet Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| WWWFX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $86 \n	\n 1.67% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $347,803,703 \n
\n Number of Holdings \n	\n 36 \n
\n Portfolio Turnover \n	\n 35% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Finance and Insurance\n \n	\n 61.1% \n
\n Utilities\n \n	\n 19.2% \n
\n Professional, Scientific, and Technical Services\n \n	\n 2.7% \n
\n Real Estate and Rental and Leasing\n \n	\n 1.2% \n
\n Manufacturing\n \n	\n 0.9% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 0.8% \n
\n Information\n \n	\n 0.8% \n
\n Management of Companies and Enterprises\n \n	\n 0.2% \n
\n Communications\n \n	\n 0.2% \n
\n Cash & Other\n \n	\n 12.9% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 52.2% \n
\n Texas Pacific Land Corp.\n \n	\n 19.2% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 5.9% \n
\n CACI International, Inc.\n \n	\n 2.7% \n
\n OTC Markets Group, Inc. - Class A\n \n	\n 2.0% \n
\n Landbridge Co. LLC\n \n	\n 1.2% \n
\n Galaxy Digital, Inc.\n \n	\n 0.9% \n
\n Miami International Holdings Inc.\n \n	\n 0.9% \n
\n Mastercard, Inc.\n \n	\n 0.8% \n
\n SB Technology, Inc.\n \n	\n 0.8% \n

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

HOUSEHOLDING\n

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

The Internet Fund \n

PAGE 1 \n

TSR-SAR-460953102

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

\n	\n	\n
\n $\"image\"$ \n	\n The Global Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| KGLAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

This semi-annual shareholder report contains important information about The Global Fund (the “Fund”) for the period of January 1, 2025 to June 30, 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.\n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $84 \n	\n 1.64% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $69,847,321 \n
\n Number of Holdings \n	\n 73 \n
\n Portfolio Turnover \n	\n 5% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Finance and Insurance\n \n	\n 23.7% \n
\n Utilities\n \n	\n 13.1% \n
\n Management of Companies and Enterprises\n \n	\n 12.0% \n
\n Financials\n \n	\n 7.9% \n
\n Real Estate and Rental and Leasing\n \n	\n 4.1% \n
\n Communications\n \n	\n 3.7% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 2.6% \n
\n Wholesale Trade\n \n	\n 2.6% \n
\n Manufacturing\n \n	\n 1.8% \n
\n Cash & Other\n \n	\n 28.5% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 18.6% \n
\n Texas Pacific Land Corp.\n \n	\n 13.1% \n
\n Fairfax India Holdings Corp.\n \n	\n 4.1% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 3.9% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 3.7% \n
\n Landbridge Co. LLC\n \n	\n 3.3% \n
\n Hellenic Exchanges - Athens Stock Exchange SA\n \n	\n 3.1% \n
\n Investor AB\n \n	\n 2.8% \n
\n Wheaton Precious Metals Corp.\n \n	\n 2.6% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 2.1% \n

\n \n

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

\n	\n
\n Top Ten Countries \n	\n (%) \n
\n United States\n \n	\n 51.8% \n
\n Canada\n \n	\n 11.3% \n
\n Japan\n \n	\n 3.8% \n
\n Greece\n \n	\n 3.1% \n
\n Sweden\n \n	\n 2.9% \n
\n United Kingdom\n \n	\n 0.7% \n
\n Germany\n \n	\n 0.3% \n
\n Netherlands\n \n	\n 0.3% \n
\n Cayman Islands\n \n	\n 0.2% \n
\n Cash & Other\n \n	\n 25.6% \n

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

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

The Global Fund \n

PAGE 1 \n

TSR-SAR-494613631

HOUSEHOLDING\n

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

The Global Fund \n

PAGE 2 \n

TSR-SAR-494613631

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

\n	\n	\n
\n $\"image\"$ \n	\n The Global Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| KGLCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $110 \n	\n 2.14% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $69,847,321 \n
\n Number of Holdings \n	\n 73 \n
\n Portfolio Turnover \n	\n 5% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Finance and Insurance\n \n	\n 23.7% \n
\n Utilities\n \n	\n 13.1% \n
\n Management of Companies and Enterprises\n \n	\n 12.0% \n
\n Financials\n \n	\n 7.9% \n
\n Real Estate and Rental and Leasing\n \n	\n 4.1% \n
\n Communications\n \n	\n 3.7% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 2.6% \n
\n Wholesale Trade\n \n	\n 2.6% \n
\n Manufacturing\n \n	\n 1.8% \n
\n Cash & Other\n \n	\n 28.5% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 18.6% \n
\n Texas Pacific Land Corp.\n \n	\n 13.1% \n
\n Fairfax India Holdings Corp.\n \n	\n 4.1% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 3.9% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 3.7% \n
\n Landbridge Co. LLC\n \n	\n 3.3% \n
\n Hellenic Exchanges - Athens Stock Exchange SA\n \n	\n 3.1% \n
\n Investor AB\n \n	\n 2.8% \n
\n Wheaton Precious Metals Corp.\n \n	\n 2.6% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 2.1% \n

\n \n

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

\n	\n
\n Top Ten Countries \n	\n (%) \n
\n United States\n \n	\n 51.8% \n
\n Canada\n \n	\n 11.3% \n
\n Japan\n \n	\n 3.8% \n
\n Greece\n \n	\n 3.1% \n
\n Sweden\n \n	\n 2.9% \n
\n United Kingdom\n \n	\n 0.7% \n
\n Germany\n \n	\n 0.3% \n
\n Netherlands\n \n	\n 0.3% \n
\n Cayman Islands\n \n	\n 0.2% \n
\n Cash & Other\n \n	\n 25.6% \n

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

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

The Global Fund \n

PAGE 1 \n

TSR-SAR-494613623

HOUSEHOLDING\n

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

The Global Fund \n

PAGE 2 \n

TSR-SAR-494613623

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

\n	\n	\n
\n $\"image\"$ \n	\n The Global Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| WWWEX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $72 \n	\n 1.39% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $69,847,321 \n
\n Number of Holdings \n	\n 73 \n
\n Portfolio Turnover \n	\n 5% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Finance and Insurance\n \n	\n 23.7% \n
\n Utilities\n \n	\n 13.1% \n
\n Management of Companies and Enterprises\n \n	\n 12.0% \n
\n Financials\n \n	\n 7.9% \n
\n Real Estate and Rental and Leasing\n \n	\n 4.1% \n
\n Communications\n \n	\n 3.7% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 2.6% \n
\n Wholesale Trade\n \n	\n 2.6% \n
\n Manufacturing\n \n	\n 1.8% \n
\n Cash & Other\n \n	\n 28.5% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 18.6% \n
\n Texas Pacific Land Corp.\n \n	\n 13.1% \n
\n Fairfax India Holdings Corp.\n \n	\n 4.1% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 3.9% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 3.7% \n
\n Landbridge Co. LLC\n \n	\n 3.3% \n
\n Hellenic Exchanges - Athens Stock Exchange SA\n \n	\n 3.1% \n
\n Investor AB\n \n	\n 2.8% \n
\n Wheaton Precious Metals Corp.\n \n	\n 2.6% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 2.1% \n

\n \n

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

\n	\n
\n Top Ten Countries \n	\n (%) \n
\n United States\n \n	\n 51.8% \n
\n Canada\n \n	\n 11.3% \n
\n Japan\n \n	\n 3.8% \n
\n Greece\n \n	\n 3.1% \n
\n Sweden\n \n	\n 2.9% \n
\n United Kingdom\n \n	\n 0.7% \n
\n Germany\n \n	\n 0.3% \n
\n Netherlands\n \n	\n 0.3% \n
\n Cayman Islands\n \n	\n 0.2% \n
\n Cash & Other\n \n	\n 25.6% \n

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

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

The Global Fund \n

PAGE 1 \n

TSR-SAR-494613805

HOUSEHOLDING\n

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

The Global Fund \n

PAGE 2 \n

TSR-SAR-494613805

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

\n	\n	\n
\n $\"image\"$ \n	\n The Paradigm Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| KNPAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

This semi-annual shareholder report contains important information about The Paradigm Fund (the “Fund”) for the period of January 1, 2025 to June 30, 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.\n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $94 \n	\n 1.89% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $1,292,628,455 \n
\n Number of Holdings \n	\n 60 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 63.6% \n
\n Finance and Insurance\n \n	\n 19.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 4.9% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 2.6% \n
\n Management of Companies and Enterprises\n \n	\n 2.1% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.9% \n
\n Construction\n \n	\n 1.2% \n
\n Professional, Scientific, and Technical Services\n \n	\n 1.0% \n
\n Accommodation and Food Services\n \n	\n 0.7% \n
\n Cash & Other\n \n	\n 2.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 63.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 12.2% \n
\n Landbridge Co. LLC\n \n	\n 4.6% \n
\n Brookfield Corp.\n \n	\n 3.0% \n
\n Live Nation Entertainment, Inc.\n \n	\n 2.4% \n
\n Franco-Nevada Corp.\n \n	\n 1.8% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 1.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.4% \n
\n Howard Hughes Holdings, Inc.\n \n	\n 1.2% \n
\n Cboe Global Markets, Inc.\n \n	\n 1.0% \n

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

HOUSEHOLDING\n

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

The Paradigm Fund \n

PAGE 1 \n

TSR-SAR-494613854

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

\n	\n	\n
\n $\"image\"$ \n	\n The Paradigm Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| KNPCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $119 \n	\n 2.39% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $1,292,628,455 \n
\n Number of Holdings \n	\n 60 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 63.6% \n
\n Finance and Insurance\n \n	\n 19.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 4.9% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 2.6% \n
\n Management of Companies and Enterprises\n \n	\n 2.1% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.9% \n
\n Construction\n \n	\n 1.2% \n
\n Professional, Scientific, and Technical Services\n \n	\n 1.0% \n
\n Accommodation and Food Services\n \n	\n 0.7% \n
\n Cash & Other\n \n	\n 2.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 63.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 12.2% \n
\n Landbridge Co. LLC\n \n	\n 4.6% \n
\n Brookfield Corp.\n \n	\n 3.0% \n
\n Live Nation Entertainment, Inc.\n \n	\n 2.4% \n
\n Franco-Nevada Corp.\n \n	\n 1.8% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 1.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.4% \n
\n Howard Hughes Holdings, Inc.\n \n	\n 1.2% \n
\n Cboe Global Markets, Inc.\n \n	\n 1.0% \n

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

HOUSEHOLDING\n

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

The Paradigm Fund \n

PAGE 1 \n

TSR-SAR-494613821

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

\n	\n	\n
\n $\"image\"$ \n	\n The Paradigm Fund\n \n	\n $\"image\"$ \n
\n Institutional Class \| KNPYX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Institutional Class \n	\n $72 \n	\n 1.44% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $1,292,628,455 \n
\n Number of Holdings \n	\n 60 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 63.6% \n
\n Finance and Insurance\n \n	\n 19.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 4.9% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 2.6% \n
\n Management of Companies and Enterprises\n \n	\n 2.1% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.9% \n
\n Construction\n \n	\n 1.2% \n
\n Professional, Scientific, and Technical Services\n \n	\n 1.0% \n
\n Accommodation and Food Services\n \n	\n 0.7% \n
\n Cash & Other\n \n	\n 2.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 63.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 12.2% \n
\n Landbridge Co. LLC\n \n	\n 4.6% \n
\n Brookfield Corp.\n \n	\n 3.0% \n
\n Live Nation Entertainment, Inc.\n \n	\n 2.4% \n
\n Franco-Nevada Corp.\n \n	\n 1.8% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 1.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.4% \n
\n Howard Hughes Holdings, Inc.\n \n	\n 1.2% \n
\n Cboe Global Markets, Inc.\n \n	\n 1.0% \n

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

HOUSEHOLDING\n

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

The Paradigm Fund \n

PAGE 1 \n

TSR-SAR-494613797

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

\n	\n	\n
\n $\"image\"$ \n	\n The Paradigm Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| WWNPX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $82 \n	\n 1.64% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $1,292,628,455 \n
\n Number of Holdings \n	\n 60 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 63.6% \n
\n Finance and Insurance\n \n	\n 19.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 4.9% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 2.6% \n
\n Management of Companies and Enterprises\n \n	\n 2.1% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.9% \n
\n Construction\n \n	\n 1.2% \n
\n Professional, Scientific, and Technical Services\n \n	\n 1.0% \n
\n Accommodation and Food Services\n \n	\n 0.7% \n
\n Cash & Other\n \n	\n 2.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 63.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 12.2% \n
\n Landbridge Co. LLC\n \n	\n 4.6% \n
\n Brookfield Corp.\n \n	\n 3.0% \n
\n Live Nation Entertainment, Inc.\n \n	\n 2.4% \n
\n Franco-Nevada Corp.\n \n	\n 1.8% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 1.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.4% \n
\n Howard Hughes Holdings, Inc.\n \n	\n 1.2% \n
\n Cboe Global Markets, Inc.\n \n	\n 1.0% \n

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

HOUSEHOLDING\n

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

The Paradigm Fund \n

PAGE 1 \n

TSR-SAR-494613607

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

\n	\n	\n
\n $\"image\"$ \n	\n The Small Cap Opportunities Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| KSOAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

This semi-annual shareholder report contains important information about The Small Cap Opportunities Fund (the “Fund”) for the period of January 1, 2025 to June 30, 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.\n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $94 \n	\n 1.89% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $518,601,440 \n
\n Number of Holdings \n	\n 63 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 45.7% \n
\n Finance and Insurance\n \n	\n 7.1% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 5.3% \n
\n Professional, Scientific, and Technical Services\n \n	\n 5.1% \n
\n Accommodation and Food Services\n \n	\n 2.9% \n
\n Manufacturing\n \n	\n 2.2% \n
\n Real Estate\n \n	\n 2.0% \n
\n Transportation and Warehousing\n \n	\n 1.6% \n
\n Cash & Other\n \n	\n 22.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 45.7% \n
\n Landbridge Co. LLC\n \n	\n 5.1% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 4.9% \n
\n CACI International, Inc.\n \n	\n 4.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 4.1% \n
\n Civeo Corp.\n \n	\n 2.5% \n
\n DREAM Unlimited Corp.\n \n	\n 2.0% \n
\n Carnival Corp.\n \n	\n 1.6% \n
\n Associated Capital Group, Inc.\n \n	\n 1.4% \n
\n Interparfums, Inc.\n \n	\n 1.3% \n

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

HOUSEHOLDING\n

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

The Small Cap Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613839

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

\n	\n	\n
\n $\"image\"$ \n	\n The Small Cap Opportunities Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| KSOCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $119 \n	\n 2.39% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $518,601,440 \n
\n Number of Holdings \n	\n 63 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 45.7% \n
\n Finance and Insurance\n \n	\n 7.1% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 5.3% \n
\n Professional, Scientific, and Technical Services\n \n	\n 5.1% \n
\n Accommodation and Food Services\n \n	\n 2.9% \n
\n Manufacturing\n \n	\n 2.2% \n
\n Real Estate\n \n	\n 2.0% \n
\n Transportation and Warehousing\n \n	\n 1.6% \n
\n Cash & Other\n \n	\n 22.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 45.7% \n
\n Landbridge Co. LLC\n \n	\n 5.1% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 4.9% \n
\n CACI International, Inc.\n \n	\n 4.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 4.1% \n
\n Civeo Corp.\n \n	\n 2.5% \n
\n DREAM Unlimited Corp.\n \n	\n 2.0% \n
\n Carnival Corp.\n \n	\n 1.6% \n
\n Associated Capital Group, Inc.\n \n	\n 1.4% \n
\n Interparfums, Inc.\n \n	\n 1.3% \n

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

HOUSEHOLDING\n

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

The Small Cap Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613748

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

\n	\n	\n
\n $\"image\"$ \n	\n The Small Cap Opportunities Fund\n \n	\n $\"image\"$ \n
\n Institutional Class \| KSCYX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Institutional Class \n	\n $72 \n	\n 1.44% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $518,601,440 \n
\n Number of Holdings \n	\n 63 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 45.7% \n
\n Finance and Insurance\n \n	\n 7.1% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 5.3% \n
\n Professional, Scientific, and Technical Services\n \n	\n 5.1% \n
\n Accommodation and Food Services\n \n	\n 2.9% \n
\n Manufacturing\n \n	\n 2.2% \n
\n Real Estate\n \n	\n 2.0% \n
\n Transportation and Warehousing\n \n	\n 1.6% \n
\n Cash & Other\n \n	\n 22.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 45.7% \n
\n Landbridge Co. LLC\n \n	\n 5.1% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 4.9% \n
\n CACI International, Inc.\n \n	\n 4.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 4.1% \n
\n Civeo Corp.\n \n	\n 2.5% \n
\n DREAM Unlimited Corp.\n \n	\n 2.0% \n
\n Carnival Corp.\n \n	\n 1.6% \n
\n Associated Capital Group, Inc.\n \n	\n 1.4% \n
\n Interparfums, Inc.\n \n	\n 1.3% \n

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

HOUSEHOLDING\n

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

The Small Cap Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613813

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

\n	\n	\n
\n $\"image\"$ \n	\n The Small Cap Opportunities Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| KSCOX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $82 \n	\n 1.64% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $518,601,440 \n
\n Number of Holdings \n	\n 63 \n
\n Portfolio Turnover \n	\n 0% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 45.7% \n
\n Finance and Insurance\n \n	\n 7.1% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 5.3% \n
\n Professional, Scientific, and Technical Services\n \n	\n 5.1% \n
\n Accommodation and Food Services\n \n	\n 2.9% \n
\n Manufacturing\n \n	\n 2.2% \n
\n Real Estate\n \n	\n 2.0% \n
\n Transportation and Warehousing\n \n	\n 1.6% \n
\n Cash & Other\n \n	\n 22.8% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 45.7% \n
\n Landbridge Co. LLC\n \n	\n 5.1% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 4.9% \n
\n CACI International, Inc.\n \n	\n 4.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 4.1% \n
\n Civeo Corp.\n \n	\n 2.5% \n
\n DREAM Unlimited Corp.\n \n	\n 2.0% \n
\n Carnival Corp.\n \n	\n 1.6% \n
\n Associated Capital Group, Inc.\n \n	\n 1.4% \n
\n Interparfums, Inc.\n \n	\n 1.3% \n

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

HOUSEHOLDING\n

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

The Small Cap Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613706

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

\n	\n	\n
\n $\"image\"$ \n	\n The Market Opportunities Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| KMKAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

This semi-annual shareholder report contains important information about The Market Opportunities Fund (the “Fund”) for the period of January 1, 2025 to June 30, 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.\n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $84 \n	\n 1.65% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $306,024,142 \n
\n Number of Holdings \n	\n 75 \n
\n Portfolio Turnover \n	\n 4% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 37.6% \n
\n Finance and Insurance\n \n	\n 22.6% \n
\n Management of Companies and Enterprises\n \n	\n 7.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 3.9% \n
\n Financials\n \n	\n 3.5% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.3% \n
\n Wholesale Trade\n \n	\n 0.9% \n
\n Manufacturing\n \n	\n 0.8% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 0.8% \n
\n Cash & Other\n \n	\n 21.4% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 37.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 16.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 5.6% \n
\n Landbridge Co. LLC\n \n	\n 3.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.9% \n
\n Partners Value Investments LP\n \n	\n 1.7% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.1% \n
\n Associated Capital Group, Inc.\n \n	\n 0.9% \n
\n Wheaton Precious Metals Corp.\n \n	\n 0.9% \n
\n Galaxy Digital, Inc.\n \n	\n 0.8% \n

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

HOUSEHOLDING\n

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

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613771

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

\n	\n	\n
\n $\"image\"$ \n	\n The Market Opportunities Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| KMKCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $110 \n	\n 2.15% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $306,024,142 \n
\n Number of Holdings \n	\n 75 \n
\n Portfolio Turnover \n	\n 4% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 37.6% \n
\n Finance and Insurance\n \n	\n 22.6% \n
\n Management of Companies and Enterprises\n \n	\n 7.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 3.9% \n
\n Financials\n \n	\n 3.5% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.3% \n
\n Wholesale Trade\n \n	\n 0.9% \n
\n Manufacturing\n \n	\n 0.8% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 0.8% \n
\n Cash & Other\n \n	\n 21.4% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 37.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 16.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 5.6% \n
\n Landbridge Co. LLC\n \n	\n 3.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.9% \n
\n Partners Value Investments LP\n \n	\n 1.7% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.1% \n
\n Associated Capital Group, Inc.\n \n	\n 0.9% \n
\n Wheaton Precious Metals Corp.\n \n	\n 0.9% \n
\n Galaxy Digital, Inc.\n \n	\n 0.8% \n

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

HOUSEHOLDING\n

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

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613730

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

\n	\n	\n
\n $\"image\"$ \n	\n The Market Opportunities Fund\n \n	\n $\"image\"$ \n
\n Institutional Class \| KMKYX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Institutional Class \n	\n $61 \n	\n 1.20% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $306,024,142 \n
\n Number of Holdings \n	\n 75 \n
\n Portfolio Turnover \n	\n 4% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 37.6% \n
\n Finance and Insurance\n \n	\n 22.6% \n
\n Management of Companies and Enterprises\n \n	\n 7.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 3.9% \n
\n Financials\n \n	\n 3.5% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.3% \n
\n Wholesale Trade\n \n	\n 0.9% \n
\n Manufacturing\n \n	\n 0.8% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 0.8% \n
\n Cash & Other\n \n	\n 21.4% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 37.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 16.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 5.6% \n
\n Landbridge Co. LLC\n \n	\n 3.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.9% \n
\n Partners Value Investments LP\n \n	\n 1.7% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.1% \n
\n Associated Capital Group, Inc.\n \n	\n 0.9% \n
\n Wheaton Precious Metals Corp.\n \n	\n 0.9% \n
\n Galaxy Digital, Inc.\n \n	\n 0.8% \n

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

HOUSEHOLDING\n

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

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613615

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

\n	\n	\n
\n $\"image\"$ \n	\n The Market Opportunities Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| KMKNX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $71 \n	\n 1.40% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $306,024,142 \n
\n Number of Holdings \n	\n 75 \n
\n Portfolio Turnover \n	\n 4% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 37.6% \n
\n Finance and Insurance\n \n	\n 22.6% \n
\n Management of Companies and Enterprises\n \n	\n 7.2% \n
\n Real Estate and Rental and Leasing\n \n	\n 3.9% \n
\n Financials\n \n	\n 3.5% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 1.3% \n
\n Wholesale Trade\n \n	\n 0.9% \n
\n Manufacturing\n \n	\n 0.8% \n
\n Administrative and Support and Waste Management and Remediation Services\n \n	\n 0.8% \n
\n Cash & Other\n \n	\n 21.4% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 37.6% \n
\n Grayscale Bitcoin Trust ETF\n \n	\n 16.6% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 5.6% \n
\n Landbridge Co. LLC\n \n	\n 3.4% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 1.9% \n
\n Partners Value Investments LP\n \n	\n 1.7% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 1.1% \n
\n Associated Capital Group, Inc.\n \n	\n 0.9% \n
\n Wheaton Precious Metals Corp.\n \n	\n 0.9% \n
\n Galaxy Digital, Inc.\n \n	\n 0.8% \n

