Kinetics Global Portfolio
Schedule of Investments
March 31, 2026 (Unaudited)

COMMON STOCKS - 76.8%	Shares		Value
Accommodation - 0.2%
Civeo Corp.		5,400	$	142,884

Administrative and Support Services - 0.0% ^(a)
RB Global, Inc.		200		19,170

Aerospace and Defense - 0.2%
Booz Allen Hamilton Holding Corp.		1,600		124,848
Elbit Systems Ltd.		10		8,491
				133,339

Agencies, Brokerages, and Other Insurance Related Activities - 0.0% ^(a)
Brookfield Wealth Solutions Ltd.		348		14,407

Architectural, Engineering, and Related Services - 0.0% ^(a)
Sumitomo Corp. - ADR		600		22,428

Asset Management - 4.4%
Investor AB ^(b)		67,200		2,515,035

Business Support Services - 0.0% ^(a)
Circle Internet Group, Inc. ^(b)		100		9,541
Fermi, Inc. ^(b)(c)		1,800		10,512
				20,053

Chemical Manufacturing - 0.1%
Resonac Holdings Corp.		600		37,057

Computer Systems Design and Related Services - 1.6%
CACI International, Inc. - Class A ^(b)		100		54,387
Miami International Holdings, Inc. ^(b)		21,800		848,456
				902,843

Data Center Infrastructure - 1.1%
Bolt Data & Energy Inc. ^(b)(d)		120,000		600,000

Diversified Real Estate Activities - 1.1%
PrairieSky Royalty Ltd.		27,200		629,603

Electric Power Generation, Transmission and Distribution - 6.8%
Hawaiian Electric Industries, Inc. ^(b)		260,000		3,858,400

Entertainment - 1.1%
IG Port, Inc.		83,200		647,440

Financial Services - 4.4%
Euronext NV ^(d)		15,520		2,484,535
Kinnevik AB ^(b)		200		1,060
Value Partners Group Ltd.		10,000		2,512
				2,488,107

Funds, Trusts, and Other Financial Vehicles - 1.2%
Mesabi Trust ^(c)		20,918		658,917

Global Exchanges - 1.0%
ASX Ltd.		800		28,868
B3 SA - Brasil Bolsa Balcao - ADR		100		1,078
B3 SA - Brasil Bolsa Balcao		30,000		106,567
Deutsche Boerse AG		600		174,141
Euronext NV ^(e)		1,120		179,296
Japan Exchange Group, Inc. - ADR ^(c)		4,000		46,560
NZX Ltd.		38,000		28,606
				565,116

Hospitality and Tourism - 0.4%
Carnival Corp.		4,200		108,696
Norwegian Cruise Line Holdings Ltd. ^(b)		2,000		37,400
Royal Caribbean Cruises Ltd.		200		55,036
				201,132

Insurance Carriers - 0.0% ^(a)
Fairfax Financial Holdings Limited		4		6,808

Legal Services - 0.1%
CRA International, Inc.		220		35,614

Live Sports (Spectator Sports) - 0.2%
BIGLEAGUE ^(b)(d)		1,818		111,116

Management of Companies and Enterprises - 11.0%
Associated Capital Group, Inc. - Class A		13,300		522,690
Fairfax India Holdings Corp. ^(b)(e)		157,200		2,523,060
Valterra Platinum Ltd. - ADR		736		10,407
White Mountains Insurance Group Ltd.		1,464		3,216,350
				6,272,507

Media - 1.8%
AlphaPolis Co. Ltd.		36,400		261,466
Nippon BS Broadcasting Corp.		2,000		11,594
Nippon Television Holdings, Inc.		25,000		497,307
Toei Animation Co. Ltd.		14,000		228,915
				999,282

Mining (except Oil and Gas) - 2.9%
Franco-Nevada Corp.		2,400		592,920
Wheaton Precious Metals Corp.		8,000		1,048,080
				1,641,000

Miscellaneous Durable Goods Merchant Wholesalers - 0.8%
ITOCHU Corp. - ADR		600		7,650
Mitsui & Co. Ltd. - ADR ^(c)		600		465,186
				472,836

Motor Vehicle and Parts Dealers - 0.0% ^(a)
AutoNation, Inc. ^(b)		40		7,810
Penske Automotive Group, Inc.		30		4,486
				12,296

Nondepository Credit Intermediation - 0.0% ^(a)
Burford Capital Ltd.		1,800		8,136

Nonmetallic Mineral Mining and Quarrying - 0.1%
Anglo American PLC - ADR		2,113		45,683

Nonmetallic Mineral Product Manufacturing - 0.1%
Eagle Materials, Inc.		418		79,190

Offices of Real Estate Agents and Brokers - 4.3%
Aztec Land and Cattle Co. Ltd.		4		7,900
Landbridge Co. LLC - Class A		35,400		2,444,370
				2,452,270

