UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09303 & 811-09923
(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:
Item 1. Reports to Stockholders.
| (a) |
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Semi-Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Advisor Class A
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$
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Net Assets
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$
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|
Number of Holdings
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|
Portfolio Turnover
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Top Sectors
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(% of Net Assets)
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Finance and Insurance
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Utilities
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Professional, Scientific, and Technical Services
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Administrative and Support and Waste Management and Remediation Services
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Information
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Financials
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Management of Companies and Enterprises
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Arts, Entertainment, and Recreation
|
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Communications
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Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust BTC
|
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Texas Pacific Land Corp.
|
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CACI International, Inc.
|
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OTC Markets Group, Inc. - Class A
|
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Mastercard, Inc.
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Miami International Holdings Inc.
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Verisk Analytics, Inc.
|
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Galaxy Digital Holdings Ltd.
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Bakkt Holdings, Inc.
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CME Group, Inc.
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| The Internet Fund | PAGE 1 | TSR-SAR-494613862 |
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Semi-Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$
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Net Assets
|
$
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|
Number of Holdings
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|
Portfolio Turnover
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Top Sectors
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(% of Net Assets)
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|
Finance and Insurance
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Utilities
|
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|
Professional, Scientific, and Technical Services
|
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|
Administrative and Support and Waste Management and Remediation Services
|
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|
Information
|
|
|
Financials
|
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|
Management of Companies and Enterprises
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|
Arts, Entertainment, and Recreation
|
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Communications
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Texas Pacific Land Corp.
|
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|
CACI International, Inc.
|
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|
OTC Markets Group, Inc. - Class A
|
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|
Mastercard, Inc.
|
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Miami International Holdings Inc.
|
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Verisk Analytics, Inc.
|
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Galaxy Digital Holdings Ltd.
|
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Bakkt Holdings, Inc.
|
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CME Group, Inc.
|
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| The Internet Fund | PAGE 1 | TSR-SAR-494613763 |
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Semi-Annual Shareholder Report |
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|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Finance and Insurance
|
|
|
Utilities
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Information
|
|
|
Financials
|
|
|
Management of Companies and Enterprises
|
|
|
Arts, Entertainment, and Recreation
|
|
|
Communications
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Texas Pacific Land Corp.
|
|
|
CACI International, Inc.
|
|
|
OTC Markets Group, Inc. - Class A
|
|
|
Mastercard, Inc.
|
|
|
Miami International Holdings Inc.
|
|
|
Verisk Analytics, Inc.
|
|
|
Galaxy Digital Holdings Ltd.
|
|
|
Bakkt Holdings, Inc.
|
|
|
CME Group, Inc.
|
|
| The Internet Fund | PAGE 1 | TSR-SAR-460953102 |
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 |
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||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Finance and Insurance
|
|
|
Utilities
|
|
|
Financials
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Wholesale Trade
|
|
|
Industrials
|
|
|
Energy
|
|
|
Management of Companies and Enterprises
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Texas Pacific Land Corp.
|
|
|
GAMCO Investors, Inc.
|
|
|
Wheaton Precious Metals Corp.
|
|
|
Landbridge Co. LLC
|
|
|
Galaxy Digital Holdings Ltd.
|
|
|
Sandstorm Gold Ltd.
|
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|
Clarkson PLC
|
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|
Associated Capital Group, Inc.
|
|
|
Permian Basin Royalty Trust
|
|
|
Top Ten Countries
|
(% of Net Assets)
|
|
United States
|
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Canada
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United Kingdom
|
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Cayman Islands
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Japan
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Germany
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Netherlands
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Sweden
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Brazil
|
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|
Cash & Other
|
|
| The Global Fund | PAGE 1 | TSR_SAR_494613631 |
| The Global Fund | PAGE 2 | TSR_SAR_494613631 |
 |
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 |
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||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Finance and Insurance
|
|
|
Utilities
|
|
|
Financials
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Wholesale Trade
|
|
|
Industrials
|
|
|
Energy
|
|
|
Management of Companies and Enterprises
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Texas Pacific Land Corp.
|
|
|
GAMCO Investors, Inc.
|
|
|
Wheaton Precious Metals Corp.
|
|
|
Landbridge Co. LLC
|
|
|
Galaxy Digital Holdings Ltd.
|
|
|
Sandstorm Gold Ltd.
