UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act file number 811-09303 & 811-09923
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Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
(Exact name of registrant as specified in charter)
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470 Park Avenue South
New York, NY 10016
(Address of principal executive offices) (Zip code)
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U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
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1-646-495-7333
Registrantβs telephone number, including area code
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Date of fiscal year end: December 31
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Date of reporting period: June 30, 2024
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Item 1. Reports to Stockholders.
| (a) |
 | The Internet Fund |  |
| Advisor Class A | KINAX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $112 | 1.96% |
Net Assets | $247,116,296 |
Number of Holdings | 31 |
Portfolio Turnover | 33% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 49.9% |
Utilities | 18.7% |
Professional, Scientific, and Technical Services | 7.0% |
Administrative and Support and Waste Management and Remediation Services | 1.0% |
Information | 0.8% |
Financials | 0.8% |
Management of Companies and Enterprises | 0.3% |
Arts, Entertainment, and Recreation | 0.1% |
Communications | 0.0% |
Cash & Other | 21.4% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust BTC | 46.2% |
Texas Pacific Land Corp. | 18.7% |
CACI International, Inc. | 7.0% |
OTC Markets Group, Inc. - Class A | 2.4% |
Mastercard, Inc. | 1.0% |
Miami International Holdings Inc. | 1.0% |
Verisk Analytics, Inc. | 0.8% |
Galaxy Digital Holdings Ltd. | 0.7% |
Bakkt Holdings, Inc. | 0.6% |
CME Group, Inc. | 0.3% |
| The Internet FundΒ | PAGE 1Β | TSR-SAR-494613862 |
 | The Internet Fund |  |
| Advisor Class C | KINCX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $140 | 2.46% |
Net Assets | $247,116,296 |
Number of Holdings | 31 |
Portfolio Turnover | 33% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 49.9% |
Utilities | 18.7% |
Professional, Scientific, and Technical Services | 7.0% |
Administrative and Support and Waste Management and Remediation Services | 1.0% |
Information | 0.8% |
Financials | 0.8% |
Management of Companies and Enterprises | 0.3% |
Arts, Entertainment, and Recreation | 0.1% |
Communications | 0.0% |
Cash & Other | 21.4% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust BTC | 46.2% |
Texas Pacific Land Corp. | 18.7% |
CACI International, Inc. | 7.0% |
OTC Markets Group, Inc. - Class A | 2.4% |
Mastercard, Inc. | 1.0% |
Miami International Holdings Inc. | 1.0% |
Verisk Analytics, Inc. | 0.8% |
Galaxy Digital Holdings Ltd. | 0.7% |
Bakkt Holdings, Inc. | 0.6% |
CME Group, Inc. | 0.3% |
| The Internet FundΒ | PAGE 1Β | TSR-SAR-494613763 |
 | The Internet Fund |  |
| No Load Class | WWWFX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $98 | 1.71% |
Net Assets | $247,116,296 |
Number of Holdings | 31 |
Portfolio Turnover | 33% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 49.9% |
Utilities | 18.7% |
Professional, Scientific, and Technical Services | 7.0% |
Administrative and Support and Waste Management and Remediation Services | 1.0% |
Information | 0.8% |
Financials | 0.8% |
Management of Companies and Enterprises | 0.3% |
Arts, Entertainment, and Recreation | 0.1% |
Communications | 0.0% |
Cash & Other | 21.4% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust BTC | 46.2% |
Texas Pacific Land Corp. | 18.7% |
CACI International, Inc. | 7.0% |
OTC Markets Group, Inc. - Class A | 2.4% |
Mastercard, Inc. | 1.0% |
Miami International Holdings Inc. | 1.0% |
Verisk Analytics, Inc. | 0.8% |
Galaxy Digital Holdings Ltd. | 0.7% |
Bakkt Holdings, Inc. | 0.6% |
CME Group, Inc. | 0.3% |
| The Internet FundΒ | PAGE 1Β | TSR-SAR-460953102 |
 | The Global Fund |  |
| Advisor Class A | KGLAX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $93 | 1.64% |
Net Assets | $26,907,902 |
Number of Holdings | 55 |
Portfolio Turnover | 43% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 37.4% |
Utilities | 23.5% |
Financials | 5.3% |
Real Estate and Rental and Leasing | 3.6% |
Mining, Quarrying, and Oil and Gas Extraction | 2.2% |
Wholesale Trade | 1.9% |
Industrials | 1.7% |
Energy | 1.6% |
Management of Companies and Enterprises | 1.5% |
Cash & Other | 21.3% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust BTC | 30.4% |
Texas Pacific Land Corp. | 23.5% |
GAMCO Investors, Inc. | 2.3% |
Wheaton Precious Metals Corp. | 1.9% |
Landbridge Co. LLC | 1.9% |
Galaxy Digital Holdings Ltd. | 1.8% |
Sandstorm Gold Ltd. | 1.8% |
Clarkson PLC | 1.7% |
Associated Capital Group, Inc. | 1.7% |
Permian Basin Royalty Trust | 1.7% |
Top Ten Countries | (% of Net Assets) |
United States | 68.9% |
Canada | 8.4% |
United Kingdom | 1.7% |
Cayman Islands | 0.7% |
Japan | 0.6% |
Germany | 0.4% |
Netherlands | 0.4% |
Sweden | 0.3% |
Brazil | 0.2% |
Cash & Other | 18.4% |
| The Global FundΒ | PAGE 1Β | TSR_SAR_494613631 |
| The Global FundΒ | PAGE 2Β | TSR_SAR_494613631 |
 | The Global Fund |  |
| Advisor Class C | KGLCX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $121 | 2.14% |
Net Assets | $26,907,902 |
Number of Holdings | 55 |
Portfolio Turnover | 43% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 37.4% |
Utilities | 23.5% |
Financials | 5.3% |
Real Estate and Rental and Leasing | 3.6% |
Mining, Quarrying, and Oil and Gas Extraction | 2.2% |
Wholesale Trade | 1.9% |
Industrials | 1.7% |
Energy | 1.6% |
Management of Companies and Enterprises | 1.5% |
Cash & Other | 21.3% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust BTC | 30.4% |
Texas Pacific Land Corp. | 23.5% |
GAMCO Investors, Inc. | 2.3% |
Wheaton Precious Metals Corp. | 1.9% |
Landbridge Co. LLC | 1.9% |
Galaxy Digital Holdings Ltd. | 1.8% |
Sandstorm Gold Ltd. | 1.8% |
Clarkson PLC | 1.7% |
Associated Capital Group, Inc. | 1.7% |
Permian Basin Royalty Trust | 1.7% |
Top Ten Countries | (% of Net Assets) |
United States | 68.9% |
Canada | 8.4% |
United Kingdom | 1.7% |
Cayman Islands | 0.7% |
Japan | 0.6% |
Germany | 0.4% |
Netherlands | 0.4% |
Sweden | 0.3% |
Brazil | 0.2% |
Cash & Other | 18.4% |
| The Global FundΒ | PAGE 1Β | TSR_SAR_494613623 |
| The Global FundΒ | PAGE 2Β | TSR_SAR_494613623 |
 | The Global Fund |  |
| No Load Class | WWWEX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $79 | 1.39% |
Net Assets | $26,907,902 |
Number of Holdings | 55 |
Portfolio Turnover | 43% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 37.4% |
Utilities | 23.5% |
Financials | 5.3% |
Real Estate and Rental and Leasing | 3.6% |
Mining, Quarrying, and Oil and Gas Extraction | 2.2% |
Wholesale Trade | 1.9% |
Industrials | 1.7% |
Energy | 1.6% |
Management of Companies and Enterprises | 1.5% |
Cash & Other | 21.3% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust BTC | 30.4% |
Texas Pacific Land Corp. | 23.5% |
GAMCO Investors, Inc. | 2.3% |
Wheaton Precious Metals Corp. | 1.9% |
Landbridge Co. LLC | 1.9% |
Galaxy Digital Holdings Ltd. | 1.8% |
Sandstorm Gold Ltd. | 1.8% |
Clarkson PLC | 1.7% |
Associated Capital Group, Inc. | 1.7% |
Permian Basin Royalty Trust | 1.7% |
Top Ten Countries | (% of Net Assets) |
United States | 68.9% |
Canada | 8.4% |
United Kingdom | 1.7% |
Cayman Islands | 0.7% |
Japan | 0.6% |
Germany | 0.4% |
Netherlands | 0.4% |
Sweden | 0.3% |
Brazil | 0.2% |
Cash & Other | 18.4% |
| The Global FundΒ | PAGE 1Β | TSR_SAR_494613805 |
| The Global FundΒ | PAGE 2Β | TSR_SAR_494613805 |
 | The Paradigm Fund |  |
| Advisor Class A | KNPAX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $107 | 1.89% |
Net Assets | $938,904,468 |
Number of Holdings | 52 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Utilities | 65.3% |
Finance and Insurance | 17.2% |
Administrative and Support and Waste Management and Remediation Services | 2.7% |
Professional, Scientific, and Technical Services | 2.1% |
Real Estate and Rental and Leasing | 2.1% |
Mining, Quarrying, and Oil and Gas Extraction | 2.1% |
Construction | 1.9% |
Accommodation and Food Services | 1.3% |
Information | 0.9% |
Cash & Other | 4.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 65.3% |
Grayscale Bitcoin Trust BTC | 11.1% |
Brookfield Corp. | 3.1% |
Live Nation Entertainment, Inc. | 2.5% |
CACI International, Inc. | 2.1% |
Franco-Nevada Corp. | 2.1% |
Howard Hughes Holdings, Inc. | 1.9% |
Landbridge Co. LLC | 1.6% |
Cboe Global Markets, Inc. | 1.1% |
Associated Capital Group, Inc. | 1.0% |
| The Paradigm FundΒ | PAGE 1Β | TSR-SAR-494613854 |
 | The Paradigm Fund |  |
| Advisor Class C | KNPCX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $135 | 2.39% |
Net Assets | $938,904,468 |
Number of Holdings | 52 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Utilities | 65.3% |
Finance and Insurance | 17.2% |
Administrative and Support and Waste Management and Remediation Services | 2.7% |
Professional, Scientific, and Technical Services | 2.1% |
Real Estate and Rental and Leasing | 2.1% |
Mining, Quarrying, and Oil and Gas Extraction | 2.1% |
Construction | 1.9% |
Accommodation and Food Services | 1.3% |
Information | 0.9% |
Cash & Other | 4.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 65.3% |
Grayscale Bitcoin Trust BTC | 11.1% |
Brookfield Corp. | 3.1% |
Live Nation Entertainment, Inc. | 2.5% |
CACI International, Inc. | 2.1% |
Franco-Nevada Corp. | 2.1% |
Howard Hughes Holdings, Inc. | 1.9% |
Landbridge Co. LLC | 1.6% |
Cboe Global Markets, Inc. | 1.1% |
Associated Capital Group, Inc. | 1.0% |
| The Paradigm FundΒ | PAGE 1Β | TSR-SAR-494613821 |
 | The Paradigm Fund |  |
| Institutional Class | KNPYX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $82 | 1.44% |
Net Assets | $938,904,468 |
Number of Holdings | 52 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Utilities | 65.3% |
Finance and Insurance | 17.2% |
Administrative and Support and Waste Management and Remediation Services | 2.7% |
Professional, Scientific, and Technical Services | 2.1% |
Real Estate and Rental and Leasing | 2.1% |
Mining, Quarrying, and Oil and Gas Extraction | 2.1% |
Construction | 1.9% |
Accommodation and Food Services | 1.3% |
Information | 0.9% |
Cash & Other | 4.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 65.3% |
Grayscale Bitcoin Trust BTC | 11.1% |
Brookfield Corp. | 3.1% |
Live Nation Entertainment, Inc. | 2.5% |
CACI International, Inc. | 2.1% |
Franco-Nevada Corp. | 2.1% |
Howard Hughes Holdings, Inc. | 1.9% |
Landbridge Co. LLC | 1.6% |
Cboe Global Markets, Inc. | 1.1% |
Associated Capital Group, Inc. | 1.0% |
| The Paradigm FundΒ | PAGE 1Β | TSR-SAR-494613797 |
 | The Paradigm Fund |  |
| No Load Class | WWNPX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $93 | 1.64% |
Net Assets | $938,904,468 |
Number of Holdings | 52 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Utilities | 65.3% |
Finance and Insurance | 17.2% |
Administrative and Support and Waste Management and Remediation Services | 2.7% |
Professional, Scientific, and Technical Services | 2.1% |
Real Estate and Rental and Leasing | 2.1% |
Mining, Quarrying, and Oil and Gas Extraction | 2.1% |
Construction | 1.9% |
Accommodation and Food Services | 1.3% |
Information | 0.9% |
Cash & Other | 4.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 65.3% |
Grayscale Bitcoin Trust BTC | 11.1% |
Brookfield Corp. | 3.1% |
Live Nation Entertainment, Inc. | 2.5% |
CACI International, Inc. | 2.1% |
Franco-Nevada Corp. | 2.1% |
Howard Hughes Holdings, Inc. | 1.9% |
Landbridge Co. LLC | 1.6% |
Cboe Global Markets, Inc. | 1.1% |
Associated Capital Group, Inc. | 1.0% |
| The Paradigm FundΒ | PAGE 1Β | TSR-SAR-494613607 |
 | The Small Cap Opportunities Fund |  |
| Advisor Class A | KSOAX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $104 | 1.89% |
Net Assets | $306,013,792 |
Number of Holdings | 48 |
Portfolio Turnover | 3% |
Top Sectors | (% of Net Assets) |
Utilities | 53.9% |
Professional, Scientific, and Technical Services | 7.8% |
Finance and Insurance | 7.6% |
Accommodation and Food Services | 5.5% |
Real Estate | 3.2% |
Real Estate and Rental and Leasing | 2.4% |
Financials | 2.3% |
Manufacturing | 2.1% |
Transportation and Warehousing | 1.8% |
Cash & Other | 13.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
CACI International, Inc. | 7.0% |
Grayscale Bitcoin Trust BTC | 5.2% |
Civeo Corp. | 4.6% |
DREAM Unlimited Corp. | 3.2% |
Associated Capital Group, Inc. | 2.1% |
Inter Parfums, Inc. | 2.0% |
Landbridge Co. LLC | 2.0% |
Carnival Corp. | 1.8% |
Urbana Corp. | 1.3% |
| The Small Cap Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613839 |
 | The Small Cap Opportunities Fund |  |
| Advisor Class C | KSOCX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $132 | 2.39% |
Net Assets | $306,013,792 |
Number of Holdings | 48 |
Portfolio Turnover | 3% |
Top Sectors | (% of Net Assets) |
Utilities | 53.9% |
Professional, Scientific, and Technical Services | 7.8% |
Finance and Insurance | 7.6% |
Accommodation and Food Services | 5.5% |
Real Estate | 3.2% |
Real Estate and Rental and Leasing | 2.4% |
Financials | 2.3% |
Manufacturing | 2.1% |
Transportation and Warehousing | 1.8% |
Cash & Other | 13.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
CACI International, Inc. | 7.0% |
Grayscale Bitcoin Trust BTC | 5.2% |
Civeo Corp. | 4.6% |
DREAM Unlimited Corp. | 3.2% |
Associated Capital Group, Inc. | 2.1% |
Inter Parfums, Inc. | 2.0% |
Landbridge Co. LLC | 2.0% |
Carnival Corp. | 1.8% |
Urbana Corp. | 1.3% |
| The Small Cap Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613748 |
 | The Small Cap Opportunities Fund |  |
| Institutional Class | KSCYX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $80 | 1.44% |
Net Assets | $306,013,792 |
Number of Holdings | 48 |
Portfolio Turnover | 3% |
Top Sectors | (% of Net Assets) |
Utilities | 53.9% |
Professional, Scientific, and Technical Services | 7.8% |
Finance and Insurance | 7.6% |
Accommodation and Food Services | 5.5% |
Real Estate | 3.2% |
Real Estate and Rental and Leasing | 2.4% |
Financials | 2.3% |
Manufacturing | 2.1% |
Transportation and Warehousing | 1.8% |
Cash & Other | 13.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
CACI International, Inc. | 7.0% |
Grayscale Bitcoin Trust BTC | 5.2% |
Civeo Corp. | 4.6% |
DREAM Unlimited Corp. | 3.2% |
Associated Capital Group, Inc. | 2.1% |
Inter Parfums, Inc. | 2.0% |
Landbridge Co. LLC | 2.0% |
Carnival Corp. | 1.8% |
Urbana Corp. | 1.3% |
| The Small Cap Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613813 |
 | The Small Cap Opportunities Fund |  |
| No Load Class | KSCOX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $91 | 1.64% |
Net Assets | $306,013,792 |
Number of Holdings | 48 |
Portfolio Turnover | 3% |
Top Sectors | (% of Net Assets) |
Utilities | 53.9% |
Professional, Scientific, and Technical Services | 7.8% |
Finance and Insurance | 7.6% |
Accommodation and Food Services | 5.5% |
Real Estate | 3.2% |
Real Estate and Rental and Leasing | 2.4% |
Financials | 2.3% |
Manufacturing | 2.1% |
Transportation and Warehousing | 1.8% |
Cash & Other | 13.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
CACI International, Inc. | 7.0% |
Grayscale Bitcoin Trust BTC | 5.2% |
Civeo Corp. | 4.6% |
DREAM Unlimited Corp. | 3.2% |
Associated Capital Group, Inc. | 2.1% |
Inter Parfums, Inc. | 2.0% |
Landbridge Co. LLC | 2.0% |
Carnival Corp. | 1.8% |
Urbana Corp. | 1.3% |
| The Small Cap Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613706 |
 | The Market Opportunities Fund |  |
| Advisor Class A | KMKAX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $94 | 1.65% |
Net Assets | $155,941,058 |
Number of Holdings | 55 |
Portfolio Turnover | 9% |
Top Sectors | (% of Net Assets) |
Utilities | 51.3% |
Finance and Insurance | 27.0% |
Financials | 5.2% |
Real Estate and Rental and Leasing | 1.5% |
Mining, Quarrying, and Oil and Gas Extraction | 1.1% |
Wholesale Trade | 1.1% |
Administrative and Support and Waste Management and Remediation Services | 1.1% |
Industrials | 1.0% |
Management of Companies and Enterprises | 0.1% |
Cash & Other | 10.6% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 51.3% |
Grayscale Bitcoin Trust BTC | 20.4% |
Partners Value Investments LP | 2.3% |
Associated Capital Group, Inc. | 1.7% |
Intercontinental Exchange, Inc. | 1.1% |
Franco-Nevada Corp. | 1.1% |
Wheaton Precious Metals Corp. | 1.0% |
Urbana Corp. | 1.0% |
Clarkson PLC | 1.0% |
Permian Basin Royalty Trust | 0.9% |
| The Market Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613771 |
 | The Market Opportunities Fund |  |
| Advisor Class C | KMKCX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $122 | 2.15% |
Net Assets | $155,941,058 |
Number of Holdings | 55 |
Portfolio Turnover | 9% |
Top Sectors | (% of Net Assets) |
Utilities | 51.3% |
Finance and Insurance | 27.0% |
Financials | 5.2% |
Real Estate and Rental and Leasing | 1.5% |
Mining, Quarrying, and Oil and Gas Extraction | 1.1% |
Wholesale Trade | 1.1% |
Administrative and Support and Waste Management and Remediation Services | 1.1% |
Industrials | 1.0% |
Management of Companies and Enterprises | 0.1% |
Cash & Other | 10.6% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 51.3% |
Grayscale Bitcoin Trust BTC | 20.4% |
Partners Value Investments LP | 2.3% |
Associated Capital Group, Inc. | 1.7% |
Intercontinental Exchange, Inc. | 1.1% |
Franco-Nevada Corp. | 1.1% |
Wheaton Precious Metals Corp. | 1.0% |
Urbana Corp. | 1.0% |
Clarkson PLC | 1.0% |
Permian Basin Royalty Trust | 0.9% |
| The Market Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613730 |
 | The Market Opportunities Fund |  |
| Institutional Class | KMKYX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $68 | 1.20% |
Net Assets | $155,941,058 |
Number of Holdings | 55 |
Portfolio Turnover | 9% |
Top Sectors | (% of Net Assets) |
Utilities | 51.3% |
Finance and Insurance | 27.0% |
Financials | 5.2% |
Real Estate and Rental and Leasing | 1.5% |
Mining, Quarrying, and Oil and Gas Extraction | 1.1% |
Wholesale Trade | 1.1% |
Administrative and Support and Waste Management and Remediation Services | 1.1% |
Industrials | 1.0% |
Management of Companies and Enterprises | 0.1% |
Cash & Other | 10.6% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 51.3% |
Grayscale Bitcoin Trust BTC | 20.4% |
Partners Value Investments LP | 2.3% |
Associated Capital Group, Inc. | 1.7% |
Intercontinental Exchange, Inc. | 1.1% |
Franco-Nevada Corp. | 1.1% |
Wheaton Precious Metals Corp. | 1.0% |
Urbana Corp. | 1.0% |
Clarkson PLC | 1.0% |
Permian Basin Royalty Trust | 0.9% |
| The Market Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613615 |
 | The Market Opportunities Fund |  |
| No Load Class | KMKNX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $80 | 1.40% |
Net Assets | $155,941,058 |
Number of Holdings | 55 |
Portfolio Turnover | 9% |
Top Sectors | (% of Net Assets) |
Utilities | 51.3% |
Finance and Insurance | 27.0% |
Financials | 5.2% |
Real Estate and Rental and Leasing | 1.5% |
Mining, Quarrying, and Oil and Gas Extraction | 1.1% |
Wholesale Trade | 1.1% |
Administrative and Support and Waste Management and Remediation Services | 1.1% |
Industrials | 1.0% |
Management of Companies and Enterprises | 0.1% |
Cash & Other | 10.6% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 51.3% |
Grayscale Bitcoin Trust BTC | 20.4% |
Partners Value Investments LP | 2.3% |
Associated Capital Group, Inc. | 1.7% |
Intercontinental Exchange, Inc. | 1.1% |
Franco-Nevada Corp. | 1.1% |
Wheaton Precious Metals Corp. | 1.0% |
Urbana Corp. | 1.0% |
Clarkson PLC | 1.0% |
Permian Basin Royalty Trust | 0.9% |
| The Market Opportunities FundΒ | PAGE 1Β | TSR-SAR-494613789 |
 | The Multi-Disciplinary Income Fund |  |
| No Load Class | KMDNX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $37 | 0.74% |
Net Assets | $13,631,908 |
Number of Holdings | 26 |
Portfolio Turnover | 4% |
Average Credit Quality | AAA |
Effective Duration | 2 Yrs |
30-Day SEC Yield | 6.61% |
30-Day SEC Yield Unsubsidized | 6.31% |
Top Sectors | (% of Net Assets) |
Asset Backed Securities | 84.5% |
Cash & Other | 15.5% |
Top 10 Issuers | (% of Net Assets) |
Benefit Street Partners CLO Ltd. | 7.2% |
Apidos CLO | 6.3% |
Venture CDO Ltd. | 5.5% |
Babson CLO Ltd./Cayman Islands | 4.1% |
Fortress Credit BSL Ltd. | 3.7% |
Regatta Funding Ltd. | 3.7% |
Rad CLO | 3.7% |
Magnetite CLO Ltd. | 3.7% |
ICG US CLO Ltd. | 3.7% |
Man GLG US CLO | 3.7% |
| The Multi-Disciplinary Income FundΒ | PAGE 1Β | TSR_SAR_494613672 |
| The Multi-Disciplinary Income FundΒ | PAGE 2Β | TSR_SAR_494613672 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| Advisor Class A | LSHAX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $85 | 1.50% |
Net Assets | $26,283,540 |
Number of Holdings | 29 |
Portfolio Turnover | 5% |
Top Sectors | (% of Net Assets) |
Utilities | 69.9% |
Finance and Insurance | 8.8% |
Manufacturing | 7.7% |
Accommodation and Food Services | 1.9% |
Real Estate and Rental and Leasing | 1.1% |
Energy | 0.9% |
Information | 0.7% |
Construction | 0.4% |
Real Estate | 0.4% |
Cash & Other | 8.2% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 69.9% |
CSW Industrials, Inc. | 7.3% |
Associated Capital Group, Inc. | 4.4% |
GAMCO Investors, Inc. | 3.6% |
Civeo Corp. | 1.9% |
Landbridge Co. LLC | 1.1% |
PrairieSky Royalty Ltd. | 0.9% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
Howard Hughes Holdings, Inc. | 0.4% |
DREAM Unlimited Corp. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring FundΒ | PAGE 1Β | TSR-SAR-494613557 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| Advisor Class C | LSHCX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $128 | 2.25% |
Net Assets | $26,283,540 |
Number of Holdings | 29 |
Portfolio Turnover | 5% |
Top Sectors | (% of Net Assets) |
Utilities | 69.9% |
Finance and Insurance | 8.8% |
Manufacturing | 7.7% |
Accommodation and Food Services | 1.9% |
Real Estate and Rental and Leasing | 1.1% |
Energy | 0.9% |
Information | 0.7% |
Construction | 0.4% |
Real Estate | 0.4% |
Cash & Other | 8.2% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 69.9% |
CSW Industrials, Inc. | 7.3% |
Associated Capital Group, Inc. | 4.4% |
GAMCO Investors, Inc. | 3.6% |
Civeo Corp. | 1.9% |
Landbridge Co. LLC | 1.1% |
PrairieSky Royalty Ltd. | 0.9% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
Howard Hughes Holdings, Inc. | 0.4% |
DREAM Unlimited Corp. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring FundΒ | PAGE 1Β | TSR-SAR-494613540 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| Institutional Class | LSHUX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $71 | 1.25% |
Net Assets | $26,283,540 |
Number of Holdings | 29 |
Portfolio Turnover | 5% |
Top Sectors | (% of Net Assets) |
Utilities | 69.9% |
Finance and Insurance | 8.8% |
Manufacturing | 7.7% |
Accommodation and Food Services | 1.9% |
Real Estate and Rental and Leasing | 1.1% |
Energy | 0.9% |
Information | 0.7% |
Construction | 0.4% |
Real Estate | 0.4% |
Cash & Other | 8.2% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 69.9% |
CSW Industrials, Inc. | 7.3% |
Associated Capital Group, Inc. | 4.4% |
GAMCO Investors, Inc. | 3.6% |
Civeo Corp. | 1.9% |
Landbridge Co. LLC | 1.1% |
PrairieSky Royalty Ltd. | 0.9% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
Howard Hughes Holdings, Inc. | 0.4% |
DREAM Unlimited Corp. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring FundΒ | PAGE 1Β | TSR-SAR-494613532 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| No Load Class | LSHEX | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $83 | 1.45% |
Net Assets | $26,283,540 |
Number of Holdings | 29 |
Portfolio Turnover | 5% |
Top Sectors | (% of Net Assets) |
Utilities | 69.9% |
Finance and Insurance | 8.8% |
Manufacturing | 7.7% |
Accommodation and Food Services | 1.9% |
Real Estate and Rental and Leasing | 1.1% |
Energy | 0.9% |
Information | 0.7% |
Construction | 0.4% |
Real Estate | 0.4% |
Cash & Other | 8.2% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 69.9% |
CSW Industrials, Inc. | 7.3% |
Associated Capital Group, Inc. | 4.4% |
GAMCO Investors, Inc. | 3.6% |
Civeo Corp. | 1.9% |
Landbridge Co. LLC | 1.1% |
PrairieSky Royalty Ltd. | 0.9% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
Howard Hughes Holdings, Inc. | 0.4% |
DREAM Unlimited Corp. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring FundΒ | PAGE 1Β | TSR-SAR-494613524 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for Semi-Annual Reports.
Item 3. Audit Committee Financial Expert.