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

HOUSEHOLDING\n

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

The Market Opportunities Fund \n

PAGE 1 \n

TSR-SAR-494613789

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

\n	\n	\n
\n $\"image\"$ \n	\n The Multi-Disciplinary Income Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| KMDNX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

This semi-annual shareholder report contains important information about The Multi-Disciplinary Income Fund (the “Fund”) for the period of January 1, 2025 to June 30, 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.\n

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

\n \n

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

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

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $15,346,776 \n
\n Number of Holdings \n	\n 29 \n
\n Portfolio Turnover \n	\n 32% \n
\n Average Credit Quality \n	\n AAA \n
\n Effective Duration \n	\n 2 Yrs \n
\n 30-Day SEC Yield \n	\n 5.91% \n
\n 30-Day SEC Yield Unsubsidized \n	\n 5.25% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

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

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Brant Point Clo 2024-4 Ltd. AA tranche\n \n	\n 6.5% \n
\n Cent CLO 2020-29A AA tranche\n \n	\n 6.5% \n
\n Sound Point CLO Ltd. 2022-1A AA tranche\n \n	\n 4.9% \n
\n Post CLO 2022-1A AA tranche\n \n	\n 4.3% \n
\n Sound Point CLO Ltd. 2025-1RA AAA tranche\n \n	\n 3.6% \n
\n Atlas Senior Loan Fund Ltd. 2019-14A AA tranche\n \n	\n 3.3% \n
\n Fort Washington CLO 2019-1A AA tranche\n \n	\n 3.3% \n
\n BlueMountain CLO Ltd. 2022-35A AA tranche\n \n	\n 3.3% \n
\n Battery Park CLO 2022-1A AAA tranche\n \n	\n 3.3% \n
\n Venture CDO Ltd. 2023-48A AA tranche\n \n	\n 3.3% \n

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

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

The Multi-Disciplinary Income Fund \n

PAGE 1 \n

TSR-SAR-494613672

HOUSEHOLDING\n

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

The Multi-Disciplinary Income Fund \n

PAGE 2 \n

TSR-SAR-494613672

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

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n Advisor Class A \| LSHAX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

This semi-annual shareholder report contains important information about The Kinetics Spin-off and Corporate Restructuring Fund (the “Fund”) for the period of January 1, 2025 to June 30, 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.\n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class A \n	\n $73 \n	\n 1.50% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $33,435,252 \n
\n Number of Holdings \n	\n 34 \n
\n Portfolio Turnover \n	\n 1% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 76.2% \n
\n Finance and Insurance\n \n	\n 7.4% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.8% \n
\n Manufacturing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 1.6% \n
\n Accommodation and Food Services\n \n	\n 1.3% \n
\n Energy\n \n	\n 0.6% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 0.1% \n
\n Financials\n \n	\n 0.1% \n
\n Cash & Other\n \n	\n 1.6% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 76.1% \n
\n Landbridge Co. LLC\n \n	\n 5.8% \n
\n CSW Industrials, Inc.\n \n	\n 4.6% \n
\n Associated Capital Group, Inc.\n \n	\n 3.8% \n
\n GAMCO Investors, Inc.\n \n	\n 2.8% \n
\n Civeo Corp.\n \n	\n 1.2% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 0.9% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.7% \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.6% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 0.3% \n

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

HOUSEHOLDING\n

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

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613557

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

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n Advisor Class C \| LSHCX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Advisor Class C \n	\n $109 \n	\n 2.25% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $33,435,252 \n
\n Number of Holdings \n	\n 34 \n
\n Portfolio Turnover \n	\n 1% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 76.2% \n
\n Finance and Insurance\n \n	\n 7.4% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.8% \n
\n Manufacturing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 1.6% \n
\n Accommodation and Food Services\n \n	\n 1.3% \n
\n Energy\n \n	\n 0.6% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 0.1% \n
\n Financials\n \n	\n 0.1% \n
\n Cash & Other\n \n	\n 1.6% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 76.1% \n
\n Landbridge Co. LLC\n \n	\n 5.8% \n
\n CSW Industrials, Inc.\n \n	\n 4.6% \n
\n Associated Capital Group, Inc.\n \n	\n 3.8% \n
\n GAMCO Investors, Inc.\n \n	\n 2.8% \n
\n Civeo Corp.\n \n	\n 1.2% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 0.9% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.7% \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.6% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 0.3% \n

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

HOUSEHOLDING\n

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

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613540

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

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n Institutional Class \| LSHUX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n Institutional Class \n	\n $61 \n	\n 1.25% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $33,435,252 \n
\n Number of Holdings \n	\n 34 \n
\n Portfolio Turnover \n	\n 1% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 76.2% \n
\n Finance and Insurance\n \n	\n 7.4% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.8% \n
\n Manufacturing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 1.6% \n
\n Accommodation and Food Services\n \n	\n 1.3% \n
\n Energy\n \n	\n 0.6% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 0.1% \n
\n Financials\n \n	\n 0.1% \n
\n Cash & Other\n \n	\n 1.6% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 76.1% \n
\n Landbridge Co. LLC\n \n	\n 5.8% \n
\n CSW Industrials, Inc.\n \n	\n 4.6% \n
\n Associated Capital Group, Inc.\n \n	\n 3.8% \n
\n GAMCO Investors, Inc.\n \n	\n 2.8% \n
\n Civeo Corp.\n \n	\n 1.2% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 0.9% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.7% \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.6% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 0.3% \n

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

HOUSEHOLDING\n

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

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613532

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

\n	\n	\n
\n $\"image\"$ \n	\n The Kinetics Spin-off and Corporate Restructuring Fund\n \n	\n $\"image\"$ \n
\n No Load Class \| LSHEX\n \n
\n Semi-Annual Shareholder Report \| June 30, 2025\n \n

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

\n \n

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

\n	\n	\n
\n Class Name \n	\n Costs of a $10,000 investment \n	\n Costs paid as a percentage of a $10,000 investment \n
\n No Load Class \n	\n $70 \n	\n 1.45% \n

KEY FUND STATISTICS (as of June 30, 2025)

\n \n

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

\n	\n
\n Net Assets \n	\n $33,435,252 \n
\n Number of Holdings \n	\n 34 \n
\n Portfolio Turnover \n	\n 1% \n

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

WHAT DID THE FUND INVEST IN? (as of June 30, 2025)

\n \n

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

\n	\n
\n Top Sectors \n	\n (%) \n
\n Utilities\n \n	\n 76.2% \n
\n Finance and Insurance\n \n	\n 7.4% \n
\n Real Estate and Rental and Leasing\n \n	\n 5.8% \n
\n Manufacturing\n \n	\n 5.3% \n
\n Management of Companies and Enterprises\n \n	\n 1.6% \n
\n Accommodation and Food Services\n \n	\n 1.3% \n
\n Energy\n \n	\n 0.6% \n
\n Mining, Quarrying, and Oil and Gas Extraction\n \n	\n 0.1% \n
\n Financials\n \n	\n 0.1% \n
\n Cash & Other\n \n	\n 1.6% \n

\n \n

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

\n	\n
\n Top 10 Issuers \n	\n (%) \n
\n Texas Pacific Land Corp.\n \n	\n 76.1% \n
\n Landbridge Co. LLC\n \n	\n 5.8% \n
\n CSW Industrials, Inc.\n \n	\n 4.6% \n
\n Associated Capital Group, Inc.\n \n	\n 3.8% \n
\n GAMCO Investors, Inc.\n \n	\n 2.8% \n
\n Civeo Corp.\n \n	\n 1.2% \n
\n Hawaiian Electric Industries, Inc.\n \n	\n 0.9% \n
\n Grayscale Bitcoin Mini Trust ETF\n \n	\n 0.7% \n
\n PrairieSky Royalty Ltd.\n \n	\n 0.6% \n
\n White Mountains Insurance Group Ltd.\n \n	\n 0.3% \n

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

HOUSEHOLDING\n

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

The Kinetics Spin-off and Corporate Restructuring Fund \n

PAGE 1 \n

TSR-SAR-494613524

\n \n \n \n

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial\nExpert.

Not applicable for semi-annual reports.

Item 4.\nPrincipal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5.\nAudit Committee of Listed Registrants.

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

Item 6.\nInvestments.

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

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

\n \n \n \n

(a)

$\"\"$

KINETICS\nMUTUAL FUNDS, INC

The\nInternet Fund

The\nGlobal Fund

The\nParadigm Fund

The\nSmall Cap Opportunities Fund

The\nMarket Opportunities Fund

The\nMulti-Disciplinary Income Fund

The\nKinetics Spin-Off and Corporate Restructuring Fund

Semi-Annual\nFinancial Statements and Other Important Information

June 30,\n2025 (Unaudited)

TABLE\nOF CONTENTS

\n	\n	\n	\n
\n	\n	\n	\n Page
\n KINETICS\n MUTUAL FUNDS, INC. – FEEDER FUNDS AND THE KINETICS SPIN-OFF AND CORPORATE RESTRUCTURING FUND	\n	\n	\n
\n Schedule\n of Investments – The Kinetics Spin-Off and Corporate Restructuring Fund	\n	\n	\n 1
\n Statements\n of Assets & Liabilities	\n	\n	\n 3
\n Statements\n of Operations	\n	\n	\n 7
\n Statements\n of Changes in Net Assets	\n	\n	\n 11
\n Financial\n Highlights	\n	\n	\n 19\n
\n Notes\n to Financial Statements	\n	\n	\n 42\n
\n KINETICS\n PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS	\n	\n	\n
\n Consolidated\n Portfolio of Investments – The Internet Portfolio	\n	\n	\n 57\n
\n Consolidated\n Portfolio of Investments – The Global Portfolio	\n	\n	\n 59
\n Consolidated\n Portfolio of Investments – The Paradigm Portfolio	\n	\n	\n 62
\n Consolidated\n Portfolio of Investments – The Small Cap Opportunities Portfolio	\n	\n	\n 65
\n Consolidated\n Portfolio of Investments – The Market Opportunities Portfolio	\n	\n	\n 68
\n Portfolio\n of Investments – The Multi-Disciplinary Income Portfolio	\n	\n	\n 71
\n Consolidated\n Statements of Assets & Liabilities	\n	\n	\n 73\n
\n Consolidated\n Statements of Operations	\n	\n	\n 76\n
\n Consolidated\n Statements of Changes in Net Assets	\n	\n	\n 79\n
\n Consolidated\n Notes to Financial Statements	\n	\n	\n 82\n
\n Additional\n Information	\n	\n	\n 97
\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Funds

The\nKinetics Spin-Off and Corporate Restructuring Fund

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n COMMON\n STOCKS - 97.9%	\n	\n	\n	\n	\n	\n
\n Accommodation\n - 1.3%	\n	\n	\n	\n	\n	\n
\n Civeo\n Corp.	\n	\n	\n 18,000	\n	\n	\n $415,620\n
\n Broadcasting\n (except Internet) - 0.2%	\n	\n	\n	\n	\n	\n
\n Atlanta\n Braves Holdings, Inc. - Class C^(a)	\n	\n	\n 1,694	\n	\n	\n 79,228\n
\n Chemical\n Manufacturing - 0.2%	\n	\n	\n	\n	\n	\n
\n Prestige\n Consumer Healthcare, Inc.^(a)	\n	\n	\n 797	\n	\n	\n 63,640\n
\n Diversified\n Real Estate Activities - 0.6%	\n	\n	\n	\n	\n	\n
\n PrairieSky\n Royalty Ltd.	\n	\n	\n 12,000	\n	\n	\n 208,144\n
\n Electric\n Power Generation, Transmission and Distribution - 0.1%	\n	\n	\n	\n	\n	\n
\n GE\n Vernova, Inc.	\n	\n	\n 25	\n	\n	\n 13,229\n
\n Funds,\n Trusts, and Other Financial Vehicles - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Mesabi\n Trust	\n	\n	\n 550	\n	\n	\n 13,178\n
\n Insurance\n Carriers - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Fairfax\n Financial Holdings Limited	\n	\n	\n 2	\n	\n	\n 3,613\n
\n Machinery\n Manufacturing - 0.1%	\n	\n	\n	\n	\n	\n
\n General\n Electric Co.	\n	\n	\n 100	\n	\n	\n 25,739\n
\n Management\n of Companies and Enterprises - 5.2%	\n	\n	\n	\n	\n	\n
\n Associated\n Capital Group, Inc. - Class A	\n	\n	\n 34,300	\n	\n	\n 1,286,250\n
\n Fairfax\n India Holdings Corp.^(a)(c)	\n	\n	\n 2,800	\n	\n	\n 52,052\n
\n Hawaiian\n Electric Industries, Inc.^(a)	\n	\n	\n 27,000	\n	\n	\n 287,010\n
\n Valterra\n Platinum Ltd. - ADR	\n	\n	\n 22	\n	\n	\n 163\n
\n White\n Mountains Insurance Group Ltd.	\n	\n	\n 58	\n	\n	\n 104,152\n
\n	\n	\n	\n	\n	\n	\n 1,729,627\n
\n Media\n - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Toei\n Animation Co. Ltd.	\n	\n	\n 200	\n	\n	\n 4,562\n
\n Mining\n (except Oil and Gas) - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Knife\n River Corp.^(a)	\n	\n	\n 100	\n	\n	\n 8,164\n
\n Miscellaneous\n Manufacturing - 4.6%	\n	\n	\n	\n	\n	\n
\n CSW\n Industrials, Inc.	\n	\n	\n 5,400	\n	\n	\n 1,548,882\n
\n Nonmetallic\n Mineral Mining and Quarrying - 0.0%^(b)	\n	\n	\n	\n	\n	\n
\n Anglo\n American PLC - ADR	\n	\n	\n 63	\n	\n	\n 929\n
\n Nonmetallic\n Mineral Product Manufacturing - 0.2%	\n	\n	\n	\n	\n	\n
\n Eagle\n Materials, Inc.	\n	\n	\n 342	\n	\n	\n 69,122\n
\n Offices\n of Real Estate Agents and Brokers - 5.8%	\n	\n	\n
\n Landbridge\n Co. LLC - Class A	\n	\n	\n 28,670	\n	\n	\n 1,937,519\n
\n	\n	\n	\n	\n	\n	\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n Oil\n and Gas Extraction - 76.1%^(d)	\n	\n	\n	\n	\n	\n
\n Texas\n Pacific Land Corp.^(e)	\n	\n	\n 24,073	\n	\n	\n $25,430,477\n
\n Other\n Financial Investment Activities - 2.8%	\n	\n	\n
\n GAMCO\n Investors, Inc. - Class A	\n	\n	\n 39,000	\n	\n	\n 941,850\n
\n Seaport\n Entertainment Group, Inc.^(a)	\n	\n	\n 188	\n	\n	\n 3,506\n
\n	\n	\n	\n	\n	\n	\n 945,356\n
\n Other\n Investment Pools and Funds - 0.1%	\n	\n	\n	\n	\n	\n
\n Urbana\n Corp.	\n	\n	\n 6,234	\n	\n	\n 28,749\n
\n Urbana\n Corp. - Class A	\n	\n	\n 1,600	\n	\n	\n 7,473\n
\n	\n	\n	\n	\n	\n	\n 36,222\n
\n Pharmaceutical\n and Medicine Manufacturing - 0.2%
\n Galaxy\n Digital, Inc. - Class A^(a)	\n	\n	\n 3,600	\n	\n	\n 78,840\n
\n Securities,\n Commodity Contracts, and \n Other\n Financial Investments and \n Related\n Activities - 0.0%^(b)
\n Brookfield\n Corp.	\n	\n	\n 36	\n	\n	\n 2,227\n
\n Support\n Activities for Mining - 0.1%	\n	\n	\n	\n	\n	\n
\n Aris\n Water Solutions, Inc. - Class A	\n	\n	\n 744	\n	\n	\n 17,596\n
\n Liberty\n Energy, Inc.	\n	\n	\n 972	\n	\n	\n 11,158\n
\n	\n	\n	\n	\n	\n	\n 28,754\n
\n Technology\n Services and Software - 0.3%	\n	\n	\n	\n	\n	\n
\n SB\n Technology, Inc.^(a)(f)	\n	\n	\n 5,811	\n	\n	\n 100,007\n
\n TOTAL\n COMMON STOCKS \n (Cost\n $4,502,751)	\n	\n	\n	\n	\n	\n 32,743,079\n
\n UNIT\n INVESTMENT TRUSTS - 0.8%	\n	\n	\n	\n	\n	\n
\n Grayscale\n Bitcoin Cash Trust^(a)	\n	\n	\n 6,073	\n	\n	\n 23,442\n
\n Grayscale\n Bitcoin Mini Trust ETF^(a)	\n	\n	\n 4,836	\n	\n	\n 230,919\n
\n Grayscale\n Bitcoin Trust ETF^(a)	\n	\n	\n 60	\n	\n	\n 5,090\n
\n Grayscale\n Litecoin Trust^(a)	\n	\n	\n 24	\n	\n	\n 159\n
\n TOTAL\n UNIT INVESTMENT TRUSTS \n (Cost\n $210,891)	\n	\n	\n	\n	\n	\n 259,610\n
\n EXCHANGE\n TRADED FUNDS - 0.0%^(b)	\n	\n	\n
\n iShares\n Bitcoin Trust ETF^(a)	\n	\n	\n 146	\n	\n	\n 8,937\n
\n TOTAL\n EXCHANGE TRADED FUNDS \n (Cost\n $5,256)	\n	\n	\n	\n	\n	\n 8,937\n
\n TOTAL\n INVESTMENTS - 98.7% \n (Cost\n $4,718,898)	\n	\n	\n	\n	\n	\n $33,011,626\n
\n Money\n Market Deposit Account - 1.1%^(g)	\n	\n	\n	\n	\n	\n 377,855\n
\n Other\n Assets in Excess of \n Liabilities\n - 0.2%	\n	\n	\n	\n	\n	\n 45,771\n
\n TOTAL\n NET ASSETS - 100.0%	\n	\n	\n	\n	\n	\n $33,435,252
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Funds

The\nKinetics Spin-Off and Corporate Restructuring Fund

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)(Continued)

Percentages\nare stated as a percent of net assets.

ADR\n- American Depositary Receipt

LLC\n- Limited Liability Company

PLC\n- Public Limited Company

\n \n \n \n

(a)

Non-income producing\n security.

\n \n \n \n

(b)

Represents less than\n 0.05% of net assets.

\n \n \n \n

(c)

Security is exempt\n from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions\n exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $52,052 or\n 0.2% of the Fund’s net assets.

\n \n \n \n

(d)

To the extent that\n the Fund maintains significant investments in issuers in a particular industry or sector of the economy, its performance and risks will\n be especially sensitive to developments affecting that industry or sector.

\n \n \n \n

(e)

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

\n \n \n \n

(f)

Fair value determined\n using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as\n Valuation Designee. These securities represented $100,007 or 0.3% of net assets as of June 30, 2025.

\n \n \n \n

(g)

The U.S. Bank Money\n Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA bears interest\n at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was\n 4.24%.

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF ASSETS & LIABILITIES

June 30,\n2025 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The \n Internet\n Fund	\n	\n	\n The \n Global Fund\n
\n ASSETS:	\n	\n	\n	\n	\n	\n
\n Investments\n in the Master Portfolio, at value*	\n	\n	\n $347,906,081	\n	\n	\n $69,827,363\n
\n Receivable\n from Adviser	\n	\n	\n —	\n	\n	\n 30,868\n
\n Receivable\n for Fund shares sold	\n	\n	\n 218,231	\n	\n	\n 174,801\n
\n Prepaid\n expenses and other assets	\n	\n	\n 37,041	\n	\n	\n 33,824\n
\n Total\n assets	\n	\n	\n 348,161,353	\n	\n	\n 70,066,856\n
\n LIABILITIES:	\n	\n	\n	\n	\n	\n
\n Payable\n for Master Portfolio interest purchased	\n	\n	\n 139,876	\n	\n	\n 25,687\n
\n Payable\n to Directors	\n	\n	\n 4,846	\n	\n	\n 908\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 239	\n	\n	\n 39\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 78,355	\n	\n	\n 149,114\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 70,930	\n	\n	\n 14,023\n
\n Payable\n for distribution fees	\n	\n	\n 23,251	\n	\n	\n 17,944\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 40,153	\n	\n	\n 11,820\n
\n Total\n liabilities	\n	\n	\n 357,650	\n	\n	\n 219,535\n
\n NET\n ASSETS	\n	\n	\n $\n 347,803,703	\n	\n	\n $69,847,321\n
\n Net\n Assets Consist of:	\n	\n	\n	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $89,929,266	\n	\n	\n $43,016,995\n
\n Accumulated\n earnings	\n	\n	\n 257,874,437	\n	\n	\n 26,830,326\n
\n Net\n assets	\n	\n	\n $347,803,703	\n	\n	\n $69,847,321\n
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $340,084,909	\n	\n	\n $60,179,436\n
\n Shares\n outstanding	\n	\n	\n 3,100,063	\n	\n	\n 3,496,920\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $109.70	\n	\n	\n $17.21\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $4,328,003	\n	\n	\n $3,753,060\n
\n Shares\n outstanding	\n	\n	\n 43,833	\n	\n	\n 219,958\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $98.74	\n	\n	\n $17.06\n
\n Offering\n price per share ($98.74 divided by .9425 and $17.06 divided by .9425)	\n	\n	\n $104.76	\n	\n	\n $18.10\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $3,390,791	\n	\n	\n $5,914,825\n
\n Shares\n outstanding	\n	\n	\n 42,329	\n	\n	\n 377,164\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $80.10	\n	\n	\n $15.68
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n

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

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF ASSETS & LIABILITIES

June\n30, 2025 (Unaudited)(Continued)

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

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The \n Paradigm\n Fund	\n	\n	\n The Small\n Cap \n Opportunities\n Fund
\n ASSETS:\n	\n	\n	\n	\n	\n	\n
\n Investments\n in the Master Portfolio, at value*	\n	\n	\n $1,293,157,191	\n	\n	\n $518,712,475\n
\n Receivable\n from Adviser	\n	\n	\n 11,394	\n	\n	\n 30,614\n
\n Receivable\n for Master Portfolio interest sold	\n	\n	\n 2,469,572	\n	\n	\n —
\n Receivable\n for Fund shares sold	\n	\n	\n 503,162	\n	\n	\n 1,317,902\n
\n Prepaid\n expenses and other assets	\n	\n	\n 92,834	\n	\n	\n 58,034\n
\n Total\n assets	\n	\n	\n 1,296,234,153	\n	\n	\n 520,119,025\n
\n LIABILITIES:	\n	\n	\n	\n	\n	\n
\n Payable\n for Master Portfolio interest purchased	\n	\n	\n —	\n	\n	\n 173,484\n
\n Payable\n to Directors	\n	\n	\n 21,369	\n	\n	\n 7,913\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 1,065	\n	\n	\n 387\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 2,972,734	\n	\n	\n 1,144,417\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 221,106	\n	\n	\n 89,869\n
\n Payable\n for distribution fees	\n	\n	\n 256,810	\n	\n	\n 50,757\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 132,614	\n	\n	\n 50,758\n
\n Total\n liabilities	\n	\n	\n 3,605,698	\n	\n	\n 1,517,585\n
\n NET\n ASSETS	\n	\n	\n $1,292,628,455	\n	\n	\n $518,601,440\n
\n Net\n Assets Consist of:	\n	\n	\n	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $152,024,684	\n	\n	\n $222,283,111\n
\n Accumulated\n earnings	\n	\n	\n 1,140,603,771	\n	\n	\n 296,318,329\n
\n Net\n assets	\n	\n	\n $1,292,628,455	\n	\n	\n $518,601,440\n
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $641,820,871	\n	\n	\n $371,522,624\n
\n Shares\n outstanding	\n	\n	\n 4,764,437	\n	\n	\n 2,166,587\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $134.71	\n	\n	\n $171.48\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $248,682,222	\n	\n	\n $24,963,599\n
\n Shares\n outstanding	\n	\n	\n 1,948,356	\n	\n	\n 152,223\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $127.64	\n	\n	\n $163.99\n
\n Offering\n price per share ($127.64 divided by .9425 and $163.99 divided by .9425)	\n	\n	\n $135.43	\n	\n	\n $173.99\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $82,053,568	\n	\n	\n $11,424,022\n
\n Shares\n outstanding	\n	\n	\n 725,592	\n	\n	\n 74,649\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $113.08	\n	\n	\n $153.04\n
\n Calculation\n of Net Asset Value Per Share - Institutional Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $320,071,794	\n	\n	\n $110,691,195\n
\n Shares\n outstanding	\n	\n	\n 2,340,471	\n	\n	\n 628,828\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $136.76	\n	\n	\n $176.03
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF ASSETS & LIABILITIES

