UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09303 & 811-09923
Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
(Exact name of registrant as specified in charter)
470 Park Avenue South
New York, NY 10016
(Address of principal executive offices) (Zip code)
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
1-646-495-7333
Registrant's telephone number, including area code
Date of fiscal year end: December 31
Date of reporting period: December 31, 2024
Item 1. Reports to Stockholders.
| (a) | ||
 | The Internet Fund |  |
| Advisor Class A | KINAX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $231 | 1.64% |
| The Internet Fund | PAGE 1 | TSR-AR-494613862 |
1 Year | 5 Year | 10 Year | |
Advisor Class A (without sales charge) | 76.00 | 25.31 | 15.66 |
Advisor Class A (with sales charge) | 65.87 | 23.83 | 14.98 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
NASDAQ Composite Total Return Index | 29.57 | 17.49 | 16.20 |
NASDAQ Composite Index Price | 28.64 | 16.57 | 15.09 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $331,557,134 |
Number of Holdings | 30 |
Net Advisory Fee | $3,259,047 |
Portfolio Turnover | 43% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 57.3% |
Mining, Quarrying, and Oil and Gas Extraction | 22.1% |
Professional, Scientific, and Technical Services | 4.9% |
Information | 1.6% |
Management of Companies and Enterprises | 0.7% |
Real Estate | 0.3% |
Entertainment | 0.1% |
Arts, Entertainment, and Recreation | 0.1% |
Media | 0.0% |
Retail Trade | 0.0% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust ETF | 47.8% |
Texas Pacific Land Corp. | 21.0% |
Grayscale Bitcoin Mini Trust ETF | 5.4% |
CACI International, Inc. | 4.9% |
OTC Markets Group, Inc. - Class A | 1.9% |
Landbridge Co. LLC | 1.0% |
Miami International Holdings Inc. | 0.9% |
Mastercard, Inc. | 0.8% |
Galaxy Digital Holdings Ltd. | 0.7% |
Bakkt Holdings, Inc. | 0.6% |
| The Internet Fund | PAGE 2 | TSR-AR-494613862 |
| The Internet Fund | PAGE 3 | TSR-AR-494613862 |
 | The Internet Fund |  |
| Advisor Class C | KINCX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $290 | 2.14% |
| The Internet Fund | PAGE 1 | TSR-AR-494613763 |
1 Year | 5 Year | 10 Year | |
Advisor Class C (without sales charge) | 75.11 | 24.68 | 15.08 |
Advisor Class C (with sales charge) | 74.11 | 24.68 | 15.08 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
NASDAQ Composite Total Return Index | 29.57 | 17.49 | 16.20 |
NASDAQ Composite Index Price | 28.64 | 16.57 | 15.09 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $331,557,134 |
Number of Holdings | 30 |
Net Advisory Fee | $3,259,047 |
Portfolio Turnover | 43% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 57.3% |
Mining, Quarrying, and Oil and Gas Extraction | 22.1% |
Professional, Scientific, and Technical Services | 4.9% |
Information | 1.6% |
Management of Companies and Enterprises | 0.7% |
Real Estate | 0.3% |
Entertainment | 0.1% |
Arts, Entertainment, and Recreation | 0.1% |
Media | 0.0% |
Retail Trade | 0.0% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust ETF | 47.8% |
Texas Pacific Land Corp. | 21.0% |
Grayscale Bitcoin Mini Trust ETF | 5.4% |
CACI International, Inc. | 4.9% |
OTC Markets Group, Inc. - Class A | 1.9% |
Landbridge Co. LLC | 1.0% |
Miami International Holdings Inc. | 0.9% |
Mastercard, Inc. | 0.8% |
Galaxy Digital Holdings Ltd. | 0.7% |
Bakkt Holdings, Inc. | 0.6% |
| The Internet Fund | PAGE 2 | TSR-AR-494613763 |
| The Internet Fund | PAGE 3 | TSR-AR-494613763 |
 | The Internet Fund |  |
| No Load Class | WWWFX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $202 | 1.39% |
| The Internet Fund | PAGE 1 | TSR-AR-460953102 |
1 Year | 5 Year | 10 Year | |
No Load Class (without sales charge) | 76.44 | 25.62 | 15.95 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
NASDAQ Composite Total Return Index | 29.57 | 17.49 | 16.20 |
NASDAQ Composite Index Price | 28.64 | 16.57 | 15.09 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $331,557,134 |
Number of Holdings | 30 |
Net Advisory Fee | $3,259,047 |
Portfolio Turnover | 43% |
Top Sectors | (% of Net Assets) |
Finance and Insurance | 57.3% |
Mining, Quarrying, and Oil and Gas Extraction | 22.1% |
Professional, Scientific, and Technical Services | 4.9% |
Information | 1.6% |
Management of Companies and Enterprises | 0.7% |
Real Estate | 0.3% |
Entertainment | 0.1% |
Arts, Entertainment, and Recreation | 0.1% |
Media | 0.0% |
Retail Trade | 0.0% |
Top 10 Issuers | (% of Net Assets) |
Grayscale Bitcoin Trust ETF | 47.8% |
Texas Pacific Land Corp. | 21.0% |
Grayscale Bitcoin Mini Trust ETF | 5.4% |
CACI International, Inc. | 4.9% |
OTC Markets Group, Inc. - Class A | 1.9% |
Landbridge Co. LLC | 1.0% |
Miami International Holdings Inc. | 0.9% |
Mastercard, Inc. | 0.8% |
Galaxy Digital Holdings Ltd. | 0.7% |
Bakkt Holdings, Inc. | 0.6% |
| The Internet Fund | PAGE 2 | TSR-AR-460953102 |
| The Internet Fund | PAGE 3 | TSR-AR-460953102 |
 | The Global Fund |  |
| Advisor Class A | KGLAX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $192 | 1.64% |
| The Global Fund | PAGE 1 | TSR-AR-494613631 |
1 Year | 5 Year | 10 Year | |
Advisor Class A (without sales charge) | 71.69 | 20.98 | 13.45 |
Advisor Class A (with sales charge) | 61.80 | 19.57 | 12.79 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI ACWI Net Total Return Index (USD) | 17.49 | 10.06 | 9.23 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $49,640,955 |
Number of Holdings | 67 |
Net Advisory Fee | $181,178 |
Portfolio Turnover | 34% |
Top Sectors(% of Net Assets) | |
Finance and Insurance | 31.7% |
Mining, Quarrying, and Oil and Gas Extraction | 26.6% |
Management of Companies and Enterprises | 7.0% |
Entertainment | 1.9% |
Real Estate and Rental and Leasing | 1.2% |
Transportation and Warehousing | 1.2% |
Professional, Scientific and Technical Services | 0.6% |
Media | 0.5% |
Real Estate | 0.3% |
Accommodation and Food Services | 0.2% |
Top 10 Issuers(% of Net Assets) | |
Grayscale Bitcoin Trust ETF | 22.9% |
Texas Pacific Land Corp. | 19.2% |
White Mountains Insurance Group Ltd. | 4.1% |
Landbridge Co. LLC | 4.0% |
Grayscale Bitcoin Mini Trust ETF | 2.6% |
IG Port, Inc. | 1.9% |
Galaxy Digital Holdings Ltd. | 1.5% |
GAMCO Investors, Inc. | 1.3% |
Wheaton Precious Metals Corp. | 1.2% |
Mesabi Trust | 1.2% |
Top Ten Countries(% of Net Assets) | |
United States | 61.7% |
Canada | 5.7% |
Japan | 2.5% |
United Kingdom | 1.0% |
Sweden | 0.5% |
Germany | 0.3% |
Cayman Islands | 0.3% |
Netherlands | 0.3% |
Brazil | 0.1% |
Greece | 0.1% |
| The Global Fund | PAGE 2 | TSR-AR-494613631 |
| The Global Fund | PAGE 3 | TSR-AR-494613631 |
 | The Global Fund |  |
| Advisor Class C | KGLCX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $250 | 2.14% |
| The Global Fund | PAGE 1 | TSR-AR-494613623 |
1 Year | 5 Year | 10 Year | |
Advisor Class C (without sales charge) | 70.97 | 20.37 | 12.77 |
Advisor Class C (with sales charge) | 69.97 | 20.37 | 12.77 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI ACWI Net Total Return Index (USD) | 17.49 | 10.06 | 9.23 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $49,640,955 |
Number of Holdings | 67 |
Net Advisory Fee | $181,178 |
Portfolio Turnover | 34% |
Top Sectors(% of Net Assets) | |
Finance and Insurance | 31.7% |
Mining, Quarrying, and Oil and Gas Extraction | 26.6% |
Management of Companies and Enterprises | 7.0% |
Entertainment | 1.9% |
Real Estate and Rental and Leasing | 1.2% |
Transportation and Warehousing | 1.2% |
Professional, Scientific and Technical Services | 0.6% |
Media | 0.5% |
Real Estate | 0.3% |
Accommodation and Food Services | 0.2% |
Top 10 Issuers(% of Net Assets) | |
Grayscale Bitcoin Trust ETF | 22.9% |
Texas Pacific Land Corp. | 19.2% |
White Mountains Insurance Group Ltd. | 4.1% |
Landbridge Co. LLC | 4.0% |
Grayscale Bitcoin Mini Trust ETF | 2.6% |
IG Port, Inc. | 1.9% |
Galaxy Digital Holdings Ltd. | 1.5% |
GAMCO Investors, Inc. | 1.3% |
Wheaton Precious Metals Corp. | 1.2% |
Mesabi Trust | 1.2% |
Top Ten Countries(% of Net Assets) | |
United States | 61.7% |
Canada | 5.7% |
Japan | 2.5% |
United Kingdom | 1.0% |
Sweden | 0.5% |
Germany | 0.3% |
Cayman Islands | 0.3% |
Netherlands | 0.3% |
Brazil | 0.1% |
Greece | 0.1% |
| The Global Fund | PAGE 2 | TSR-AR-494613623 |
| The Global Fund | PAGE 3 | TSR-AR-494613623 |
 | The Global Fund |  |
| No Load Class | WWWEX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $163 | 1.39% |
| The Global Fund | PAGE 1 | TSR-AR-494613805 |
1 Year | 5 Year | 10 Year | |
No Load Class (without sales charge) | 72.16 | 21.25 | 13.61 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI ACWI Net Total Return Index (USD) | 17.49 | 10.06 | 9.23 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $49,640,955 |
Number of Holdings | 67 |
Net Advisory Fee | $181,178 |
Portfolio Turnover | 34% |
Top Sectors(% of Net Assets) | |
Finance and Insurance | 31.7% |
Mining, Quarrying, and Oil and Gas Extraction | 26.6% |
Management of Companies and Enterprises | 7.0% |
Entertainment | 1.9% |
Real Estate and Rental and Leasing | 1.2% |
Transportation and Warehousing | 1.2% |
Professional, Scientific and Technical Services | 0.6% |
Media | 0.5% |
Real Estate | 0.3% |
Accommodation and Food Services | 0.2% |
Top 10 Issuers(% of Net Assets) | |
Grayscale Bitcoin Trust ETF | 22.9% |
Texas Pacific Land Corp. | 19.2% |
White Mountains Insurance Group Ltd. | 4.1% |
Landbridge Co. LLC | 4.0% |
Grayscale Bitcoin Mini Trust ETF | 2.6% |
IG Port, Inc. | 1.9% |
Galaxy Digital Holdings Ltd. | 1.5% |
GAMCO Investors, Inc. | 1.3% |
Wheaton Precious Metals Corp. | 1.2% |
Mesabi Trust | 1.2% |
Top Ten Countries(% of Net Assets) | |
United States | 61.7% |
Canada | 5.7% |
Japan | 2.5% |
United Kingdom | 1.0% |
Sweden | 0.5% |
Germany | 0.3% |
Cayman Islands | 0.3% |
Netherlands | 0.3% |
Brazil | 0.1% |
Greece | 0.1% |
| The Global Fund | PAGE 2 | TSR-AR-494613805 |
| The Global Fund | PAGE 3 | TSR-AR-494613805 |
 | The Paradigm Fund |  |
| Advisor Class A | KNPAX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $234 | 1.89% |
| The Paradigm Fund | PAGE 1 | TSR-AR-494613854 |
1 Year | 5 Year | 10 Year | |
Advisor Class A (without sales charge) | 88.00 | 23.32 | 17.28 |
Advisor Class A (with sales charge) | 77.18 | 21.87 | 16.58 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI ACWI Net Total Return Index (USD) | 17.49 | 10.06 | 9.23 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $1,331,836,958 |
Number of Holdings | 53 |
Net Advisory Fee | $12,443,785 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 73.6% |
Finance and Insurance | 16.2% |
Arts, Entertainment, and Recreation | 2.1% |
Real Estate and Rental and Leasing | 1.8% |
Information | 1.3% |
Professional, Scientific and Technical Services | 0.9% |
Management of Companies and Enterprises | 0.8% |
Food Services and Drinking Places | 0.4% |
Management, Scientific, and Technical Consulting | 0.4% |
Accommodation and Food Services | 0.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 67.7% |
Grayscale Bitcoin Trust ETF | 10.8% |
Landbridge Co. LLC | 4.4% |
Brookfield Corp. | 2.8% |
Live Nation Entertainment, Inc. | 2.1% |
Howard Hughes Holdings, Inc. | 1.4% |
Franco-Nevada Corp. | 1.3% |
Grayscale Bitcoin Mini Trust ETF | 1.2% |
CACI International, Inc. | 0.9% |
Cboe Global Markets, Inc. | 0.9% |
| The Paradigm Fund | PAGE 2 | TSR-AR-494613854 |
| The Paradigm Fund | PAGE 3 | TSR-AR-494613854 |
 | The Paradigm Fund |  |
| Advisor Class C | KNPCX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $295 | 2.39% |
| The Paradigm Fund | PAGE 1 | TSR-AR-494613821 |
1 Year | 5 Year | 10 Year | |
Advisor Class C (without sales charge) | 87.06 | 22.71 | 16.69 |
Advisor Class C (with sales charge) | 86.06 | 22.71 | 16.69 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI ACWI Net Total Return Index (USD) | 17.49 | 10.06 | 9.23 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $1,331,836,958 |
Number of Holdings | 53 |
Net Advisory Fee | $12,443,785 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 73.6% |
Finance and Insurance | 16.2% |
Arts, Entertainment, and Recreation | 2.1% |
Real Estate and Rental and Leasing | 1.8% |
Information | 1.3% |
Professional, Scientific and Technical Services | 0.9% |
Management of Companies and Enterprises | 0.8% |
Food Services and Drinking Places | 0.4% |
Management, Scientific, and Technical Consulting | 0.4% |
Accommodation and Food Services | 0.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 67.7% |
Grayscale Bitcoin Trust ETF | 10.8% |
Landbridge Co. LLC | 4.4% |
Brookfield Corp. | 2.8% |
Live Nation Entertainment, Inc. | 2.1% |
Howard Hughes Holdings, Inc. | 1.4% |
Franco-Nevada Corp. | 1.3% |
Grayscale Bitcoin Mini Trust ETF | 1.2% |
CACI International, Inc. | 0.9% |
Cboe Global Markets, Inc. | 0.9% |
| The Paradigm Fund | PAGE 2 | TSR-AR-494613821 |
| The Paradigm Fund | PAGE 3 | TSR-AR-494613821 |
 | The Paradigm Fund |  |
| Institutional Class | KNPYX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $178 | 1.44% |
| The Paradigm Fund | PAGE 1 | TSR-AR-494613797 |
1 Year | 5 Year | 10 Year | |
Institutional Class (without sales charge) | 88.83 | 23.88 | 17.81 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI ACWI Net Total Return Index (USD) | 17.49 | 10.06 | 9.23 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $1,331,836,958 |
Number of Holdings | 53 |
Net Advisory Fee | $12,443,785 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 73.6% |
Finance and Insurance | 16.2% |
Arts, Entertainment, and Recreation | 2.1% |
Real Estate and Rental and Leasing | 1.8% |
Information | 1.3% |
Professional, Scientific and Technical Services | 0.9% |
Management of Companies and Enterprises | 0.8% |
Food Services and Drinking Places | 0.4% |
Management, Scientific, and Technical Consulting | 0.4% |
Accommodation and Food Services | 0.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 67.7% |
Grayscale Bitcoin Trust ETF | 10.8% |
Landbridge Co. LLC | 4.4% |
Brookfield Corp. | 2.8% |
Live Nation Entertainment, Inc. | 2.1% |
Howard Hughes Holdings, Inc. | 1.4% |
Franco-Nevada Corp. | 1.3% |
Grayscale Bitcoin Mini Trust ETF | 1.2% |
CACI International, Inc. | 0.9% |
Cboe Global Markets, Inc. | 0.9% |
| The Paradigm Fund | PAGE 2 | TSR-AR-494613797 |
| The Paradigm Fund | PAGE 3 | TSR-AR-494613797 |
 | The Paradigm Fund |  |
| No Load Class | WWNPX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $203 | 1.64% |
1 Year | 5 Year | 10 Year | |
No Load Class (without sales charge) | 88.47 | 23.63 | 17.57 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI ACWI Net Total Return Index (USD) | 17.49 | 10.06 | 9.23 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $1,331,836,958 |
Number of Holdings | 53 |
Net Advisory Fee | $12,443,785 |
Portfolio Turnover | 2% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 73.6% |
Finance and Insurance | 16.2% |
Arts, Entertainment, and Recreation | 2.1% |
Real Estate and Rental and Leasing | 1.8% |
Information | 1.3% |
Professional, Scientific and Technical Services | 0.9% |
Management of Companies and Enterprises | 0.8% |
Food Services and Drinking Places | 0.4% |
Management, Scientific, and Technical Consulting | 0.4% |
Accommodation and Food Services | 0.4% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 67.7% |
Grayscale Bitcoin Trust ETF | 10.8% |
Landbridge Co. LLC | 4.4% |
Brookfield Corp. | 2.8% |
Live Nation Entertainment, Inc. | 2.1% |
Howard Hughes Holdings, Inc. | 1.4% |
Franco-Nevada Corp. | 1.3% |
Grayscale Bitcoin Mini Trust ETF | 1.2% |
CACI International, Inc. | 0.9% |
Cboe Global Markets, Inc. | 0.9% |
 | The Small Cap Opportunities Fund |  |
| Advisor Class A | KSOAX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $225 | 1.89% |
| The Small Cap Opportunities Fund | PAGE 1 | TSR-AR-494613839 |
1 Year | 5 Year | 10 Year | |
Advisor Class A (without sales charge) | 68.10 | 23.57 | 17.45 |
Advisor Class A (with sales charge) | 58.44 | 22.11 | 16.75 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
S&P SmallCap 600 TR | 8.70 | 8.36 | 8.96 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $465,795,726 |
Number of Holdings | 56 |
Net Advisory Fee | $4,073,747 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 59.1% |
Finance and Insurance | 7.2% |
Professional, Scientific and Technical Services | 4.9% |
Management of Companies and Enterprises | 3.2% |
Accommodation and Food Services | 2.7% |
Real Estate | 2.6% |
Manufacturing | 1.6% |
Management, Scientific, and Technical Consulting | 1.6% |
Real Estate and Rental and Leasing | 0.8% |
Arts, Entertainment, and Recreation | 0.7% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.2% |
Landbridge Co. LLC | 5.5% |
Grayscale Bitcoin Trust ETF | 4.8% |
CACI International, Inc. | 4.3% |
Civeo Corp. | 2.7% |
DREAM Unlimited Corp. | 2.3% |
Carnival Corp. | 1.6% |
Interparfums, Inc. | 1.5% |
Associated Capital Group, Inc. | 1.4% |
Urbana Corp. | 1.0% |
| The Small Cap Opportunities Fund | PAGE 2 | TSR-AR-494613839 |
| The Small Cap Opportunities Fund | PAGE 3 | TSR-AR-494613839 |
 | The Small Cap Opportunities Fund |  |
| Advisor Class C | KSOCX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $284 | 2.39% |
| The Small Cap Opportunities Fund | PAGE 1 | TSR-AR-494613748 |
1 Year | 5 Year | 10 Year | |
Advisor Class C (without sales charge) | 67.25 | 22.95 | 16.86 |
Advisor Class C (with sales charge) | 66.25 | 22.95 | 16.86 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
S&P SmallCap 600 TR | 8.70 | 8.36 | 8.96 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $465,795,726 |
Number of Holdings | 56 |
Net Advisory Fee | $4,073,747 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 59.1% |
Finance and Insurance | 7.2% |
Professional, Scientific and Technical Services | 4.9% |
Management of Companies and Enterprises | 3.2% |
Accommodation and Food Services | 2.7% |
Real Estate | 2.6% |
Manufacturing | 1.6% |
Management, Scientific, and Technical Consulting | 1.6% |
Real Estate and Rental and Leasing | 0.8% |
Arts, Entertainment, and Recreation | 0.7% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.2% |
Landbridge Co. LLC | 5.5% |
Grayscale Bitcoin Trust ETF | 4.8% |
CACI International, Inc. | 4.3% |
Civeo Corp. | 2.7% |
DREAM Unlimited Corp. | 2.3% |
Carnival Corp. | 1.6% |
Interparfums, Inc. | 1.5% |
Associated Capital Group, Inc. | 1.4% |
Urbana Corp. | 1.0% |
| The Small Cap Opportunities Fund | PAGE 2 | TSR-AR-494613748 |
| The Small Cap Opportunities Fund | PAGE 3 | TSR-AR-494613748 |
 | The Small Cap Opportunities Fund |  |
| Institutional Class | KSCYX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $172 | 1.44% |
| The Small Cap Opportunities Fund | PAGE 1 | TSR-AR-494613813 |
1 Year | 5 Year | 10 Year | |
Institutional Class (without sales charge) | 68.85 | 24.13 | 17.98 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
S&P SmallCap 600 TR | 8.70 | 8.36 | 8.96 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $465,795,726 |
Number of Holdings | 56 |
Net Advisory Fee | $4,073,747 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 59.1% |
Finance and Insurance | 7.2% |
Professional, Scientific and Technical Services | 4.9% |
Management of Companies and Enterprises | 3.2% |
Accommodation and Food Services | 2.7% |
Real Estate | 2.6% |
Manufacturing | 1.6% |
Management, Scientific, and Technical Consulting | 1.6% |
Real Estate and Rental and Leasing | 0.8% |
Arts, Entertainment, and Recreation | 0.7% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.2% |
Landbridge Co. LLC | 5.5% |
Grayscale Bitcoin Trust ETF | 4.8% |
CACI International, Inc. | 4.3% |
Civeo Corp. | 2.7% |
DREAM Unlimited Corp. | 2.3% |
Carnival Corp. | 1.6% |
Interparfums, Inc. | 1.5% |
Associated Capital Group, Inc. | 1.4% |
Urbana Corp. | 1.0% |
| The Small Cap Opportunities Fund | PAGE 2 | TSR-AR-494613813 |
| The Small Cap Opportunities Fund | PAGE 3 | TSR-AR-494613813 |
 | The Small Cap Opportunities Fund |  |
| No Load Class | KSCOX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $195 | 1.64% |
| The Small Cap Opportunities Fund | PAGE 1 | TSR-AR-494613706 |
1 Year | 5 Year | 10 Year | |
No Load Class (without sales charge) | 68.52 | 23.88 | 17.74 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
S&P SmallCap 600 TR | 8.70 | 8.36 | 8.96 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $465,795,726 |
Number of Holdings | 56 |
Net Advisory Fee | $4,073,747 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 59.1% |
Finance and Insurance | 7.2% |
Professional, Scientific and Technical Services | 4.9% |
Management of Companies and Enterprises | 3.2% |
Accommodation and Food Services | 2.7% |
Real Estate | 2.6% |
Manufacturing | 1.6% |
Management, Scientific, and Technical Consulting | 1.6% |
Real Estate and Rental and Leasing | 0.8% |
Arts, Entertainment, and Recreation | 0.7% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.2% |
Landbridge Co. LLC | 5.5% |
Grayscale Bitcoin Trust ETF | 4.8% |
CACI International, Inc. | 4.3% |
Civeo Corp. | 2.7% |
DREAM Unlimited Corp. | 2.3% |
Carnival Corp. | 1.6% |
Interparfums, Inc. | 1.5% |
Associated Capital Group, Inc. | 1.4% |
Urbana Corp. | 1.0% |
| The Small Cap Opportunities Fund | PAGE 2 | TSR-AR-494613706 |
| The Small Cap Opportunities Fund | PAGE 3 | TSR-AR-494613706 |
 | The Market Opportunities Fund |  |
| Advisor Class A | KMKAX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $200 | 1.65% |
| The Market Opportunities Fund | PAGE 1 | TSR-AR-494613771 |
1 Year | 5 Year | 10 Year | |
Advisor Class A (without sales charge) | 83.60 | 24.29 | 17.84 |
Advisor Class A (with sales charge) | 73.04 | 22.83 | 17.15 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI EAFE Net (USD) | 3.82 | 4.73 | 5.20 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $223,495,159 |
Number of Holdings | 69 |
Net Advisory Fee | $1,535,281 |
Portfolio Turnover | 7% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 58.2% |
Finance and Insurance | 30.2% |
Management of Companies and Enterprises | 3.3% |
Information | 1.5% |