Not applicable for Semi-Annual Reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for Semi-Annual Reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included within the financial statements filed under Item 7 of this Form.
| Β |
Β
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
| β | β | β | β |
Β | β | β | Page |
KINETICS MUTUAL FUNDS, INC. β The Feeder Funds and The Kinetics Spin-Off and Corporate Restructuring Fund | β | β | Β |
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
KINETICS PORTFOLIO TRUST β MASTER INVESTMENTS PORTFOLIO | β | β | Β |
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | ||
| β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
COMMON STOCKS - 92.6% | ||||||
Accommodation - 1.9% | β | |||||
Civeo Corp. | β | β | 20,200 | β | β | $503,384 |
Broadcasting (except Internet) - 1.0% | β | |||||
Atlanta Braves Holdings, Inc. - Class C(a) | β | β | 1,694 | β | β | 66,811 |
Liberty Media Corp.-Liberty Formula One - Class A(a) | β | β | 3,000 | β | β | 192,690 |
Liberty Media Corp.-Liberty Live - Class A(a) | β | β | 100 | β | β | 3,751 |
| β | β | β | β | 263,252 | ||
Chemical Manufacturing - 0.2% | β | |||||
Prestige Consumer Healthcare, Inc.(a) | β | β | 797 | β | β | 54,873 |
Diversiο¬ed Real Estate Activities - 0.9% | β | |||||
PrairieSky Royalty Ltd. | β | β | 12,000 | β | β | 228,062 |
Electric Power Generation, Transmission and Distribution - 0.0%(b) | β | |||||
GE Vernova, Inc.(a) | β | β | 25 | β | β | 4,288 |
Funds, Trusts, and Other Financial Vehicles - 0.1% | β | |||||
Mesabi Trust | β | β | 550 | β | β | 9,476 |
Machinery Manufacturing - 0.1% | β | |||||
General Electric Co. | β | β | 100 | β | β | 15,897 |
Management of Companies and Enterprises - 4.6% | β | |||||
Associated Capital Group, Inc. - Class A | β | β | 34,300 | β | β | 1,166,886 |
Galaxy Digital Holdings Ltd.(a) | β | β | 3,600 | β | β | 42,051 |
White Mountains Insurance Group Ltd. | β | β | 4 | β | β | 7,270 |
| β | β | β | β | 1,216,207 | ||
Mining (except Oil and Gas) - 0.0%(b) | β | |||||
Anglo American PLC - ADR | β | β | 2 | β | β | 32 |
Knife River Corp.(a) | β | β | 100 | β | β | 7,014 |
| β | β | β | β | 7,046 | ||
Miscellaneous Manufacturing - 7.3% | β | |||||
CSW Industrials, Inc. | β | β | 7,200 | β | β | 1,910,232 |
Nonmetallic Mineral Product Manufacturing - 0.1% | β | |||||
Eagle Materials, Inc. | β | β | 76 | β | β | 16,527 |
Offices of Real Estate Agents and Brokers - 1.6% | β | |||||
Landbridge Co. LLC - Class A(a) | β | β | 17,648 | β | β | 408,552 |
Oil and Gas Extraction - 69.9%(c) | β | |||||
Texas Paciο¬c Land Corp.(d) | β | β | 25,033 | β | β | 18,380,981 |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
Other Financial Investment Activities - 4.0% | β | |||||
Bakkt Holdings, Inc.(a) | β | β | 5,180 | β | β | $98,006 |
GAMCO Investors, Inc. - Class A | β | β | 39,300 | β | β | 954,990 |
| β | β | β | β | 1,052,996 | ||
Other Investment Pools and Funds - 0.1% | β | β | β | β | ||
Urbana Corp. | β | β | 6,234 | β | β | 25,701 |
Urbana Corp. - Class A | β | β | 1,600 | β | β | 5,532 |
| β | β | β | β | 31,233 | ||
Real Estate - 0.8% | β | β | β | β | ||
DREAM Unlimited Corp.(a) | β | β | 7,200 | β | β | 103,417 |
Howard Hughes Holdings, Inc.(a) | β | β | 1,700 | β | β | 110,194 |
| β | β | β | β | 213,611 | ||
Support Activities for Mining - 0.0%(b) | β | β | β | β | ||
Liberty Energy, Inc. | β | β | 324 | β | β | 6,768 |
TOTAL COMMON STOCKS (Cost $3,813,552) | β | β | β | β | 24,323,385 | |
CLOSED END FUNDS - 0.3% | β | β | β | β | ||
Capital Southwest Corp. | β | β | 3,200 | β | β | 83,488 |
TOTAL CLOSED END FUNDS (Cost $46,884) | β | β | β | β | 83,488 | |
UNIT INVESTMENT TRUST - 0.2% | β | β | β | β | ||
GRAYSCALE BITCOIN CASH TR BCH COM - RESTRICTED(a)(e) | β | β | 6,073 | β | β | 37,045 |
Grayscale Bitcoin Trust BTC(a) | β | β | 60 | β | β | 3,195 |
TOTAL UNIT INVESTMENT TRUST (Cost $27,264) | β | β | β | β | 40,240 | |
EXCHANGE TRADED FUNDS - 0.0%(b) | β | β | β | β | ||
iShares Bitcoin Trust(a) | β | β | 140 | β | β | 4,779 |
TOTAL EXCHANGE TRADED FUNDS (Cost $5,029) | β | β | β | β | 4,779 | |
TOTAL INVESTMENTS - 93.1% (Cost $3,892,729) | β | β | β | β | 24,451,892 | |
Money Market Deposit Account - 8.1%(f) | β | β | β | β | 2,136,185 | |
Liabilities in Excess of Other Assets - (1.2)% | β | β | β | β | (304,537) | |
TOTAL NET ASSETS - 100.0% | β | β | β | β | $26,283,540 | |
| β | β | β | β | β | β | β |
(a) | Non-income producing security. |
(b) | Represents less than 0.05% of net assets. |
| β |
1 |
| β |
(c) | 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 signiο¬cantly affect those industries or sectors. |
(d) | Fair value of this security exceeds 25% of the Fundβs net assets. Additional information for this security, including the financial statements, is available from the SECβs EDGAR database at www.sec.gov. |
(e) | Fair value determined using signiο¬cant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $37,045 or 0.2% of net assets as of June 30, 2024. |
(f) | The U.S. Bank Money Market Deposit Account (the βMMDAβ) 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 June 30, 2024 was 5.28%. |
| β |
2 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Internet Fund | β | β | The Global Fund |
ASSETS: | β | β | β | β | ||
Investments in the Master Portfolio, at value* | β | β | $247,051,455 | β | β | $26,888,906 |
Receivable from Adviser | β | β | β | β | β | 14,016 |
Receivable for Master Portfolio interest sold | β | β | 28,066 | β | β | 51,400 |
Receivable for Fund shares sold | β | β | 36,638 | β | β | β |
Prepaid expenses and other assets | β | β | 39,439 | β | β | 32,301 |
Total assets | β | β | 247,155,598 | β | β | 26,986,623 |
LIABILITIES: | β | β | β | β | ||
Payable for Master Portfolio interest purchased | β | β | β | β | β | 46,580 |
Payable to Directors | β | β | 6,314 | β | β | 598 |
Payable to Chief Compliance Officer | β | β | 316 | β | β | 25 |
Payable for Fund shares repurchased | β | β | 64,704 | β | β | 4,820 |
Payable for shareholder servicing fees | β | β | 52,552 | β | β | 5,514 |
Payable for distribution fees | β | β | 12,959 | β | β | 15,221 |
Accrued expenses and other liabilities | β | β | 22,495 | β | β | 9,457 |
Total liabilities | β | β | 159,340 | β | β | 82,215 |
Net Assets | β | β | $246,996,258 | β | β | $26,904,408 |
Net Assets Consists of: | β | β | β | β | ||
Paid in capital | β | β | $96,699,678 | β | β | $13,271,018 |
Accumulated earnings | β | β | 150,296,580 | β | β | 13,633,390 |
Net assets | β | β | $246,996,258 | β | β | $26,904,408 |
Calculation of Net Asset Value Per Share - No Load Class: | β | β | ||||
Net Assets | β | β | $240,880,279 | β | β | $19,385,885 |
Shares outstanding | β | β | 3,168,655 | β | β | 1,598,118 |
Net asset value per share (offering price and redemption price) | β | β | $76.02 | β | β | $12.13 |
Calculation of Net Asset Value Per Share - Advisor Class A: | β | β | ||||
Net Assets | β | β | $3,234,378 | β | β | $1,944,336 |
Shares outstanding | β | β | 47,107 | β | β | 161,632 |
Net asset value per share (redemption price) | β | β | $68.66 | β | β | $12.03 |
Offering price per share ($68.66 divided by .9425 and $12.03 divided by .9425) | β | β | $72.85 | β | β | $12.76 |
Calculation of Net Asset Value Per Share - Advisor Class C: | β | β | ||||
Net Assets | β | β | $2,881,601 | β | β | $5,574,187 |
Shares outstanding | β | β | 51,351 | β | β | 503,561 |
Net asset value per share (offering price and redemption price) | β | β | $56.12 | β | β | $11.07 |
| β | β | β | β | β | β | β |
| * | Each Feeder Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Fundsβ financial statements. |
| β |
3 |
| β |
| β | β | β | β | β | β | β | β | ||
Β | β | β | The Paradigm Fund | β | β | The Small Cap Opportunities Fund | β | ||
ASSETS: | β | β | β | β | β | ||||
Investments in the Master Portfolio, at value* | β | β | $900,267,160 | β | β | $305,860,027 | β | ||
Receivable for Master Portfolio interest sold | β | β | 110,224 | β | β | 193,382 | β | ||
Receivable for Fund shares sold | β | β | 53,961 | β | β | 63,150 | β | ||
Prepaid expenses and other assets | β | β | 61,556 | β | β | 47,376 | β | ||
Total assets | β | β | 900,492,901 | β | β | 306,163,935 | β | ||
LIABILITIES: | β | β | β | β | β | ||||
Payable to Directors | β | β | 21,008 | β | β | 7,253 | β | ||
Payable to Chief Compliance Officer | β | β | 1,088 | β | β | 385 | β | ||
Payable for Fund shares repurchased | β | β | 164,185 | β | β | 256,532 | β | ||
Payable for shareholder servicing fees | β | β | 140,903 | β | β | 51,607 | β | ||
Payable for distribution fees | β | β | 193,458 | β | β | 40,842 | β | ||
Accrued expenses and other liabilities | β | β | 58,828 | β | β | 30,299 | β | ||
Total liabilities | β | β | 579,470 | β | β | 386,918 | β | ||
Net Assets | β | β | $899,913,431 | β | β | $305,777,017 | β | ||
Net Assets Consists of: | β | β | β | β | β | ||||
Paid in capital | β | β | $140,390,465 | β | β | $106,212,227 | β | ||
Accumulated earnings | β | β | 759,522,966 | β | β | 199,564,790 | β | ||
Net assets | β | β | $899,913,431 | β | β | $305,777,017 | β | ||
Calculation of Net Asset Value Per Share - No Load Class: | β | β | β | β | |||||
Net Assets | β | β | $404,685,240 | β | β | $219,469,644 | β | ||
Shares outstanding | β | β | 4,298,960 | β | β | 1,712,563 | β | ||
Net asset value per share (offering price and redemption price) | β | β | $94.14 | β | β | $128.15 | β | ||
Calculation of Net Asset Value Per Share - Advisor Class A: | β | β | β | ||||||
Net Assets | β | β | $182,506,440 | β | β | 18,400,390 | β | ||
Shares outstanding | β | β | 2,039,323 | β | β | 149,851 | β | ||
Net asset value per share (redemption price) | β | β | $89.49 | β | β | 122.79 | β | ||
Offering price per share ($89.49 divided by .9425 and $122.79 divided by .9425) | β | β | $94.95 | β | β | $130.28 | β | ||
Calculation of Net Asset Value Per Share - Advisor Class C: | β | β | β | ||||||
Net Assets | β | β | $63,969,968 | β | β | $9,235,291 | β | ||
Shares outstanding | β | β | 799,868 | β | β | 80,298 | β | ||
Net asset value per share (offering price and redemption price) | β | β | $79.98 | β | β | $115.01 | β | ||
Calculation of Net Asset Value Per Share - Institutional Class: | β | ||||||||
Net Assets | β | β | $248,751,783 | β | β | $58,671,692 | β | ||
Shares outstanding | β | β | 2,605,471 | β | β | 446,611 | β | ||
Net asset value per share (offering price and redemption price) | β | β | $95.47 | β | β | $131.37 | β | ||
| β | β | β | β | β | β | β | β | ||
| * | Each Feeder Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Fundsβ financial statements. |
| β |
4 |
| β |
| β | β | β | β | β | β | β | β | ||
Β | β | β | The Market Opportunities Fund | β | β | The Multi-Disciplinary Income Fund | β | ||
ASSETS: | β | β | β | β | β | ||||
Investments in the Master Portfolio, at value* | β | β | $155,882,305 | β | β | $13,426,848 | β | ||
Receivable from Adviser | β | β | 36,906 | β | β | 3,112 | β | ||
Receivable for Master Portfolio interest sold | β | β | 80,326 | β | β | 69,948 | β | ||
Prepaid expenses and other assets | β | β | 40,785 | β | β | 13,409 | β | ||
Total assets | β | β | 156,040,322 | β | β | 13,513,317 | β | ||
LIABILITIES: | β | β | β | β | β | ||||
Payable for Master Portfolio interest purchased | β | β | 21,605 | β | β | β | β | ||
Payable to Directors | β | β | 3,637 | β | β | 317 | β | ||
Payable to Chief Compliance Officer | β | β | 187 | β | β | 21 | β | ||
Payable for Fund shares repurchased | β | β | 58,721 | β | β | 69,948 | β | ||
Payable for shareholder servicing fees | β | β | 27,392 | β | β | 2,592 | β | ||
Payable for distribution fees | β | β | 27,317 | β | β | 11,984 | β | ||
Accrued expenses and other liabilities | β | β | 16,956 | β | β | 8,281 | β | ||
Total liabilities | β | β | 155,815 | β | β | 93,143 | β | ||
Net Assets | β | β | $155,884,507 | β | β | $13,420,174 | β | ||
Net Assets Consists of: | β | β | β | β | β | ||||
Paid in capital | β | β | $49,368,282 | β | β | $18,803,566 | β | ||
Accumulated earnings | β | β | 106,516,225 | β | β | (5,383,392) | β | ||
Net assets | β | β | $155,884,507 | β | β | $13,420,174 | β | ||
Calculation of Net Asset Value Per Share - No Load Class: | β | β | β | ||||||
Net Assets | β | β | $106,161,829 | β | β | $13,420,174 | β | ||
Shares outstanding | β | β | 1,967,456 | β | β | 1,349,518 | β | ||
Net asset value per share (offering price and redemption price) | β | β | $53.96 | β | β | $9.94 | β | ||
Calculation of Net Asset Value Per Share - Advisor Class A: | β | β | β | β | |||||
Net Assets | β | β | $11,981,139 | β | β | N/A | β | ||
Shares outstanding | β | β | 226,160 | β | β | N/A | β | ||
Net asset value per share (redemption price) | β | β | $52.98 | β | β | N/A | β | ||
Offering price per share ($52.98 divided by .9425) | β | β | $56.21 | β | β | N/A | β | ||
Calculation of Net Asset Value Per Share - Advisor Class C: | β | β | β | β | |||||
Net Assets | β | β | $11,137,389 | β | β | N/A | β | ||
Shares outstanding | β | β | 222,023 | β | β | N/A | β | ||
Net asset value per share (offering price and redemption price) | β | β | $50.16 | β | β | N/A | β | ||
Calculation of Net Asset Value Per Share - Institutional Class: | β | ||||||||
Net Assets | β | β | $26,604,150 | β | β | N/A | β | ||
Shares outstanding | β | β | 484,639 | β | β | N/A | β | ||
Net asset value per share (offering price and redemption price) | β | β | $54.89 | β | β | N/A | β | ||
| β | β | β | β | β | β | β | β | ||
| * | Each Feeder Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Feeder Funds' financial statements. |
| β |
5 |
| β |
| β | β | β | β |
Β | β | β | The Kinetics Spin-Off and Corporate Restructuring Fund |
ASSETS: | β | β | |
Investments, at value(1) | β | β | $24,451,892 |
Cash | β | β | 2,136,185 |
Receivable for Fund shares sold | β | β | 1,487 |
Dividends and interest receivable | β | β | 15,011 |
Prepaid expenses and other assets | β | β | 33,437 |
Total assets | β | β | 26,638,012 |
LIABILITIES: | β | β | |
Payable to Adviser | β | β | 16,460 |
Payable to Directors | β | β | 608 |
Payable to Chief Compliance Officer | β | β | 34 |
Payable for securities purchased | β | β | 300,048 |
Payable for Fund shares repurchased | β | β | 4,418 |
Payable for shareholder servicing fees | β | β | 2,158 |
Payable for distribution fees | β | β | 11,597 |
Accrued expenses and other liabilities | β | β | 19,149 |
Total liabilities | β | β | 354,472 |
Net Assets | β | β | $26,283,540 |
(1)Cost of investments | β | β | 3,892,729 |
Net Assets Consists of: | β | β | |
Paid in capital | β | β | $4,878,093 |
Accumulated earnings | β | β | 21,405,447 |
Net assets | β | β | $26,283,540 |
Calculation of Net Asset Value Per Share - No Load Class: | β | β | |
Net Assets | β | β | $28,123 |
Shares outstanding | β | β | 1,116 |
Net asset value per share (offering price and redemption price) | β | β | $25.20 |
Calculation of Net Asset Value Per Share - Advisor Class A: | β | β | |
Net Assets | β | β | $6,842,235 |
Shares outstanding | β | β | 286,943 |
Net asset value per share (redemption price) | β | β | $23.85 |
Offering price per share ($23.85 divided by .9425) | β | β | $25.30 |
Calculation of Net Asset Value Per Share - Advisor Class C: | β | β | |
Net Assets | β | β | $223,218 |
Shares outstanding | β | β | 10,399 |
Net asset value per share (offering price and redemption price) | β | β | $21.47 |
Calculation of Net Asset Value Per Share - Institutional Class: | β | β | |
Net Assets | β | β | $19,189,964 |
Shares outstanding | β | β | 797,704 |
Net asset value per share (offering price and redemption price) | β | β | $24.06 |
| β | β | β | β |
| β |
6 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Internet Fund | β | β | The Global Fund |
INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS: | β | β | β | β | ||
Dividendsβ | β | β | $376,823 | β | β | $116,575 |
Interest | β | β | 1,304,202 | β | β | 73,088 |
Income from securities lending | β | β | 92,171 | β | β | 5,950 |
Expenses allocated from Master Portfolio | β | β | (1,553,871) | β | β | (162,335) |
Net investment income from Master Portfolio | β | β | 219,325 | β | β | 33,278 |
EXPENSES: | β | β | β | β | ||
Distribution fees - Advisor ClassΒ A (See Note 3) | β | β | 3,644 | β | β | 2,139 |
Distribution fees - Advisor Class C (See Note 3) | β | β | 9,703 | β | β | 19,965 |
Shareholder servicing fees - Advisor Class A (See Note 3) | β | β | 3,644 | β | β | 2,139 |
Shareholder servicing fees - Advisor Class C (See Note 3) | β | β | 3,234 | β | β | 6,655 |
Shareholder servicing fees - No Load Class (See Note 3) | β | β | 283,885 | β | β | 18,788 |
Transfer agent fees and expenses | β | β | 38,116 | β | β | 7,856 |
Reports to shareholders | β | β | 10,385 | β | β | 1,408 |
Administration fees | β | β | 25,487 | β | β | 3,616 |
Professional fees | β | β | 19,237 | β | β | 5,636 |
Directorsβ fees | β | β | 12,973 | β | β | 1,126 |
Chief Compliance Officer fees | β | β | 2,097 | β | β | 162 |
Registration fees | β | β | 29,734 | β | β | 29,099 |
Fund accounting fees | β | β | 4,112 | β | β | 279 |
Other expenses | β | β | 3,456 | β | β | 427 |
Total expenses | β | β | 449,707 | β | β | 99,295 |
Less, expense reimbursement | β | β | β | β | β | (86,170) |
Net expenses | β | β | 449,707 | β | β | 13,125 |
Net investment income (loss) from Master Portfolio | β | β | (230,382) | β | β | 20,153 |
REALIZED AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | β | β | β | β | ||
Net realized gain on: | β | β | β | β | ||
Investments and foreign currency | β | β | 2,579,777 | β | β | 354,631 |
Net change in unrealized appreciation (depreciation) of: | β | β | β | β | ||
Investments and foreign currency | β | β | 53,496,123 | β | β | 4,709,580 |
Net gain on investments | β | β | 56,075,900 | β | β | 5,064,211 |
Net increase in net assets resulting from operations | β | β | $55,845,518 | β | β | $5,084,364 |
β Net of foreign taxes withheld of: | β | β | $7,337 | β | β | $5,915 |
| β | β | β | β | β | β | β |
| β |
7 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Paradigm Fund | β | β | The Small Cap Opportunities Fund |
INVESTMENT GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS: | β | β | ||||
Dividendsβ | β | β | $2,867,499 | β | β | $1,361,757 |
Interest | β | β | 967,759 | β | β | 982,063 |
Income from securities lending | β | β | 88,524 | β | β | 27,033 |
Expenses allocated from Master Portfolio | β | β | (5,264,977) | β | β | (1,848,596) |
Net investment income (loss) from Master Portfolio | β | β | (1,341,195) | β | β | 522,257 |
EXPENSES: | β | β | β | β | ||
Distribution fees - Advisor ClassΒ A (See Note 3) | β | β | 195,307 | β | β | 20,285 |
Distribution fees - Advisor Class C (See Note 3) | β | β | 214,978 | β | β | 31,190 |
Shareholder servicing fees - Advisor Class A (See Note 3) | β | β | 195,307 | β | β | 20,285 |
Shareholder servicing fees - Advisor Class C (See Note 3) | β | β | 71,659 | β | β | 10,397 |
Shareholder servicing fees - No Load Class (See Note 3) | β | β | 443,549 | β | β | 249,565 |
Shareholder servicing fees - Institutional Class (See Note 3) | β | β | 224,568 | β | β | 52,034 |
Transfer agent fees and expenses | β | β | 78,206 | β | β | 31,245 |
Reports to shareholders | β | β | 22,429 | β | β | 12,917 |
Administration fees | β | β | 84,535 | β | β | 30,147 |
Professional fees | β | β | 53,061 | β | β | 21,076 |
Directorsβ fees | β | β | 44,042 | β | β | 15,330 |
Chief Compliance Officer fees | β | β | 6,797 | β | β | 2,299 |
Registration fees | β | β | 41,792 | β | β | 43,173 |
Fund accounting fees | β | β | 11,053 | β | β | 3,906 |
Other expenses | β | β | 14,885 | β | β | 6,094 |
Total expenses | β | β | 1,702,168 | β | β | 549,943 |
Less, expense waiver for Institutional Class shareholder servicing fees | β | β | (168,426) | β | β | (39,025) |
Less, expense reimbursement | β | β | (110,568) | β | β | (94,979) |
Net expenses | β | β | 1,423,174 | β | β | 415,939 |
Net investment income (loss) from Master Portfolio | β | β | (2,764,369) | β | β | 106,318 |
REALIZED AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | β | β | β | β | ||
Net realized gain on: | β | β | β | β | ||
Investments and foreign currency | β | β | 34,571,147 | β | β | 12,173,735 |
Net change in unrealized appreciation (depreciation) of: | β | β | β | β | ||
Investments and foreign currency | β | β | 175,037,950 | β | β | 45,770,493 |
Net gain on investments | β | β | 209,609,097 | β | β | 57,944,228 |
Net increase in net assets resulting from operations | β | β | $206,844,728 | β | β | $58,050,546 |
β Net of foreign taxes withheld of: | β | β | $88,232 | β | β | $94,177 |
| β | β | β | β | β | β | β |
| β |
8 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Market Opportunities Fund | β | β | The Multi- Disciplinary Income Fund |
INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS: | β | β | β | β | ||
Dividendsβ | β | β | $510,756 | β | β | $β |
Interest | β | β | 441,203 | β | β | 456,254 |
Income from securities lending | β | β | 39,875 | β | β | β |
Expenses allocated from Master Portfolio | β | β | (924,785) | β | β | (30,992) |
Net investment income from Master Portfolio | β | β | 67,049 | β | β | 425,262 |
EXPENSES: | β | β | β | β | ||
Distribution fees - Advisor ClassΒ A (See Note 3) | β | β | 13,088 | β | β | β |
Distribution fees - Advisor Class C (See Note 3) | β | β | 39,026 | β | β | β |
Shareholder servicing fees - Advisor Class A (See Note 3) | β | β | 13,088 | β | β | β |
Shareholder servicing fees - Advisor Class C (See Note 3) | β | β | 13,009 | β | β | β |
Shareholder servicing fees - No Load Class (See Note 3) | β | β | 118,030 | β | β | 15,138 |
Shareholder servicing fees - Institutional Class (See Note 3) | β | β | 22,006 | β | β | β |
Transfer agent fees and expenses | β | β | 19,579 | β | β | 3,132 |
Reports to shareholders | β | β | 4,614 | β | β | 683 |
Administration fees | β | β | 16,162 | β | β | 2,184 |
Professional fees | β | β | 12,983 | β | β | 5,155 |
Directorsβ fees | β | β | 7,702 | β | β | 666 |
Chief Compliance Officer fees | β | β | 1,206 | β | β | 106 |
Registration fees | β | β | 36,330 | β | β | 14,355 |
Fund accounting fees | β | β | 2,220 | β | β | 177 |
Other expenses | β | β | 2,368 | β | β | 262 |
Total expenses | β | β | 321,411 | β | β | 41,858 |
Less, expense waiver for Institutional Class shareholder servicing fees | β | β | (16,505) | β | β | β |
Less, expense reimbursement | β | β | (238,425) | β | β | (27,986) |
Net expenses | β | β | 66,481 | β | β | 13,872 |
Net investment income | β | β | 568 | β | β | 411,390 |
REALIZED AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | β | β | β | β | ||
Net realized gain (loss) on: | β | β | β | β | ||
Investments and foreign currency | β | β | 879,918 | β | β | β |
Net change in unrealized appreciation (depreciation) of: | β | β | β | β | ||
Investments and foreign currency | β | β | 34,008,486 | β | β | 33,459 |
Net gain on investments | β | β | 34,888,404 | β | β | 33,459 |
Net increase in net assets resulting from operations | β | β | $34,888,972 | β | β | $444,849 |
β Net of foreign taxes withheld of: | β | β | $19,192 | β | β | $β |
| β | β | β | β | β | β | β |
| β |
9 |
| β |
| β | β | β | β |
Β | β | β | The Kinetics Spin-off and Corporate Restructuring Fund |
INVESTMENT INCOME: | β | β | |
Dividendsβ | β | β | $96,345 |
Interest | β | β | 63,067 |
Total investment income | β | β | 159,412 |
EXPENSES: | β | β | |
Distribution fees - Advisor Class A (See Note 3) | β | β | 7,330 |
Distribution fees - Advisor Class C (See Note 3) | β | β | 935 |
Shareholder servicing fees - Advisor Class A (See Note 3) | β | β | 7,330 |
Shareholder servicing fees - Advisor Class C (See Note 3) | β | β | 312 |
Shareholder servicing fees - No Load Class (See Note 3) | β | β | 38 |
Shareholder servicing fees - Institutional Class (See Note 3) | β | β | 16,280 |
Transfer agent fees and expenses | β | β | 10,154 |
Reports to shareholders | β | β | 729 |
Administration fees | β | β | 8,936 |
Professional fees | β | β | 10,626 |
Directorsβ fees | β | β | 1,356 |
Chief Compliance Officer fees | β | β | 191 |
Registration fees | β | β | 33,545 |
Fund accounting fees | β | β | 1,667 |
Investment advisory fees | β | β | 112,119 |
Custodian fees and expenses | β | β | 2,913 |
Other expenses | β | β | 444 |
Total expenses | β | β | 214,905 |
Less, expense waiver for Institutional Class shareholder servicing fees | β | β | (12,210) |
Less, expense reimbursement | β | β | (53,939) |
Net expenses | β | β | 148,756 |
Net investment income | β | β | 10,656 |
REALIZED AND UNREALIZED GAN ON INVESTMENTS AND FOREIGN CURRENCY: | β | β | |
Net realized gain on: | β | β | |
Investments and foreign currency | β | β | 825,362 |
Net change in unrealized appreciation (depreciation) of: | β | β | |
Investments and foreign currency | β | β | 5,197,763 |
Net gain on investments | β | β | 6,023,125 |
Net increase in net assets resulting from operations | β | β | $6,033,781 |
β Net of foreign taxes withheld of: | β | β | $2,564 |
| β | β | β | β |
| β |
10 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Internet Fund | β | β | The Global Fund | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
OPERATIONS: | β | β | β | β | β | β | β | β | ||||
Net investment income (loss) | β | β | $ββ(230,382) | β | β | $β1,328,402 | β | β | $βββ20,153 | β | β | $396,197 |
Net realized gain (loss) on sale of investments and foreign currency | β | β | 2,579,777 | β | β | 2,270,772 | β | β | 354,631 | β | β | (225,114) |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | β | β | 53,496,123 | β | β | 40,793,916 | β | β | 4,709,580 | β | β | 1,884,327 |
Net increase in net assets resulting from operations | β | β | 55,845,518 | β | β | 44,393,090 | β | β | 5,084,364 | β | β | 2,055,410 |
DISTRIBUTIONS TO SHAREHOLDERS: | β | β | β | β | β | β | β | β | ||||
No Load Class (See Note 5) | β | β | β | β | β | (1,389,302) | β | β | β | β | β | (288,013) |
Advisor Class A (See Note 5) | β | β | β | β | β | (19,295) | β | β | β | β | β | (32,510) |
Advisor Class C (See Note 5) | β | β | β | β | β | (19,149) | β | β | β | β | β | (93,545) |
Total distributions to shareholders | β | β | β | β | β | (1,427,746) | β | β | β | β | β | (414,068) |
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 19,916,977 | β | β | 22,530,500 | β | β | 6,157,078 | β | β | 5,166,095 |
Redemption fees | β | β | 44,639 | β | β | 18,241 | β | β | 6,495 | β | β | 1,604 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 1,355,174 | β | β | β | β | β | 264,030 |
Cost of shares redeemed | β | β | (19,461,696) | β | β | (24,605,463) | β | β | (2,001,286) | β | β | (15,798,617) |
Net increase (decrease) in net assets resulting from capital share transactions | β | β | 499,920 | β | β | (701,548) | β | β | 4,162,287 | β | β | (10,366,888) |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 381,221 | β | β | 155,760 | β | β | 239,454 | β | β | 641,746 |
Redemption fees | β | β | 571 | β | β | 275 | β | β | 753 | β | β | 165 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 18,197 | β | β | β | β | β | 29,860 |