June\n30, 2025 (Unaudited)(Continued)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The Market\n \n Opportunities\n \n Fund	\n	\n	\n The \n Multi-Disciplinary\n \n Income Fund\n
\n ASSETS:	\n	\n	\n	\n	\n	\n
\n Investments\n in the Master Portfolio, at value*	\n	\n	\n $306,010,832	\n	\n	\n $15,355,656\n
\n Receivable\n from Adviser	\n	\n	\n 83,279	\n	\n	\n —\n
\n Receivable\n for Master Portfolio interest sold	\n	\n	\n 4,797,846	\n	\n	\n —\n
\n Receivable\n for Fund shares sold	\n	\n	\n 1,207,438	\n	\n	\n —\n
\n Prepaid\n expenses and other assets	\n	\n	\n 60,894	\n	\n	\n 11,468\n
\n Total\n assets	\n	\n	\n 312,160,289	\n	\n	\n 15,367,124\n
\n LIABILITIES:	\n	\n	\n	\n	\n	\n
\n Payable\n to Directors	\n	\n	\n 4,925	\n	\n	\n 210\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 209	\n	\n	\n 10\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 6,005,284	\n	\n	\n —\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 64,000	\n	\n	\n 2,966\n
\n Payable\n for distribution fees	\n	\n	\n 32,578	\n	\n	\n 11,984\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 29,151	\n	\n	\n 5,178\n
\n Total\n liabilities	\n	\n	\n 6,136,147	\n	\n	\n 20,348\n
\n NET\n ASSETS	\n	\n	\n $306,024,142	\n	\n	\n $15,346,776\n
\n Net\n Assets Consist of:	\n	\n	\n	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $128,479,856	\n	\n	\n $20,753,977\n
\n Accumulated\n earnings	\n	\n	\n 177,544,286	\n	\n	\n (5,407,201)\n
\n Net\n assets	\n	\n	\n $306,024,142	\n	\n	\n $15,346,776\n
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $236,151,560	\n	\n	\n $15,346,776\n
\n Shares\n outstanding	\n	\n	\n 2,917,422	\n	\n	\n 1,543,098\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $80.95	\n	\n	\n $9.95\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $20,461,307	\n	\n	\n N/A\n
\n Shares\n outstanding	\n	\n	\n 257,721	\n	\n	\n N/A\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $79.39	\n	\n	\n N/A\n
\n Offering\n price per share ($79.39 divided by .9425)	\n	\n	\n $84.23	\n	\n	\n N/A\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $13,239,422	\n	\n	\n N/A\n
\n Shares\n outstanding	\n	\n	\n 176,290	\n	\n	\n N/A\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $75.10	\n	\n	\n N/A\n
\n Calculation\n of Net Asset Value Per Share - Institutional Class:	\n	\n	\n	\n	\n	\n
\n Net\n Assets	\n	\n	\n $36,171,853	\n	\n	\n N/A\n
\n Shares\n outstanding	\n	\n	\n 438,927	\n	\n	\n N/A\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $82.41	\n	\n	\n N/A
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – THE FEEDER FUNDS

STATEMENTS\nOF ASSETS & LIABILITIES

June\n30, 2025 (Unaudited)(Continued)

\n	\n	\n	\n
\n	\n	\n	\n The Kinetics\n Spin-off \n and Corporate\n \n Restructuring\n Fund \n (Consolidated)\n
\n ASSETS:\n	\n	\n	\n
\n Investments,\n at value⁽¹⁾	\n	\n	\n $33,011,626\n
\n Cash\n	\n	\n	\n 377,855\n
\n Receivable\n for investments sold	\n	\n	\n 75,693\n
\n Receivable\n for Fund shares sold	\n	\n	\n 125\n
\n Dividends\n and interest receivable	\n	\n	\n 5,589\n
\n Prepaid\n expenses and other assets	\n	\n	\n 40,822\n
\n Total\n assets	\n	\n	\n 33,511,710\n
\n LIABILITIES:\n	\n	\n	\n
\n Payable\n to Adviser	\n	\n	\n 29,441\n
\n Payable\n to Directors	\n	\n	\n 604\n
\n Payable\n to Chief Compliance Officer	\n	\n	\n 34\n
\n Payable\n to custodian	\n	\n	\n 1,723\n
\n Payable\n for Fund shares repurchased	\n	\n	\n 9,037\n
\n Payable\n for shareholder servicing fees	\n	\n	\n 3,199\n
\n Payable\n for distribution fees	\n	\n	\n 16,816\n
\n Accrued\n expenses and other liabilities	\n	\n	\n 15,604\n
\n Total\n liabilities	\n	\n	\n 76,458\n
\n NET\n ASSETS	\n	\n	\n $33,435,252\n
\n (1)\n Cost of investments	\n	\n	\n 4,718,898\n
\n Net\n Assets Consist of:	\n	\n	\n
\n Paid\n in capital	\n	\n	\n $4,060,122\n
\n Accumulated\n earnings	\n	\n	\n 29,375,130\n
\n Net\n assets	\n	\n	\n $33,435,252\n
\n Calculation\n of Net Asset Value Per Share - No Load Class:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $247,085\n
\n Shares\n outstanding	\n	\n	\n 7,599\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $32.52\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class A:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $9,338,582\n
\n Shares\n outstanding	\n	\n	\n 303,546\n
\n Net\n asset value per share (redemption price)	\n	\n	\n $30.76\n
\n Offering\n price per share ($30.76 divided by .9425)	\n	\n	\n $32.64\n
\n Calculation\n of Net Asset Value Per Share - Advisor Class C:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $252,213\n
\n Shares\n outstanding	\n	\n	\n 9,153\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $27.56\n
\n Calculation\n of Net Asset Value Per Share - Institutional Class:	\n	\n	\n
\n Net\n Assets	\n	\n	\n $23,597,372\n
\n Shares\n outstanding	\n	\n	\n 760,584\n
\n Net\n asset value per share (offering price and redemption price)	\n	\n	\n $31.03
\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Operations

For\nthe Six Months Ended June 30, 2025 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The \n Internet\n Fund	\n	\n	\n The \n Global Fund\n
\n INVESTMENT\n GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Dividends^†	\n	\n	\n $447,871	\n	\n	\n $310,201\n
\n Interest	\n	\n	\n 855,521	\n	\n	\n 376,713\n
\n Income\n from securities lending	\n	\n	\n 87,259	\n	\n	\n 9,127\n
\n Expenses\n allocated from Master Portfolio	\n	\n	\n (2,250,183)	\n	\n	\n (438,815)\n
\n Net\n investment income (loss) from Master Portfolio	\n	\n	\n (859,532)	\n	\n	\n 257,226\n
\n EXPENSES:	\n	\n	\n	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 5,052	\n	\n	\n 3,973\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 14,134	\n	\n	\n 24,246\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 5,052	\n	\n	\n 3,973\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 4,711	\n	\n	\n 8,082\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 412,815	\n	\n	\n 66,181\n
\n Transfer\n agent fees and expenses	\n	\n	\n 46,172	\n	\n	\n 15,478\n
\n Reports\n to shareholders	\n	\n	\n 11,256	\n	\n	\n 2,558\n
\n Administration\n fees	\n	\n	\n 38,594	\n	\n	\n 8,009\n
\n Professional\n fees	\n	\n	\n 4,978	\n	\n	\n 466\n
\n Directors’\n fees	\n	\n	\n 9,569	\n	\n	\n 1,713\n
\n Chief\n Compliance Officer fees	\n	\n	\n 1,434	\n	\n	\n 274\n
\n Registration\n fees	\n	\n	\n 32,157	\n	\n	\n 33,843\n
\n Fund\n accounting fees	\n	\n	\n 6,714	\n	\n	\n 1,165\n
\n Other\n expenses	\n	\n	\n 3,814	\n	\n	\n 482\n
\n Total\n expenses	\n	\n	\n 596,452	\n	\n	\n 170,443\n
\n Less,\n expense reimbursement	\n	\n	\n —	\n	\n	\n (146,051)\n
\n Net\n expenses	\n	\n	\n 596,452	\n	\n	\n 24,392\n
\n Net\n investment income (loss) from Master Portfolio	\n	\n	\n (1,455,984)	\n	\n	\n 232,834\n
\n REALIZED\n AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Net\n realized gain on:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 8,640,228	\n	\n	\n 482,389\n
\n Net\n change in unrealized appreciation of:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 15,918,389	\n	\n	\n 2,799,360\n
\n Net\n gain on investments	\n	\n	\n 24,558,617	\n	\n	\n 3,281,749\n
\n Net\n increase in net assets resulting from operations	\n	\n	\n $23,102,633	\n	\n	\n $3,514,583\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $120,124	\n	\n	\n $83,126
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Operations

For\nthe Six Months Ended June 30, 2025 (Unaudited)(Continued)\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The \n Paradigm\n Fund	\n	\n	\n The Small\n Cap \n Opportunities\n Fund
\n INVESTMENT\n GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Dividends^†	\n	\n	\n $3,625,631	\n	\n	\n $1,601,788\n
\n Interest	\n	\n	\n 1,002,551	\n	\n	\n 1,919,489\n
\n Income\n from securities lending	\n	\n	\n 186,065	\n	\n	\n 58,065\n
\n Expenses\n allocated from Master Portfolio	\n	\n	\n (9,619,678)	\n	\n	\n (3,575,019)\n
\n Net\n investment income (loss) from Master Portfolio	\n	\n	\n (4,805,431)	\n	\n	\n 4,323\n
\n EXPENSES:	\n	\n	\n	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 350,080	\n	\n	\n 33,680\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 353,904	\n	\n	\n 47,462\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 350,080	\n	\n	\n 33,680\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 117,968	\n	\n	\n 15,821\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 902,485	\n	\n	\n 486,926\n
\n Shareholder\n servicing fees - Institutional Class (See Note 3)	\n	\n	\n 358,909	\n	\n	\n 110,275\n
\n Transfer\n agent fees and expenses	\n	\n	\n 107,984	\n	\n	\n 46,421\n
\n Reports\n to shareholders	\n	\n	\n 24,317	\n	\n	\n 14,578\n
\n Administration\n fees	\n	\n	\n 172,198	\n	\n	\n 61,827\n
\n Professional\n fees	\n	\n	\n 28,621	\n	\n	\n 10,233\n
\n Directors’\n fees	\n	\n	\n 40,859	\n	\n	\n 15,035\n
\n Chief\n Compliance Officer fees	\n	\n	\n 6,602	\n	\n	\n 2,420\n
\n Registration\n fees	\n	\n	\n 59,141	\n	\n	\n 48,028\n
\n Fund\n accounting fees	\n	\n	\n 28,994	\n	\n	\n 10,466\n
\n Other\n expenses	\n	\n	\n 14,672	\n	\n	\n 5,290\n
\n Total\n expenses	\n	\n	\n 2,916,814	\n	\n	\n 942,142\n
\n Less,\n expense waiver for Institutional Class shareholder servicing fees	\n	\n	\n (269,182)	\n	\n	\n (82,706)\n
\n Less,\n expense reimbursement	\n	\n	\n (6,691)	\n	\n	\n (55,501)\n
\n Net\n expenses	\n	\n	\n 2,640,941	\n	\n	\n 803,935\n
\n Net\n investment loss	\n	\n	\n (7,446,372)	\n	\n	\n (799,612)\n
\n REALIZED\n AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Net\n realized gain (loss) on:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 3,721,262	\n	\n	\n (596,840)\n
\n Net\n change in unrealized appreciation of:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 1,731,498	\n	\n	\n 585,231\n
\n Net\n gain (loss) on investments	\n	\n	\n 5,452,760	\n	\n	\n (11,609)\n
\n Net\n decrease in net assets resulting from operations	\n	\n	\n $(1,993,612)	\n	\n	\n $(811,221)\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $199,872	\n	\n	\n $198,146
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Operations

For\nthe Six Months Ended June 30, 2025 (Unaudited)(Continued)\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The Market\n \n Opportunities\n \n Fund	\n	\n	\n The \n Multi-Disciplinary\n \n Income Fund\n
\n INVESTMENT\n GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Dividends^†	\n	\n	\n $774,566	\n	\n	\n $—\n
\n Interest	\n	\n	\n 1,584,452	\n	\n	\n 453,627\n
\n Income\n from securities lending	\n	\n	\n 43,346	\n	\n	\n —\n
\n Expenses\n allocated from Master Portfolio	\n	\n	\n (2,136,100)	\n	\n	\n (34,442)\n
\n Net\n investment income from Master Portfolio	\n	\n	\n 266,264	\n	\n	\n 419,185\n
\n EXPENSES:	\n	\n	\n	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 27,381	\n	\n	\n —\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 57,293	\n	\n	\n —\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 27,381	\n	\n	\n —\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 19,098	\n	\n	\n —\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 294,182	\n	\n	\n 18,144\n
\n Shareholder\n servicing fees - Institutional Class (See Note 3)	\n	\n	\n 49,393	\n	\n	\n —\n
\n Transfer\n agent fees and expenses	\n	\n	\n 31,776	\n	\n	\n 5,760\n
\n Reports\n to shareholders	\n	\n	\n 5,886	\n	\n	\n 428\n
\n Administration\n fees	\n	\n	\n 33,619	\n	\n	\n 1,845\n
\n Professional\n fees	\n	\n	\n 5,980	\n	\n	\n —\n
\n Directors’\n fees	\n	\n	\n 8,706	\n	\n	\n 405\n
\n Chief\n Compliance Officer fees	\n	\n	\n 1,376	\n	\n	\n 50\n
\n Registration\n fees	\n	\n	\n 46,509	\n	\n	\n 13,257\n
\n Fund\n accounting fees	\n	\n	\n 5,565	\n	\n	\n 256\n
\n Other\n expenses	\n	\n	\n 2,556	\n	\n	\n 189\n
\n Total\n expenses	\n	\n	\n 616,701	\n	\n	\n 40,334\n
\n Less,\n expense waiver for Institutional Class shareholder servicing fees	\n	\n	\n (37,045)	\n	\n	\n —\n
\n Less,\n expense reimbursement	\n	\n	\n (427,025)	\n	\n	\n (17,938)\n
\n Net\n expenses	\n	\n	\n 152,631	\n	\n	\n 22,396\n
\n Net\n investment income	\n	\n	\n 113,633	\n	\n	\n 396,789\n
\n REALIZED\n AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS:	\n	\n	\n	\n	\n	\n
\n Net\n realized gain (loss) on:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 3,403,841	\n	\n	\n (95)\n
\n Net\n change in unrealized appreciation (depreciation) of:	\n	\n	\n	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 2,584,482	\n	\n	\n (22,036)\n
\n Net\n gain (loss) on investments	\n	\n	\n 5,988,323	\n	\n	\n (22,131)\n
\n Net\n increase in net assets resulting from operations	\n	\n	\n $6,101,956	\n	\n	\n $374,658\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $133,721	\n	\n	\n $—
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Operations

For\nthe Six Months Ended June 30, 2025 (Unaudited)(Continued)\n

\n	\n	\n	\n
\n	\n	\n	\n The Kinetics\n Spin-off \n and Corporate\n \n Restructuring\n Fund \n (Consolidated)\n
\n INVESTMENT\n INCOME:	\n	\n	\n
\n Dividends^†	\n	\n	\n $106,655\n
\n Interest	\n	\n	\n 28,028\n
\n Total\n investment income	\n	\n	\n 134,683\n
\n EXPENSES:	\n	\n	\n
\n Distribution\n fees - Advisor Class A (See Note 3)	\n	\n	\n 14,877\n
\n Distribution\n fees - Advisor Class C (See Note 3)	\n	\n	\n 1,094\n
\n Shareholder\n servicing fees - Advisor Class A (See Note 3)	\n	\n	\n 14,877\n
\n Shareholder\n servicing fees - Advisor Class C (See Note 3)	\n	\n	\n 365\n
\n Shareholder\n servicing fees - No Load Class (See Note 3)	\n	\n	\n 331\n
\n Shareholder\n servicing fees - Institutional Class (See Note 3)	\n	\n	\n 27,807\n
\n Transfer\n agent fees and expenses	\n	\n	\n 18,312\n
\n Reports\n to shareholders	\n	\n	\n 956\n
\n Administration\n fees	\n	\n	\n 15,239\n
\n Professional\n fees	\n	\n	\n —\n
\n Directors’\n fees	\n	\n	\n 1,207\n
\n Chief\n Compliance Officer fees	\n	\n	\n 186\n
\n Registration\n fees	\n	\n	\n 28,405\n
\n Fund\n accounting fees	\n	\n	\n 2,852\n
\n Investment\n advisory fees	\n	\n	\n 201,325\n
\n Custodian\n fees and expenses	\n	\n	\n 5,594\n
\n Other\n expenses	\n	\n	\n 421\n
\n Total\n expenses	\n	\n	\n 333,848\n
\n Less,\n expense waiver for Institutional Class shareholder servicing fees	\n	\n	\n (20,855)\n
\n Less,\n expense reimbursement	\n	\n	\n (44,736)\n
\n Net\n expenses	\n	\n	\n 268,257\n
\n Net\n investment loss	\n	\n	\n (133,574)\n
\n REALIZED\n AND UNREALIZED GAN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:	\n	\n	\n
\n Net\n realized gain on:	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n 931,367\n
\n Net\n change in unrealized appreciation (depreciation) of:	\n	\n	\n
\n Investments\n and foreign currency	\n	\n	\n (2,261,495)\n
\n Net\n loss on investments	\n	\n	\n (1,330,128)\n
\n Net\n decrease in net assets resulting from operations	\n	\n	\n $(1,463,702)\n
\n †\n Net of foreign taxes withheld of:	\n	\n	\n $—
\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets

The Internet\n Fund

The Global\n Fund

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

OPERATIONS:

Net\n investment income (loss)

$(1,455,984)

$(352,409)

$232,834

$183,442\n

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

8,640,228

2,252,945

482,389

411,112\n

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

15,918,389

141,485,777

2,799,360

14,608,888\n

Net increase\n in net assets resulting from operations

23,102,633

143,386,313

3,514,583

15,203,442\n

DISTRIBUTIONS\n TO SHAREHOLDERS:

No\n Load Class (See Note 5)

—

(2,995,678)

—

(390,102)\n

Advisor\n Class A (See Note 5)

—

(39,960)

—

(20,472)\n

Advisor\n Class C (See Note 5)

—

(50,656)

—

(24,781)\n

Total\n distributions to shareholders

—

(3,086,294)

—

(435,355)\n

CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:

Proceeds\n from shares sold

28,624,255

46,528,670

33,756,018

26,193,230\n

Redemption\n fees

23,735

73,966

20,399

24,137\n

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

—

2,857,824

—

375,413\n

Cost\n of shares redeemed

(34,562,216)

(48,713,578)

(16,457,347)

(9,068,243)\n

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

(5,914,226)

746,882

17,319,070

17,524,537\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:

Proceeds\n from shares sold

583,728

876,102

866,773

501,806\n

Redemption\n fees

288

953

1,226

2,143\n

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

—

37,549

—

18,689\n

Cost\n of shares redeemed

(457,717)

(1,180,960)

(101,266)

(166,019)\n

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

126,299

(266,356)

766,733

356,619\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:

Proceeds\n from shares sold

206,633

1,262,584

22,387

241,729\n

Redemption\n fees

278

890

2,575

5,954\n

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

—

43,306

—

21,486\n

Cost\n of shares redeemed

(1,069,159)

(759,591)

(1,393,762)

(1,226,667)\n

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

(862,248)

547,189

(1,368,800)

(957,498)\n

TOTAL\n INCREASE IN NET ASSETS:

16,452,458

141,327,734

20,231,586

31,691,745\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets(Continued)

The Internet\n Fund

The Global\n Fund

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

NET\n ASSETS:

Beginning\n of period

331,351,245

190,023,511

49,615,735

17,923,990\n

End\n of period

$347,803,703

$331,351,245

$69,847,321

$49,615,735\n

CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:

Shares\n sold

273,574

552,482

1,989,165

1,885,199\n

Shares\n issued in reinvestments of dividends and distributions

—

27,757

—

23,390\n

Shares\n redeemed

(328,104)

(593,838)

(991,414)

(671,518)\n

Net\n increase (decrease) in shares

outstanding

(54,530)

(13,599)

997,751

1,237,071\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:

Shares\n sold

6,174

11,392

52,751

40,860\n

Shares\n issued in reinvestments of dividends and distributions

—

405

—

1,173\n

Shares\n redeemed

(4,853)

(13,362)

(5,998)

(11,950)\n

Net\n increase (decrease) in shares

outstanding

1,321

(1,565)

46,753

30,083\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:

Shares\n sold

2,594

22,017

1,420

21,188\n

Shares\n issued in reinvestments of dividends and distributions

—

574

—

1,463\n

Shares\n redeemed

(14,094)

(12,406)

(91,552)

(105,233)\n

Net\n increase (decrease) in shares

outstanding

(11,500)

10,185

(90,132)

(82,582)

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets(Continued)

The Paradigm\n Fund

The Small\n Cap Opportunities Fund

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

OPERATIONS:

Net\n investment income (loss)

$(7,446,372)

$(405,751)

$(799,612)

$2,269,328\n

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

3,721,262

63,393,324

(596,840)

12,283,641\n

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

1,731,498

564,567,500

585,231

157,237,452\n

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

(1,993,612)

627,555,073

(811,221)

171,790,421\n

DISTRIBUTIONS\n TO SHAREHOLDERS:

No\n Load Class (See Note 5)

—

(17,505,444)

—

(11,698,430)\n

Advisor\n Class A (See Note 5)

—

(7,561,107)

—

(834,147)\n

Advisor\n Class C (See Note 5)

—

(2,991,483)

—

(411,553)\n

Institutional\n Class (See Note 5)

—

(9,634,516)

—

(3,243,686)\n

Total\n distributions to shareholders

—

(37,692,550)