Transportation and Warehousing | 0.6% |
Real Estate | 0.3% |
Global Exchanges | 0.1% |
Professional, Scientific and Technical Services | 0.1% |
Live Sports (Spectator Sports) | 0.1% |
Industrial | 0.1% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
Grayscale Bitcoin Trust ETF | 19.8% |
Partners Value Investments LP | 2.6% |
Grayscale Bitcoin Mini Trust ETF | 2.2% |
Landbridge Co. LLC | 2.0% |
White Mountains Insurance Group Ltd. | 1.2% |
Associated Capital Group, Inc. | 1.2% |
Intercontinental Exchange, Inc. | 0.9% |
Urbana Corp. | 0.8% |
Wheaton Precious Metals Corp. | 0.8% |
| The Market Opportunities Fund | PAGE 2 | TSR-AR-494613771 |
| The Market Opportunities Fund | PAGE 3 | TSR-AR-494613771 |
 | The Market Opportunities Fund |  |
| Advisor Class C | KMKCX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $261 | 2.15% |
| The Market Opportunities Fund | PAGE 1 | TSR-AR-494613730 |
1 Year | 5 Year | 10 Year | |
Advisor Class C (without sales charge) | 82.65 | 23.66 | 17.25 |
Advisor Class C (with sales charge) | 81.65 | 23.66 | 17.25 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI EAFE Net (USD) | 3.82 | 4.73 | 5.20 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $223,495,159 |
Number of Holdings | 69 |
Net Advisory Fee | $1,535,281 |
Portfolio Turnover | 7% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 58.2% |
Finance and Insurance | 30.2% |
Management of Companies and Enterprises | 3.3% |
Information | 1.5% |
Transportation and Warehousing | 0.6% |
Real Estate | 0.3% |
Global Exchanges | 0.1% |
Professional, Scientific and Technical Services | 0.1% |
Live Sports (Spectator Sports) | 0.1% |
Industrial | 0.1% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
Grayscale Bitcoin Trust ETF | 19.8% |
Partners Value Investments LP | 2.6% |
Grayscale Bitcoin Mini Trust ETF | 2.2% |
Landbridge Co. LLC | 2.0% |
White Mountains Insurance Group Ltd. | 1.2% |
Associated Capital Group, Inc. | 1.2% |
Intercontinental Exchange, Inc. | 0.9% |
Urbana Corp. | 0.8% |
Wheaton Precious Metals Corp. | 0.8% |
| The Market Opportunities Fund | PAGE 2 | TSR-AR-494613730 |
| The Market Opportunities Fund | PAGE 3 | TSR-AR-494613730 |
 | The Market Opportunities Fund |  |
| Institutional Class | KMKYX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $146 | 1.20% |
| The Market Opportunities Fund | PAGE 1 | TSR-AR-494613615 |
1 Year | 5 Year | 10 Year | |
Institutional Class (without sales charge) | 84.40 | 24.84 | 18.38 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI EAFE Net (USD) | 3.82 | 4.73 | 5.20 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $223,495,159 |
Number of Holdings | 69 |
Net Advisory Fee | $1,535,281 |
Portfolio Turnover | 7% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 58.2% |
Finance and Insurance | 30.2% |
Management of Companies and Enterprises | 3.3% |
Information | 1.5% |
Transportation and Warehousing | 0.6% |
Real Estate | 0.3% |
Global Exchanges | 0.1% |
Professional, Scientific and Technical Services | 0.1% |
Live Sports (Spectator Sports) | 0.1% |
Industrial | 0.1% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
Grayscale Bitcoin Trust ETF | 19.8% |
Partners Value Investments LP | 2.6% |
Grayscale Bitcoin Mini Trust ETF | 2.2% |
Landbridge Co. LLC | 2.0% |
White Mountains Insurance Group Ltd. | 1.2% |
Associated Capital Group, Inc. | 1.2% |
Intercontinental Exchange, Inc. | 0.9% |
Urbana Corp. | 0.8% |
Wheaton Precious Metals Corp. | 0.8% |
| The Market Opportunities Fund | PAGE 2 | TSR-AR-494613615 |
| The Market Opportunities Fund | PAGE 3 | TSR-AR-494613615 |
 | The Market Opportunities Fund |  |
| No Load Class | KMKNX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $170 | 1.40% |
| The Market Opportunities Fund | PAGE 1 | TSR-AR-494613789 |
1 Year | 5 Year | 10 Year | |
No Load Class (without sales charge) | 84.08 | 24.59 | 18.14 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
MSCI EAFE Net (USD) | 3.82 | 4.73 | 5.20 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $223,495,159 |
Number of Holdings | 69 |
Net Advisory Fee | $1,535,281 |
Portfolio Turnover | 7% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 58.2% |
Finance and Insurance | 30.2% |
Management of Companies and Enterprises | 3.3% |
Information | 1.5% |
Transportation and Warehousing | 0.6% |
Real Estate | 0.3% |
Global Exchanges | 0.1% |
Professional, Scientific and Technical Services | 0.1% |
Live Sports (Spectator Sports) | 0.1% |
Industrial | 0.1% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 53.9% |
Grayscale Bitcoin Trust ETF | 19.8% |
Partners Value Investments LP | 2.6% |
Grayscale Bitcoin Mini Trust ETF | 2.2% |
Landbridge Co. LLC | 2.0% |
White Mountains Insurance Group Ltd. | 1.2% |
Associated Capital Group, Inc. | 1.2% |
Intercontinental Exchange, Inc. | 0.9% |
Urbana Corp. | 0.8% |
Wheaton Precious Metals Corp. | 0.8% |
| The Market Opportunities Fund | PAGE 2 | TSR-AR-494613789 |
| The Market Opportunities Fund | PAGE 3 | TSR-AR-494613789 |
 | The Multi-Disciplinary Income Fund |  |
| No Load Class | KMDNX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $75 | 0.74% |
| The Multi-Disciplinary Income Fund | PAGE 1 | TSR-AR-494613672 |
1 Year | 5 Year | 10 Year | |
No Load Class (without sales charge) | 7.05 | 1.88 | 2.98 |
Bloomberg US Aggregate Bond Index | 1.25 | -0.33 | 1.35 |
Bloomberg U.S. High Yield Corporate Bond Index | 8.19 | 4.21 | 5.17 |
CBOE S&P 500 PutWrite Index (PUT) | 17.84 | 9.12 | 7.70 |
Cboe S&P 500 BuyWrite Monthly Index | 20.12 | 6.88 | 6.94 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $13,628,238 |
Number of Holdings | 27 |
Net Advisory Fee | $0 |
Portfolio Turnover | 37% |
Average Credit Quality | AAA |
Effective Duration | 2 Yrs |
30-Day SEC Yield | 6.20% |
30-Day SEC Yield Unsubsidized | 5.62% |
Top Sectors | (% of Net Assets) |
Asset Backed Securities | 91.1% |
Top 10 Issuers | (% of Net Assets) |
Sound Point CLO Ltd. 2024-39A, AA tranche | 7.5% |
Babson CLO Ltd./Cayman Islands 2023-1A, AAA tranche | 4.1% |
Sound Point CLO Ltd. 2017-3A, AAA tranche | 3.9% |
Venture CDO Ltd. 2023-48A, AA tranche | 3.8% |
Fort Washington CLO 2019-1A, AA tranche | 3.8% |
Magnetite CLO Ltd. 2023-37A, AA tranche | 3.8% |
ICG US CLO Ltd. 2023-1A, AA tranche | 3.8% |
37 Capital CLO 2023-1A, AAA tranche | 3.8% |
Rad CLO 2023-20A, AA tranche | 3.8% |
Battery Park CLO 2022-1A, AAA tranche | 3.8% |
| The Multi-Disciplinary Income Fund | PAGE 2 | TSR-AR-494613672 |
| The Multi-Disciplinary Income Fund | PAGE 3 | TSR-AR-494613672 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| Advisor Class A | LSHAX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class A | $181 | 1.50% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-AR-494613557 |
1 Year | 5 Year | 10 Year | |
Advisor Class A (without sales charge) | 82.36 | 25.14 | 15.50 |
Advisor Class A (with sales charge) | 71.91 | 23.67 | 14.82 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $36,632,373 |
Number of Holdings | 36 |
Net Advisory Fee | $150,643 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 79.9% |
Manufacturing | 5.6% |
Management of Companies and Enterprises | 3.9% |
Finance and Insurance | 3.6% |
Accommodation and Food Services | 1.2% |
Real Estate and Rental and Leasing | 1.0% |
Information | 0.9% |
Real Estate | 0.2% |
Utilities | 0.0% |
Media | 0.0% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 74.8% |
CSW Industrials, Inc. | 5.2% |
Landbridge Co. LLC | 5.0% |
Associated Capital Group, Inc. | 3.2% |
GAMCO Investors, Inc. | 2.6% |
Civeo Corp. | 1.2% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
PrairieSky Royalty Ltd. | 0.6% |
Grayscale Bitcoin Mini Trust ETF | 0.4% |
Bakkt Holdings, Inc. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 2 | TSR-AR-494613557 |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 3 | TSR-AR-494613557 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| Advisor Class C | LSHCX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Advisor Class C | $271 | 2.25% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-AR-494613540 |
1 Year | 5 Year | 10 Year | |
Advisor Class C (without sales charge) | 81.04 | 24.22 | 14.64 |
Advisor Class C (with sales charge) | 80.04 | 24.22 | 14.64 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $36,632,373 |
Number of Holdings | 36 |
Net Advisory Fee | $150,643 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 79.9% |
Manufacturing | 5.6% |
Management of Companies and Enterprises | 3.9% |
Finance and Insurance | 3.6% |
Accommodation and Food Services | 1.2% |
Real Estate and Rental and Leasing | 1.0% |
Information | 0.9% |
Real Estate | 0.2% |
Utilities | 0.0% |
Media | 0.0% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 74.8% |
CSW Industrials, Inc. | 5.2% |
Landbridge Co. LLC | 5.0% |
Associated Capital Group, Inc. | 3.2% |
GAMCO Investors, Inc. | 2.6% |
Civeo Corp. | 1.2% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
PrairieSky Royalty Ltd. | 0.6% |
Grayscale Bitcoin Mini Trust ETF | 0.4% |
Bakkt Holdings, Inc. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 2 | TSR-AR-494613540 |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 3 | TSR-AR-494613540 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| Institutional Class | LSHUX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $151 | 1.25% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-AR-494613532 |
1 Year | 5 Year | 10 Year | |
Institutional Class (without sales charge) | 82.86 | 25.47 | 15.79 |
S&P 500 TR | 25.02 | 14.53 | 13.10 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $36,632,373 |
Number of Holdings | 36 |
Net Advisory Fee | $150,643 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 79.9% |
Manufacturing | 5.6% |
Management of Companies and Enterprises | 3.9% |
Finance and Insurance | 3.6% |
Accommodation and Food Services | 1.2% |
Real Estate and Rental and Leasing | 1.0% |
Information | 0.9% |
Real Estate | 0.2% |
Utilities | 0.0% |
Media | 0.0% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 74.8% |
CSW Industrials, Inc. | 5.2% |
Landbridge Co. LLC | 5.0% |
Associated Capital Group, Inc. | 3.2% |
GAMCO Investors, Inc. | 2.6% |
Civeo Corp. | 1.2% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
PrairieSky Royalty Ltd. | 0.6% |
Grayscale Bitcoin Mini Trust ETF | 0.4% |
Bakkt Holdings, Inc. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 2 | TSR-AR-494613532 |
 | The Kinetics Spin-off and Corporate Restructuring Fund |  |
| No Load Class | LSHEX | ||
| Annual Shareholder Report | December 31, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| No Load Class | $175 | 1.45% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-AR-494613524 |
1 Year | 5 Year | Since Inception (12/11/2017) | |
No Load Class (without sales charge) | 82.47 | 25.25 | 20.96 |
S&P 500 TR | 25.02 | 14.53 | 13.82 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $36,632,373 |
Number of Holdings | 36 |
Net Advisory Fee | $150,643 |
Portfolio Turnover | 6% |
Top Sectors | (% of Net Assets) |
Mining, Quarrying, and Oil and Gas Extraction | 79.9% |
Manufacturing | 5.6% |
Management of Companies and Enterprises | 3.9% |
Finance and Insurance | 3.6% |
Accommodation and Food Services | 1.2% |
Real Estate and Rental and Leasing | 1.0% |
Information | 0.9% |
Real Estate | 0.2% |
Utilities | 0.0% |
Media | 0.0% |
Top 10 Issuers | (% of Net Assets) |
Texas Pacific Land Corp. | 74.8% |
CSW Industrials, Inc. | 5.2% |
Landbridge Co. LLC | 5.0% |
Associated Capital Group, Inc. | 3.2% |
GAMCO Investors, Inc. | 2.6% |
Civeo Corp. | 1.2% |
Liberty Media Corp.-Liberty Formula One | 0.7% |
PrairieSky Royalty Ltd. | 0.6% |
Grayscale Bitcoin Mini Trust ETF | 0.4% |
Bakkt Holdings, Inc. | 0.4% |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 2 | TSR-AR-494613524 |
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 3 | TSR-AR-494613524 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees/directors has determined that there is at least two audit committee financial experts serving on its audit committee. Mr. Douglas Cohen and Mr. Joseph Breslin are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 12/31/2024 Kinetics Portfolios Trust | FYE 12/31/2024 Kinetics Mutual Funds | FYE 12/31/2023 Kinetics Portfolios Trust | FYE 12/31/2023 Kinetics Mutual Funds | |
| Audit Fees | $ 67,500 | $ 84,500 | $ 67,500 | $ 83,700 |
| Audit-Related Fees | 0 | 0 | 0 | 0 |
| Tax Fees | $ 21,500 | $ 24,300 | $ 21,500 | $ 24,300 |
| All Other Fees | 0 | 0 | 0 | 0 |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 12/31/2024 | FYE 12/31/2023 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
| Non-Audit Related Fees | FYE 12/31/2024 | FYE 12/31/2023 |
| Registrant | 0 | 0 |
| Registrant’s Investment Adviser | 0 | 0 |
The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
The registrant is not a foreign issuer.
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.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
Page | |||
KINETICS MUTUAL FUNDS, INC. – FEEDER FUNDS AND THE KINETICS SPIN-OFF AND CORPORATE RESTRUCTURING FUND | |||
KINETICS PORTFOLIOS TRUST – MASTER INVESTMENT PORTFOLIOS | |||
Directory of Funds’ Service Providers | Back Cover | ||
Shares | Value | |||||
COMMON STOCKS - 95.8% | ||||||
Accommodation - 1.2% | ||||||
Civeo Corp. | 20,000 | $454,400 | ||||
Broadcasting (except Internet) - 0.2% | ||||||
Atlanta Braves Holdings, Inc. - Class C(a) | 1,694 | 64,812 | ||||
Chemical Manufacturing - 0.2% | ||||||
Prestige Consumer Healthcare, Inc.(a) | 797 | 62,238 | ||||
Diversified Real Estate Activities - 0.6% | ||||||
PrairieSky Royalty Ltd. | 12,000 | 233,998 | ||||
Electric Power Generation, Transmission and Distribution - 0.0%(b) | ||||||
GE Vernova, Inc. | 25 | 8,223 | ||||
Funds, Trusts, and Other Financial Vehicles - 0.0%(b) | ||||||
Mesabi Trust | 550 | 15,461 | ||||
Insurance Carriers - 0.0%(b) | ||||||
Fairfax Financial Holdings Limited | 2 | 2,780 | ||||
Machinery Manufacturing - 0.1% | ||||||
General Electric Co. | 100 | 16,679 | ||||
Management of Companies and Enterprises - 3.9% | ||||||
Associated Capital Group, Inc. - Class A | 34,300 | 1,175,101 | ||||
Fairfax India Holdings Corp.(a)(c) | 1,600 | 25,606 | ||||
Galaxy Digital Holdings Ltd.(a) | 3,600 | 62,586 | ||||
Hawaiian Electric Industries, Inc.(a) | 3,800 | 36,974 | ||||
White Mountains Insurance Group Ltd. | 58 | 112,814 | ||||
1,413,081 | ||||||
Media - 0.0%(b) | ||||||
Toei Animation Co. Ltd. | 200 | 4,493 | ||||
Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 0.7% | ||||||
Liberty Media Corp.-Liberty Formula One - Class A(a) | 3,000 | 252,120 | ||||
Mining (except Oil and Gas) - 0.0%(b) | ||||||
Knife River Corp.(a) | 100 | 10,164 | ||||
Miscellaneous Manufacturing - 5.2% | ||||||
CSW Industrials, Inc. | 5,400 | 1,905,120 | ||||
Nonmetallic Mineral Mining and Quarrying - 0.0%(b) | ||||||
Anglo American PLC - ADR | 72 | 1,062 | ||||
Nonmetallic Mineral Product Manufacturing - 0.2% | ||||||
Eagle Materials, Inc. | 324 | 79,950 | ||||
Shares | Value | |||||
Office Administrative Services - 0.2% | ||||||
DigitalBridge Group, Inc. | 6,300 | $71,064 | ||||
Offices of Real Estate Agents and Brokers - 5.0% | ||||||
Landbridge Co. LLC(a) | 1,666 | 96,861 | ||||
Landbridge Co. LLC - Class A | 27,000 | 1,744,200 | ||||
1,841,061 | ||||||
Oil and Gas Extraction - 74.8%(d) | ||||||
Texas Pacific Land Corp.(e) | 24,777 | 27,402,371 | ||||
Other Financial Investment Activities - 3.0% | ||||||
Bakkt Holdings, Inc.(a) | 5,180 | 128,308 | ||||
GAMCO Investors, Inc. - Class A | 39,300 | 950,274 | ||||
Seaport Entertainment Group, Inc.(a) | 188 | 5,255 | ||||
1,083,837 | ||||||
Other Investment Pools and Funds - 0.1% | ||||||
Urbana Corp. | 6,234 | 24,416 | ||||
Urbana Corp. - Class A | 1,600 | 6,434 | ||||
30,850 | ||||||
Real Estate - 0.3% | ||||||
Howard Hughes Holdings, Inc.(a) | 1,600 | 123,072 | ||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0%(b) | ||||||
Brookfield Corp. | 36 | 2,068 | ||||
Support Activities for Mining - 0.1% | ||||||
Aris Water Solutions, Inc. - Class A | 106 | 2,539 | ||||
Liberty Energy, Inc. | 972 | 19,333 | ||||
21,872 | ||||||
TOTAL COMMON STOCKS (Cost $4,582,206) | 35,100,776 | |||||
UNIT INVESTMENT TRUSTS - 0.6% | ||||||
Grayscale Bitcoin Cash Trust(a) | 6,073 | 31,883 | ||||
Grayscale Bitcoin Mini Trust ETF(a) | 3,736 | 156,427 | ||||
Grayscale Bitcoin Trust ETF(a) | 60 | 4,441 | ||||
192,751 | ||||||
TOTAL UNIT INVESTMENT TRUSTS (Cost $159,587) | 192,751 | |||||
EXCHANGE TRADED FUNDS - 0.0%(b) | ||||||
iShares Bitcoin Trust ETF(a) | 146 | 7,745 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $5,256) | 7,745 | |||||
TOTAL INVESTMENTS - 96.4% (Cost $4,747,049) | $35,301,272 | |||||
Money Market Deposit Account - 3.7%(f) | 1,368,829 | |||||
Liabilities in Excess of Other Assets - (0.1)% | (37,728) | |||||
TOTAL NET ASSETS - 100.0% | $36,632,373 | |||||
1 |
(a) | Non-income producing security. |
(b) | Represents less than 0.05% of net assets. |
(c) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2024, the value of these securities total $25,606 or 0.1% of the Fund’s 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 significantly affect those industries or sectors. |
(e) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
(f) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2024 was 4.24%. |
2 |
The Internet Fund | The Global Fund | |||||
ASSETS: | ||||||
Investments in the Master Portfolio, at value* | $331,468,729 | $49,615,481 | ||||
Receivable from Adviser | — | 18,610 | ||||
Receivable for Master Portfolio interest sold | — | 318,956 | ||||
Receivable for Fund shares sold | 559,388 | 200,093 | ||||
Prepaid expenses and other assets | 27,577 | 25,825 | ||||
Total assets | 332,055,694 | 50,178,965 | ||||
LIABILITIES: | ||||||
Payable for Master Portfolio interest purchased | 370,021 | — | ||||
Payable to Directors | 4,768 | 672 | ||||
Payable to Chief Compliance Officer | 347 | 36 | ||||
Payable for Fund shares repurchased | 189,366 | 519,049 | ||||
Payable for shareholder servicing fees | 74,525 | 10,904 | ||||
Payable for distribution fees | 18,811 | 17,567 | ||||
Accrued expenses and other liabilities | 46,611 | 15,002 | ||||
Total liabilities | 704,449 | 563,230 | ||||
NET ASSETS | $ 331,351,245 | $49,615,735 | ||||
Net Assets Consist of: | ||||||
Paid in capital | $97,487,231 | $26,310,801 | ||||
Accumulated earnings | 233,864,014 | 23,304,934 | ||||
Net assets | $331,351,245 | $49,615,735 | ||||
Calculation of Net Asset Value Per Share - No Load Class: | ||||||
Net Assets | $323,379,778 | $40,018,423 | ||||
Shares outstanding | 3,154,593 | 2,499,169 | ||||
Net asset value per share (offering price and redemption price) | $102.51 | $16.01 | ||||
Calculation of Net Asset Value Per Share - Advisor Class A: | ||||||
Net Assets | $3,927,101 | $2,753,183 | ||||
Shares outstanding | 42,512 | 173,205 | ||||
Net asset value per share (redemption price) | $92.38 | $15.90 | ||||
Offering price per share ($92.38 divided by .9425 and $15.90 divided by .9425) | $98.02 | $16.87 | ||||
Calculation of Net Asset Value Per Share - Advisor Class C: | ||||||
Net Assets | $4,044,366 | $6,844,129 | ||||
Shares outstanding | 53,829 | 467,296 | ||||
Net asset value per share (offering price and redemption price) | $75.13 | $14.65 | ||||
| * | 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. |
3 |
The Paradigm Fund | The Small Cap Opportunities Fund | |||||
ASSETS: | ||||||
Investments in the Master Portfolio, at value* | $1,274,814,113 | $465,583,146 | ||||
Receivable for Fund shares sold | 6,587,509 | 770,389 | ||||
Prepaid expenses and other assets | 55,480 | 37,981 | ||||
Total assets | 1,281,457,102 | 466,391,516 | ||||
LIABILITIES: | ||||||
Payable for Master Portfolio interest purchased | 772,932 | 340,886 | ||||
Payable to Adviser | 23,902 | 487 | ||||
Payable to Directors | 21,497 | 7,411 | ||||
Payable to Chief Compliance Officer | 1,129 | 396 | ||||
Payable for Fund shares repurchased | 5,814,577 | 429,479 | ||||
Payable for shareholder servicing fees | 240,110 | 89,995 | ||||
Payable for distribution fees | 257,447 | 49,127 | ||||
Fund distribution payable | — | 23 | ||||
Accrued expenses and other liabilities | 120,771 | 52,245 | ||||
Total liabilities | 7,252,365 | 970,049 | ||||
NET ASSETS | $ 1,274,204,737 | $465,421,467 | ||||
Net Assets Consist of: | ||||||
Paid in capital | $139,003,516 | $168,776,030 | ||||
Accumulated earnings | 1,135,201,221 | 296,645,437 | ||||
Net assets | $ 1,274,204,737 | $465,421,467 | ||||
Calculation of Net Asset Value Per Share - No Load Class: | ||||||
Net Assets | $607,750,395 | $336,526,372 | ||||
Shares outstanding | 4,539,355 | 1,983,587 | ||||
Net asset value per share (offering price and redemption price) | $133.88 | $169.66 | ||||
Calculation of Net Asset Value Per Share - Advisor Class A: | ||||||
Net Assets | $254,588,581 | $24,368,073 | ||||
Shares outstanding | 2,004,399 | 150,004 | ||||
Net asset value per share (redemption price) | $127.01 | $162.45 | ||||
Offering price per share ($127.01 divided by .9425 and $162.45 divided by .9425) | $134.76 | $172.36 | ||||
Calculation of Net Asset Value Per Share - Advisor Class C: | ||||||
Net Assets | $89,897,239 | $12,482,408 | ||||
Shares outstanding | 796,938 | 82,136 | ||||
Net asset value per share (offering price and redemption price) | $112.80 | $151.97 | ||||
Calculation of Net Asset Value Per Share - Institutional Class: | ||||||
Net Assets | $321,968,522 | $92,044,614 | ||||
Shares outstanding | 2,371,211 | 529,043 | ||||
Net asset value per share (offering price and redemption price) | $135.78 | $173.98 | ||||
| * | 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. |
4 |
The Market Opportunities Fund | The Multi-Disciplinary Income Fund | |||||
ASSETS: | ||||||
Investments in the Master Portfolio, at value* | $223,411,083 | $13,416,320 | ||||
Receivable from Adviser | 49,775 | 682 | ||||
Receivable for Master Portfolio interest sold | 499,689 | — | ||||
Prepaid expenses and other assets | 37,181 | 14,806 | ||||
Total assets | 223,997,728 | 13,431,808 | ||||
