Kinetics Paradigm Portfolio
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 87.6%
  
Shares
   
Value
 
Accommodation - 0.2%
        
Civeo Corp.
    
83,767
    
$
2,216,475
  
                 
Asset Management - 0.0% (a)
          
Investor AB (b)
    
1,000
      
37,426
  
                 
Beverage and Tobacco Product Manufacturing - 0.0% (a)
          
Crimson Wine Group Ltd. (b)
    
9,800
      
43,218
  
                 
Broadcasting (except Internet) - 0.0% (a)
          
Atlanta Braves Holdings, Inc. - Class C (b)
    
4,842
      
206,753
  
                 
Business Support Services - 0.0% (a)
          
Circle Internet Group, Inc. (b)
    
200
      
19,082
  
Fermi, Inc. (b)(c)
    
40,000
      
233,600
  
             
252,682
  
                 
Computer Systems Design and Related Services - 1.1%
          
CACI International, Inc. - Class A (b)
    
24,000
      
13,052,880
  
Miami International Holdings, Inc. (b)
    
46,400
      
1,805,888
  
             
14,858,768
  
                 
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.0% (a)
          
Broadridge Financial Solutions, Inc.
    
1,000
      
162,480
  
                 
Data Center Infrastructure - 0.3%
          
Bolt Data & Energy Inc. (b)(d)
    
800,000
      
4,000,000
  
                 
Diversified Real Estate Activities - 0.1%
          
PrairieSky Royalty Ltd.
    
60,000
      
1,388,829
  
                 
Electric Power Generation, Transmission and Distribution - 3.8%
          
Hawaiian Electric Industries, Inc. (b)
    
3,512,000
      
52,118,080
  
NRG Energy, Inc.
    
148
      
21,629
  
             
52,139,709
  
                 
Financial Services - 0.0% (a)
          
Kinnevik AB (b)
    
200
      
1,060
  
                 
Funds, Trusts, and Other Financial Vehicles - 0.1%
          
Mesabi Trust
    
41,800
      
1,316,700
  
                 
Hospitality and Tourism - 0.6%
          
Carnival Corp.
    
215,000
      
5,564,200
  
Royal Caribbean Cruises Ltd.
    
10,200
      
2,806,836
  
             
8,371,036
  
                 
Insurance Carriers - 0.0% (a)
          
Fairfax Financial Holdings Limited
    
2
      
3,404
  
                 
Insurance Carriers and Related Activities - 0.0% (a)
          
Markel Group, Inc. (b)
    
100
      
191,407
  
                 
Management of Companies and Enterprises - 0.9%
          
Associated Capital Group, Inc. - Class A
    
260,290
      
10,229,397
  
Fairfax India Holdings Corp. (b)(e)
    
8,400
      
134,820
  
White Mountains Insurance Group Ltd.
    
924
      
2,029,991
  
             
12,394,208
  
                 
Mining (except Oil and Gas) - 0.5%
          
Franco-Nevada Corp.
    
24,000
      
5,929,200
  
Wheaton Precious Metals Corp.
    
12,000
      
1,572,120
  
             
7,501,320
  
                 
Offices of Real Estate Agents and Brokers - 4.6%
          
Landbridge Co. LLC - Class A
    
916,400
      
63,277,420
  
                 
Oil and Gas Extraction - 69.1% (f)
          
Texas Pacific Land Corp. (g)
    
2,018,998
      
958,135,691
  
                 
Other Financial Investment Activities - 0.3%
          
99GRAYSC (b)(d)
    
100,000
      
1,000,000
  
Onex Corp.
    
32,000
      
2,330,240
  
Seaport Entertainment Group, Inc. (b)
    
30,000
      
644,400
  
             
3,974,640
  
                 
Other Investment Pools and Funds - 0.0% (a)
          
Partners Value Investments LP
    
8,000
      
98,800
  
Urbana Corp.
    