—

(16,187,816)\n

CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:

Proceeds\n from shares sold

187,426,527

146,481,009

102,722,656

86,914,477\n

Redemption\n fees

217,426

176,250

86,653

105,506\n

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

—

16,903,620

—

11,358,942\n

Cost\n of shares redeemed

(147,506,665)

(163,192,540)

(66,978,853)

(78,238,146)\n

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

40,137,288

368,339

35,830,456

20,140,779\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:

Proceeds\n from shares sold

10,606,737

16,263,157

2,539,003

1,486,866\n

Redemption\n fees

83,605

74,617

5,976

7,951\n

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

(130)

6,507,268

—

766,852\n

Cost\n of shares redeemed

(18,359,896)

(30,338,385)

(2,108,455)

(3,248,446)\n

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

(7,669,684)

(7,493,343)

436,524

(986,777)\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:

Proceeds\n from shares sold

3,453,701

3,033,051

254,883

684,542\n

Redemption\n fees

27,935

25,939

2,794

4,002\n

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

155

2,648,384

—

391,218\n

Cost\n of shares redeemed

(12,312,696)

(12,993,781)

(1,476,902)

(1,667,589)\n

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

(8,830,905)

(7,286,407)

(1,219,225)

(587,827)\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets(Continued)

The Paradigm\n Fund

The Small\n Cap Opportunities Fund

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

CAPITAL\n SHARE TRANSACTIONS - INSTITUTIONAL CLASS:

Proceeds\n from shares sold

41,986,951

32,839,071

32,739,709

26,568,127\n

Redemption\n fees

107,240

93,986

24,459

27,723\n

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

—

9,227,333

—

3,158,502\n

Cost\n of shares redeemed

(45,313,560)

(105,011,272)

(13,820,729)

(22,966,384)\n

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

(3,219,369)

(62,850,882)

18,943,439

6,787,968\n

TOTAL\n INCREASE IN NET ASSETS:

18,423,718

512,600,230

53,179,973

180,956,748\n

NET\n ASSETS:

Beginning\n of period

1,274,204,737

761,604,507

465,421,467

284,464,719\n

End\n of period

$1,292,628,455\n

$1,274,204,737

$518,601,440

$465,421,467\n

CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:

Shares\n sold

1,238,331

1,085,072

551,287

512,083\n

Shares\n issued in reinvestments of dividends and distributions

—

125,949

—

66,802\n

Shares\n redeemed

(1,013,249)

(1,297,185)

(368,287)

(560,275)\n

Net\n increase (decrease) in shares outstanding

225,082

(86,164)

183,000

18,610\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:

Shares\n sold

73,772

173,507

14,380

11,066\n

Shares\n issued in reinvestments of dividends and distributions

—

51,105

—

4,710\n

Shares\n redeemed

(129,815)

(284,223)

(12,161)

(22,575)\n

Net\n increase (decrease) in shares outstanding

(56,043)

(59,611)

2,219

(6,799)\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:

Shares\n sold

26,853

25,145

1,552

4,473\n

Shares\n issued in reinvestments of dividends and distributions

—

23,421

—

2,568\n

Shares\n redeemed

(98,199)

(171,592)

(9,039)

(14,297)\n

Net\n decrease in shares outstanding

(71,346)

(123,026)

(7,487)

(7,256)\n

CHANGES\n IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:

Shares\n sold

273,169

266,348

172,111

167,661\n

Shares\n issued in reinvestments of dividends and distributions

—

67,788

—

18,114\n

Shares\n redeemed

(303,909)

(963,052)

(72,326)

(176,421)\n

Net\n increase (decrease) in shares outstanding

(30,740)

(628,916)

99,785

9,354

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets(Continued)

The Market\n Opportunities Fund

The Multi-Disciplinary\n Income Fund

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

OPERATIONS:

Net\n investment income

$113,633

$823,814

$396,789

$848,795\n

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

3,403,841

1,152,184

(95)

212\n

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

2,584,482

99,556,362

(22,036)

33,159\n

Net increase\n in net assets resulting from operations

6,101,956

101,532,360

374,658

882,166\n

DISTRIBUTIONS\n TO SHAREHOLDERS:

No\n Load Class (See Note 5)

—

(1,298,731)

(438,928)

(831,330)\n

Advisor\n Class A (See Note 5)

—

(123,250)

N/A

N/A\n

Advisor\n Class C (See Note 5)

—

(38,806)

N/A

N/A\n

Institutional\n Class (See Note 5)

—

(263,024)

N/A

N/A\n

Total\n distributions to shareholders

—

(1,723,811)

(438,928)

(831,330)\n

CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:

Proceeds\n from shares sold

146,380,595

46,031,959

3,749,641

3,467,955\n

Redemption\n fees

118,492

53,472

—

—\n

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

—

1,293,531

230,296

359,382\n

Cost\n of shares redeemed

(75,730,351)

(48,192,222)

(1,974,880)

(2,593,080)\n

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

70,768,736

(813,260)

2,005,057

1,234,257\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:

Proceeds\n from shares sold

3,324,906

3,213,198

N/A

N/A\n

Redemption\n fees

10,555

6,056

N/A

N/A\n

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

—

111,117

N/A

N/A\n

Cost\n of shares redeemed

(2,654,171)

(1,724,261)

N/A

N/A\n

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

681,290

1,606,110

N/A

N/A\n

CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:

Proceeds\n from shares sold

469,039

155,821

N/A

N/A\n

Redemption\n fees

7,257

5,095

N/A

N/A\n

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

—

29,634

N/A

N/A\n

Cost\n of shares redeemed

(3,238,519)

(2,239,709)

N/A

N/A\n

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

(2,762,223)

(2,049,159)

N/A

N/A\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets(Continued)

The Market\n Opportunities Fund

The Multi-Disciplinary\n Income Fund

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the

Year Ended\n

December 31,\n

2024

CAPITAL\n SHARE TRANSACTIONS - INSTITUTIONAL CLASS:

Proceeds\n from shares sold

40,464,630

7,572,863

N/A

N/A\n

Redemption\n fees

25,428

9,672

N/A

N/A\n

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

—

243,680

N/A

N/A\n

Cost\n of shares redeemed

(32,640,086)

(14,184,723)

N/A

N/A\n

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

7,849,972

(6,358,508)

N/A

N/A\n

TOTAL\n INCREASE IN NET ASSETS:

82,639,731

92,193,732

1,940,787

1,285,093\n

NET\n ASSETS:

Beginning\n of period

223,384,411

131,190,679

13,405,989

12,120,896\n

End\n of period

$306,024,142

$223,384,411

$15,346,776

$13,405,989\n

CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:

Shares\n sold

1,731,114

658,930

373,537

344,908\n

Shares\n issued in reinvestments of dividends and distributions

—

16,869

23,169

36,149\n

Shares\n redeemed

(922,996)

(767,370)

(196,726)

(259,566)\n

Net\n increase (decrease) in shares

outstanding

808,118

(91,571)

199,980

121,491\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:

Shares\n sold

39,749

55,945

N/A

N/A\n

Shares\n issued in reinvestments of dividends and distributions

—

1,476

N/A

N/A\n

Shares\n redeemed

(32,629)

(31,353)

N/A

N/A\n

Net\n increase in shares outstanding

7,120

26,068

N/A

N/A\n

CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:

Shares\n sold

5,892

2,738

N/A

N/A\n

Shares\n issued in reinvestments of dividends and distributions

—

415

N/A

N/A\n

Shares\n redeemed

(41,193)

(44,310)

N/A

N/A\n

Net\n decrease in shares outstanding

(35,301)

(41,157)

N/A

N/A\n

CHANGES\n IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:

Shares\n sold

467,944

121,491

N/A

N/A\n

Shares\n issued in reinvestments of dividends and distributions

—

3,125

N/A

N/A\n

Shares\n redeemed

(393,631)

(229,314)

N/A

N/A\n

Net\n increase (decrease) in shares

outstanding

74,313

(104,698)

N/A

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets(Continued)

\n	\n	\n	\n
\n	\n	\n	\n The Kinetics\n Spin-off and Corporate \n Restructuring\n Fund (Consolidated)
\n	\n	\n	\n For the \n Period Ended\n \n June 30,\n 2025 \n (Unaudited)	\n	\n	\n For the \n Year Ended \n December 31,\n \n 2024
\n OPERATIONS:	\n	\n	\n	\n	\n	\n
\n Net\n investment income (loss)	\n	\n	\n $(133,574)	\n	\n	\n $343,562\n
\n Net\n realized gain on sale of investments and foreign currency	\n	\n	\n 931,367	\n	\n	\n 1,640,709\n
\n Net\n change in unrealized appreciation (depreciation) of investments and foreign currency	\n	\n	\n (2,261,495)	\n	\n	\n 15,192,766\n
\n Net increase\n (decrease) in net assets resulting from operations	\n	\n	\n (1,463,702)	\n	\n	\n 17,177,037\n
\n DISTRIBUTIONS\n TO SHAREHOLDERS:	\n	\n	\n	\n	\n	\n
\n No\n Load Class (See Note 5)	\n	\n	\n —	\n	\n	\n (9,975)\n
\n Advisor\n Class A (See Note 5)	\n	\n	\n —	\n	\n	\n (478,493)\n
\n Advisor\n Class C (See Note 5)	\n	\n	\n —	\n	\n	\n (11,130)\n
\n Institutional\n Class (See Note 5)	\n	\n	\n —	\n	\n	\n (1,210,270)\n
\n Total\n distributions to shareholders	\n	\n	\n —	\n	\n	\n (1,709,868)\n
\n CAPITAL\n SHARE TRANSACTIONS - NO LOAD CLASS:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n 39,417	\n	\n	\n 198,304\n
\n Redemption\n fees	\n	\n	\n 449	\n	\n	\n 11\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 9,848\n
\n Cost\n of shares redeemed	\n	\n	\n —	\n	\n	\n (17,500)\n
\n Net\n increase in net assets resulting from capital share transactions	\n	\n	\n 39,866	\n	\n	\n 190,663\n
\n CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS A:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n 1,373,096	\n	\n	\n 3,241,621\n
\n Redemption\n fees	\n	\n	\n 19,888	\n	\n	\n 2,717\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 476,428\n
\n Cost\n of shares redeemed	\n	\n	\n (2,277,980)	\n	\n	\n (2,497,363)\n
\n Net\n increase (decrease) in net assets resulting from capital share transactions	\n	\n	\n (884,996)	\n	\n	\n 1,223,403\n
\n CAPITAL\n SHARE TRANSACTIONS - ADVISOR CLASS C:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n —	\n	\n	\n 159,120\n
\n Redemption\n fees	\n	\n	\n 487	\n	\n	\n 119\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 11,130\n
\n Cost\n of shares redeemed	\n	\n	\n —	\n	\n	\n (431,340)\n
\n Net\n increase (decrease) in net assets resulting from capital share transactions	\n	\n	\n 487	\n	\n	\n (260,971)\n
\n CAPITAL\n SHARE TRANSACTIONS - INSTITUTIONAL CLASS:	\n	\n	\n	\n	\n	\n
\n Proceeds\n from shares sold	\n	\n	\n 4,514,916	\n	\n	\n 2,184,900\n
\n Redemption\n fees	\n	\n	\n 45,855	\n	\n	\n 7,835\n
\n Proceeds\n from shares issued to holders in reinvestment of dividends	\n	\n	\n —	\n	\n	\n 1,201,335\n
\n Cost\n of shares redeemed	\n	\n	\n (5,449,547)	\n	\n	\n (5,859,392)\n
\n Net\n decrease in net assets resulting from capital share transactions	\n	\n	\n (888,776)	\n	\n	\n (2,465,322)\n
\n TOTAL\n INCREASE (DECREASE) IN NET ASSETS:	\n	\n	\n (3,197,121)	\n	\n	\n 14,154,942\n
\n NET\n ASSETS:	\n	\n	\n	\n	\n	\n
\n Beginning\n of period	\n	\n	\n 36,632,373	\n	\n	\n 22,477,431\n
\n End\n of period	\n	\n	\n $33,435,252	\n	\n	\n $36,632,373\n
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Statements\nof Changes in Net Assets(Continued)

\n	\n	\n	\n
\n	\n	\n	\n The Kinetics\n Spin-off and Corporate \n Restructuring\n Fund (Consolidated)
\n	\n	\n	\n For the \n Period Ended\n \n June 30,\n 2025 \n (Unaudited)	\n	\n	\n For the \n Year Ended \n December 31,\n \n 2024
\n CHANGES\n IN SHARES OUTSTANDING - NO LOAD CLASS:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n 1,046	\n	\n	\n 5,472\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 289\n
\n Shares\n redeemed	\n	\n	\n —	\n	\n	\n (684)\n
\n Net\n increase in shares outstanding	\n	\n	\n 1,046	\n	\n	\n 5,077\n
\n CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS A:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n 37,142	\n	\n	\n 88,676\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 14,796\n
\n Shares\n redeemed	\n	\n	\n (66,410)	\n	\n	\n (83,319)\n
\n Net\n increase (decrease) in shares outstanding	\n	\n	\n (29,268)	\n	\n	\n 20,153\n
\n CHANGES\n IN SHARES OUTSTANDING - ADVISOR CLASS C:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n —	\n	\n	\n 5,965\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 385\n
\n Shares\n redeemed	\n	\n	\n —	\n	\n	\n (15,282)\n
\n Net\n decrease in shares outstanding	\n	\n	\n —	\n	\n	\n (8,932)\n
\n CHANGES\n IN SHARES OUTSTANDING - INSTITUTIONAL CLASS:	\n	\n	\n	\n	\n	\n
\n Shares\n sold	\n	\n	\n 122,474	\n	\n	\n 79,065\n
\n Shares\n issued in reinvestments of dividends and distributions	\n	\n	\n —	\n	\n	\n 37,044\n
\n Shares\n redeemed	\n	\n	\n (149,294)	\n	\n	\n (211,895)\n
\n Net\n decrease in shares outstanding	\n	\n	\n (26,820)	\n	\n	\n (95,786)
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

The\nInternet Fund

Financial\nHighlights

No\nLoad Class

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$102.51

$58.64

$45.53

$60.64

$53.01

$33.89\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.45)

(0.10)

0.40

(0.30)

(0.83)

(0.29)\n

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

7.63

44.91

13.14

(14.44)

8.93

19.41\n

Total\n from investment operations

7.18

44.81

13.54

(14.74)

8.10

19.12\n

Redemption\n fees

0.01

0.02

0.01

0.05

0.00⁽³⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.21)

—

From\n net realized gains

—

(0.75)

(0.44)

(0.38)

(0.52)

—\n

Total\n distributions

—

(0.96)

(0.44)

(0.38)

(0.52)

—\n

Net\n asset value, end of period

$109.70

$102.51

$58.64

$45.53

$60.64

$53.01\n

Total\n return

7.01%⁽⁶⁾

76.44%

29.76%

(24.28)%

15.35%

56.42%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$340,085

$323,380

$185,790

$144,397

$226,228

$169,374\n

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

1.67%⁽⁷⁾

1.71%

1.75%

1.77%

1.71%

1.82%\n

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

(0.85)%⁽⁷⁾

(0.12)%

0.83%

(0.60)%

(1.29)%

(0.80)%\n

Portfolio\n turnover rate⁽⁵⁾

35%

43%

19%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Internet Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nInternet Fund

Financial\nHighlights

Advisor\nClass A

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 92.38

$53.03

$41.31

$55.20

$48.42

$31.03\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.52)

(0.27)

0.26

(0.39)

(0.91)

(0.35)\n

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

6.87

40.56

11.89

(13.13)

8.17

17.74\n

Total\n from investment operations

6.35

40.29

12.15

(13.52)

7.26

17.39\n

Redemption\n fees

0.01

0.02

0.01

0.04

0.00⁽⁶⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.21)

—

From\n net realized gains

—

(0.75)

(0.44)

(0.38)

(0.52)

—\n

Total\n distributions

—

(0.96)

(0.44)

(0.38)

(0.52)

—\n

Net\n asset value, end of period

$\n 98.74

$92.38

$53.03

$41.31

$55.20

$48.42\n

Total\n return

6.89%⁽⁷⁾

76.00%

29.43%

(24.47)%

15.06%

56.04%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$4,328

$3,927

$2,337

$2,302

$5,620

$2,864\n

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

1.92%⁽⁸⁾

1.96%

2.00%

2.02%

1.96%

2.07%\n

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

(1.10)%⁽⁸⁾

(0.37)%

0.58%

(0.85)%

(1.54)%

(1.05)%\n

Portfolio\n turnover rate⁽⁵⁾

35%

43%

19%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

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

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Internet Portfolio.

\n \n \n \n

(6)

Amount calculated\n is less than $0.005.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

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

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

TABLE OF CONTENTS

The\nInternet Fund

Financial\nHighlights

Advisor\nClass C

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 75.13

$43.45

$34.07

$45.86

$40.49

$26.08\n

INCOME\n FROM INVESTMENT OPERATIONS:

Net\n investment income (loss)⁽²⁾

(0.62)

(0.53)

0.03

(0.51)

(1.00)

(0.43)\n

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

5.58

33.15

9.79

(10.90)

6.85

14.84\n

Total\n from investment operations

4.96

32.62

9.82

(11.41)

5.85

14.41\n

Redemption\n fees

0.01

0.02

0.00⁽⁵⁾

0.04

0.00⁽⁵⁾\n

LESS\n DISTRIBUTIONS:

From\n net investment income

—

(0.21)

—

From\n net realized gains

—

(0.75)

(0.44)

(0.38)

(0.52)

—\n

Total\n distributions

—

(0.96)

(0.44)

(0.38)

(0.52)

—\n

Net\n asset value, end of period

$\n 80.10

$75.13

$43.45

$34.07

$45.86

$40.49\n

Total\n return

6.62%⁽⁶⁾

75.11%

28.82%

(24.87)%

14.52%

55.25%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$3,391

$4,044

$1,896

$1,247

$1,893

$1,560\n

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

2.42%⁽⁷⁾

2.46%

2.50%

2.52%

2.46%

2.57%\n

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

(1.60)%⁽⁷⁾

(0.87)%

0.08%

(1.35)%

(2.04)%

(1.55)%\n

Portfolio\n turnover rate⁽⁴⁾

35%

43%

19%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

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

\n \n \n \n

(4)

Portfolio turnover\n of The Internet Portfolio.

\n \n \n \n

(5)

Amount calculated\n is less than $0.005.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nGlobal Fund

Financial\nHighlights

No\nLoad Class

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$16.01

$9.39

$8.60

$9.33

$8.30

$6.64\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

0.07

0.10

0.15

0.02

(0.09)

(0.03)\n

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

1.12

6.67

0.87

(0.62)

1.43

1.69\n

Total\n from investment operations

1.19

6.77

1.02

(0.60)

1.34

1.66\n

Redemption\n fees

0.01

0.00⁽³⁾

0.01

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.16)

(0.23)

—

(0.29)

—\n

From\n net realized gains

—

(0.13)

(0.03)

—\n

Total\n distributions

—

(0.16)

(0.23)

(0.13)

(0.32)

—\n

Net\n asset value, end of period

$17.21

$16.01

$9.39

$8.60

$9.33

$8.30\n

Total\n return

7.50%⁽⁶⁾

72.16%

11.89%

(6.46)%

16.32%

25.00%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$60,179

$40,018

$11,857

$21,052

$19,128

$13,904\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.86%⁽⁷⁾

2.04%

2.13%

2.07%

2.08%

2.45%\n

After\n expense reimbursement⁽⁴⁾

1.39%⁽⁷⁾

1.39%

1.39%\n

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

0.83%⁽⁷⁾

0.78%

1.81%

0.25%

(0.90)%

(0.46)%\n

Portfolio\n turnover rate⁽⁵⁾

34%

16%

57%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Global Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nGlobal Fund

Financial\nHighlights

Advisor\nClass A

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 15.90

$9.33

$8.55

$9.31

$8.23

$6.60\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

0.05

0.07

0.13

0.00⁽³⁾

(0.11)

(0.05)\n

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

1.10

6.61

0.88

(0.63)

1.44

1.68\n

Total\n from investment operations

1.15

6.68

1.01

(0.63)

1.33

1.63\n

Redemption\n fees

0.01

0.00⁽³⁾

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.12)

(0.23)

—

(0.22)

—\n

From\n net realized gains

—

(0.13)

(0.03)

—\n

Total\n distributions

—

(0.12)

(0.23)

(0.13)

(0.25)

—\n

Net\n asset value, end of period

$\n 17.06

$15.90

$9.33

$8.55

$9.31

$8.23\n

Total\n return

7.30%⁽⁷⁾

71.69%

11.82%

(6.79)%

16.16%

24.70%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$3,753

$2,753

$1,335

$840

$595

$574\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.11%⁽⁸⁾

2.29%

2.38%

2.32%

2.33%

2.70%\n

After\n expense reimbursement⁽⁵⁾

1.64%⁽⁸⁾

1.64%

1.64%\n

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

0.58%⁽⁸⁾

0.52%

1.56%

(1.15)%

(0.71)%\n

Portfolio\n turnover rate⁽⁶⁾

34%

16%

57%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

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

\n \n \n \n

(6)

Portfolio turnover\n of The Global Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

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

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

TABLE OF CONTENTS

The\nGlobal Fund

Financial\nHighlights

Advisor\nClass C

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 14.65

$8.60

$7.89

$8.64

$7.67

$6.18\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

0.01

—

0.08

(0.04)

(0.15)

(0.07)\n

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

1.01

6.09

0.80

(0.58)

1.33

1.56\n

Total\n from investment operations

1.02

6.09

0.88

(0.62)

1.18

1.49\n

Redemption\n fees

0.01

0.00⁽³⁾

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.05)

(0.17)

—

(0.18)

—\n

From\n net realized gains

—

(0.13)

(0.03)

—\n

Total\n distributions

—

(0.05)

(0.17)

(0.13)

(0.21)

—\n

Net\n asset value, end of period

$\n 15.68

$14.65

$8.60

$7.89

$8.64

$7.67\n

Total\n return

7.03%⁽⁶⁾

70.97%

11.18%

(7.21)%

15.44%

24.11%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$5,915

$6,844

$4,732

$6,574

$7,439

$5,982\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.61%⁽⁷⁾

2.79%

2.88%

2.82%

2.83%

3.20%\n

After\n expense reimbursement⁽⁴⁾

2.14%⁽⁷⁾

2.14%

2.14%\n

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

0.08%⁽⁷⁾

0.03%

1.06%

(0.50)%

(1.65)%

(1.21)%\n

Portfolio\n turnover rate⁽⁵⁾

34%

16%

57%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Global Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nParadigm Fund

Financial\nHighlights

No\nLoad Class

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$133.88

$73.13

$92.91

$73.37

$53.99

$53.38\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.72)

0.01

(0.39)

(0.13)

(0.67)

0.19\n

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

1.51

64.65

(15.26)

21.52

21.26

1.59\n

Total\n from investment operations

0.79

64.66

(15.65)

21.39

20.59

1.78\n

Redemption\n fees

0.04

0.00⁽³⁾

0.01

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.09)

—

(0.01)

—

(0.18)\n

From\n net realized gains

—

(3.86)

(4.13)

(1.85)

(1.22)

(0.99)\n

Total\n distributions

—

(3.95)