Cost of shares redeemed | β | β | (171,247) | β | β | (656,118) | β | β | (37,570) | β | β | (283,684) |
Net increase (decrease) in net assets resulting from capital share transactions | β | β | 210,545 | β | β | (481,886) | β | β | 202,637 | β | β | 388,087 |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 867,762 | β | β | 489,700 | β | β | 130,258 | β | β | 63,890 |
Redemption fees | β | β | 520 | β | β | 155 | β | β | 2,315 | β | β | 620 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 15,552 | β | β | β | β | β | 80,873 |
Cost of shares redeemed | β | β | (451,518) | β | β | (208,805) | β | β | (601,443) | β | β | (2,349,373) |
Net increase (decrease) in net assets resulting from capital share transactions | β | β | 416,764 | β | β | 296,602 | β | β | (468,870) | β | β | (2,203,990) |
Total increase (decrease) in net assets: | β | β | 56,972,747 | β | β | 42,078,512 | β | β | 8,980,418 | β | β | (10,541,449) |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
11 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Internet Fund | β | β | The Global Fund | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
NET ASSETS: | β | β | β | β | β | β | β | β | ||||
Beginning of period | β | β | $190,023,511 | β | β | $147,944,999 | β | β | $17,923,990 | β | β | $28,465,439 |
End of period | β | β | 246,996,258 | β | β | 190,023,511 | β | β | 26,904,408 | β | β | 17,923,990 |
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 270,701 | β | β | 469,358 | β | β | 521,895 | β | β | 613,349 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 22,973 | β | β | β | β | β | 27,939 |
Shares redeemed | β | β | (270,238) | β | β | (495,814) | β | β | (185,875) | β | β | (1,827,851) |
Net increase (decrease) in shares outstanding | β | β | 463 | β | β | (3,483) | β | β | 336,020 | β | β | (1,186,563) |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 5,628 | β | β | 3,354 | β | β | 21,731 | β | β | 76,187 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 341 | β | β | β | β | β | 3,183 |
Shares redeemed | β | β | (2,598) | β | β | (15,340) | β | β | (3,221) | β | β | (34,476) |
Net increase (decrease) in shares outstanding | β | β | 3,030 | β | β | (11,645) | β | β | 18,510 | β | β | 44,894 |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 15,809 | β | β | 12,578 | β | β | 12,432 | β | β | 7,613 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 356 | β | β | β | β | β | 9,350 |
Shares redeemed | β | β | (8,102) | β | β | (5,881) | β | β | (58,749) | β | β | (299,977) |
Net increase (decrease) in shares outstanding | β | β | 7,707 | β | β | 7,053 | β | β | (46,317) | β | β | (283,014) |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
12 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Paradigm Fund | β | β | The Small Cap Opportunities Fund | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
OPERATIONS: | β | β | β | β | β | β | β | β | ||||
Net investment income (loss) | β | β | $β(2,764,369) | β | β | $ββ(4,563,069) | β | β | $βββ106,318 | β | β | $810,391 |
Net realized gain on sale of investments and foreign currency | β | β | 34,571,147 | β | β | 44,517,267 | β | β | 12,173,735 | β | β | 25,853,591 |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | β | β | 175,037,950 | β | β | (222,967,205) | β | β | 45,770,493 | β | β | (96,790,127) |
Net increase (decrease) in net assets resulting from operations | β | β | 206,844,728 | β | β | (183,013,007) | β | β | 58,050,546 | β | β | (70,126,145) |
DISTRIBUTIONS TO SHAREHOLDERS: | β | β | β | β | β | β | β | β | ||||
No Load Class (See Note 5) | β | β | β | β | β | (18,426,906) | β | β | β | β | β | (13,093,946) |
Advisor Class A (See Note 5) | β | β | β | β | β | (8,220,489) | β | β | β | β | β | (996,007) |
Advisor Class C (See Note 5) | β | β | β | β | β | (3,589,123) | β | β | β | β | β | (517,585) |
Institutional Class (See Note 5) | β | β | β | β | β | (11,939,043) | β | β | β | β | β | (4,154,384) |
Total distributions to shareholders | β | β | β | β | β | (42,175,561) | β | β | β | β | β | (18,761,922) |
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 6,807,002 | β | β | 34,835,326 | β | β | 5,783,895 | β | β | 50,835,416 |
Redemption fees | β | β | 2,593 | β | β | 22,525 | β | β | 7,581 | β | β | 42,028 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 16,215,633 | β | β | β | β | β | 12,713,540 |
Cost of shares redeemed | β | β | (33,389,796) | β | β | (124,544,750) | β | β | (33,198,156) | β | β | (122,340,004) |
Net decrease in net assets resulting from capital share transactions | β | β | (26,580,201) | β | β | (73,471,266) | β | β | (27,406,680) | β | β | (58,749,020) |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 7,354,967 | β | β | 10,075,104 | β | β | 397,069 | β | β | 1,947,225 |
Redemption fees | β | β | 1,145 | β | β | 8,755 | β | β | 615 | β | β | 3,090 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 7,086,025 | β | β | β | β | β | 924,495 |
Cost of shares redeemed | β | β | (9,601,196) | β | β | (20,919,604) | β | β | (1,142,225) | β | β | (6,353,628) |
Net decrease in net assets resulting from capital share transactions | β | β | (2,245,084) | β | β | (3,749,720) | β | β | (744,541) | β | β | (3,478,818) |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 48,512 | β | β | 820,174 | β | β | 1,450 | β | β | 461,432 |
Redemption fees | β | β | 418 | β | β | 3,733 | β | β | 315 | β | β | 1,628 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 3,308,818 | β | β | β | β | β | 494,780 |
Cost of shares redeemed | β | β | (7,795,519) | β | β | (12,483,355) | β | β | (884,316) | β | β | (2,343,328) |
Net decrease in net assets resulting from capital share transactions | β | β | (7,746,589) | β | β | (8,350,630) | β | β | (882,551) | β | β | (1,385,488) |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
13 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Paradigm Fund | β | β | The Small Cap Opportunities Fund | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | $4,510,481 | β | β | $17,506,065 | β | β | $4,914,913 | β | β | $25,651,547 |
Redemption fees | β | β | 1,622 | β | β | 13,553 | β | β | 1,990 | β | β | 13,010 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 11,504,845 | β | β | β | β | β | 4,081,341 |
Cost of shares redeemed | β | β | (36,476,033) | β | β | (34,482,229) | β | β | (12,621,379) | β | β | (51,989,074) |
Net decrease in net assets resulting from capital share transactions | β | β | (31,963,930) | β | β | (5,457,766) | β | β | (7,704,476) | β | β | (22,243,176) |
Total increase (decrease) in net assets: | β | β | 138,308,924 | β | β | (316,217,950) | β | β | 21,312,298 | β | β | (174,744,569) |
NET ASSETS: | β | β | β | β | β | β | β | β | ||||
Beginning of period | β | β | 761,604,507 | β | β | 1,077,822,457 | β | β | 284,464,719 | β | β | 459,209,288 |
End of period | β | β | $899,913,431 | β | β | $761,604,507 | β | β | $305,777,017 | β | β | $284,464,719 |
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 84,672 | β | β | 434,064 | β | β | 52,206 | β | β | 437,326 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 219,278 | β | β | β | β | β | 120,736 |
Shares redeemed | β | β | (411,231) | β | β | (1,595,065) | β | β | (304,620) | β | β | (1,102,436) |
Net decrease in shares outstanding | β | β | (326,559) | β | β | (941,723) | β | β | (252,414) | β | β | (544,374) |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 100,887 | β | β | 135,767 | β | β | 3,770 | β | β | 18,033 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 100,668 | β | β | β | β | β | 9,152 |
Shares redeemed | β | β | (125,574) | β | β | (287,548) | β | β | (10,722) | β | β | (61,176) |
Net decrease in shares outstanding | β | β | (24,687) | β | β | (51,113) | β | β | (6,952) | β | β | (33,991) |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 708 | β | β | 11,467 | β | β | 14 | β | β | 4,345 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 52,471 | β | β | β | β | β | 5,216 |
Shares redeemed | β | β | (120,804) | β | β | (188,372) | β | β | (9,108) | β | β | (23,721) |
Net decrease in shares outstanding | β | β | (120,096) | β | β | (124,434) | β | β | (9,094) | β | β | (14,160) |
CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 56,496 | β | β | 222,256 | β | β | 44,132 | β | β | 226,213 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 153,562 | β | β | β | β | β | 37,850 |
Shares redeemed | β | β | (451,152) | β | β | (447,341) | β | β | (117,210) | β | β | (464,148) |
Net decrease in shares outstanding | β | β | (394,656) | β | β | (71,523) | β | β | (73,078) | β | β | (200,085) |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
14 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Market Opportunities Fund | β | β | The Multi-Disciplinary Income Fund | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
OPERATIONS: | β | β | β | β | β | β | β | β | ||||
Net investment income | β | β | $βββββ568 | β | β | $β1,082,839 | β | β | $ββ411,390 | β | β | $ββ664,441 |
Net realized gain (loss) on sale of investments and foreign currency | β | β | 879,918 | β | β | (726,318) | β | β | β | β | β | (1,798,834) |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | β | β | 34,008,486 | β | β | (10,472,164) | β | β | 33,459 | β | β | 1,781,637 |
Net increase (decrease) in net assets resulting from operations | β | β | 34,888,972 | β | β | (10,115,643) | β | β | 444,849 | β | β | 647,244 |
DISTRIBUTIONS TO SHAREHOLDERS: | β | β | β | β | β | β | β | β | ||||
No Load Class (See Note 5) | β | β | β | β | β | (797,934) | β | β | (434,474) | β | β | (670,836) |
Advisor Class A (See Note 5) | β | β | β | β | β | (63,485) | β | β | N/A | β | β | N/A |
Advisor Class C (See Note 5) | β | β | β | β | β | (11,691) | β | β | N/A | β | β | N/A |
Institutional Class (See Note 5) | β | β | β | β | β | (205,505) | β | β | N/A | β | β | N/A |
Total distributions to shareholders | β | β | β | β | β | (1,078,615) | β | β | (434,474) | β | β | (670,836) |
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 4,507,741 | β | β | 18,354,213 | β | β | 2,139,058 | β | β | 748,769 |
Redemption fees | β | β | 187 | β | β | 3,406 | β | β | β | β | β | 136 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 794,718 | β | β | 204,071 | β | β | 363,091 |
Cost of shares redeemed | β | β | (14,319,485) | β | β | (15,662,286) | β | β | (1,054,226) | β | β | (5,292,588) |
Net increase (decrease) in net assets resulting from capital share transactions | β | β | (9,811,557) | β | β | 3,490,051 | β | β | 1,288,903 | β | β | (4,180,592) |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 925,795 | β | β | 1,602,408 | β | β | N/A | β | β | N/A |
Redemption fees | β | β | 20 | β | β | 311 | β | β | N/A | β | β | N/A |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 56,701 | β | β | N/A | β | β | N/A |
Cost of shares redeemed | β | β | (862,822) | β | β | (1,354,213) | β | β | N/A | β | β | N/A |
Net increase in net assets resulting from capital share transactions | β | β | 62,993 | β | β | 305,207 | β | β | N/A | β | β | N/A |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | 44,475 | β | β | 235,261 | β | β | N/A | β | β | N/A |
Redemption fees | β | β | 22 | β | β | 416 | β | β | N/A | β | β | N/A |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 8,965 | β | β | N/A | β | β | N/A |
Cost of shares redeemed | β | β | (1,390,974) | β | β | (1,900,355) | β | β | N/A | β | β | N/A |
Net increase (decrease) in net assets resulting from capital share transactions | β | β | (1,346,477) | β | β | (1,655,713) | β | β | N/A | β | β | N/A |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
15 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Market Opportunities Fund | β | β | The Multi-Disciplinary Income Fund | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS: | β | β | β | β | β | β | β | β | ||||
Proceeds from shares sold | β | β | $3,000,954 | β | β | $2,098,017 | β | β | N/A | β | β | N/A |
Redemption fees | β | β | 43 | β | β | 723 | β | β | N/A | β | β | N/A |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 172,816 | β | β | N/A | β | β | N/A |
Cost of shares redeemed | β | β | (2,101,100) | β | β | (2,197,198) | β | β | N/A | β | β | N/A |
Net increase in net assets resulting from capital share transactions | β | β | 899,897 | β | β | 74,358 | β | β | N/A | β | β | N/A |
Total increase (decrease) in net assets: | β | β | 24,693,828 | β | β | (8,980,355) | β | β | 1,299,278 | β | β | (4,204,184) |
NET ASSETS: | β | β | β | β | β | β | β | β | ||||
Beginning of period | β | β | 131,190,679 | β | β | 140,171,034 | β | β | 12,120,896 | β | β | 16,325,080 |
End of period | β | β | $155,884,507 | β | β | $131,190,679 | β | β | $13,420,174 | β | β | $12,120,896 |
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 92,394 | β | β | 461,402 | β | β | 212,817 | β | β | 75,446 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 18,918 | β | β | 20,542 | β | β | 36,771 |
Shares redeemed | β | β | (325,813) | β | β | (390,959) | β | β | (105,468) | β | β | (532,766) |
Net increase (decrease) in shares outstanding | β | β | (233,419) | β | β | 89,361 | β | β | 127,891 | β | β | (420,549) |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 19,779 | β | β | 38,915 | β | β | N/A | β | β | N/A |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 1,373 | β | β | N/A | β | β | N/A |
Shares redeemed | β | β | (18,152) | β | β | (34,303) | β | β | N/A | β | β | N/A |
Net increase in shares outstanding | β | β | 1,627 | β | β | 5,985 | β | β | N/A | β | β | N/A |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 985 | β | β | 6,010 | β | β | N/A | β | β | N/A |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 229 | β | β | N/A | β | β | N/A |
Shares redeemed | β | β | (31,710) | β | β | (50,121) | β | β | N/A | β | β | N/A |
Net increase (decrease) in shares outstanding | β | β | (30,725) | β | β | (43,882) | β | β | N/A | β | β | N/A |
CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: | β | β | β | β | β | β | β | β | ||||
Shares sold | β | β | 59,135 | β | β | 51,749 | β | β | N/A | β | β | N/A |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 4,048 | β | β | N/A | β | β | N/A |
Shares redeemed | β | β | (43,808) | β | β | (52,636) | β | β | N/A | β | β | N/A |
Net increase in shares outstanding | β | β | 15,327 | β | β | 3,161 | β | β | N/A | β | β | N/A |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
16 |
| β |
| β | β | β | β | |||
Β | β | β | The Kinetics Spin-Off and Corporate Restructuring Fund | |||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
OPERATIONS: | β | β | β | β | ||
Net investment income | β | β | $βββ10,656 | β | β | $66,127 |
Net realized gain on sale of investments and foreign currency | β | β | 825,362 | β | β | 840,254 |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | β | β | 5,197,763 | β | β | (7,529,872) |
Net increase (decrease) in net assets resulting from operations | β | β | 6,033,781 | β | β | (6,623,491) |
DISTRIBUTIONS TO SHAREHOLDERS: | β | β | β | β | ||
No Load Class (See Note 5) | β | β | β | β | β | (2,351) |
Advisor Class A (See Note 5) | β | β | β | β | β | (502,430) |
Advisor Class C (See Note 5) | β | β | β | β | β | (28,807) |
Institutional Class (See Note 5) | β | β | β | β | β | (1,496,121) |
Total distributions to shareholders | β | β | β | β | β | (2,029,709) |
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | β | β | β | β | ||
Proceeds from shares sold | β | β | 2,603 | β | β | 16,543 |
Redemption fees | β | β | β | β | β | 20 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 2,350 |
Cost of shares redeemed | β | β | (10,593) | β | β | (98,343) |
Net decrease in net assets resulting from capital share transactions | β | β | (7,990) | β | β | (79,430) |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | β | β | β | β | ||
Proceeds from shares sold | β | β | 122,616 | β | β | 666,170 |
Redemption fees | β | β | 72 | β | β | 1,352 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 501,499 |
Cost of shares redeemed | β | β | (629,725) | β | β | (3,661,523) |
Net decrease in net assets resulting from capital share transactions | β | β | (507,037) | β | β | (2,492,502) |
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | β | β | β | β | ||
Proceeds from shares sold | β | β | β | β | β | 30 |
Redemption fees | β | β | 3 | β | β | 100 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 24,509 |
Cost of shares redeemed | β | β | (130,642) | β | β | (383,518) |
Net decrease in net assets resulting from capital share transactions | β | β | (130,639) | β | β | (358,879) |
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS: | β | β | β | β | ||
Proceeds from shares sold | β | β | 379,471 | β | β | 766,829 |
Redemption fees | β | β | 199 | β | β | 3,496 |
Proceeds from shares issued to holders in reinvestment of dividends | β | β | β | β | β | 1,189,746 |
Cost of shares redeemed | β | β | (1,961,676) | β | β | (2,995,966) |
Net decrease in net assets resulting from capital share transactions | β | β | (1,582,006) | β | β | (1,035,895) |
Total increase (decrease) in net assets: | β | β | 3,806,109 | β | β | (12,619,906) |
| β | β | β | β | β | β | β |
| β |
17 |
| β |
| β | β | β | β | |||
Β | β | β | The Kinetics Spin-Off and Corporate Restructuring Fund | |||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
NET ASSETS: | β | β | β | β | ||
Beginning of period | β | β | $22,477,431 | β | β | $35,097,337 |
End of period | β | β | 26,283,540 | β | β | 22,477,431 |
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | β | β | β | β | ||
Shares sold | β | β | 136 | β | β | 807 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 119 |
Shares redeemed | β | β | (496) | β | β | (5,100) |
Net decrease in shares outstanding | β | β | (360) | β | β | (4,174) |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | β | β | β | β | ||
Shares sold | β | β | 6,432 | β | β | 30,875 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 26,905 |
Shares redeemed | β | β | (32,150) | β | β | (170,293) |
Net decrease in shares outstanding | β | β | (25,718) | β | β | (112,513) |
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | β | β | β | β | ||
Shares sold | β | β | β | β | β | 2 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 1,455 |
Shares redeemed | β | β | (7,686) | β | β | (19,975) |
Net decrease in shares outstanding | β | β | (7,686) | β | β | (18,518) |
CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: | β | β | β | β | ||
Shares sold | β | β | 17,567 | β | β | 34,136 |
Shares issued in reinvestments of dividends and distributions | β | β | β | β | β | 63,352 |
Shares redeemed | β | β | (103,053) | β | β | (143,469) |
Net decrease in shares outstanding | β | β | (85,486) | β | β | (45,981) |
| β | β | β | β | β | β | β |
| β |
18 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $58.64 | β | β | $45.53 | β | β | $60.64 | β | β | $53.01 | β | β | $33.89 | β | β | $27.19 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.07) | β | β | 0.40 | β | β | (0.30) | β | β | (0.83) | β | β | (0.29) | β | β | (0.25) |
Net realized and unrealized gain (loss) on investments | β | β | 17.44 | β | β | 13.14 | β | β | (14.44) | β | β | 8.93 | β | β | 19.41 | β | β | 7.44 |
Total from investment operations | β | β | 17.37 | β | β | 13.54 | β | β | (14.74) | β | β | 8.10 | β | β | 19.12 | β | β | 7.19 |
Redemption fees | β | β | 0.01 | β | β | 0.01 | β | β | 0.01 | β | β | 0.05 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net realized gains | β | β | β | β | β | (0.44) | β | β | (0.38) | β | β | (0.52) | β | β | β | β | β | (0.49) |
Total distributions | β | β | β | β | β | (0.44) | β | β | (0.38) | β | β | (0.52) | β | β | β | β | β | (0.49) |
Net asset value, end of period | β | β | $76.02 | β | β | $58.64 | β | β | $45.53 | β | β | $60.64 | β | β | $53.01 | β | β | $33.89 |
Total return | β | β | 29.64% (6) | β | β | 29.76% | β | β | (24.28)% | β | β | 15.35% | β | β | 56.42% | β | β | 26.45% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, end of period (000βs) | β | β | $240,880 | β | β | $185,790 | β | β | $144,397 | β | β | $226,228 | β | β | $169,374 | β | β | $115,351 |
Ratio of operating expenses to average net assets:(4) | β | β | 1.71% (7) | β | β | 1.75% | β | β | 1.77% | β | β | 1.71% | β | β | 1.82% | β | β | 1.84% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.19)% (7) | β | β | 0.83% | β | β | (0.60)% | β | β | (1.29)% | β | β | (0.80)% | β | β | (0.76)% |
Portfolio turnover rate(5) | β | β | 33% | β | β | 19% | β | β | 19% | β | β | 4% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Internet Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
19 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $53.03 | β | β | $41.31 | β | β | $55.20 | β | β | $48.42 | β | β | $31.03 | β | β | $25.00 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.14) | β | β | 0.26 | β | β | (0.39) | β | β | (0.91) | β | β | (0.35) | β | β | (0.31) |
Net realized and unrealized gain (loss) on investments | β | β | 15.76 | β | β | 11.89 | β | β | (13.13) | β | β | 8.17 | β | β | 17.74 | β | β | 6.83 |
Total from investment operations | β | β | 15.62 | β | β | 12.15 | β | β | (13.52) | β | β | 7.26 | β | β | 17.39 | β | β | 6.52 |
Redemption fees | β | β | 0.01 | β | β | 0.01 | β | β | 0.01 | β | β | 0.04 | β | β | 0.00(6) | β | β | β |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net realized gains | β | β | β | β | β | (0.44) | β | β | (0.38) | β | β | (0.52) | β | β | β | β | β | (0.49) |
Total distributions | β | β | β | β | β | (0.44) | β | β | (0.38) | β | β | (0.52) | β | β | β | β | β | (0.49) |
Net asset value, end of period | β | β | $68.66 | β | β | $53.03 | β | β | $41.31 | β | β | $55.20 | β | β | $48.42 | β | β | $31.03 |
Total return | β | β | 29.47%(7) | β | β | 29.43% | β | β | (24.47)% | β | β | 15.06% | β | β | 56.04% | β | β | 26.08% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, end of period (000βs) | β | β | $3,234 | β | β | $2,337 | β | β | $2,302 | β | β | $5,620 | β | β | $2,864 | β | β | $2,296 |
Ratio of operating expenses to average net assets:(4) | β | β | 1.96%(8) | β | β | 2.00% | β | β | 2.02% | β | β | 1.96% | β | β | 2.07% | β | β | 2.09% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.44)%(8) | β | β | 0.58% | β | β | (0.85)% | β | β | (1.54)% | β | β | (1.05)% | β | β | (1.01)% |
Portfolio turnover rate(5) | β | β | 33% | β | β | 19% | β | β | 19% | β | β | 4% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor ClassΒ A shares. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Internet Portfolio. |
(6) | Amount calculated is less than $0.005. |
(7) | Not Annualized. |
(8) | Annualized. |
| β |
20 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $43.45 | β | β | $34.07 | β | β | $45.86 | β | β | $40.49 | β | β | $26.08 | β | β | $21.18 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.25) | β | β | 0.03 | β | β | (0.51) | β | β | (1.00) | β | β | (0.43) | β | β | (0.39) |
Net realized and unrealized gain (loss) on investments | β | β | 12.91 | β | β | 9.79 | β | β | (10.90) | β | β | 6.85 | β | β | 14.84 | β | β | 5.78 |
Total from investment operations | β | β | 12.66 | β | β | 9.82 | β | β | (11.41) | β | β | 5.85 | β | β | 14.41 | β | β | 5.39 |
Redemption fees | β | β | 0.01 | β | β | 0.00(5) | β | β | 0.00(5) | β | β | 0.04 | β | β | 0.00(5) | β | β | β |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net realized gains | β | β | β | β | β | (0.44) | β | β | (0.38) | β | β | (0.52) | β | β | β | β | β | (0.49) |
Total distributions | β | β | β | β | β | (0.44) | β | β | (0.38) | β | β | (0.52) | β | β | β | β | β | (0.49) |
Net asset value, end of period | β | β | $56.11 | β | β | $43.45 | β | β | $34.07 | β | β | $45.86 | β | β | $40.49 | β | β | $26.08 |
Total return | β | β | 29.14%(6) | β | β | 28.82% | β | β | (24.87)% | β | β | 14.52% | β | β | 55.25% | β | β | 25.45% |
SUPPLEMENTAL DATA AND RATIOS | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net assets, end of period (000βs) | β | β | $2,882 | β | β | $1,896 | β | β | $1,247 | β | β | $1,893 | β | β | $1,560 | β | β | $943 |
Ratio of operating expenses to average net assets:(3) | β | β | 2.46%(7) | β | β | 2.50% | β | β | 2.52% | β | β | 2.46% | β | β | 2.57% | β | β | 2.59% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.94)%(7) | β | β | 0.08% | β | β | (1.35)% | β | β | (2.04)% | β | β | (1.55)% | β | β | (1.51)% |
Portfolio turnover rate(4) | β | β | 33% | β | β | 19% | β | β | 19% | β | β | 4% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(4) | Portfolio turnover of The Internet Portfolio. |
(5) | Amount calculated is less than $0.005. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
21 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $9.39 | β | β | $8.60 | β | β | $9.33 | β | β | $8.30 | β | β | $6.64 | β | β | $5.46 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | 0.02 | β | β | 0.15 | β | β | 0.02 | β | β | (0.09) | β | β | (0.03) | β | β | (0.00)(3) |
Net realized and unrealized gain (loss) on investments | β | β | 2.72 | β | β | 0.87 | β | β | (0.62) | β | β | 1.43 | β | β | 1.69 | β | β | 1.18 |
Total from investment operations | β | β | 2.74 | β | β | 1.02 | β | β | (0.60) | β | β | 1.34 | β | β | 1.66 | β | β | 1.18 |
Redemption fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.01 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net investment income | β | β | β | β | β | (0.23) | β | β | β | β | β | (0.29) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | β | β | β | (0.13) | β | β | (0.03) | β | β | β | β | β | β |
Total distributions | β | β | β | β | β | (0.23) | β | β | (0.13) | β | β | (0.32) | β | β | β | β | β | β |
Net asset value, end of period | β | β | $12.13 | β | β | $9.39 | β | β | $8.60 | β | β | $9.33 | β | β | $8.30 | β | β | $6.64 |
Total return | β | β | 29.18% | β | β | 11.89% | β | β | (6.46)% | β | β | 16.32% | β | β | 25.00% | β | β | 21.61% |
SUPPLEMENTAL DATA AND RATIOS | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net assets, end of period (000βs) | β | β | $19,386 | β | β | $11,857 | β | β | $21,052 | β | β | $19,128 | β | β | $13,904 | β | β | $8,115 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.17% | β | β | 2.13% | β | β | 2.07% | β | β | 2.08% | β | β | 2.45% | β | β | 2.53% |
After expense reimbursement(4) | β | β | 1.39%(7) | β | β | 1.39% | β | β | 1.39% | β | β | 1.39% | β | β | 1.39% | β | β | 1.39% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.38%(7) | β | β | 1.81% | β | β | 0.25% | β | β | (0.90)% | β | β | (0.46)% | β | β | 0.01% |
Portfolio turnover rate(5) | β | β | 43% | β | β | 16% | β | β | 57% | β | β | 7% | β | β | 8% | β | β | 5% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Global Portfolio. |
(6) | The ratio of expenses includes a tax expense. The expense ratio excluding the tax expense was 2.69% before expense reimbursement and 1.39% after expense reimbursement. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