LIABILITIES: | ||||||
Payable for Master Portfolio interest purchased | 442,762 | — | ||||
Payable to Directors | 3,515 | 215 | ||||
Payable to Chief Compliance Officer | 202 | 26 | ||||
Payable for Fund shares repurchased | 56,928 | — | ||||
Payable for shareholder servicing fees | 46,517 | 2,856 | ||||
Payable for distribution fees | 33,034 | 11,983 | ||||
Accrued expenses and other liabilities | 30,359 | 10,739 | ||||
Total liabilities | 613,317 | 25,819 | ||||
NET ASSETS | $223,384,411 | $13,405,989 | ||||
Net Assets Consist of: | ||||||
Paid in capital | $52,430,801 | $18,748,920 | ||||
Accumulated earnings | 170,953,610 | (5,342,931) | ||||
Net assets | $223,384,411 | $13,405,989 | ||||
Calculation of Net Asset Value Per Share - No Load Class: | ||||||
Net Assets | $161,183,226 | $13,405,989 | ||||
Shares outstanding | 2,109,304 | 1,343,118 | ||||
Net asset value per share (offering price and redemption price) | $76.42 | $9.98 | ||||
Calculation of Net Asset Value Per Share - Advisor Class A: | ||||||
Net Assets | $18,805,891 | N/A | ||||
Shares outstanding | 250,601 | N/A | ||||
Net asset value per share (redemption price) | $75.04 | N/A | ||||
Offering price per share ($75.04 divided by .9425) | $79.62 | N/A | ||||
Calculation of Net Asset Value Per Share - Advisor Class C: | ||||||
Net Assets | $15,057,203 | N/A | ||||
Shares outstanding | 211,591 | N/A | ||||
Net asset value per share (offering price and redemption price) | $71.16 | N/A | ||||
Calculation of Net Asset Value Per Share - Institutional Class: | ||||||
Net Assets | $28,338,091 | N/A | ||||
Shares outstanding | 364,614 | N/A | ||||
Net asset value per share (offering price and redemption price) | $77.72 | N/A | ||||
| * | 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. |
5 |
The Kinetics Spin-Off and Corporate Restructuring Fund (Consolidated) | |||
ASSETS: | |||
Investments, at value(1) | $35,301,272 | ||
Foreign currencies, at value(3) | 4,320 | ||
Cash | 1,368,829 | ||
Receivable for investments sold | 2,264 | ||
Receivable for Fund shares sold | 16,085 | ||
Dividends and interest receivable | 14,924 | ||
Prepaid expenses and other assets | 26,603 | ||
Total assets | 36,734,297 | ||
LIABILITIES: | |||
Payable to Adviser | 21,898 | ||
Payable to Directors | 738 | ||
Payable to Chief Compliance Officer | 36 | ||
Payable for securities purchased | 2,177 | ||
Payable to custodian | 1,577 | ||
Payable for Fund shares repurchased | 26,591 | ||
Payable for shareholder servicing fees | 3,928 | ||
Payable for distribution fees | 15,307 | ||
Accrued expenses and other liabilities | 29,672 | ||
Total liabilities | 101,924 | ||
NET ASSETS | $36,632,373 | ||
(1) Cost of investments | 4,747,049 | ||
(3) Cost of foreign currencies | $4,327 | ||
Net Assets Consist of: | |||
Paid in capital | $6,043,059 | ||
Accumulated earnings | 30,589,314 | ||
Net assets | $36,632,373 | ||
Calculation of Net Asset Value Per Share - No Load Class: | |||
Net Assets | $222,284 | ||
Shares outstanding | 6,553 | ||
Net asset value per share (offering price and redemption price) | $33.92 | ||
Calculation of Net Asset Value Per Share - Advisor Class A: | |||
Net Assets | $10,684,435 | ||
Shares outstanding | 332,814 | ||
Net asset value per share (redemption price) | $32.10 | ||
Offering price per share ($32.10 divided by .9425) | $34.06 | ||
Calculation of Net Asset Value Per Share - Advisor Class C: | |||
Net Assets | $264,165 | ||
Shares outstanding | 9,153 | ||
Net asset value per share (offering price and redemption price) | $28.86 | ||
Calculation of Net Asset Value Per Share - Institutional Class: | |||
Net Assets | $25,461,489 | ||
Shares outstanding | 787,404 | ||
Net asset value per share (offering price and redemption price) | $32.34 | ||
6 |
The Internet Fund | The Global Fund | |||||
INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS: | ||||||
Dividends† | $1,485,835 | $348,004 | ||||
Interest | 2,410,472 | 288,587 | ||||
Income from securities lending | 237,740 | 18,051 | ||||
Expenses allocated from Master Portfolio | (3,487,599) | (439,231) | ||||
Net investment income from Master Portfolio | 646,448 | 215,411 | ||||
EXPENSES: | ||||||
Distribution fees - Advisor Class A (See Note 3) | 8,298 | 5,162 | ||||
Distribution fees - Advisor Class C (See Note 3) | 22,996 | 43,908 | ||||
Shareholder servicing fees - Advisor Class A (See Note 3) | 8,298 | 5,162 | ||||
Shareholder servicing fees - Advisor Class C (See Note 3) | 7,665 | 14,636 | ||||
Shareholder servicing fees - No Load Class (See Note 3) | 635,693 | 56,125 | ||||
Transfer agent fees and expenses | 96,296 | 20,510 | ||||
Reports to shareholders | 17,525 | 2,922 | ||||
Administration fees | 62,045 | 9,754 | ||||
Professional fees | 38,623 | 11,964 | ||||
Directors’ fees | 22,740 | 2,462 | ||||
Chief Compliance Officer fees | 3,888 | 392 | ||||
Registration fees | 57,544 | 55,545 | ||||
Fund accounting fees | 9,608 | 985 | ||||
Other expenses | 7,638 | 795 | ||||
Total expenses | 998,857 | 230,322 | ||||
Less, expense reimbursement | — | (198,353) | ||||
Net expenses | 998,857 | 31,969 | ||||
Net investment income (loss) from Master Portfolio | (352,409) | 183,442 | ||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | ||||||
Net realized gain on: | ||||||
Investments and foreign currency | 2,252,945 | 411,112 | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Investments and foreign currency | 141,485,777 | 14,608,888 | ||||
Net gain on investments | 143,738,722 | 15,020,000 | ||||
Net increase in net assets resulting from operations | $143,386,313 | $15,203,442 | ||||
† Net of foreign taxes withheld of: | $16,450 | $16,912 | ||||
7 |
The Paradigm Fund | The Small Cap Opportunities Fund | |||||
INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS: | ||||||
Dividends† | $14,507,164 | $5,749,101 | ||||
Interest | 1,579,006 | 2,158,680 | ||||
Income from securities lending | 375,137 | 38,597 | ||||
Expenses allocated from Master Portfolio | (13,237,378) | (4,623,238) | ||||
Net investment income from Master Portfolio | 3,223,929 | 3,323,140 | ||||
EXPENSES: | ||||||
Distribution fees - Advisor Class A (See Note 3) | 498,868 | 49,898 | ||||
Distribution fees - Advisor Class C (See Note 3) | 528,207 | 75,365 | ||||
Shareholder servicing fees - Advisor Class A (See Note 3) | 498,868 | 49,898 | ||||
Shareholder servicing fees - Advisor Class C (See Note 3) | 176,069 | 25,122 | ||||
Shareholder servicing fees - No Load Class (See Note 3) | 1,148,092 | 626,859 | ||||
Shareholder servicing fees - Institutional Class (See Note 3) | 539,016 | 132,012 | ||||
Transfer agent fees and expenses | 219,181 | 84,596 | ||||
Reports to shareholders | 25,439 | 15,453 | ||||
Administration fees | 221,933 | 77,598 | ||||
Professional fees | 111,957 | 44,123 | ||||
Directors’ fees | 85,824 | 29,608 | ||||
Chief Compliance Officer fees | 13,929 | 4,745 | ||||
Registration fees | 78,189 | 79,350 | ||||
Fund accounting fees | 33,046 | 11,426 | ||||
Other expenses | 29,627 | 11,392 | ||||
Total expenses | 4,208,245 | 1,317,445 | ||||
Less, expense waiver for Institutional Class shareholder servicing fees | (404,262) | (99,009) | ||||
Less, expense reimbursement | (174,303) | (164,624) | ||||
Net expenses | 3,629,680 | 1,053,812 | ||||
Net investment income (loss) from Master Portfolio | (405,751) | 2,269,328 | ||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | ||||||
Net realized gain on: | ||||||
Investments and foreign currency | 63,393,324 | 12,283,641 | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Investments and foreign currency | 564,567,500 | 157,237,452 | ||||
Net gain on investments | 627,960,824 | 169,521,093 | ||||
Net increase in net assets resulting from operations | $627,555,073 | $171,790,421 | ||||
† Net of foreign taxes withheld of: | $173,897 | $241,134 | ||||
8 |
The Market Opportunities Fund | The Multi-Disciplinary Income Fund | |||||
INVESTMENT GAIN ALLOCATED FROM MASTER PORTFOLIOS: | ||||||
Dividends† | $2,363,240 | $— | ||||
Interest | 813,639 | 944,130 | ||||
Income from securities lending | 97,676 | (112) | ||||
Realized gain on paydown | — | 4,118 | ||||
Expenses allocated from Master Portfolio | (2,279,357) | (66,263) | ||||
Net investment income from Master Portfolio | 995,198 | 881,873 | ||||
EXPENSES: | ||||||
Distribution fees - Advisor Class A (See Note 3) | 33,326 | — | ||||
Distribution fees - Advisor Class C (See Note 3) | 91,614 | — | ||||
Shareholder servicing fees - Advisor Class A (See Note 3) | 33,326 | — | ||||
Shareholder servicing fees - Advisor Class C (See Note 3) | 30,538 | — | ||||
Shareholder servicing fees - No Load Class (See Note 3) | 297,813 | 32,540 | ||||
Shareholder servicing fees - Institutional Class (See Note 3) | 50,068 | — | ||||
Transfer agent fees and expenses | 51,962 | 7,645 | ||||
Reports to shareholders | 5,816 | 1,503 | ||||
Administration fees | 40,856 | 4,635 | ||||
Professional fees | 26,886 | 10,514 | ||||
Directors’ fees | 14,666 | 1,145 | ||||
Chief Compliance Officer fees | 2,415 | 201 | ||||
Registration fees | 68,009 | 26,625 | ||||
Fund accounting fees | 5,905 | 463 | ||||
Other expenses | 4,876 | 505 | ||||
Total expenses | 758,076 | 85,776 | ||||
Less, expense waiver for Institutional Class shareholder servicing fees | (37,551) | — | ||||
Less, expense reimbursement | (549,141) | (52,698) | ||||
Net expenses | 171,384 | 33,078 | ||||
Net investment income | 823,814 | 848,795 | ||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | ||||||
Net realized gain on: | ||||||
Investments and foreign currency | 1,152,184 | 212 | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Investments and foreign currency | 99,556,362 | 33,159 | ||||
Net gain on investments | 100,708,546 | 33,371 | ||||
Net increase in net assets resulting from operations | $101,532,360 | $882,166 | ||||
† Net of foreign taxes withheld of: | $42,079 | $— | ||||
9 |
The Kinetics Spin-Off and Corporate Restructuring Fund (Consolidated) | |||
INVESTMENT INCOME: | |||
Dividends† | $597,371 | ||
Interest | 133,753 | ||
Total investment income | 731,124 | ||
EXPENSES: | |||
Distribution fees - Advisor Class A (See Note 3) | 19,380 | ||
Distribution fees - Advisor Class C (See Note 3) | 2,285 | ||
Shareholder servicing fees - Advisor Class A (See Note 3) | 19,380 | ||
Shareholder servicing fees - Advisor Class C (See Note 3) | 762 | ||
Shareholder servicing fees - No Load Class (See Note 3) | 150 | ||
Shareholder servicing fees - Institutional Class (See Note 3) | 42,170 | ||
Transfer agent fees and expenses | 24,891 | ||
Reports to shareholders | 895 | ||
Administration fees | 21,004 | ||
Professional fees | 21,512 | ||
Directors’ fees | 2,817 | ||
Chief Compliance Officer fees | 403 | ||
Registration fees | 65,920 | ||
Fund accounting fees | 4,595 | ||
Investment advisory fees | 292,017 | ||
Custodian fees and expenses | 9,893 | ||
Other expenses | 862 | ||
Total expenses | 528,936 | ||
Less, expense waiver for Institutional Class shareholder servicing fees | (31,628) | ||
Less, expense reimbursement | (109,746) | ||
Net expenses | 387,562 | ||
Net investment income | 343,562 | ||
REALIZED AND UNREALIZED GAN ON INVESTMENTS AND FOREIGN CURRENCY: | |||
Net realized gain on: | |||
Investments and foreign currency | 1,640,709 | ||
Net change in unrealized appreciation (depreciation) of: | |||
Investments and foreign currency | 15,192,766 | ||
Net gain on investments | 16,833,475 | ||
Net increase in net assets resulting from operations | $17,177,037 | ||
† Net of foreign taxes withheld of: | $5,720 | ||
10 |
The Internet Fund | The Global Fund | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income (loss) | $(352,409) | $1,328,402 | $183,442 | $396,197 | ||||||||
Net realized gain (loss) on sale of investments and foreign currency | 2,252,945 | 2,270,772 | 411,112 | (225,114) | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | 141,485,777 | 40,793,916 | 14,608,888 | 1,884,327 | ||||||||
Net increase in net assets resulting from operations | 143,386,313 | 44,393,090 | 15,203,442 | 2,055,410 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
No Load Class (See Note 5) | (2,995,678) | (1,389,302) | (390,102) | (288,013) | ||||||||
Advisor Class A (See Note 5) | (39,960) | (19,295) | (20,472) | (32,510) | ||||||||
Advisor Class C (See Note 5) | (50,656) | (19,149) | (24,781) | (93,545) | ||||||||
Total distributions to shareholders | (3,086,294) | (1,427,746) | (435,355) | (414,068) | ||||||||
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | ||||||||||||
Proceeds from shares sold | 46,528,670 | 22,530,500 | 26,193,230 | 5,166,095 | ||||||||
Redemption fees | 73,966 | 18,241 | 24,137 | 1,604 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 2,857,824 | 1,355,174 | 375,413 | 264,030 | ||||||||
Cost of shares redeemed | (48,713,578) | (24,605,463) | (9,068,243) | (15,798,617) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 746,882 | (701,548) | 17,524,537 | (10,366,888) | ||||||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | ||||||||||||
Proceeds from shares sold | 876,102 | 155,760 | 501,806 | 641,746 | ||||||||
Redemption fees | 953 | 275 | 2,143 | 165 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 37,549 | 18,197 | 18,689 | 29,860 | ||||||||
Cost of shares redeemed | (1,180,960) | (656,118) | (166,019) | (283,684) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (266,356) | (481,886) | 356,619 | 388,087 | ||||||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | ||||||||||||
Proceeds from shares sold | 1,262,584 | 489,700 | 241,729 | 63,890 | ||||||||
Redemption fees | 890 | 155 | 5,954 | 620 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 43,306 | 15,552 | 21,486 | 80,873 | ||||||||
Cost of shares redeemed | (759,591) | (208,805) | (1,226,667) | (2,349,373) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 547,189 | 296,602 | (957,498) | (2,203,990) | ||||||||
Total increase (decrease) in net assets: | 141,327,734 | 42,078,512 | 31,691,745 | (10,541,449) | ||||||||
11 |
The Internet Fund | The Global Fund | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
NET ASSETS: | ||||||||||||
Beginning of period | 190,023,511 | 147,944,999 | 17,923,990 | 28,465,439 | ||||||||
End of period | $331,351,245 | $190,023,511 | $49,615,735 | $17,923,990 | ||||||||
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | ||||||||||||
Shares sold | 552,482 | 469,358 | 1,885,199 | 613,349 | ||||||||
Shares issued in reinvestments of dividends and distributions | 27,757 | 22,973 | 23,390 | 27,939 | ||||||||
Shares redeemed | (593,838) | (495,814) | (671,518) | (1,827,851) | ||||||||
Net increase (decrease) in shares outstanding | (13,599) | (3,483) | 1,237,071 | (1,186,563) | ||||||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | ||||||||||||
Shares sold | 11,392 | 3,354 | 40,860 | 76,187 | ||||||||
Shares issued in reinvestments of dividends and distributions | 405 | 341 | 1,173 | 3,183 | ||||||||
Shares redeemed | (13,362) | (15,340) | (11,950) | (34,476) | ||||||||
Net increase (decrease) in shares outstanding | (1,565) | (11,645) | 30,083 | 44,894 | ||||||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | ||||||||||||
Shares sold | 22,017 | 12,578 | 21,188 | 7,613 | ||||||||
Shares issued in reinvestments of dividends and distributions | 574 | 356 | 1,463 | 9,350 | ||||||||
Shares redeemed | (12,406) | (5,881) | (105,233) | (299,977) | ||||||||
Net increase (decrease) in shares outstanding | 10,185 | 7,053 | (82,582) | (283,014) | ||||||||
12 |
The Paradigm Fund | The Small Cap Opportunities Fund | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income (loss) | $(405,751) | $(4,563,069) | $2,269,328 | $810,391 | ||||||||
Net realized gain on sale of investments and foreign currency | 63,393,324 | 44,517,267 | 12,283,641 | 25,853,591 | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | 564,567,500 | (222,967,205) | 157,237,452 | (96,790,127) | ||||||||
Net increase (decrease) in net assets resulting from operations | 627,555,073 | (183,013,007) | 171,790,421 | (70,126,145) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
No Load Class (See Note 5) | (17,505,444) | (18,426,906) | (11,698,430) | (13,093,946) | ||||||||
Advisor Class A (See Note 5) | (7,561,107) | (8,220,489) | (834,147) | (996,007) | ||||||||
Advisor Class C (See Note 5) | (2,991,483) | (3,589,123) | (411,553) | (517,585) | ||||||||
Institutional Class (See Note 5) | (9,634,516) | (11,939,043) | (3,243,686) | (4,154,384) | ||||||||
Total distributions to shareholders | (37,692,550) | (42,175,561) | (16,187,816) | (18,761,922) | ||||||||
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | ||||||||||||
Proceeds from shares sold | 146,481,009 | 34,835,326 | 86,914,477 | 50,835,416 | ||||||||
Redemption fees | 176,250 | 22,525 | 105,506 | 42,028 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 16,903,620 | 16,215,633 | 11,358,942 | 12,713,540 | ||||||||
Cost of shares redeemed | (163,192,540) | (124,544,750) | (78,238,146) | (122,340,004) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 368,339 | (73,471,266) | 20,140,779 | (58,749,020) | ||||||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | ||||||||||||
Proceeds from shares sold | 16,263,157 | 10,075,104 | 1,486,866 | 1,947,225 | ||||||||
Redemption fees | 74,617 | 8,755 | 7,951 | 3,090 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 6,507,268 | 7,086,025 | 766,852 | 924,495 | ||||||||
Cost of shares redeemed | (30,338,385) | (20,919,604) | (3,248,446) | (6,353,628) | ||||||||
Net decrease in net assets resulting from capital share transactions | (7,493,343) | (3,749,720) | (986,777) | (3,478,818) | ||||||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | ||||||||||||
Proceeds from shares sold | 3,033,051 | 820,174 | 684,542 | 461,432 | ||||||||
Redemption fees | 25,939 | 3,733 | 4,002 | 1,628 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 2,648,384 | 3,308,818 | 391,218 | 494,780 | ||||||||
Cost of shares redeemed | (12,993,781) | (12,483,355) | (1,667,589) | (2,343,328) | ||||||||
Net decrease in net assets resulting from capital share transactions | (7,286,407) | (8,350,630) | (587,827) | (1,385,488) | ||||||||
13 |
The Paradigm Fund | The Small Cap Opportunities Fund | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS: | ||||||||||||
Proceeds from shares sold | 32,839,071 | 17,506,065 | 26,568,127 | 25,651,547 | ||||||||
Redemption fees | 93,986 | 13,553 | 27,723 | 13,010 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 9,227,333 | 11,504,845 | 3,158,502 | 4,081,341 | ||||||||
Cost of shares redeemed | (105,011,272) | (34,482,229) | (22,966,384) | (51,989,074) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (62,850,882) | (5,457,766) | 6,787,968 | (22,243,176) | ||||||||
Total increase (decrease) in net assets: | 512,600,230 | (316,217,950) | 180,956,748 | (174,744,569) | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | 761,604,507 | 1,077,822,457 | 284,464,719 | 459,209,288 | ||||||||
End of period | $1,274,204,737 | $761,604,507 | $465,421,467 | $284,464,719 | ||||||||
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | ||||||||||||
Shares sold | 1,085,072 | 434,064 | 512,083 | 437,326 | ||||||||
Shares issued in reinvestments of dividends and distributions | 125,949 | 219,278 | 66,802 | 120,736 | ||||||||
Shares redeemed | (1,297,185) | (1,595,065) | (560,275) | (1,102,436) | ||||||||
Net increase (decrease) in shares outstanding | (86,164) | (941,723) | 18,610 | (544,374) | ||||||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | ||||||||||||
Shares sold | 173,507 | 135,767 | 11,066 | 18,033 | ||||||||
Shares issued in reinvestments of dividends and distributions | 51,105 | 100,668 | 4,710 | 9,152 | ||||||||
Shares redeemed | (284,223) | (287,548) | (22,575) | (61,176) | ||||||||
Net decrease in shares outstanding | (59,611) | (51,113) | (6,799) | (33,991) | ||||||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | ||||||||||||
Shares sold | 25,145 | 11,467 | 4,473 | 4,345 | ||||||||
Shares issued in reinvestments of dividends and distributions | 23,421 | 52,471 | 2,568 | 5,216 | ||||||||
Shares redeemed | (171,592) | (188,372) | (14,297) | (23,721) | ||||||||
Net decrease in shares outstanding | (123,026) | (124,434) | (7,256) | (14,160) | ||||||||
CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: | ||||||||||||
Shares sold | 266,348 | 222,256 | 167,661 | 226,213 | ||||||||
Shares issued in reinvestments of dividends and distributions | 67,788 | 153,562 | 18,114 | 37,850 | ||||||||
Shares redeemed | (963,052) | (447,341) | (176,421) | (464,148) | ||||||||
Net increase (decrease) in shares outstanding | (628,916) | (71,523) | 9,354 | (200,085) | ||||||||
14 |
The Market Opportunities Fund | The Multi-Disciplinary Income Fund | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income | $823,814 | $1,082,839 | $848,795 | $664,441 | ||||||||
Net realized gain (loss) on sale of investments and foreign currency | 1,152,184 | (726,318) | 212 | (1,798,834) | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | 99,556,362 | (10,472,164) | 33,159 | 1,781,637 | ||||||||
Net increase (decrease) in net assets resulting from operations | 101,532,360 | (10,115,643) | 882,166 | 647,244 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
No Load Class (See Note 5) | (1,298,731) | (797,934) | (831,330) | (670,836) | ||||||||
Advisor Class A (See Note 5) | (123,250) | (63,485) | N/A | N/A | ||||||||
Advisor Class C (See Note 5) | (38,806) | (11,691) | N/A | N/A | ||||||||
Institutional Class (See Note 5) | (263,024) | (205,505) | N/A | N/A | ||||||||
Total distributions to shareholders | (1,723,811) | (1,078,615) | (831,330) | (670,836) | ||||||||
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | ||||||||||||
Proceeds from shares sold | 46,031,959 | 18,354,213 | 3,467,955 | 748,769 | ||||||||
Redemption fees | 53,472 | 3,406 | — | 136 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 1,293,531 | 794,718 | 359,382 | 363,091 | ||||||||
