Kinetics Market Opportunities Portfolio
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 82.3%
  
Shares
   
Value
 
Administrative and Support Services - 0.0% (a)
        
RB Global, Inc.
    
1,400
    
$
134,190
  
                 
Aerospace and Defense - 0.0% (a)
          
Booz Allen Hamilton Holding Corp.
    
144
      
11,236
  
Science Applications International Corp.
    
200
      
18,984
  
             
30,220
  
                 
Agencies, Brokerages, and Other Insurance Related Activities - 0.1%
          
Brookfield Wealth Solutions Ltd. (b)
    
6,925
      
286,695
  
                 
Asset Management - 0.2%
          
Investor AB (c)
    
17,000
      
636,244
  
                 
Business Support Services - 0.3%
          
Circle Internet Group, Inc. (c)
    
4,000
      
381,640
  
Fermi, Inc. (b)(c)
    
84,000
      
490,560
  
             
872,200
  
                 
Coal Mining - 0.0% (a)
          
Core Natural Resources, Inc.
    
2
      
209
  
                 
Computer Systems Design and Related Services - 1.9%
          
CACI International, Inc. - Class A (c)
    
300
      
163,161
  
Miami International Holdings, Inc. (c)
    
153,407
      
5,970,600
  
             
6,133,761
  
                 
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.5%
          
Broadridge Financial Solutions, Inc.
    
10,400
      
1,689,792
  
                 
Data Center Infrastructure - 1.8%
          
Bolt Data & Energy Inc. (c)(d)
    
1,200,000
      
6,000,000
  
                 
Data Processing, Hosting, and Related Services - 0.5%
          
Mastercard, Inc. - Class A
    
1,000
      
499,660
  
Visa, Inc. - Class A
    
4,000
      
1,208,960
  
             
1,708,620
  
                 
Diversified Real Estate Activities - 0.0% (a)
          
PrairieSky Royalty Ltd.
    
200
      
4,629
  
                 
Electric Power Generation, Transmission and Distribution - 7.4%
          
Hawaiian Electric Industries, Inc. (c)
    
1,612,000
      
23,922,080
  
                 
Entertainment - 0.0% (a)
          
IG Port, Inc.
    
4,000
      
31,127
  
                 
Financial Services - 0.3%
          
Euronext NV (d)
    
5,200
      
832,447
  
Hong Kong Exchanges & Clearing Ltd.
    
100
      
4,956
  
JSE Limited
    
200
      
1,888
  
Value Partners Group Ltd.
    
2,000
      
503
  
             
839,794
  
                 
Funds, Trusts, and Other Financial Vehicles - 0.4%
          
Mesabi Trust
    
41,482
      
1,306,683
  
                 
Global Exchanges - 0.5%
          
ASX Ltd.
    
4,400
      
158,771
  
B3 SA - Brasil Bolsa Balcao - ADR
    
100
      
1,078
  
Deutsche Boerse AG
    
1,800
      
522,423
  
Euronext NV (e)
    
2,520
      
403,417
  
Japan Exchange Group, Inc. - ADR (b)
    
8,200
      
95,448
  
London Stock Exchange Group PLC
    
600
      
70,394
  
NZX Ltd.
    
400,202
      
301,269
  
             
1,552,800
  
                 
Insurance Carriers - 0.0% (a)
          
Fairfax Financial Holdings Limited
    
2
      
3,404
  
                 
Insurance Carriers and Related Activities - 0.0% (a)
          
Arthur J. Gallagher & Co.
    
400
      
86,632
  
                 
Legal Services - 0.0% (a)
          
CRA International, Inc.
    
36
      
5,828
  
                 
Live Sports (Spectator Sports) - 0.1%
          
BIGLEAGUE (c)(d)
    
2,455
      
150,050
  
                 
Management of Companies and Enterprises - 2.6%
          
Associated Capital Group, Inc. - Class A
    
77,000
      
3,026,100
  
Fairfax India Holdings Corp. (c)(e)
    
84,200
      
1,351,410
  
Valterra Platinum Ltd. - ADR
    
2,455
      
34,714
  
White Mountains Insurance Group Ltd.
    