(4.13)

(1.86)

(1.22)

(1.17)\n

Net\n asset value, end of period

$134.71

$133.88

$73.13

$92.91

$73.37

$53.99\n

Total\n return

0.62%⁽⁶⁾

88.47%

(16.89)%

29.17%

38.15%

3.32%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$641,821

$607,750

$338,263

$517,268

$368,383

$274,876\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.64%⁽⁷⁾

1.66%

1.68%

1.67%

1.68%

1.72%\n

After\n expense reimbursement⁽⁴⁾

1.64%⁽⁷⁾

1.64%

1.64%\n

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

(0.98)%⁽⁷⁾

0.01%

(0.51)%

(0.16)%

(0.88)%

0.42%\n

Portfolio\n turnover rate⁽⁵⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nParadigm Fund

Financial\nHighlights

Advisor\nClass A

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$127.01

$69.61

$88.90

$70.44

$51.99

$51.47\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.86)

(0.24)

(0.56)

(0.31)

(0.83)

0.07\n

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

1.45

61.46

(14.60)

20.62

20.49

1.51\n

Total\n from investment operations

0.59

61.22

(15.16)

20.31

19.66

1.58\n

Redemption\n fees

0.04

0.00⁽³⁾

0.01

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.07)\n

From\n net realized gains

—

(3.86)

(4.13)

(1.85)

(1.22)

(0.99)\n

Total\n distributions

—

(3.86)

(4.13)

(1.85)

(1.22)

(1.06)\n

Net\n asset value, end of period

$127.64

$127.01

$69.61

$88.90

$70.44

$51.99\n

Total\n return

0.50%⁽⁷⁾

88.00%

(17.10)%

28.86%

37.81%

3.05%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$248,682

$254,589

$143,676

$188,033

$155,850

$94,179\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.89%⁽⁸⁾

1.91%

1.93%

1.92%

1.93%

1.97%\n

After\n expense reimbursement⁽⁵⁾

1.89%⁽⁸⁾

1.89%

1.89%\n

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

(1.23)%⁽⁸⁾

(0.24)%

(0.76)%

(0.41)%

(1.13)%

0.17%\n

Portfolio\n turnover rate⁽⁶⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

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

\n \n \n \n

(6)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

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

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

TABLE OF CONTENTS

The\nParadigm Fund

Financial\nHighlights

Advisor\nClass C

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$112.80

$62.36

$80.56

$64.28

$47.77

$47.54\n

Income\n from Investment Operations:

Net\n investment loss⁽²⁾

(1.08)

(0.64)

(0.83)

(0.63)

(1.08)

(0.14)\n

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

1.32

54.91

(13.24)

18.76

18.80

1.36\n

Total\n from investment operations

0.24

54.27

(14.07)

18.13

17.72

1.22\n

Redemption\n fees

0.04

0.03

0.00⁽³⁾

0.01

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

—\n

From\n net realized gains

—

(3.86)

(4.13)

(1.85)

(1.22)

(0.99)\n

Total\n distributions

—

(3.86)

(4.13)

(1.85)

(1.22)

(0.99)\n

Net\n asset value, end of period

$113.08

$112.80

$62.36

$80.56

$64.28

$47.77\n

Total\n return

0.26%⁽⁶⁾

87.06%

(17.52)%

28.22%

37.11%

2.56%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$82,054

$89,897

$57,370

$84,135

$71,947

$84,597\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.39%⁽⁷⁾

2.41%

2.43%

2.42%

2.43%

2.47%\n

After\n expense reimbursement⁽⁴⁾

2.39%⁽⁷⁾

2.39%

2.39%\n

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

(1.73)%⁽⁷⁾

(0.74)%

(1.26)%

(0.91)%

(1.63)%

(0.33)%\n

Portfolio\n turnover rate⁽⁵⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nParadigm Fund

Financial\nHighlights

Institutional\nClass

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$135.78

$74.10

$93.89

$74.09

$54.51

$53.87\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.58)

0.22

(0.24)

0.03

(0.52)

0.28\n

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

1.52

65.57

(15.42)

21.77

21.47

1.64\n

Total\n from investment operations

0.94

65.79

(15.66)

21.80

20.95

1.92\n

Redemption\n fees

0.04

0.00⁽³⁾

0.01

0.00\n

Less\n distributions:

From\n net investment income

—

(0.29)

—

(0.15)

(0.16)

(0.29)\n

From\n net realized gains

—

(3.86)

(4.13)

(1.85)

(1.22)

(0.99)\n

Total\n distributions

—

(4.15)

(4.13)

(2.00)

(1.38)

(1.28)\n

Net\n asset value, end of period

$136.76

$135.78

$74.10

$93.89

$74.09

$54.51\n

Total\n return

0.72%⁽⁶⁾

88.83%

(16.73)%

29.43%

38.44%

3.55%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$320,072

$321,969

$222,295

$288,387

$229,996

$184,693\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.59%⁽⁷⁾

1.61%

1.63%

1.62%

1.63%

1.67%\n

After\n expense reimbursement⁽⁴⁾

1.44%⁽⁷⁾

1.44%

1.44%\n

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

(0.78)%⁽⁷⁾

0.21%

(0.31)%

0.04%

(0.68)%

0.62%\n

Portfolio\n turnover rate⁽⁵⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Paradigm Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nSmall Cap Opportunities Fund

Financial\nHighlights

No\nLoad Class

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$169.66

$104.27

$130.35

$98.78

$66.81

$65.31\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.28)

0.90

0.25

0.07

(0.91)

0.43\n

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

2.06

70.50

(19.35)

31.47

34.48

1.07\n

Total\n from investment operations

1.78

71.40

(19.10)

31.54

33.57

1.50\n

Redemption\n fees

0.04

0.06

0.02

0.03

0.05

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(2.94)

(1.30)

—

(1.65)

—\n

From\n net realized gains

—

(3.13)

(5.70)

—

—\n

Total\n distributions

—

(6.07)

(7.00)

—

(1.65)

—\n

Net\n asset value, end of period

$171.48

$169.66

$104.27

$130.35

$98.78

$66.81\n

Total\n return

1.07%⁽⁶⁾

68.52%

(14.69)%

31.96%

50.33%

2.30%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$371,523

$336,526

$204,889

$327,093

$195,631

$126,350\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.66%⁽⁷⁾

1.69%

1.72%

1.69%

1.70%

1.78%\n

After\n expense reimbursement⁽⁴⁾

1.64%⁽⁷⁾

1.64%

1.64%\n

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

(0.31)%⁽⁷⁾

0.65%

0.22%

0.07%

(0.93)%

0.78%\n

Portfolio\n turnover rate⁽⁵⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nSmall Cap Opportunities Fund

Financial\nHighlights

Advisor\nClass A

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 162.45

$100.03

$125.37

$95.24

$64.41

$63.12\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.49)

0.53

(0.03)

(0.20)

(1.12)

0.28\n

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

1.99

67.55

(18.61)

30.30

33.24

1.01\n

Total\n from investment operations

1.50

68.08

(18.64)

30.10

32.12

1.29\n

Redemption\n fees

0.04

0.05

0.02

0.03

0.05

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(2.58)

(1.02)

—

(1.34)

—\n

From\n net realized gains

—

(3.13)

(5.70)

—

—\n

Total\n distributions

—

(5.71)

(6.72)

—

(1.34)

—\n

Net\n asset value, end of period

$\n 163.99

$162.45

$100.03

$125.37

$95.24

$64.41\n

Total\n return

0.95%⁽⁷⁾

68.10%

(14.91)%

31.64%

49.94%

2.04%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$24,964

$24,368

$15,685

$23,920

$14,755

$8,172\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.91%⁽⁸⁾

1.94%

1.97%

1.94%

1.95%

2.03%\n

After\n expense reimbursement⁽⁵⁾

1.89%⁽⁸⁾

1.89%

1.89%\n

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

(0.56)%⁽⁸⁾

0.40%

(0.03)%

(0.18)%

(1.18)%

0.53%\n

Portfolio\n turnover rate⁽⁶⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

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

\n \n \n \n

(6)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

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

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

TABLE OF CONTENTS

The\nSmall Cap Opportunities Fund

Financial\nHighlights

Advisor\nClass C

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 151.97

$93.93

$118.14

$90.20

$60.85

$59.93\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.87)

(0.12)

(0.53)

(0.69)

(1.49)

0.02\n

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

1.90

63.25

(17.53)

28.60

31.38

0.90\n

Total\n from investment operations

1.03

63.13

(18.06)

27.91

29.89

0.92\n

Redemption\n fees

0.04

0.05

0.02

0.03

0.05

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(2.01)

(0.47)

—

(0.59)

—\n

From\n net realized gains

—

(3.13)

(5.70)

—

—\n

Total\n distributions

—

(5.14)

(6.17)

—

(0.59)

—\n

Net\n asset value, end of period

$\n 153.04

$151.97

$93.93

$118.14

$90.20

$60.85\n

Total\n return

0.70%⁽⁶⁾

67.25%

(15.32)%

30.98%

49.20%

1.53%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$11,424

$12,482

$8,396

$12,234

$9,219

$8,684\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.41%⁽⁷⁾

2.44%

2.46%

2.44%

2.45%

2.53%\n

After\n expense reimbursement⁽⁴⁾

2.39%⁽⁷⁾

2.39%

2.39%\n

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

(1.06)%⁽⁷⁾

(0.10)%

(0.53)%

(0.68)%

(1.68)%

0.03%\n

Portfolio\n turnover rate⁽⁵⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nSmall Cap Opportunities Fund

Financial\nHighlights

Institutional\nClass

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$173.98

$106.78

$133.32

$100.83

$68.25

$66.58\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.10)

1.21

0.48

0.31

(0.73)

0.55\n

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

2.11

72.26

(19.78)

32.14

35.22

1.12\n

Total\n from investment operations

2.01

73.47

(19.30)

32.45

34.49

1.67\n

Redemption\n fees

0.04

0.06

0.02

0.04

0.06

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(3.20)

(1.56)

—

(1.97)

—\n

From\n net realized gains

—

(3.13)

(5.70)

—

—\n

Total\n distributions

—

(6.33)

(7.26)

—

(1.97)

—\n

Net\n asset value, end of period

$176.03

$173.98

$106.78

$133.32

$100.83

$68.25\n

Total\n return

1.18%⁽⁶⁾

68.85%

(14.52)%

32.22%

50.62%

2.51%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$110,691

$92,045

$55,494

$95,963

$49,484

$35,118\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.61%⁽⁷⁾

1.64%

1.67%

1.64%

1.65%

1.73%\n

After\n expense reimbursement⁽⁴⁾

1.44%⁽⁷⁾

1.44%

1.44%\n

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

(0.11)%⁽⁷⁾

0.85%

0.42%

0.27%

(0.73)%

0.98%\n

Portfolio\n turnover rate⁽⁵⁾

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Small Cap Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nMarket Opportunities Fund

Financial\nHighlights

No\nLoad Class

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$76.42

$41.85

$45.55

$40.16

$31.85

$26.71\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

0.04

0.31

0.36

0.07

(0.33)

0.10\n

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

4.45

34.85

(3.70)

5.94

9.25

5.12\n

Total\n from investment operations

4.49

35.16

(3.34)

6.01

8.92

5.22\n

Redemption\n fees

0.04

0.03

0.00⁽³⁾

0.02

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.53)

(0.36)

(0.02)

(0.59)

(0.08)\n

From\n net realized gains

—

(0.09)

—

(0.60)

(0.04)

—\n

Total\n distributions

—

(0.62)

(0.36)

(0.62)

(0.63)

(0.08)\n

Net\n asset value, end of period

$80.95

$76.42

$41.85

$45.55

$40.16

$31.85\n

Total\n return

5.93%⁽⁶⁾

84.08%

(7.33)%

14.98%

28.04%

19.55%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$236,152

$161,183

$92,117

$96,190

$86,943

$66,570\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.67%⁽⁷⁾

1.72%

1.76%

1.75%

1.85%\n

After\n expense reimbursement⁽⁴⁾

1.40%⁽⁷⁾

1.40%

1.40%\n

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

0.09%⁽⁷⁾

0.53%

0.90%

0.18%

(0.79)%

0.40%\n

Portfolio\n turnover rate⁽⁵⁾

13%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nMarket Opportunities Fund

Financial\nHighlights

Advisor\nClass A

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$75.04

$41.14

$44.81

$39.54

$31.36

$26.29\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.06)

0.16

0.26

(0.03)

(0.43)

0.04\n

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

4.37

34.20

(3.65)

5.83

9.10

5.04\n

Total\n from investment operations

4.31

34.36

(3.39)

5.80

8.67

5.08\n

Redemption\n fees

0.04

0.03

0.00⁽³⁾

0.02

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.40)

(0.28)

—

(0.47)

(0.01)\n

From\n net realized gains

—

(0.09)

—

(0.53)

(0.04)

—\n

Total\n distributions

—

(0.49)

(0.28)

(0.53)

(0.51)

(0.01)\n

Net\n asset value, end of period

$79.39

$75.04

$41.14

$44.81

$39.54

$31.36\n

Total\n return

5.80%⁽⁷⁾

83.60%

(7.56)%

14.69%

27.70%

19.31%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$20,461

$18,806

$9,238

$9,794

$8,786

$6,442\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.92%⁽⁸⁾

1.97%

2.01%

2.00%

2.10%\n

After\n expense reimbursement⁽⁵⁾

1.65%⁽⁸⁾

1.65%

1.65%\n

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

(0.16)%⁽⁸⁾

0.28%

0.65%

(0.07)%

(1.04)%

0.15%\n

Portfolio\n turnover rate⁽⁶⁾

13%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

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

\n \n \n \n

(6)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(7)

Not Annualized.

\n \n \n \n

(8)

Annualized.

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

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

TABLE OF CONTENTS

The\nMarket Opportunities Fund

Financial\nHighlights

Advisor\nClass C

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$71.16

$39.06

$42.51

$37.72

$29.79

$25.10\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.26)

(0.12)

0.06

(0.22)

(0.60)

(0.08)\n

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

4.16

32.38

(3.46)

5.54

8.65

4.77\n

Total\n from investment operations

3.90

32.26

(3.40)

5.32

8.05

4.69\n

Redemption\n fees

0.04

0.02

0.00⁽⁵⁾

0.02

0.00⁽⁵⁾\n

Less\n distributions:

From\n net investment income

—

(0.09)

(0.05)

—

(0.10)

—\n

From\n net realized gains

—

(0.09)

—

(0.53)

(0.04)

—\n

Total\n distributions

—

(0.18)

(0.05)

(0.53)

(0.14)

—\n

Net\n asset value, end of period

$75.10

$71.16

$39.06

$42.51

$37.72

$29.79\n

Total\n return

5.54%⁽⁶⁾

82.65%

(8.01)%

14.12%

27.06%

18.69%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$13,239

$15,057

$9,871

$12,610

$11,087

$9,392\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.42%⁽⁷⁾

2.47%

2.51%

2.50%

2.60%\n

After\n expense reimbursement⁽³⁾

2.15%⁽⁷⁾

2.15%

2.15%\n

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

(0.66)%⁽⁷⁾

(0.22)%

0.15%

(0.57)%

(1.54)%

(0.35)%\n

Portfolio\n turnover rate⁽⁴⁾

13%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

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

\n \n \n \n

(4)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(5)

Amount calculated\n is less than $0.005.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nMarket Opportunities Fund

Financial\nHighlights

Institutional\nClass

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$77.72

$42.54

$46.29

$40.79

$32.34

$27.11\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

0.12

0.43

0.45

0.16

(0.25)

0.15\n

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

4.53

35.45

(3.76)

6.04

9.39

5.22\n

Total\n from investment operations

4.65

35.88

(3.31)

6.20

9.14

5.37\n

Redemption\n fees

0.04

0.02

0.00⁽³⁾

0.02

—\n

Less\n distributions:

From\n net investment income

—

(0.63)

(0.44)

(0.03)

(0.67)

(0.14)\n

From\n net realized gains

—

(0.09)

—

(0.67)

(0.04)

—\n

Total\n distributions

—

(0.72)

(0.44)

(0.70)

(0.71)

(0.14)\n

Net\n asset value, end of period

$82.41

$77.72

$42.54

$46.29

$40.79

$32.34\n

Total\n return

6.03%⁽⁶⁾

84.40%

(7.14)%

15.21%

28.31%

19.79%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$36,172

$28,338

$19,964

$21,577

$22,655

$14,260\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.62%⁽⁷⁾

1.67%

1.71%

1.70%

1.80%\n

After\n expense reimbursement⁽³⁾

1.20%⁽⁷⁾

1.20%

1.20%\n

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

0.29%⁽⁷⁾

0.73%

1.10%

0.38%

(0.59)%

0.60%\n

Portfolio\n turnover rate⁽⁴⁾

13%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Portfolio turnover\n of The Market Opportunities Portfolio.

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

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

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

TABLE OF CONTENTS

The\nMulti-Disciplinary Income Fund

Financial\nHighlights

No\nLoad Class

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$9.98

$9.92

$9.94

$10.40

$10.45

$10.95\n

Income\n from Investment Operations:

Net\n investment income⁽²⁾

0.27

0.65

0.49

0.21

0.18

0.33\n

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

(0.01)

0.03

0.01

(0.45)

(0.07)

(0.50)\n

Total\n from investment operations

0.26

0.68

0.50

(0.24)

0.11

(0.17)\n

Redemption\n fees

0.00

0.00⁽³⁾

0.01

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

(0.29)

(0.62)

(0.52)

(0.22)

(0.17)

(0.33)\n

Total\n distributions

(0.29)

(0.62)

(0.52)

(0.22)

(0.17)

(0.33)\n

Net\n asset value, end of period

$9.95

$9.98

$9.92

$9.94

$10.40

$10.45\n

Total\n return

2.66%⁽⁶⁾

7.05%

5.15%

(2.30)%

1.18%

(1.38)%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$15,347

$13,406

$12,121

$16,325

$3,202

$3,698\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.03%⁽⁷⁾

1.17%

1.64%

2.30%

2.10%

2.13%\n

After\n expense reimbursement⁽⁴⁾

0.78%⁽⁷⁾

0.76%

1.03%⁽⁸⁾

1.49%

1.49%\n

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

5.48%⁽⁷⁾

6.52%

4.94%

2.06%

1.72%

3.14%\n

Portfolio\n turnover rate⁽⁵⁾

32%

37%

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

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

\n \n \n \n

(6)

Not Annualized.

\n \n \n \n

(7)

Annualized.

\n \n \n \n

(8)

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

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

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

TABLE OF CONTENTS

The\nSpin-off Fund

Financial\nHighlights

No\nLoad Class

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 33.92

$19.46

$26.33

$19.20

$13.45

$12.83\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.15)

0.32

0.03

0.08

(0.11)

0.10\n

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

(1.31)

15.73

(5.17)

7.49

5.88

0.60\n

Total\n from investment operations

(1.46)

16.05

(5.14)

7.57

5.77

0.70\n

Redemption\n fees

0.06

0.01

0.00⁽³⁾

—\n

Less\n distributions:

From\n net investment income

—

(0.40)

(0.03)

—

(0.02)

(0.08)\n

From\n net realized gains

—

(1.20)

(1.71)

(0.44)

—

—\n

Total\n distributions

—

(1.60)

(1.74)

(0.44)

(0.02)

(0.08)\n

Net\n asset value, end of period

$\n 32.52

$33.92

$19.46

$26.33

$19.20

$13.45\n

Total\n return

(4.13)%⁽⁴⁾

82.47%

(19.59)%

39.43%

42.90%

5.44%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$247

$222

$29

$149

$125

$18\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.61%⁽⁵⁾

1.77%

1.83%

1.79%

1.84%

2.17%\n

After\n expense reimbursement⁽⁶⁾

1.45%⁽⁵⁾

1.45%

1.45%\n

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

(0.78)%⁽⁵⁾

1.06%

0.15%

0.36%

(0.57)%

0.92%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

Not annualized.

\n \n \n \n

(5)

Annualized.

\n \n \n \n

(6)

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

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

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

TABLE OF CONTENTS

The\nSpin-off Fund

Financial\nHighlights

Advisor\nClass A

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 32.10

$18.42

$25.05

$18.28

$12.82

$12.25\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.15)

0.26

0.02

0.06

(0.12)

0.09\n

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

(1.25)

14.91

(4.91)

7.15

5.60

0.55\n

Total\n from investment operations

(1.40)

15.17

(4.89)

7.21

5.48

0.64\n

Redemption\n fees

0.06

0.01

0.00⁽³⁾

—\n

Less\n distributions:

From\n net investment income

—

(0.30)

(0.03)

—

(0.02)

(0.07)\n

From\n net realized gains

—

(1.20)

(1.71)

(0.44)

—

—\n

Total\n distributions

—

(1.50)

(1.74)

(0.44)

(0.02)

(0.07)\n

Net\n asset value, end of period

$\n 30.76

$32.10

$18.42

$25.05

$18.28

$12.82\n

Total\n return

(4.14)%⁽⁵⁾

82.36%

(19.63)%

39.45%

42.75%

5.21%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$9,339

$10,684

$5,758

$10,649

$5,869

$2,521\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.86%⁽⁶⁾

2.02%

2.08%

2.04%

2.09%

2.41%\n

After\n expense reimbursement⁽⁷⁾

1.50%⁽⁶⁾

1.50%

1.50%\n

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

(0.83)%⁽⁶⁾

1.00%

0.09%

0.30%

(0.62)%

0.87%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

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

\n \n \n \n

(5)

Not annualized.

\n \n \n \n

(6)

Annualized.

\n \n \n \n

(7)

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

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

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

TABLE OF CONTENTS

The\nSpin-off Fund

Financial\nHighlights

Advisor\nClass C

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$\n 28.86

$16.64

$23.01

$16.95

$11.98

$11.47\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.25)

0.06

(0.13)

(0.08)

(0.23)

0.01\n

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

(1.10)

13.42

(4.50)

6.58

5.23

0.50\n

Total\n from investment operations

(1.35)

13.48

(4.63)

6.50

5.00

0.51\n

Redemption\n fees

0.05

0.01

0.00⁽⁶⁾

—\n

Less\n distributions:

From\n net investment income

—

(0.07)

(0.03)

—

(0.03)

(0.00)⁽⁶⁾\n

From\n net realized gains

—

(1.20)

(1.71)

(0.44)

—

—\n

Total\n distributions

—

(1.27)

(1.74)

(0.44)

(0.03)

(0.00)⁽⁶⁾\n

Net\n asset value, end of period

$\n 27.56

$28.86

$16.64

$23.01

$16.95

$11.98\n

Total\n return

(4.50)%⁽³⁾

81.04%

(20.24)%

38.36%

41.73%

4.47%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$252

$264

$301

$842

$940

$2,611\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

2.36%⁽⁴⁾

2.52%

2.58%

2.54%

2.59%

2.91%\n

After\n expense reimbursement⁽⁵⁾

2.25%⁽⁴⁾

2.25%

2.25%\n

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

(1.58)%⁽⁴⁾

0.25%

(0.66)%

(0.43)%

(1.37)%

0.12%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Not annualized.

\n \n \n \n

(4)

Annualized.

\n \n \n \n

(5)

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

\n \n \n \n

(6)

Amount calculated\n is less than $0.005.