Cost of shares redeemed | (48,192,222) | (15,662,286) | (2,593,080) | (5,292,588) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (813,260) | 3,490,051 | 1,234,257 | (4,180,592) | ||||||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | ||||||||||||
Proceeds from shares sold | 3,213,198 | 1,602,408 | N/A | N/A | ||||||||
Redemption fees | 6,056 | 311 | N/A | N/A | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 111,117 | 56,701 | N/A | N/A | ||||||||
Cost of shares redeemed | (1,724,261) | (1,354,213) | N/A | N/A | ||||||||
Net increase in net assets resulting from capital share transactions | 1,606,110 | 305,207 | N/A | N/A | ||||||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | ||||||||||||
Proceeds from shares sold | 155,821 | 235,261 | N/A | N/A | ||||||||
Redemption fees | 5,095 | 416 | N/A | N/A | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 29,634 | 8,965 | N/A | N/A | ||||||||
Cost of shares redeemed | (2,239,709) | (1,900,355) | N/A | N/A | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (2,049,159) | (1,655,713) | N/A | N/A | ||||||||
15 |
The Market Opportunities Fund | The Multi-Disciplinary Income Fund | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS: | ||||||||||||
Proceeds from shares sold | 7,572,863 | 2,098,017 | N/A | N/A | ||||||||
Redemption fees | 9,672 | 723 | N/A | N/A | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 243,680 | 172,816 | N/A | N/A | ||||||||
Cost of shares redeemed | (14,184,723) | (2,197,198) | N/A | N/A | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (6,358,508) | 74,358 | N/A | N/A | ||||||||
Total increase (decrease) in net assets: | 92,193,732 | (8,980,355) | 1,285,093 | (4,204,184) | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | 131,190,679 | 140,171,034 | 12,120,896 | 16,325,080 | ||||||||
End of period | $223,384,411 | $131,190,679 | $13,405,989 | $12,120,896 | ||||||||
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | ||||||||||||
Shares sold | 658,930 | 461,402 | 344,908 | 75,446 | ||||||||
Shares issued in reinvestments of dividends and distributions | 16,869 | 18,918 | 36,149 | 36,771 | ||||||||
Shares redeemed | (767,370) | (390,959) | (259,566) | (532,766) | ||||||||
Net increase (decrease) in shares outstanding | (91,571) | 89,361 | 121,491 | (420,549) | ||||||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | ||||||||||||
Shares sold | 55,945 | 38,915 | N/A | N/A | ||||||||
Shares issued in reinvestments of dividends and distributions | 1,476 | 1,373 | N/A | N/A | ||||||||
Shares redeemed | (31,353) | (34,303) | N/A | N/A | ||||||||
Net increase in shares outstanding | 26,068 | 5,985 | N/A | N/A | ||||||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | ||||||||||||
Shares sold | 2,738 | 6,010 | N/A | N/A | ||||||||
Shares issued in reinvestments of dividends and distributions | 415 | 229 | N/A | N/A | ||||||||
Shares redeemed | (44,310) | (50,121) | N/A | N/A | ||||||||
Net increase (decrease) in shares outstanding | (41,157) | (43,882) | N/A | N/A | ||||||||
CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: | ||||||||||||
Shares sold | 121,491 | 51,749 | N/A | N/A | ||||||||
Shares issued in reinvestments of dividends and distributions | 3,125 | 4,048 | N/A | N/A | ||||||||
Shares redeemed | (229,314) | (52,636) | N/A | N/A | ||||||||
Net increase (decrease) in shares outstanding | (104,698) | 3,161 | N/A | N/A | ||||||||
16 |
The Kinetics Spin-Off and Corporate Restructuring Fund (Consolidated) | ||||||
For the Year Ended December 31, | ||||||
2024 | 2023 | |||||
OPERATIONS: | ||||||
Net investment income | $343,562 | $66,127 | ||||
Net realized gain on sale of investments and foreign currency | 1,640,709 | 840,254 | ||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | 15,192,766 | (7,529,872) | ||||
Net increase (decrease) in net assets resulting from operations | 17,177,037 | (6,623,491) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||
No Load Class (See Note 5) | (9,975) | (2,351) | ||||
Advisor Class A (See Note 5) | (478,493) | (502,430) | ||||
Advisor Class C (See Note 5) | (11,130) | (28,807) | ||||
Institutional Class (See Note 5) | (1,210,270) | (1,496,121) | ||||
Total distributions to shareholders | (1,709,868) | (2,029,709) | ||||
CAPITAL SHARE TRANSACTIONS - NO LOAD CLASS: | ||||||
Proceeds from shares sold | 198,304 | 16,543 | ||||
Redemption fees | 11 | 20 | ||||
Proceeds from shares issued to holders in reinvestment of dividends | 9,848 | 2,350 | ||||
Cost of shares redeemed | (17,500) | (98,343) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | 190,663 | (79,430) | ||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS A: | ||||||
Proceeds from shares sold | 3,241,621 | 666,170 | ||||
Redemption fees | 2,717 | 1,352 | ||||
Proceeds from shares issued to holders in reinvestment of dividends | 476,428 | 501,499 | ||||
Cost of shares redeemed | (2,497,363) | (3,661,523) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | 1,223,403 | (2,492,502) | ||||
CAPITAL SHARE TRANSACTIONS - ADVISOR CLASS C: | ||||||
Proceeds from shares sold | 159,120 | 30 | ||||
Redemption fees | 119 | 100 | ||||
Proceeds from shares issued to holders in reinvestment of dividends | 11,130 | 24,509 | ||||
Cost of shares redeemed | (431,340) | (383,518) | ||||
Net decrease in net assets resulting from capital share transactions | (260,971) | (358,879) | ||||
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS: | ||||||
Proceeds from shares sold | 2,184,900 | 766,829 | ||||
Redemption fees | 7,835 | 3,496 | ||||
Proceeds from shares issued to holders in reinvestment of dividends | 1,201,335 | 1,189,746 | ||||
Cost of shares redeemed | (5,859,392) | (2,995,966) | ||||
Net decrease in net assets resulting from capital share transactions | (2,465,322) | (1,035,895) | ||||
Total increase (decrease) in net assets: | 14,154,942 | (12,619,906) | ||||
17 |
The Kinetics Spin-Off and Corporate Restructuring Fund (Consolidated) | ||||||
For the Year Ended December 31, | ||||||
2024 | 2023 | |||||
NET ASSETS: | ||||||
Beginning of period | 22,477,431 | 35,097,337 | ||||
End of period | $ 36,632,373 | $22,477,431 | ||||
CHANGES IN SHARES OUTSTANDING - NO LOAD CLASS: | ||||||
Shares sold | 5,472 | 807 | ||||
Shares issued in reinvestments of dividends and distributions | 289 | 119 | ||||
Shares redeemed | (684) | (5,100) | ||||
Net increase (decrease) in shares outstanding | 5,077 | (4,174) | ||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS A: | ||||||
Shares sold | 88,676 | 30,875 | ||||
Shares issued in reinvestments of dividends and distributions | 14,796 | 26,905 | ||||
Shares redeemed | (83,319) | (170,293) | ||||
Net increase (decrease) in shares outstanding | 20,153 | (112,513) | ||||
CHANGES IN SHARES OUTSTANDING - ADVISOR CLASS C: | ||||||
Shares sold | 5,965 | 2 | ||||
Shares issued in reinvestments of dividends and distributions | 385 | 1,455 | ||||
Shares redeemed | (15,282) | (19,975) | ||||
Net decrease in shares outstanding | (8,932) | (18,518) | ||||
CHANGES IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: | ||||||
Shares sold | 79,065 | 34,136 | ||||
Shares issued in reinvestments of dividends and distributions | 37,044 | 63,352 | ||||
Shares redeemed | (211,895) | (143,469) | ||||
Net decrease in shares outstanding | (95,786) | (45,981) | ||||
The accompanying notes are an integral part of these financial statements. |
18 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $58.64 | $45.53 | $60.64 | $53.01 | $33.89 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | (0.10) | 0.40 | (0.30) | (0.83) | (0.29) | ||||||||||
Net realized and unrealized gain (loss) on investments | 44.91 | 13.14 | (14.44) | 8.93 | 19.41 | ||||||||||
Total from investment operations | 44.81 | 13.54 | (14.74) | 8.10 | 19.12 | ||||||||||
Redemption fees | 0.02 | 0.01 | 0.01 | 0.05 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.21) | — | — | — | — | ||||||||||
From net realized gains | (0.75) | (0.44) | (0.38) | (0.52) | — | ||||||||||
Total distributions | (0.96) | (0.44) | (0.38) | (0.52) | — | ||||||||||
Net asset value, end of year | $102.51 | $58.64 | $45.53 | $60.64 | $53.01 | ||||||||||
Total return | 76.44% | 29.76% | (24.28)% | 15.35% | 56.42% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $323,380 | $185,790 | $144,397 | $226,228 | $169,374 | ||||||||||
Ratio of operating expenses to average net assets:(4) | 1.71% | 1.75% | 1.77% | 1.71% | 1.82% | ||||||||||
Ratio of net investment income (loss) to average net assets: | (0.12)% | 0.83% | (0.60)% | (1.29)% | (0.80)% | ||||||||||
Portfolio turnover rate(5) | 43% | 19% | 19% | 4% | 1% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Internet Portfolio. |
19 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $53.03 | $41.31 | $55.20 | $48.42 | $31.03 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | (0.27) | 0.26 | (0.39) | (0.91) | (0.35) | ||||||||||
Net realized and unrealized gain (loss) on investments | 40.56 | 11.89 | (13.13) | 8.17 | 17.74 | ||||||||||
Total from investment operations | 40.29 | 12.15 | (13.52) | 7.26 | 17.39 | ||||||||||
Redemption fees | 0.02 | 0.01 | 0.01 | 0.04 | 0.00(6) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.21) | — | — | — | — | ||||||||||
From net realized gains | (0.75) | (0.44) | (0.38) | (0.52) | — | ||||||||||
Total distributions | (0.96) | (0.44) | (0.38) | (0.52) | — | ||||||||||
Net asset value, end of year | $92.38 | $53.03 | $41.31 | $55.20 | $48.42 | ||||||||||
Total return | 76.00% | 29.43% | (24.47)% | 15.06% | 56.04% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $3,927 | $2,337 | $2,302 | $5,620 | $2,864 | ||||||||||
Ratio of operating expenses to average net assets:(4) | 1.96% | 2.00% | 2.02% | 1.96% | 2.07% | ||||||||||
Ratio of net investment income (loss) to average net assets: | (0.37)% | 0.58% | (0.85)% | (1.54)% | (1.05)% | ||||||||||
Portfolio turnover rate(5) | 43% | 19% | 19% | 4% | 1% | ||||||||||
(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 Class A shares. |
(4) | See Note #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. |
20 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $43.45 | $34.07 | $45.86 | $40.49 | $26.08 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | (0.53) | 0.03 | (0.51) | (1.00) | (0.43) | ||||||||||
Net realized and unrealized gain (loss) on investments | 33.15 | 9.79 | (10.90) | 6.85 | 14.84 | ||||||||||
Total from investment operations | 32.62 | 9.82 | (11.41) | 5.85 | 14.41 | ||||||||||
Redemption fees | 0.02 | 0.00(5) | 0.00(5) | 0.04 | 0.00(5) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.21) | — | — | — | — | ||||||||||
From net realized gains | (0.75) | (0.44) | (0.38) | (0.52) | — | ||||||||||
Total distributions | (0.96) | (0.44) | (0.38) | (0.52) | — | ||||||||||
Net asset value, end of year | $75.13 | $43.45 | $34.07 | $45.86 | $40.49 | ||||||||||
Total return | 75.11% | 28.82% | (24.87)% | 14.52% | 55.25% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $4,044 | $1,896 | $1,247 | $1,893 | $1,560 | ||||||||||
Ratio of operating expenses to average net assets:(3) | 2.46% | 2.50% | 2.52% | 2.46% | 2.57% | ||||||||||
Ratio of net investment income (loss) to average net assets: | (0.87)% | 0.08% | (1.35)% | (2.04)% | (1.55)% | ||||||||||
Portfolio turnover rate(4) | 43% | 19% | 19% | 4% | 1% | ||||||||||
(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 Note #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. |
21 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $9.39 | $8.60 | $9.33 | $8.30 | $6.64 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.10 | 0.15 | 0.02 | (0.09) | (0.03) | ||||||||||
Net realized and unrealized gain (loss) on investments | 6.67 | 0.87 | (0.62) | 1.43 | 1.69 | ||||||||||
Total from investment operations | 6.77 | 1.02 | (0.60) | 1.34 | 1.66 | ||||||||||
Redemption fees | 0.01 | 0.00(3) | 0.00(3) | 0.01 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.16) | (0.23) | — | (0.29) | — | ||||||||||
From net realized gains | — | — | (0.13) | (0.03) | — | ||||||||||
Total distributions | (0.16) | (0.23) | (0.13) | (0.32) | — | ||||||||||
Net asset value, end of year | $16.01 | $9.39 | $8.60 | $9.33 | $8.30 | ||||||||||
Total return | 72.16% | 11.89% | (6.46)% | 16.32% | 25.00% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $40,018 | $11,857 | $21,052 | $19,128 | $13,904 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.04% | 2.13% | 2.07% | 2.08% | 2.45% | ||||||||||
After expense reimbursement(4) | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.78% | 1.81% | 0.25% | (0.90)% | (0.46)% | ||||||||||
Portfolio turnover rate(5) | 34% | 16% | 57% | 7% | 8% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Global Portfolio. |
22 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $9.33 | $8.55 | $9.31 | $8.23 | $6.60 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.07 | 0.13 | 0.00 | (0.11) | (0.05) | ||||||||||
Net realized and unrealized gain (loss) on investments | 6.61 | 0.88 | (0.63) | 1.44 | 1.68 | ||||||||||
Total from investment operations | 6.68 | 1.01 | (0.63) | 1.33 | 1.63 | ||||||||||
Redemption fees | 0.01 | 0.00(3) | 0.00(3) | 0.00(3) | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.12) | (0.23) | — | (0.22) | — | ||||||||||
From net realized gains | — | — | (0.13) | (0.03) | — | ||||||||||
Total distributions | (0.12) | (0.23) | (0.13) | (0.25) | — | ||||||||||
Net asset value, end of year | $ 15.90 | $9.33 | $8.55 | $9.31 | $8.23 | ||||||||||
Total return | 71.69% | 11.82% | (6.79)% | 16.16% | 24.70% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $2,753 | $1,335 | $840 | $595 | $574 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.29% | 2.38% | 2.32% | 2.33% | 2.70% | ||||||||||
After expense reimbursement(5) | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.52% | 1.56% | 0% | (1.15)% | (0.71)% | ||||||||||
Portfolio turnover rate(6) | 34% | 16% | 57% | 7% | 8% | ||||||||||
(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 Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Global Portfolio. |
23 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $8.60 | $7.89 | $8.64 | $7.67 | $6.18 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | — | 0.08 | (0.04) | (0.15) | (0.07) | ||||||||||
Net realized and unrealized gain (loss) on investments | 6.09 | 0.80 | (0.58) | 1.33 | 1.56 | ||||||||||
Total from investment operations | 6.09 | 0.88 | (0.62) | 1.18 | 1.49 | ||||||||||
Redemption fees | 0.01 | 0.00(3) | 0.00(3) | 0.00(3) | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.05) | (0.17) | — | (0.18) | — | ||||||||||
From net realized gains | — | — | (0.13) | (0.03) | — | ||||||||||
Total distributions | (0.05) | (0.17) | (0.13) | (0.21) | — | ||||||||||
Net asset value, end of year | $ 14.65 | $8.60 | $7.89 | $8.64 | $7.67 | ||||||||||
Total return | 70.97% | 11.18% | (7.21)% | 15.44% | 24.11% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $6,844 | $4,732 | $6,574 | $7,439 | $5,982 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.79% | 2.88% | 2.82% | 2.83% | 3.20% | ||||||||||
After expense reimbursement(4) | 2.14% | 2.14% | 2.14% | 2.14% | 2.14% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.03% | 1.06% | (0.50)% | (1.65)% | (1.21)% | ||||||||||
Portfolio turnover rate(5) | 34% | 16% | 57% | 7% | 8% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Global Portfolio. |
24 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $73.13 | $92.91 | $73.37 | $53.99 | $53.38 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.01 | (0.39) | (0.13) | (0.67) | 0.19 | ||||||||||
Net realized and unrealized gain (loss) on investments | 64.65 | (15.26) | 21.52 | 21.26 | 1.59 | ||||||||||
Total from investment operations | 64.66 | (15.65) | 21.39 | 20.59 | 1.78 | ||||||||||
Redemption fees | 0.04 | 0.00(3) | 0.01 | 0.01 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.09) | — | (0.01) | — | (0.18) | ||||||||||
From net realized gains | (3.86) | (4.13) | (1.85) | (1.22) | (0.99) | ||||||||||
Total distributions | (3.95) | (4.13) | (1.86) | (1.22) | (1.17) | ||||||||||
Net asset value, end of year | $133.88 | $73.13 | $92.91 | $73.37 | $53.99 | ||||||||||
Total return | 88.47% | (16.89)% | 29.17% | 38.15% | 3.32% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $607,750 | $338,263 | $517,268 | $368,383 | $274,876 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.66% | 1.68% | 1.67% | 1.68% | 1.72% | ||||||||||
After expense reimbursement(4) | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.01% | (0.51)% | (0.16)% | (0.88)% | 0.42% | ||||||||||
Portfolio turnover rate(5) | 2% | 0% | 0% | 1% | 1% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Paradigm Portfolio. |
25 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $69.61 | $88.90 | $70.44 | $51.99 | $51.47 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | (0.24) | (0.56) | (0.31) | (0.83) | 0.07 | ||||||||||
Net realized and unrealized gain (loss) on investments | 61.46 | (14.60) | 20.62 | 20.49 | 1.51 | ||||||||||
Total from investment operations | 61.22 | (15.16) | 20.31 | 19.66 | 1.58 | ||||||||||
Redemption fees | 0.04 | 0.00(3) | 0.00(3) | 0.01 | 0.00 (3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | — | — | — | — | (0.07) | ||||||||||
From net realized gains | (3.86) | (4.13) | (1.85) | (1.22) | (0.99) | ||||||||||
Total distributions | (3.86) | (4.13) | (1.85) | (1.22) | (1.06) | ||||||||||
Net asset value, end of year | $127.01 | $69.61 | $88.90 | $70.44 | $51.99 | ||||||||||
Total return | 88.00% | (17.10)% | 28.86% | 37.81% | 3.05% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $254,589 | $143,676 | $188,033 | $155,850 | $94,179 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.91% | 1.93% | 1.92% | 1.93% | 1.97% | ||||||||||
After expense reimbursement(5) | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% | ||||||||||
Ratio of net investment income (loss) to average net assets: | (0.24)% | (0.76)% | (0.41)% | (1.13)% | 0.17% | ||||||||||
Portfolio turnover rate(6) | 2% | 0% | 0% | 1% | 1% | ||||||||||
(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 Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Paradigm Portfolio. |
26 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $62.36 | $80.56 | $64.28 | $47.77 | $47.54 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment loss(2) | (0.64) | (0.83) | (0.63) | (1.08) | (0.14) | ||||||||||
Net realized and unrealized gain (loss) on investments | 54.91 | (13.24) | 18.76 | 18.80 | 1.36 | ||||||||||
Total from investment operations | 54.27 | (14.07) | 18.13 | 17.72 | 1.22 | ||||||||||
Redemption fees | 0.03 | 0.00(3) | 0.00(3) | 0.01 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net realized gains | (3.86) | (4.13) | (1.85) | (1.22) | (0.99) | ||||||||||
Total distributions | (3.86) | (4.13) | (1.85) | (1.22) | (0.99) | ||||||||||
Net asset value, end of year | $112.80 | $62.36 | $80.56 | $64.28 | $47.77 | ||||||||||
Total return | 87.06% | (17.52)% | 28.22% | 37.11% | 2.56% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $89,897 | $57,370 | $84,135 | $71,947 | $84,597 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.41% | 2.43% | 2.42% | 2.43% | 2.47% | ||||||||||
After expense reimbursement(4) | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% | ||||||||||
Ratio of net investment loss to average net assets: | (0.74)% | (1.26)% | (0.91)% | (1.63)% | (0.33)% | ||||||||||
Portfolio turnover rate(5) | 2% | 0% | 0% | 1% | 1% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Paradigm Portfolio. |
27 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $74.10 | $93.89 | $74.09 | $54.51 | $53.87 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.22 | (0.24) | 0.03 | (0.52) | 0.28 | ||||||||||
Net realized and unrealized gain (loss) on investments | 65.57 | (15.42) | 21.77 | 21.47 | 1.64 | ||||||||||
Total from investment operations | 65.79 | (15.66) | 21.80 | 20.95 | 1.92 | ||||||||||
Redemption fees | 0.04 | 0.00(3) | 0.00 (3) | 0.01 | 0.00 | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.29) | — | (0.15) | (0.16) | (0.29) | ||||||||||
From net realized gains | (3.86) | (4.13) | (1.85) | (1.22) | (0.99) | ||||||||||
Total distributions | (4.15) | (4.13) | (2.00) | (1.38) | (1.28) | ||||||||||
Net asset value, end of year | $135.78 | $74.10 | $93.89 | $74.09 | $54.51 | ||||||||||
Total return | 88.83% | (16.73)% | 29.43% | 38.44% | 3.55% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $321,969 | $222,295 | $288,387 | $229,996 | $184,693 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.61% | 1.63% | 1.62% | 1.63% | 1.67% | ||||||||||
After expense reimbursement(4) | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.21% | (0.31)% | 0.04% | (0.68)% | 0.62% | ||||||||||
Portfolio turnover rate(5) | 2% | 0% | 0% | 1% | 1% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Paradigm Portfolio. |
28 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $104.27 | $130.35 | $98.78 | $66.81 | $65.31 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.90 | 0.25 | 0.07 | (0.91) | 0.43 | ||||||||||
Net realized and unrealized gain (loss) on investments | 70.50 | (19.35) | 31.47 | 34.48 | 1.07 | ||||||||||
Total from investment operations | 71.40 | (19.10) | 31.54 | 33.57 | 1.50 | ||||||||||
Redemption fees | 0.06 | 0.02 | 0.03 | 0.05 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (2.94) | (1.30) | — | (1.65) | — | ||||||||||
From net realized gains | (3.13) | (5.70) | — | — | — | ||||||||||
Total distributions | (6.07) | (7.00) | — | (1.65) | — | ||||||||||
Net asset value, end of year | $169.66 | $104.27 | $130.35 | $98.78 | $66.81 | ||||||||||
Total return | 68.52% | (14.69)% | 31.96% | 50.33% | 2.30% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $336,526 | $204,889 | $327,093 | $195,631 | $126,350 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.69% | 1.72% | 1.69% | 1.70% | 1.78% | ||||||||||
After expense reimbursement(4) | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.65% | 0.22% | 0.07% | (0.93)% | 0.78% | ||||||||||
Portfolio turnover rate(5) | 6% | 2% | 6% | 3% | 0% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