|
|
|
Clarkson PLC
|
|
|
Associated Capital Group, Inc.
|
|
|
Permian Basin Royalty Trust
|
|
|
Top Ten Countries
|
(% of Net Assets)
|
|
United States
|
|
|
Canada
|
|
|
United Kingdom
|
|
|
Cayman Islands
|
|
|
Japan
|
|
|
Germany
|
|
|
Netherlands
|
|
|
Sweden
|
|
|
Brazil
|
|
|
Cash & Other
|
|
| The Global Fund | PAGE 1 | TSR_SAR_494613623 |
| The Global Fund | PAGE 2 | TSR_SAR_494613623 |
 |
|
 |
|
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||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Finance and Insurance
|
|
|
Utilities
|
|
|
Financials
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Wholesale Trade
|
|
|
Industrials
|
|
|
Energy
|
|
|
Management of Companies and Enterprises
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Texas Pacific Land Corp.
|
|
|
GAMCO Investors, Inc.
|
|
|
Wheaton Precious Metals Corp.
|
|
|
Landbridge Co. LLC
|
|
|
Galaxy Digital Holdings Ltd.
|
|
|
Sandstorm Gold Ltd.
|
|
|
Clarkson PLC
|
|
|
Associated Capital Group, Inc.
|
|
|
Permian Basin Royalty Trust
|
|
|
Top Ten Countries
|
(% of Net Assets)
|
|
United States
|
|
|
Canada
|
|
|
United Kingdom
|
|
|
Cayman Islands
|
|
|
Japan
|
|
|
Germany
|
|
|
Netherlands
|
|
|
Sweden
|
|
|
Brazil
|
|
|
Cash & Other
|
|
| The Global Fund | PAGE 1 | TSR_SAR_494613805 |
| The Global Fund | PAGE 2 | TSR_SAR_494613805 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Construction
|
|
|
Accommodation and Food Services
|
|
|
Information
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Brookfield Corp.
|
|
|
Live Nation Entertainment, Inc.
|
|
|
CACI International, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Cboe Global Markets, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613854 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Construction
|
|
|
Accommodation and Food Services
|
|
|
Information
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Brookfield Corp.
|
|
|
Live Nation Entertainment, Inc.
|
|
|
CACI International, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Cboe Global Markets, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613821 |
 |
|
 |
|
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||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Construction
|
|
|
Accommodation and Food Services
|
|
|
Information
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Brookfield Corp.
|
|
|
Live Nation Entertainment, Inc.
|
|
|
CACI International, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Cboe Global Markets, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613797 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Construction
|
|
|
Accommodation and Food Services
|
|
|
Information
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Brookfield Corp.
|
|
|
Live Nation Entertainment, Inc.
|
|
|
CACI International, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Cboe Global Markets, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
| The Paradigm Fund | PAGE 1 | TSR-SAR-494613607 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Finance and Insurance
|
|
|
Accommodation and Food Services
|
|
|
Real Estate
|
|
|
Real Estate and Rental and Leasing
|
|
|
Financials
|
|
|
Manufacturing
|
|
|
Transportation and Warehousing
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CACI International, Inc.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Civeo Corp.
|
|
|
DREAM Unlimited Corp.
|
|
|
Associated Capital Group, Inc.
|
|
|
Inter Parfums, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Carnival Corp.
|
|
|
Urbana Corp.
|
|
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613839 |
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|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Finance and Insurance
|
|
|
Accommodation and Food Services
|
|
|
Real Estate
|
|
|
Real Estate and Rental and Leasing
|
|
|
Financials
|
|
|
Manufacturing
|
|
|
Transportation and Warehousing
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CACI International, Inc.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Civeo Corp.
|
|
|
DREAM Unlimited Corp.
|
|
|
Associated Capital Group, Inc.
|
|
|
Inter Parfums, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Carnival Corp.
|
|
|
Urbana Corp.
|
|
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613748 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Finance and Insurance
|
|
|
Accommodation and Food Services
|
|
|
Real Estate
|
|
|
Real Estate and Rental and Leasing
|
|
|
Financials
|
|
|
Manufacturing
|
|
|
Transportation and Warehousing
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CACI International, Inc.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Civeo Corp.
|
|
|
DREAM Unlimited Corp.
|
|
|
Associated Capital Group, Inc.