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

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

TABLE OF CONTENTS

The\nSpin-off Fund

Financial\nHighlights

Institutional\nClass

For the

Period Ended\n

June 30,\n 2025

(Unaudited)

For the Year\n Ended December 31,

2024

2023

2022

2021

2020

PER\n SHARE DATA:⁽¹⁾

Net\n asset value, beginning of period

$32.34

$18.56

$25.25

$18.40

$12.87

$12.32\n

Income\n from Investment Operations:

Net\n investment income (loss)⁽²⁾

(0.10)

0.32

0.07

0.12

(0.07)

0.12\n

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

(1.27)

15.06

(4.95)

7.21

5.62

0.55\n

Total\n from investment operations

(1.37)

15.38

(4.88)

7.33

5.55

0.67\n

Redemption\n fees

0.06

0.01

0.00⁽³⁾

0.00⁽³⁾\n

Less\n distributions:

From\n net investment income

—

(0.41)

(0.10)

(0.04)

(0.02)

(0.12)\n

From\n net realized gains

—

(1.20)

(1.71)

(0.44)

—

—\n

Total\n distributions

—

(1.61)

(1.81)

(0.48)

(0.02)

(0.12)\n

Net\n asset value, end of period

$31.03

$32.34

$18.56

$25.25

$18.40

$12.87\n

Total\n return

(4.05)%⁽⁴⁾

82.86%

(19.43)%

39.82%

43.12%

5.46%\n

SUPPLEMENTAL\n DATA AND RATIOS

Net\n assets, end of Year (000’s)

$23,597

$25,461

$16,389

$23,458

$17,377

$12,387\n

Ratio\n of operating expenses to average net assets:

Before\n expense reimbursement

1.56%⁽⁵⁾

1.72%

1.78%

1.74%

1.79%

2.11%\n

After\n expense reimbursement⁽⁶⁾

1.25%⁽⁵⁾

1.25%

1.25%\n

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

0.15%⁽⁵⁾

1.25%

0.35%

0.56%

(0.37)%

1.12%\n

Portfolio\n turnover rate

\n \n \n \n

(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(3)

Amount calculated\n is less than $0.005.

\n \n \n \n

(4)

Not annualized.

\n \n \n \n

(5)

Annualized.

\n \n \n \n

(6)

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

\n \n \n \n

(7)

Amount calculated\n is less than $0.005.

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)

1.\nOrganization

Kinetics\nMutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”),\nand is incorporated in the State of Maryland. The Company is an open-end management investment company issuing its shares in series. One\nbillion shares are authorized for the Company with a par value of $0.001 per share. The series of the Company presently authorized are\nThe Internet Fund (“Internet”), The Global Fund (“Global”), The Paradigm Fund (“Paradigm”), The Small\nCap Opportunities Fund (“Small Cap”), The Market Opportunities Fund (“Market Opportunities”), The Multi-Disciplinary\nIncome Fund (“Multi-Disciplinary Income”) and The Kinetics Spin-Off and Corporate Restructuring Fund (“Spin-Off Fund”)\n(each, a “Fund” and collectively, the “Funds”). Investment operations of the Company began on October 21,\n1996 (Internet), December 31, 1999 (Global and Paradigm), March 20, 2000 (Small Cap), January 31, 2006 (Market Opportunities),\nFebruary 11, 2008 (Multi-Disciplinary Income) and May 4, 2007 (Spin-Off Fund). The Spin-Off Fund completed a plan of reorganization\nat the close of business on December 8, 2017 to begin operations under the Company. Prior to December 8, 2017, the Spin-Off\nFund was known as Horizon Spin-Off and Corporate Restructuring Fund, a series of Investment Managers Series Trust. Each series, except\nthe Spin-Off Fund, unlike many other investment companies which directly acquire and manage their own portfolios of securities, seeks\nto achieve its investment objective by investing all of its investable assets in a corresponding portfolio series, The Internet Portfolio\n(“Internet Portfolio”), The Global Portfolio (“Global Portfolio”), The Paradigm Portfolio (“Paradigm Portfolio”),\nThe Small Cap Opportunities Portfolio (“Small Cap Opportunities Portfolio”), The Market Opportunities Portfolio (“Market\nOpportunities Portfolio”) and The Multi-Disciplinary Income Portfolio (“Multi-Disciplinary Income Portfolio”) (each\na “Master Portfolio” and collectively the “Master Portfolios”) of Kinetics Portfolios Trust (the “Trust”).\nThe Spin-Off Fund does not invest all of its investable assets in a Master Portfolio and will directly acquire and manage its own portfolio\nof securities.

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

Each\nFeeder Fund’s respective interest in the corresponding Master Portfolio as of June 30, 2025, is as follows:

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

\n	\n	\n	\n
\n	\n	\n	\n Interest\n in \n Master Portfolio\n
\n The\n Internet Fund	\n	\n	\n 99.943%\n
\n The\n Global Fund	\n	\n	\n 99.989%\n
\n The\n Paradigm Fund	\n	\n	\n 95.703%\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 99.937%\n
\n The\n Market Opportunities Fund	\n	\n	\n 99.975%\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 98.544%
\n	\n	\n	\n

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

As\nof June 30, 2025, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class A shares. Advisor Class A\nshares 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\ndaily net assets. The Advisor Class A shares are also subject to a front-end sales charge of 5.75%.

As\nof June 30, 2025, each of the Funds (other than the Multi-Disciplinary Income Fund) offers Advisor Class C shares. Advisor Class C\nshares 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%\nof average daily net assets. If you sell your Advisor Class C shares within 12 months of purchase, you will have to pay a contingent\ndeferred 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,\nwhichever is less.

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TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

As\nof June 30, 2025, each of the Funds offers No Load Class shares. No Load Class shares are subject to a shareholder servicing\nfee of 0.25% of average daily net assets but do not have 12b-1 fees or a sales charge.

As\nof June 30, 2025, the Paradigm, Small Cap, Market Opportunities and Spin-Off Funds offer Institutional Class shares. Institutional\nClass shares are subject to a shareholder servicing fee of 0.20% of average daily net assets but do not have 12b-1 fees or a sales\ncharge. The Adviser has contractually agreed to waive the portion of the Institutional Class shareholder servicing fee in excess\nof 0.05%.

Each\nclass of shares for each Feeder Fund and the Spin-Off Fund has identical rights and privileges except with respect to the Rule 12b-1\nfees paid by the Advisor Class A and Advisor Class C shares, the front-end sales charge on the Advisor Class A shares,\nthe contingent deferred sales charge on Class C, the shareholder servicing fees paid by the Advisor Class A, Advisor Class C,\nNo Load Class and Institutional Class shares, voting rights on matters pertaining to a single class of shares and the exchange\nprivileges of each class of shares. Shares of each Feeder Fund and the Spin-Off Fund will assess a 2.00% redemption fee (with exceptions)\non shares redeemed or exchanged within 30 days of purchase. Income, expenses (other than expenses attributable to a specific class), and\nrealized and unrealized gains or losses on investments are allocated to each class based on its relative net assets.

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

2.\nSignificant Accounting Policies

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

Other\nassets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at\nfair value by the Adviser, as the Master Portfolios’ and Spin-Off Fund’s Valuation Designee. In determining the fair value\nof a security, the Adviser, as Valuation Designee, shall take into account the relevant factors and surrounding circumstances, which may\ninclude: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available;\n(iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the\nportfolio manager of the Portfolios with respect to the valuation of the security; (v) whether the same or similar securities are held\nby other funds managed by

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TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

the\nAdviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined\nfor the security will result from the use of data or formula produced by third parties independent of the Adviser; (vii) the liquidity\nor illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets. At June 30,\n2025, 1.73%, 0.86%, 0.20%, 0.69%, 0.82% and 0.30% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio,\nThe Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Spin-Off Fund, respectively, were fair valued securities.\nThe Multi-Disciplinary Income Portfolio did not hold any fair valued securities at June 30, 2025.

Bitcoin\n– The Master Portfolios and Spin-Off Fund invests in Grayscale Bitcoin Trust, a Delaware statutory trust (“Bitcoin Trust”)\nthat invests in bitcoins. From time to time, the Bitcoin Trust issues creation units in exchange for bitcoins and distributes bitcoins\nin exchange for redemption units. The performance of the Bitcoin Trust is intended to reflect changes in the value of the Bitcoin Trust’s\nbitcoin investments. At June 30, 2025, 58.10%, 20.74%, 13.60% 5.46%, 18.47% and 0.78% of the net assets of The Internet Portfolio,\nThe Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Spin-Off\nFund, respectively, were invested in the Bitcoin Trust. Investments in bitcoins produce non-qualifying\nincome under Subchapter M of the Internal Revenue Code.

Bitcoin\nis a decentralized digital currency that enables instant transfers to anyone, anywhere in the world. Managing transactions in bitcoins\noccurs via an open source, cryptographic protocol central authority. The Bitcoin Network is an online, end-user-to-end-user network that\nhosts the public transaction ledger, known as the Blockchain, and the source code that comprises the basis for the cryptographic and algorithmic\nprotocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively\nmaintained by a decentralized user base. Since the Bitcoin Network is decentralized, it does not rely on either governmental authorities\nor financial institutions to create, transmit or determine the value of bitcoins. Rather, the value of bitcoins is determined by the supply\nof and demand for bitcoins in the global bitcoin exchange market for the trading of bitcoins, which consists of transactions on electronic\nbitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect\nthe value of the Bitcoin Trust. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison\nto the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a Master Portfolio’s\ndirect or indirect investment in the Bitcoin Trust. Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoins\nmay be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a Master Portfolio’s\ndirect or indirect investment in the Bitcoin Trust. Shares of the Bitcoin Trust may trade at a premium or discount to the net asset value\nof the Bitcoin Trust. The price of bitcoins is set in transfers by mutual agreement or barter as well as the number of merchants that\naccept bitcoins. Because bitcoins are digital files that can be transferred without the involvement of intermediaries or third parties,\nthere are little or no transaction costs in direct end-user-to-end-user transactions. Bitcoins can be used to pay for goods and services\nor can be converted to fiat currencies, such as the U.S. dollar, at rates determined by the Bitcoin Exchanges. Additionally, third party\nservice providers such as Bitcoin Exchanges are also used for transfers, but they may charge significant fees for processing transactions.

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

Repurchase\nAgreements – Each Master Portfolio and the Spin-Off Fund may enter into repurchase agreements\nwith banks that are members of the Federal Reserve System or securities dealers who are members of a national securities exchange or are\nprimary dealers in U.S. Government Securities. In connection with transactions in repurchase agreements, it is the Trust’s policy\nthat the Master Portfolios and Spin-Off Fund receive, as collateral, securities whose

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TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

market\nvalue, including accrued interest, at all times will be at least equal to 102% of the amount invested by the Master Portfolio and Spin-Off\nFund in each repurchase agreement. If the seller defaults and the value of the collateral declines, realization of the collateral by the\nMaster Portfolio and Spin-Off Fund may be delayed or limited.

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

Restricted\nand Illiquid Securities – The Master Portfolios and Spin-Off Fund may invest in restricted securities.\nThese securities are valued by the Master Portfolios and Spin-Off Fund after giving due consideration to pertinent factors including recent\nprivate sales, market conditions and the issuer’s financial performance. The Master Portfolios and Spin-Off Fund have no right to\nrequire registration of unregistered securities. The 144A securities have been deemed to be liquid by the Master Portfolio and Spin-Off\nFund’s Adviser under the oversight of the Board of Trustees/Directors. At June 30, 2025, market value and percentage of 144A securities\nheld by the Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.

An\nilliquid asset is any asset which may not be sold or disposed of in current market conditions within seven days without the sale or disposition\nsignificantly changing the market value of the investment. At June 30, 2025, market value and percentage of illiquid securities held by\nthe Master Portfolios and Spin-Off Fund are disclosed under the respective schedule of investments.

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

Securities\nLending – Each Master Portfolio and Spin-Off Fund may lend its portfolio securities to broker-dealers\nby entering directly into lending arrangements with such broker- dealers or indirectly through repurchase agreements with respect to no\nmore than 33 ¹∕3% of\nthe total assets of each Master Portfolio and Spin-Off Fund (including any collateral posted) or 50% of the total assets of each Master\nPortfolio and Spin-Off Fund (excluding any collateral posted).Securities lending and repurchase transactions will be fully collateralized\nat all times with cash and/or short-term debt obligations. The Master Portfolios and Spin-Off Fund receive interest on the collateral\nreceived as well as a fee for the securities loaned.

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

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

Federal\nIncome Taxes – Each Master Portfolio will be treated as a partnership for federal income tax purposes.\nAs such, each investor in a Master Portfolio via its investment in a Feeder Fund will be subject to taxation on its share of the Master\nPortfolio’s ordinary income and capital gains. It is intended that the Master Portfolio’s assets will be managed so an investor\nin the Master Portfolio via its investment in a Feeder Fund can satisfy the requirements of

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TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

subchapter\nM 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\nInternal Revenue Code.

The\nconsolidated financial statements include the accounts of Cayman wholly-owned Controlled Foreign Corporations (“CFCs”) and\nthe accounts of Delaware Corporations (“Cayman” or “Delaware,” respectively, or “Subsidiaries” for\nboth).The respective Master Portfolios hold a CFC: Internet Portfolio, Global Portfolio, Paradigm Portfolio, Small Cap Opportunities Portfolio\nand Market Opportunities Portfolio. The respective Master Portfolios hold a Delaware subsidiary: Internet Portfolio, Global Portfolio\nand Market Opportunities Portfolio. The investment of up to 25% of a Master Portfolio’s assets in the Subsidiaries is a structure\nthat has been used by a number of Registered Investment Companies (“RICs”) to avoid earning non-qualified income by indirectly\nmaking commodities-related investments which would not generate qualifying income if they were made directly by the RIC. Under Treasury\nRegulations, income from a foreign subsidiary that is a CFC, such as the Subsidiaries, is qualifying income for a RIC for U.S. federal\nincome 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\ncurrently, to the extent the income is derived with respect to the RIC’s business of investing in stock, securities or currencies.\nIf the IRS were to determine that income derived from a Master Portfolio’s investment in its Subsidiaries do not constitute qualifying\nincome and if such positions were upheld by a court, or if future legislation or Treasury regulations were to adversely affect the tax\ntreatment of such investments, then the corresponding Feeder Fund might cease to qualify as a RIC and could be required to reduce its\nexposure to such investments. In that event, a Feeder Fund’s taxable income would be subject to tax at the Feeder Fund level at\nregular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such\nincome is distributed. In such an event, in order to re-qualify for taxation as a regulated investment company, the Feeder Fund may be\nrequired to recognize unrealized gains, pay substantial taxes, and interest and make certain distributions.

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

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

There\nis no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken\nin future tax returns. As of December 31, 2024, open tax years include the tax years ended December 31, 2021 through December 31,\n2024.The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax\nbenefits will significantly change in the next twelve months.

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

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

3.\nInvestment Adviser

The\nTrust has entered into Investment Advisory Agreements (the “Agreements”) with Horizon Kinetics Asset Management LLC (the “Adviser”),\nwith whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Master Portfolios\nand Spin-Off Fund. The Adviser is a wholly-owned subsidiary of

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TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

Horizon\nKinetics Holding Corporation (OTC: HKHC). Under the terms of the Agreements, the Master Portfolios, except the Multi-Disciplinary Income\nPortfolio, compensate the Adviser for its management services at the annual rate of 1.25% of each Master Portfolio’s average daily\nnet assets. Effective as of April 30, 2023, the Adviser agreed to reduce the management fee for the Multi-Disciplinary Income Portfolio\nfrom 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\nfor the Multi-Disciplinary Income Portfolio through April 30, 2026. The Spin-Off Fund compensates the Adviser for its management\nservices at the annual rate of 1.00% of the Fund’s average daily net assets.

The\nAdviser has agreed to waive a portion of its advisory fee and/or reimburse certain operating expenses through at least April 30,\n2026. The Adviser may discontinue the waiver/reimbursement at any time after April 30, 2026; these waivers/reimbursements are not\nsubject to recapture. Operating expenses exclude brokerage commissions, borrowing costs on securities sold short, short dividends, interest\nexpense, taxes, acquired fund fees and expenses and extraordinary expenses. Below are operating expense limitations by each share class\nof each of the Fund (set forth below):

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

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The Internet\n Fund	\n	\n	\n The Global\n Fund
\n No\n Load Class	\n	\n	\n 1.67%	\n	\n	\n 1.39%\n
\n Class A	\n	\n	\n 1.92%	\n	\n	\n 1.64%\n
\n Class C	\n	\n	\n 2.42%	\n	\n	\n 2.14%
\n	\n	\n	\n	\n	\n	\n

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

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

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

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

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

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

For\nthe period ended June 30, 2025, the rate earned by the Adviser from the Master Portfolios and Spin-Off Fund and the waived fees/reimbursed\nexpenses for the Funds are as follows:

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

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The Internet\n Fund	\n	\n	\n The Global\n Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.25%	\n	\n	\n 1.25%\n
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $—	\n	\n	\n $\n 146,051
\n	\n	\n	\n	\n	\n	\n

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

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

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The Paradigm\n Fund	\n	\n	\n The Small\n Cap \n Opportunities\n Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.25%	\n	\n	\n 1.25%\n
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $6,691\n	\n	\n	\n $\n 55,501
\n Expenses\n Reimbursed by Adviser through institutional class shareholder servicing fee waiver	\n	\n	\n $\n 269,182	\n	\n	\n $\n 82,706
\n	\n	\n	\n	\n	\n	\n

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

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n The Market\n \n Opportunities\n Fund	\n	\n	\n The Multi-Disciplinary\n \n Income Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.25%	\n	\n	\n 1.00%\n
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $\n 427,025	\n	\n	\n $\n 17,938
\n Expenses\n Reimbursed by Adviser through institutional class shareholder servicing fee waiver	\n	\n	\n $37,045\n	\n	\n	\n N/A
\n	\n	\n	\n	\n	\n	\n

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

\n	\n	\n	\n
\n	\n	\n	\n The Spin-Off\n Fund
\n Annual\n Advisory Rate	\n	\n	\n 1.00%
\n Expenses\n Reimbursed by Adviser through voluntary waiver	\n	\n	\n $\n 44,736
\n Expenses\n Reimbursed by Adviser through institutional class shareholder servicing fee waiver	\n	\n	\n $\n 20,855
\n	\n	\n	\n

The\nAdviser receives the shareholder servicing fees from the No Load Class, Advisor Class A and Advisor Class C shares of a Fund\npursuant to a Shareholder Servicing Agreement in the amount equal to 0.25% of the Funds’ average daily net assets attributable to\nNo Load Class, Advisor Class A and Advisor Class C shares, respectively. For the Institutional Class, the Adviser receives a\nshareholder servicing fee pursuant to a shareholder servicing agreement in the amount equal to 0.20% of a Funds’ average daily net\nassets attributable to Institutional Class shares. At this time, the Adviser has contractually agreed to waive and/or reimburse the\nportion of the Institutional Class shareholder servicing fee in excess of 0.05% of a Fund’s average daily net assets attributable\nto Institutional Class shares until at least April 30, 2026. For the period ended June 30, 2025, the Adviser waived amounts\ndepicted in the above table in shareholder servicing fees for the Institutional Class of the Paradigm, Small Cap, Market Opportunities\nand Spin-Off Funds.

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

\n	\n	\n	\n
\n	\n	\n	\n Shareholder\n Servicing \n Expenses\n for the period \n ended June 30,\n 2025
\n The\n Internet Fund	\n	\n	\n $422,578\n
\n The\n Global Fund	\n	\n	\n 78,236\n
\n The\n Paradigm Fund	\n	\n	\n 1,729,442\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 646,702\n
\n The\n Market Opportunities Fund	\n	\n	\n 390,054\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 18,144\n
\n The\n Spin-Off Fund	\n	\n	\n 43,380
\n	\n	\n	\n

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

For\nthe period ended June 30, 2025, the Funds were allocated approximately $25,000 for the services of the Chief Compliance Officer employed\nby the Adviser.

The\nCompany, on behalf of the Funds, has adopted two Retail Distribution Plans pursuant to Rule 12b-1 under the 1940 Act (each a “12b-1\nPlan”).One 12b-1 Plan is for Advisor Class A shares, while the other 12b-1 Plan is for Advisor Class C shares. Under the\n12b-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\nasset value of Advisor Class A shares to the Distributor or other qualified recipients under the 12b-1 Plan. During the period ended\nJune 30, 2025, payments under the 12b-1 Plan for the Advisor Class A shares of the Internet, Global, Paradigm, Small Cap, Market\nOpportunities, Multi-Disciplinary Income and Spin-Off

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

Funds\nwere 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\nshares pay an annual rate of 0.75% of the average daily net asset value of such shares.

\n	\n	\n	\n
\n	\n	\n	\n 12b-1 Expenses\n for the period ended \n June 30,\n 2025
\n	\n	\n	\n Advisor Class A	\n	\n	\n Advisor Class C\n
\n The\n Internet Fund	\n	\n	\n $5,052\n	\n	\n	\n $14,134\n
\n The\n Global Fund	\n	\n	\n 3,973\n	\n	\n	\n 24,246\n
\n The\n Paradigm Fund	\n	\n	\n 350,080\n	\n	\n	\n 353,904\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 33,680\n	\n	\n	\n 47,462\n
\n The\n Market Opportunities Fund	\n	\n	\n 27,381\n	\n	\n	\n 57,293\n
\n The\n Spin-Off Fund	\n	\n	\n 14,877\n	\n	\n	\n 1,094
\n	\n	\n	\n	\n	\n	\n

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

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

\n	\n	\n	\n
\n	\n	\n	\n Distributor\n Sales Load \n Fees for\n the period ended \n June 30,\n 2025
\n The\n Internet Fund	\n	\n	\n $1,022\n
\n The\n Global Fund	\n	\n	\n 407\n
\n The\n Paradigm Fund	\n	\n	\n 31,517\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 1,075\n
\n The\n Market Opportunities Fund	\n	\n	\n 1,417\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n —\n
\n The\n Spin-Off Fund	\n	\n	\n 664
\n	\n	\n	\n

4.\nReclassification of Capital Accounts

GAAP\nrequires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.\nThese reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2024, each Fund recorded\nthe following reclassifications to the accounts listed below:

\n	\n	\n	\n
\n	\n	\n	\n Increase/(Decrease)\n
\n	\n	\n	\n Accumulated\n \n Earnings\n (Deficit)	\n	\n	\n Paid In Capital\n
\n The\n Internet Fund	\n	\n	\n $(887,066)	\n	\n	\n $887,066\n
\n The\n Global Fund	\n	\n	\n $(12,179)	\n	\n	\n $12,179\n
\n The\n Paradigm Fund	\n	\n	\n $(7,339,539)	\n	\n	\n $7,339,539\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n $(471,411)	\n	\n	\n $471,411\n
\n The\n Market Opportunities Fund	\n	\n	\n $(481,113)	\n	\n	\n $481,113\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n $—	\n	\n	\n $—\n
\n The\n Spin-Off Fund	\n	\n	\n $(249,519)	\n	\n	\n $249,519
\n	\n	\n	\n	\n	\n	\n

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

5.\nIncome Taxes

At\nDecember 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:

Internet

Global

Paradigm

Small Cap\n

Opportunities

Net\n Unrealized Appreciation

$\n 232,573,044

$23,195,307

$1,112,925,602

$298,250,979\n

Undistributed\n Ordinary Income

93,433

171,360

—

—\n

Undistributed\n Long-Term Capital Gains

1,197,537

—

23,818,116

—\n

Total\n Distributable Earnings

$1,290,970

$171,360

$23,818,116

$—\n

Other\n Accumulated Loss

—

(61,733)

(1,542,497)

(1,605,542)\n

Total\n Accumulated Gain

$\n 233,864,014

$23,304,934

$1,135,201,221

$296,645,437

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Market \n Opportunities	\n	\n	\n Multi- \n Disciplinary\n Income	\n	\n	\n Spin-Off\n \n Fund
\n Net\n Unrealized Appreciation	\n	\n	\n $\n 170,705,757	\n	\n	\n $70,197	\n	\n	\n $30,375,317\n
\n Undistributed\n Ordinary Income	\n	\n	\n 277,412	\n	\n	\n 50,965	\n	\n	\n 43,075\n
\n Undistributed\n Long-Term Capital Gains	\n	\n	\n 37,923	\n	\n	\n —	\n	\n	\n 170,922\n
\n Total\n Distributable Earnings	\n	\n	\n $315,335	\n	\n	\n $50,965	\n	\n	\n $213,997\n
\n Other\n Accumulated Loss	\n	\n	\n (67,482)	\n	\n	\n (5,464,093)	\n	\n	\n —\n
\n Total\n Accumulated Gain (Loss)	\n	\n	\n $\n 170,953,610	\n	\n	\n $(5,342,931)	\n	\n	\n $30,589,314
\n	\n	\n	\n	\n	\n	\n	\n	\n	\n

At\nDecember 31, 2024, the Funds had no accumulated net realized capital loss carryforwards that will expire in 2024.

