Kinetics Internet Portfolio
Schedule of Investments
September 30, 2025 (Unaudited)
UNIT INVESTMENT TRUSTS - 60.8%		Shares			Value
Grayscale Bitcoin Mini Trust ETF (a)			428,419		$	21,690,854
Grayscale Bitcoin Trust ETF (a)(b)			2,142,099			192,296,227
Grayscale Litecoin Trust (a)			4			35
TOTAL UNIT INVESTMENT TRUSTS (Cost $6,946,891)						213,987,116
COMMON STOCKS - 29.9%		Shares			Value
Administrative and Support Services - 0.0%(c)
CreditRiskMonitor.com, Inc. (a)			780			1,903
Aerospace and Defense - 0.0%(c)
Booz Allen Hamilton Holding Corp.			1,400			139,930
Broadcasting (except Internet) - 0.2%
Atlanta Braves Holdings, Inc. - Class A (a)(d)			8,000			363,760
Atlanta Braves Holdings, Inc. - Class C (a)			8,000			332,720
						696,480
Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.3%
Broadridge Financial Solutions, Inc.			5,000			1,190,850
Data Processing, Hosting, and Related Services - 1.3%
Mastercard, Inc. - Class A			5,000			2,844,050
Verisk Analytics, Inc.			7,000			1,760,570
						4,604,620
Entertainment - 0.1%
IG Port, Inc.			32,200			334,226
Financial Services - 0.1%
Hellenic Exchanges - Athens Stock Exchange SA			32,000			249,463
Funds, Trusts, and Other Financial Vehicles - 0.3%
Mesabi Trust			37,900			1,109,333
Global Exchanges - 0.0%(c)
Japan Exchange Group, Inc. - ADR (d)			6,200			68,820
NZX Ltd.			1,200			964
						69,784
Management, Scientific, and Technical Consulting Services - 2.8%
CACI International, Inc. - Class A (a)			20,000			9,975,600
Media - 0.1%
Nippon Television Holdings, Inc.			200			5,337
Toei Animation Co. Ltd.			7,000			144,369
						149,706
Oil and Gas Extraction - 16.8%
Permian Basin Royalty Trust			12,550			229,037
Texas Pacific Land Corp.			63,078			58,892,144
						59,121,181
Other Financial Investment Activities - 2.2%
Bakkt Holdings, Inc. (a)(d)			80,000			2,692,000
Galaxy Digital, Inc. - Class A (a)(d)			150,000			5,071,500
						7,763,500
Other Motor Vehicle Dealers - 0.0%(c)
Copart, Inc. (a)			400			17,988
Performing Arts, Spectator Sports, and Related Industries - 0.1%
Madison Square Garden Entertainment Corp. (a)			4,000			180,960
Sphere Entertainment Co. (a)(d)			4,000			248,480
						429,440
Securities and Commodities Exchanges - 1.9%
CME Group, Inc.			4,000			1,080,760
Miami International Holdings Inc. (a)(e)			134,000			4,854,820
Miami International Holdings, Inc. (a)			4,659			187,571
Nasdaq, Inc.			2,100			185,745
TXSE Group, Inc. (a)(e)			8,700			200,100
						6,508,996
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.9%
OTC Markets Group, Inc. - Class A - Class A			122,400			6,487,200
S&P Global, Inc.			113			54,998
						6,542,198
Support Activities for Water Transportation - 1.0%
Landbridge Co. LLC - Class A			66,600			3,553,110
Technology Services and Software - 0.8%
SB Technology, Inc. (a)(e)			156,886			2,700,008
Web Search Portals, Libraries, Archives, and Other Information Services - 0.0%(c)
CoStar Group, Inc. (a)			200			16,874
TOTAL COMMON STOCKS (Cost $57,359,765)						105,175,190
EXCHANGE TRADED FUNDS - 0.3%		Shares			Value
ProShares UltraPro QQQ (d)			4,820			498,388
ProShares UltraPro Short QQQ			32,383			493,193
TOTAL EXCHANGE TRADED FUNDS (Cost $1,000,666)						991,581
WARRANTS - 0.1%		Contracts			Value
Securities and Commodities Exchanges - 0.1%
Miami International Holdings Warrant, Expires 04/01/2026, Exercise Price $7.50  (a)(e)			20,410			521,463
TOTAL WARRANTS (Cost $0)						521,463
TOTAL INVESTMENTS - 91.1% (Cost $65,307,322)						320,675,350
Money Market Deposit Account - 10.7% (f)(g)						37,743,354
Liabilities in Excess of Other Assets - (1.8)%						(6,381,305	)
TOTAL NET ASSETS - 100.0%	0.0%		0.0	%	$	352,037,399
two						–	%
Percentages are stated as a percent of net assets.						–	%

