Kinetics Mutual Funds 2024年年度报告修正案

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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

Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
(Exact name of registrant as specified in charter)

470 Park Avenue South

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

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

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

1-646-495-7333

Registrant's telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Explanatory Note: The Registrant is submitting this corrective Form N-CSR filing for the period ended December 31, 2024 (covered period) to correct an administrative oversight in its filings made with the Securities and Exchange Commission. Although the intended Form N-CSR filing for the covered period identified the Registrant and Kinetics Mutual Funds, Inc. as co-registrants, the intended Form N-CSR filing was inadvertently made only on behalf of Kinetics Mutual Funds, Inc. and not the Registrant. The sole purpose of this corrective filing is to file the intended Form N-CSR on behalf of the Registrant for the covered period and to update the date of the certifications furnished under Item 13(b) of the intended Form N-CSR. Except as set forth above, this corrective filing does not amend, update or change any other items or disclosures included in the intended Form N-CSR filing.

Item 1. Reports to Stockholders.

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 76.44% outperforming benchmarks S&P 500 Index and the NASDAQ Composite Index which posted 25.02% and 28.64%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was largely driven by its exposure to blockchain and cryptocurrency, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. Additionally, the Fund benefited from strong gains in “hard asset” companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to blockchain and cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.

The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

9424889290991429010365130682039123461177222293840371100001013811351138291322317386205852649421696273993425410000106961164515096146672004929055354992394934640448841000010573113661457614010189452721333034221003169640774

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 76.44% outperforming benchmarks S&P 500 Index and the NASDAQ Composite Index which posted 25.02% and 28.64%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was largely driven by its exposure to blockchain and cryptocurrency, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. Additionally, the Fund benefited from strong gains in “hard asset” companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to blockchain and cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.

The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

10000938695581494510781135252099824047180672327340754100001013811351138291322317386205852649421696273993425410000106961164515096146672004929055354992394934640448841000010573113661457614010189452721333034221003169640774

This annual shareholder report contains important information about the The Internet Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 76.44% outperforming benchmarks S&P 500 Index and the NASDAQ Composite Index which posted 25.02% and 28.64%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was largely driven by its exposure to blockchain and cryptocurrency, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to distinguish itself from other cryptocurrencies, which is supported by an increasingly supportive regulatory environment. Additionally, the Fund benefited from strong gains in “hard asset” companies, which we believe stand to benefit from rising price levels as well as technological innovations, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. However, our investments in energy-related royalties and land/infrastructure were less impacted by commodity market fluctuations due to distinct growth drivers.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to blockchain and cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.

The Fund’s top detractor: Bakkt Holdings, Inc (“BKKT”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

10000945897041527611102140392195925331191802488743912100001013811351138291322317386205852649421696273993425410000106961164515096146672004929055354992394934640448841000010573113661457614010189452721333034221003169640774

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund posted 72.16%, significantly outperforming the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

Blockchain and cryptocurrency contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape. The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.

The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

94328122926113918106181285816034186251736019412333281000010138113511382913223173862058526494216962739934254100009764105311305611827149731740620633168442058424183

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund posted 72.16%, significantly outperforming the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

Blockchain and cryptocurrency contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape. The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.

The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

100008552971714383109031316016333188541749619452332561000010138113511382913223173862058526494216962739934254100009764105311305611827149731740620633168442058424183

This annual shareholder report contains important information about the The Global Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund posted 72.16%, significantly outperforming the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

Blockchain and cryptocurrency contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape. The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly with the Fund’s overweight exposure to Energy and Blockchain/Cryptocurrency. Grayscale Bitcoin Trust ETF (“GBTC”) was the largest contributor to returns.

The Fund’s top detractor: Permian Basin Royalty Trust (“PBT”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

100008617985714707112401366917086198741859120802358141000010138113511382913223173862058526494216962739934254100009764105311305611827149731740620633168442058424183

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.

The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

942486171035613263124951626316759230962976224672463821000010138113511382913223173862058526494216962739934254100009764105311305611827149731740620633168442058424183

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.

The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

1000091001087813868129981683117262236683034625029468211000010138113511382913223173862058526494216962739934254100009764105311305611827149731740620633168442058424183

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.

The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

1000091841108914266135001765218278253053275427275515041000010138113511382913223173862058526494216962739934254100009764105311305611827149731740620633168442058424183

This annual shareholder report contains important information about the The Paradigm Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load share class posted 88.47% and significantly outperformed the S&P 500 Index and MSCI All Country World Index which posted 25.02% and 17.49%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. Blockchain and cryptocurrency also contributed positively, with Bitcoin prices more than doubling for the second consecutive year. Bitcoin continues to set itself apart from other cryptocurrencies, supported by a more favorable regulatory landscape.

POSITIONING

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

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (Ticker: TPL) was the largest contributor to returns.

The Fund’s top detractor: Howard Hughes Holdings Inc (Ticker: HHH) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

1000091671104214178133921747318053249413221826775504621000010138113511382913223173862058526494216962739934254100009764105311305611827149731740620633168442058424183

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.

POSITIONING

The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.

The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

942582511023612891128911633516669249943290227997470631000010138113511382913223173862058526494216962739934254100009803124061404812856157851756722278186922169223579

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.

POSITIONING

The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.

The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

1000087081075013472134041690117160256023353328394474891000010138113511382913223173862058526494216962739934254100009803124061404812856157851756722278186922169223579

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.

POSITIONING

The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.

The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)

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

HOUSEHOLDING

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

1000087941095813863139241772618171273693618730933522301000010138113511382913223173862058526494216962739934254100009803124061404812856157851756722278186922169223579

This annual shareholder report contains important information about the The Small Cap Opportunities Fund for the period of January 1, 2024, to December 31, 2024. You can find additional information about the Fund at https://kineticsfunds.com/resources/. You can also request this information by contacting us at 1-800-930-3828.

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

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

For the 12-month period ended December 31, 2024, the Fund’s No-Load class posted 68.52% and significantly outperformed benchmarks S&P 600 Small Cap Index and S&P 500 Index which posted 8.70% and 25.02%, respectively.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund’s performance was driven by strong positive returns in “hard asset” companies, which we believe are well-positioned to benefit from rising prices, particularly in the energy sector. Energy prices were mixed for the year, as strong supply growth negated resilient demand. Our energy exposure to royalties and land/infrastructure decoupled from commodity markets due to unique growth drivers. The Fund also benefitted from exposure to a “Defense Technology” company that provides essential surveillance, communications and encryption/security for the federal government.

POSITIONING

The portfolio remains focused on companies within the broader universe of value companies in the hard asset realm and seeks opportunities in small capitalization issuers with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. Guided by long-term our value investment philosophy, the Fund may experience periods of outperformance or underperformance relative to the benchmark, but we believe the Fund is well-positioned to generate above-market returns over the long term.

PERFORMANCE

The Fund’s top contributor: Security selection collectively contributed positively to performance particularly within the Energy Sector. Texas Pacific Land Corporation (“TPL”) was the largest contributor to returns.

The Fund’s top detractor: Inter Parfums, Inc (“IPAR”) detracted marginally from returns.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

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

KEY FUND STATISTICS (as of December 31, 2024)

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

WHAT DID THE FUND INVEST IN? (as of December 31, 2024)