1,900
      
4,174,224
  
             
8,586,448
  
                 
Media - 0.0% (a)
          
AlphaPolis Co. Ltd.
    
200
      
1,437
  
Nippon Television Holdings, Inc.
    
400
      
7,957
  
Toei Animation Co. Ltd.
    
400
      
6,540
  
             
15,934
  
                 
Mining (except Oil and Gas) - 0.7%
          
Franco-Nevada Corp.
    
4,800
      
1,185,840
  
Wheaton Precious Metals Corp.
    
8,000
      
1,048,080
  
             
2,233,920
  
                 
Miscellaneous Durable Goods Merchant Wholesalers - 0.0% (a)
          
Gold.com, Inc.
    
3,200
      
128,256
  
                 
Motor Vehicle and Parts Dealers - 0.0% (a)
          
AutoNation, Inc. (c)
    
10
      
1,952
  
                 
Nondepository Credit Intermediation - 0.0% (a)
          
Burford Capital Ltd.
    
2,800
      
12,656
  
                 
Nonmetallic Mineral Mining and Quarrying - 0.1%
          
Anglo American PLC - ADR
    
7,045
      
152,313
  
                 
Nonmetallic Mineral Product Manufacturing - 0.0% (a)
          
Eagle Materials, Inc.
    
4
      
758
  
                 
Offices of Real Estate Agents and Brokers - 3.5%
          
Landbridge Co. LLC - Class A
    
166,000
      
11,462,300
  
                 
Oil and Gas Extraction - 49.1% (f)
          
Permian Basin Royalty Trust (b)
    
127,450
      
2,742,724
  
Texas Pacific Land Corp. (g)
    
326,952
      
155,158,341
  
Western Midstream Partners LP
    
40,562
      
1,669,938
  
             
159,571,003
  
                 
Other Crop Farming - 0.1%
          
J G Boswell Co.
    
764
      
420,200
  
                 
Other Financial Investment Activities - 1.4%
          
99GRAYSC (c)(d)
    
300,000
      
3,000,000
  
Bakkt, Inc. (b)(c)
    
32,000
      
235,520
  
GAMCO Investors, Inc. - Class A
    
58,600
      
1,406,400
  
             
4,641,920
  
                 
Other Investment Pools and Funds - 2.6%
          
Partners Value Investments LP
    
435,150
      
5,374,076
  
Urbana Corp.
    
54,400
      
375,806
  
Urbana Corp. - Class A
    
428,400
      
2,663,834
  
             
8,413,716
  
                 
Pharmaceutical and Medicine Manufacturing - 0.6%
          
Canton Strategic Holdings, Inc. (c)
    
600
      
1,962
  
Galaxy Digital, Inc. - Class A (c)
    
110,000
      
2,029,500
  
             
2,031,462
  
                 
Real Estate - 0.1%
          
Tejon Ranch Co. (c)
    
11,400
      
214,776
  
                 
Securities and Commodities Exchanges - 2.9%
          
Cboe Global Markets, Inc.
    
8,000
      
2,248,560
  
CME Group, Inc.
    
5,800
      
1,713,030
  
Intercontinental Exchange, Inc.
    
12,900
      
2,028,912
  
Miami International Holdings Inc. (c)
    
47,500
      
1,848,700
  
Nasdaq, Inc.
    
7,200
      
611,208
  
TMX Group Ltd.
    
18,000
      
638,301
  
TXSE Group, Inc. (c)(d)
    
17,390
      
399,970
  
             
9,488,681
  
                 
Securities and Commodity Contracts Intermediation and Brokerage - 0.0% (a)
          
Affiliated Managers Group, Inc.
    
190
      
52,573
  
MarketAxess Holdings, Inc.
    