29 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $ 100.03 | $125.37 | $95.24 | $64.41 | $63.12 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.53 | (0.03) | (0.20) | (1.12) | 0.28 | ||||||||||
Net realized and unrealized gain (loss) on investments | 67.55 | (18.61) | 30.30 | 33.24 | 1.01 | ||||||||||
Total from investment operations | 68.08 | (18.64) | 30.10 | 32.12 | 1.29 | ||||||||||
Redemption fees | 0.05 | 0.02 | 0.03 | 0.05 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (2.58) | (1.02) | — | (1.34) | — | ||||||||||
From net realized gains | (3.13) | (5.70) | — | — | — | ||||||||||
Total distributions | (5.71) | (6.72) | — | (1.34) | — | ||||||||||
Net asset value, end of year | $ 162.45 | $100.03 | $125.37 | $95.24 | $64.41 | ||||||||||
Total return | 68.10% | (14.91)% | 31.64% | 49.94% | 2.04% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $24,368 | $15,685 | $23,920 | $14,755 | $8,172 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.94% | 1.97% | 1.94% | 1.95% | 2.03% | ||||||||||
After expense reimbursement(5) | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.40% | (0.03)% | (0.18)% | (1.18)% | 0.53% | ||||||||||
Portfolio turnover rate(6) | 6% | 2% | 6% | 3% | 0% | ||||||||||
(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 Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
30 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $93.93 | $118.14 | $90.20 | $60.85 | $59.93 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | (0.12) | (0.53) | (0.69) | (1.49) | 0.02 | ||||||||||
Net realized and unrealized gain (loss) on investments | 63.25 | (17.53) | 28.60 | 31.38 | 0.90 | ||||||||||
Total from investment operations | 63.13 | (18.06) | 27.91 | 29.89 | 0.92 | ||||||||||
Redemption fees | 0.05 | 0.02 | 0.03 | 0.05 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (2.01) | (0.47) | — | (0.59) | — | ||||||||||
From net realized gains | (3.13) | (5.70) | — | — | — | ||||||||||
Total distributions | (5.14) | (6.17) | — | (0.59) | — | ||||||||||
Net asset value, end of year | $151.97 | $93.93 | $118.14 | $90.20 | $60.85 | ||||||||||
Total return | 67.25% | (15.32)% | 30.98% | 49.20% | 1.53% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $12,482 | $8,396 | $12,234 | $9,219 | $8,684 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.44% | 2.46% | 2.44% | 2.45% | 2.53% | ||||||||||
After expense reimbursement(4) | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% | ||||||||||
Ratio of net investment income (loss) to average net assets: | (0.10)% | (0.53)% | (0.68)% | (1.68)% | 0.03% | ||||||||||
Portfolio turnover rate(5) | 6% | 2% | 6% | 3% | 0% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
31 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $ 106.78 | $133.32 | $100.83 | $68.25 | $66.58 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 1.21 | 0.48 | 0.31 | (0.73) | 0.55 | ||||||||||
Net realized and unrealized gain (loss) on investments | 72.26 | (19.78) | 32.14 | 35.22 | 1.12 | ||||||||||
Total from investment operations | 73.47 | (19.30) | 32.45 | 34.49 | 1.67 | ||||||||||
Redemption fees | 0.06 | 0.02 | 0.04 | 0.06 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (3.20) | (1.56) | — | (1.97) | — | ||||||||||
From net realized gains | (3.13) | (5.70) | — | — | — | ||||||||||
Total distributions | (6.33) | (7.26) | — | (1.97) | — | ||||||||||
Net asset value, end of year | $ 173.98 | $106.78 | $133.32 | $100.83 | $68.25 | ||||||||||
Total return | 68.85% | (14.52)% | 32.22% | 50.62% | 2.51% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $92,045 | $55,494 | $95,963 | $49,484 | $35,118 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.64% | 1.67% | 1.64% | 1.65% | 1.73% | ||||||||||
After expense reimbursement(4) | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.85% | 0.42% | 0.27% | (0.73)% | 0.98% | ||||||||||
Portfolio turnover rate(5) | 6% | 2% | 6% | 3% | 0% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Small Cap Opportunities Portfolio. |
32 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $41.85 | $45.55 | $40.16 | $31.85 | $26.71 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.31 | 0.36 | 0.07 | (0.33) | 0.10 | ||||||||||
Net realized and unrealized gain (loss) on investments | 34.85 | (3.70) | 5.94 | 9.25 | 5.12 | ||||||||||
Total from investment operations | 35.16 | (3.34) | 6.01 | 8.92 | 5.22 | ||||||||||
Redemption fees | 0.03 | 0.00(3) | 0.00(3) | 0.02 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.53) | (0.36) | (0.02) | (0.59) | (0.08) | ||||||||||
From net realized gains | (0.09) | — | (0.60) | (0.04) | — | ||||||||||
Total distributions | (0.62) | (0.36) | (0.62) | (0.63) | (0.08) | ||||||||||
Net asset value, end of year | $76.42 | $41.85 | $45.55 | $40.16 | $31.85 | ||||||||||
Total return | 84.08% | (7.33)% | 14.98% | 28.04% | 19.55% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $161,183 | $92,117 | $96,190 | $86,943 | $66,570 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.72% | 1.76% | 1.76% | 1.75% | 1.85% | ||||||||||
After expense reimbursement(4) | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.53% | 0.90% | 0.18% | (0.79)% | 0.40% | ||||||||||
Portfolio turnover rate(5) | 7% | 5% | 13% | 2% | 2% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Market Opportunities Portfolio. |
33 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $41.14 | $44.81 | $39.54 | $31.36 | $26.29 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.16 | 0.26 | (0.03) | (0.43) | 0.04 | ||||||||||
Net realized and unrealized gain (loss) on investments | 34.20 | (3.65) | 5.83 | 9.10 | 5.04 | ||||||||||
Total from investment operations | 34.36 | (3.39) | 5.80 | 8.67 | 5.08 | ||||||||||
Redemption fees | 0.03 | 0.00(3) | 0.00(3) | 0.02 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.40) | (0.28) | — | (0.47) | (0.01) | ||||||||||
From net realized gains | (0.09) | — | (0.53) | (0.04) | — | ||||||||||
Total distributions | (0.49) | (0.28) | (0.53) | (0.51) | (0.01) | ||||||||||
Net asset value, end of year | $75.04 | $41.14 | $44.81 | $39.54 | $31.36 | ||||||||||
Total return | 83.60% | (7.56)% | 14.69% | 27.70% | 19.31% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $18,806 | $9,238 | $9,794 | $8,786 | $6,442 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.97% | 2.01% | 2.01% | 2.00% | 2.10% | ||||||||||
After expense reimbursement(5) | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.28% | 0.65% | (0.07)% | (1.04)% | 0.15% | ||||||||||
Portfolio turnover rate(6) | 7% | 5% | 13% | 2% | 2% | ||||||||||
(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 Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Portfolio turnover of The Market Opportunities Portfolio. |
34 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $39.06 | $42.51 | $37.72 | $29.79 | $25.10 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | (0.12) | 0.06 | (0.22) | (0.60) | (0.08) | ||||||||||
Net realized and unrealized gain (loss) on investments | 32.38 | (3.46) | 5.54 | 8.65 | 4.77 | ||||||||||
Total from investment operations | 32.26 | (3.40) | 5.32 | 8.05 | 4.69 | ||||||||||
Redemption fees | 0.02 | 0.00(5) | 0.00(5) | 0.02 | 0.00(5) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.09) | (0.05) | — | (0.10) | — | ||||||||||
From net realized gains | (0.09) | — | (0.53) | (0.04) | — | ||||||||||
Total distributions | (0.18) | (0.05) | (0.53) | (0.14) | — | ||||||||||
Net asset value, end of year | $71.16 | $39.06 | $42.51 | $37.72 | $29.79 | ||||||||||
Total return | 82.65% | (8.01)% | 14.12% | 27.06% | 18.69% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $15,057 | $9,871 | $12,610 | $11,087 | $9,392 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.47% | 2.51% | 2.51% | 2.50% | 2.60% | ||||||||||
After expense reimbursement(3) | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% | ||||||||||
Ratio of net investment income (loss) to average net assets: | (0.22)% | 0.15% | (0.57)% | (1.54)% | (0.35)% | ||||||||||
Portfolio turnover rate(4) | 7% | 5% | 13% | 2% | 2% | ||||||||||
(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 Note #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. |
35 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $42.54 | $46.29 | $40.79 | $32.34 | $27.11 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.42 | 0.45 | 0.16 | (0.25) | 0.15 | ||||||||||
Net realized and unrealized gain (loss) on investments | 35.46 | (3.76) | 6.04 | 9.39 | 5.22 | ||||||||||
Total from investment operations | 35.88 | (3.31) | 6.20 | 9.14 | 5.37 | ||||||||||
Redemption fees | 0.02 | 0.00(3) | 0.00(3) | 0.02 | — | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.63) | (0.44) | (0.03) | (0.67) | (0.14) | ||||||||||
From net realized gains | (0.09) | — | (0.67) | (0.04) | — | ||||||||||
Total distributions | (0.72) | (0.44) | (0.70) | (0.71) | (0.14) | ||||||||||
Net asset value, end of year | $77.72 | $42.54 | $46.29 | $40.79 | $32.34 | ||||||||||
Total return | 84.40% | (7.14)% | 15.21% | 28.31% | 19.79% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $28,338 | $19,964 | $21,577 | $22,655 | $14,260 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.67% | 1.71% | 1.71% | 1.70% | 1.80% | ||||||||||
After expense reimbursement(3) | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.73% | 1.10% | 0.38% | (0.59)% | 0.60% | ||||||||||
Portfolio turnover rate(4) | 7% | 5% | 13% | 2% | 2% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Market Opportunities Portfolio. |
36 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $9.92 | $9.94 | $10.40 | $10.45 | $10.95 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income(2) | 0.65 | 0.49 | 0.21 | 0.18 | 0.33 | ||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | 0.01 | (0.45) | (0.07) | (0.50) | ||||||||||
Total from investment operations | 0.68 | 0.50 | (0.24) | 0.11 | (0.17) | ||||||||||
Redemption fees | 0.00 | 0.00(3) | 0.00(3) | 0.01 | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.62) | (0.52) | (0.22) | (0.17) | (0.33) | ||||||||||
Total distributions | (0.62) | (0.52) | (0.22) | (0.17) | (0.33) | ||||||||||
Net asset value, end of year | $9.98 | $9.92 | $9.94 | $10.40 | $10.45 | ||||||||||
Total return | 7.05% | 5.15% | (2.30)% | 1.18% | (1.38)% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $13,406 | $12,121 | $16,325 | $3,202 | $3,698 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.17% | 1.64% | 2.30% | 2.10% | 2.13% | ||||||||||
After expense reimbursement(4) | 0.76% | 1.03% (6) | 1.49% | 1.49% | 1.49% | ||||||||||
Ratio of net investment income to average net assets: | 6.52% | 4.94% | 2.06% | 1.72% | 3.14% | ||||||||||
Portfolio turnover rate(5) | 37% | 37% | 0% | 0% | 0% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(5) | Portfolio turnover of The Multi-Disciplinary Income Portfolio. |
(6) | Effective as of April 30, 2023, the Adviser has agreed to reduce the expense limitation for the Multi-Disciplinary Income Fund from 1.49% to 0.74%. |
37 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $ 19.46 | $26.33 | $19.20 | $13.45 | $12.83 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.32 | 0.03 | 0.08 | (0.11) | 0.10 | ||||||||||
Net realized and unrealized gain (loss) on investments | 15.73 | (5.17) | 7.49 | 5.88 | 0.60 | ||||||||||
Total from investment operations | 16.05 | (5.14) | 7.57 | 5.77 | 0.70 | ||||||||||
Redemption fees | 0.01 | 0.01 | 0.00(3) | 0.00(3) | — | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.40) | (0.03) | — | (0.02) | (0.08) | ||||||||||
From net realized gains | (1.20) | (1.71) | (0.44) | — | — | ||||||||||
Total distributions | (1.60) | (1.74) | (0.44) | (0.02) | (0.08) | ||||||||||
Net asset value, end of year | $33.92 | $19.46 | $26.33 | $19.20 | $13.45 | ||||||||||
Total return | 82.47% | (19.59)% | 39.43% | 42.90% | 5.44% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $222 | $29 | $149 | $125 | $18 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.77% | 1.83% | 1.79% | 1.84% | 2.17% | ||||||||||
After expense reimbursement(4) | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 1.06% | 0.15% | 0.36% | (0.57)% | 0.92% | ||||||||||
Portfolio turnover rate | 6% | 1% | 4% | 1% | 0% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
38 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $18.42 | $25.05 | $18.28 | $12.82 | $12.25 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.26 | 0.02 | 0.06 | (0.12) | 0.09 | ||||||||||
Net realized and unrealized gain (loss) on investments | 14.91 | (4.91) | 7.15 | 5.60 | 0.55 | ||||||||||
Total from investment operations | 15.17 | (4.89) | 7.21 | 5.48 | 0.64 | ||||||||||
Redemption fees | 0.01 | 0.00(3) | 0.00(3) | 0.00(3) | — | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.30) | (0.03) | — | (0.02) | (0.07) | ||||||||||
From net realized gains | (1.20) | (1.71) | (0.44) | — | — | ||||||||||
Total distributions | (1.50) | (1.74) | (0.44) | (0.02) | (0.07) | ||||||||||
Net asset value, end of year | $32.10 | $18.42 | $25.05 | $18.28 | $12.82 | ||||||||||
Total return | 82.36% | (19.63)% | 39.45% | 42.75% | 5.21% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $10,684 | $5,758 | $10,649 | $5,869 | $2,521 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.02% | 2.08% | 2.04% | 2.09% | 2.41% | ||||||||||
After expense reimbursement(5) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 1.00% | 0.09% | 0.30% | (0.62)% | 0.87% | ||||||||||
Portfolio turnover rate | 6% | 1% | 4% | 1% | 0% | ||||||||||
(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 Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
39 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $ 16.64 | $23.01 | $16.95 | $11.98 | $11.47 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.06 | (0.13) | (0.08) | (0.23) | 0.01 | ||||||||||
Net realized and unrealized gain (loss) on investments | 13.42 | (4.50) | 6.58 | 5.23 | 0.50 | ||||||||||
Total from investment operations | 13.48 | (4.63) | 6.50 | 5.00 | 0.51 | ||||||||||
Redemption fees | 0.01 | 0.00(4) | 0.00(4) | 0.00(4) | — | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.07) | (0.03) | — | (0.03) | (0.00)(6) | ||||||||||
From net realized gains | (1.20) | (1.71) | (0.44) | — | — | ||||||||||
Total distributions | (1.27) | (1.74) | (0.44) | (0.03) | (0.00)(6) | ||||||||||
Net asset value, end of year | $28.86 | $16.64 | $23.01 | $16.95 | $11.98 | ||||||||||
Total return | 81.04% | (20.24)% | 38.36% | 41.73% | 4.47% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $264 | $301 | $842 | $940 | $2,611 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 2.52% | 2.58% | 2.54% | 2.59% | 2.91% | ||||||||||
After expense reimbursement(3) | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.25% | (0.66)% | (0.43)% | (1.37)% | 0.12% | ||||||||||
Portfolio turnover rate | 6% | 1% | 4% | 1% | 0% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(4) | Amount calculated is less than $0.005. |
40 |
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA:(1) | |||||||||||||||
Net asset value, beginning of year | $18.56 | $25.25 | $18.40 | $12.87 | $12.32 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income (loss)(2) | 0.32 | 0.07 | 0.12 | (0.07) | 0.12 | ||||||||||
Net realized and unrealized gain (loss) on investments | 15.06 | (4.95) | 7.21 | 5.62 | 0.55 | ||||||||||
Total from investment operations | 15.38 | (4.88) | 7.33 | 5.55 | 0.67 | ||||||||||
Redemption fees | 0.01 | 0.00(3) | 0.00(3) | 0.00(3) | 0.00(3) | ||||||||||
LESS DISTRIBUTIONS: | |||||||||||||||
From net investment income | (0.41) | (0.10) | (0.04) | (0.02) | (0.12) | ||||||||||
From net realized gains | (1.20) | (1.71) | (0.44) | — | — | ||||||||||
Total distributions | (1.61) | (1.81) | (0.48) | (0.02) | (0.12) | ||||||||||
Net asset value, end of year | $32.34 | $18.56 | $25.25 | $18.40 | $12.87 | ||||||||||
Total return | 82.86% | (19.43)% | 39.82% | 43.12% | 5.46% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | |||||||||||||||
Net assets, end of Year (000’s) | $25,461 | $16,389 | $23,458 | $17,377 | $12,387 | ||||||||||
Ratio of operating expenses to average net assets: | |||||||||||||||
Before expense reimbursement | 1.72% | 1.78% | 1.74% | 1.79% | 2.11% | ||||||||||
After expense reimbursement(4) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 1.25% | 0.35% | 0.56% | (0.37)% | 1.12% | ||||||||||
Portfolio turnover rate | 6% | 1% | 4% | 1% | 0% | ||||||||||
(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 Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
41 |
Interest in Master Portfolio | |||
The Internet Fund | 99.973% | ||
The Global Fund | 99.949% | ||
The Paradigm Fund | 95.718% | ||
The Small Cap Opportunities Fund | 99.954% | ||
The Market Opportunities Fund | 99.962% | ||
The Multi-Disciplinary Income Fund | 98.445% | ||
42 |
43 |
44 |
45 |
46 |
The Internet Fund | The Global Fund | |||||
No Load Class | 1.75% | 1.39% | ||||
Class A | 2.00% | 1.64% | ||||
Class C | 2.50% | 2.14% | ||||
The Paradigm Fund | The Small Cap Opportunities Fund | |||||
No Load Class | 1.64% | 1.64% | ||||
Class A | 1.89% | 1.89% | ||||
Class C | 2.39% | 2.39% | ||||
Institutional Class | 1.44% | 1.44% | ||||
The Market Opportunities Fund | The Multi-Disciplinary Income Fund | |||||
No Load Class | 1.40% | 0.74% | ||||
Class A | 1.65% | N/A | ||||
Class C | 2.15% | N/A | ||||
Institutional Class | 1.20% | N/A | ||||
The Spin-Off Fund | ||||||
No Load Class | 1.45% | |||||
Class A | 1.50% | |||||
Class C | 2.25% | |||||
Institutional Class | 1.25% | |||||
The Internet Fund | The Global Fund | |||||
Annual Advisory Rate | 1.25% | 1.25% | ||||
Expenses Reimbursed by Adviser through voluntary waiver | $— | $198,353 | ||||
47 |
The Paradigm Fund | The Small Cap Opportunities Fund | |||||
Annual Advisory Rate | 1.25% | 1.25% | ||||
Expenses Reimbursed by Adviser through voluntary waiver | $174,303 | $164,624 | ||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $404,262 | $99,009 | ||||
The Market Opportunities Fund | The Multi-Disciplinary Income Fund | |||||
Annual Advisory Rate | 1.25% | 1.00% | ||||
Expenses Reimbursed by Adviser through voluntary waiver | $549,141 | $52,698 | ||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $37,551 | N/A | ||||
The Spin-Off Fund | ||||||
Annual Advisory Rate | 1.00% | |||||
Expenses Reimbursed by Adviser through voluntary waiver | $109,746 | |||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $31,628 | |||||
Shareholder Servicing Expenses for the period ended December 31, 2024 | |||
The Internet Fund | $651,656 | ||
The Global Fund | 75,923 | ||
The Paradigm Fund | 2,362,045 | ||
The Small Cap Opportunities Fund | 833,891 | ||
The Market Opportunities Fund | 411,745 | ||
The Multi-Disciplinary Income Fund | 32,540 | ||
The Spin-off Fund | 62,462 | ||
48 |
12b-1 Expenses for the period ended December 31, 2024 | ||||||
Advisor Class A | Advisor Class C | |||||
The Internet Fund | $8,298 | $22,996 | ||||
The Global Fund | 5,162 | 43,908 | ||||
The Paradigm Fund | 498,868 | 528,207 | ||||
The Small Cap Opportunities Fund | 49,898 | 75,365 | ||||
The Market Opportunities Fund | 33,326 | 91,614 | ||||
The Spin-off Fund | 19,380 | 2,285 | ||||
Distributor Sales Load Fees for the period ended December 31, 2024 | |||
The Internet Fund | $1,022 | ||
The Global Fund | 407 | ||
The Paradigm Fund | 31,517 | ||
The Small Cap Opportunities Fund | 1,075 | ||
The Market Opportunities Fund | 1,417 | ||
The Multi-Disciplinary Income Fund | — | ||
The Spin-off Fund | 664 | ||
Increase/(Decrease) | ||||||
Accumulated Earnings (Deficit) | Paid In Capital | |||||
The Internet Fund | $(887,066) | $887,066 | ||||
The Global Fund | $(12,179) | $12,179 | ||||
The Paradigm Fund | $(7,339,539) | $7,339,539 | ||||
The Small Cap Opportunities Fund | $(471,411) | $471,411 | ||||
The Market Opportunities Fund | $(481,113) | $481,113 | ||||
The Multi-Disciplinary Income Fund | $— | $— | ||||
The Spin-Off Fund | $(249,519) | $249,519 | ||||
49 |
Internet | Global | Paradigm | Small Cap Opportunities | |||||||||
Net Unrealized Appreciation | $ 232,573,044 | $23,195,307 | $1,112,925,602 | $298,250,979 | ||||||||
Undistributed Ordinary Income | 93,433 | 171,360 | — | — | ||||||||
Undistributed Long-Term Capital Gains | 1,197,537 | — | 23,818,116 | — | ||||||||
Total Distributable Earnings | $1,290,970 | $171,360 | $23,818,116 | $— | ||||||||
Other Accumulated Loss | — | (61,733) | (1,542,497) | (1,605,542) | ||||||||
Total Accumulated Gain | $ 233,864,014 | $23,304,934 | $1,135,201,221 | $296,645,437 | ||||||||
Market Opportunities | Multi- DisciplinaryIncome | Spin-Off Fund | |||||||
Net Unrealized Appreciation | $ 170,705,757 | $70,197 | $30,375,317 | ||||||
Undistributed Ordinary Income | 277,412 | 50,965 | 43,075 | ||||||
Undistributed Long-Term Capital Gains | 37,923 | — | 170,922 | ||||||
Total Distributable Earnings | $315,335 | $50,965 | $213,997 | ||||||
Other Accumulated Loss | (67,482) | (5,464,093) | — | ||||||
Total Accumulated Gain (Loss) | $ 170,953,610 | $(5,342,931) | $30,589,314 | ||||||
Capital Loss Carryforward | |||||||||
Short-Term | Long-Term | Total | |||||||
The Internet Fund | $— | $— | $— | ||||||
The Global Fund | 11,749 | — | 11,749 | ||||||
The Paradigm Fund | — | — | — | ||||||
The Small Cap Opportunities Fund | — | — | — | ||||||
The Market Opportunities Fund | — | — | — | ||||||
The Multi-Disciplinary Income Fund | 13,004 | 5,451,089 | 5,464,093 | ||||||
The Spin-Off Fund | — | — | — | ||||||
Capital Losses Utilized | |||
The Internet Fund | $— | ||
The Global Fund | 215,150 | ||
The Paradigm Fund | — | ||
The Small Cap Opportunities Fund | — | ||
The Market Opportunities Fund | 494,017 | ||
The Multi-Disciplinary Income Fund | — | ||
The Spin-Off Fund | — | ||
50 |
Post-October Capital Loss Deferral | |||
The Internet Fund | $— | ||
The Global Fund | — | ||
The Paradigm Fund | 1,542,497 | ||
The Small Cap Opportunities Fund | 1,605,542 | ||
The Market Opportunities Fund | — | ||
The Multi-Disciplinary Income Fund | — | ||
The Spin-Off Fund | — | ||