22 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $9.33 | β | β | $8.55 | β | β | $9.31 | β | β | $8.23 | β | β | $6.60 | β | β | $5.45 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | 0.01 | β | β | 0.13 | β | β | 0.00 | β | β | (0.11) | β | β | (0.05) | β | β | (0.02) |
Net realized and unrealized gain (loss) on investments | β | β | 2.69 | β | β | 0.88 | β | β | (0.63) | β | β | 1.44 | β | β | 1.68 | β | β | 1.17 |
Total from investment operations | β | β | 2.70 | β | β | 1.01 | β | β | (0.63) | β | β | 1.33 | β | β | 1.63 | β | β | 1.15 |
Redemption fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net investment income | β | β | β | β | β | (0.23) | β | β | β | β | β | (0.22) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | β | β | β | (0.13) | β | β | (0.03) | β | β | β | β | β | β |
Total distributions | β | β | β | β | β | (0.23) | β | β | (0.13) | β | β | (0.25) | β | β | β | β | β | β |
Net asset value, end of period | β | β | $12.03 | β | β | $9.33 | β | β | $8.55 | β | β | $9.31 | β | β | $8.23 | β | β | $6.60 |
Total return | β | β | 28.94%(7) | β | β | 11.82% | β | β | (6.79)% | β | β | 16.16% | β | β | 24.70% | β | β | 21.10% |
SUPPLEMENTAL DATA AND RATIOS | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net assets, End of Period (000βs) | β | β | $1,944 | β | β | $1,335 | β | β | $840 | β | β | $595 | β | β | $574 | β | β | $1,331 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.42%(8) | β | β | 2.38% | β | β | 2.32% | β | β | 2.33% | β | β | 2.70% | β | β | 2.78% |
After expense reimbursement(5) | β | β | 1.64%(8) | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.13%(8) | β | β | 1.56% | β | β | 0% | β | β | (1.15)% | β | β | (0.71)% | β | β | (0.24)% |
Portfolio turnover rate(6) | β | β | 43% | β | β | 16% | β | β | 57% | β | β | 7% | β | β | 8% | β | β | 5% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor ClassΒ A shares. |
(5) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Global Portfolio. |
(7) | The ratio of expenses includes a tax expense. The expense ratio excluding the tax expense was 2.94% before expense reimbursement and 1.64% after expense reimbursement. |
(7) | Not Annualized. |
(8) | Annualized. |
| β |
23 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $8.60 | β | β | $7.89 | β | β | $8.64 | β | β | $7.67 | β | β | $6.18 | β | β | $5.12 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.02) | β | β | 0.08 | β | β | (0.04) | β | β | (0.15) | β | β | (0.07) | β | β | (0.04) |
Net realized and unrealized gain (loss) on investments | β | β | 2.49 | β | β | 0.80 | β | β | (0.58) | β | β | 1.33 | β | β | 1.56 | β | β | 1.10 |
Total from investment operations | β | β | 2.47 | β | β | 0.88 | β | β | (0.62) | β | β | 1.18 | β | β | 1.49 | β | β | 1.06 |
Redemption fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | β |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net investment income | β | β | β | β | β | (0.17) | β | β | β | β | β | (0.18) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | β | β | β | (0.13) | β | β | (0.03) | β | β | β | β | β | β |
Total distributions | β | β | β | β | β | (0.17) | β | β | (0.13) | β | β | (0.21) | β | β | β | β | β | β |
Net asset value, end of period | β | β | $11.07 | β | β | $8.60 | β | β | $7.89 | β | β | $8.64 | β | β | $7.67 | β | β | $6.18 |
Total return | β | β | 28.72%(6) | β | β | 11.18% | β | β | (7.21)% | β | β | 15.44% | β | β | 24.11% | β | β | 20.70% |
SUPPLEMENTAL DATA AND RATIOS | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net assets, End of Period (000βs) | β | β | $5,574 | β | β | $4,732 | β | β | $6,574 | β | β | $7,439 | β | β | $5,982 | β | β | $4,969 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.92%(7) | β | β | 2.88% | β | β | 2.82% | β | β | 2.83% | β | β | 3.20% | β | β | 3.28% |
After expense reimbursement(4) | β | β | 2.14%(7) | β | β | 2.14% | β | β | 2.14% | β | β | 2.14% | β | β | 2.14% | β | β | 2.14% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.37)%(7) | β | β | 1.06% | β | β | (0.50)% | β | β | (1.65)% | β | β | (1.21)% | β | β | (0.74)% |
Portfolio turnover rate(5) | β | β | 43% | β | β | 16% | β | β | 57% | β | β | 7% | β | β | 8% | β | β | 5% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Global Portfolio. |
(6) | The ratio of expenses includes a tax expense. The expense ratio excluding the tax expense was 3.44% before expense reimbursement and 2.14% after expense reimbursement. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
24 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $73.13 | β | β | $92.91 | β | β | $73.37 | β | β | $53.99 | β | β | $53.38 | β | β | $41.32 |
Income from investment operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.26) | β | β | (0.39) | β | β | (0.13) | β | β | (0.67) | β | β | 0.19 | β | β | (0.36) |
Net realized and unrealized gain (loss) on investments | β | β | 21.27 | β | β | (15.26) | β | β | 21.52 | β | β | 21.26 | β | β | 1.59 | β | β | 12.96 |
Total from investment operations | β | β | 21.01 | β | β | (15.65) | β | β | 21.39 | β | β | 20.59 | β | β | 1.78 | β | β | 12.60 |
Redemption fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.01 | β | β | 0.01 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net investment income | β | β | β | β | β | β | β | β | (0.01) | β | β | β | β | β | (0.18) | β | β | (0.01) |
From net realized gains | β | β | β | β | β | (4.13) | β | β | (1.85) | β | β | (1.22) | β | β | (0.99) | β | β | (0.53) |
Total distributions | β | β | β | β | β | (4.13) | β | β | (1.86) | β | β | (1.22) | β | β | (1.17) | β | β | (0.54) |
Net asset value, end of period | β | β | $94.14 | β | β | $73.13 | β | β | $92.91 | β | β | $73.37 | β | β | $53.99 | β | β | $53.38 |
Total return | β | β | 28.73%(6) | β | β | (16.89)% | β | β | 29.17% | β | β | 38.15% | β | β | 3.32% | β | β | 30.48% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, end of period (000βs) | β | β | $404,685 | β | β | $338,263 | β | β | $517,268 | β | β | $368,383 | β | β | $274,876 | β | β | $348,402 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.67%(7) | β | β | 1.68% | β | β | 1.67% | β | β | 1.68% | β | β | 1.72% | β | β | 1.72% |
After expense reimbursement(4) | β | β | 1.64%(7) | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.65)%(7) | β | β | (0.51)% | β | β | (0.16)% | β | β | (0.88)% | β | β | 0.42% | β | β | (0.72)% |
Portfolio turnover rate(5) | β | β | 2% | β | β | 0% | β | β | 0% | β | β | 1% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Paradigm Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
25 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net asset value, beginning of period | β | β | $69.61 | β | β | $88.90 | β | β | $70.44 | β | β | $51.99 | β | β | $51.47 | β | β | $39.95 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.34) | β | β | (0.56) | β | β | (0.31) | β | β | (0.83) | β | β | 0.07 | β | β | (0.47) |
Net realized and unrealized gain (loss) on investments | β | β | 20.22 | β | β | (14.60) | β | β | 20.62 | β | β | 20.49 | β | β | 1.51 | β | β | 12.52 |
Total from investment operations | β | β | 19.88 | β | β | (15.16) | β | β | 20.31 | β | β | 19.66 | β | β | 1.58 | β | β | 12.05 |
Redemption fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.01 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
From net investment income | β | β | β | β | β | β | β | β | β | β | β | β | β | β | (0.07) | β | β | β |
From net realized gains | β | β | β | β | β | (4.13) | β | β | (1.85) | β | β | (1.22) | β | β | (0.99) | β | β | (0.53) |
Total Distributions | β | β | β | β | β | (4.13) | β | β | (1.85) | β | β | (1.22) | β | β | (1.06) | β | β | (0.53) |
Net asset value, end of period | β | β | $89.49 | β | β | $69.61 | β | β | $88.90 | β | β | $70.44 | β | β | $51.99 | β | β | $51.47 |
Total return | β | β | 28.56%(7) | β | β | (17.10)% | β | β | 28.86% | β | β | 37.81% | β | β | 3.05% | β | β | 30.15% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, end of period (000βs) | β | β | $182,506 | β | β | $143,676 | β | β | $188,033 | β | β | $155,850 | β | β | $94,179 | β | β | $115,580 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.92%(8) | β | β | 1.93% | β | β | 1.92% | β | β | 1.93% | β | β | 1.97% | β | β | 1.97% |
After expense reimbursement(5) | β | β | 1.89%(8) | β | β | 1.89% | β | β | 1.89% | β | β | 1.89% | β | β | 1.89% | β | β | 1.89% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.90)%(8) | β | β | (0.76)% | β | β | (0.41)% | β | β | (1.13)% | β | β | 0.17% | β | β | (0.97)% |
Portfolio turnover rate(6) | β | β | 2% | β | β | 0% | β | β | 0% | β | β | 1% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor ClassΒ A shares. |
(5) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Paradigm Portfolio. |
(7) | Not Annualized. |
(8) | Annualized. |
| β |
26 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $62.36 | β | β | $80.56 | β | β | $64.28 | β | β | $47.77 | β | β | $47.54 | β | β | $37.12 |
Income from Investment Operations: | ||||||||||||||||||
Net investment loss(2) | β | β | (0.47) | β | β | (0.83) | β | β | (0.63) | β | β | (1.08) | β | β | (0.14) | β | β | (0.66) |
Net realized and unrealized gain (loss) on investments | β | β | 18.09 | β | β | (13.24) | β | β | 18.76 | β | β | 18.80 | β | β | 1.36 | β | β | 11.61 |
Total from Investment Operations | β | β | 17.62 | β | β | (14.07) | β | β | 18.13 | β | β | 17.72 | β | β | 1.22 | β | β | 10.95 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.01 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | (4.13) | β | β | (1.85) | β | β | (1.22) | β | β | (0.99) | β | β | (0.53) |
Total Distributions | β | β | β | β | β | (4.13) | β | β | (1.85) | β | β | (1.22) | β | β | (0.99) | β | β | (0.53) |
Net Asset Value, End of Period | β | β | $79.98 | β | β | $62.36 | β | β | $80.56 | β | β | $64.28 | β | β | $47.77 | β | β | $47.54 |
Total return | β | β | 28.26%(6) | β | β | (17.52)% | β | β | 28.22% | β | β | 37.11% | β | β | 2.56% | β | β | 29.49% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $63,970 | β | β | $57,370 | β | β | $84,135 | β | β | $71,947 | β | β | $84,597 | β | β | $113,300 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.42%(7) | β | β | 2.43% | β | β | 2.42% | β | β | 2.43% | β | β | 2.47% | β | β | 2.47% |
After expense reimbursement(4) | β | β | 2.39%(7) | β | β | 2.39% | β | β | 2.39% | β | β | 2.39% | β | β | 2.39% | β | β | 2.39% |
Ratio of net investment loss to average net assets: | β | β | (1.40)%(7) | β | β | (1.26)% | β | β | (0.91)% | β | β | (1.63)% | β | β | (0.33)% | β | β | (1.47)% |
Portfolio turnover rate(5) | β | β | 2% | β | β | 0% | β | β | 0% | β | β | 1% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Paradigm Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
27 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $74.10 | β | β | $93.89 | β | β | $74.09 | β | β | $54.51 | β | β | $53.87 | β | β | $41.69 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.18) | β | β | (0.24) | β | β | 0.03 | β | β | (0.52) | β | β | 0.28 | β | β | (0.26) |
Net realized and unrealized gain (loss) on investments | β | β | 21.55 | β | β | (15.42) | β | β | 21.77 | β | β | 21.47 | β | β | 1.64 | β | β | 13.08 |
Total from Investment Operations | β | β | 21.37 | β | β | (15.66) | β | β | 21.80 | β | β | 20.95 | β | β | 1.92 | β | β | 12.82 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.01 | β | β | 0.00 | β | β | 0.00 |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | β | β | β | (0.15) | β | β | (0.16) | β | β | (0.29) | β | β | (0.11) |
From net realized gains | β | β | β | β | β | (4.13) | β | β | (1.85) | β | β | (1.22) | β | β | (0.99) | β | β | (0.53) |
Total Distributions | β | β | β | β | β | (4.13) | β | β | (2.00) | β | β | (1.38) | β | β | (1.28) | β | β | (0.64) |
Net Asset Value, End of Period | β | β | $95.47 | β | β | $74.10 | β | β | $93.89 | β | β | $74.09 | β | β | $54.51 | β | β | $53.87 |
Total return | β | β | 28.84%(6) | β | β | (16.73)% | β | β | 29.43% | β | β | 38.44% | β | β | 3.55% | β | β | 30.75% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $248,752 | β | β | $222,295 | β | β | $288,387 | β | β | $229,996 | β | β | $184,693 | β | β | $202,378 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.62%(7) | β | β | 1.63% | β | β | 1.62% | β | β | 1.63% | β | β | 1.67% | β | β | 1.67% |
After expense reimbursement(4) | β | β | 1.44%(7) | β | β | 1.44% | β | β | 1.44% | β | β | 1.44% | β | β | 1.44% | β | β | 1.44% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.45)%(7) | β | β | (0.31)% | β | β | 0.04% | β | β | (0.68)% | β | β | 0.62% | β | β | (0.51)% |
Portfolio turnover rate(5) | β | β | 2% | β | β | 0% | β | β | 0% | β | β | 1% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Paradigm Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
28 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $104.27 | β | β | $130.35 | β | β | $98.78 | β | β | $66.81 | β | β | $65.31 | β | β | $51.40 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | 0.04 | β | β | 0.25 | β | β | 0.07 | β | β | (0.91) | β | β | 0.43 | β | β | (0.29) |
Net realized and unrealized gain (loss) on investments | β | β | 23.84 | β | β | (19.35) | β | β | 31.47 | β | β | 34.48 | β | β | 1.07 | β | β | 14.20 |
Total from Investment Operations | β | β | 23.88 | β | β | (19.10) | β | β | 31.54 | β | β | 33.57 | β | β | 1.50 | β | β | 13.91 |
Redemption Fees | β | β | β | β | β | 0.02 | β | β | 0.03 | β | β | 0.05 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (1.30) | β | β | β | β | β | (1.65) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | (5.70) | β | β | β | β | β | β | β | β | ||||
Total Distributions | β | β | β | β | β | (7.00) | β | β | β | β | β | (1.65) | β | β | β | β | β | β |
Net Asset Value, End of Period | β | β | $128.15 | β | β | $104.27 | β | β | $130.35 | β | β | $98.78 | β | β | $66.81 | β | β | $65.31 |
Total return | β | β | 22.90%(6) | β | β | (14.69)% | β | β | 31.96% | β | β | 50.33% | β | β | 2.30% | β | β | 27.06% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $219,470 | β | β | $204,889 | β | β | $327,093 | β | β | $195,631 | β | β | $126,350 | β | β | $180,575 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.71%(7) | β | β | 1.72% | β | β | 1.69% | β | β | 1.70% | β | β | 1.78% | β | β | 1.75% |
After expense reimbursement(4) | β | β | 1.64%(7) | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% | β | β | 1.64% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.08%(7) | β | β | 0.22% | β | β | 0.07% | β | β | (0.93)% | β | β | 0.78% | β | β | (0.48)% |
Portfolio turnover rate(5) | β | β | 3% | β | β | 2% | β | β | 6% | β | β | 3% | β | β | 0% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
29 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $100.03 | β | β | $125.37 | β | β | $95.24 | β | β | $64.41 | β | β | $63.12 | β | β | $49.81 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.09) | β | β | (0.03) | β | β | (0.20) | β | β | (1.12) | β | β | 0.28 | β | β | (0.43) |
Net realized and unrealized gain (loss) on investments | β | β | 22.85 | β | β | (18.61) | β | β | 30.30 | β | β | 33.24 | β | β | 1.01 | β | β | 13.74 |
Total from Investment Operations | β | β | 22.76 | β | β | (18.64) | β | β | 30.10 | β | β | 32.12 | β | β | 1.29 | β | β | 13.31 |
Redemption Fees | β | β | β | β | β | 0.02 | β | β | 0.03 | β | β | 0.05 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (1.02) | β | β | β | β | β | (1.34) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | (5.70) | β | β | β | β | β | β | β | β | ||||
Total Distributions | β | β | β | β | β | (6.72) | β | β | β | β | β | (1.34) | β | β | β | β | β | β |
Net Asset Value, End of Period | β | β | $122.79 | β | β | $100.03 | β | β | $125.37 | β | β | $95.24 | β | β | $64.41 | β | β | $63.12 |
Total return | β | β | 22.75%(7) | β | β | (14.91)% | β | β | 31.64% | β | β | 49.94% | β | β | 2.04% | β | β | 26.72% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $18,400 | β | β | $15,685 | β | β | $23,920 | β | β | $14,755 | β | β | $8,172 | β | β | $11,986 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.96%(8) | β | β | 1.97% | β | β | 1.94% | β | β | 1.95% | β | β | 2.03% | β | β | 2.00% |
After expense reimbursement(5) | β | β | 1.89%(8) | β | β | 1.89% | β | β | 1.89% | β | β | 1.89% | β | β | 1.89% | β | β | 1.89% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.17)%(8) | β | β | (0.03)% | β | β | (0.18)% | β | β | (1.18)% | β | β | 0.53% | β | β | (0.73)% |
Portfolio turnover rate(6) | β | β | 3% | β | β | 2% | β | β | 6% | β | β | 3% | β | β | 0% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor ClassΒ A shares. |
(5) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
(7) | Not Annualized. |
(8) | Annualized. |
| β |
30 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $93.93 | β | β | $118.14 | β | β | $90.20 | β | β | $60.85 | β | β | $59.93 | β | β | $47.53 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.33) | β | β | (0.53) | β | β | (0.69) | β | β | (1.49) | β | β | 0.02 | β | β | (0.69) |
Net realized and unrealized gain (loss) on investments | β | β | 21.41 | β | β | (17.53) | β | β | 28.60 | β | β | 31.38 | β | β | 0.90 | β | β | 13.09 |
Total from Investment Operations | β | β | 21.08 | β | β | (18.06) | β | β | 27.91 | β | β | 29.89 | β | β | 0.92 | β | β | 12.40 |
Redemption Fees | β | β | β | β | β | 0.02 | β | β | 0.03 | β | β | 0.05 | β | β | 0.00(3) | β | β | β |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.47) | β | β | β | β | β | (0.59) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | (5.70) | β | β | β | β | β | β | β | β | ||||
Total Distributions | β | β | β | β | β | (6.17) | β | β | β | β | β | (0.59) | β | β | β | β | β | β |
Net Asset Value, End of Period | β | β | $115.01 | β | β | $93.93 | β | β | $118.14 | β | β | $90.20 | β | β | $60.85 | β | β | $59.93 |
Total return | β | β | 22.44%(6) | β | β | (15.32)% | β | β | 30.98% | β | β | 49.20% | β | β | 1.53% | β | β | 26.09% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $9,235 | β | β | $8,396 | β | β | $12,234 | β | β | $9,219 | β | β | $8,684 | β | β | $10,544 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.46%(7) | β | β | 2.46% | β | β | 2.44% | β | β | 2.45% | β | β | 2.53% | β | β | 2.50% |
After expense reimbursement(4) | β | β | 2.39%(7) | β | β | 2.39% | β | β | 2.39% | β | β | 2.39% | β | β | 2.39% | β | β | 2.39% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.67)%(7) | β | β | (0.53)% | β | β | (0.68)% | β | β | (1.68)% | β | β | 0.03% | β | β | (1.23)% |
Portfolio turnover rate(5) | β | β | 3% | β | β | 2% | β | β | 6% | β | β | 3% | β | β | 0% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
31 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $106.78 | β | β | $133.32 | β | β | $100.83 | β | β | $68.25 | β | β | $66.58 | β | β | $52.30 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | 0.16 | β | β | 0.48 | β | β | 0.31 | β | β | (0.73) | β | β | 0.55 | β | β | (0.17) |
Net realized and unrealized gain (loss) on investments | β | β | 24.43 | β | β | (19.78) | β | β | 32.14 | β | β | 35.22 | β | β | 1.12 | β | β | 14.45 |
Total from Investment Operations | β | β | 24.59 | β | β | (19.30) | β | β | 32.45 | β | β | 34.49 | β | β | 1.67 | β | β | 14.28 |
Redemption Fees | β | β | β | β | β | 0.02 | β | β | 0.04 | β | β | 0.06 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (1.56) | β | β | β | β | β | (1.97) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | (5.70) | β | β | β | β | β | β | β | β | ||||
Total Distributions | β | β | β | β | β | (7.26) | β | β | β | β | β | (1.97) | β | β | β | β | β | β |
Net Asset Value, End of Period | β | β | $131.37 | β | β | $106.78 | β | β | $133.32 | β | β | $100.83 | β | β | $68.25 | β | β | $66.58 |
Total return | β | β | 23.03%(6) | β | β | (14.52)% | β | β | 32.22% | β | β | 50.62% | β | β | 2.51% | β | β | 27.30% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $58,672 | β | β | $55,494 | β | β | $95,963 | β | β | $49,484 | β | β | $35,118 | β | β | $66,459 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.66%(7) | β | β | 1.67% | β | β | 1.64% | β | β | 1.65% | β | β | 1.73% | β | β | 1.70% |
After expense reimbursement(4) | β | β | 1.44%(7) | β | β | 1.44% | β | β | 1.44% | β | β | 1.44% | β | β | 1.44% | β | β | 1.44% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.28%(7) | β | β | 0.42% | β | β | 0.27% | β | β | (0.73)% | β | β | 0.98% | β | β | (0.28)% |
Portfolio turnover rate(5) | β | β | 3% | β | β | 2% | β | β | 6% | β | β | 3% | β | β | 0% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
32 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $41.85 | β | β | $45.55 | β | β | $40.16 | β | β | $31.85 | β | β | $26.71 | β | β | $21.83 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | 0.01 | β | β | 0.36 | β | β | 0.07 | β | β | (0.33) | β | β | 0.10 | β | β | (0.00)(3) |
Net realized and unrealized gain (loss) on investments | β | β | 12.10 | β | β | (3.70) | β | β | 5.94 | β | β | 9.25 | β | β | 5.12 | β | β | 4.97 |
Total from Investment Operations | β | β | 12.11 | β | β | (3.34) | β | β | 6.01 | β | β | 8.92 | β | β | 5.22 | β | β | 4.97 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.02 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.36) | β | β | (0.02) | β | β | (0.59) | β | β | (0.08) | β | β | (0.09) |
From net realized gains | β | β | β | β | β | β | β | β | (0.60) | β | β | (0.04) | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (0.36) | β | β | (0.62) | β | β | (0.63) | β | β | (0.08) | β | β | (0.09) |
Net Asset Value, End of Period | β | β | $53.96 | β | β | $41.85 | β | β | $45.55 | β | β | $40.16 | β | β | $31.85 | β | β | $26.71 |
Total return | β | β | 28.94%(6) | β | β | (7.33)% | β | β | 14.98% | β | β | 28.04% | β | β | 19.55% | β | β | 22.76% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $106,162 | β | β | $92,117 | β | β | $96,190 | β | β | $86,943 | β | β | $66,570 | β | β | $56,987 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.75%(7) | β | β | 1.76% | β | β | 1.76% | β | β | 1.75% | β | β | 1.85% | β | β | 1.84% |
After expense reimbursement(4) | β | β | 1.40%(7) | β | β | 1.40% | β | β | 1.40% | β | β | 1.40% | β | β | 1.40% | β | β | 1.40% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.04%(7) | β | β | 0.90% | β | β | 0.18% | β | β | (0.79)% | β | β | 0.40% | β | β | (0.01)% |
Portfolio turnover rate(5) | β | β | 9% | β | β | 5% | β | β | 13% | β | β | 2% | β | β | 2% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Market Opportunities Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
33 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $41.14 | β | β | $44.81 | β | β | $39.54 | β | β | $31.36 | β | β | $26.29 | β | β | $21.49 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.05) | β | β | 0.26 | β | β | (0.03) | β | β | (0.43) | β | β | 0.04 | β | β | (0.07) |
Net realized and unrealized gain (loss) on investments | β | β | 11.89 | β | β | (3.65) | β | β | 5.83 | β | β | 9.10 | β | β | 5.04 | β | β | 4.89 |
Total from Investment Operations | β | β | 11.84 | β | β | (3.39) | β | β | 5.80 | β | β | 8.67 | β | β | 5.08 | β | β | 4.82 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.02 | β | β | 0.00(3) | β | β | β |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.28) | β | β | β | β | β | (0.47) | β | β | (0.01) | β | β | (0.02) |
From net realized gains | β | β | β | β | β | β | β | β | (0.53) | β | β | (0.04) | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (0.28) | β | β | (0.53) | β | β | (0.51) | β | β | (0.01) | β | β | (0.02) |
Net Asset Value, End of Period | β | β | $52.98 | β | β | $41.14 | β | β | $44.81 | β | β | $39.54 | β | β | $31.36 | β | β | $26.29 |
Total return | β | β | 28.78%(7) | β | β | (7.56)% | β | β | 14.69% | β | β | 27.70% | β | β | 19.31% | β | β | 22.42% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $11,981 | β | β | $9,238 | β | β | $9,794 | β | β | $8,786 | β | β | $6,442 | β | β | $6,868 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.00%(8) | β | β | 2.01% | β | β | 2.01% | β | β | 2.00% | β | β | 2.10% | β | β | 2.09% |
After expense reimbursement(5) | β | β | 1.65%(8) | β | β | 1.65% | β | β | 1.65% | β | β | 1.65% | β | β | 1.65% | β | β | 1.65% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.21)%(8) | β | β | 0.65% | β | β | (0.07)% | β | β | (1.04)% | β | β | 0.15% | β | β | (0.26)% |
Portfolio turnover rate(6) | β | β | 9% | β | β | 5% | β | β | 13% | β | β | 2% | β | β | 2% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor ClassΒ A shares. |
(5) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Market Opportunities Portfolio. |
(7) | Not Annualized. |
(8) | Annualized. |
| β |
34 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $39.06 | β | β | $42.51 | β | β | $37.72 | β | β | $29.79 | β | β | $25.10 | β | β | $20.61 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.15) | β | β | 0.06 | β | β | (0.22) | β | β | (0.60) | β | β | (0.08) | β | β | (0.18) |
Net realized and unrealized gain (loss) on investments | β | β | 11.25 | β | β | (3.46) | β | β | 5.54 | β | β | 8.65 | β | β | 4.77 | β | β | 4.67 |
Total from Investment Operations | β | β | 11.10 | β | β | (3.40) | β | β | 5.32 | β | β | 8.05 | β | β | 4.69 | β | β | 4.49 |
Redemption Fees | β | β | 0.00(5) | β | β | 0.00(5) | β | β | 0.00(5) | β | β | 0.02 | β | β | 0.00(5) | β | β | β |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.05) | β | β | β | β | β | (0.10) | β | β | β | β | β | β |
From net realized gains | β | β | β | β | β | β | β | β | (0.53) | β | β | (0.04) | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (0.05) | β | β | (0.53) | β | β | (0.14) | β | β | β | β | β | β |
Net Asset Value, End of Period | β | β | $50.16 | β | β | $39.06 | β | β | $42.51 | β | β | $37.72 | β | β | $29.79 | β | β | $25.10 |
Total return | β | β | 28.42%(6) | β | β | (8.01)% | β | β | 14.12% | β | β | 27.06% | β | β | 18.69% | β | β | 21.79% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $11,137 | β | β | $9,871 | β | β | $12,610 | β | β | $11,087 | β | β | $9,392 | β | β | $10,051 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.50%(7) | β | β | 2.51% | β | β | 2.51% | β | β | 2.50% | β | β | 2.60% | β | β | 2.59% |
After expense reimbursement(3) | β | β | 2.15%(7) | β | β | 2.15% | β | β | 2.15% | β | β | 2.15% | β | β | 2.15% | β | β | 2.15% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.71)%(7) | β | β | 0.15% | β | β | (0.57)% | β | β | (1.54)% | β | β | (0.35)% | β | β | (0.76)% |
Portfolio turnover rate(4) | β | β | 9% | β | β | 5% | β | β | 13% | β | β | 2% | β | β | 2% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(4) | Portfolio turnover of The Market Opportunities Portfolio. |
(5) | Amount calculated is less than $0.005. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
35 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $42.54 | β | β | $46.29 | β | β | $40.79 | β | β | $32.34 | β | β | $27.11 | β | β | $22.16 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | 0.06 | β | β | 0.45 | β | β | 0.16 | β | β | (0.25) | β | β | 0.15 | β | β | 0.05 |