Oil and Gas Extraction - 23.4%
EQT Corp.		12		764
Permian Basin Royalty Trust		40,000		860,800
Texas Pacific Land Corp.		25,902		12,292,053
Western Midstream Partners LP		3,500		144,095
				13,297,712

Other Crop Farming - 0.1%
J G Boswell Co.		54		29,700

Other Financial Investment Activities - 1.1%
GAMCO Investors, Inc. - Class A		25,000		600,000

Other Investment Pools and Funds - 2.2%
Partners Value Investments LP		21,930		270,834
Urbana Corp.		82,760		571,723
Urbana Corp. - Class A		64,000		397,958
				1,240,515

Pharmaceutical and Medicine Manufacturing - 1.7%
Galaxy Digital, Inc. - Class A ^(b)		54,000		996,300

Real Estate - 0.0% ^(a)
Tejon Ranch Co. ^(b)		800		15,072

Retail & Wholesale - Staples - 0.1%
Marubeni Corporation		600		21,239
Mitsubishi Corporation		600		20,102
				41,341

Securities and Commodities Exchanges - 0.5%
Cboe Global Markets, Inc.		200		56,214
CME Group, Inc.		200		59,070
Intercontinental Exchange, Inc.		500		78,640
TXSE Group, Inc. ^(b)(d)		4,350		100,050
				293,974

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.5%
Brookfield Asset Management Ltd. - Class A		400		17,780
Brookfield Corp.		6,000		242,820
OTC Markets Group, Inc. - Class A		400		21,412
				282,012

Support Activities for Mining - 0.0% ^(a)
Core Laboratories, Inc.		200		3,358
Liberty Energy, Inc.		200		5,760
				9,118

Support Activities for Water Transportation - 1.4%
Clarkson PLC		9,000		549,158
Siem Industries, Inc. ^(b)(d)		5,500		253,000
				802,158

Technology Services and Software - 0.9%
SB Technology, Inc. ^(b)(d)		29,053		500,002

Water, Sewage and Other Systems - 0.0% ^(a)
Pure Cycle Corp. ^(b)		800		8,048
WaterBridge Infrastructure LLC - Class A		400		10,716
				18,764
TOTAL COMMON STOCKS (Cost $27,066,064)				43,719,337

UNIT INVESTMENT TRUSTS - 15.9%	Shares		Value
Grayscale Bitcoin Mini Trust ETF ^(b)		30,704		920,813
Grayscale Bitcoin Trust ETF ^(b)		153,520		8,099,715
Grayscale Ethereum Classic Trust ^(b)		24		106
TOTAL UNIT INVESTMENT TRUSTS (Cost $493,294)				9,020,634

WARRANTS - 0.1%	Contracts		Value
Other Investment Pools and Funds - 0.1%
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93 ^(b)		3,996		76,840
TOTAL WARRANTS (Cost $30,925)				76,840

PREFERRED STOCKS - 0.0% ^(a)	Shares		Value
Financial Services - 0.0% ^(a)
Partners Value Investments LP, Series 1*, 4.50%, Perpetual ^(b)		515		11,330

Other Investment Pools and Funds - 0.0% ^(a)
Partners Value Investments LP, Series 1*, 0.16%, 11/27/2030 ^(b)		2,193		1,645
TOTAL PREFERRED STOCKS (Cost $12,301)				12,975

CONVERTIBLE BONDS - 0.0% ^(a)	Par		Value
Department Stores - 0.0% ^(a)
Sears Holdings Corp., 8.00%, 12/15/2019 ^(d)(f)		41,080		0
TOTAL CONVERTIBLE BONDS (Cost $41,080)				0

TOTAL INVESTMENTS - 92.8% (Cost $27,643,664)				52,829,786
Money Market Deposit Account - 9.4% ^(g)(h)				5,333,485
Liabilities in Excess of Other Assets - (2.2)%				(1,248,293	)
TOTAL NET ASSETS - 100.0%			$	56,914,978

Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

(a)	Represents less than 0.05% of net assets.
(b)	Non-income producing security.
(c)	All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $1,144,337.
(d)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $4,048,703 or 7.1% of net assets as of March 31, 2026.
(e)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $2,702,356 or 4.7% of the Fund’s net assets.
(f)	Issuer is currently in default.
(g)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.49%.
(h)	All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of March 31, 2026 is $1,191,614 which represented 2.1% of net assets.

Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

Kinetics Global Portfolio (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	39,147,944	$	522,690	$	4,048,703	$	43,719,337
Unit Investment Trusts		9,020,634		–		–		9,020,634
Warrants		76,840		–		–		76,840
Preferred Stocks		–		12,975		–		12,975
Convertible Bonds		–		–		0		0
Total Investments	$	48,245,418	$	535,665	$	4,048,703	$	52,829,786

Refer to the Schedule of Investments for further disaggregation of investment categories.