400
      
2,763
  
Urbana Corp. - Class A
    
400
      
2,487
  
             
104,050
  
                 
Performing Arts, Spectator Sports, and Related Industries - 1.0%
          
Live Nation Entertainment, Inc. (b)
    
90,000
      
13,725,900
  
                 
Real Estate - 0.2%
          
Howard Hughes Holdings, Inc. (b)
    
56,000
      
3,542,560
  
                 
Securities and Commodities Exchanges - 1.2%
          
Cboe Global Markets, Inc.
    
60,000
      
16,864,200
  
TXSE Group, Inc. (b)(d)
    
4,350
      
100,050
  
             
16,964,250
  
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.0%
          
Brookfield Asset Management Ltd. - Class A
    
160,000
      
7,112,000
  
Brookfield Corp.
    
849,600
      
34,383,312
  
             
41,495,312
  
                 
Support Activities for Water Transportation - 0.3%
          
Clarkson PLC
    
70,000
      
4,271,231
  
                 
Technology Services and Software - 0.2%
          
SB Technology, Inc. (b)(d)
    
156,886
      
2,700,008
  
                 
Water, Sewage and Other Systems - 0.1%
          
WaterBridge Infrastructure LLC - Class A
    
50,000
      
1,339,500
  
TOTAL COMMON STOCKS (Cost $130,614,747)
      
1,214,616,037
  
                 
UNIT INVESTMENT TRUSTS - 8.3%
  
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Value
 
Grayscale Bitcoin Mini Trust ETF (b)
    
389,280
      
11,674,507
  
Grayscale Bitcoin Trust ETF (b)
    
1,946,400
      
102,692,064
  
Grayscale Ethereum Classic Trust (b)
    
12
      
53
  
Grayscale Litecoin Trust (b)
    
8
      
33
  
TOTAL UNIT INVESTMENT TRUSTS (Cost $25,987,832)
      
114,366,657
  
                 
PREFERRED STOCKS - 0.0% (a)
  
Shares
   
Value
 
Other Investment Pools and Funds - 0.0% (a)
          
Partners Value Investments LP, Series 1*, 0.16%, 11/27/2030  (b)
    
800
      
600
  
                 
Technology - 0.0% (a)
          
Ripple Labs, Inc. - Preferred A shares, 0.00%  (b)(d)
    
625
      
76,094
  
TOTAL PREFERRED STOCKS (Cost $100,239)
      
76,694
  
                 
WARRANTS - 0.0% (a)
  
Contracts
   
Value
 
Other Investment Pools and Funds - 0.0% (a)
          
Partners Value Investments LP,  Expires 06/30/2026, Exercise Price $2.93 (b)
    
800
      
15,383
  
TOTAL WARRANTS (Cost $2,368)
      
15,383
  
                 
TOTAL INVESTMENTS - 95.9% (Cost $156,705,186)
      
1,329,074,771
  
Money Market Deposit Account - 4.1% (h)(i)
      
56,491,626
  
Other Assets in Excess of Liabilities - 0.0%
      
918,181
  
TOTAL NET ASSETS - 100.0%
          
$
1,386,484,578
  
                 
Percentages are stated as a percent of net assets.
          

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 $19,266.
(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 $7,876,152 or 0.6% 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 $134,820 or 0.0% of the Fund’s net assets.
(f)
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.
(g)
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.
(h)
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%.
(i)
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 $18,145 which represented 0.0% of net assets.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
Kinetics Paradigm 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
  
$
1,196,586,582
    
$
10,229,397
    
$
7,800,058
    
$
1,214,616,037
  
  Unit Investment Trusts
    
114,366,657
      
–
      
–
      
114,366,657
  
  Preferred Stocks
    
–
      
600
      
76,094
      
76,694
  
  Warrants
    
15,383
      
–
      
–
      
15,383
  
Total Investments
  
$
1,310,968,622
    
$
10,229,997
    
$
7,876,152
    
$
1,329,074,771
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.