|
|
|
Inter Parfums, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Carnival Corp.
|
|
|
Urbana Corp.
|
|
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613813 |
 |
|
 |
|
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||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Finance and Insurance
|
|
|
Accommodation and Food Services
|
|
|
Real Estate
|
|
|
Real Estate and Rental and Leasing
|
|
|
Financials
|
|
|
Manufacturing
|
|
|
Transportation and Warehousing
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CACI International, Inc.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Civeo Corp.
|
|
|
DREAM Unlimited Corp.
|
|
|
Associated Capital Group, Inc.
|
|
|
Inter Parfums, Inc.
|
|
|
Landbridge Co. LLC
|
|
|
Carnival Corp.
|
|
|
Urbana Corp.
|
|
| The Small Cap Opportunities Fund | PAGE 1 | TSR-SAR-494613706 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Financials
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Wholesale Trade
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Industrials
|
|
|
Management of Companies and Enterprises
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Partners Value Investments LP
|
|
|
Associated Capital Group, Inc.
|
|
|
Intercontinental Exchange, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Wheaton Precious Metals Corp.
|
|
|
Urbana Corp.
|
|
|
Clarkson PLC
|
|
|
Permian Basin Royalty Trust
|
|
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613771 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Financials
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Wholesale Trade
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Industrials
|
|
|
Management of Companies and Enterprises
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Partners Value Investments LP
|
|
|
Associated Capital Group, Inc.
|
|
|
Intercontinental Exchange, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Wheaton Precious Metals Corp.
|
|
|
Urbana Corp.
|
|
|
Clarkson PLC
|
|
|
Permian Basin Royalty Trust
|
|
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613730 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Financials
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Wholesale Trade
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Industrials
|
|
|
Management of Companies and Enterprises
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Partners Value Investments LP
|
|
|
Associated Capital Group, Inc.
|
|
|
Intercontinental Exchange, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Wheaton Precious Metals Corp.
|
|
|
Urbana Corp.
|
|
|
Clarkson PLC
|
|
|
Permian Basin Royalty Trust
|
|
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613615 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Financials
|
|
|
Real Estate and Rental and Leasing
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Wholesale Trade
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Industrials
|
|
|
Management of Companies and Enterprises
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
Grayscale Bitcoin Trust BTC
|
|
|
Partners Value Investments LP
|
|
|
Associated Capital Group, Inc.
|
|
|
Intercontinental Exchange, Inc.
|
|
|
Franco-Nevada Corp.
|
|
|
Wheaton Precious Metals Corp.
|
|
|
Urbana Corp.
|
|
|
Clarkson PLC
|
|
|
Permian Basin Royalty Trust
|
|
| The Market Opportunities Fund | PAGE 1 | TSR-SAR-494613789 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Average Credit Quality
|
AAA
|
|
Effective Duration
|
2 Yrs
|
|
30-Day SEC Yield
|
6.61%
|
|
30-Day SEC Yield Unsubsidized
|
6.31%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Asset Backed Securities
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Benefit Street Partners CLO Ltd.
|
|
|
Apidos CLO
|
|
|
Venture CDO Ltd.
|
|
|
Babson CLO Ltd./Cayman Islands
|
|
|
Fortress Credit BSL Ltd.
|
|
|
Regatta Funding Ltd.
|
|
|
Rad CLO
|
|
|
Magnetite CLO Ltd.
|
|
|
ICG US CLO Ltd.
|
|
|
Man GLG US CLO
|
|
| The Multi-Disciplinary Income Fund | PAGE 1 | TSR_SAR_494613672 |
| The Multi-Disciplinary Income Fund | PAGE 2 | TSR_SAR_494613672 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class A
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Manufacturing
|
|
|
Accommodation and Food Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Energy
|
|
|
Information
|
|
|
Construction
|
|
|
Real Estate
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CSW Industrials, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
|
GAMCO Investors, Inc.
|
|
|
Civeo Corp.
|
|
|
Landbridge Co. LLC
|
|
|
PrairieSky Royalty Ltd.
|
|
|
Liberty Media Corp.-Liberty Formula One
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
DREAM Unlimited Corp.
|
|
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613557 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Advisor Class C
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Manufacturing
|
|
|
Accommodation and Food Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Energy
|
|
|
Information
|
|
|
Construction
|
|
|
Real Estate
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CSW Industrials, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
|
GAMCO Investors, Inc.