The Internet Fund | The Global Fund | |||||||||||
Ordinary Income Distribution | Long-Term Capital Gains Distribution | Ordinary Income Distribution | Long-Term Capital Gains Distribution | |||||||||
2024 | $672,765 | $2,413,529 | $435,355 | $ — | ||||||||
2023 | $— | $1,427,746 | $414,068 | $ — | ||||||||
The Paradigm Fund | The Small Cap Opportunities Fund | |||||||||||
Ordinary Income Distribution | Long-Term Capital Gains Distribution | Ordinary Income Distribution | Long-Term Capital Gains Distribution | |||||||||
2024 | $1,084,208 | $36,608,342 | $4,384,242 | $11,803,574 | ||||||||
2023 | $— | $42,175,561 | $3,518,981 | $15,242,941 | ||||||||
The Market Opportunities Fund | The Multi-Disciplinary Income Fund | |||||||||||
Ordinary Income Distribution | Long-Term Capital Gains Distribution | Ordinary Income Distribution | Long-Term Capital Gains Distribution | |||||||||
2024 | $1,449,269 | $274,542 | $831,330 | $— | ||||||||
2023 | $1,078,615 | $ — | $670,836 | $ — | ||||||||
The Spin-Off Fund | ||||||
Ordinary Income Distribution | Long-Term Capital Gains Distribution | |||||
2024 | $406,111 | $1,303,757 | ||||
2023 | $89,721 | $1,939,988 | ||||
51 |
Purchases | Sales | |||||||||||
U.S. Government | Other | U.S. Government | Other | |||||||||
The Spin-off Fund | $ — | $1,527,525 | $ — | $2,480,682 | ||||||||
The Spin-Off Fund | |||
Tax Cost of Investments | $4,925,951 | ||
Unrealized Appreciation | 30,780,701 | ||
Unrealized Depreciation | (405,380) | ||
Net Unrealized Appreciation | $30,375,321 | ||
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Spin-Off Fund has the ability to access. |
| Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Spin-Off Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
52 |
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | $34,979,498 | $121,278 | $ — | $35,100,776 | ||||||||
Closed-End Funds | — | — | — | — | ||||||||
Unit Investment Trust | 192,751 | — | — | 192,751 | ||||||||
Exchange Traded Funds | 7,745 | — | — | 7,745 | ||||||||
Total Investments in Securities | $ 35,179,994 | $121,278 | $— | $35,301,272 | ||||||||
^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
The Internet Fund | 83.03% | ||
The Global Fund | 82.17% | ||
The Paradigm Fund | 100.00% | ||
The Small Cap Opportunities Fund | 100.00% | ||
The Market Opportunities Fund | 100.00% | ||
The Multi-Disciplinary Income Fund | 0.00% | ||
The Spin-Off Fund | 100.00% | ||
53 |
The Internet Fund | 83.35% | ||
The Global Fund | 34.59% | ||
The Paradigm Fund | 100.00% | ||
The Small Cap Opportunities Fund | 96.09% | ||
The Market Opportunities Fund | 97.80% | ||
The Multi-Disciplinary Income Fund | 0.00% | ||
The Spin-Off Fund | 100.00% | ||
The Internet Fund | 16.97% | ||
The Global Fund | 17.83% | ||
The Paradigm Fund | 0.00% | ||
The Small Cap Opportunities Fund | 0.00% | ||
The Market Opportunities Fund | 0.00% | ||
The Multi-Disciplinary Income Fund | 98.42% | ||
The Spin-Off Fund | 0.00% | ||
The Internet Fund | 0.00% | ||
The Global Fund | 0.00% | ||
The Paradigm Fund | 0.00% | ||
The Small Cap Opportunities Fund | 0.00% | ||
The Market Opportunities Fund | 0.00% | ||
The Multi-Disciplinary Income Fund | 0.00% | ||
The Spin-Off Fund | 0.00% | ||
Ordinary | Long- Term | |||||
The Internet Fund | 21.80% | 78.20% | ||||
The Global Fund | 100.00% | 0.00% | ||||
The Paradigm Fund | 2.88% | 97.12% | ||||
The Small Cap Opportunities Fund | 27.08% | 72.92% | ||||
The Market Opportunities Fund | 84.07% | 15.93% | ||||
The Multi-Disciplinary Income Fund | 100.00% | 0.00% | ||||
The Spin-Off Fund | 23.75% | 76.25% | ||||
54 |
55 |
56 |
Shares | Value | |||||
UNIT INVESTMENT TRUSTS - 53.2% | ||||||
Grayscale Bitcoin Mini Trust ETF(a) | 428,419 | $17,937,903 | ||||
Grayscale Bitcoin Trust ETF(a)(b)(c) | 2,142,099 | 158,558,168 | ||||
176,496,071 | ||||||
TOTAL UNIT INVESTMENT TRUSTS (Cost $6,613,988) | 176,496,071 | |||||
COMMON STOCKS - 33.9% | ||||||
Administrative and Support Services - 0.0%(d) | ||||||
CreditRiskMonitor.com, Inc.(a) | 780 | 2,359 | ||||
Aerospace and Defense - 4.9% | ||||||
CACI International, Inc. - Class A(a) | 40,000 | 16,162,400 | ||||
Broadcasting (except Internet) - 0.2% | ||||||
Atlanta Braves Holdings, Inc. - Class A(a) | 8,000 | 326,400 | ||||
Atlanta Braves Holdings, Inc. - Class C(a) | 8,000 | 306,080 | ||||
632,480 | ||||||
Data Processing, Hosting, and Related Services - 1.4% | ||||||
Mastercard, Inc. - Class A | 5,000 | 2,632,850 | ||||
Verisk Analytics, Inc. | 7,000 | 1,928,010 | ||||
4,560,860 | ||||||
Entertainment - 0.2% | ||||||
IG Port, Inc. | 32,000 | 490,540 | ||||
Financial Services - 0.0%(d) | ||||||
Hellenic Exchanges - Athens Stock Exchange SA | 16,400 | 76,616 | ||||
Funds, Trusts, and Other Financial Vehicles - 0.3% | ||||||
Mesabi Trust(b) | 37,900 | 1,065,369 | ||||
Global Exchanges - 0.0%(d) | ||||||
Japan Exchange Group, Inc. - ADR | 6,200 | 69,068 | ||||
Management of Companies and Enterprises - 0.7% | ||||||
Galaxy Digital Holdings Ltd.(a) | 140,000 | 2,433,893 | ||||
Management, Scientific, and Technical Consulting Services - 0.0%(d) | ||||||
Booz Allen Hamilton Holding Corp. | 638 | 82,111 | ||||
Media - 0.0%(d) | ||||||
Toei Animation Co. Ltd. | 7,000 | 157,266 | ||||
Office Administrative Services - 0.3% | ||||||
DigitalBridge Group, Inc. | 80,400 | 906,912 | ||||
Offices of Real Estate Agents and Brokers - 1.0% | ||||||
Landbridge Co. LLC(a) | 49,975 | 2,905,546 | ||||
Shares | Value | |||||
Landbridge Co. LLC - Class A | 5,400 | $348,840 | ||||
3,254,386 | ||||||
Oil and Gas Extraction - 21.1% | ||||||
Permian Basin Royalty Trust | 12,550 | 139,054 | ||||
Texas Pacific Land Corp. | 63,078 | 69,761,745 | ||||
69,900,799 | ||||||
Other Financial Investment Activities - 0.6% | ||||||
Bakkt Holdings, Inc.(a)(b) | 80,000 | 1,981,600 | ||||
Other Motor Vehicle Dealers - 0.0%(d) | ||||||
Copart, Inc.(a) | 400 | 22,956 | ||||
Performing Arts, Spectator Sports, and Related Industries - 0.1% | ||||||
Madison Square Garden Entertainment Corp.(a) | 4,000 | 142,400 | ||||
Sphere Entertainment Co.(a) | 4,000 | 161,280 | ||||
303,680 | ||||||
Securities and Commodities Exchanges - 1.2% | ||||||
CME Group, Inc. | 4,000 | 928,920 | ||||
Miami International Holdings Inc.(a)(e) | 268,000 | 2,913,160 | ||||
Nasdaq, Inc. | 2,100 | 162,351 | ||||
4,004,431 | ||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9% | ||||||
OTC Markets Group, Inc. - Class A | 121,000 | 6,196,713 | ||||
S&P Global, Inc. | 113 | 56,277 | ||||
6,252,990 | ||||||
TOTAL COMMON STOCKS (Cost $49,268,192) | 112,360,716 | |||||
Contracts | ||||||
WARRANTS - 0.0%(d) | ||||||
Securities and Commodities Exchanges - 0.0%(d) | ||||||
Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50(a)(e) | 40,819 | 138,785 | ||||
TOTAL WARRANTS (Cost $0) | 138,785 | |||||
TOTAL INVESTMENTS - 87.1% (Cost $55,882,180) | $288,995,572 | |||||
Money Market Deposit Account - 13.8%(f)(g) | 45,619,310 | |||||
Liabilities in Excess of Other Assets - (0.9)% | (3,057,748) | |||||
TOTAL NET ASSETS - 100.0% | $331,557,134 | |||||
57 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of December 31, 2024. The total market value of these securities was $3,102,245 which represented 0.9% of net assets. |
(c) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
(d) | Represents less than 0.05% of net assets. |
(e) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $3,051,945 or 0.9% of net assets as of December 31, 2024. |
(f) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2024 was 4.24%. |
(g) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of December 31, 2024 is $3,252,116 which represented 1.0% of net assets. |
58 |
59 |
(a) | Represents less than 0.05% of net assets. |
(b) | Non-income producing security. |
(c) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2024, the value of these securities total $260,078 or 0.5% of the Fund’s net assets. |
(d) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $99,990 or 0.2% of net assets as of December 31, 2024. |
(e) | All or a portion of this security is on loan as of December 31, 2024. The total market value of these securities was $139,480 which represented 0.3% of net assets. |
(f) | Issuer is currently in default. |
(g) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2024 was 4.24%. |
(h) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of December 31, 2024 is $149,222 which represented 0.3% of net assets. |
60 |
Shares | Value | |||||
COMMON STOCKS - 86.2% | ||||||
Accommodation - 0.4% | ||||||
Civeo Corp. | 217,600 | $4,943,872 | ||||
Aerospace and Defense - 0.9% | ||||||
CACI International, Inc. - Class A(a) | 30,000 | 12,121,800 | ||||
Beverage and Tobacco Product Manufacturing - 0.0%(b) | ||||||
Crimson Wine Group Ltd.(a) | 22,000 | 139,700 | ||||
Broadcasting (except Internet) - 0.0%(b) | ||||||
Atlanta Braves Holdings, Inc. - Class C(a) | 4,842 | 185,255 | ||||
Diversified Real Estate Activities - 0.1% | ||||||
PrairieSky Royalty Ltd. | 60,000 | 1,169,988 | ||||
Entertainment - 0.0%(b) | ||||||
IG Port, Inc. | 20,400 | 312,719 | ||||
Financial Services - 0.0%(b) | ||||||
Hellenic Exchanges - Athens Stock Exchange SA | 200 | 934 | ||||
Food Services and Drinking Places - 0.4% | ||||||
Wendy’s Co. | 339,600 | 5,535,480 | ||||
Funds, Trusts, and Other Financial Vehicles - 0.1% | ||||||
Mesabi Trust(c) | 40,800 | 1,146,888 | ||||
Hospitality and Tourism - 0.6% | ||||||
Carnival Corp.(a) | 215,000 | 5,357,800 | ||||
Royal Caribbean Cruises Ltd. | 10,200 | 2,353,038 | ||||
7,710,838 | ||||||
Insurance Carriers - 0.0%(b) | ||||||
Fairfax Financial Holdings Limited | 2 | 2,779 | ||||
Insurance Carriers and Related Activities - 0.0%(b) | ||||||
Markel Group, Inc.(a) | 100 | 172,623 | ||||
Legal Services - 0.0%(b) | ||||||
CRA International, Inc. | 124 | 23,213 | ||||
Management of Companies and Enterprises - 0.8% | ||||||
Associated Capital Group, Inc. - Class A | 260,290 | 8,917,405 | ||||
Fairfax India Holdings Corp.(a)(d) | 400 | 6,402 | ||||
Hawaiian Electric Industries, Inc.(a) | 6,000 | 58,380 | ||||
White Mountains Insurance Group Ltd. | 702 | 1,365,432 | ||||
10,347,619 | ||||||
Shares | Value | |||||
Management, Scientific, and Technical Consulting Services - 0.0%(b) | ||||||
Booz Allen Hamilton Holding Corp. | 800 | $102,960 | ||||
Media - 0.0%(b) | ||||||
Toei Animation Co. Ltd. | 15,400 | 345,985 | ||||
Mining (except Oil and Gas) - 1.5% | ||||||
Franco-Nevada Corp. | 148,000 | 17,403,320 | ||||
Wheaton Precious Metals Corp. | 48,200 | 2,710,768 | ||||
20,114,088 | ||||||
Motor Vehicle and Parts Dealers - 0.0%(b) | ||||||
AutoNation, Inc.(a) | 30 | 5,095 | ||||
Nonmetallic Mineral Product Manufacturing - 0.0%(b) | ||||||
Eagle Materials, Inc. | 572 | 141,147 | ||||
Office Administrative Services - 0.0%(b) | ||||||
DigitalBridge Group, Inc. | 1,200 | 13,536 | ||||
Offices of Real Estate Agents and Brokers - 4.4% | ||||||
Landbridge Co. LLC(a) | 3,332 | 193,722 | ||||
Landbridge Co. LLC - Class A(c) | 900,000 | 58,140,000 | ||||
58,333,722 | ||||||
Oil and Gas Extraction - 67.7%(f) | ||||||
Texas Pacific Land Corp.(g) | 815,210 | 901,589,652 | ||||
Other Financial Investment Activities - 0.4% | ||||||
GAMCO Investors, Inc. - Class A | 7,400 | 178,932 | ||||
Onex Corp. | 60,300 | 4,741,992 | ||||
Seaport Entertainment Group, Inc.(a) | 30,000 | 838,500 | ||||
5,759,424 | ||||||
Other Investment Pools and Funds - 0.0%(b) | ||||||
Partners Value Investments LP(a) | 800 | 89,047 | ||||
Urbana Corp. | 6,902 | 27,033 | ||||
Urbana Corp. - Class A | 1,978 | 7,953 | ||||
124,033 | ||||||
Other Telecommunications - 0.5% | ||||||
Liberty Broadband Corp. - Class C(a) | 81,000 | 6,055,560 | ||||
Performing Arts, Spectator Sports, and Related Industries - 2.1% | ||||||
Live Nation Entertainment, Inc.(a) | 220,000 | 28,490,000 | ||||
Real Estate - 1.4% | ||||||
DREAM Unlimited Corp.(a) | 12,400 | 190,816 | ||||
Howard Hughes Holdings, Inc.(a) | 239,800 | 18,445,416 | ||||
18,636,232 | ||||||
61 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Securities and Commodities Exchanges - 0.9% | ||||||
Cboe Global Markets, Inc. | 60,000 | $11,724,000 | ||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.6% | ||||||
Brookfield Asset Management Ltd. | 176,887 | 9,585,507 | ||||
Brookfield Corp. | 660,000 | 37,917,000 | ||||
S&P Global, Inc. | 340 | 169,330 | ||||
47,671,837 | ||||||
Support Activities for Mining - 0.0%(b) | ||||||
Aris Water Solutions, Inc. - Class A | 800 | 19,160 | ||||
Support Activities for Water Transportation - 0.3% | ||||||
Clarkson PLC | 87,000 | 4,307,578 | ||||
Siem Industries, Inc.(a)(e) | 13,200 | 302,280 | ||||
4,609,858 | ||||||
Telecommunications - 0.0%(b) | ||||||
GCI LIBERTY INC SR ESCROW(a)(e) | 72,000 | 0 | ||||
Utilities - 0.1% | ||||||
Brookfield Infrastructure Partners LP | 28,000 | 890,120 | ||||
TOTAL COMMON STOCKS (Cost $124,806,866) | 1,148,440,117 | |||||
UNIT INVESTMENT TRUSTS - 12.1% | ||||||
Grayscale Bitcoin Mini Trust ETF(a) | 389,280 | 16,299,154 | ||||
Grayscale Bitcoin Trust ETF(a) | 1,946,400 | 144,072,528 | ||||
Grayscale Ethereum Classic Trust(a) | 12 | 129 | ||||
160,371,811 | ||||||
TOTAL UNIT INVESTMENT TRUSTS (Cost $25,987,742) | 160,371,811 | |||||
REAL ESTATE INVESTMENT TRUSTS - 0.4% | ||||||
Real Estate - 0.4% | ||||||
Equity LifeStyle Properties, Inc. | 68,800 | 4,582,080 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,110,124) | 4,582,080 | |||||
Contracts | ||||||
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) | 800 | 11,832 | ||||
TOTAL WARRANTS (Cost $2,368) | 11,832 | |||||
Shares | Value | |||||
PREFERRED STOCKS - 0.0%(b) | ||||||
Other Investment Pools and Funds - 0.0%(b) | ||||||
Partners Value Investments LP Series 1*, 0.16%, 11/27/2030 | 800 | $600 | ||||
TOTAL PREFERRED STOCKS (Cost $239) | 600 | |||||
TOTAL INVESTMENTS - 98.7% (Cost $153,907,339) | $1,313,406,440 | |||||
Money Market Deposit Account - 2.8%(h)(i) | 37,848,826 | |||||
Liabilities in Excess of Other Assets - (1.5)% | (19,418,308) | |||||
TOTAL NET ASSETS - 100.0% | $1,331,836,958 | |||||
(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 December 31, 2024. The total market value of these securities was $18,089,439 which represented 1.4% 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 qualified institutional investors. As of December 31, 2024, the value of these securities total $6,402 or 0.0% of the Fund’s net assets. |
(e) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 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 significantly affect those industries or sectors. |
(g) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
(h) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2024 was 4.24%. |
(i) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of December 31, 2024 is $18,686,718 which represented 1.4% of net assets. |
62 |
Shares | Value | |||||
COMMON STOCKS - 79.5% | ||||||
Accommodation - 2.7% | ||||||
Civeo Corp. | 558,032 | $12,678,487 | ||||
Administrative and Support Services - 0.0%(a) | ||||||
RB Global, Inc. | 400 | 36,084 | ||||
Aerospace and Defense - 4.3% | ||||||
CACI International, Inc. - Class A(b) | 50,000 | 20,203,000 | ||||
Beverage and Tobacco Product Manufacturing - 0.1% | ||||||
Crimson Wine Group Ltd.(b) | 49,300 | 313,055 | ||||
Chemical Manufacturing - 1.5% | ||||||
Interparfums, Inc. | 53,200 | 6,996,332 | ||||
Oil-Dri Corp. of America | 200 | 17,528 | ||||
7,013,860 | ||||||
Diversified Real Estate Activities - 0.3% | ||||||
PrairieSky Royalty Ltd. | 72,000 | 1,403,986 | ||||
Entertainment - 0.1% | ||||||
IG Port, Inc. | 32,000 | 490,540 | ||||
Food Services and Drinking Places - 0.6% | ||||||
Wendy’s Co. | 162,600 | 2,650,380 | ||||
Funds, Trusts, and Other Financial Vehicles - 0.3% | ||||||
Mesabi Trust(c) | 44,200 | 1,242,462 | ||||
Hospitality and Tourism - 1.6% | ||||||
Carnival Corp.(b) | 296,000 | 7,376,320 | ||||
Royal Caribbean Cruises Ltd. | 200 | 46,138 | ||||
7,422,458 | ||||||
Industrial Services - 0.1% | ||||||
BRAEMAR PLC | 189,800 | 556,006 | ||||
Insurance Carriers - 0.0%(a) | ||||||
Fairfax Financial Holdings Limited | 4 | 5,559 | ||||
Legal Services - 0.0%(a) | ||||||
CRA International, Inc. | 1,024 | 191,693 | ||||
Machinery Manufacturing - 0.0%(a) | ||||||
Oshkosh Corp. | 400 | 38,028 | ||||
Management of Companies and Enterprises - 3.2% | ||||||
Associated Capital Group, Inc. - Class A | 190,500 | 6,526,435 | ||||
Dundee Corp. - Class A(b) | 99,000 | 98,010 | ||||
Fairfax India Holdings Corp.(b)(d) | 8,400 | 134,434 | ||||
Galaxy Digital Holdings Ltd.(b) | 119,200 | 2,072,286 | ||||
Shares | Value | |||||
Hawaiian Electric Industries, Inc.(b) | 154,000 | $1,498,420 | ||||
White Mountains Insurance Group Ltd. | 2,306 | 4,485,308 | ||||
14,814,893 | ||||||
Management, Scientific, and Technical Consulting Services - 0.1% | ||||||
Booz Allen Hamilton Holding Corp. | 3,400 | 437,580 | ||||
Media - 0.1% | ||||||
Toei Animation Co. Ltd. | 14,000 | 314,532 | ||||
Mining (except Oil and Gas) - 0.1% | ||||||
Triple Flag Precious Metals Corp. | 720 | 10,829 | ||||
Wheaton Precious Metals Corp. | 5,000 | 281,200 | ||||
292,029 | ||||||
Motor Vehicle and Parts Dealers - 0.0%(a) | ||||||
AutoNation, Inc.(b) | 520 | 88,317 | ||||
Penske Automotive Group, Inc. | 500 | 76,220 | ||||
164,537 | ||||||
Nonmetallic Mineral Product Manufacturing - 0.0%(a) | ||||||
Eagle Materials, Inc. | 804 | 198,395 | ||||
Office Administrative Services - 0.3% | ||||||
DigitalBridge Group, Inc. | 124,000 | 1,398,720 | ||||
Offices of Real Estate Agents and Brokers - 5.5% | ||||||
Landbridge Co. LLC - Class A | 395,000 | 25,517,000 | ||||
Oil and Gas Extraction - 53.5%(e) | ||||||
Permian Basin Royalty Trust | 99,600 | 1,103,568 | ||||
Texas Pacific Land Corp.(f) | 224,232 | 247,991,623 | ||||
249,095,191 | ||||||
Other Financial Investment Activities - 0.1% | ||||||
GAMCO Investors, Inc. - Class A | 13,800 | 333,684 | ||||
Seaport Entertainment Group, Inc.(b) | 2,166 | 60,539 | ||||
394,223 | ||||||
Other Investment Pools and Funds - 1.0% | ||||||
Urbana Corp. | 29,200 | 114,367 | ||||
Urbana Corp. - Class A | 1,104,900 | 4,442,813 | ||||
4,557,180 | ||||||
Other Pipeline Transportation - 0.1% | ||||||
Rubis SCA | 14,200 | 351,253 | ||||
Performing Arts, Spectator Sports, and Related Industries - 0.7% | ||||||
Live Nation Entertainment, Inc.(b) | 23,300 | 3,017,350 | ||||
Madison Square Garden Entertainment Corp.(b) | 772 | 27,483 | ||||
63 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Performing Arts, Spectator Sports, and Related Industries - (Continued) | ||||||
Sphere Entertainment Co.(b) | 772 | $31,127 | ||||
3,075,960 | ||||||
Professional, Scientific, and Technical Services - 0.5% | ||||||
Science Applications International Corp. | 19,600 | 2,190,888 | ||||
Promoters of Performing Arts, Sports, and Similar Events - 0.0%(a) | ||||||
Madison Square Garden Sports Corp.(b) | 240 | 54,163 | ||||
Real Estate - 2.7% | ||||||
DREAM Unlimited Corp.(b) | 681,200 | 10,482,552 | ||||
Howard Hughes Holdings, Inc.(b) | 19,000 | 1,461,480 | ||||
Tejon Ranch Co.(b) | 41,117 | 653,760 | ||||
12,597,792 | ||||||
Securities and Commodity Contracts Intermediation and Brokerage - 0.0%(a) | ||||||
Affiliated Managers Group, Inc. | 234 | 43,271 | ||||
Support Activities for Mining - 0.0%(a) | ||||||
Aris Water Solutions, Inc. - Class A | 2,000 | 47,900 | ||||
Liberty Energy, Inc. | 400 | 7,956 | ||||
Pason Systems, Inc. | 8,000 | 75,745 | ||||
131,601 | ||||||
Support Activities for Water Transportation - 0.0%(a) | ||||||
Clarkson PLC | 2,400 | 118,830 | ||||
Telecommunications - 0.0%(a) | ||||||
LICT Corp.(b) | 16 | 225,680 | ||||
TOTAL COMMON STOCKS (Cost $91,972,137) | 370,219,316 | |||||
UNIT INVESTMENT TRUSTS - 5.3% | ||||||
Grayscale Bitcoin Mini Trust ETF(b) | 60,000 | 2,512,200 | ||||
Grayscale Bitcoin Trust ETF(b) | 300,000 | 22,206,000 | ||||
Grayscale Ethereum Classic Trust(b) | 60 | 646 | ||||
24,718,846 | ||||||
TOTAL UNIT INVESTMENT TRUSTS (Cost $3,168,943) | 24,718,846 | |||||
Contracts | Value | |||||
WARRANTS - 0.5% | ||||||
Other Investment Pools and Funds - 0.5% | ||||||
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $11.50(b) | 160,000 | $2,366,413 | ||||
TOTAL WARRANTS (Cost $433,365) | 2,366,413 | |||||
TOTAL INVESTMENTS - 85.3% (Cost $95,574,445) | 397,304,575 | |||||
Money Market Deposit Account - 14.7%(g)(h) | 68,670,849 | |||||
Liabilities in Excess of Other Assets - (0.0)%(i) | (179,698) | |||||
TOTAL NET ASSETS - 100.0% | $465,795,726 | |||||
(a) | Represents less than 0.05% of net assets. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan as of December 31, 2024. The total market value of these securities was $554,891 which represented 0.1% 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 qualified institutional investors. As of December 31, 2024, the value of these securities total $134,434 or 0.0% of the Fund’s 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 significantly affect those industries or sectors. |
(f) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
(g) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2024 was 4.24%. |
(h) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of December 31, 2024 is $567,525 which represented 0.1% of net assets. |
(i) | Represents less than 0.05% of net assets. |
64 |
Shares | Value | |||||
COMMON STOCKS - 72.0% | ||||||
Administrative and Support Services - 0.1% | ||||||
RB Global, Inc. | 1,400 | $126,294 | ||||
Aerospace and Defense - 0.1% | ||||||
CACI International, Inc. - Class A(a) | 300 | 121,218 | ||||
Agencies, Brokerages, and Other Insurance Related Activities - 0.1% | ||||||
Brookfield Wealth Solutions Ltd. | 4,617 | 265,200 | ||||
Asset Management - 0.0%(b) | ||||||
Investor AB(a) | 400 | 10,582 | ||||
Coal Mining - 0.0%(b) | ||||||
CONSOL Energy, Inc. | 2 | 213 | ||||
Data Processing, Hosting, and Related Services - 0.8% | ||||||
Mastercard, Inc. - Class A | 1,000 | 526,570 | ||||
Visa, Inc. - Class A | 4,000 | 1,264,160 | ||||
1,790,730 | ||||||
Diversified Real Estate Activities - 0.0%(b) | ||||||
PrairieSky Royalty Ltd. | 200 | 3,900 | ||||
Entertainment - 0.0%(b) | ||||||