Net realized and unrealized gain (loss) on investments | β | β | 12.29 | β | β | (3.76) | β | β | 6.04 | β | β | 9.39 | β | β | 5.22 | β | β | 5.04 |
Total from Investment Operations | β | β | 12.35 | β | β | (3.31) | β | β | 6.20 | β | β | 9.14 | β | β | 5.37 | β | β | 5.09 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.02 | β | β | β | β | β | 0.00(3) |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.44) | β | β | (0.03) | β | β | (0.67) | β | β | (0.14) | β | β | (0.14) |
From net realized gains | β | β | β | β | β | β | β | β | (0.67) | β | β | (0.04) | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (0.44) | β | β | (0.70) | β | β | (0.71) | β | β | (0.14) | β | β | (0.14) |
Net Asset Value, End of Period | β | β | $54.89 | β | β | $42.54 | β | β | $46.29 | β | β | $40.79 | β | β | $32.34 | β | β | $27.11 |
Total return | β | β | 29.03%(6) | β | β | (7.14)% | β | β | 15.21% | β | β | 28.31% | β | β | 19.79% | β | β | 22.98% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $26,604 | β | β | $19,964 | β | β | $21,577 | β | β | $22,655 | β | β | $14,260 | β | β | $12,534 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.70%(7) | β | β | 1.71% | β | β | 1.71% | β | β | 1.70% | β | β | 1.80% | β | β | 1.79% |
After expense reimbursement(3) | β | β | 1.20%(7) | β | β | 1.20% | β | β | 1.20% | β | β | 1.20% | β | β | 1.20% | β | β | 1.20% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.24%(7) | β | β | 1.10% | β | β | 0.38% | β | β | (0.59)% | β | β | 0.60% | β | β | 0.19% |
Portfolio turnover rate(4) | β | β | 9% | β | β | 5% | β | β | 13% | β | β | 2% | β | β | 2% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Market Opportunities Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
| β |
36 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $9.92 | β | β | $9.94 | β | β | $10.40 | β | β | $10.45 | β | β | $10.95 | β | β | $10.46 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income(2) | β | β | 0.33 | β | β | 0.49 | β | β | 0.21 | β | β | 0.18 | β | β | 0.33 | β | β | 0.45 |
Net realized and unrealized gain (loss) on investments | β | β | 0.03 | β | β | 0.01 | β | β | (0.45) | β | β | (0.07) | β | β | (0.50) | β | β | 0.49 |
Total from Investment Operations | β | β | 0.36 | β | β | 0.50 | β | β | (0.24) | β | β | 0.11 | β | β | (0.17) | β | β | 0.94 |
Redemption Fees | β | β | 0.00 | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.01 | β | β | 0.00(3) | β | β | 0.00(3) |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | (0.34) | β | β | (0.52) | β | β | (0.22) | β | β | (0.17) | β | β | (0.33) | β | β | (0.45) |
Total Distributions | β | β | (0.34) | β | β | (0.52) | β | β | (0.22) | β | β | (0.17) | β | β | (0.33) | β | β | (0.45) |
Net Asset Value, End of Period | β | β | $9.94 | β | β | $9.92 | β | β | $9.94 | β | β | $10.40 | β | β | $10.45 | β | β | $10.95 |
Total return | β | β | 3.69%(6) | β | β | 5.15% | β | β | (2.30)% | β | β | 1.18% | β | β | (1.38)% | β | β | 9.08% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $13,420 | β | β | $12,121 | β | β | $16,325 | β | β | $3,202 | β | β | $3,698 | β | β | $6,025 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.20%(7) | β | β | 1.64% | β | β | 2.30% | β | β | 2.10% | β | β | 2.13% | β | β | 2.04% |
After expense reimbursement(4) | β | β | 0.74%(7) | β | β | 1.03%(8) | β | β | 1.49% | β | β | 1.49% | β | β | 1.49% | β | β | 1.49% |
Ratio of net investment income to average net assets: | β | β | 6.72%(7) | β | β | 4.94% | β | β | 2.06% | β | β | 1.72% | β | β | 3.14% | β | β | 4.10% |
Portfolio turnover rate(5) | β | β | 4% | β | β | 37% | β | β | 0% | β | β | 0% | β | β | 0% | β | β | 0% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the year. |
(3) | Amount calculated is less than $0.005. |
(4) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Multi-Disciplinary Income Portfolio. |
(6) | Not Annualized. |
(7) | Annualized. |
(8) | Effective as of AprilΒ 30, 2023, the Adviser has agreed to reduce the expense limitation for the Multi-Disciplinary Income Fund from 1.49% to 0.74%. |
| β |
37 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $19.46 | β | β | $26.33 | β | β | $19.20 | β | β | $13.45 | β | β | $12.83 | β | β | $9.77 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.00)(3) | β | β | 0.03 | β | β | 0.08 | β | β | (0.11) | β | β | 0.10 | β | β | (0.00)(3) |
Net realized and unrealized gain (loss) on investments | β | β | 5.74 | β | β | (5.17) | β | β | 7.49 | β | β | 5.88 | β | β | 0.60 | β | β | 3.06 |
Total from Investment Operations | β | β | 5.74 | β | β | (5.14) | β | β | 7.57 | β | β | 5.77 | β | β | 0.70 | β | β | 3.06 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.01 | β | β | 0.00(3) | β | β | 0.00(3) | β | β | β | β | β | β |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.03) | β | β | β | β | β | (0.02) | β | β | (0.08) | β | β | β |
From net realized gains | β | β | β | β | β | (1.71) | β | β | (0.44) | β | β | β | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (1.74) | β | β | (0.44) | β | β | (0.02) | β | β | (0.08) | β | β | β |
Net Asset Value, End of Period | β | β | $25.20 | β | β | $19.46 | β | β | $26.33 | β | β | $19.20 | β | β | $13.45 | β | β | $12.83 |
Total return | β | β | 29.50%(4) | β | β | (19.59)% | β | β | 39.43% | β | β | 42.90% | β | β | 5.44% | β | β | 31.32% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $28 | β | β | $29 | β | β | $149 | β | β | $125 | β | β | $18 | β | β | $60 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.88%(5) | β | β | 1.83% | β | β | 1.79% | β | β | 1.84% | β | β | 2.17% | β | β | 1.96% |
After expense reimbursement(6) | β | β | 1.45%(5) | β | β | 1.45% | β | β | 1.45% | β | β | 1.45% | β | β | 1.45% | β | β | 1.45% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.02)%(5) | β | β | 0.15% | β | β | 0.36% | β | β | (0.57)% | β | β | 0.92% | β | β | (0.04)% |
Portfolio turnover rate | β | β | 5% | β | β | 1% | β | β | 4% | β | β | 1% | β | β | 0% | β | β | 2% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each Year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
(3) | Amount calculated is less than $0.005. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
| β |
38 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $18.42 | β | β | $25.05 | β | β | $18.28 | β | β | $12.82 | β | β | $12.25 | β | β | $9.33 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.01) | β | β | 0.02 | β | β | 0.06 | β | β | (0.12) | β | β | 0.09 | β | β | (0.01) |
Net realized and unrealized gain (loss) on investments | β | β | 5.44 | β | β | (4.91) | β | β | 7.15 | β | β | 5.60 | β | β | 0.55 | β | β | 2.93 |
Total from Investment Operations | β | β | 5.43 | β | β | (4.89) | β | β | 7.21 | β | β | 5.48 | β | β | 0.64 | β | β | 2.92 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | β | β | β | β |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.03) | β | β | β | β | β | (0.02) | β | β | (0.07) | β | β | β |
From net realized gains | β | β | β | β | β | (1.71) | β | β | (0.44) | β | β | β | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (1.74) | β | β | (0.44) | β | β | (0.02) | β | β | (0.07) | β | β | β |
Net Asset Value, End of Period | β | β | $23.85 | β | β | $18.42 | β | β | $25.05 | β | β | $18.28 | β | β | $12.82 | β | β | $12.25 |
Total return | β | β | 29.48%(5) | β | β | (19.63)% | β | β | 39.45% | β | β | 42.75% | β | β | 5.21% | β | β | 31.30% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $6,843 | β | β | $5,758 | β | β | $10,649 | β | β | $5,869 | β | β | $2,521 | β | β | $3,574 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.13%(6) | β | β | 2.08% | β | β | 2.04% | β | β | 2.09% | β | β | 2.41% | β | β | 2.21% |
After expense reimbursement(7) | β | β | 1.50%(6) | β | β | 1.50% | β | β | 1.50% | β | β | 1.50% | β | β | 1.50% | β | β | 1.50% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.08)%(6) | β | β | 0.09% | β | β | 0.30% | β | β | (0.62)% | β | β | 0.87% | β | β | (0.09)% |
Portfolio turnover rate | β | β | 5% | β | β | 1% | β | β | 4% | β | β | 1% | β | β | 0% | β | β | 2% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each Year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor ClassΒ A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
| β |
39 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $16.64 | β | β | $23.01 | β | β | $16.95 | β | β | $11.98 | β | β | $11.47 | β | β | $8.80 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | (0.07) | β | β | (0.13) | β | β | (0.08) | β | β | (0.23) | β | β | 0.01 | β | β | (0.09) |
Net realized and unrealized gain (loss) on investments | β | β | 4.90 | β | β | (4.50) | β | β | 6.58 | β | β | 5.23 | β | β | 0.50 | β | β | 2.76 |
Total from Investment Operations | β | β | 4.83 | β | β | (4.63) | β | β | 6.50 | β | β | 5.00 | β | β | 0.51 | β | β | 2.67 |
Redemption Fees | β | β | 0.00(6) | β | β | 0.00(6) | β | β | 0.00(6) | β | β | 0.00(6) | β | β | β | β | β | β |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.03) | β | β | β | β | β | (0.03) | β | β | (0.00)(6) | β | β | β |
From net realized gains | β | β | β | β | β | (1.71) | β | β | (0.44) | β | β | β | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (1.74) | β | β | (0.44) | β | β | (0.03) | β | β | (0.00)(6) | β | β | β |
Net Asset Value, End of Period | β | β | $21.47 | β | β | $16.64 | β | β | $23.01 | β | β | $16.95 | β | β | $11.98 | β | β | $11.47 |
Total return | β | β | 29.03%(3) | β | β | (20.24)% | β | β | 38.36% | β | β | 41.73% | β | β | 4.47% | β | β | 30.34% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $223 | β | β | $301 | β | β | $842 | β | β | $940 | β | β | $2,611 | β | β | $4,064 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 2.63%(4) | β | β | 2.58% | β | β | 2.54% | β | β | 2.59% | β | β | 2.91% | β | β | 2.71% |
After expense reimbursement(5) | β | β | 2.25%(4) | β | β | 2.25% | β | β | 2.25% | β | β | 2.25% | β | β | 2.25% | β | β | 2.25% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.82)%(4) | β | β | (0.66)% | β | β | (0.43)% | β | β | (1.37)% | β | β | 0.12% | β | β | (0.84)% |
Portfolio turnover rate | β | β | 5% | β | β | 1% | β | β | 4% | β | β | 1% | β | β | 0% | β | β | 2% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each Year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Amount calculated is less than $0.005. |
| β |
40 |
| β |
| β | β | β | β | β | β | β | ||||||||||||
Β | β | β | For the Period Ended JuneΒ 30, 2024 (Unaudited) | β | β | For the Year Ended DecemberΒ 31, | ||||||||||||
| β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||||
PER SHARE DATA:(1) | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Net Asset Value, Beginning of Period | β | β | $18.56 | β | β | $25.25 | β | β | $18.40 | β | β | $12.87 | β | β | $12.32 | β | β | $9.36 |
Income from Investment Operations: | ||||||||||||||||||
Net investment income (loss)(2) | β | β | 0.02 | β | β | 0.07 | β | β | 0.12 | β | β | (0.07) | β | β | 0.12 | β | β | 0.02 |
Net realized and unrealized gain (loss) on investments | β | β | 5.48 | β | β | (4.95) | β | β | 7.21 | β | β | 5.62 | β | β | 0.55 | β | β | 2.95 |
Total from Investment Operations | β | β | 5.50 | β | β | (4.88) | β | β | 7.33 | β | β | 5.55 | β | β | 0.67 | β | β | 2.97 |
Redemption Fees | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | 0.00(3) | β | β | β |
Less Distributions: | ||||||||||||||||||
From net investment income | β | β | β | β | β | (0.10) | β | β | (0.04) | β | β | (0.02) | β | β | (0.12) | β | β | (0.01) |
From net realized gains | β | β | β | β | β | (1.71) | β | β | (0.44) | β | β | β | β | β | β | β | β | β |
Total Distributions | β | β | β | β | β | (1.81) | β | β | (0.48) | β | β | (0.02) | β | β | (0.12) | β | β | (0.01) |
Net Asset Value, End of Period | β | β | $24.06 | β | β | $18.56 | β | β | $25.25 | β | β | $18.40 | β | β | $12.87 | β | β | $12.32 |
Total return | β | β | 29.63%(4) | β | β | (19.43)% | β | β | 39.82% | β | β | 43.12% | β | β | 5.46% | β | β | 31.74% |
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||
Net assets, End of Period (000βs) | β | β | $19,190 | β | β | $16,389 | β | β | $23,458 | β | β | $17,377 | β | β | $12,387 | β | β | $13,751 |
Ratio of operating expenses to average net assets: | β | β | β | β | β | β | β | β | β | β | β | β | ||||||
Before expense reimbursement | β | β | 1.83%(5) | β | β | 1.78% | β | β | 1.74% | β | β | 1.79% | β | β | 2.11% | β | β | 1.91% |
After expense reimbursement(6) | β | β | 1.25%(5) | β | β | 1.25% | β | β | 1.25% | β | β | 1.25% | β | β | 1.25% | β | β | 1.25% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.15%(5) | β | β | 0.35% | β | β | 0.56% | β | β | (0.37)% | β | β | 1.12% | β | β | 0.16% |
Portfolio turnover rate | β | β | 5% | β | β | 1% | β | β | 4% | β | β | 1% | β | β | 0% | β | β | 2% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
(1) | Information presented relates to a share of capital stock outstanding for each Year. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the Year. |
(3) | Amount calculated is less than $0.005. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | See NoteΒ #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(7) | Amount calculated is less than $0.005. |
| β |
41 |
| β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Internet Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 30.02% | β | β | 30.16% | β | β | (23.86)% | β | β | 15.72% | β | β | 56.87% | β | β | 26.92% |
Ratio of expenses to average net assets: | β | β | 1.32% | β | β | 1.35% | β | β | 1.35% | β | β | 1.34% | β | β | 1.37% | β | β | 1.37% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.19% | β | β | 1.23% | β | β | (0.18)% | β | β | (0.92)% | β | β | (0.36)% | β | β | (0.29)% |
Portfolio turnover rate | β | β | 33% | β | β | 19% | β | β | 19% | β | β | 4% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Global Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 29.10% | β | β | 11.79% | β | β | (6.53)% | β | β | 16.23% | β | β | 24.80% | β | β | 21.41% |
Ratio of expenses to average net assets: | β | β | 1.42% | β | β | 1.49% | β | β | 1.46% | β | β | 1.48% | β | β | 1.59% | β | β | 1.59% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.29% | β | β | 1.71% | β | β | 0.18% | β | β | (1.00)% | β | β | (0.66)% | β | β | (0.18)% |
Portfolio turnover rate | β | β | 43% | β | β | 16% | β | β | 57% | β | β | 7% | β | β | 8% | β | β | 5% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Paradigm Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 29.05% | β | β | (16.59)% | β | β | 29.48% | β | β | 38.46% | β | β | 3.61% | β | β | 30.77% |
Ratio of expenses to average net assets: | β | β | 1.29% | β | β | 1.34% | β | β | 1.33% | β | β | 1.33% | β | β | 1.35% | β | β | 1.35% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.33)% | β | β | (0.20)% | β | β | 0.15% | β | β | (0.58)% | β | β | 0.70% | β | β | (0.43)% |
Portfolio turnover rate | β | β | 2% | β | β | 0% | β | β | 0% | β | β | 1% | β | β | 1% | β | β | 1% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Small Cap Opportunities Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 23.21% | β | β | (14.40)% | β | β | 32.26% | β | β | 50.63% | β | β | 2.57% | β | β | 27.34% |
Ratio of expenses to average net assets: | β | β | 1.31% | β | β | 1.35% | β | β | 1.34% | β | β | 1.34% | β | β | 1.37% | β | β | 1.36% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.37% | β | β | 0.52% | β | β | 0.37% | β | β | (0.62)% | β | β | 1.05% | β | β | (0.20)% |
Portfolio turnover rate | β | β | 3% | β | β | 2% | β | β | 6% | β | β | 3% | β | β | 0% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
42 |
| β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Market Opportunities Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 29.00% | β | β | (7.29)% | β | β | 15.02% | β | β | 28.08% | β | β | 19.57% | β | β | 22.77% |
Ratio of expenses to average net assets: | β | β | 1.31% | β | β | 1.36% | β | β | 1.36% | β | β | 1.36% | β | β | 1.38% | β | β | 1.39% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.09% | β | β | 0.94% | β | β | 0.22% | β | β | (0.74)% | β | β | 0.42% | β | β | (0.00)% |
Portfolio turnover rate | β | β | 9% | β | β | 5% | β | β | 13% | β | β | 2% | β | β | 2% | β | β | 4% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Multi-Disciplinary Income Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 3.92% | β | β | 5.24% | β | β | (2.29)% | β | β | 1.23% | β | β | (1.35)% | β | β | 9.13% |
Ratio of expenses to average net assets: | β | β | 0.50% | β | β | 0.94% | β | β | 1.48% | β | β | 1.44% | β | β | 1.46% | β | β | 1.44% |
Ratio of net investment income to average net assets: | β | β | 6.92% | β | β | 5.16% | β | β | 2.14% | β | β | 1.74% | β | β | 3.17% | β | β | 4.15% |
Portfolio turnover rate | β | β | 4% | β | β | 37% | β | β | 0% | β | β | 0% | β | β | 0% | β | β | 0% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
43 |
| β |
| β | β | β | β |
Β | β | β | Interest in Master Portfolio |
The Internet Fund | β | β | 99.974% |
The Global Fund | β | β | 99.929% |
The Paradigm Fund | β | β | 95.861% |
The Small Cap Opportunities Fund | β | β | 99.949% |
The Market Opportunities Fund | β | β | 99.962% |
The Multi-Disciplinary Income Fund | β | β | 98.496% |
| β | β | β | β |
| β |
44 |
| β |
| β |
45 |
| β |
| β |
46 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Market Value | β | β | Percentage of Net Assets |
The Multi-Disciplinary Income Portfolio | β | β | $11,510,977 | β | β | 84.01% |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Market Value | β | β | Percentage of Net Assets |
The Internet Portfolio | β | β | $ 2,657,489 | β | β | 1.08% |
The Global Portfolio | β | β | 284,983 | β | β | 1.06% |
The Paradigm Portfolio | β | β | 877,434 | β | β | 0.09% |
The Small Cap Opportunities Portfolio | β | β | β | β | β | 0.00% |
The Market Opportunities Portfolio | β | β | 1,109,246 | β | β | 0.71% |
The Multi-Disciplinary Income Portfolio | β | β | 450,000 | β | β | 3.30% |
The Spin-Off Fund | β | β | 37,045 | β | β | 0.14% |
| β | β | β | β | β | β | β |
| β |
47 |
| β |
| β |
48 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Internet Fund | β | β | The Global Fund |
No Load Class | β | β | 1.71% | β | β | 1.39% |
Class A | β | β | 1.96% | β | β | 1.64% |
Class C | β | β | 2.46% | β | β | 2.14% |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | The Paradigm Fund | β | β | The Small Cap Opportunities Fund |
No Load Class | β | β | 1.64% | β | β | 1.64% |
Class A | β | β | 1.89% | β | β | 1.89% |
Class C | β | β | 2.39% | β | β | 2.39% |
Institutional Class | β | β | 1.44% | β | β | 1.44% |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | The Market Opportunities Fund | β | β | The Multi-Disciplinary Income Fund |
No Load Class | β | β | 1.40% | β | β | 0.74% |
Class A | β | β | 1.65% | β | β | N/A |
Class C | β | β | 2.15% | β | β | N/A |
Institutional Class | β | β | 1.20% | β | β | N/A |
| β | β | β | β | β | β | β |
| β |
49 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Spin-Off Fund | β | β | Β |
No Load Class | β | β | 1.45% | β | β | |
Class A | β | β | 1.50% | β | β | |
Class C | β | β | 2.25% | β | β | |
Institutional Class | β | β | 1.25% | β | β | |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | The Internet Fund | β | β | The Global Fund |
Annual Advisory Rate | β | β | 1.25% | β | β | 1.25% |
Expenses Reimbursed by Adviser through voluntary waiver | β | β | $β | β | β | $ 86,170 |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | The Paradigm Fund | β | β | The Small Cap Opportunities Fund |
Annual Advisory Rate | β | β | 1.25% | β | β | 1.25% |
Expenses Reimbursed by Adviser through voluntary waiver | β | β | $110,568 | β | β | $ 94,979 |
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | β | β | $ 168,426 | β | β | $ 39,025 |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | The Market Opportunities Fund | β | β | The Multi-Disciplinary Income Fund |
Annual Advisory Rate | β | β | 1.25% | β | β | 1.25%(1) |
Expenses Reimbursed by Adviser through voluntary waiver | β | β | $ 238,425 | β | β | N/A |
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | β | β | $16,505 | β | β | $ 27,986 |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | The Spin-Off Fund | β | β | Β |
Annual Advisory Rate | β | β | 1.00% | β | β | |
Expenses Reimbursed by Adviser through voluntary waiver | β | β | $ 53,940 | β | β | |
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | β | β | $ 12,210 | β | β | |
| β | β | β | β | β | β | β |
| β | β | β | β |
Β | β | β | Shareholder Servicing Expenses for the period ended June 30, 2024 |
The Internet Fund | β | β | $ 290,764 |
The Global Fund | β | β | 27,582 |
The Paradigm Fund | β | β | 935,083 |
The Small Cap Opportunities Fund | β | β | 332,280 |
The Market Opportunities Fund | β | β | 166,133 |
The Multi-Disciplinary Income Fund | β | β | 15,138 |
The Spin-Off Fund | β | β | 23,960 |
| β | β | β | β |
| β |
50 |
| β |
| β | β | β | β | |||
Β | β | β | 12b-1 Expenses for the period ended June 30, 2024 | |||
Β | β | β | Advisor Class A | β | β | Advisor Class C |
The Internet Fund | β | β | $3,644 | β | β | $9,703 |
The Global Fund | β | β | 2,139 | β | β | 19,965 |
The Paradigm Fund | β | β | 195,307 | β | β | 214,978 |
The Small Cap Opportunities Fund | β | β | 20,285 | β | β | 31,190 |
The Market Opportunities Fund | β | β | 13,088 | β | β | 39,026 |
The Spin-Off Fund | β | β | 7,330 | β | β | 935 |
| β | β | β | β | β | β | β |
| β | β | β | β |
Β | β | β | Distributor Sales Load Fees for the period ended June 30, 2024 |
The Internet Fund | β | β | $45 |
The Global Fund | β | β | β |
The Paradigm Fund | β | β | 2,495 |
The Small Cap Opportunities Fund | β | β | 337 |
The Market Opportunities Fund | β | β | 209 |
The Multi-Disciplinary Income Fund | β | β | β |
The Spin-Off Fund | β | β | 1 |
| β | β | β | β |
| β | β | β | β | |||
Β | β | β | Increase/(Decrease) | |||
Β | β | β | Accumulated Earnings (Deficit) | β | β | Paid In Capital |
The Internet Fund | β | β | $(585,647) | β | β | $585,647 |
The Global Fund | β | β | (19,013) | β | β | 19,013 |
The Paradigm Fund | β | β | (82,096) | β | β | 82,096 |
The Small Cap Opportunities Fund | β | β | (1,776,673) | β | β | 1,776,673 |
The Market Opportunities Fund | β | β | (53,656) | β | β | 53,656 |
The Multi-Disciplinary Income Fund | β | β | β | β | β | β |
The Spin-Off Fund | β | β | (492,943) | β | β | 492,943 |
| β | β | β | β | β | β | β |
| β |
51 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Β | β | β | Internet | β | β | Global | β | β | Paradigm | β | β | Small Cap Opportunities |
Net Unrealized Appreciation | β | β | $ 91,364,782 | β | β | $8,755,115 | β | β | $ 548,655,187 | β | β | $ 142,774,604 |
Undistributed Ordinary Income | β | β | 672,765 | β | β | 29,494 | β | β | β | β | β | β |
Undistributed Long-Term Capital Gains | β | β | 2,413,514 | β | β | β | β | β | 5,082,749 | β | β | 477,070 |
Total Distributable Earnings | β | β | $3,086,279 | β | β | $29,494 | β | β | $5,082,749 | β | β | $477,070 |
Other Accumulated Loss | β | β | β | β | β | (235,583) | β | β | (1,059,699) | β | β | (1,737,431) |
Total Accumulated Gain | β | β | $ 94,451,061 | β | β | $ 8,549,026 | β | β | $ 552,678,237 | β | β | $ 141,514,243 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | β | β | β | β | β | β |
Β | β | β | Market Opportunities | β | β | Multi- DisciplinaryIncome | β | β | Spin-Off Fund |
Net Unrealized Appreciation (Depreciation) | β | β | $ 72,069,603 | β | β | $37,038 | β | β | $ 15,244,261 |
Undistributed Ordinary Income | β | β | 62,311 | β | β | 32,699 | β | β | 45,043 |
Undistributed Long-Term Capital Gains | β | β | β | β | β | β | β | β | 82,364 |
Total Distributable Earnings | β | β | $62,311 | β | β | $32,699 | β | β | $127,407 |
Other Accumulated Loss | β | β | (505,741) | β | β | (5,463,504) | β | β | (4) |
Total Accumulated Gain (Loss) | β | β | $ 71,626,173 | β | β | $ (5,393,767) | β | β | $ 15,371,664 |
| β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | ||||||
Β | β | β | Capital Loss Carryforward | ||||||
Β | β | β | Short-Term | β | β | Long-Term | β | β | Total |
The Internet Fund | β | β | $β | β | β | $β | β | β | $β |
The Global Fund | β | β | 226,899 | β | β | β | β | β | 226,899 |
The Paradigm Fund | β | β | β | β | β | β | β | β | β |
The Small Cap Opportunities Fund | β | β | β | β | β | β | β | β | β |
The Market Opportunities Fund | β | β | 494,017 | β | β | β | β | β | 494,017 |
The Multi-Disciplinary Income Fund | β | β | 13,004 | β | β | 5,450,500 | β | β | 5,463,504 |
The Spin-Off Fund | β | β | β | β | β | β | β | β | β |
| β | β | β | β | β | β | β | β | β | β |
| β | β | β | β |
Β | β | β | Capital Losses Utilized |
The Internet Fund | β | β | $β |
The Global Fund | β | β | β |
The Paradigm Fund | β | β | β |
The Small Cap Opportunities Fund | β | β | 6,462,535 |
The Market Opportunities Fund | β | β | β |
The Multi-Disciplinary Income Fund | β | β | β |
The Spin-Off Fund | β | β | β |
| β | β | β | β |
| β |
52 |
| β |
| β | β | β | β |
Β | β | β | Post-October Capital Loss Deferral |
The Internet Fund | β | β | $β |
The Global Fund | β | β | β |
The Paradigm Fund | β | β | 1,059,699 |
The Small Cap Opportunities Fund | β | β | 1,737,431 |
The Market Opportunities Fund | β | β | β |
The Multi-Disciplinary Income Fund | β | β | β |
The Spin-Off Fund | β | β | β |
| β | β | β | β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Internet Fund | β | β | The Global Fund | ||||||
Β | β | β | Ordinary Income Distribution | β | β | Long-Term Capital Gains Distribution | β | β | Ordinary Income Distribution | β | β | Long-Term Capital Gains Distribution |
2024 | β | β | $ ββββ | β | β | $β | β | β | $β | β | β | $βββββ |
2023 | β | β | $β | β | β | $ 1,427,746 | β | β | $ 414,068 | β | β | $β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Paradigm Fund | β | β | The Small Cap Opportunities Fund | ||||||
Β | β | β | Ordinary Income Distribution | β | β | Long-Term Capital Gains Distribution | β | β | Ordinary Income Distribution | β | β | Long-Term Capital Gains Distribution |
2024 | β | β | $ ββββ | β | β | $β | β | β | $β | β | β | $β |
2023 | β | β | $β | β | β | $ 42,175,561 | β | β | $ 3,518,981 | β | β | $ 15,242,941 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Market Opportunities Fund | β | β | The Multi-Disciplinary Income Fund | ||||||
Β | β | β | Ordinary Income Distribution | β | β | Long-Term Capital Gains Distribution | β | β | Ordinary Income Distribution | β | β | Long-Term Capital Gains Distribution |
2024 | β | β | $ββββ | β | β | $ββββ | β | β | $434,474 | β | β | $ββββ |
2023 | β | β | $ 1,078,615 | β | β | $ ββββ | β | β | $ 670,836 | β | β | $ ββββ |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | |||
Β | β | β | The Spin-Off Fund | |||
Β | β | β | Ordinary Income Distribution | β | β | Long-Term Capital Gains Distribution |
2024 | β | β | $β | β | β | $β |
2023 | β | β | $ 89,721 | β | β | $ 1,939,988 |
| β | β | β | β | β | β | β |
| β |
53 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | Purchases | β | β | Sales | ||||||