|
|
|
Civeo Corp.
|
|
|
Landbridge Co. LLC
|
|
|
PrairieSky Royalty Ltd.
|
|
|
Liberty Media Corp.-Liberty Formula One
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
DREAM Unlimited Corp.
|
|
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613540 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Manufacturing
|
|
|
Accommodation and Food Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Energy
|
|
|
Information
|
|
|
Construction
|
|
|
Real Estate
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CSW Industrials, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
|
GAMCO Investors, Inc.
|
|
|
Civeo Corp.
|
|
|
Landbridge Co. LLC
|
|
|
PrairieSky Royalty Ltd.
|
|
|
Liberty Media Corp.-Liberty Formula One
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
DREAM Unlimited Corp.
|
|
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613532 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
No Load Class
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(% of Net Assets)
|
|
Utilities
|
|
|
Finance and Insurance
|
|
|
Manufacturing
|
|
|
Accommodation and Food Services
|
|
|
Real Estate and Rental and Leasing
|
|
|
Energy
|
|
|
Information
|
|
|
Construction
|
|
|
Real Estate
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Texas Pacific Land Corp.
|
|
|
CSW Industrials, Inc.
|
|
|
Associated Capital Group, Inc.
|
|
|
GAMCO Investors, Inc.
|
|
|
Civeo Corp.
|
|
|
Landbridge Co. LLC
|
|
|
PrairieSky Royalty Ltd.
|
|
|
Liberty Media Corp.-Liberty Formula One
|
|
|
Howard Hughes Holdings, Inc.
|
|
|
DREAM Unlimited Corp.
|
|
| The Kinetics Spin-off and Corporate Restructuring Fund | PAGE 1 | TSR-SAR-494613524 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for Semi-Annual Reports.
Item 3. Audit Committee Financial Expert.
Not applicable for Semi-Annual Reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for Semi-Annual Reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included within the financial statements filed under Item 7 of this Form.
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
|
|
|
|
|
|
|
|
|
Page |
|
KINETICS
MUTUAL FUNDS, INC. – The Feeder Funds and
The
Kinetics Spin-Off and Corporate Restructuring Fund |
|
|
|
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
KINETICS
PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO |
|
|
|
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 92.6% | ||||||
|
Accommodation
- 1.9% |
| |||||
|
Civeo
Corp. |
|
|
20,200 |
|
|
$503,384
|
|
Broadcasting
(except Internet) - 1.0% |
| |||||
|
Atlanta
Braves Holdings, Inc. -
Class
C(a) |
|
|
1,694 |
|
|
66,811
|
|
Liberty
Media Corp.-Liberty Formula One - Class A(a) |
|
|
3,000 |
|
|
192,690
|
|
Liberty
Media Corp.-Liberty Live -
Class
A(a) |
|
|
100 |
|
|
3,751
|
|
|
|
|
|
263,252
| ||
|
Chemical
Manufacturing - 0.2% |
| |||||
|
Prestige
Consumer Healthcare, Inc.(a) |
|
|
797 |
|
|
54,873
|
|
Diversified
Real Estate Activities - 0.9% |
| |||||
|
PrairieSky
Royalty Ltd. |
|
|
12,000 |
|
|
228,062
|
|
Electric
Power Generation, Transmission and Distribution - 0.0%(b) |
| |||||
|
GE