IG Port, Inc. | 1,200 | 18,395 | ||||
Financial Services - 0.0%(b) | ||||||
Hellenic Exchanges - Athens Stock Exchange SA | 11,200 | 52,323 | ||||
Hong Kong Exchanges & Clearing Ltd. | 100 | 3,796 | ||||
Value Partners Group Ltd.(a) | 2,000 | 394 | ||||
56,513 | ||||||
Funds, Trusts, and Other Financial Vehicles - 0.5% | ||||||
Mesabi Trust(c) | 37,142 | 1,044,062 | ||||
Global Exchanges - 0.6% | ||||||
ASX Ltd. | 4,400 | 177,238 | ||||
Deutsche Boerse AG | 1,800 | 414,672 | ||||
Euronext NV(d) | 2,520 | 282,700 | ||||
Japan Exchange Group, Inc. - ADR | 8,200 | 91,348 | ||||
London Stock Exchange Group PLC | 600 | 84,766 | ||||
NZX Ltd. | 364,202 | 297,506 | ||||
1,348,230 | ||||||
Insurance Carriers - 0.0%(b) | ||||||
Fairfax Financial Holdings Limited | 2 | 2,779 | ||||
Insurance Carriers and Related Activities - 0.1% | ||||||
Arthur J. Gallagher & Co. | 400 | 113,540 | ||||
Shares | Value | |||||
Legal Services - 0.0%(b) | ||||||
CRA International, Inc. | 36 | $6,739 | ||||
Live Sports (Spectator Sports) - 0.1% | ||||||
BIGLEAGUE(a)(e) | 2,455 | 135,025 | ||||
Management of Companies and Enterprises - 3.3% | ||||||
Associated Capital Group, Inc. - Class A | 77,000 | 2,637,982 | ||||
Fairfax India Holdings Corp.(a)(d) | 4,000 | 64,016 | ||||
Galaxy Digital Holdings Ltd.(a) | 96,800 | 1,682,863 | ||||
Hawaiian Electric Industries, Inc.(a) | 32,400 | 315,252 | ||||
White Mountains Insurance Group Ltd. | 1,406 | 2,734,754 | ||||
7,434,867 | ||||||
Management, Scientific, and Technical Consulting Services - 0.0%(b) | ||||||
Booz Allen Hamilton Holding Corp. | 144 | 18,533 | ||||
Media - 0.0%(b) | ||||||
Toei Animation Co. Ltd. | 400 | 8,987 | ||||
Mining (except Oil and Gas) - 1.5% | ||||||
Franco-Nevada Corp. | 14,600 | 1,716,814 | ||||
Wheaton Precious Metals Corp. | 30,800 | 1,732,192 | ||||
3,449,006 | ||||||
Miscellaneous Durable Goods Merchant Wholesalers - 0.0%(b) | ||||||
A-Mark Precious Metals, Inc. | 3,200 | 87,680 | ||||
Motor Vehicle and Parts Dealers - 0.0%(b) | ||||||
AutoNation, Inc.(a) | 10 | 1,698 | ||||
Nonmetallic Mineral Mining and Quarrying - 0.1% | ||||||
Anglo American PLC - ADR | 8,000 | 118,000 | ||||
Nonmetallic Mineral Product Manufacturing - 0.0%(b) | ||||||
Eagle Materials, Inc. | 2 | 493 | ||||
Office Administrative Services - 0.3% | ||||||
DigitalBridge Group, Inc. | 50,200 | 566,256 | ||||
Offices of Real Estate Agents and Brokers - 2.0% | ||||||
Landbridge Co. LLC(a) | 4,998 | 290,584 | ||||
Landbridge Co. LLC - Class A | 66,400 | 4,289,440 | ||||
4,580,024 | ||||||
Oil and Gas Extraction - 54.6%(f) | ||||||
Permian Basin Royalty Trust | 127,450 | 1,412,146 | ||||
Texas Pacific Land Corp.(g) | 108,984 | 120,531,945 | ||||
121,944,091 | ||||||
65 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Other Financial Investment Activities - 1.0% | ||||||
Bakkt Holdings, Inc.(a)(c) | 32,000 | $792,640 | ||||
GAMCO Investors, Inc. - Class A | 58,600 | 1,416,948 | ||||
2,209,588 | ||||||
Other Investment Pools and Funds - 3.0% | ||||||
Partners Value Investments LP(a) | 43,516 | 4,843,688 | ||||
Urbana Corp. | 43,700 | 171,158 | ||||
Urbana Corp. - Class A | 419,300 | 1,686,009 | ||||
6,700,855 | ||||||
Professional, Scientific, and Technical Services - 0.0%(b) | ||||||
Science Applications International Corp. | 200 | 22,356 | ||||
Real Estate - 0.0%(b) | ||||||
Tejon Ranch Co.(a) | 3,000 | 47,700 | ||||
Securities and Commodities Exchanges - 3.1% | ||||||
Cboe Global Markets, Inc. | 8,000 | 1,563,200 | ||||
CME Group, Inc. | 5,800 | 1,346,934 | ||||
Intercontinental Exchange, Inc. | 12,900 | 1,922,229 | ||||
Miami International Holdings Inc.(a)(e) | 95,000 | 1,032,650 | ||||
Nasdaq, Inc. | 7,200 | 556,632 | ||||
TMX Group Ltd. | 18,000 | 554,482 | ||||
6,976,127 | ||||||
Securities and Commodity Contracts Intermediation and Brokerage - 0.0%(b) | ||||||
Affiliated Managers Group, Inc. | 190 | 35,135 | ||||
MarketAxess Holdings, Inc. | 48 | 10,850 | ||||
45,985 | ||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.1% | ||||||
Brookfield Asset Management Ltd. | 806 | 43,677 | ||||
OTC Markets Group, Inc. - Class A | 800 | 40,970 | ||||
S&P Global, Inc. | 113 | 56,278 | ||||
140,925 | ||||||
Support Activities for Mining - 0.0%(b) | ||||||
Aris Water Solutions, Inc. - Class A | 800 | 19,160 | ||||
Support Activities for Water Transportation - 0.6% | ||||||
Clarkson PLC | 29,000 | 1,435,859 | ||||
TOTAL COMMON STOCKS (Cost $36,489,440) | 160,851,610 | |||||
Shares | Value | |||||
UNIT INVESTMENT TRUSTS - 22.1% | ||||||
Grayscale Bitcoin Mini Trust ETF(a) | 119,774 | $5,014,937 | ||||
Grayscale Bitcoin Trust ETF(a) | 598,874 | 44,328,654 | ||||
Grayscale Ethereum Classic Trust(a) | 12 | 129 | ||||
49,343,720 | ||||||
TOTAL UNIT INVESTMENT TRUSTS (Cost $1,794,088) | 49,343,720 | |||||
Contracts | ||||||
WARRANTS - 0.3% | ||||||
Other Investment Pools and Funds - 0.3% | ||||||
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $11.50(a) | 43,516 | 643,605 | ||||
Securities and Commodities Exchanges - 0.0%(b) | ||||||
Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50(a)(e) | 14,469 | 49,195 | ||||
TOTAL WARRANTS (Cost $130,105) | 692,800 | |||||
Shares | ||||||
PREFERRED STOCKS - 0.1% | ||||||
Financial Services - 0.1% | ||||||
Partners Value Investments LP Series 1*, 4.50%, Perpetual | 11,832 | 213,094 | ||||
Other Investment Pools and Funds - 0.0%(b) | ||||||
Partners Value Investments LP Series 1*, 0.16%, 11/27/2030 | 43,516 | 32,637 | ||||
TOTAL PREFERRED STOCKS (Cost $259,342) | 245,731 | |||||
Par | ||||||
CONVERTIBLE BONDS - 0.0%(b) | ||||||
Department Stores - 0.0%(b) | ||||||
Sears Holdings Corp., 8.00%, 12/15/2019(e)(h) | $5,720 | 0 | ||||
TOTAL CONVERTIBLE BONDS (Cost $5,720) | 0 | |||||
TOTAL INVESTMENTS - 94.5% (Cost $38,678,695) | $211,133,861 | |||||
Money Market Deposit Account - 5.8%(i)(j) | 13,068,640 | |||||
Liabilities in Excess of Other Assets - (0.3)% | (707,342) | |||||
TOTAL NET ASSETS - 100.0% | $223,495,159 | |||||
66 |
(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 December 31, 2024. The total market value of these securities was $940,497 which represented 0.4% 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 qualified institutional investors. As of December 31, 2024, the value of these securities total $346,716 or 0.2% of the Fund’s net assets. |
(e) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,216,870 or 0.5% of net assets as of December 31, 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 significantly affect those industries or sectors. |
(g) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
(h) | Issuer is currently in default. |
(i) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2024 was 4.24%. |
(j) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of December 31, 2024 is $966,221 which represented 0.4% of net assets. |
67 |
Par | Value | |||||
COLLATERALIZED LOAN OBLIGATIONS - 91.0% | ||||||
37 Capital CLO, Series 2023-1A, Class A1, 6.71% (3 mo. Term SOFR + 2.05%), 04/15/2036(a) | $500,000 | $502,956 | ||||
Apidos CLO, Series 2023-43A, Class A2, 6.68% (3 mo. Term SOFR + 2.05%), 04/25/2035(a) | 500,000 | 501,587 | ||||
Atlas Senior Loan Fund Ltd. | ||||||
Series 2019-14A, Class BR, 6.83% (3 mo. Term SOFR + 2.21%), 07/20/2032(a) | 500,000 | 500,152 | ||||
Series 2021-18A, Class B, 6.74% (3 mo. Term SOFR + 2.11%), 01/18/2035(a) | 500,000 | 500,481 | ||||
Babson CLO Ltd./Cayman Islands, Series 2023-1A, Class A, 6.37% (3 mo. Term SOFR + 1.75%), 04/20/2036(a) | 550,000 | 551,413 | ||||
Battery Park CLO, Series 2022-1A, Class AR, 6.12% (3 mo. Term SOFR + 1.50%), 10/20/2037(a) | 500,000 | 502,622 | ||||
BlueMountain CLO Ltd., Series 2022-35A, Class BR, 6.48% (3 mo. Term SOFR + 1.85%), 10/22/2037(a) | 500,000 | 500,297 | ||||
Bryant Park Funding Ltd., Series 2023-21A, Class B, 7.38% (3 mo. Term SOFR + 2.75%), 10/18/2036(a) | 250,000 | 252,196 | ||||
Carlyle Global Market Strategies, Series 2023-3A, Class B, 7.26% (3 mo. Term SOFR + 2.60%), 10/15/2036(a) | 450,000 | 454,418 | ||||
Fort Washington CLO, Series 2019-1A, Class BR2, 6.52% (3 mo. Term SOFR + 1.90%), 10/20/2037(a) | 500,000 | 504,367 | ||||
Fortress Credit BSL Ltd., Series 2023-1A, Class AT, 6.88% (3 mo. Term SOFR + 2.25%), 04/23/2036(a) | 500,000 | 502,423 | ||||
Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 7.13% (3 mo. Term SOFR + 2.50%), 10/25/2036(a) | 250,000 | 251,525 | ||||
ICG US CLO Ltd., Series 2023-1A, Class B, 7.63% (3 mo. Term SOFR + 3.00%), 07/18/2036(a) | 500,000 | 503,300 | ||||
Katayma CLO Ltd., Series 2023-1A, Class B, 7.27% (3 mo. Term SOFR + 2.65%), 10/20/2036(a) | 250,000 | 251,647 | ||||
Magnetite CLO Ltd., Series 2023-37A, Class B, 6.92% (3 mo. Term SOFR + 2.30%), 10/20/2036(a) | 500,000 | 503,697 | ||||
Man GLG US CLO, Series 2023-1A, Class A, 6.92% (3 mo. Term SOFR + 2.30%), 07/20/2035(a) | 500,000 | 501,342 | ||||
Mountain View CLO Ltd., Series 2019-2A, Class B1R, 6.81% (3 mo. Term SOFR + 2.15%), 07/15/2037(a) | 450,000 | 453,632 | ||||
Par | Value | |||||
Octagon 67 Ltd., Series 2023-1A, Class A1, 6.43% (3 mo. Term SOFR + 1.80%), 04/25/2036(a) | $500,000 | $501,420 | ||||
Orion CLO Ltd., Series 2023-2A, Class B, 7.38% (3 mo. Term SOFR + 2.75%), 01/25/2037(a) | 250,000 | 252,838 | ||||
Post CLO, Series 2023-1A, Class A, 6.57% (3 mo. Term SOFR + 1.95%), 04/20/2036(a) | 500,000 | 501,446 | ||||
Rad CLO, Series 2023-20A, Class B, 7.27% (3 mo. Term SOFR + 2.65%), 07/20/2036(a) | 500,000 | 502,786 | ||||
Sculptor CLO Ltd., Series 27A, Class B1, 6.63% (3 mo. Term SOFR + 2.01%), 07/20/2034(a) | 250,000 | 250,223 | ||||
Sound Point CLO Ltd. | ||||||
Series 2017-3A, Class A2, 6.48% (3 mo. Term SOFR + 1.86%), 10/20/2030(a) | 520,000 | 520,484 | ||||
Series 2024-39A, Class B, 7.26% (3 mo. Term SOFR + 1.95%), 07/20/2037(a) | 1,000,000 | 1,002,000 | ||||
Venture CDO Ltd. | ||||||
Series 2013-15A, Class BR3, 6.79% (3 mo. Term SOFR + 2.13%), 07/15/2032(a) | 250,000 | 250,658 | ||||
Series 2023-48A, Class B1, 7.37% (3 mo. Term SOFR + 2.75%), 10/20/2036(a) | 500,000 | 505,614 | ||||
Wind River CLO Ltd., Series 2021-2A, Class B, 6.53% (3 mo. Term SOFR + 1.91%), 07/20/2034(a) | 375,000 | 376,007 | ||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $12,330,174) | 12,401,531 | |||||
TOTAL INVESTMENTS - 91.0% (Cost $12,330,174) | $12,401,531 | |||||
Money Market Deposit Account - 2.5%(b) | 334,495 | |||||
Other Assets in Excess of Liabilities - 6.5% | 892,212 | |||||
TOTAL NET ASSETS - 100.0% | $13,628,238 | |||||
(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 qualified institutional investors. As of December 31, 2024, the value of these securities total $12,401,531 or 91.0% of the Fund’s net assets. |
(b) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2024 was 4.24%. |
68 |
The Internet Portfolio (Consolidated) | The Global Portfolio (Consolidated) | |||||
ASSETS: | ||||||
Investments, at value(1)(2) | $288,995,572 | $35,931,518 | ||||
Cash | 42,367,194 | 14,054,749 | ||||
Cash proceeds from securities lending | 3,252,116 | 149,222 | ||||
Receivable for contributed capital | 559,386 | 200,093 | ||||
Dividends and interest receivable | 191,534 | 56,675 | ||||
Securities lending receivable | 48,962 | 4,206 | ||||
Prepaid expenses and other assets | 3,526 | 3,657 | ||||
Total Assets | 335,418,290 | 50,400,120 | ||||
LIABILITIES: | ||||||
Payable to Adviser | 372,923 | 54,563 | ||||
Payable to Trustees | 4,886 | 744 | ||||
Payable to Chief Compliance Officer | 373 | 35 | ||||
Payable for securities purchased | — | 15,481 | ||||
Payable for collateral received for securities loaned | 3,252,116 | 149,222 | ||||
Payable for withdrawn capital | 189,366 | 519,049 | ||||
Accrued expenses and other liabilities | 41,492 | 20,071 | ||||
Total Liabilities | 3,861,156 | 759,165 | ||||
Net Assets | $331,557,134 | $49,640,955 | ||||
(1) Cost of investments | $55,882,180 | $12,552,358 | ||||
(2) Includes loaned securities with a market value of | $3,102,245 | $139,480 | ||||
69 |
The Paradigm Portfolio (Consolidated) | The Small Cap Opportunities Portfolio (Consolidated) | |||||
ASSETS: | ||||||
Investments, at value(1)(2) | $1,313,406,440 | $397,304,575 | ||||
Foreign currencies, at value(3) | 9,520 | 409,214 | ||||
Cash | 19,162,109 | 68,103,324 | ||||
Cash proceeds from securities lending | 18,686,717 | 567,525 | ||||
Receivable for contributed capital | 6,587,509 | 770,364 | ||||
Receivable for investments sold | 4,527 | — | ||||
Dividends and interest receivable | 97,275 | 341,367 | ||||
Securities lending receivable | 97,904 | 304 | ||||
Prepaid expenses and other assets | 7,551 | 3,327 | ||||
Total Assets | 1,358,059,552 | 467,500,000 | ||||
LIABILITIES: | ||||||
Payable to Adviser | 1,569,127 | 531,946 | ||||
Payable to Trustees | 24,316 | 8,009 | ||||
Payable to Chief Compliance Officer | 1,156 | 389 | ||||
Payable for securities purchased | 3,964 | 116,655 | ||||
Payable for collateral received for securities loaned | 18,686,717 | 567,525 | ||||
Payable for withdrawn capital | 5,814,577 | 429,479 | ||||
Accrued expenses and other liabilities | 122,737 | 50,271 | ||||
Total Liabilities | 26,222,594 | 1,704,274 | ||||
Net Assets | $1,331,836,958 | $465,795,726 | ||||
(1) Cost of investments | $153,907,339 | $95,574,445 | ||||
(2) Includes loaned securities with a market value of | $18,089,439 | $554,891 | ||||
(3) Cost of foreign currencies | $9,535 | $409,841 | ||||
70 |
The Market Opportunities Portfolio (Consolidated) | The Multi- Disciplinary Income Portfolio | |||||
ASSETS: | ||||||
Investments, at value(1)(2) | $211,133,861 | $12,401,531 | ||||
Cash | 12,102,419 | 334,495 | ||||
Cash proceeds from securities lending | 966,221 | — | ||||
Receivable for contributed capital | 499,690 | — | ||||
Receivable for investments sold | — | 709,132 | ||||
Dividends and interest receivable | 96,051 | 197,716 | ||||
Securities lending receivable | 18,448 | — | ||||
Prepaid expenses and other assets | 6,646 | 583 | ||||
Total Assets | 224,823,336 | 13,643,457 | ||||
LIABILITIES: | ||||||
Payable to Adviser | 258,421 | 3,069 | ||||
Payable to Trustees | 3,784 | 222 | ||||
Payable to Chief Compliance Officer | 194 | 20 | ||||
Payable for securities purchased | 9,810 | — | ||||
Payable for collateral received for securities loaned | 966,221 | — | ||||
Payable for withdrawn capital | 56,928 | — | ||||
Accrued expenses and other liabilities | 32,819 | 11,908 | ||||
Total Liabilities | 1,328,177 | 15,219 | ||||
Net Assets | $223,495,159 | $13,628,238 | ||||
(1) Cost of investments | $38,678,695 | $12,330,174 | ||||
(2) Includes loaned securities with a market value of | $940,497 | $— | ||||
71 |
The Internet Portfolio (Consolidated) | The Global Portfolio (Consolidated) | |||||
INVESTMENT INCOME: | ||||||
Dividends† | $1,486,216 | $348,216 | ||||
Interest | 2,411,124 | 288,771 | ||||
Income from securities lending | 237,540 | 18,060 | ||||
Total investment income | 4,134,880 | 655,047 | ||||
EXPENSES: | ||||||
Investment advisory fees | 3,259,047 | 379,531 | ||||
Administration fees | 93,943 | 22,121 | ||||
Professional fees | 38,950 | 12,543 | ||||
Fund accounting fees | 35,333 | 5,743 | ||||
Trustees’ fees | 25,444 | 2,799 | ||||
Chief Compliance Officer fees | 3,894 | 388 | ||||
Custodian fees and expenses | 23,406 | 14,734 | ||||
Registration fees | 913 | 873 | ||||
Other expenses | 7,593 | 790 | ||||
Total expenses | 3,488,523 | 439,522 | ||||
Net investment income | 646,357 | 215,525 | ||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||
Net realized gain on: | ||||||
Investments and foreign currency | 2,223,955 | 408,403 | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Investments and foreign currency | 141,553,335 | 14,622,178 | ||||
Net realized and unrealized gain on investments | 143,777,290 | 15,030,581 | ||||
Net increase in net assets resulting from operations | $ 144,423,647 | $15,246,106 | ||||
† Net of foreign taxes withheld of: | $16,450 | $16,917 | ||||
72 |
The Paradigm Portfolio (Consolidated) | The Small Cap Opportunities Portfolio (Consolidated) | |||||
INVESTMENT INCOME: | ||||||
Dividends† | $15,128,825 | $5,751,901 | ||||
Interest | 1,646,316 | 2,159,309 | ||||
Income from securities lending | 389,553 | 38,959 | ||||
Total investment income | 17,164,694 | 7,950,169 | ||||
EXPENSES: | ||||||
Investment advisory fees | 13,022,350 | 4,337,380 | ||||
Administration fees | 320,288 | 115,656 | ||||
Professional fees | 116,825 | 45,331 | ||||
Fund accounting fees | 132,596 | 45,227 | ||||
Trustees’ fees | 100,191 | 33,285 | ||||
Chief Compliance Officer fees | 14,426 | 4,715 | ||||
Custodian fees and expenses | 61,676 | 32,191 | ||||
Registration fees | 1,109 | 341 | ||||
Other expenses | 30,630 | 11,332 | ||||
Total expenses | 13,800,091 | 4,625,458 | ||||
Net investment income | 3,364,603 | 3,324,711 | ||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||
Net realized gain on: | ||||||
Investments and foreign currency | 65,584,015 | 12,288,989 | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Investments and foreign currency | 589,073,494 | 157,317,304 | ||||
Net realized and unrealized gain on investments | 654,657,509 | 169,606,293 | ||||
Net increase in net assets resulting from operations | $658,022,112 | $172,931,004 | ||||
† Net of foreign taxes withheld of: | $180,729 | $241,245 | ||||
73 |
The Market Opportunities Portfolio (Consolidated) | The Multi- Disciplinary Income Portfolio | |||||
INVESTMENT INCOME: | ||||||
Dividends† | $2,364,095 | $— | ||||
Interest | 814,089 | 956,732 | ||||
Income from securities lending | 97,695 | — | ||||
Realized gain on paydown | — | 6,397 | ||||
Total investment income | 3,275,879 | 963,129 | ||||
EXPENSES: | ||||||
Investment advisory fees | 2,121,973 | 33,081 | ||||
Administration fees | 63,974 | 17,096 | ||||
Professional fees | 27,325 | 10,530 | ||||
Fund accounting fees | 23,640 | 2,492 | ||||
Trustees’ fees | 16,391 | 1,316 | ||||
Chief Compliance Officer fees | 2,390 | 196 | ||||
Custodian fees and expenses | 18,611 | 1,839 | ||||
Registration fees | 1,058 | 250 | ||||
Other expenses | 4,852 | 509 | ||||
Total expenses | 2,280,214 | 67,309 | ||||
Net investment income | 995,665 | 895,820 | ||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||
Net realized gain on: | ||||||
Investments and foreign currency | 1,152,608 | 212 | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Investments and foreign currency | 99,593,891 | 33,694 | ||||
Net realized and unrealized gain on investments | 100,746,499 | 33,906 | ||||
Net increase in net assets resulting from operations | $ 101,742,164 | $929,726 | ||||
† Net of foreign taxes withheld of: | $42,086 | $— | ||||
74 |
The Internet Portfolio (Consolidated) | The Global Portfolio (Consolidated) | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income | $646,357 | $1,991,233 | $215,525 | $419,909 | ||||||||
Net realized gain (loss) on sale of investments and foreign currency | 2,223,955 | 2,271,422 | 408,403 | (222,953) | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | 141,553,335 | 40,804,932 | 14,622,178 | 1,877,441 | ||||||||
Net increase in net assets resulting from operations | 144,423,647 | 45,067,587 | 15,246,106 | 2,074,397 | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||
Contributions | 24,430,090 | 17,091,150 | 21,279,236 | 3,644,721 | ||||||||
Withdrawals | (27,437,765) | (20,061,591) | (4,821,431) | (16,259,972) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (3,007,675) | (2,970,441) | 16,457,805 | (12,615,251) | ||||||||
Total increase (decrease) in net assets | 141,415,972 | 42,097,146 | 31,703,911 | (10,540,854) | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | 190,141,162 | 148,044,016 | 17,937,044 | 28,477,898 | ||||||||
End of period | $ 331,557,134 | $190,141,162 | $49,640,955 | $17,937,044 | ||||||||
75 |
The Paradigm Portfolio (Consolidated) | The Small Cap Opportunities Portfolio (Consolidated) | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income (loss) | $3,364,603 | $(1,747,915) | $3,324,711 | $1,793,096 | ||||||||
Net realized gain on sale of investments and foreign currency | 65,584,015 | 45,826,388 | 12,288,989 | 25,865,311 | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | 589,073,494 | (230,225,379) | 157,317,304 | (96,823,072) | ||||||||
Net increase (decrease) in net assets resulting from operations | 658,022,112 | (186,146,906) | 172,931,004 | (69,164,665) | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||
Contributions | 63,780,544 | 11,582,819 | 58,007,184 | 21,051,746 | ||||||||
Withdrawals | (182,039,049) | (147,816,245) | (49,824,266) | (126,689,296) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (118,258,505) | (136,233,426) | 8,182,918 | (105,637,550) | ||||||||
Total increase (decrease) in net assets | 539,763,607 | (322,380,332) | 181,113,922 | (174,802,215) | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | 792,073,351 | 1,114,453,683 | 284,681,804 | 459,484,019 | ||||||||
End of period | $ 1,331,836,958 | $792,073,351 | $465,795,726 | $284,681,804 | ||||||||
76 |
The Market Opportunities Portfolio (Consolidated) | The Multi-Disciplinary Income Portfolio (Consolidated) | |||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income | $995,665 | $1,195,140 | $895,820 | $686,502 | ||||||||
Net realized gain (loss) on sale of investments and foreign currency | 1,152,608 | (726,565) | 212 | (1,808,280) | ||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency | 99,593,891 | (10,475,455) | 33,694 | 1,791,042 | ||||||||
Net increase (decrease) in net assets resulting from operations | 101,742,164 | (10,006,880) | 929,726 | 669,264 | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||
Contributions | 33,719,079 | 12,998,060 | 3,448,353 | 669,442 | ||||||||
Withdrawals | (43,200,796) | (11,988,686) | (3,075,477) | (5,520,347) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (9,481,717) | 1,009,374 | 372,876 | (4,850,905) | ||||||||
Total increase (decrease) in net assets | 92,260,447 | (8,997,506) | 1,302,602 | (4,181,641) | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | 131,234,712 | 140,232,218 | 12,325,636 | 16,507,277 | ||||||||