Β | β | β | U.S. Government | β | β | Other | β | β | U.S. Government | β | β | Other |
The Spin-Off Fund | β | β | $ βββ | β | β | $ 1,006,829 | β | β | $ βββ | β | β | $ 1,473,934 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β |
Β | β | β | The Spin-Off Fund |
Tax Cost of Investments | β | β | $4,151,636 |
Unrealized Appreciation | β | β | 15,611,217 |
Unrealized Depreciation | β | β | (366,956) |
Net Unrealized Appreciation | β | β | $ 15,244,261 |
| β | β | β | β |
| β |
54 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Assets^ | β | β | Level 1 | β | β | Level 2 | β | β | Level 3 | β | β | Total |
Common Stocks | β | β | $ 24,219,968 | β | β | $ββ103,417 | β | β | $ββββββ | β | β | $ 24,323,385 |
Closed-End Funds | β | β | 83,488 | β | β | β | β | β | β | β | β | 83,488 |
Unit Investment Trust | β | β | 3,195 | β | β | β | β | β | 37,045 | β | β | 40,240 |
Exchange Traded Funds | β | β | 4,779 | β | β | β | β | β | β | β | β | 4,779 |
Total Investments in Securities | β | β | $24,311,430 | β | β | $103,417 | β | β | $37,045 | β | β | $ 24,451,892 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β |
Description | β | β | Investments in Securities |
Balance as of DecemberΒ 31, 2023 | β | β | $βββ |
Accrued discounts/premiums | β | β | β |
Realized gain (loss) | β | β | β |
Change in unrealized appreciation (depreciation) | β | β | β |
Net purchases and/or acquisitions | β | β | β |
Net sales and/or write-offs | β | β | β |
Transfer in and/or out of LevelΒ 3 | β | β | 37,045 |
Balance as of June 30, 2024 | β | β | $37,045 |
| β | β | β | β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Description | β | β | Fair Value at 6/30/2024 | β | β | Valuation Techniques | β | β | Unobservable Input | β | β | Range** |
Common Stocks | β | β | $ 37,045 | β | β | Market Approach | β | β | Precedent Transaction | β | β | $4.04β-β$6.17 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
| β |
55 |
| β |
| β | β | β | β |
The Internet Fund | β | β | 0.00% |
The Global Fund | β | β | 0.00% |
The Paradigm Fund | β | β | 0.00% |
The Small Cap Opportunities Fund | β | β | 0.00% |
The Market Opportunities Fund | β | β | 53.14% |
The Multi-Disciplinary Income Fund | β | β | 20.54% |
The Spin-Off Fund | β | β | 100.00% |
| β | β | β | β |
| β | β | β | β |
The Internet Fund | β | β | 0.00% |
The Global Fund | β | β | 10.73% |
The Paradigm Fund | β | β | 0.00% |
The Small Cap Opportunities Fund | β | β | 0.00% |
The Market Opportunities Fund | β | β | 48.91% |
The Multi-Disciplinary Income Fund | β | β | 0.00% |
The Spin-Off Fund | β | β | 100.00% |
| β | β | β | β |
| β | β | β | β |
The Internet Fund | β | β | 0.00% |
The Global Fund | β | β | 78.21% |
The Paradigm Fund | β | β | 0.00% |
The Small Cap Opportunities Fund | β | β | 0.00% |
The Market Opportunities Fund | β | β | 46.86% |
The Multi-Disciplinary Income Fund | β | β | 58.98% |
The Spin-Off Fund | β | β | 0.00% |
| β | β | β | β |
| β | β | β | β |
The Internet Fund | β | β | 0.00% |
The Global Fund | β | β | 0.00% |
The Paradigm Fund | β | β | 0.00% |
The Small Cap Opportunities Fund | β | β | 0.00% |
The Market Opportunities Fund | β | β | 0.00% |
The Multi-Disciplinary Income Fund | β | β | 0.00% |
The Spin-Off Fund | β | β | 0.00% |
| β | β | β | β |
| β |
56 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Ordinary | β | β | Long- Term |
The Internet Fund | β | β | 0.00% | β | β | 100.00% |
The Global Fund | β | β | 100.00% | β | β | 0.00% |
The Paradigm Fund | β | β | 0.00% | β | β | 100.00% |
The Small Cap Opportunities Fund | β | β | 0.00% | β | β | 100.00% |
The Market Opportunities Fund | β | β | 100.00% | β | β | 0.00% |
The Multi-Disciplinary Income Fund | β | β | 100.00% | β | β | 0.00% |
The Spin-Off Fund | β | β | 4.42% | β | β | 95.58% |
| β | β | β | β | β | β | β |
| β |
57 |
| β |
| β |
58 |
| β |
| β | β | β | β | β | β | β | β | |||
Β | β | β | Shares | β | β | Value | β | |||
UNIT INVESTMENT TRUST - 46.2% | β | |||||||||
Grayscale Bitcoin Trust BTC(a)(b) | β | β | 2,142,099 | β | β | $β114,045,351 | β | |||
TOTAL UNIT INVESTMENT TRUST | β | |||||||||
(Cost $6,566,231) | β | β | β | β | 114,045,351 | β | ||||
COMMON STOCKS - 33.5% | β | |||||||||
Administrative and Support Services - 0.0%(c) | β | |||||||||
CreditRiskMonitor.com, Inc.(a) | β | β | 780 | β | β | 1,638 | β | |||
Aerospace and Defense - 7.0% | β | |||||||||
CACI International, Inc. - Class A (a) | β | β | 40,000 | β | β | 17,205,200 | β | |||
Broadcasting (except Internet) - 0.3% | β | |||||||||
Atlanta Braves Holdings, Inc. - Class A(a) | β | β | 8,000 | β | β | 330,640 | β | |||
Atlanta Braves Holdings, Inc. - Class C(a) | β | β | 8,000 | β | β | 315,520 | β | |||
EW Scripps Co. - Class A(a) | β | β | 20,000 | β | β | 62,800 | β | |||
| β | β | β | β | 708,960 | β | |||||
Data Processing, Hosting, and Related Services - 1.8% | β | |||||||||
Mastercard, Inc. - Class A | β | β | 5,900 | β | β | 2,602,844 | β | |||
Verisk Analytics, Inc. | β | β | 7,000 | β | β | 1,886,850 | β | |||
| β | β | β | β | 4,489,694 | β | |||||
Entertainment - 0.0%(c) | β | |||||||||
IG Port, Inc. | β | β | 13,600 | β | β | 97,717 | β | |||
Funds, Trusts, and Other Financial Vehicles - 0.3% | β | |||||||||
Mesabi Trust(d) | β | β | 37,900 | β | β | 653,017 | β | |||
Global Exchanges - 0.1% | β | β | β | β | β | |||||
Hellenic Exchanges - Athens Stock Exchange SA | β | β | 16,000 | β | β | 82,934 | β | |||
Japan Exchange Group, Inc. - ADR | β | β | 6,200 | β | β | 72,416 | β | |||
| β | β | β | β | 155,350 | β | |||||
Management of Companies and Enterprises - 0.7% | β | |||||||||
Galaxy Digital Holdings Ltd.(a) | β | β | 140,000 | β | β | 1,635,320 | β | |||
Management, Scientiο¬c, and Technical Consulting Services - 0.0%(c) | β | |||||||||
Booz Allen Hamilton Holding Corp. | β | β | 300 | β | β | 46,170 | β | |||
Oil and Gas Extraction - 18.8% | β | β | β | β | β | |||||
Permian Basin Royalty Trust | β | β | 12,550 | β | β | 141,313 | β | |||
Texas Paciο¬c Land Corp. | β | β | 63,078 | β | β | 46,316,283 | β | |||
| β | β | β | β | 46,457,596 | β | |||||
Other Financial Investment Activities - 0.6% | β | β | ||||||||
Bakkt Holdings, Inc.(a)(d) | β | β | 80,000 | β | β | 1,513,600 | β | |||
Other Motor Vehicle Dealers - 0.0%(c) | β | |||||||||
Copart, Inc.(a) | β | β | 400 | β | β | 21,664 | β | |||
| β | β | β | β | β | β | β | β | |||
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
Performing Arts, Spectator Sports, and Related Industries - 0.1% | ||||||
Madison Square Garden Entertainment Corp.(a) | β | β | 4,000 | β | β | $136,920 |
Sphere Entertainment Co.(a) | β | β | 4,000 | β | β | 140,240 |
| β | β | β | β | 277,160 | ||
Professional, Scientiο¬c, and Technical Services - 0.0%(c) | ||||||
Cookpad, Inc.(a) | β | β | 48,000 | β | β | 55,790 |
Securities and Commodities Exchanges - 1.4% | ||||||
CME Group, Inc. | β | β | 4,180 | β | β | 821,788 |
Miami International Holdings Inc.(a)(e) | β | β | 268,000 | β | β | 2,551,360 |
Nasdaq, Inc. | β | β | 2,100 | β | β | 126,546 |
| β | β | β | β | 3,499,694 | ||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.4% | ||||||
OTC Markets Group, Inc. - Class A - Class A | β | β | 121,000 | β | β | 5,916,900 |
S&P Global, Inc. | β | β | 113 | β | β | 50,398 |
| β | β | β | β | 5,967,298 | ||
TOTAL COMMON STOCKS (Cost $45,266,587) | β | β | β | β | 82,785,868 | |
EXCHANGE TRADED FUNDS - 0.5% | ||||||
Direxion Daily Small Cap Bear 3X Shares | β | β | 5,258 | β | β | 97,588 |
Direxion Daily Small Cap Bull 3X Shares | β | β | 2,752 | β | β | 100,916 |
ProShares UltraPro QQQ | β | β | 6,623 | β | β | 488,910 |
ProShares UltraPro Short QQQ | β | β | 61,881 | β | β | 512,375 |
TOTAL EXCHANGE TRADED FUNDS (Cost $1,200,916) | β | β | β | β | 1,199,789 | |
| β | β | Contracts | β | β | ||
WARRANTS - 0.0%(c) | β | |||||
Securities and Commodities Exchanges - 0.0%(c) | ||||||
Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50(a)(e) | β | β | 40,819 | β | β | 106,129 |
TOTAL WARRANTS (Cost $0) | β | β | β | β | 106,129 | |
TOTAL INVESTMENTS - 80.2% (Cost $53,033,734) | β | β | β | β | $198,137,137 | |
Money Market Deposit Account - 20.8%(f)(g) | β | β | β | β | 51,410,944 | |
Liabilities in Excess of Other Assets - (1.0)% | β | β | β | β | (2,431,785) | |
TOTAL NET ASSETS - 100.0% | β | β | β | β | $247,116,296 | |
| β | β | β | β | β | β | β |
| β |
59 |
| β |
(a) | Non-income producing security. |
(b) | Fair value of this security exceeds 25% of the Fundβs net assets. Additional information for this security, including the ο¬nancial statements, is available from the SECβs EDGAR database at www.sec.gov. |
(c) | Represents less than 0.05% of net assets. |
(d) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $2,144,951which represented 0.9% of net assets. |
(e) | Fair value determined using signiο¬cant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,657,489 or 1.0% of net assets as of |
(f) | The U.S. Bank Money Market Deposit Account (the βMMDAβ) 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 June 30, 2024 was 5.28%. |
(g) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June30, 2024 is $2,358,378. |
| β |
60 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
COMMON STOCKS - 51.9% | ||||||
Accommodation - 0.5% | β | β | β | β | ||
Civeo Corp. | β | β | 5,400 | β | β | $β134,568 |
Administrative and Support Services - 0.1% | ||||||
RB Global, Inc. | β | β | 200 | β | β | 15,272 |
Aerospace and Defense - 0.2% | ||||||
CACI International, Inc. - Class A(a) | β | β | 100 | β | β | 43,013 |
Elbit Systems Ltd. | β | β | 10 | β | β | 1,766 |
| β | β | β | β | 44,779 | ||
Asset Management - 0.3% | ||||||
Investor AB(a) | β | β | 3,200 | β | β | 87,616 |
Chemical Manufacturing - 0.1% | ||||||
Resonac Holdings Corp. | β | β | 600 | β | β | 13,135 |
Diversiο¬ed Real Estate Activities - 1.6% | ||||||
PrairieSky Royalty Ltd. | β | β | 22,800 | β | β | 433,318 |
Entertainment - 0.3% | ||||||
IG Port, Inc. | β | β | 10,400 | β | β | 74,724 |
Funds, Trusts, and Other Financial Vehicles - 1.3% | ||||||
Mesabi Trust | β | β | 20,900 | β | β | 360,107 |
Global Exchanges - 1.4% | β | |||||
ASX Ltd. | β | β | 800 | β | β | 32,021 |
B3 SA - Brasil Bolsa Balcao | β | β | 30,000 | β | β | 54,900 |
Deutsche Boerse AG | β | β | 600 | β | β | 122,795 |
Euronext NV(b) | β | β | 1,120 | β | β | 103,754 |
Hellenic Exchanges - Athens Stock Exchange SA | β | β | 3,800 | β | β | 19,697 |
Japan Exchange Group, Inc. - ADR | β | β | 3,900 | β | β | 45,552 |
| β | β | β | β | 378,719 | ||
Hospitality and Tourism - 0.6% | ||||||
Carnival Corp.(a) | β | β | 4,200 | β | β | 78,624 |
Norwegian Cruise Line Holdings Ltd.(a) | β | β | 2,000 | β | β | 37,580 |
Royal Caribbean Cruises Ltd.(a) | β | β | 200 | β | β | 31,886 |
| β | β | β | β | 148,090 | ||
Legal Services - 0.2% | ||||||
CRA International, Inc. | β | β | 220 | β | β | 37,889 |
Live Sports (Spectator Sports) - 0.4% | ||||||
BIGLEAGUE(a)(c) | β | β | 1,818 | β | β | 99,990 |
Management of Companies and Enterprises - 3.9% | ||||||
Associated Capital Group, Inc. - Class A | β | β | 13,300 | β | β | 452,466 |
Galaxy Digital Holdings Ltd.(a) | β | β | 42,000 | β | β | 490,596 |
White Mountains Insurance Group Ltd. | β | β | 56 | β | β | 101,777 |
| β | β | β | β | 1,044,839 | ||
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
Mining (except Oil and Gas) - 4.1% | ||||||
Franco-Nevada Corp. | β | β | 800 | β | β | $94,816 |
Sandstorm Gold Ltd. | β | β | 90,000 | β | β | 489,600 |
Wheaton Precious Metals Corp. | β | β | 10,000 | β | β | 524,200 |
| β | β | β | β | 1,108,616 | ||
Motor Vehicle and Parts Dealers - 0.0%(d) | ||||||
AutoNation, Inc.(a) | β | β | 40 | β | β | 6,375 |
Penske Automotive Group, Inc. | β | β | 30 | β | β | 4,471 |
| β | β | β | β | 10,846 | ||
Nonmetallic Mineral Product Manufacturing - 0.3% | ||||||
Eagle Materials, Inc. | β | β | 392 | β | β | 85,244 |
Offices of Real Estate Agents and Brokers - 2.5% | ||||||
Landbridge Co. LLC - Class A(a) | β | β | 29,412 | β | β | 680,887 |
Oil and Gas Extraction - 25.2%(e) | ||||||
Permian Basin Royalty Trust | β | β | 40,000 | β | β | 450,400 |
Texas Paciο¬c Land Corp. | β | β | 8,634 | β | β | 6,339,687 |
| β | β | β | β | 6,790,087 | ||
Other Financial Investment Activities - 2.8% | ||||||
Bakkt Holdings, Inc.(a)(f) | β | β | 6,800 | β | β | 128,656 |
GAMCO Investors, Inc. - Class A | β | β | 26,010 | β | β | 632,043 |
| β | β | β | β | 760,699 | ||
Other Investment Pools and Funds - 1.9% | ||||||
Partners Value Investments LP(a) | β | β | 2,193 | β | β | 136,256 |
Urbana Corp. | β | β | 57,900 | β | β | 238,702 |
Urbana Corp. - Class A | β | β | 41,100 | β | β | 142,102 |
| β | β | β | β | 517,060 | ||
Real Estate - 0.6% | ||||||
Tejon Ranch Co.(a) | β | β | 9,200 | β | β | 156,952 |
Securities and Commodities Exchanges - 0.5% | ||||||
Cboe Global Markets, Inc. | β | β | 200 | β | β | 34,012 |
CME Group, Inc. | β | β | 200 | β | β | 39,320 |
Intercontinental Exchange, Inc. | β | β | 500 | β | β | 68,445 |
| β | β | β | β | 141,777 | ||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.7% | ||||||
Brookο¬eld Asset Management Ltd. | β | β | 400 | β | β | 15,220 |
Brookο¬eld Corp. | β | β | 4,000 | β | β | 166,160 |
Brookο¬eld Reinsurance Ltd. | β | β | 210 | β | β | 8,714 |
Brookο¬eld Reinsurance Ltd. | β | β | 22 | β | β | 916 |
| β | β | β | β | 191,010 | ||
Support Activities for Mining - 0.0%(d) | ||||||
Core Laboratories, Inc. | β | β | 200 | β | β | 4,058 |
Liberty Energy, Inc. | β | β | 200 | β | β | 4,178 |
| β | β | β | β | 8,236 | ||
| β | β | β | β | β | β | β |
| β |
61 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
COMMON STOCKS - (Continued) | ||||||
Support Activities for Water Transportation - 2.4% | ||||||
Clarkson PLC | β | β | 9,000 | β | β | $471,002 |
Siem Industries, Inc.(a)(c) | β | β | 5,500 | β | β | 183,370 |
| β | β | β | β | 654,372 | ||
TOTAL COMMON STOCKS (Cost $8,366,858) | β | β | β | β | 13,978,832 | |
UNIT INVESTMENT TRUST - 30.4% | ||||||
Grayscale Ethereum Classic Trust(a) | β | β | 24 | β | β | 298 |
Grayscale Bitcoin Trust BTC(a)(g) | β | β | 153,520 | β | β | 8,173,405 |
TOTAL UNIT INVESTMENT TRUST (Cost $277,099) | β | β | β | β | 8,173,703 | |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Contracts | β | β | Β |
WARRANTS - 0.1% | ||||||
Other Investment Pools and Funds - 0.1% | ||||||
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $11.50(a) | β | β | 3,493 | β | β | 28,214 |
TOTAL WARRANTS (Cost $19,638) | β | β | β | β | 28,214 | |
| β | β | Shares | β | β | ||
PREFERRED STOCKS - 0.0%(d) | ||||||
Financial Services - 0.0%(d) | ||||||
Partners Value Investments LP Series 1*, 4.50%, Perpetual | β | β | 515 | β | β | 9,527 |
Other Investment Pools and Funds - 0.0%(d) | ||||||
Partners Value Investments LP Series 1*, 0.16%, 11/27/2030(c) | β | β | 2,193 | β | β | 1,623 |
TOTAL PREFERRED STOCKS (Cost $12,301) | β | β | β | β | 11,150 | |
| β | β | Par | β | β | ||
CONVERTIBLE BONDS - 0.0%(d) | ||||||
Department Stores - 0.0%(d) | β | |||||
Sears Holdings Corp., 8.00%, 12/15/2019(c)(h) | β | β | $41,080 | β | β | 0 |
TOTAL CONVERTIBLE BONDS (Cost $41,080) | β | β | β | β | 0 | |
TOTAL INVESTMENTS - 82.4% (Cost $8,716,976) | β | β | β | β | $22,191,899 | |
Money Market Deposit Account - 19.8%(i)(j) | β | β | β | β | 5,322,465 | |
Liabilities in Excess of Other Assets - (2.2)% | β | β | β | β | (606,462) | |
TOTAL NET ASSETS - 100.0% | β | β | β | β | $26,907,902 | |
| β | β | β | β | β | β | β |
(a) | Non-income producing security. |
(b) | 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 qualiο¬ed institutional investors. As of June 30, 2024, the value of these securities total $103,754 or 0.4% of the Fundβs net assets. |
(c) | Fair value determined using signiο¬cant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $284,983 or 1.1% of net assets as of June 30, 2024. |
(d) | Represents less than 0.05% of net assets. |
(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 signiο¬cantly affect those industries or sectors. |
(f) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $126,669which represented 0.5% of net assets. |
(g) | Fair value of this security exceeds 25% of the Fundβs net assets. Additional information for this security, including the ο¬nancial statements, is available from the SECβs EDGAR database at www.sec.gov. |
(h) | Issuer is currently in default. |
(i) | The U.S. Bank Money Market Deposit Account (the βMMDAβ) 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 June 30, 2024 was 5.28%. |
(j) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $142,269. |
| β |
62 |
| β |
| β | β | β | β | β | β | β | β | |||
Β | β | β | Shares | β | β | Value | β | |||
COMMON STOCKS - 86.5% | β | |||||||||
Accommodation - 0.6% | β | β | β | β | β | |||||
Civeo Corp. | β | β | 242,801 | β | β | $ββ6,050,601 | β | |||
Aerospace and Defense - 2.1% | β | |||||||||
CACI International, Inc. - Class A(a) | β | β | 46,000 | β | β | 19,785,980 | β | |||
Beverage and Tobacco Product Manufacturing - 0.0%(b) | β | |||||||||
Crimson Wine Group Ltd.(a) | β | β | 37,800 | β | β | 225,666 | β | |||
Broadcasting (except Internet) - 0.4% | β | |||||||||
Atlanta Braves Holdings, Inc. - Class C(a) | β | β | 4,842 | β | β | 190,968 | β | |||
Liberty Media Corp.-Liberty Formula One - Class A(a) | β | β | 50,000 | β | β | 3,211,500 | β | |||
Liberty Media Corp.-Liberty Live - Class A(a) | β | β | 3,766 | β | β | 141,263 | β | |||
| β | β | β | β | 3,543,731 | β | |||||
Casinos & Gaming - 0.0%(b) | β | |||||||||
Las Vegas Sands Corp. | β | β | 8,600 | β | β | 380,550 | β | |||
Diversiο¬ed Real Estate Activities - 0.1% | β | |||||||||
PrairieSky Royalty Ltd. | β | β | 60,000 | β | β | 1,140,309 | β | |||
Food Services and Drinking Places - 0.7% | β | |||||||||
Wendy's Co. | β | β | 378,900 | β | β | 6,426,144 | β | |||
Funds, Trusts, and Other Financial Vehicles - 0.1% | β | β | ||||||||
Mesabi Trust(c) | β | β | 32,200 | β | β | 554,806 | β | |||
Global Exchanges - 0.0%(b) | β | |||||||||
Hellenic Exchanges - Athens Stock Exchange SA | β | β | 200 | β | β | 1,037 | β | |||
Hospitality and Tourism - 0.6% | β | |||||||||
Carnival Corp.(a) | β | β | 215,600 | β | β | 4,036,032 | β | |||
Royal Caribbean Cruises Ltd.(a) | β | β | 10,200 | β | β | 1,626,186 | β | |||
| β | β | β | β | 5,662,218 | β | |||||
Insurance Carriers and Related Activities - 0.0%(b) | β | |||||||||
Markel Group, Inc.(a) | β | β | 100 | β | β | 157,566 | β | |||
Legal Services - 0.0%(b) | β | |||||||||
CRA International, Inc. | β | β | 120 | β | β | 20,666 | β | |||
Management of Companies and Enterprises - 1.0% | β | |||||||||
Associated Capital Group, Inc. - Class A | β | β | 260,290 | β | β | 8,855,066 | β | |||
White Mountains Insurance Group Ltd. | β | β | 28 | β | β | 50,888 | β | |||
| β | β | β | β | 8,905,954 | β | |||||
Management, Scientiο¬c, and Technical Consulting Services - 0.0%(b) | β | |||||||||
Booz Allen Hamilton Holding Corp. | β | β | 200 | β | β | 30,780 | β | |||
| β | β | β | β | β | β | β | β | |||
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
Mining (except Oil and Gas) - 2.4% | β | β | β | β | ||
Franco-Nevada Corp. | β | β | 164,750 | β | β | $19,526,170 |
Wheaton Precious Metals Corp. | β | β | 48,200 | β | β | 2,526,644 |
| β | β | β | β | 22,052,814 | ||
Motor Vehicle and Parts Dealers - 0.0%(b) | ||||||
AutoNation, Inc.(a) | β | β | 30 | β | β | 4,781 |
Nonmetallic Mineral Product Manufacturing - 0.0%(b) | ||||||
Eagle Materials, Inc. | β | β | 514 | β | β | 111,775 |
Offices of Real Estate Agents and Brokers - 2.2% | ||||||
Landbridge Co. LLC - Class A(a) | β | β | 882,353 | β | β | 20,426,472 |
Oil and Gas Extraction - 65.3%(d) | ||||||
Texas Paciο¬c Land Corp.(e) | β | β | 834,486 | β | β | 612,738,035 |
Other Financial Investment Activities - 0.5% | ||||||
Bakkt Holdings, Inc.(a)(c) | β | β | 30,600 | β | β | 578,952 |
GAMCO Investors, Inc. - Class A | β | β | 7,400 | β | β | 179,820 |
Onex Corp. | β | β | 62,500 | β | β | 4,238,125 |
| β | β | β | β | 4,996,897 | ||
Other Investment Pools and Funds - 0.0%(b) | ||||||
Partners Value Investments LP(a) | β | β | 800 | β | β | 49,706 |
Urbana Corp. | β | β | 8,800 | β | β | 36,279 |
Urbana Corp. - Class A | β | β | 2,200 | β | β | 7,607 |
| β | β | β | β | 93,592 | ||
Other Telecommunications - 0.5% | ||||||
Liberty Broadband Corp. - Class C(a) | β | β | 84,800 | β | β | 4,648,736 |
Performing Arts, Spectator Sports, and Related Industries - 2.5% | ||||||
Live Nation Entertainment, Inc.(a) | β | β | 246,750 | β | β | 23,130,345 |
Real Estate - 1.9% | β | β | β | β | ||
DREAM Unlimited Corp.(a)(c) | β | β | 21,600 | β | β | 310,252 |
Howard Hughes Holdings, Inc.(a) | β | β | 271,300 | β | β | 17,585,666 |
| β | β | β | β | 17,895,918 | ||
Securities and Commodities Exchanges - 1.1% | ||||||
Cboe Global Markets, Inc. | β | β | 61,600 | β | β | 10,475,696 |
Intercontinental Exchange, Inc. | β | β | 500 | β | β | 68,445 |
| β | β | β | β | 10,544,141 | ||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.8% | ||||||
Brookο¬eld Asset Management Ltd. | β | β | 179,787 | β | β | 6,840,896 |
Brookο¬eld Corp. | β | β | 700,750 | β | β | 29,109,155 |
Brookο¬eld Reinsurance Ltd. | β | β | 77 | β | β | 3,195 |
Brookο¬eld Reinsurance Ltd. | β | β | 8 | β | β | 333 |
S&P Global, Inc. | β | β | 340 | β | β | 151,640 |
| β | β | β | β | 36,105,219 | ||
Support Activities for Mining - 0.0%(b) | ||||||
Core Laboratories, Inc. | β | β | 400 | β | β | 8,116 |
| β | β | β | β | β | β | β |
| β |
63 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
COMMON STOCKS - (Continued) | ||||||
Support Activities for Water Transportation - 0.6% | ||||||
Clarkson PLC | β | β | 88,600 | β | β | $4,636,750 |
Siem Industries, Inc.(a)(f) | β | β | 26,300 | β | β | 876,842 |
| β | β | β | β | 5,513,592 | ||
Telecommunications - 0.0%(b) | β | β | β | β | ||
GCI LIBERTY INC SR ESCROW(a)(f) | β | β | 72,000 | β | β | 0 |
Utilities - 0.1% | β | β | β | β | ||
Brookο¬eld Infrastructure Partners LP | β | β | 30,900 | β | β | 847,896 |
TOTAL COMMON STOCKS (Cost $138,152,196) | β | β | β | β | 812,004,337 | |
UNIT INVESTMENT TRUST - 11.1% | ||||||
Grayscale Ethereum Classic Trust(a) | β | β | 12 | β | β | 149 |
Grayscale Bitcoin Trust BTC(a) | β | β | 1,946,400 | β | β | 103,626,336 |
TOTAL UNIT INVESTMENT TRUST (Cost $25,987,742) | β | β | β | β | 103,626,485 | |
REAL ESTATE INVESTMENT TRUSTS - 0.5% | ||||||
Equity LifeStyle Properties, Inc. | β | β | 73,400 | β | β | 4,780,542 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,355,929) | β | β | β | β | 4,780,542 | |
| β | β | Contracts | β | β | ||
WARRANTS - 0.0%(b) | ||||||
Other Investment Pools and Funds - 0.0%(b) | ||||||
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $11.50(a) | β | β | 800 | β | β | 6,462 |
TOTAL WARRANTS (Cost $2,368) | β | β | β | β | 6,462 | |
| β | β | Shares | β | |||
PREFERRED STOCKS - 0.0%(b) | β | |||||
Financial Services - 0.0%(b) | ||||||
Partners Value Investments LP Series 1*, 4.50%, Perpetual | β | β | 217 | β | β | 4,014 |
Other Investment Pools and Funds - 0.0%(b) | ||||||
Partners Value Investments LP Series 1*, 0.16%, 11/27/2030(f) | β | β | 800 | β | β | 592 |
TOTAL PREFERRED STOCKS (Cost $2,003) | β | β | β | β | 4,606 | |
TOTAL INVESTMENTS - 98.1% (Cost $167,500,238) | β | β | β | β | $920,422,432 | |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
Money Market Deposit Account - 3.2%(g)(h) | β | β | β | β | $30,427,106 | |
Liabilities in Excess of Other Assets - (1.3)% | β | β | β | β | (11,945,070) | |
TOTAL NET ASSETS - 100.0% | β | β | β | β | $938,904,468 | |
| β | β | β | β | β | β | β |
(a) | Non-income producing security. |
(b) | Represents less than 0.05% of net assets. |
(c) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $1,372,211 which represented 0.1% of net assets. |
(d) | 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 signiο¬cantly affect those industries or sectors. |
(e) | Fair value of this security exceeds 25% of the Fundβs net assets. Additional information for this security, including the ο¬nancial statements, is available from the SECβs EDGAR database at www.sec.gov. |
(f) | Fair value determined using signiο¬cant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $877,434 or 0.1% of net assets as of June 30, 2024. |
(g) | The U.S. Bank Money Market Deposit Account (the βMMDAβ) 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 June 30, 2024 was 5.28%. |
(h) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $1,468,016. |
| β |
64 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
COMMON STOCKS - 84.1% | ||||||
Accommodation - 4.6% | β | |||||
Civeo Corp. | β | β | 558,632 | β | β | $β13,921,109 |
Administrative and Support Services - 0.0%(a) | ||||||
RB Global, Inc. | β | β | 400 | β | β | 30,544 |
Aerospace and Defense - 7.0% | β | |||||
CACI International, Inc. - Class A(b) | β | β | 50,000 | β | β | 21,506,500 |
Beverage and Tobacco Product Manufacturing - 0.1% | ||||||
Crimson Wine Group Ltd.(b) | β | β | 49,700 | β | β | 296,709 |
Chemical Manufacturing - 2.0% | ||||||
Inter Parfums, Inc. | β | β | 53,200 | β | β | 6,172,796 |
Oil-Dri Corp. of America | β | β | 200 | β | β | 12,818 |
| β | β | β | β | 6,185,614 | ||
Diversiο¬ed Real Estate Activities - 0.5% | ||||||
PrairieSky Royalty Ltd. | β | β | 72,000 | β | β | 1,368,371 |
Entertainment - 0.0%(a) | ||||||
IG Port, Inc. | β | β | 1,600 | β | β | 11,496 |
Food Services and Drinking Places - 0.9% | ||||||
Wendy's Co. | β | β | 170,500 | β | β | 2,891,680 |
Funds, Trusts, and Other Financial Vehicles - 0.1% | ||||||
Mesabi Trust | β | β | 12,200 | β | β | 210,206 |
Hospitality and Tourism - 1.8% | ||||||
Carnival Corp.(b) | β | β | 297,400 | β | β | 5,567,328 |
Royal Caribbean Cruises Ltd.(b) | β | β | 200 | β | β | 31,886 |
| β | β | β | β | 5,599,214 | ||
Industrial Services - 0.2% | ||||||
BRAEMAR PLC | β | β | 191,400 | β | β | 712,536 |
Legal Services - 0.0%(a) | ||||||
CRA International, Inc. | β | β | 182 | β | β | 31,344 |
Machinery Manufacturing - 0.0%(a) | ||||||
Oshkosh Corp. | β | β | 400 | β | β | 43,280 |
Management of Companies and Enterprises - 2.6% | ||||||
Associated Capital Group, Inc. - Class A | β | β | 190,500 | β | β | 6,480,810 |
Dundee Corp. - Class A(b) | β | β | 113,800 | β | β | 100,827 |
Galaxy Digital Holdings Ltd.(b) | β | β | 119,200 | β | β | 1,392,358 |
White Mountains Insurance Group Ltd. | β | β | 68 | β | β | 123,587 |
| β | β | β | β | 8,097,582 | ||
Management, Scientiο¬c, and Technical Consulting Services - 0.0%(a) | ||||||
Booz Allen Hamilton Holding Corp. | β | β | 510 | β | β | 78,489 |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
Mining (except Oil and Gas) - 0.1% | ||||||
Triple Flag Precious Metals Corp. | β | β | 720 | β | β | $11,160 |
Wheaton Precious Metals Corp. | β | β | 5,000 | β | β | 262,100 |
| β | β | β | β | 273,260 | ||
Motor Vehicle and Parts Dealers - 0.1% | ||||||
AutoNation, Inc.(b) | β | β | 520 | β | β | 82,878 |
Penske Automotive Group, Inc. | β | β | 500 | β | β | 74,510 |
| β | β | β | β | 157,388 | ||
Nonmetallic Mineral Product Manufacturing - 0.0%(a) | ||||||