Vernova, Inc.(a) |
|
|
25 |
|
|
4,288
|
|
Funds,
Trusts, and Other Financial Vehicles - 0.1% |
| |||||
|
Mesabi
Trust |
|
|
550 |
|
|
9,476
|
|
Machinery
Manufacturing - 0.1% |
| |||||
|
General
Electric Co. |
|
|
100 |
|
|
15,897
|
|
Management
of Companies and Enterprises - 4.6% |
| |||||
|
Associated
Capital Group, Inc. - Class A |
|
|
34,300 |
|
|
1,166,886
|
|
Galaxy
Digital Holdings Ltd.(a) |
|
|
3,600 |
|
|
42,051
|
|
White
Mountains Insurance Group Ltd. |
|
|
4 |
|
|
7,270
|
|
|
|
|
|
1,216,207
| ||
|
Mining
(except Oil and Gas) - 0.0%(b) |
| |||||
|
Anglo
American PLC - ADR |
|
|
2 |
|
|
32
|
|
Knife
River Corp.(a) |
|
|
100 |
|
|
7,014
|
|
|
|
|
|
7,046
| ||
|
Miscellaneous
Manufacturing - 7.3% |
| |||||
|
CSW
Industrials, Inc. |
|
|
7,200 |
|
|
1,910,232
|
|
Nonmetallic
Mineral Product Manufacturing - 0.1% |
| |||||
|
Eagle
Materials, Inc. |
|
|
76 |
|
|
16,527
|
|
Offices
of Real Estate Agents and Brokers - 1.6% |
| |||||
|
Landbridge
Co. LLC - Class A(a) |
|
|
17,648 |
|
|
408,552
|
|
Oil
and Gas Extraction - 69.9%(c) |
| |||||
|
Texas
Pacific Land Corp.(d) |
|
|
25,033 |
|
|
18,380,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Other
Financial Investment Activities - 4.0% |
| |||||
|
Bakkt
Holdings, Inc.(a) |
|
|
5,180 |
|
|
$98,006
|
|
GAMCO
Investors, Inc. - Class A |
|
|
39,300 |
|
|
954,990
|
|
|
|
|
|
1,052,996
| ||
|
Other
Investment Pools and Funds - 0.1% |
|
|
|
|
||
|
Urbana
Corp. |
|
|
6,234 |
|
|
25,701
|
|
Urbana
Corp. - Class A |
|
|
1,600 |
|
|
5,532
|
|
|
|
|
|
31,233
| ||
|
Real
Estate - 0.8% |
|
|
|
|
||
|
DREAM
Unlimited Corp.(a) |
|
|
7,200 |
|
|
103,417
|
|
Howard
Hughes Holdings, Inc.(a) |
|
|
1,700 |
|
|
110,194
|
|
|
|
|
|
213,611
| ||
|
Support
Activities for Mining - 0.0%(b) |
|
|
|
|
||
|
Liberty
Energy, Inc. |
|
|
324 |
|
|
6,768
|
|
TOTAL
COMMON STOCKS
(Cost
$3,813,552) |
|
|
|
|
24,323,385
| |
|
CLOSED
END FUNDS - 0.3% |
|
|
|
|
||
|
Capital
Southwest Corp. |
|
|
3,200 |
|
|
83,488
|
|
TOTAL
CLOSED END FUNDS
(Cost
$46,884) |
|
|
|
|
83,488
| |
|
UNIT
INVESTMENT TRUST - 0.2% |
|
|
|
|
||
|
GRAYSCALE
BITCOIN CASH TR BCH COM - RESTRICTED(a)(e) |
|
|
6,073 |
|
|
37,045
|
|
Grayscale
Bitcoin Trust BTC(a) |
|
|
60 |
|
|
3,195
|
|
TOTAL
UNIT INVESTMENT TRUST
(Cost
$27,264) |
|
|
|
|
40,240
| |
|
EXCHANGE
TRADED FUNDS - 0.0%(b) |
|
|
|
|
||
|
iShares
Bitcoin Trust(a) |
|
|
140 |
|
|
4,779
|
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost
$5,029) |
|
|
|
|
4,779
| |
|
TOTAL
INVESTMENTS - 93.1%
(Cost
$3,892,729) |
|
|
|
|
24,451,892 | |
|
Money
Market Deposit Account - 8.1%(f) |
|
|
|
|
2,136,185 | |
|
Liabilities
in Excess of Other
Assets
- (1.2)% |
|
|
|
|
(304,537) | |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$26,283,540 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
|
|
1 |
|
|
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
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. |
|
(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 $37,045 or 0.2% of net assets as of June 30, 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 June 30, 2024 was 5.28%.