End of period | $ 223,495,159 | $131,234,712 | $13,628,238 | $12,325,636 | ||||||||
77 |
78 |
79 |
Internet Portfolio | $45,213,972 | 13.64% | |||||
Global Portfolio | 2,344,742 | 4.72% | |||||
Paradigm Portfolio | 162,866,529 | 12.23% | |||||
Small Cap Opportunities Portfolio | 27,252,250 | 5.85% | |||||
Market Opportunities Portfolio | 13,416,759 | 6.00% | |||||
The Spin-off Fund | 536,433 | 1.46% | |||||
80 |
Internet Portfolio | $1,419 | 0.00% | |||||
Global Portfolio | 1,405 | 0.00% | |||||
Market Opportunities Portfolio | 1,461 | 0.00% | |||||
81 |
82 |
Investment Advisory Fees | |||
The Internet Portfolio | $3,259,047 | ||
The Global Portfolio | 379,531 | ||
The Paradigm Portfolio | 13,022,350 | ||
The Small Cap Opportunities Portfolio | 4,337,380 | ||
The Market Opportunities Portfolio | 2,121,973 | ||
The Multi-Disciplinary Income Portfolio | 33,081 | ||
Purchases | Sales | |||||||||||||
U.S. Government | Other | U.S. Government | Other | |||||||||||
The Internet Portfolio | $— | $97,476,945 | $— | $91,024,225 | ||||||||||
The Global Portfolio | — | 13,247,683 | — | 8,319,631 | ||||||||||
The Paradigm Portfolio | — | 18,846,797 | — | 97,209,832 | ||||||||||
The Small Cap Opportunities Portfolio | — | 18,154,234 | — | 27,560,962 | ||||||||||
The Market Opportunities Portfolio | — | 16,102,146 | — | 10,916,337 | ||||||||||
The Multi-Disciplinary Income Portfolio | — | 5,298,454 | — | 4,410,300 | ||||||||||
Internet | Global | Paradigm | |||||||
Tax Cost of Investments | $56,351,961 | $12,849,685 | $158,247,197 | ||||||
Unrealized Appreciation | 235,670,252 | 24,326,736 | 1,166,659,210 | ||||||
Unrealized Depreciation | (3,026,641) | (1,244,903) | (11,499,967) | ||||||
Net Unrealized Appreciation | $232,643,611 | $23,081,833 | $1,155,159,243 | ||||||
Small Cap Opportunities | Market Opportunities | Multi- Disciplinary Income | |||||||
Tax Cost of Investments | $99,075,807 | $40,396,374 | $12,330,174 | ||||||
Unrealized Appreciation | 313,207,605 | 174,143,475 | 71,809 | ||||||
Unrealized Depreciation | (14,978,837) | (3,405,988) | (452) | ||||||
Net Unrealized Appreciation | $298,228,768 | $170,737,487 | $71,357 | ||||||
83 |
Securities | Collateral | |||||
The Internet Portfolio | $3,102,245 | $3,252,116 | ||||
The Global Portfolio | 139,480 | 149,222 | ||||
The Paradigm Portfolio | 18,089,439 | 18,686,717 | ||||
The Small Cap Opportunities Portfolio | 554,891 | 567,525 | ||||
The Market Opportunities Portfolio | 940,497 | 966,221 | ||||
The Multi-Disciplinary Income Portfolio | — | — | ||||
The Internet Portfolio | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Total Return | 76.81% | 30.16% | (23.86)% | 15.72% | 56.87% | ||||||||||
Ratio of expenses to average net assets: | 1.34% | 1.35% | 1.35% | 1.34% | 1.37% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.25% | 1.23% | (0.18)% | (0.92)% | (0.36)% | ||||||||||
Portfolio turnover rate | 43% | 19% | 19% | 4% | 1% | ||||||||||
The Global Portfolio | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Total Return | 72.10% | 11.79% | (6.53)% | 16.23% | 24.80% | ||||||||||
Ratio of expenses to average net assets: | 1.45% | 1.49% | 1.46% | 1.48% | 1.59% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.71% | 1.71% | 0.18% | (1.00)% | (0.66)% | ||||||||||
Portfolio turnover rate | 34% | 16% | 57% | 7% | 8% | ||||||||||
The Paradigm Portfolio | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Total Return | 88.79% | (16.59)% | 29.48% | 38.46% | 3.61% | ||||||||||
Ratio of expenses to average net assets: | 1.32% | 1.34% | 1.33% | 1.33% | 1.35% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.32% | (0.20)% | 0.15% | (0.58)% | 0.70% | ||||||||||
Portfolio turnover rate | 2% | 0% | 0% | 1% | 1% | ||||||||||
The Small Cap Opportunities Portfolio | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Total Return | 68.83% | (14.40)% | 32.26% | 50.63% | 2.57% | ||||||||||
Ratio of expenses to average net assets: | 1.33% | 1.35% | 1.34% | 1.34% | 1.37% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.96% | 0.52% | 0.37% | (0.62)% | 1.05% | ||||||||||
Portfolio turnover rate | 6% | 2% | 6% | 3% | 0% | ||||||||||
84 |
The Market Opportunities Portfolio | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Total Return | 84.14% | (7.29)% | 15.02% | 28.08% | 19.57% | ||||||||||
Ratio of expenses to average net assets: | 1.34% | 1.36% | 1.36% | 1.36% | 1.38% | ||||||||||
Ratio of net investment income (loss) to average net assets: | 0.59% | 0.94% | 0.22% | (0.74)% | 0.42% | ||||||||||
Portfolio turnover rate | 7% | 5% | 13% | 2% | 2% | ||||||||||
The Multi-Disciplinary Income Portfolio | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Total Return | 7.30% | 5.24% | (2.29)% | 1.23% | (1.35)% | ||||||||||
Ratio of expenses to average net assets: | 0.51% | 0.94% | 1.48% | 1.44% | 1.46% | ||||||||||
Ratio of net investment income to average net assets: | 6.77% | 5.16% | 2.14% | 1.74% | 3.17% | ||||||||||
Portfolio turnover rate | 37% | 37% | 0% | 0% | 0% | ||||||||||
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | $106,542,009 | $2,905,547 | $2,913,160 | $112,360,716 | ||||||||
Unit Investment Trust | 176,496,071 | — | — | 176,496,071 | ||||||||
Exchange Traded Funds | — | — | — | — | ||||||||
Warrants | — | — | 138,785 | 138,785 | ||||||||
Total Investments in Securities | $ 283,038,080 | $2,905,547 | $3,051,945 | $288,995,572 | ||||||||
85 |
Description | Investments in Securities | ||
Balance as of December 31, 2023 | $2,896,327 | ||
Accrued discounts/premiums | — | ||
Realized gain (loss) | — | ||
Change in unrealized appreciation (depreciation) | 155,618*** | ||
Net purchases and/or acquisitions | — | ||
Net sales and/or write-offs | — | ||
Transfer in and/or out of Level 3 | — | ||
Balance as of December 31, 2024 | $3,051,945 | ||
Description | Fair Value at 12/31/2024 | Valuation Techniques | Unobservable Input | Range** | ||||||||
Common Stocks | $2,913,160 | Discounted Cash Flow | Volatility | 16.8% | ||||||||
Option Pricing Model | Discount for Lack of Marketability | 5.0% | ||||||||||
Weighted Average Cost of Capital | 13.5% | |||||||||||
Years to Maturity | 9.5 | |||||||||||
Risk-Free Rate | 4.9% | |||||||||||
Warrants | $138,785 | Discounted Cash Flow | Volatility | 16.8% | ||||||||
Option Pricing Model | Discount for Lack of Marketability | 10.0% | ||||||||||
Weighted Average Cost of Capital | 13.5% | |||||||||||
Years to Maturity | 9.5 | |||||||||||
Risk-Free Rate | 4.9% | |||||||||||
| ^ | 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 except for discount for lack of marketability where a decrease would result in an increase to the value of the investment. 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 December 31, 2024 is $155,618. |
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | $22,506,288 | $613,273 | $99,990 | $23,219,551 | ||||||||
Unit Investment Trust | 12,649,385 | — | — | 12,649,385 | ||||||||
Warrants | — | 51,662 | — | 51,662 | ||||||||
Preferred Stocks | — | 10,920 | — | 10,920 | ||||||||
Convertible Bonds | — | — | — * | — | ||||||||
Total Investments in Securities | $ 35,155,673 | $675,855 | $99,990 | $35,931,518 | ||||||||
86 |
Description | Investments in Securities | ||
Balance as of December 31, 2023 | $259,490 | ||
Accrued discounts/premiums | — | ||
Realized gain (loss) | — | ||
Change in unrealized appreciation (depreciation) | (33,550)*** | ||
Net purchases and/or acquisitions | — | ||
Net sales and/or write-offs | — | ||
Transfer in and/or out of Level 3 | (125,950) | ||
Balance as of December 31, 2024 | $99,990 | ||
Description | Fair Value at 12/31/2024 | Valuation Techniques | Unobservable Input | Range** | ||||||||
Common Stocks | $ 99,990 | Cost Approach | Precedent Transaction | $55.00-$55.00 | ||||||||
Convertible Bonds | $—* | Asset Liquidation Analysis | Liquidation Proceeds | $0.00-$0.00 | ||||||||
| ^ | 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 December 31, 2024 is $(33,550). |
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | $1,147,828,035 | $612,082 | $—* | $1,148,440,117 | ||||||||
Unit Investment Trust | 160,371,811 | — | — | 160,371,811 | ||||||||
Real Estate Investment Trusts | 4,582,080 | — | — | 4,582,080 | ||||||||
Warrants | — | 11,832 | — | 11,832 | ||||||||
Preferred Stocks | — | 600 | — | 600 | ||||||||
Total Investments in Securities | $ 1,312,781,926 | $624,514 | $— | $1,313,406,440 | ||||||||
Description | Investments in Securities | ||
Balance as of December 31, 2023 | $762,700 | ||
Accrued discounts/premiums | — | ||
Realized gain (loss) | (845,018) | ||
Change in unrealized appreciation (depreciation) | 773,969*** | ||
Net purchases and/or acquisitions | — | ||
Net sales and/or write-offs | (389,371) | ||
Transfer in and/or out of Level 3 | (302,280) | ||
Balance as of December 31, 2024 | $ — | ||
87 |
Description | Fair Value at 12/31/2024 | Valuation Techniques | Unobservable Input | Range** | ||||||||
Common Stocks | $ —* | Asset Liquidation Analysis | Precedent Transaction | $0.00 - $0.00 | ||||||||
| ^ | 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 December 31, 2024 is $773,969. |
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | $369,879,270 | $340,046 | $— | $370,219,316 | ||||||||
Unit Investment Trust | 24,718,846 | — | — | 24,718,846 | ||||||||
Warrants | — | 2,366,413 | — | 2,366,413 | ||||||||
Total Investments in Securities | $394,598,116 | $2,706,459 | $— | $397,304,575 | ||||||||
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | $154,378,505 | $5,305,430 | $1,167,675 | $160,851,610 | ||||||||
Unit Investment Trust | 49,343,720 | — | — | 49,343,720 | ||||||||
Warrants | — | 643,605 | 49,195 | 692,800 | ||||||||
Preferred Stocks | — | 245,731 | — | 245,731 | ||||||||
Convertible Bonds | — | — | — * | — | ||||||||
Total Investments in Securities | $203,722,225 | $6,194,766 | $1,216,870 | $211,133,861 | ||||||||
88 |
Description | Investments in Securities | ||
Balance as of December 31, 2023 | $1,161,707 | ||
Accrued discounts/premiums | — | ||
Realized gain (loss) | — | ||
Change in unrealized appreciation (depreciation) | 55,163*** | ||
Net purchases and/or acquisitions | — | ||
Net sales and/or write-offs | — | ||
Transfer in and/or out of Level 3 | — | ||
Balance as of December 31, 2024 | $1,216,870 | ||
Description | Fair Value at 12/31/2024 | Valuation Techniques | Unobservable Input | Range** | ||||||||
Common Stocks | $1,032,650 | Discounted Cash Flow | Volatility | 16.8% | ||||||||
Option Pricing Model | Discount for Lack of Marketability | 5.0% | ||||||||||
Weighted Average Cost of Capital | 13.5% | |||||||||||
Years to Maturity | 9.5 | |||||||||||
Risk-Free Rate | 4.9% | |||||||||||
Common Stocks | $135,025 | Cost Approach | Precedent Transaction | $55.00-$55.00 | ||||||||
Convertible Bonds | $—* | Asset Liquidation Analysis | Liquidation Proceeds | $0.00-$0.00 | ||||||||
Warrants | $49,195 | Discounted Cash Flow | Volatility | 16.8% | ||||||||
Option Pricing Model | Discount for Lack of Marketability | 10.0% | ||||||||||
Weighted Average Cost of Capital | 13.5% | |||||||||||
Years to Maturity | 9.5 | |||||||||||
Risk-Free Rate | 4.9% | |||||||||||
| ^ | 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 December 31, 2024 is $55,163. |
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||
Collateralized Loan Obligation | $— | $12,401,531 | $— | $12,401,531 | ||||||||
Total Investments in Securities | $— | $12,401,531 | $— | $12,401,531 | ||||||||
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
89 |
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets & Liabilities | Net Amounts Presented in the Statement of Assets & Liabilities | Gross Amounts not Offset in the Statement of Assets & Liabilities | Net Amount | |||||||||||||||||
Financial Instruments | Collateral Pledged (Received) | ||||||||||||||||||||
The Internet Portfolio | Securities Lending | $3,252,116 | $— | $3,252,116 | $3,252,116 | $— | $— | ||||||||||||||
$3,252,116 | $— | $3,252,116 | $3,252,116 | $— | $— | ||||||||||||||||
The Global Portfolio | Securities Lending | $149,222 | $— | $149,222 | $149,222 | $— | $— | ||||||||||||||
$149,222 | $— | $149,222 | $149,222 | $— | $— | ||||||||||||||||
The Paradigm Portfolio | Securities Lending | $ 18,686,717 | $— | $18,686,717 | $18,686,717 | $— | $— | ||||||||||||||
$ 18,686,717 | $— | $18,686,717 | $18,686,717 | $— | $— | ||||||||||||||||
The Small Cap Opportunities Portfolio | Securities Lending | $567,525 | $— | $567,525 | $567,525 | $— | $— | ||||||||||||||
$567,525 | $— | $567,525 | $567,525 | $— | $— | ||||||||||||||||
The Market Opportunities Portfolio | Securities Lending | $966,221 | $— | $966,221 | $966,221 | $— | $— | ||||||||||||||
$966,221 | $— | $966,221 | $966,221 | $— | $— | ||||||||||||||||
90 |
91 |
92 |
93 |
Name, Address and Year of Birth | Position(s) Held with Company/ Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | # of Portfolios in Fund Complex(1) Overseen by Director/ Trustee | Other Directorships Held by Director/Trustee(2) | ||||||||||
Steven T . Russell Year Born: 1963 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 23 years | Professor of Business Law, Suffolk County Community College (1997 to Present); Lawyer, Private Practice (2010 to present). | 13 | N/A | ||||||||||
Douglas Cohen, CPA Year Born: 1961 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 23 years | Chief Financial Officer, Sunrise Credit Services, Inc. (2005 to 2021). | 13 | N/A | ||||||||||
William J. Graham Year Born: 1961 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 23 years | Attorney, William J. Graham, PC (2001 to present); Assistant Town Attorney, Town of Islip, NY (2016 to 2021). | 13 | N/A | ||||||||||
Joseph E. Breslin Year Born: 1953 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 23 years | Counsel, White Oak Global Advisors, LLC (2016 to present). | 13 | Trustee, Forethought Variable Insurance Trust (23 portfolios); Trustee, BluArc MultiStrategy Fund (2014-2017); Chairman and Trustee, Northern Lights Fund Trust IV (21 portfolios); Trustee, Hatteras Alternative Mutual Funds Trust (5 portfolios) (2004-2016); Trustee, Underlying Funds Trust (5 portfolios) (2004-2016); Trustee, Director, Hatteras Master Fund, L.P. (2013-2016); Director, Hatteras Core Alternatives TEI Fund, L.P. (2013-2016); Director, Hatteras Core Alternatives Fund, L.P. (2013-2016); Director, Hatteras Core Alternatives Institutional Fund, L.P. (2013-2016); and Director, Hatteras Core Alternatives TEI Institutional Fund, L.P. (2013-2016). | ||||||||||
94 |
Name, Address and Year of Birth | Position(s) Held with Company/ Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | # of Portfolios in Fund Complex(1) Overseen by Director/ Trustee | Other Directorships Held by Director/Trustee(2) | ||||||||||
James M. Breen Year Born: 1959 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Independent Director/ Independent Trustee | Indefinite/ 23 years | Security Consultant and Licensed Florida Private Investigator (2019 to present); Special Agent, Florida Department of Law Enforcement (FDLE) (2015 to 2019); Vice President, HBES Consulting, Inc. (2014 to present); Citibank, Senior AML Analyst ((2014-2015); Senior Special Agent, Homeland Security Investigations, Miami, FL (2011 to 2014); Assistant Attaché Immigration & Customs Enforcement, Pretoria, South Africa (2008 to 2011). | 13 | N/A | ||||||||||
Murray Stahl(3)(4) Year Born: 1953 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Director/ Trustee & Secretary | Indefinite/ 23 years | Chairman, FRMO Corp. (2001 to present) (provides consulting services to private investment funds and research services with respect to marketable securities); Chairman and Chief Investment Officer, Horizon Kinetics Holding Corporation, (including Horizon Kinetics Asset Management LLC (investment adviser) (1994 to present); Kinetics Asset Management LLC and Kinetics Advisers, LLC (2000 to 2019); CEO, Horizon Kinetics Holding Corporation (2015 to present). | 13 | Director and Officer of RENN Fund, Inc. (closed end investment company) (2017-present). Director of Texas Pacific Land Corp. (2021 to present). Director and Officer of FRMO Corp. (since 2001). | ||||||||||
Peter B. Doyle(3) Year Born: 1962 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Director/ Trustee & President & Chairman of the Board | Indefinite/ 21 years | Vice President, FMRO Corp. (2001 to present) (provides consulting services to private investment funds and research services with respect to marketable securities); Managing Director, Horizon Kinetics Holding Corporation (including Horizon Kinetics Asset Management LLC (an SEC-registered investment adviser) (1994 to present); Kinetics Asset Management LLC and Kinetics Advisers LLC (2000 to 2019); and President of Kinetics Mutual Funds, Inc. (1998 to present). Co-Portfolio Manager of the RENN Fund, Inc. (2021 to present) | 13 | Director and Officer of FRMO Corp. | ||||||||||
95 |
Name, Address and Year of Birth | Position(s) Held with Company/ Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | # of Portfolios in Fund Complex(1) Overseen by Director/ Trustee | Other Directorships Held by Director/Trustee(2) | ||||||||||
Steven Bregman Year Born: 1958 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Co-Portfolio Manager and Investment Team Member | Indefinite/ 8 years | President, Horizon Kinetics Holding Corporation, (including Horizon Kinetics Asset Management LLC (investment adviser) (1994 to present); Kinetics Asset Management LLC and Kinetics Advisers, LLC (2000 to 2019; President and CFO of FRMO Corp. (2001 to present) (provides consulting services to private investment funds and research services with respect to marketable securities); Co-Portfolio Manager of RENN Fund, Inc. (closed end investment company) (since 2021); | 13 | Director of Winland Electronics, Inc (electronics) (since 2020). Director and Officer of FRMO Corp. (since 2001). | ||||||||||
(1) | The term “fund complex” refers to the Company and the Trust, which hold themselves out as related for investment purposes. |
(2) | “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “public companies”) or investment companies registered under the 1940 Act. |
(3) | Directors/Trustees who are considered “interested persons” as defined in Section 2(a)(19) of the 1940 Act because of their association with the Adviser and its affiliates. |
(4) | Murray Stahl is a member of the Board of Directors (the “Board”) of Texas Pacific Land Corporation (“TPL”), a large holding in certain client accounts and funds, including Kinetics Mutual Funds, which are managed by Horizon Kinetics Asset Management LLC (“HKAM”). Officers, directors, and employees of HKAM may also hold substantial amounts of TPL, both directly and indirectly, in their personal accounts. HKAM seeks to address potential conflicts of interest through the adoption of various policies and procedures, which include both electronic and physical safeguards. All personal and proprietary trading is also subject to HKAM’s Code of Ethics and is monitored by the firm’s Legal and Compliance Department. As a result of Murray Stahl being on the Board of TPL, he does not have any trading authority over shares of TPL. All trading decisions for TPL in Murray Stahl’s personal accounts and in client accounts and funds where he remains a portfolio manager hasbeen delegated to another portfolio manager. |
Name, Address and Year of Birth | Position(s) Held with Company/ Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | Other Directorships Held by Director/ Trustee(2) | ||||||||
Russell W. Grimaldi Year Born: 1980 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Chief Compliance Officer | Indefinite/ 1 month | Chief Compliance Officer, Horizon Kinetics Holding Corporation (including Horizon Kinetics Asset Management (2011 to present), Chief Compliance Officer, Renn Fund, Inc. (2024 to present). | N/A | ||||||||
Jay H. Kesslen Year Born: 1973 c/o Horizon Kinetics Asset Management LLC 470 Park Avenue South New York, New York 10016 | Vice President and Assistant Secretary | Indefinite/ 18 years | General Counsel, Horizon Kinetics Holding Corporation (including Horizon Kinetics Asset Management LLC (an SEC registered investment adviser) (2011 to present), Chief Compliance Officer, Horizon Kinetics Holding Corporation (2015-2016), Kinetics Asset Management LLC (2000 to present), Kinetics Advisers LLC (2000 to 2019), Kinetics Funds Distributor LLC (2000 to present), KBD Securities LLC (2000 to present)); FRMO Corp. (2014 to present); Chief Compliance Officer, RENN Fund, Inc. (2017 to present). | N/A | ||||||||
96 |
| (b) | [Insert financial highlights here] |
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).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable
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 registrant’s board of directors/trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) 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 Registrant’s service provider. |
| (b) | There were no changes in the Registrant's 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 Registrant's 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
Item 19. Exhibits.
(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 registered national securities association upon which the registrant’s 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 to open-end investment companies.
| (5) | Change in the registrant’s 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 to open-end investment companies. |
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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.
Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust
| By: | /s/ Jay Kesslen | |
| Jay Kesslen, | ||
| Vice President for the President and Treasurer | ||
| Date: | March 1, 2025 |
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.
| By: | /s/ Jay Kesslen | |
| Jay Kesslen, | ||
| Vice President for the President and Treasurer | ||
| Date: | March 1, 2025 |