Eagle Materials, Inc. | β | β | 12 | β | β | 2,610 |
Offices of Real Estate Agents and Brokers - 2.7% | ||||||
Landbridge Co. LLC - Class A(b) | β | β | 352,942 | β | β | 8,170,607 |
Oil and Gas Extraction - 54.3%(c) | β | β | β | β | ||
Permian Basin Royalty Trust | β | β | 99,600 | β | β | 1,121,496 |
Texas Paciο¬c Land Corp.(d) | β | β | 224,604 | β | β | 164,919,979 |
| β | β | β | β | 166,041,475 | ||
Other Financial Investment Activities - 0.2% | ||||||
Bakkt Holdings, Inc.(b)(e) | β | β | 14,400 | β | β | 272,448 |
GAMCO Investors, Inc. - Class A | β | β | 13,800 | β | β | 335,340 |
| β | β | β | β | 607,788 | ||
Other Investment Pools and Funds - 1.3% | ||||||
Urbana Corp. | β | β | 28,800 | β | β | 118,733 |
Urbana Corp. - Class A | β | β | 1,104,500 | β | β | 3,818,782 |
| β | β | β | β | 3,937,515 | ||
Other Pipeline Transportation - 0.1% | β | β | β | β | ||
Rubis SCA | β | β | 14,400 | β | β | 404,973 |
Performing Arts, Spectator Sports, and Related Industries - 0.7% | ||||||
Live Nation Entertainment, Inc.(b) | β | β | 23,500 | β | β | 2,202,890 |
Madison Square Garden Entertainment Corp.(b) | β | β | 772 | β | β | 26,426 |
Sphere Entertainment Co.(b) | β | β | 772 | β | β | 27,066 |
| β | β | β | β | 2,256,382 | ||
Professional, Scientiο¬c, and Technical Services - 0.8% | ||||||
Science Applications International Corp. | β | β | 19,600 | β | β | 2,303,980 |
Promoters of Performing Arts, Sports, and Similar Events - 0.0%(a) | ||||||
Madison Square Garden Sports Corp.(b) | β | β | 240 | β | β | 45,151 |
Real Estate - 3.9% | β | β | β | β | ||
DREAM Unlimited Corp.(b) | β | β | 683,200 | β | β | 9,813,150 |
Howard Hughes Holdings, Inc.(b) | β | β | 19,700 | β | β | 1,276,954 |
Tejon Ranch Co.(b) | β | β | 41,217 | β | β | 703,162 |
| β | β | β | β | 11,793,266 | ||
| β | β | β | β | β | β | β |
| β |
65 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
COMMON STOCKS - (Continued) | ||||||
Support Activities for Mining - 0.0%(a) | ||||||
Liberty Energy, Inc. | β | β | 300 | β | β | $6,267 |
Pason Systems, Inc. | β | β | 8,000 | β | β | 107,774 |
| β | β | β | β | 114,041 | ||
Support Activities for Water Transportation - 0.0%(a) | ||||||
Clarkson PLC | β | β | 2,400 | β | β | 125,600 |
Telecommunications - 0.1% LICT Corp.(b) | β | β | 16 | β | β | 222,400 |
TOTAL COMMON STOCKS (Cost $80,911,838) | β | β | β | β | 257,441,110 | |
UNIT INVESTMENT TRUST - 5.2% | β | |||||
Grayscale Ethereum Classic Trust(b) | β | β | 60 | β | β | 746 |
Grayscale Bitcoin Trust BTC(b) | β | β | 300,000 | β | β | 15,972,000 |
TOTAL UNIT INVESTMENT TRUST (Cost $3,168,943) | β | β | β | β | 15,972,746 | |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Contracts | β | β | Β |
WARRANTS - 0.5% | ||||||
Other Investment Pools and Funds - 0.5% | ||||||
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $11.50(b) | β | β | 160,000 | β | β | 1,292,351 |
TOTAL WARRANTS (Cost $433,365) | β | β | β | β | 1,292,351 | |
TOTAL INVESTMENTS - 89.8% (Cost $84,514,146) | β | β | β | β | $274,706,207 | |
Money Market Deposit Account - 11.2%(f)(g) | β | β | β | β | 34,263,970 | |
Liabilities in Excess of Other Assets - (1.0)% | β | β | β | β | (2,956,385) | |
TOTAL NET ASSETS - 100.0% | β | β | β | β | $306,013,792 | |
| β | β | β | β | β | β | β |
(a) | Represents less than 0.05% of net assets. |
(b) | Non-income producing security. |
(c) | 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 signiο¬cantly affect those industries or sectors. |
(d) | Fair value of this security exceeds 25% of the Fundβs net assets. Additional information for this security, including the ο¬nancial statements, is available from the SECβs EDGAR database at www.sec.gov. |
(e) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $269,724 which represented 0.1% of net assets. |
(f) | The U.S. Bank Money Market Deposit Account (the βMMDAβ) 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 June 30, 2024 was 5.28%. |
(g) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $302,940. |
| β |
66 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
COMMON STOCKS - 69.6% | ||||||
Administrative and Support Services - 0.1% | ||||||
RB Global, Inc. | β | β | 1,400 | β | β | $106,904 |
Aerospace and Defense - 0.1% | ||||||
CACI International, Inc. - Class A(a) | β | β | 300 | β | β | 129,039 |
Asset Management - 0.0%(b) | β | β | β | β | ||
Investor AB(a) | β | β | 200 | β | β | 5,476 |
Beverage and Tobacco Product Manufacturing - 0.0%(b) | ||||||
Crimson Wine Group Ltd.(a) | β | β | 600 | β | β | 3,582 |
Data Processing, Hosting, and Related Services - 1.0% | ||||||
Mastercard, Inc. - Class A | β | β | 1,000 | β | β | 441,160 |
Visa, Inc. - Class A | β | β | 4,000 | β | β | 1,049,880 |
| β | β | β | β | 1,491,040 | ||
Diversiο¬ed Real Estate Activities - 0.0%(b) | ||||||
PrairieSky Royalty Ltd. | β | β | 200 | β | β | 3,801 |
Funds, Trusts, and Other Financial Vehicles - 0.4% | ||||||
Mesabi Trust(c) | β | β | 37,142 | β | β | 639,957 |
Global Exchanges - 0.8% | β | β | β | β | ||
ASX Ltd. | β | β | 4,400 | β | β | 176,114 |
Deutsche Boerse AG | β | β | 1,800 | β | β | 368,386 |
Euronext NV(d) | β | β | 2,520 | β | β | 233,446 |
Hellenic Exchanges - Athens Stock Exchange SA | β | β | 10,000 | β | β | 51,834 |
Japan Exchange Group, Inc. - ADR(c) | β | β | 8,200 | β | β | 95,776 |
London Stock Exchange Group PLC | β | β | 600 | β | β | 71,295 |
NZX Ltd. | β | β | 364,202 | β | β | 237,363 |
| β | β | β | β | 1,234,214 | ||
Insurance Carriers and Related Activities - 0.1% | ||||||
Arthur J. Gallagher & Co. | β | β | 400 | β | β | 103,724 |
Legal Services - 0.0%(b) | β | β | β | β | ||
CRA International, Inc. | β | β | 36 | β | β | 6,200 |
Live Sports (Spectator Sports) - 0.1% | β | β | β | β | ||
BIGLEAGUE(a)(e) | β | β | 2,455 | β | β | 135,025 |
Management of Companies and Enterprises - 2.5% | ||||||
Associated Capital Group, Inc. - Class A | β | β | 77,000 | β | β | 2,619,540 |
Galaxy Digital Holdings Ltd.(a) | β | β | 102,000 | β | β | 1,191,447 |
White Mountains Insurance Group Ltd. | β | β | 44 | β | β | 79,968 |
| β | β | β | β | 3,890,955 | ||
Mining (except Oil and Gas) - 2.1% | β | |||||
Franco-Nevada Corp. | β | β | 14,600 | β | β | 1,730,392 |
Wheaton Precious Metals Corp. | β | β | 30,800 | β | β | 1,614,536 |
| β | β | β | β | 3,344,928 | ||
Miscellaneous Durable Goods Merchant Wholesalers - 0.1% | ||||||
A-Mark Precious Metals, Inc. | β | β | 3,200 | β | β | 103,584 |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
Motor Vehicle and Parts Dealers - 0.0%(b) | ||||||
AutoNation, Inc.(a) | β | β | 10 | β | β | $1,594 |
Offices of Real Estate Agents and Brokers - 0.9% | ||||||
Landbridge Co. LLC - Class A(a) | β | β | 58,824 | β | β | 1,361,776 |
Oil and Gas Extraction - 52.2%(f) | β | β | β | β | ||
Permian Basin Royalty Trust(c) | β | β | 127,450 | β | β | 1,435,087 |
Texas Paciο¬c Land Corp.(g) | β | β | 108,984 | β | β | 80,023,682 |
| β | β | β | β | 81,458,769 | ||
Other Financial Investment Activities - 1.3% | ||||||
Bakkt Holdings, Inc.(a)(c) | β | β | 32,000 | β | β | 605,440 |
GAMCO Investors, Inc. - Class A | β | β | 59,000 | β | β | 1,433,700 |
| β | β | β | β | 2,039,140 | ||
Other Investment Pools and Funds - 2.8% | ||||||
Partners Value Investments LP(a) | β | β | 43,516 | β | β | 2,703,746 |
Urbana Corp. | β | β | 41,500 | β | β | 171,091 |
Urbana Corp. - Class A | β | β | 417,100 | β | β | 1,442,113 |
| β | β | β | β | 4,316,950 | ||
Professional, Scientiο¬c, and Technical Services - 0.0%(b) | ||||||
Science Applications International Corp. | β | β | 200 | β | β | 23,510 |
Real Estate - 0.0%(b) | ||||||
Tejon Ranch Co.(a) | β | β | 3,000 | β | β | 51,180 |
Securities and Commodities Exchanges - 3.9% | ||||||
Cboe Global Markets, Inc. | β | β | 8,000 | β | β | 1,360,480 |
CME Group, Inc. | β | β | 5,800 | β | β | 1,140,280 |
Intercontinental Exchange, Inc. | β | β | 12,900 | β | β | 1,765,881 |
Miami International Holdings Inc.(a)(e) | β | β | 95,000 | β | β | 904,400 |
Nasdaq, Inc. | β | β | 7,200 | β | β | 433,872 |
TMX Group Ltd. | β | β | 18,000 | β | β | 501,034 |
| β | β | β | β | 6,105,947 | ||
Securities and Commodity Contracts Intermediation and Brokerage - 0.0%(b) | ||||||
MarketAxess Holdings, Inc. | β | β | 48 | β | β | 9,625 |
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.2% | ||||||
Brookο¬eld Asset Management Ltd. | β | β | 806 | β | β | 30,668 |
Brookο¬eld Reinsurance Ltd. | β | β | 4,182 | β | β | 173,541 |
Brookο¬eld Reinsurance Ltd. | β | β | 435 | β | β | 18,108 |
OTC Markets Group, Inc. - Class A(c) | β | β | 800 | β | β | 39,120 |
S&P Global, Inc. | β | β | 113 | β | β | 50,398 |
| β | β | β | β | 311,835 | ||
Support Activities for Water Transportation - 1.0% | ||||||
Clarkson PLC | β | β | 29,000 | β | β | 1,517,672 |
TOTAL COMMON STOCKS (Cost $32,064,295) | β | β | β | β | 108,396,427 | |
| β | β | β | β | β | β | β |
| β |
67 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Shares | β | β | Value |
UNIT INVESTMENT TRUST - 20.4% | ||||||
Grayscale Ethereum Classic Trust(a) | β | β | 12 | β | β | $149 |
Grayscale Bitcoin Trust BTC(a) | β | β | 598,874 | β | β | 31,884,052 |
TOTAL UNIT INVESTMENT TRUST (Cost $1,585,583) | β | β | β | β | 31,884,201 | |
| β | β | Contracts | β | β | ||
WARRANTS - 0.3% | β | |||||
Other Investment Pools and Funds - 0.3% | ||||||
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $11.50(a) | β | β | 43,516 | β | β | 351,487 |
Securities and Commodities Exchanges - 0.0%(b) | ||||||
Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50(a)(e) | β | β | 14,469 | β | β | 37,619 |
TOTAL WARRANTS (Cost $130,104) | β | β | β | β | 389,106 | |
| β | β | Shares | β | |||
PREFERRED STOCKS - 0.2% | ||||||
Financial Services - 0.2% | ||||||
Partners Value Investments LP Series 1*, 4.50%, Perpetual | β | β | 11,832 | β | β | 218,892 |
Other Investment Pools and Funds - 0.0%(b) | ||||||
Partners Value Investments LP Series 1*, 0.16%, 11/27/2030(e) | β | β | 43,516 | β | β | 32,202 |
TOTAL PREFERRED STOCKS (Cost $259,342) | β | β | β | β | 251,094 | |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Par | β | β | Β |
CONVERTIBLE BONDS - 0.0%(b) | ||||||
Department Stores - 0.0%(b) | β | β | β | β | ||
Sears Holdings Corp., 8.00%, 12/15/2019 (e)(h) | β | β | $5,720 | β | β | 0 |
TOTAL CONVERTIBLE BONDS (Cost $5,720) | β | β | β | β | 0 | |
TOTAL INVESTMENTS - 90.5% (Cost $34,045,044) | β | β | β | β | $140,920,828 | |
Money Market Deposit Account - 11.3% (i)(j) | β | β | β | β | 17,660,663 | |
Liabilities in Excess of Other Assets - (1.8)% | β | β | β | β | (2,640,433) | |
TOTAL NET ASSETS - 100.0% | β | β | β | β | $155,941,058 | |
| β | β | β | β | β | β | β |
(a) | Non-income producing security. |
(b) | Represents less than 0.05% of net assets. |
(c) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $1,484,918 which represented 1.0% of net assets. |
(d) | 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 qualiο¬ed institutional investors. As of June 30, 2024, the value of these securities total $233,446 or 0.1% of the Fundβs net assets. |
(e) | Fair value determined using signiο¬cant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,109,246 or 0.7% of net assets as of June 30, 2024. |
(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 signiο¬cantly affect those industries or sectors. |
(g) | Fair value of this security exceeds 25% of the Fundβs net assets. Additional information for this security, including the ο¬nancial statements, is available from the SECβs EDGAR database at www.sec.gov. |
(h) | Issuer is currently in default. |
(i) | The U.S. Bank Money Market Deposit Account (the βMMDAβ) 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 June 30, 2024 was 5.28%. |
(j) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June30, 2024 is $1,588,868. |
| β |
68 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | Par | β | β | Value |
COLLATERALIZED LOAN OBLIGATIONS - 84.5% | ||||||
37 Capital CLO, Series 2023-1A, Class A1, 7.38% (3 mo. Term SOFR + 2.05%), 04/15/2036(a) | β | β | $500,000 | β | β | $β501,895 |
Apidos CLO | β | β | β | β | ||
Series 2022-40A, ClassΒ A1, 7.13% (3 mo. Term SOFR + 1.80%), 07/15/2035(a) | β | β | 350,000 | β | β | 350,050 |
Series 2023-43A, ClassΒ A2, 7.37% (3 mo. Term SOFR + 2.05%), 04/25/2035(a) | β | β | 500,000 | β | β | 500,885 |
Atlas Senior Loan Fund Ltd., Series 2019-14A, Class BR, 7.54% (3 mo. Term SOFR + 2.21%), 07/20/2032(a) | β | β | 500,000 | β | β | 499,986 |
Babson CLO Ltd./Cayman Islands, Series 2023-1A, Class A, 7.07% (3 mo. Term SOFR + 1.75%), 04/20/2036(a) | β | β | 550,000 | β | β | 552,318 |
Battery Park CLO, Series 2022-1A, Class A1, 7.53% (3 mo. Term SOFRΒ + 2.21%), 10/20/2035(a) | β | β | 500,000 | β | β | 502,271 |
Beneο¬t Street Partners CLO Ltd. | β | β | β | β | ||
Series 2022-27A, ClassΒ A1, 7.12% (3 mo. Term SOFR + 1.80%), 07/20/2035(a) | β | β | 480,000 | β | β | 482,353 |
Series 2022-28A, Class A, 7.22% (3 mo. Term SOFR + 1.90%), 10/20/2035(a) | β | β | 500,000 | β | β | 500,633 |
Bryant Park Funding Ltd., Series 2023-21A, ClassΒ B, 8.08% (3 mo. Term SOFR + 2.75%), 10/18/2036(a) | β | β | 250,000 | β | β | 252,115 |
Carlyle Global Market Strategies, Series 2023-3A, Class B, 7.93% (3 mo. Term SOFR + 2.60%), 10/15/2036(a) | β | β | 450,000 | β | β | 454,620 |
Fortress Credit BSL Ltd., Series 2023-1A, Class AT, 7.58% (3 mo. Term SOFR + 2.25%), 04/23/2036(a) | β | β | 500,000 | β | β | 504,948 |
Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 7.82% (3 mo. TermSOFR + 2.50%), 10/25/2036(a) | β | β | 250,000 | β | β | 251,635 |
ICG US CLO Ltd., Series 2023-1A, Class B, 8.33% (3 mo. Term SOFR + 3.00%), 07/18/2036(a) | β | β | 500,000 | β | β | 502,749 |
Katayma CLO Ltd., Series 2023-1A, Class B, 7.97% (3 mo. Term SOFR + 2.65%), 10/20/2036(a) | β | β | 250,000 | β | β | 251,862 |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Par | β | β | Value |
Magnetite CLO Ltd., Series 2023-37A, Class B, 7.62% (3 mo. Term SOFR +2.30%), 10/20/2036(a) | β | β | $500,000 | β | β | $502,855 |
Man GLG US CLO, Series 2023-1A, Class A, 7.62% (3 mo. Term SOFR + 2.30%), 07/20/2035(a) | β | β | 500,000 | β | β | 502,477 |
Mountain View CLO Ltd., Series 2019-2A, Class B1R, 7.48% (3 mo. Term SOFR +2.15%), 07/15/2037(a)(b) | β | β | 450,000 | β | β | 450,000 |
Octagon 67 Ltd., Series 2023-1A, Class A1, 7.12% (3 mo. Term SOFRΒ + 1.80%), 04/25/2036(a) | β | β | 500,000 | β | β | 500,968 |
Orion CLO Ltd., Series 2023-2A, Class B, 8.07% (3 mo. Term SOFR + 2.75%), 01/25/2037(a) | β | β | 250,000 | β | β | 252,380 |
Palmer Square CLO Ltd., Series 2022-3A, Class A1, 7.12% (3 mo. Term SOFRΒ +1.80%), 07/20/2035(a) | β | β | 500,000 | β | β | 500,339 |
Palmer Square Loan Funding Ltd., Series 2022-4A, Class A2, 7.62% (3 mo. TermSOFR + 2.30%), 07/24/2031(a) | β | β | 430,000 | β | β | 430,067 |
Post CLO, Series 2023-1A, Class A, 7.27% (3 mo. Term SOFR + 1.95%), 04/20/2036(a) | β | β | 500,000 | β | β | 501,154 |
Rad CLO, Series 2023-20A, Class B, 7.97% (3 mo. Term SOFR + 2.65%), 07/20/2036(a) | β | β | 500,000 | β | β | 504,008 |
Regatta Funding Ltd., Series 2019-2A, Class B, 7.64% (3 mo. Term SOFR +2.31%), 01/15/2033(a) | β | β | 500,000 | β | β | 504,648 |
Venture CDO Ltd. | β | β | β | β | ||
Series 2013-15A, Class BR3, 7.46% (3 mo. Term SOFR + 2.13%), 07/15/2032(a) | β | β | 250,000 | β | β | 250,354 |
Series 2023-48A, Class B1, 8.07% (3 mo. Term SOFR + 2.75%), 10/20/2036(a) | β | β | 500,000 | β | β | 503,407 |
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $11,439,308) | β | β | β | β | 11,510,977 | |
TOTAL INVESTMENTS - 84.5% (Cost $11,439,308) | β | β | β | β | $11,510,977 | |
Money Market Deposit Account - 14.8%(c) | β | β | β | β | 2,022,308 | |
Other Assets in Excess of Liabilities - 0.7% | β | β | β | β | 98,623 | |
TOTAL NET ASSETS - 100.0% | β | β | β | β | $13,631,908 | |
| β | β | β | β | β | β | β |
| β |
69 |
| β |
(a) | 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 qualiο¬ed institutional investors. As of June 30, 2024, the value of these securities total $11,510,977 or 84.4% of the Fundβs net assets. |
(b) | Fair value determined using signiο¬cant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $450,000 or 3.3% of net assets as of June 30, 2024. |
(c) | The U.S. Bank Money Market Deposit Account (the βMMDAβ) 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 June 30, 2024 was 5.28%. |
| β |
70 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Internet Portfolio (Consolidated) | β | β | The Global Portfolio (Consolidated) |
ASSETS: | β | β | β | β | ||
Investments, at value(1)(2) | β | β | $198,137,137 | β | β | $22,191,899 |
Cash | β | β | 49,052,566 | β | β | 5,180,215 |
Cash proceeds from securities lending | β | β | 2,358,378 | β | β | 142,269 |
Receivable for contributed capital | β | β | 36,638 | β | β | 51,400 |
Receivable for investments sold | β | β | 988,881 | β | β | β |
Dividends and interest receivable | β | β | 232,786 | β | β | 30,617 |
Prepaid expenses and other assets | β | β | 58,565 | β | β | 4,842 |
Total assets | β | β | 250,864,951 | β | β | 27,601,242 |
LIABILITIES: | β | β | β | β | ||
Payable to Adviser | β | β | 262,835 | β | β | 27,526 |
Payable to Trustees | β | β | 6,440 | β | β | 623 |
Payable to Chief Compliance Officer | β | β | 322 | β | β | 25 |
Payable for securities purchased | β | β | 1,032,025 | β | β | 503,639 |
Payable for collateral received for securities loaned | β | β | 2,358,378 | β | β | 142,269 |
Payable for withdrawn capital | β | β | 64,704 | β | β | 4,820 |
Accrued expenses and other liabilities | β | β | 23,951 | β | β | 14,438 |
Total liabilities | β | β | 3,748,655 | β | β | 693,340 |
Net Assets | β | β | $247,116,296 | β | β | $26,907,902 |
(1) Cost of investments | β | β | $53,033,734 | β | β | $8,716,976 |
(2) Includes loaned securities with a market value of | β | β | $2,144,951 | β | β | $126,669 |
| β | β | β | β | β | β | β |
| β |
71 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Paradigm Portfolio (Consolidated) | β | β | The Small Cap Opportunities Portfolio (Consolidated) |
ASSETS: | β | β | β | β | ||
Investments, at value(1)(2) | β | β | $920,422,432 | β | β | $274,706,207 |
Foreign currencies, at value(3) | β | β | 2,094 | β | β | 63,841 |
Cash | β | β | 28,969,842 | β | β | 33,897,215 |
Cash proceeds from securities lending | β | β | 1,468,016 | β | β | 302,940 |
Receivable for contributed capital | β | β | 53,961 | β | β | 63,150 |
Receivable for investments sold | β | β | 5,435,452 | β | β | 3,668,081 |
Dividends and interest receivable | β | β | 157,268 | β | β | 194,044 |
Prepaid expenses and other assets | β | β | 51,787 | β | β | 18,911 |
Total assets | β | β | 956,560,852 | β | β | 312,914,389 |
LIABILITIES: | β | β | β | β | ||
Payable to Adviser | β | β | 944,814 | β | β | 304,959 |
Payable to Trustees | β | β | 22,206 | β | β | 7,320 |
Payable to Chief Compliance Officer | β | β | 1,184 | β | β | 417 |
Payable for securities purchased | β | β | 15,000,001 | β | β | 6,000,014 |
Payable for collateral received for securities loaned | β | β | 1,468,016 | β | β | 302,940 |
Payable for withdrawn capital | β | β | 164,185 | β | β | 256,532 |
Accrued expenses and other liabilities | β | β | 55,978 | β | β | 28,415 |
Total liabilities | β | β | 17,656,384 | β | β | 6,900,597 |
Net Assets | β | β | $938,904,468 | β | β | $306,013,792 |
(1) Cost of investments | β | β | $167,500,238 | β | β | $84,514,146 |
(2) Includes loaned securities with a market value of | β | β | $1,372,211 | β | β | $269,724 |
(3) Cost of foreign currencies | β | β | $2,092 | β | β | $63,783 |
| β | β | β | β | β | β | β |
| β |
72 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Market Opportunities Portfolio (Consolidated) | β | β | The Multi- Disciplinary Income Portfolio |
ASSETS: | β | β | β | β | ||
Investments, at value(1)(2) | β | β | $140,920,828 | β | β | $11,510,977 |
Cash | β | β | 16,072,165 | β | β | 2,022,308 |
Cash proceeds from securities lending | β | β | 1,588,868 | β | β | β |
Receivable for contributed capital | β | β | 80,326 | β | β | β |
Dividends and interest receivable | β | β | 86,284 | β | β | 179,970 |
Prepaid expenses and other assets | β | β | 29,561 | β | β | 660 |
Total assets | β | β | 158,778,032 | β | β | 13,713,915 |
LIABILITIES: | β | β | β | β | ||
Payable to Adviser | β | β | 158,457 | β | β | 2,639 |
Payable to Trustees | β | β | 3,690 | β | β | 322 |
Payable to Chief Compliance Officer | β | β | 196 | β | β | 17 |
Payable for securities purchased | β | β | 1,006,746 | β | β | β |
Payable for collateral received for securities loaned | β | β | 1,588,868 | β | β | β |
Payable for withdrawn capital | β | β | 58,721 | β | β | 69,948 |
Accrued expenses and other liabilities | β | β | 20,296 | β | β | 9,081 |
Total liabilities | β | β | 2,836,974 | β | β | 82,007 |
Net Assets | β | β | $155,941,058 | β | β | $13,631,908 |
(1) Cost of investments | β | β | $34,045,044 | β | β | $11,439,308 |
(2) Includes loaned securities with a market value of | β | β | $1,484,918 | β | β | $β |
| β | β | β | β | β | β | β |
| β |
73 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Internet Portfolio (Consolidated) | β | β | The Global Portfolio (Consolidated) |
INVESTMENT INCOME: | β | β | β | β | ||
Dividendsβ | β | β | $376,917 | β | β | $116,650 |
Interest | β | β | 1,304,469 | β | β | 73,150 |
Income from securities lending | β | β | 92,037 | β | β | 5,947 |
Total investment income | β | β | 1,773,423 | β | β | 195,747 |
EXPENSES: | β | β | β | β | ||
Investment advisory fees | β | β | 1,453,612 | β | β | 137,687 |
Administration fees | β | β | 36,986 | β | β | 8,599 |
Professional fees | β | β | 19,364 | β | β | 5,917 |
Fund accounting fees | β | β | 14,865 | β | β | 2,006 |
Trusteesβ fees | β | β | 14,163 | β | β | 1,270 |
Chief Compliance Officer fees | β | β | 2,096 | β | β | 160 |
Custodian fees and expenses | β | β | 9,334 | β | β | 6,003 |
Registration fees | β | β | 418 | β | β | 397 |
Other expenses | β | β | 3,440 | β | β | 425 |
Total expenses | β | β | 1,554,278 | β | β | 162,464 |
Net investment income | β | β | 219,145 | β | β | 33,283 |
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | β | β | β | β | ||
Net realized gain on: | β | β | β | β | ||
Investments and foreign currency | β | β | 2,586,220 | β | β | 354,903 |
Net change in unrealized appreciation (depreciation) of: | β | β | β | β | ||
Investments and foreign currency | β | β | 54,069,695 | β | β | 4,740,206 |
Net realized and unrealized gain on investments | β | β | 56,655,915 | β | β | 5,095,109 |
Net increase in net assets resulting from operations | β | β | $56,875,060 | β | β | $5,128,392 |
β Net of foreign taxes withheld of: | β | β | $7,337 | β | β | $5,918 |
| β | β | β | β | β | β | β |
| β |
74 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Paradigm Portfolio (Consolidated) | β | β | The Small Cap Opportunities Portfolio (Consolidated) |
INVESTMENT INCOME: | β | β | β | β | ||
Dividendsβ | β | β | $2,986,458 | β | β | $1,362,414 |
Interest | β | β | 1,011,007 | β | β | 982,456 |
Income from securities lending | β | β | 89,592 | β | β | 27,087 |
Total investment income | β | β | 4,087,057 | β | β | 2,371,957 |
EXPENSES: | β | β | β | β | ||
Investment advisory fees | β | β | 5,163,559 | β | β | 1,727,284 |
Administration fees | β | β | 115,221 | β | β | 43,075 |
Professional fees | β | β | 55,374 | β | β | 21,685 |
Fund accounting fees | β | β | 50,485 | β | β | 17,632 |
Trusteesβ fees | β | β | 49,842 | β | β | 16,787 |
Chief Compliance Officer fees | β | β | 7,112 | β | β | 2,326 |
Custodian fees and expenses | β | β | 23,367 | β | β | 14,471 |
Registration fees | β | β | 551 | β | β | 166 |
Other expenses | β | β | 15,391 | β | β | 6,061 |
Total expenses | β | β | 5,480,902 | β | β | 1,849,487 |
Net investment income (loss) | β | β | (1,393,845) | β | β | 522,470 |
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | β | β | β | β | ||
Net realized gain on: | β | β | β | β | ||
Investments and foreign currency | β | β | 35,590,650 | β | β | 12,179,319 |
Net change in unrealized appreciation (depreciation) of: | β | β | β | β | ||
Investments and foreign currency | β | β | 182,607,886 | β | β | 47,556,629 |
Net realized and unrealized gain on investments | β | β | 218,198,536 | β | β | 59,735,948 |
Net increase in net assets resulting from operations | β | β | $216,804,691 | β | β | $60,258,418 |
β Net of foreign taxes withheld of: | β | β | $91,674 | β | β | $94,222 |
| β | β | β | β | β | β | β |
| β |
75 |
| β |
| β | β | β | β | β | β | β |
Β | β | β | The Market Opportunities Portfolio (Consolidated) | β | β | The Multi- Disciplinary Income Portfolio |
INVESTMENT INCOME: | β | β | β | β | ||
Dividendsβ | β | β | $510,927 | β | β | $β |
Interest | β | β | 441,615 | β | β | 463,792 |
Income from securities lending | β | β | 39,653 | β | β | β |
Total investment income | β | β | 992,195 | β | β | 463,792 |
EXPENSES: | β | β | β | β | ||
Investment advisory fees | β | β | 858,208 | β | β | 15,393 |
Administration fees | β | β | 24,607 | β | β | 7,550 |
Professional fees | β | β | 13,176 | β | β | 5,169 |
Fund accounting fees | β | β | 9,268 | β | β | 1,081 |
Trusteesβ fees | β | β | 8,345 | β | β | 751 |
Chief Compliance Officer fees | β | β | 1,206 | β | β | 104 |
Custodian fees and expenses | β | β | 7,398 | β | β | 771 |
Registration fees | β | β | 564 | β | β | 370 |
Other expenses | β | β | 2,360 | β | β | 264 |
Total expenses | β | β | 925,132 | β | β | 31,453 |
Less, voluntary expense waiver for investment advisory fees | β | β | β | β | β | β |
Net expenses | β | β | 925,132 | β | β | 31,453 |
Net investment income | β | β | 67,063 | β | β | 432,339 |
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | β | β | β | β | ||
Net realized gain (loss) on: | β | β | β | β | ||
Investments and foreign currency | β | β | 880,240 | β | β | β |
Net change in unrealized appreciation (depreciation) of: | β | β | β | β | ||
Investments and foreign currency | β | β | 34,068,374 | β | β | 34,006 |
Net realized and unrealized gain on investments | β | β | 34,948,614 | β | β | 34,006 |
Net increase in net assets resulting from operations | β | β | $35,015,677 | β | β | $466,345 |
β Net of foreign taxes withheld of: | β | β | $19,198 | β | β | $β |
| β | β | β | β | β | β | β |
| β |
76 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Internet Portfolio (Consolidated) | β | β | The Global Portfolio (Consolidated) | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
OPERATIONS: | β | β | β | β | β | β | β | β | ||||
Net investment income | β | β | $219,145 | β | β | $1,991,233 | β | β | $33,283 | β | β | $419,909 |
Net realized gain (loss) on sale of investments and foreign currency | β | β | 2,586,220 | β | β | 2,271,422 | β | β | 354,903 | β | β | (222,953) |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | β | β | 54,069,695 | β | β | 40,804,932 | β | β | 4,740,206 | β | β | 1,877,441 |
Net increase in net assets resulting from operations | β | β | 56,875,060 | β | β | 45,067,587 | β | β | 5,128,392 | β | β | 2,074,397 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | β | β | β | β | β | β | β | β | ||||