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Internet
Fund |
|
|
The
Global Fund
|
|
ASSETS: |
|
|
|
|
||
|
Investments
in the Master Portfolio, at value* |
|
|
$247,051,455 |
|
|
$26,888,906
|
|
Receivable
from Adviser |
|
|
— |
|
|
14,016
|
|
Receivable
for Master Portfolio interest sold |
|
|
28,066 |
|
|
51,400
|
|
Receivable
for Fund shares sold |
|
|
36,638 |
|
|
—
|
|
Prepaid
expenses and other assets |
|
|
39,439 |
|
|
32,301
|
|
Total
assets |
|
|
247,155,598 |
|
|
26,986,623
|
|
LIABILITIES: |
|
|
|
|
||
|
Payable
for Master Portfolio interest purchased |
|
|
— |
|
|
46,580
|
|
Payable
to Directors |
|
|
6,314 |
|
|
598
|
|
Payable
to Chief Compliance Officer |
|
|
316 |
|
|
25
|
|
Payable
for Fund shares repurchased |
|
|
64,704 |
|
|
4,820
|
|
Payable
for shareholder servicing fees |
|
|
52,552 |
|
|
5,514
|
|
Payable
for distribution fees |
|
|
12,959 |
|
|
15,221
|
|
Accrued
expenses and other liabilities |
|
|
22,495 |
|
|
9,457
|
|
Total
liabilities |
|
|
159,340 |
|
|
82,215
|
|
Net
Assets |
|
|
$246,996,258 |
|
|
$26,904,408
|
|
Net
Assets Consists of: |
|
|
|
|
||
|
Paid
in capital |
|
|
$96,699,678 |
|
|
$13,271,018
|
|
Accumulated
earnings |
|
|
150,296,580 |
|
|
13,633,390
|
|
Net
assets |
|
|
$246,996,258 |
|
|
$26,904,408
|
|
Calculation
of Net Asset Value Per Share - No Load Class: |
|
|
||||
|
Net
Assets |
|
|
$240,880,279 |
|
|
$19,385,885
|
|
Shares
outstanding |
|
|
3,168,655 |
|
|
1,598,118
|
|
Net
asset value per share (offering price and redemption price) |
|
|
$76.02 |
|
|
$12.13
|
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
|
|
||||
|
Net
Assets |
|
|
$3,234,378 |
|
|
$1,944,336
|
|
Shares
outstanding |
|
|
47,107 |
|
|
161,632
|
|
Net
asset value per share (redemption price) |
|
|
$68.66 |
|
|
$12.03
|
|
Offering
price per share ($68.66 divided by .9425 and $12.03 divided by .9425) |
|
|
$72.85 |
|
|
$12.76
|
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
|
|
||||
|
Net
Assets |
|
|
$2,881,601 |
|
|
$5,574,187
|
|
Shares
outstanding |
|
|
51,351 |
|
|
503,561
|
|
Net
asset value per share (offering price and redemption price) |
|
|
$56.12 |
|
|
$11.07 |
|
|
|
|
|
|
|
|
|
* |
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* |
|
|
$900,267,160 |
|
|
$305,860,027
|
| ||
|
Receivable
for Master Portfolio interest sold |
|
|
110,224 |
|
|
193,382
|
| ||
|
Receivable
for Fund shares sold |
|
|
53,961 |
|
|
63,150
|
| ||
|
Prepaid
expenses and other assets |
|
|
61,556 |
|
|
47,376
|
| ||
|
Total
assets |
|
|
900,492,901 |
|
|
306,163,935
|
| ||
|
LIABILITIES: |
|
|
|
|
| ||||
|
Payable
to Directors |
|
|
21,008 |
|
|
7,253
|
| ||
|
Payable
to Chief Compliance Officer |
|
|
1,088 |
|
|
385
|
| ||
|
Payable
for Fund shares repurchased |
|
|
164,185 |
|
|
256,532
|
| ||
|
Payable
for shareholder servicing fees |
|
|
140,903 |
|
|
51,607
|
| ||
|
Payable
for distribution fees |
|
|
193,458 |
|
|
40,842
|
| ||
|
Accrued
expenses and other liabilities |
|
|
58,828 |
|
|
30,299
|
| ||
|
Total
liabilities |
|
|
579,470 |
|
|
386,918
|
| ||
|
Net
Assets |
|
|
$899,913,431 |
|
|
$305,777,017
|
| ||
|
Net
Assets Consists of: |
|
|
|
|
| ||||
|
Paid
in capital |
|
|
$140,390,465 |