At\nDecember 31, 2024, the Funds had the following short-term and long-term capital loss carryforwards without expiration.

\n	\n	\n	\n
\n	\n	\n	\n Capital Loss\n Carryforward
\n	\n	\n	\n Short-Term	\n	\n	\n Long-Term	\n	\n	\n Total
\n The\n Internet Fund	\n	\n	\n $—	\n	\n	\n $—	\n	\n	\n $—\n
\n The\n Global Fund	\n	\n	\n 11,749	\n	\n	\n —	\n	\n	\n 11,749\n
\n The\n Paradigm Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —\n
\n The\n Market Opportunities Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 13,004	\n	\n	\n 5,451,089	\n	\n	\n 5,464,093\n
\n The\n Spin-Off Fund	\n	\n	\n —	\n	\n	\n —	\n	\n	\n —
\n	\n	\n	\n	\n	\n	\n	\n	\n	\n

For\nthe year ended December 31, 2024, the following Funds utilized capital losses.

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

\n	\n	\n	\n
\n	\n	\n	\n Capital Losses \n Utilized\n
\n The\n Internet Fund	\n	\n	\n $—
\n The\n Global Fund	\n	\n	\n 215,150\n
\n The\n Paradigm Fund	\n	\n	\n —\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n —
\n The\n Market Opportunities Fund	\n	\n	\n 494,017
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n —\n
\n The\n Spin-Off Fund	\n	\n	\n —
\n	\n	\n	\n

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

At\nDecember 31, 2024, the following Funds deferred, on a tax basis, post- October losses:

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

\n	\n	\n	\n
\n	\n	\n	\n Post-October\n \n Capital Loss \n Deferral\n
\n The\n Internet Fund	\n	\n	\n $—\n
\n The\n Global Fund	\n	\n	\n —\n
\n The\n Paradigm Fund	\n	\n	\n 1,542,497\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 1,605,542\n
\n The\n Market Opportunities Fund	\n	\n	\n —\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n —\n
\n The\n Spin-Off Fund	\n	\n	\n —
\n	\n	\n	\n

The\ntax components of dividends paid during the year ended December 31, 2024 and the period ended June 30, 2025, are:

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

The Internet\n Fund

The Global\n Fund

Ordinary\n

Income

Distribution

Long-Term\n Capital

Gains Distribution

Ordinary\n

Income

Distribution

Long-Term\n Capital

Gains Distribution\n

2025\n

$—\n

2024\n

$672,765\n

$2,413,529\n

$435,355\n

$—

The Paradigm\n Fund

The Small\n Cap Opportunities Fund

Ordinary\n

Income

Distribution

Long-Term\n Capital

Gains Distribution

Ordinary\n

Income

Distribution

Long-Term\n Capital

Gains Distribution\n

2025

$—\n

2024

$\n 1,084,208

$\n 36,608,342

$\n 4,384,242

$11,803,574

The Market\n Opportunities Fund

The Multi-Disciplinary\n Income Fund

Ordinary\n

Income

Distribution

Long-Term\n Capital

Gains Distribution

Ordinary\n

Income

Distribution

Long-Term\n Capital

Gains Distribution

2025

$—\n

$438,928

$—\n

2024

$\n 1,449,269

$274,542

$831,330

$—

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

\n	\n	\n	\n
\n	\n	\n	\n The Spin-Off\n Fund
\n	\n	\n	\n Ordinary\n \n Income \n Distribution	\n	\n	\n Long-Term\n Capital \n Gains Distribution\n
\n 2025	\n	\n	\n $—\n	\n	\n	\n $—\n
\n 2024	\n	\n	\n $406,111	\n	\n	\n $\n 1,303,757
\n	\n	\n	\n	\n	\n	\n

Each\nFeeder Fund and the Spin-Off Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3),\nthe amount necessary to reduce the earnings and profits of the Feeder Funds and the Spin-Off Fund related to net capital gain to zero\nfor the tax year ended December 31, 2024.

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

6.\nSecurities Transactions, Tax Cost and Significant Investments – The Spin-Off Fund

Purchases\nand sales of investment securities, other than short-term investments and short-term options, for the period ended June 30, 2025,\nwere as follows for the Spin-Off Fund:

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

Purchases

Sales

U.S.

Government\n

Other

U.S.

Government\n

Other

The\n Spin-Off Fund

$\n —

$430,277

$\n —

$1,389,697

As\nof December 31, 2024, the cost of investments and unrealized appreciation (depreciation) on investment securities for federal income tax\npurposes was as follows for the Spin-Off Fund:

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

\n	\n	\n	\n
\n	\n	\n	\n The Spin-Off\n Fund
\n Tax\n Cost of Investments	\n	\n	\n $4,925,951\n
\n Unrealized\n Appreciation	\n	\n	\n 30,780,701\n
\n Unrealized\n Depreciation	\n	\n	\n (405,380)\n
\n Net\n Unrealized Appreciation	\n	\n	\n $30,375,321
\n	\n	\n	\n

Signiﬁcant\nInvestments – The Spin-Off Fund may invest a greater percentage of its assets in one or more individual\nsecurities at any time. The greater percentage of assets in individual securities (not including short-term investments or other funds)\nexposes the fund to the risk of unanticipated industry conditions, the risks particular to a single company or security, and the risk\nof potentially lower liquidity. At June 30, 2025, Spin-Off Fund invested approximately 82% of its net assets in individual securities\ngreater than 5% of net assets. See the Schedule of Investments for further details.

Holding\na large concentration in a single security or issuer may expose the fund to the market volatility of that specific security or issuer\nif the security or issuer performs worse than the market as a whole, which could adversely affect the Fund’s performance. At\nJune 30, 2025, the Spin-Off Fund held 76.1% of its net assets in Texas Pacific Land Corp. Because a large portion of its revenue\nis derived from oil and gas royalties, the performance of the Spin-Off Fund could be adversely affected if the underlying markets for\noil or gas were to decline, thereby having a more significant impact on the Spin-Off Fund given the concentration in this holding.

7.\nSummary of Fair Value Exposure – Spin-Off Fund

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

\n \n \n \n

Level 1 –

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

\n \n \n \n

Level 2 –

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

\n \n \n \n

Level 3 –

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

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

The\ninputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,\nthe level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest\nlevel input that is significant to the fair value measurement in its entirety. The following is a summary of the inputs used to value\nThe Spin-Off Fund’s net assets as of June 30, 2025:

The\nKinetics Spin-Off and Corporate Restructuring Fund

The\nfollowing is a summary of the inputs used to value The Kinetics Spin-Off and Corporate Restructuring Fund’s net assets as of June 30,\n2025:

Assets^

Level 1

Level 2

Level 3

Total

Common\n Stocks

$32,643,072

$ —\n

$100,007

$32,743,079\n

Unit\n Investment Trust

259,610

—

259,610\n

Exchange\n Traded Funds

8,937

—

8,937\n

Total\n Investments in Securities

$32,911,619

$—

$100,007

$33,011,626

During\nthe period ended June 30, 2025, there were no transfers into or out of Level 3.

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

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

\n	\n	\n	\n
\n Description	\n	\n	\n Investments\n in \n Securities\n
\n Balance\n as of December 31, 2024	\n	\n	\n $—\n
\n Accrued\n discounts/premiums	\n	\n	\n —\n
\n Realized\n gain (loss)	\n	\n	\n —\n
\n Change\n in unrealized appreciation (depreciation)	\n	\n	\n —^***\n
\n Net\n purchases and/or acquisitions	\n	\n	\n 100,007\n
\n Net\n sales and/or write-offs	\n	\n	\n —\n
\n Transfer\n in and/or out of Level 3	\n	\n	\n —\n
\n Balance\n as of June 30, 2025	\n	\n	\n $\n 100,007
\n	\n	\n	\n

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

Description

Fair Value\n at

6/30/2025

Valuation\n

Techniques

Unobservable\n

Input

Range**

Common\n Stocks

$\n 100,007

Cost Approach

Precedent Transaction

$17.21\n - $17.21

\n \n \n \n

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

\n \n \n \n

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

\n \n \n \n

***

Total change in unrealized appreciation/(depreciation)\n relating to Level 3 investment assets and investment liabilities still held by the Fund at June 30, 2025 is $0.

8.\nInvestment Adviser

The\nSpin-Off Fund entered into Investment Advisory Agreements (the “Agreement”) with the Adviser, with whom certain officers and\ntrustees of the Trust are affiliated, to furnish investment advisory services to the Spin-Off Fund. The Adviser is a wholly-owned subsidiary\nof Horizon Kinetics Holding Corporation. Under the terms of the Agreement, the Spin-Off Fund compensates the Adviser for its management\nservices at the annual rate of 1.00% of the Spin-Off Fund’s average daily net assets. For the period ended June 30, 2025, Spin-Off\nFund incurred $201,325 in expenses pursuant to the Agreement.

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

9.\nSubsequent Events

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

10.\nTax Information (Unaudited)

For\nthe fiscal year ended December 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided\nfor by the Jobs and Growth Tax Relief Reconciliation Act of 2003.The percentage of dividends declared from ordinary income designated\nas qualified dividend income was as follows:

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

\n	\n	\n	\n
\n The\n Internet Fund	\n	\n	\n 83.03%
\n The\n Global Fund	\n	\n	\n 82.17%\n
\n The\n Paradigm Fund	\n	\n	\n 100.00%\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 100.00%\n
\n The\n Market Opportunities Fund	\n	\n	\n 100.00%\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 0.00%
\n The\n Spin-Off Fund	\n	\n	\n 100.00%
\n	\n	\n	\n

For\ncorporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the\nfiscal year ended December 31, 2024 was as follows:

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

\n	\n	\n	\n
\n The\n Internet Fund	\n	\n	\n 83.35%
\n The\n Global Fund	\n	\n	\n 34.59%
\n The\n Paradigm Fund	\n	\n	\n 100.00%
\n The\n Small Cap Opportunities Fund	\n	\n	\n 96.09%\n
\n The\n Market Opportunities Fund	\n	\n	\n 97.80%\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 0.00%
\n The\n Spin-Off Fund	\n	\n	\n 100.00%
\n	\n	\n	\n

The\npercentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C)\nfor the year ended December 31, 2024 was as follows:

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

\n	\n	\n	\n
\n The\n Internet Fund	\n	\n	\n 16.97%
\n The\n Global Fund	\n	\n	\n 17.83%
\n The\n Paradigm Fund	\n	\n	\n 0.00%
\n The\n Small Cap Opportunities Fund	\n	\n	\n 0.00%\n
\n The\n Market Opportunities Fund	\n	\n	\n 0.00%\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 98.42%
\n The\n Spin-Off Fund	\n	\n	\n 0.00%
\n	\n	\n	\n

The\npercentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue\nSection 871(k)(2)(C) for the year ended December 31, 2024 was as follows:

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

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

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

The\npercentage of taxable income distributions that are designated as ordinary and long-term capital gain distributions under Internal Revenue\nSection 871(k)(2)(C) for the year ended December 31, 2024 was as follows:

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Ordinary	\n	\n	\n Long- \n Term
\n The\n Internet Fund	\n	\n	\n 21.80%	\n	\n	\n 78.20%
\n The\n Global Fund	\n	\n	\n 100.00%\n	\n	\n	\n 0.00%
\n The\n Paradigm Fund	\n	\n	\n 2.88%	\n	\n	\n 97.12%\n
\n The\n Small Cap Opportunities Fund	\n	\n	\n 27.08%	\n	\n	\n 72.92%\n
\n The\n Market Opportunities Fund	\n	\n	\n 84.07%	\n	\n	\n 15.93%\n
\n The\n Multi-Disciplinary Income Fund	\n	\n	\n 100.00%	\n	\n	\n 0.00%
\n The\n Spin-Off Fund	\n	\n	\n 23.75%\n	\n	\n	\n 76.25%
\n	\n	\n	\n	\n	\n	\n

11.\nRecent Accounting Pronouncements

Segment\nReporting (Topic 280)

In\nNovember 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU\n2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures\nabout significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit\nor loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s\nsegment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision\nmaker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring\nenhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new\ndisclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within\nfiscal years beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adopting\nthis guidance with respect to the financial statements and disclosures and determined there is no impact for the Funds.

12.\nInformation about Proxy Voting (Unaudited)

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

13.\nInformation about the Portfolio Holdings (Unaudited)

The\nSpin-Off Fund and Feeder Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC\non Part F of Form N-PORT. The Spin-Off Fund’s and Feeder Funds’ Part F of Form N-PORT is available without\ncharge, 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\nwebsite at www.sec.gov.

14.\nAPPROVAL OF INVESTMENT ADVISORY CONTRACT BY DIRECTORS OF KINETICS MUTUAL FUNDS, INC. (UNAUDITED)

At\na meeting of the Board of Directors of the Company held on June 6, 2025, the Board, including all of the Directors who are not interested\npersons under the 1940 Act (the “Independent Directors”), approved the Advisory Agreement between Horizon Kinetics Asset Management\nLLC (the “Adviser”) and Kinetics Spin-Off and Corporate Restructuring Fund (“Spin-Off Fund”).The Board noted that\nthe Adviser has served as the adviser to the Spin-Off Fund since its inception. In reaching a decision to approve the Advisory Agreement\n(the “Agreement”), the Board of Directors, including all of the Independent Directors, considered, among other things: (1)\nthe nature, extent and quality of the services provided by the Adviser including, but not limited to, a review of the complexity of the\nservices provided and

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

TABLE OF CONTENTS

KINETICS\nMUTUAL FUNDS, INC. – The Feeder Funds

Notes\nto Financial Statements

June\n30, 2025 (Unaudited)(Continued)

whether\nthe services are provided in a satisfactory and efficient manner; (2) the experience and qualifications of the personnel providing such\nservices; (3) the investment performance of the Spin-Off Fund and the Adviser as compared with industry competitors; (4) an evaluation\nof the fee structure, any fee waivers, and the Spin-Off Fund’s expense ratios, and a comparison of them in relation to those of\nother investment companies having comparable investment policies and limitations; (5) possible alternative fee structures or bases for\ndetermining fees; (6) the extent to which economies of scale would be realized as the Spin-Off Fund grows and whether fee levels reflect\nthese economies of scale for the benefit of the Spin-Off Fund’s investors; (7) the direct and indirect costs of the services to\nbe provided (and the basis of determining and allocating these costs) and profits to be realized by the Adviser and its affiliates from\ntheir relationship with the Spin-Off Fund; (8) other compensation or possible benefits to the Adviser and its affiliates arising from\ntheir advisory and other relationships with the Spin-Off Fund, including, if applicable, any benefits derived or to be derived by the\nAdviser from its relationship with the Spin-Off Fund such as soft dollar arrangements by which brokers provide research to the Spin-Off\nFund or the Adviser in return for allocating the Spin-Off Fund’s brokerage; (9) the entrepreneurial risks borne by the Adviser,\nif any (e.g., because a fund is in a start-up mode or for other reasons, its revenues may be less or its expenses greater than anticipated);\n(10) a comparison of the fees charged by the Adviser with fees charged by the Adviser to similar clients; and (11) the policies and procedures\nthat are in place to address, among other things, informational and cyber-related security.

The\nBoard of Directors, including all of the Independent Directors, concluded that: they were satisfied with the quality of services provided\nby the Adviser in advising the Spin-Off Fund, the profits earned by the Adviser would be reasonable in light of the nature, extent and\nquality of the services provided to the Spin-Off Fund; and that the Spin-Off Fund was not large enough to attain significant economies\nof scale. Based on the factors considered, the Board of Directors, including all of the Independent Directors, concluded that it was appropriate\nto approve the Agreement.

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

TABLE OF CONTENTS

KINETICS\nPORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO

THE\nINTERNET PORTFOLIO

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n UNIT\n INVESTMENT TRUSTS - 58.1%
\n Grayscale\n Bitcoin Mini Trust ETF^(a)	\n	\n	\n 428,419	\n	\n	\n $20,457,007\n
\n Grayscale\n Bitcoin Trust ETF^(a)(b)	\n	\n	\n 2,142,099	\n	\n	\n 181,714,258\n
\n Grayscale\n Litecoin Trust^(a)	\n	\n	\n 4	\n	\n	\n 27\n
\n TOTAL\n UNIT INVESTMENT TRUSTS \n (Cost\n $6,734,234)	\n	\n	\n	\n	\n	\n 202,171,292\n
\n COMMON\n STOCKS - 30.9%	\n	\n	\n	\n	\n	\n
\n Administrative\n and Support Services - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n CreditRiskMonitor.com,\n Inc.^(a)	\n	\n	\n 780	\n	\n	\n 1,972\n
\n Aerospace\n and Defense - 2.7%	\n	\n	\n	\n	\n	\n
\n CACI\n International, Inc. - Class A^(a)	\n	\n	\n 20,000	\n	\n	\n 9,534,000\n
\n Broadcasting\n (except Internet) - 0.2%	\n	\n	\n	\n	\n	\n
\n Atlanta\n Braves Holdings, Inc. - Class A^(a)	\n	\n	\n 8,000	\n	\n	\n 393,680\n
\n Atlanta\n Braves Holdings, Inc. - Class C^(a)	\n	\n	\n 8,000	\n	\n	\n 374,160\n
\n	\n	\n	\n	\n	\n	\n 767,840\n
\n Computing\n Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.2%	\n	\n	\n	\n	\n	\n
\n Broadridge\n Financial Solutions, Inc.	\n	\n	\n 2,100	\n	\n	\n 510,363\n
\n Data\n Processing, Hosting, and Related Services - 1.4%	\n	\n	\n	\n	\n	\n
\n Mastercard,\n Inc. - Class A	\n	\n	\n 5,000	\n	\n	\n 2,809,700\n
\n Verisk\n Analytics, Inc.	\n	\n	\n 7,000	\n	\n	\n 2,180,500\n
\n	\n	\n	\n	\n	\n	\n 4,990,200\n
\n Entertainment\n - 0.1%	\n	\n	\n	\n	\n	\n
\n IG\n Port, Inc.	\n	\n	\n 32,200	\n	\n	\n 488,797\n
\n Financial\n Services - 0.1%	\n	\n	\n	\n	\n	\n
\n Hellenic\n Exchanges - Athens Stock Exchange SA	\n	\n	\n 32,000	\n	\n	\n 225,790\n
\n Funds,\n Trusts, and Other Financial Vehicles - 0.3%	\n	\n	\n	\n	\n	\n
\n Mesabi\n Trust	\n	\n	\n 37,900	\n	\n	\n 908,084\n
\n Global\n Exchanges - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Japan\n Exchange Group, Inc. - ADR	\n	\n	\n 6,200	\n	\n	\n 62,744\n
\n NZX\n Ltd.	\n	\n	\n 1,200	\n	\n	\n 1,090\n
\n	\n	\n	\n	\n	\n	\n 63,834\n
\n Management,\n Scientific, and Technical Consulting \n Services\n -0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Booz\n Allen Hamilton Holding Corp.	\n	\n	\n 1,400	\n	\n	\n 145,782\n
\n Media\n - 0.1%	\n	\n	\n	\n	\n	\n
\n Nippon\n Television Holdings, Inc.	\n	\n	\n 200	\n	\n	\n 4,647\n
\n Toei\n Animation Co. Ltd.	\n	\n	\n 7,000	\n	\n	\n 159,682\n
\n	\n	\n	\n	\n	\n	\n 164,329\n
\n	\n	\n	\n	\n	\n	\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n Offices\n of Real Estate Agents and Brokers - 1.2%	\n	\n	\n	\n	\n	\n
\n Landbridge\n Co. LLC - Class A	\n	\n	\n 61,200	\n	\n	\n $4,135,896\n
\n Oil\n and Gas Extraction - 19.2%	\n	\n	\n	\n	\n	\n
\n Permian\n Basin Royalty Trust	\n	\n	\n 12,550	\n	\n	\n 156,373\n
\n Texas\n Pacific Land Corp.	\n	\n	\n 63,078	\n	\n	\n 66,634,968\n
\n	\n	\n	\n	\n	\n	\n 66,791,341\n
\n Other\n Financial Investment Activities - 0.3%	\n	\n	\n	\n	\n	\n
\n Bakkt\n Holdings, Inc.^(a)(d)	\n	\n	\n 80,000	\n	\n	\n 1,116,000\n
\n Other\n Motor Vehicle Dealers - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Copart,\n Inc.^(a)	\n	\n	\n 400	\n	\n	\n 19,628\n
\n Performing\n Arts, Spectator Sports, and Related Industries - 0.1%	\n	\n	\n	\n	\n	\n
\n Madison\n Square Garden Entertainment Corp.^(a)	\n	\n	\n 4,000	\n	\n	\n 159,880\n
\n Sphere\n Entertainment Co.^(a)	\n	\n	\n 4,000	\n	\n	\n 167,200\n
\n	\n	\n	\n	\n	\n	\n 327,080\n
\n Pharmaceutical\n and Medicine Manufacturing - 0.9%	\n	\n	\n	\n	\n	\n
\n Galaxy\n Digital, Inc. - Class A^(a)(d)	\n	\n	\n 150,000	\n	\n	\n 3,285,000\n
\n Securities\n and Commodities Exchanges - 1.3%	\n	\n	\n	\n	\n	\n
\n CME\n Group, Inc.	\n	\n	\n 4,000	\n	\n	\n 1,102,480\n
\n Miami\n International Holdings \n Inc.^(a)(e)	\n	\n	\n 268,000	\n	\n	\n 3,159,720\n
\n Nasdaq,\n Inc.	\n	\n	\n 2,100	\n	\n	\n 187,782\n
\n	\n	\n	\n	\n	\n	\n 4,449,982\n
\n Securities,\n Commodity Contracts, and Other Financial Investments and Related Activities - 2.0%	\n	\n	\n	\n	\n	\n
\n OTC\n Markets Group, Inc. - Class A - Class A	\n	\n	\n 121,000	\n	\n	\n 6,897,000\n
\n S&P\n Global, Inc.	\n	\n	\n 113	\n	\n	\n 59,584\n
\n	\n	\n	\n	\n	\n	\n 6,956,584\n
\n Technology\n Services and Software - 0.8%	\n	\n	\n	\n	\n	\n
\n SB\n Technology, Inc.^(a)(e)	\n	\n	\n 156,886	\n	\n	\n 2,700,008\n
\n Web\n Search Portals, Libraries, Archives, and Other Information Services - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n CoStar\n Group, Inc.^(a)	\n	\n	\n 200	\n	\n	\n 16,080\n
\n TOTAL\n COMMON STOCKS \n (Cost\n $54,551,842)	\n	\n	\n	\n	\n	\n 107,598,590\n
\n EXCHANGE\n TRADED FUNDS - 0.3%	\n	\n	\n	\n	\n	\n
\n ProShares\n UltraPro QQQ	\n	\n	\n 6,124	\n	\n	\n 508,292\n
\n ProShares\n UltraPro Short QQQ	\n	\n	\n 25,126	\n	\n	\n 491,716\n
\n TOTAL\n EXCHANGE TRADED FUNDS \n (Cost\n $1,000,531)	\n	\n	\n	\n	\n	\n 1,000,008
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nPORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO

THE\nINTERNET PORTFOLIO

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)(Continued)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Contracts	\n	\n	\n Value\n
\n WARRANTS\n - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Securities\n and Commodities Exchanges - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Miami\n International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50^(a)(e)	\n	\n	\n 40,819	\n	\n	\n $162,460\n
\n TOTAL\n WARRANTS \n (Cost\n $0)	\n	\n	\n	\n	\n	\n 162,460\n
\n TOTAL\n INVESTMENTS - 89.3% \n (Cost\n $62,286,607)	\n	\n	\n	\n	\n	\n $310,932,350\n
\n Money\n Market Deposit \n Account\n - 11.9%^(f)(g)	\n	\n	\n	\n	\n	\n 41,254,142\n
\n Liabilities\n in Excess of Other \n Assets\n - (1.2)%	\n	\n	\n	\n	\n	\n (4,325,527)\n
\n TOTAL\n NET ASSETS - 100.0%	\n	\n	\n	\n	\n	\n $347,860,965
\n	\n	\n	\n	\n	\n	\n

Percentages\nare stated as a percent of net assets.