ADR - American Depositary Receipt

LLC - Limited Liability Company

(a)	Non-income producing security.
(b)	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.
(c)	Represents less than 0.05% of net assets.
(d)	All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $6,559,561.
(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 $8,276,391 or 2.4% of net assets as of September 30, 2025.
(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 September 30, 2025 was 3.99%.
(g)	All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of September 30, 2025 is $6,094,127 which represented 1.7% of net assets.

Security Valuation

Master Portfolios and Spin-off Fund equity securities that are listed on a securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation is made. Price information on listed securities is taken from the exchange where the security is primarily traded. All equity securities, including exchange-traded funds, that are traded using the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) are valued using the NASDAQ Official Closing Price (“NOCP”). In the event market quotations are not readily available or if events occur that may materially affect the value of a particular security between the time trading ends on a particular security and the close of regular trading on the New York Stock Exchange (“NYSE”), “fair value” will be determined. Unlisted equity securities and listed equity securities not traded on the valuation date for which market quotations are readily available are valued at the last bid price. Futures, options on futures and swap contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or over-the-counter markets and are freely transferable will be valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace.

Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. If a composite option price is not available, then a quote provided by one of the authorized pricing vendors will be used. If neither a composite price nor a quote from an authorized pricing provider is available, and it is the day of expiration or post-expiration, expiring options will be priced at intrinsic value. Non-exchange-traded options for which over-the-counter quotations are not readily available are valued at the mean between the last bid and asked quotations. Debt obligations (including convertible securities) that are either investment grade or below investment grade and irrespective of days to maturity are valued at evaluated mean by one of the authorized third party pricing agents which rely on various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Certain instruments, such as repurchase agreements and demand notes, do not have values from third parties and are valued at amortized cost. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported net asset value (“NAV”).

Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value using methods determined by the Board of Trustees of the Master Portfolios and the Board of Directors of the Spin-off Fund. In determining the fair value of a security, the Board of Trustees/Directors shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Portfolios with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets. At September 30, 2025, 2.35%, 1.09%, 0.23%, 0.82%, 1.21% and 0.45% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Kinetics Spin-Off and Corporate Restructuring Fund , respectively, were fair valued securities. The other Master Portfolio did not hold any fair-valued securities at September 30, 2025.

Summary of Fair Value Exposure

Various inputs are used in determining the value of Master Portfolio’s and Spin-off Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that Master Portfolio’s and 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 Master Portfolio’s and 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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value The Internet Portfolio's net assets as of September 30, 2025:
Assets^	Level 1			Level 2		Level 3		Total
Common Stocks	$	97,420,262		$	–	$	–	$	97,420,262
Unit Investment Trust		213,987,116			–		7,754,928		221,742,044
Exchange Traded Funds		991,581			–		–		991,581
Warrants		–			–		521,463		521,463
Total Investments in Securities	$	312,398,959		$	–	$	8,276,391	$	320,675,350
During the period ended September 30, 2025, there were no transfers into or out of Level 3.
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Description	Investments in Securities
Balance as of December 31, 2024	$	3,051,945
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		2,324,338	***
Net purchases and/or acquisitions		2,900,108
Net sales and/or write-offs		-
Transfer in and/or out of Level 3		-
Balance as of September 30, 2025	$	8,276,391

Description	Fair Value at 6/30/2025		Valuation Techniques	Unobservable Input	Range**
Common Stocks	$	5,042,391	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	$	2,700,008	Cost Approach	Precedent Transaction	$17.21 - $17.21
Common Stocks	$	200,100	Cost Approach	Precedent Transaction	$23.00 - $23.00
Warrants	$	521,463	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. 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 September 30, 2025 is $2,324,338.