|
|
$106,212,227
|
| ||
|
Accumulated
earnings |
|
|
759,522,966 |
|
|
199,564,790
|
| ||
|
Net
assets |
|
|
$899,913,431 |
|
|
$305,777,017
|
| ||
|
Calculation
of Net Asset Value Per Share - No Load Class: |
|
|
|
|
|||||
|
Net
Assets |
|
|
$404,685,240 |
|
|
$219,469,644
|
| ||
|
Shares
outstanding |
|
|
4,298,960 |
|
|
1,712,563
|
| ||
|
Net
asset value per share (offering price and redemption price) |
|
|
$94.14 |
|
|
$128.15
|
| ||
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
|
|
| ||||||
|
Net
Assets |
|
|
$182,506,440 |
|
|
18,400,390
|
| ||
|
Shares
outstanding |
|
|
2,039,323 |
|
|
149,851
|
| ||
|
Net
asset value per share (redemption price) |
|
|
$89.49 |
|
|
122.79
|
| ||
|
Offering
price per share ($89.49 divided by .9425 and $122.79 divided by .9425) |
|
|
$94.95 |
|
|
$130.28
|
| ||
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
|
|
| ||||||
|
Net
Assets |
|
|
$63,969,968 |
|
|
$9,235,291
|
| ||
|
Shares
outstanding |
|
|
799,868 |
|
|
80,298
|
| ||
|
Net
asset value per share (offering price and redemption price) |
|
|
$79.98 |
|
|
$115.01
|
| ||
|
Calculation
of Net Asset Value Per Share - Institutional Class: |
| ||||||||
|
Net
Assets |
|
|
$248,751,783 |
|
|
$58,671,692
|
| ||
|
Shares
outstanding |
|
|
2,605,471 |
|
|
446,611
|
| ||
|
Net
asset value per share (offering price and redemption price) |
|
|
$95.47 |
|
|
$131.37 |
| ||
|
|
|
|
|
|
|
|
| ||
|
* |
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* |
|
|
$155,882,305 |
|
|
$13,426,848
|
| ||
|
Receivable
from Adviser |
|
|
36,906 |
|
|
3,112
|
| ||
|
Receivable
for Master Portfolio interest sold |
|
|
80,326 |
|
|
69,948
|
| ||
|
Prepaid
expenses and other assets |
|
|
40,785 |
|
|
13,409
|
| ||
|
Total
assets |
|
|
156,040,322 |
|
|
13,513,317
|
| ||
|
LIABILITIES: |
|
|
|
|
| ||||
|
Payable
for Master Portfolio interest purchased |
|
|
21,605 |
|
|
–
|
| ||
|
Payable
to Directors |
|
|
3,637 |
|
|
317
|
| ||
|
Payable
to Chief Compliance Officer |
|
|
187 |
|
|
21
|
| ||
|
Payable
for Fund shares repurchased |
|
|
58,721 |
|
|
69,948
|
| ||
|
Payable
for shareholder servicing fees |
|
|
27,392 |
|
|
2,592
|
| ||
|
Payable
for distribution fees |
|
|
27,317 |
|
|
11,984
|
| ||
|
Accrued
expenses and other liabilities |
|
|
16,956 |
|
|
8,281
|
| ||
|
Total
liabilities |
|
|
155,815 |
|
|
93,143
|
| ||
|
Net
Assets |
|
|
$155,884,507 |
|
|
$13,420,174
|
| ||
|
Net
Assets Consists of: |
|
|
|
|
| ||||
|
Paid
in capital |
|
|
$49,368,282 |
|
|
$18,803,566
|
| ||
|
Accumulated
earnings |
|
|
106,516,225 |
|
|
(5,383,392)
|
| ||
|
Net
assets |
|
|
$155,884,507 |
|
|
$13,420,174
|
| ||
|
Calculation
of Net Asset Value Per Share - No Load Class: |
|
|
| ||||||
|
Net
Assets |
|
|
$106,161,829 |
|
|
$13,420,174
|
| ||
|
Shares
outstanding |
|
|
1,967,456 |
|
|
1,349,518
|
| ||
|
Net
asset value per share (offering price and redemption price) |
|
|
$53.96 |
|
|
$9.94
|
| ||
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
|
|
|
|
|||||
|
Net
Assets |
|
|
$11,981,139 |
|
|
N/A
|
| ||
|
Shares
outstanding |
|
|
226,160 |
|
|
N/A
|
| ||
|
Net
asset value per share (redemption price) |
|
|
$52.98 |
|
|
N/A
|
| ||
|
Offering