ADR\n- American Depositary Receipt

LLC\n- Limited Liability Company

\n \n \n \n

(a)

Non-income producing\n security.

\n \n \n \n

(b)

\n \n \n \n

(c)

Represents less than\n 0.05% of net assets.

\n \n \n \n

(d)

All or a portion\n of this security is on loan as of June 30, 2025. The fair value of these securities was $4,356,990.

\n \n \n \n

(e)

\n \n \n \n

(f)

\n \n \n \n

(g)

All or a portion\n of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending\n as of June 30, 2025 is $4,093,650 which represented 1.2% of net assets.

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

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

TABLE OF CONTENTS

KINETICS\nPORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO

THE\nGLOBAL PORTFOLIO

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n COMMON\n STOCKS - 53.7%	\n	\n	\n	\n	\n	\n
\n Accommodation\n - 0.2%	\n	\n	\n	\n	\n	\n
\n Civeo\n Corp.	\n	\n	\n 5,400	\n	\n	\n $124,686\n
\n Administrative\n and Support Services - 0.0%^(a)	\n	\n	\n
\n RB\n Global, Inc.	\n	\n	\n 200	\n	\n	\n 21,238\n
\n Aerospace\n and Defense - 0.1%	\n	\n	\n	\n	\n	\n
\n CACI\n International, Inc. - Class A^(b)	\n	\n	\n 100	\n	\n	\n 47,670\n
\n Elbit\n Systems Ltd.	\n	\n	\n 10	\n	\n	\n 4,495\n
\n	\n	\n	\n	\n	\n	\n 52,165\n
\n Agencies,\n Brokerages, and Other Insurance \n Related\n Activities - 0.0%^(a)	\n	\n	\n
\n Brookfield\n Wealth Solutions Ltd.	\n	\n	\n 232	\n	\n	\n 14,333\n
\n Asset\n Management - 2.9%	\n	\n	\n	\n	\n	\n
\n Investor\n AB	\n	\n	\n 67,200	\n	\n	\n 1,987,042\n
\n Chemical\n Manufacturing - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Resonac\n Holdings Corp.	\n	\n	\n 600	\n	\n	\n 13,954\n
\n Diversified\n Real Estate Activities - 0.7%	\n	\n	\n	\n	\n	\n
\n PrairieSky\n Royalty Ltd.	\n	\n	\n 27,200	\n	\n	\n 471,793\n
\n Entertainment\n - 1.8%	\n	\n	\n	\n	\n	\n
\n IG\n Port, Inc.	\n	\n	\n 83,200	\n	\n	\n 1,262,978\n
\n Financial\n Services - 3.1%	\n	\n	\n	\n	\n	\n
\n Hellenic\n Exchanges - Athens Stock Exchange SA	\n	\n	\n 308,400	\n	\n	\n 2,176,052\n
\n Kinnevik\n AB	\n	\n	\n 200	\n	\n	\n 1,769\n
\n Value\n Partners Group Ltd.	\n	\n	\n 10,000	\n	\n	\n 2,484\n
\n	\n	\n	\n	\n	\n	\n 2,180,305\n
\n Funds,\n Trusts, and Other Financial Vehicles - 0.7%	\n	\n	\n	\n	\n	\n
\n Mesabi\n Trust	\n	\n	\n 20,918	\n	\n	\n 501,195\n
\n Global\n Exchanges - 0.8%	\n	\n	\n	\n	\n	\n
\n ASX\n Ltd.	\n	\n	\n 800	\n	\n	\n 36,730\n
\n B3\n SA - Brasil Bolsa Balcao	\n	\n	\n 30,000	\n	\n	\n 80,286\n
\n Deutsche\n Boerse AG	\n	\n	\n 600	\n	\n	\n 195,705\n
\n Euronext\n NV^(c)	\n	\n	\n 1,120	\n	\n	\n 191,431\n
\n Japan\n Exchange Group, Inc. - ADR	\n	\n	\n 3,900	\n	\n	\n 39,468\n
\n NZX\n Ltd.	\n	\n	\n 38,000	\n	\n	\n 34,513\n
\n	\n	\n	\n	\n	\n	\n 578,133\n
\n Hospitality\n and Tourism - 0.3%	\n	\n	\n	\n	\n	\n
\n Carnival\n Corp.^(b)	\n	\n	\n 4,200	\n	\n	\n 118,104\n
\n Norwegian\n Cruise Line Holdings Ltd.^(b)	\n	\n	\n 2,000	\n	\n	\n 40,560\n
\n Royal\n Caribbean Cruises Ltd.	\n	\n	\n 200	\n	\n	\n 62,628\n
\n	\n	\n	\n	\n	\n	\n 221,292\n
\n Insurance\n Carriers - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Fairfax\n Financial Holdings Limited	\n	\n	\n 4	\n	\n	\n 7,226\n
\n	\n	\n	\n	\n	\n	\n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n Legal\n Services - 0.1%	\n	\n	\n	\n	\n	\n
\n CRA\n International, Inc.	\n	\n	\n 220	\n	\n	\n $41,222\n
\n Live\n Sports (Spectator Sports) - 0.1%	\n	\n	\n	\n	\n	\n
\n BIGLEAGUE^(b)(d)	\n	\n	\n 1,818	\n	\n	\n 99,990\n
\n Management\n of Companies and Enterprises - 12.4%	\n	\n	\n	\n	\n	\n
\n Associated\n Capital Group, Inc. - \n Class A	\n	\n	\n 13,300	\n	\n	\n 498,750\n
\n Fairfax\n India Holdings Corp.^(b)(c)	\n	\n	\n 154,600	\n	\n	\n 2,874,014\n
\n Hawaiian\n Electric Industries, Inc.^(b)	\n	\n	\n 254,000	\n	\n	\n 2,700,020\n
\n Valterra\n Platinum Ltd. - ADR^(e)	\n	\n	\n 736	\n	\n	\n 5,468\n
\n White\n Mountains Insurance Group Ltd.	\n	\n	\n 1,444	\n	\n	\n 2,593,020\n
\n	\n	\n	\n	\n	\n	\n 8,671,272\n
\n Management,\n Scientific, and Technical Consulting Services - 0.2%	\n	\n	\n	\n	\n	\n
\n Booz\n Allen Hamilton Holding Corp.	\n	\n	\n 1,600	\n	\n	\n 166,608\n
\n Media\n - 1.9%	\n	\n	\n	\n	\n	\n
\n AlphaPolis\n Co. Ltd.	\n	\n	\n 36,400	\n	\n	\n 379,912\n
\n Nippon\n BS Broadcasting Corp.	\n	\n	\n 2,000	\n	\n	\n 12,833\n
\n Nippon\n Television Holdings, Inc.	\n	\n	\n 25,000	\n	\n	\n 580,882\n
\n Toei\n Animation Co. Ltd.	\n	\n	\n 14,000	\n	\n	\n 319,364\n
\n	\n	\n	\n	\n	\n	\n 1,292,991\n
\n Mining\n (except Oil and Gas) - 4.9%	\n	\n	\n	\n	\n	\n
\n Franco-Nevada\n Corp.	\n	\n	\n 4,800	\n	\n	\n 786,816\n
\n Sandstorm\n Gold Ltd.	\n	\n	\n 90,000	\n	\n	\n 846,000\n
\n Wheaton\n Precious Metals Corp.	\n	\n	\n 20,000	\n	\n	\n 1,796,000\n
\n	\n	\n	\n	\n	\n	\n 3,428,816\n
\n Motor\n Vehicle and Parts Dealers - 0.0%^(a)	\n	\n	\n
\n AutoNation,\n Inc.^(b)	\n	\n	\n 40	\n	\n	\n 7,946\n
\n Penske\n Automotive Group, Inc.	\n	\n	\n 30	\n	\n	\n 5,154\n
\n	\n	\n	\n	\n	\n	\n 13,100\n
\n Nonmetallic\n Mineral Mining and Quarrying - 0.1%	\n	\n	\n	\n	\n	\n
\n Anglo\n American PLC - ADR	\n	\n	\n 2,113	\n	\n	\n 31,146\n
\n Nonmetallic\n Mineral Product Manufacturing - 0.1%	\n	\n	\n	\n	\n	\n
\n Eagle\n Materials, Inc.	\n	\n	\n 418	\n	\n	\n 84,482\n
\n Offices\n of Real Estate Agents and Brokers - 3.4%	\n	\n	\n	\n	\n	\n
\n Landbridge\n Co. LLC - Class A	\n	\n	\n 34,600	\n	\n	\n 2,338,268\n
\n Oil\n and Gas Extraction - 13.8%	\n	\n	\n	\n	\n	\n
\n EQT\n Corp.	\n	\n	\n 12	\n	\n	\n 700\n
\n Permian\n Basin Royalty Trust	\n	\n	\n 40,000	\n	\n	\n 498,400\n
\n Texas\n Pacific Land Corp.	\n	\n	\n 8,634	\n	\n	\n 9,120,871\n
\n	\n	\n	\n	\n	\n	\n 9,619,971\n
\n	\n	\n	\n	\n	\n	\n

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

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

TABLE OF CONTENTS

KINETICS\nPORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO

THE\nGLOBAL PORTFOLIO

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)(Continued)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n COMMON\n STOCKS - (Continued)
\n Other\n Crop Farming - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n J\n G Boswell Co.	\n	\n	\n 54	\n	\n	\n $29,430\n
\n Other\n Financial Investment Activities - 0.9%	\n	\n	\n
\n GAMCO\n Investors, Inc. - Class A	\n	\n	\n 26,010	\n	\n	\n 628,142\n
\n Other\n Investment Pools and Funds - 1.1%	\n	\n	\n
\n Partners\n Value Investments LP^(b)	\n	\n	\n 2,193	\n	\n	\n 220,548\n
\n Urbana\n Corp.	\n	\n	\n 66,800	\n	\n	\n 308,062\n
\n Urbana\n Corp. - Class A	\n	\n	\n 51,600	\n	\n	\n 240,996\n
\n	\n	\n	\n	\n	\n	\n 769,606\n
\n Pharmaceutical\n and Medicine Manufacturing - 1.7%	\n	\n	\n	\n	\n	\n
\n Galaxy\n Digital, Inc. - Class A^(b)(e)	\n	\n	\n 54,000	\n	\n	\n 1,182,600\n
\n Real\n Estate - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Tejon\n Ranch Co.^(b)	\n	\n	\n 800	\n	\n	\n 13,568\n
\n Securities\n and Commodities Exchanges - 0.3%	\n	\n	\n
\n Cboe\n Global Markets, Inc.	\n	\n	\n 200	\n	\n	\n 46,642\n
\n CME\n Group, Inc.	\n	\n	\n 200	\n	\n	\n 55,124\n
\n Intercontinental\n Exchange, Inc.	\n	\n	\n 500	\n	\n	\n 91,735\n
\n	\n	\n	\n	\n	\n	\n 193,501\n
\n Securities,\n Commodity Contracts, and Other Financial Investments and Related Activities - 0.4%	\n	\n	\n	\n	\n	\n
\n Brookfield\n Asset Management Ltd.	\n	\n	\n 400	\n	\n	\n 22,112\n
\n Brookfield\n Corp.	\n	\n	\n 4,000	\n	\n	\n 247,400\n
\n OTC\n Markets Group, Inc. - Class A	\n	\n	\n 400	\n	\n	\n 22,800\n
\n	\n	\n	\n	\n	\n	\n 292,312\n
\n Support\n Activities for Mining - 0.2%	\n	\n	\n	\n	\n	\n
\n Aris\n Water Solutions, Inc. - Class A	\n	\n	\n 5,600	\n	\n	\n 132,440\n
\n Core\n Laboratories, Inc.	\n	\n	\n 200	\n	\n	\n 2,304\n
\n Liberty\n Energy, Inc.	\n	\n	\n 200	\n	\n	\n 2,296\n
\n	\n	\n	\n	\n	\n	\n 137,040\n
\n Support\n Activities for Water Transportation - 0.8%	\n	\n	\n	\n	\n	\n
\n Clarkson\n PLC	\n	\n	\n 9,000	\n	\n	\n 403,352\n
\n Siem\n Industries, Inc.^(b)	\n	\n	\n 5,500	\n	\n	\n 137,500\n
\n	\n	\n	\n	\n	\n	\n 540,852\n
\n Technology\n Services and Software - 0.7%	\n	\n	\n
\n SB\n Technology, Inc.^(b)(d)	\n	\n	\n 29,053	\n	\n	\n 500,002\n
\n Water,\n Sewage and Other Systems - 0.0%^(a)	\n	\n	\n
\n Pure\n Cycle Corp.^(b)	\n	\n	\n 800	\n	\n	\n 8,576\n
\n TOTAL\n COMMON STOCKS \n (Cost\n $25,478,408)	\n	\n	\n	\n	\n	\n 37,519,835\n
\n	\n	\n	\n	\n	\n	\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n\t \n\t \n\t\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value
\n UNIT\n INVESTMENT TRUSTS - 20.7%	\n	\n	\n
\n Grayscale\n Bitcoin Mini Trust ETF^(b)	\n	\n	\n 30,704	\n	\n	\n $1,466,116\n
\n Grayscale\n Bitcoin Trust ETF^(b)	\n	\n	\n 153,520	\n	\n	\n 13,023,102\n
\n Grayscale\n Ethereum Classic Trust^(b)	\n	\n	\n 24	\n	\n	\n 198\n
\n TOTAL\n UNIT INVESTMENT TRUSTS \n (Cost\n $343,861)	\n	\n	\n	\n	\n	\n 14,489,416\n
\n	\n	\n	\n Contracts	\n	\n	\n
\n WARRANTS\n - 0.1%	\n	\n	\n	\n	\n	\n
\n Other\n Investment Pools and Funds - 0.1%	\n	\n	\n
\n Partners\n Value Investments LP, Expires 06/30/2026, Exercise Price $29.34^(b)	\n	\n	\n 3,493	\n	\n	\n 52,584\n
\n TOTAL\n WARRANTS \n (Cost\n $19,638)	\n	\n	\n	\n	\n	\n 52,584\n
\n	\n	\n	\n Shares\n	\n	\n	\n
\n PREFERRED\n STOCKS - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Financial\n Services - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Partners\n Value Investments LP, Series 1*, 4.50%, Perpetual	\n	\n	\n 515	\n	\n	\n 10,042\n
\n Other\n Investment Pools and Funds - 0.0%^(a)	\n	\n	\n
\n Partners\n Value Investments LP, Series 1*, 0.16%, 11/27/2030	\n	\n	\n 2,193	\n	\n	\n 1,579\n
\n TOTAL\n PREFERRED STOCKS \n (Cost\n $12,301)	\n	\n	\n	\n	\n	\n 11,621\n
\n	\n	\n	\n Par\n	\n	\n	\n
\n CONVERTIBLE\n BONDS - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Department\n Stores - 0.0%^(a)	\n	\n	\n	\n	\n	\n
\n Sears\n Holdings Corp., 8.00%, 12/15/2019^(d)(f)	\n	\n	\n $41,080	\n	\n	\n 0\n
\n TOTAL\n CONVERTIBLE BONDS \n (Cost\n $41,080)	\n	\n	\n	\n	\n	\n 0\n
\n TOTAL\n INVESTMENTS - 74.5% \n (Cost\n $25,895,288)	\n	\n	\n	\n	\n	\n $52,073,456\n
\n Money\n Market Deposit \n Account\n - 27.0%^(g)(h)	\n	\n	\n	\n	\n	\n 18,831,542\n
\n Liabilities\n in Excess of Other \n Assets\n - (1.5)%	\n	\n	\n	\n	\n	\n (1,050,028)\n
\n TOTAL\n NET ASSETS - 100.0%	\n	\n	\n	\n	\n	\n $69,854,970
\n	\n	\n	\n	\n	\n	\n

Percentages\nare stated as a percent of net assets.

ADR\n- American Depositary Receipt

LLC\n- Limited Liability Company

LP\n- Limited Partnership

PLC\n- Public Limited Company

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

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

TABLE OF CONTENTS

KINETICS\nPORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO

THE\nGLOBAL PORTFOLIO

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)(Continued)

\n \n \n \n

(a)

Represents less than\n 0.05% of net assets.

\n \n \n \n

(b)

Non-income producing\n security.

\n \n \n \n

(c)

\n \n \n \n

(d)

\n \n \n \n

(e)

All or a portion\n of this security is on loan as of June 30, 2025. The fair value of these securities was $1,176,183.

\n \n \n \n

(f)

Issuer is currently\n in default.

\n \n \n \n

(g)

\n \n \n \n

(h)

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

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

TABLE OF CONTENTS

KINETICS\nPORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO

THE\nPARADIGM PORTFOLIO

Consolidated\nPortfolio of Investments - June 30, 2025 (Unaudited)

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value \n
\n COMMON\n STOCKS - 85.2%	\n	\n	\n	\n	\n	\n
\n Accommodation\n - 0.4%	\n	\n	\n	\n	\n	\n
\n Civeo\n Corp.^(a)	\n	\n	\n 216,400	\n	\n	\n $4,996,676\n
\n Aerospace\n and Defense - 1.0%	\n	\n	\n	\n	\n	\n
\n CACI\n International, Inc. - Class A^(b)	\n	\n	\n 27,000	\n	\n	\n 12,870,900\n
\n Asset\n Management - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Investor\n AB	\n	\n	\n 1,000	\n	\n	\n 29,569\n
\n Beverage\n and Tobacco Product Manufacturing - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Crimson\n Wine Group Ltd.^(b)	\n	\n	\n 20,800	\n	\n	\n 114,400\n
\n Broadcasting\n (except Internet) - 0.0%^(c)
\n Atlanta\n Braves Holdings, Inc. - \n Class C^(b)	\n	\n	\n 4,842	\n	\n	\n 226,460\n
\n Computing\n Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Broadridge\n Financial Solutions, Inc.	\n	\n	\n 1,000	\n	\n	\n 243,030\n
\n Diversified\n Real Estate Activities - 0.1%
\n PrairieSky\n Royalty Ltd.	\n	\n	\n 60,000	\n	\n	\n 1,040,720\n
\n Electric\n Power Generation, Transmission \n and\n Distribution - 0.0%^(c)	\n	\n	\n
\n NRG\n Energy, Inc.	\n	\n	\n 148	\n	\n	\n 23,766\n
\n Entertainment\n - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n IG\n Port, Inc.	\n	\n	\n 23,000	\n	\n	\n 349,141\n
\n Financial\n Services - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Hellenic\n Exchanges - Athens Stock Exchange SA	\n	\n	\n 8,000	\n	\n	\n 56,447\n
\n Kinnevik\n AB	\n	\n	\n 200	\n	\n	\n 1,769\n
\n	\n	\n	\n	\n	\n	\n 58,216\n
\n Food\n Services and Drinking Places - 0.3%	\n	\n	\n
\n Wendy's\n Co.	\n	\n	\n 320,000	\n	\n	\n 3,654,400\n
\n Funds,\n Trusts, and Other Financial Vehicles - 0.1%	\n	\n	\n	\n	\n	\n
\n Mesabi\n Trust^(a)	\n	\n	\n 41,800	\n	\n	\n 1,001,528\n
\n Hospitality\n and Tourism - 0.7%	\n	\n	\n	\n	\n	\n
\n Carnival\n Corp.^(b)	\n	\n	\n 215,000	\n	\n	\n 6,045,800\n
\n Royal\n Caribbean Cruises Ltd.	\n	\n	\n 10,200	\n	\n	\n 3,194,028\n
\n	\n	\n	\n	\n	\n	\n 9,239,828\n
\n Insurance\n Carriers - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Fairfax\n Financial Holdings Limited	\n	\n	\n 2	\n	\n	\n 3,613\n
\n Insurance\n Carriers and Related Activities - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n Markel\n Group, Inc.^(b)	\n	\n	\n 100	\n	\n	\n 199,736\n
\n	\n	\n	\n	\n	\n	\n

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

\n	\n	\n	\n	\n	\n	\n
\n	\n	\n	\n Shares	\n	\n	\n Value \n
\n Legal\n Services - 0.0%^(c)	\n	\n	\n	\n	\n	\n
\n CRA\n International, Inc.	\n	\n	\n 124	\n	\n	\n $23,234\n
\n Management\n of Companies and Enterprises - 2.3%	\n	\n	\n	\n	\n	\n
\n Associated\n Capital Group, Inc. - Class A^(a)	\n	\n	\n 260,290	\n	\n	\n 9,760,875\n
\n Fairfax\n India Holdings Corp.^(b)(d)	\n	\n	\n 8,400