Contributions | β | β | 10,835,831 | β | β | 17,091,150 | β | β | 5,152,201 | β | β | 3,644,721 |
Withdrawals | β | β | (10,735,757) | β | β | (20,061,591) | β | β | (1,309,735) | β | β | (16,259,972) |
Net increase (decrease) in net assets resulting from capital share transactions | β | β | 100,074 | β | β | (2,970,441) | β | β | 3,842,466 | β | β | (12,615,251) |
Total increase (decrease) in net assets | β | β | 56,975,134 | β | β | 42,097,146 | β | β | 8,970,858 | β | β | (10,540,854) |
NET ASSETS: | β | β | β | β | β | β | β | β | ||||
Beginning of period | β | β | 190,141,162 | β | β | 148,044,016 | β | β | 17,937,044 | β | β | 28,477,898 |
End of period | β | β | $247,116,296 | β | β | $190,141,162 | β | β | $26,907,902 | β | β | $17,937,044 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
77 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Paradigm Portfolio (Consolidated) | β | β | The Small Cap Opportunities Portfolio (Consolidated) | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
OPERATIONS: | β | β | β | β | β | β | β | β | ||||
Net investment income (loss) | β | β | $(1,393,845) | β | β | $(1,747,915) | β | β | $522,470 | β | β | $1,793,096 |
Net realized gain on sale of investments and foreign currency | β | β | 35,590,650 | β | β | 45,826,388 | β | β | 12,179,319 | β | β | 25,865,311 |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | β | β | 182,607,886 | β | β | (230,225,379) | β | β | 47,556,629 | β | β | (96,823,072) |
Net increase (decrease) in net assets resulting from operations | β | β | 216,804,691 | β | β | (186,146,906) | β | β | 60,258,418 | β | β | (69,164,665) |
NET DECREASE IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | β | β | β | β | β | β | β | β | ||||
Contributions | β | β | 954,307 | β | β | 11,582,819 | β | β | 64,848 | β | β | 21,051,746 |
Withdrawals | β | β | (70,927,881) | β | β | (147,816,245) | β | β | (38,991,278) | β | β | (126,689,296) |
Net decrease in net assets resulting from capital share transactions | β | β | (69,973,574) | β | β | (136,233,426) | β | β | (38,926,430) | β | β | (105,637,550) |
Total increase (decrease) in net assets | β | β | 146,831,117 | β | β | (322,380,332) | β | β | 21,331,988 | β | β | (174,802,215) |
NET ASSETS: | β | β | β | β | β | β | β | β | ||||
Beginning of period | β | β | 792,073,351 | β | β | 1,114,453,683 | β | β | 284,681,804 | β | β | 459,484,019 |
End of period | β | β | $938,904,468 | β | β | $792,073,351 | β | β | $306,013,792 | β | β | $284,681,804 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
78 |
| β |
| β | β | β | β | β | β | β | ||||||
Β | β | β | The Market Opportunities Portfolio (Consolidated) | β | β | The Multi-Disciplinary Income Portfolio | ||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, 2023 |
OPERATIONS: | β | β | β | β | β | β | β | β | ||||
Net investment income | β | β | $67,063 | β | β | $1,195,140 | β | β | $432,339 | β | β | $686,502 |
Net realized gain (loss) on sale of investments and foreign currency | β | β | 880,240 | β | β | (726,565) | β | β | β | β | β | (1,808,280) |
Net change in unrealized appreciation (depreciation) of investments and foreign currency | β | β | 34,068,374 | β | β | (10,475,455) | β | β | 34,006 | β | β | 1,791,042 |
Net increase (decrease) in net assets resulting from operations | β | β | 35,015,677 | β | β | (10,006,880) | β | β | 466,345 | β | β | 669,264 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | β | β | β | β | β | β | β | β | ||||
Contributions | β | β | 5,023,704 | β | β | 12,998,060 | β | β | 2,128,200 | β | β | 669,442 |
Withdrawals | β | β | (15,333,035) | β | β | (11,988,686) | β | β | (1,288,273) | β | β | (5,520,347) |
Net increase (decrease) in net assets resulting from capital share transactions | β | β | (10,309,331) | β | β | 1,009,374 | β | β | 839,927 | β | β | (4,850,905) |
Total increase (decrease) in net assets | β | β | 24,706,346 | β | β | (8,997,506) | β | β | 1,306,272 | β | β | (4,181,641) |
NET ASSETS: | β | β | β | β | β | β | β | β | ||||
Beginning of period | β | β | 131,234,712 | β | β | 140,232,218 | β | β | 12,325,636 | β | β | 16,507,277 |
End of period | β | β | $155,941,058 | β | β | $131,234,712 | β | β | $13,631,908 | β | β | $12,325,636 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
79 |
| β |
| β |
80 |
| β |
| β |
81 |
| β |
| β | β | β | β | β | β | β | β |
Internet Portfolio | β | β | $31,280,413 | β | β | 12.66% | β |
Global Portfolio | β | β | 1,516,320 | β | β | 5.64% | β |
Paradigm Portfolio | β | β | 105,667,520 | β | β | 11.25% | β |
Small Cap Opportunities Portfolio .. | β | β | 18,334,098 | β | β | 5.99% | β |
Market Opportunities Portfolio | β | β | 8,207,658 | β | β | 5.26% | β |
| β | β | β | β | β | β | β | β |
| β |
82 |
| β |
| β | β | β | β | β | β | β | β |
Internet Portfolio | β | β | $1,738 | β | β | 0.00% | β |
Global Portfolio | β | β | 1,725 | β | β | 0.01% | β |
Market Opportunities Portfolio | β | β | 1,780 | β | β | 0.00% | β |
| β | β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Market Value | β | β | Percentage of Net Assets |
The Multi-Disciplinary Income Portfolio | β | β | $11,510,977 | β | β | 84.01% |
| β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Market Value | β | β | Percentage of Net Assets |
The Internet Portfolio | β | β | $2,657,489 | β | β | 1.08% |
The Global Portfolio | β | β | 284,983 | β | β | 1.06% |
The Paradigm Portfolio | β | β | 877,434 | β | β | 0.09% |
The Small Cap Opportunities Portfolio | β | β | β | β | β | 0.00% |
The Market Opportunities Portfolio | β | β | 1,109,246 | β | β | 0.71% |
The Multi-Disciplinary Income Portfolio | β | β | 450,000 | β | β | 3.30% |
The Spin-Off Fund | β | β | 37,045 | β | β | 0.14% |
| β | β | β | β | β | β | β |
| β |
83 |
| β |
| β |
84 |
| β |
| β | β | β | β |
Β | β | β | Investment Advisory Fees |
The Internet Portfolio | β | β | $1,453,612 |
The Global Portfolio | β | β | 137,687 |
The Paradigm Portfolio | β | β | 5,163,559 |
The Small Cap Opportunities Portfolio | β | β | 1,727,284 |
The Market Opportunities Portfolio | β | β | 858,208 |
The Multi-Disciplinary Income Portfolio | β | β | 15,393 |
| β | β | β | β |
| β | β | β | β | β | β | β | β | β | ||||||
| β | Β | β | β | Purchases | β | β | Sales | β | ||||||
| β | Β | β | β | U.S. Government | β | β | Other | β | β | U.S. Government | β | β | Other | β |
| β | The Internet Portfolio | β | β | $ββββ | β | β | $62,093,795 | β | β | $ββββ | β | β | $59,287,174 | β |
| β | The Global Portfolio | β | β | β | β | β | 9,464,328 | β | β | β | β | β | 8,319,631 | β |
| β | The Paradigm Portfolio | β | β | β | β | β | 15,846,572 | β | β | β | β | β | 50,688,500 | β |
| β | The Small Cap Opportunities Portfolio | β | β | β | β | β | 6,484,380 | β | β | β | β | β | 26,840,037 | β |
| β | The Market Opportunities Portfolio | β | β | β | β | β | 11,670,635 | β | β | β | β | β | 10,850,292 | β |
| β | The Multi-Disciplinary Income Portfolio | β | β | β | β | β | 450,000 | β | β | β | β | β | 450,000 | β |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | β | β | β | β | β | β |
Β | β | β | Internet | β | β | Global | β | β | Paradigm |
Tax Cost of Investments | β | β | $47,885,352 | β | β | $7,342,438 | β | β | $170,819,101 |
Unrealized Appreciation | β | β | 93,111,758 | β | β | 9,700,281 | β | β | 579,276,020 |
Unrealized Depreciation | β | β | (1,743,966) | β | β | (1,071,742) | β | β | (12,893,203) |
Net Unrealized Appreciation | β | β | $91,367,792 | β | β | $8,628,539 | β | β | $566,382,817 |
| β | β | β | β | β | β | β | β | β | β |
| β |
85 |
| β |
| β | β | β | β | β | β | β | β | β | β |
Β | β | β | Small Cap Opportunities | β | β | Market Opportunities | β | β | Multi- Disciplinary Income |
Tax Cost of Investments | β | β | $94,427,969 | β | β | $33,142,375 | β | β | $11,434,096 |
Unrealized Appreciation | β | β | 157,317,924 | β | β | 74,767,528 | β | β | 37,662 |
Unrealized Depreciation | β | β | (14,646,031) | β | β | (2,704,001) | β | β | β |
Net Unrealized Appreciation | β | β | $ 142,671,893 | β | β | $ 72,063,527 | β | β | $37,662 |
| β | β | β | β | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
Β | β | β | Securities | β | β | Collateral |
The Internet Portfolio | β | β | $2,144,951 | β | β | $2,358,378 |
The Global Portfolio | β | β | 126,669 | β | β | 142,269 |
The Paradigm Portfolio | β | β | 1,372,211 | β | β | 1,468,016 |
The Small Cap Opportunities Portfolio | β | β | 269,724 | β | β | 302,940 |
The Market Opportunities Portfolio | β | β | 1,484,918 | β | β | 1,588,868 |
The Multi-Disciplinary Income Portfolio | β | β | β | β | β | β |
| β | β | β | β | β | β | β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Internet Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 30.02% | β | β | 30.16% | β | β | (23.86)% | β | β | 15.72% | β | β | 56.87% | β | β | 26.92% |
Ratio of expenses to average net assets: | β | β | 1.32% | β | β | 1.35% | β | β | 1.35% | β | β | 1.34% | β | β | 1.37% | β | β | 1.37% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.19% | β | β | 1.23% | β | β | (0.18)% | β | β | (0.92)% | β | β | (0.36)% | β | β | (0.29)% |
Portfolio turnover rate | β | β | 33% | β | β | 19% | β | β | 19% | β | β | 4% | β | β | 1% | β | β | 1% |
| β | ||||||||||||||||||
| β | β | |||||||||||||||||
| β | β | β | β | |||||||||||||||
Β | β | β | The Global Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 29.10% | β | β | 11.79% | β | β | (6.53)% | β | β | 16.23% | β | β | 24.80% | β | β | 21.41% |
Ratio of expenses to average net assets: | β | β | 1.42% | β | β | 1.49% | β | β | 1.46% | β | β | 1.48% | β | β | 1.59% | β | β | 1.59% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.29% | β | β | 1.71% | β | β | 0.18% | β | β | (1.00)% | β | β | (0.66)% | β | β | (0.18)% |
Portfolio turnover rate | β | β | 43% | β | β | 16% | β | β | 57% | β | β | 7% | β | β | 8% | β | β | 5% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
86 |
| β |
| β | β | β | β | |||||||||||||||
Β | β | β | The Paradigm Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 29.05% | β | β | (16.59)% | β | β | 29.48% | β | β | 38.46% | β | β | 3.61% | β | β | 30.77% |
Ratio of expenses to average net assets: | β | β | 1.29% | β | β | 1.34% | β | β | 1.33% | β | β | 1.33% | β | β | 1.35% | β | β | 1.35% |
Ratio of net investment income (loss) to average net assets: | β | β | (0.33)% | β | β | (0.20)% | β | β | 0.15% | β | β | (0.58)% | β | β | 0.70% | β | β | (0.43)% |
Portfolio turnover rate | β | β | 2% | β | β | 0% | β | β | 0% | β | β | 1% | β | β | 1% | β | β | 1% |
| β | ||||||||||||||||||
| β | β | |||||||||||||||||
| β | β | β | β | |||||||||||||||
Β | β | β | The Small Cap Opportunities Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 23.21% | β | β | (14.40)% | β | β | 32.26% | β | β | 50.63% | β | β | 2.57% | β | β | 27.34% |
Ratio of expenses to average net assets: | β | β | 1.31% | β | β | 1.35% | β | β | 1.34% | β | β | 1.34% | β | β | 1.37% | β | β | 1.36% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.37% | β | β | 0.52% | β | β | 0.37% | β | β | (0.62)% | β | β | 1.05% | β | β | (0.20)% |
Portfolio turnover rate | β | β | 3% | β | β | 2% | β | β | 6% | β | β | 3% | β | β | 0% | β | β | 4% |
| β | ||||||||||||||||||
| β | β | |||||||||||||||||
| β | β | β | β | |||||||||||||||
Β | β | β | The Market Opportunities Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 29.00% | β | β | (7.29)% | β | β | 15.02% | β | β | 28.08% | β | β | 19.57% | β | β | 22.77% |
Ratio of expenses to average net assets: | β | β | 1.31% | β | β | 1.36% | β | β | 1.36% | β | β | 1.36% | β | β | 1.38% | β | β | 1.39% |
Ratio of net investment income (loss) to average net assets: | β | β | 0.09% | β | β | 0.94% | β | β | 0.22% | β | β | (0.74)% | β | β | 0.42% | β | β | (0.00)% |
Portfolio turnover rate | β | β | 9% | β | β | 5% | β | β | 13% | β | β | 2% | β | β | 2% | β | β | 4% |
| β | ||||||||||||||||||
| β | β | |||||||||||||||||
| β | β | β | β | |||||||||||||||
Β | β | β | The Multi-Disciplinary Income Portfolio | |||||||||||||||
Β | β | β | For the Period Ended June 30, 2024 (Unaudited) | β | β | For the Year Ended December 31, | ||||||||||||
Β | β | β | 2023 | β | β | 2022 | β | β | 2021 | β | β | 2020 | β | β | 2019 | |||
Total Return | β | β | 3.92% | β | β | 5.24% | β | β | (2.29)% | β | β | 1.23% | β | β | (1.35)% | β | β | 9.13% |
Ratio of expenses to average net assets: | β | β | 0.50% | β | β | 0.94% | β | β | 1.48% | β | β | 1.44% | β | β | 1.46% | β | β | 1.44% |
Ratio of net investment income to average net assets: | β | β | 6.92% | β | β | 5.16% | β | β | 2.14% | β | β | 1.74% | β | β | 3.17% | β | β | 4.15% |
Portfolio turnover rate | β | β | 4% | β | β | 37% | β | β | 0% | β | β | 0% | β | β | 0% | β | β | 0% |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
87 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Assets^ | β | β | Level 1 | β | β | Level 2 | β | β | Level 3 | β | β | Total |
Common Stocks | β | β | $80,234,508 | β | β | $ββββ | β | β | $2,551,360 | β | β | $82,785,868 |
Unit Investment Trust | β | β | 114,045,351 | β | β | β | β | β | β | β | β | 114,045,351 |
Exchange Traded Funds | β | β | 1,199,789 | β | β | β | β | β | β | β | β | 1,199,789 |
Warrants | β | β | β | β | β | β | β | β | 106,129 | β | β | 106,129 |
Total Investments in Securities | β | β | $195,479,648 | β | β | $β | β | β | $2,657,489 | β | β | $198,137,137 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β |
Description | β | β | Investments in Securities |
Balance as of December 31, 2023 | β | β | $ 2,896,327 |
Accrued discounts/premiums | β | β | β |
Realized gain (loss) | β | β | β |
Change in unrealized appreciation (depreciation) | β | β | (238,838) |
Net purchases and/or acquisitions | β | β | |
Net sales and/or write-offs | β | β | β |
Transfer in and/or out of LevelΒ 3 | β | β | β |
Balance as of June 30, 2024 | β | β | $2,657,489 |
| β | β | β | β |
| β |
88 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Description | β | β | Fair Value at 6/30/2024 | β | β | Valuation Techniques | β | β | Unobservable Input | β | β | Range** |
Common Stocks | β | β | $ 2,551,360 | β | β | Discounted Cash Flow | β | β | Volatility | β | β | 18.8% |
| β | β | β | β | Option Pricing Model | β | β | Discount for Lack of Marketability | β | β | 5.0% | ||
| β | β | β | β | β | β | Weighted Average Cost of Capital | β | β | 14.3% | |||
| β | β | β | β | β | β | Years to Maturity | β | β | 6.5% | |||
| β | β | β | β | β | β | Risk-Free Rate | β | β | 4.8% | |||
Warrants | β | β | $106,129 | β | β | Discounted Cash Flow | β | β | Volatility | β | β | 18.8% |
| β | β | β | β | Option Pricing Model | β | β | Discount for Lack of Marketability | β | β | 5.0% | ||
| β | β | β | β | β | β | Weighted Average Cost of Capital | β | β | 14.3% | |||
| β | β | β | β | β | β | Years to Maturity | β | β | 6.5% | |||
| β | β | β | β | β | β | Risk-Free Rate | β | β | 4.8% | |||
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Assets^ | β | β | Level 1 | β | β | Level 2 | β | β | Level 3 | β | β | Total |
Common Stocks | β | β | $13,685,842 | β | β | $9,630 | β | β | $283,360 | β | β | $13,978,832 |
Unit Investment Trust | β | β | 8,173,703 | β | οΏ½οΏ½οΏ½ | β | β | β | β | β | β | 8,173,703 |
Preferred Stocks | β | β | β | β | β | 9,527 | β | β | 1,623 | β | β | 11,150 |
Convertible Bonds | β | β | β | β | β | β | β | β | β* | β | β | β |
Warrants | β | β | 28,214 | β | β | β | β | β | β | β | β | 28,214 |
Total Investments in Securities | β | β | $21,887,759 | β | β | $19,157 | β | β | $284,983 | β | β | $22,191,899 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β |
Description | β | β | Investments in Securities |
Balance as of December 31, 2023 | β | β | $259,490 |
Accrued discounts/premiums | β | β | β |
Realized gain (loss) | β | β | β |
Change in unrealized appreciation (depreciation) | β | β | 23,870*** |
Net purchases and/or acquisitions | β | β | β |
Net sales and/or write-offs | β | β | β |
Transfer in and/or out of LevelΒ 3 | β | β | 1,623 |
Balance as of June 30, 2024 | β | β | $284,983 |
| β | β | β | β |
| β |
89 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Description | β | β | Fair Value at 6/30/2024 | β | β | Valuation Techniques | β | β | Unobservable Input | β | β | Range** |
Common Stocks | β | β | $99,990 | β | β | Cost Approach | β | β | Precedent Transaction | β | β | $55.00 - $55.00 |
Common Stocks | β | β | $183,370 | β | β | Market Approach | β | β | Precedent Transaction | β | β | $27.50 - $33.34 |
Preferred Stock | β | β | $1,623 | β | β | Market Approach | β | β | Precedent Transaction | β | β | $0.50 - $0.76 |
Convertible Bonds | β | β | $β* | β | β | Asset Liquidation Analysis | β | β | Liquidation Proceeds | β | β | $0.00 - $0.00 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| * | Amount is less than $0.50. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
| *** | Total change in unrealized appreciation/(depreciation) relating to LevelΒ 3 investment assets and investment liabilities still held by the Fund at JuneΒ 30, 2024 is $24,396. |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Assets^ | β | β | Level 1 | β | β | Level 2 | β | β | Level 3 | β | β | Total |
Common Stocks | β | β | $810,813,715 | β | β | $313,780 | β | β | $876,842 | β | β | $812,004,337 |
Unit Investment Trust | β | β | 103,626,485 | β | β | β | β | β | β | β | β | 103,626,485 |
Real Estate Investment Trusts | β | β | 4,780,542 | β | β | β | β | β | β | β | β | 4,780,542 |
Preferred Stocks | β | β | β | β | β | 4,014 | β | β | 592 | β | β | 4,606 |
Warrants | β | β | 6,462 | β | β | β | β | β | β | β | β | 6,462 |
Total Investments in Securities | β | β | $919,227,204 | β | β | $317,794 | β | β | $877,434 | β | β | $920,422,432 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β |
Description | β | β | Investments inSecurities |
Balance as of December 31, 2023 | β | β | $762,700 |
Accrued discounts/premiums | β | β | β |
Realized gain (loss) | β | β | β |
Change in unrealized appreciation (depreciation) | β | β | 114,142*** |
Net purchases and/or acquisitions | β | β | β |
Net sales and/or write-offs | β | β | β |
Transfer in and/or out of LevelΒ 3 | β | β | 592 |
Balance as of June 30, 2024 | β | β | $877,434 |
| β | β | β | β |
| β |
90 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Description | β | β | Fair Value at 6/30/2024 | β | β | Valuation Techniques | β | β | Unobservable | β | β | Input Range** |
Common Stocks | β | β | $876,842 | β | β | Market Approach | β | β | Precedent Transaction | β | β | $27.50 - $33.34 |
Common Stocks | β | β | $β * | β | β | Asset Liquidation Analysis | β | β | Precedent Transaction | β | β | $0.00 - $0.00 |
Preferred Stock | β | β | $592 | β | β | Cost Approach | β | β | Precedent Transaction | β | β | $0.50 - $0.76 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| * | Amount is less than $0.50. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
| *** | Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at JuneΒ 30, 2024 is $114,334. |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Assets^ | β | β | Level 1 | β | β | Level 2 | β | β | Level 3 | β | β | Total |
Common Stocks | β | β | $247,527,133 | β | β | $9,913,977 | β | β | $ββββ | β | β | $257,441,110 |
Unit Investment Trust | β | β | 15,972,746 | β | β | β | β | β | β | β | β | 15,972,746 |
Warrants | β | β | 1,292,351 | β | β | β | β | β | β | β | β | 1,292,351 |
Total Investments in Securities | β | β | $264,792,230 | β | β | $9,913,977 | β | β | $β | β | β | $274,706,207 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Assets^ | β | β | Level 1 | β | β | Level 2 | β | β | Level 3 | β | β | Total |
Common Stocks | β | β | $107,165,353 | β | β | $191,649 | β | β | $1,039,425 | β | β | $108,396,427 |
Unit Investment Trust | β | β | 31,884,201 | β | β | β | β | β | β | β | β | 31,884,201 |
Preferred Stocks | β | β | β | β | β | 218,892 | β | β | 32,202 | β | β | 251,094 |
Convertible Bonds | β | β | β | β | β | β | β | β | β* | β | β | β |
Warrants | β | β | 351,487 | β | β | β | β | β | 37,619 | β | β | 389,106 |
Total Investments in Securities | β | β | $139,401,041 | β | β | $410,541 | β | β | $1,109,246 | β | β | $140,920,828 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
91 |
| β |
| β | β | β | β |
Description | β | β | Investments in Securities |
Balance as of December 31, 2023 | β | β | $1,161,707 |
Accrued discounts/premiums | β | β | β |
Realized gain (loss) | β | β | β |
Change in unrealized appreciation (depreciation) | β | β | (84,663) *** |
Net purchases and/or acquisitions | β | β | β |
Net sales and/or write-offs | β | β | β |
Transfer in and/or out of LevelΒ 3 | β | β | 32,202 |
Balance as of June 30, 2024 | β | β | $1,109,246 |
| β | β | β | β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Description | β | β | Fair Value at 6/30/2024 | β | β | Valuation Techniques | β | β | Unobservable Input | β | β | Range** |
Common Stocks | β | β | $904,400 | β | β | Discounted Cash Flow | β | β | Volatility | β | β | 18.8% |
| β | β | β | β | Option Pricing Model | β | β | Discount for Lack of Marketability | β | β | 5.0% | ||
| β | β | β | β | β | β | Weighted Average Cost of Capital | β | β | 14.3% | |||
| β | β | β | β | β | β | Years to Maturity | β | β | 6.5% | |||
| β | β | β | β | β | β | Risk-Free Rate | β | β | 4.8% | |||
Common Stocks | β | β | $135,025 | β | β | Cost Approach | β | β | Precedent Transaction | β | β | $55.00-$55.00 |
Preferred Stock | β | β | $32,202 | β | β | Cost Approach | β | β | Precedent Transaction | β | β | $0.50-$0.76 |
Convertible Bonds | β | β | $β * | β | β | Asset Liquidation Analysis | β | β | Liquidation Proceeds | β | β | $0.00-$0.00 |
Warrants | β | β | $37,619 | β | β | Discounted Cash Flow | β | β | Volatility | β | β | 18.8% |
| β | β | β | β | Option Pricing Model | β | β | Discount for Lack of Marketability | β | β | 12.5% | ||
| β | β | β | β | β | β | Weighted Average Cost of Capital | β | β | 14.3% | |||
| β | β | β | β | β | β | Years to Maturity | β | β | 6.5% | |||
| β | β | β | β | β | β | Risk-Free Rate | β | β | 4.8% | |||
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| * | Amount is less than $0.50. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these |
| *** | Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still |
| β |
92 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Assets^ | β | β | Level 1 | β | β | Level 2 | β | β | Level 3 | β | β | Total |
Collateralized Loan Obligation | β | β | $ββββ | β | β | $11,060,977 | β | β | $450,000 | β | β | $11,510,977 |
Total Investments in Securities | β | β | $β | β | β | $11,060,977 | β | β | $450,000 | β | β | $11,510,977 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| β | β | β | β |
Description | β | β | Investments in Securities |
Balance as of DecemberΒ 31, 2023 | β | β | $β |
Accrued discounts/premiums | β | β | β |
Realized gain (loss) Change in unrealized appreciation (depreciation) | β | β | β |
Net purchases and/or acquisitions | β | β | β |
Net sales and/or write-offs | β | β | β |
Transfer in and/or out of LevelΒ 3 | β | β | 450,000 |
Balance as of June 30, 2024 | β | β | $450,000 |
| β | β | β | β |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
Description | β | β | Fair Value at 6/30/2024 | β | β | Valuation Techniques | β | β | Unobservable Input | β | β | Range** |
Common Stocks | β | β | $450,000 | β | β | Market Approach | β | β | Precedent Transaction | β | β | $99.65 -$100.63 |
| β | β | β | β | β | β | β | β | β | β | β | β | β |
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
| β |
93 |
| β |
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | |||
Β | β | β | Β | β | β | Gross Amounts of Recognized Liabilities | β | β | Gross Amounts Offset in the Statement of Assets & Liabilities | β | β | Net Amounts Presented in the Statement of Assets & Liabilities | β | β | Gross Amounts not Offset in the Statement of Assets & Liabilities | β | β | Net Amount | |||
| β | Financial Instruments | β | β | Collateral Pledged (Received) | β | ||||||||||||||||
The Internet Portfolio | β | β | Securities Lending | β | β | $ 2,358,378 | β | β | $ββββ | β | β | $ 2,358,378 | β | β | $ 2,358,378 | β | β | $ββββ | β | β | $ββββ |
| β | β | β | β | $ 2,358,378 | β | β | $β | β | β | $ 2,358,378 | β | β | $ 2,358,378 | β | β | $β | β | β | $β | ||
The Global Portfolio | β | β | Securities Lending | β | β | $142,269 | β | β | $β | β | β | $142,269 | β | β | $142,269 | β | β | $β | β | β | $β |
| β | β | β | β | $142,269 | β | β | $β | β | β | $142,269 | β | β | $142,269 | β | β | $β | β | β | $β | ||
The Paradigm Portfolio | β | β | Securities Lending | β | β | $ 1,468,016 | β | β | $β | β | β | $ 1,468,016 | β | β | $ 1,468,016 | β | β | $β | β | β | $β |
| β | β | β | β | $ 1,468,016 | β | β | $β | β | β | $ 1,468,016 | β | β | $ 1,468,016 | β | β | $β | β | β | $β | ||
The Small Cap Opportunities Portfolio | β | β | Securities Lending | β | β | $302,940 | β | β | $β | β | β | $302,940 | β | β | $302,940 | β | β | $β | β | β | $β |
| β | β | β | β | $302,940 | β | β | $β | β | β | $302,940 | β | β | $302,940 | β | β | $β | β | β | $β | ||
The Market Opportunities Portfolio | β | β | Securities Lending | β | β | $ 1,588,868 | β | β | $β | β | β | $ 1,588,868 | β | β | $ 1,588,868 | β | β | $β | β | β | $β |
| β | β | β | β | $ 1,588,868 | β | β | $β | β | β | $ 1,588,868 | β | β | $ 1,588,868 | β | β | $β | β | β | $β | ||
| β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| β |
94 |
| β |
| β |
95 |
| β |
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| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrantβs board of [directors/trustees].
Item 16. Controls and Procedures.
| (a) | The Registrantβs President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrantβs disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the βActβ)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrantβs service provider. |
| (b) | There were no changes in the Registrantβs internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrantβs internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
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Item 19. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or national securities association upon which the registrantβs securities are listed. Not applicable.
(4) Any written solicitation to purchase securities under Rule 23c_1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(5) Change in the registrantβs independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4 or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
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| By: | /s/ Jay Kesslen | Β |
| Β | Jay Kesslen, | Β |
| Β | Vice President for the President and Treasurer | Β |
| Β | Β | Β |
| Date: | August 27, 2024 | Β |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| By: | /s/ Jay Kesslen | Β |
| Β | Jay Kesslen, | Β |
| Β | Vice President for the President and Treasurer | Β |
| Β | Β | Β |
| Date: | August 27, 2024 | Β |
| Β |