48
      
7,919
  
             
60,492
  
                 
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1%
          
Brookfield Asset Management Ltd. - Class A
    
806
      
35,827
  
OTC Markets Group, Inc. - Class A
    
2,800
      
149,884
  
S&P Global, Inc.
    
113
      
48,063
  
             
233,774
  
                 
Support Activities for Water Transportation - 0.6%
          
Clarkson PLC
    
29,000
      
1,769,510
  
                 
Technology Services and Software - 0.4%
          
SB Technology, Inc. (c)(d)
    
69,727
      
1,200,002
  
                 
Water, Sewage and Other Systems - 3.5%
          
Pure Cycle Corp. (c)
    
3,200
      
32,192
  
WaterBridge Infrastructure LLC - Class A
    
416,632
      
11,161,571
  
             
11,193,763
  
TOTAL COMMON STOCKS (Cost $95,896,556)
      
267,228,794
  
                 
UNIT INVESTMENT TRUSTS - 10.8%
  
Shares
   
Value
 
Grayscale Bitcoin Mini Trust ETF (c)
    
119,774
      
3,592,022
  
Grayscale Bitcoin Trust ETF (c)
    
598,874
      
31,596,592
  
Grayscale Ethereum Classic Trust (c)
    
12
      
53
  
Grayscale Litecoin Trust (c)
    
8
      
33
  
TOTAL UNIT INVESTMENT TRUSTS (Cost $2,197,963)
      
35,188,700
  
                 
WARRANTS - 0.2%
  
Contracts
   
Value
 
Other Investment Pools and Funds - 0.2%
          
Partners Value Investments LP,  Expires 06/30/2026, Exercise Price $2.93 (c)
    
36,130
      
694,758
  
TOTAL WARRANTS (Cost $99,308)
      
694,758
  
                 
PREFERRED STOCKS - 0.2%
  
Shares
   
Value
 
Financial Services - 0.1%
          
Partners Value Investments LP, Series 1*, 4.50%, Perpetual  (c)
    
11,832
      
260,304
  
                 
Other Investment Pools and Funds - 0.0% (a)
          
Partners Value Investments LP, Series 1*, 0.16%, 11/27/2030  (c)
    
43,516
      
32,637
  
                 
Technology - 0.1%
          
Ripple Labs, Inc. - Preferred A shares, 0.00%  (c)(d)
    
1,250
      
152,188
  
TOTAL PREFERRED STOCKS (Cost $459,341)
      
445,129
  
                 
CONVERTIBLE BONDS - 0.0% (a)
  
Par
   
Value
 
Department Stores - 0.0% (a)
  
Sears Holdings Corp., 8.00%, 12/15/2019 (d)(h)
    
5,720
      
0
  
TOTAL CONVERTIBLE BONDS (Cost $5,720)
      
0
  
                 
TOTAL INVESTMENTS - 93.5% (Cost $98,658,888)
      
303,557,381
  
Money Market Deposit Account - 7.1% (i)(j)
      
23,079,628
  
Liabilities in Excess of Other Assets - (0.6)%
      
(1,814,610
)
TOTAL NET ASSETS - 100.0%
          
$
324,822,399
  
                 
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)
All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $1,459,058.
(c)
Non-income producing security.
(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 $11,734,657 or 3.6% 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 $1,754,827 or 0.5% 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)
Issuer is currently in default.
(i)
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%.
(j)
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 $1,479,282 which represented 0.5% of net assets.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
Kinetics Market Opportunities 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
  
$
250,771,525
    
$
4,874,800
    
$
11,582,469
    
$
267,228,794
  
  Unit Investment Trusts
    
35,188,700
      
–
      
–
      
35,188,700
  
  Warrants
    
694,758
      
–
      
–
      
694,758
  
  Preferred Stocks
    
–
      
292,941
      
152,188
      
445,129
  
  Convertible Bonds
    
–
      
–
      
0
      
0
  
Total Investments
  
$
286,654,983
    
$
5,167,741
    
$
11,734,657
    
$
303,557,381
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.