Kinetics Internet Portfolio
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 51.7%
  
Shares
   
Value
 
Administrative and Support Services - 0.0% (a)
        
CreditRiskMonitor.com, Inc. (b)
    
780
    
$
1,763
  
                 
Aerospace and Defense - 0.0% (a)
          
Booz Allen Hamilton Holding Corp.
    
1,400
      
109,242
  
                 
Broadcasting (except Internet) - 0.3%
          
Atlanta Braves Holdings, Inc. - Class A (b)
    
8,000
      
377,200
  
Atlanta Braves Holdings, Inc. - Class C (b)
    
8,000
      
341,600
  
             
718,800
  
                 
Business Support Services - 0.1%
          
Circle Internet Group, Inc. (b)
    
1,000
      
95,410
  
Fermi, Inc. (b)(c)
    
6,667
      
38,935
  
             
134,345
  
                 
Computer Systems Design and Related Services - 4.7%
          
CACI International, Inc. - Class A (b)
    
18,000
      
9,789,660
  
Miami International Holdings, Inc. (b)
    
76,022
      
2,958,764
  
             
12,748,424
  
                 
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.4%
          
Broadridge Financial Solutions, Inc.
    
7,200
      
1,169,856
  
                 
Data Center Infrastructure - 1.5%
          
Bolt Data & Energy Inc. (b)(d)
    
800,000
      
4,000,000
  
                 
Data Processing, Hosting, and Related Services - 1.4%
          
Mastercard, Inc. - Class A
    
5,000
      
2,498,300
  
Verisk Analytics, Inc.
    
7,000
      
1,328,250
  
             
3,826,550
  
                 
Entertainment - 0.1%
          
IG Port, Inc.
    
32,200
      
250,572
  
                 
Financial Services - 0.1%
          
Euronext NV (d)
    
1,600
      
256,138
  
                 
Funds, Trusts, and Other Financial Vehicles - 0.4%
          
Mesabi Trust (c)
    
37,900
      
1,193,850
  
                 
Global Exchanges - 0.0% (a)
          
Japan Exchange Group, Inc. - ADR (c)
    
6,200
      
72,168
  
NZX Ltd.
    
1,200
      
903
  
             
73,071
  
                 
Media - 0.0% (a)
          
Nippon Television Holdings, Inc.
    
200
      
3,978
  
Toei Animation Co. Ltd.
    
7,000
      
114,458
  
             
118,436
  
                 
Offices of Real Estate Agents and Brokers - 1.7%
          
Landbridge Co. LLC - Class A
    
66,800
      
4,612,540
  
                 
Oil and Gas Extraction - 32.9% (e)
          
Permian Basin Royalty Trust
    
12,550
      
270,076
  
Texas Pacific Land Corp. (f)
    
189,234
      
89,802,887
  
             
90,072,963
  
                 
Other Financial Investment Activities - 0.9%
          
99GRAYSC (b)(d)
    
200,000
      
2,000,000
  
Bakkt, Inc. (b)(c)
    
80,000
      
588,800
  
             
2,588,800
  
                 
Other Motor Vehicle Dealers - 0.0% (a)
          
Copart, Inc. (b)
    
400
      
13,280
  
                 
Performing Arts, Spectator Sports, and Related Industries - 0.3%
          
Madison Square Garden Entertainment Corp. (b)
    
4,000
      
235,640
  
Sphere Entertainment Co. (b)
    
4,000
      
469,600
  
             
705,240
  
                 
Pharmaceutical and Medicine Manufacturing - 1.0%
          
Galaxy Digital, Inc. - Class A (b)
    
150,000
      
2,767,500
  
                 
Securities and Commodities Exchanges - 2.5%
          
CME Group, Inc.
    
4,000
      
1,181,400
  
Miami International Holdings Inc. (b)
    
134,000
      
5,215,280
  
Nasdaq, Inc.
    
2,100
      
178,269
  
TXSE Group, Inc. (b)(d)
    
8,700
      
200,100
  
             
6,775,049
  
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.4%
          
OTC Markets Group, Inc. - Class A
    
121,300
      
6,493,189
  
S&P Global, Inc.
    
113
      
48,064
  
             
6,541,253
  
                 
Technology Services and Software - 1.0%
          
SB Technology, Inc. (b)(d)
    
156,886
      
2,700,008
  
                 
Web Search Portals, Libraries, Archives, and Other Information Services - 0.0% (a)
          
CoStar Group, Inc. (b)
    
200
      
8,068
  
TOTAL COMMON STOCKS (Cost $69,749,741)
      
141,385,748
  
                 
UNIT INVESTMENT TRUSTS - 46.4%
  
Shares
   
Value
 
Grayscale Bitcoin Mini Trust ETF (b)
    
428,419
      
12,848,286
  
Grayscale Bitcoin Trust ETF (b)(f)
    
2,141,782
      
113,000,418
  
Grayscale Litecoin Trust (b)
    
4
      
16
  
ProShares Ultra Bloomberg Natural Gas (b)
    
6,329
      
102,023
  
ProShares UltraPro QQQ
    
12,048
      
502,161
  
ProShares UltraPro Short QQQ
    
6,180
      
497,428
  
ProShares UltraShort Bloomberg Natural Gas (b)
    
4,529
      
98,325
  
TOTAL UNIT INVESTMENT TRUSTS (Cost $8,146,982)
      
127,048,657
  
                 
PREFERRED STOCKS - 0.1%
  
Shares
   
Value
 
Technology - 0.1%
          
Ripple Labs, Inc. - Preferred A shares, 0.00%  (b)(d)
    
1,875
      
228,281
  
TOTAL PREFERRED STOCKS (Cost $300,000)
      
228,281
  
                 
TOTAL INVESTMENTS - 98.2% (Cost $78,196,723)
      
268,662,686
  
Money Market Deposit Account - 2.3% (g)(h)
      
6,190,672
  
Liabilities in Excess of Other Assets - (0.5)%
      
(1,133,583
)
TOTAL NET ASSETS - 100.0%
          
$
273,719,775
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
LLC - Limited Liability 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 $1,854,256.
(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 $9,384,527 or 3.4% of net assets as of March 31, 2026.
(e)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(g)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of 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 $1,899,377 which represented 0.7% of net assets.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
Kinetics Internet 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
  
$
127,014,222
    
$
5,215,280
    
$
9,156,246
    
$
141,385,748
  
  Unit Investment Trusts
    
127,048,657
      
–
      
–
      
127,048,657
  
  Preferred Stocks
    
–
      
–
      
228,281
      
228,281
  
Total Investments
  
$
254,062,879
    
$
5,215,280
    
$
9,384,527
    
$
268,662,686
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.