price per share ($52.98 divided by .9425) |
|
|
$56.21 |
|
|
N/A
|
| ||
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
|
|
|
|
|||||
|
Net
Assets |
|
|
$11,137,389 |
|
|
N/A
|
| ||
|
Shares
outstanding |
|
|
222,023 |
|
|
N/A
|
| ||
|
Net
asset value per share (offering price and redemption price) |
|
|
$50.16 |
|
|
N/A
|
| ||
|
Calculation
of Net Asset Value Per Share - Institutional Class: |
| ||||||||
|
Net
Assets |
|
|
$26,604,150 |
|
|
N/A
|
| ||
|
Shares
outstanding |
|
|
484,639 |
|
|
N/A
|
| ||
|
Net
asset value per share (offering price and redemption price) |
|
|
$54.89 |
|
|
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 |
|
ASSETS: |
|
|
|
|
Investments,
at value(1) |
|
|
$24,451,892
|
|
Cash |
|
|
2,136,185
|
|
Receivable
for Fund shares sold |
|
|
1,487
|
|
Dividends
and interest receivable |
|
|
15,011
|
|
Prepaid
expenses and other assets |
|
|
33,437
|
|
Total
assets |
|
|
26,638,012
|
|
LIABILITIES: |
|
|
|
|
Payable
to Adviser |
|
|
16,460
|
|
Payable
to Directors |
|
|
608
|
|
Payable
to Chief Compliance Officer |
|
|
34
|
|
Payable
for securities purchased |
|
|
300,048
|
|
Payable
for Fund shares repurchased |
|
|
4,418
|
|
Payable
for shareholder servicing fees |
|
|
2,158
|
|
Payable
for distribution fees |
|
|
11,597
|
|
Accrued
expenses and other liabilities |
|
|
19,149
|
|
Total
liabilities |
|
|
354,472
|
|
Net
Assets |
|
|
$26,283,540
|
|
(1)Cost
of investments |
|
|
3,892,729
|
|
Net
Assets Consists of: |
|
|
|
|
Paid
in capital |
|
|
$4,878,093
|
|
Accumulated
earnings |
|
|
21,405,447
|
|
Net
assets |
|
|
$26,283,540
|
|
Calculation
of Net Asset Value Per Share - No Load Class: |
|
|
|
|
Net
Assets |
|
|
$28,123
|
|
Shares
outstanding |
|
|
1,116
|
|
Net
asset value per share (offering price and redemption price) |
|
|
$25.20
|
|
Calculation
of Net Asset Value Per Share - Advisor Class A: |
|
|
|
|
Net
Assets |
|
|
$6,842,235
|
|
Shares
outstanding |
|
|
286,943
|
|
Net
asset value per share (redemption price) |
|
|
$23.85
|
|
Offering
price per share ($23.85 divided by .9425) |
|
|
$25.30
|
|
Calculation
of Net Asset Value Per Share - Advisor Class C: |
|
|
|
|
Net
Assets |
|
|
$223,218
|
|
Shares
outstanding |
|
|
10,399
|
|
Net
asset value per share (offering price and redemption price) |
|
|
$21.47
|
|
Calculation
of Net Asset Value Per Share - Institutional Class: |
|
|
|
|
Net
Assets |
|
|
$19,189,964
|
|
Shares
outstanding |
|
|
797,704
|
|
Net
asset value per share (offering price and redemption price) |
|
|
$24.06 |
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Internet
Fund |
|
|
The
Global Fund
|
|
INVESTMENT
GAIN ALLOCATED FROM MASTER PORTFOLIOS: |
|
|
|
|
||
|
Dividends† |
|
|
$376,823 |
|
|
$116,575
|
|
Interest |
|
|
1,304,202 |
|
|
73,088
|
|
Income
from securities lending |
|
|
92,171 |
|
|
5,950
|
|
Expenses
allocated from Master Portfolio |
|
|
(1,553,871) |
|
|
(162,335)
|
|
Net
investment income from Master Portfolio |
|
|
219,325 |
|
|
33,278
|
|
EXPENSES: |
|
|
|
|
||
|
Distribution
fees - Advisor Class A (See Note 3) |
|
|
3,644 |
|
|
2,139
|
|
Distribution
fees - Advisor Class C (See Note 3) |
|
|
9,703 |
|
|
19,965
|
|
Shareholder
servicing fees - Advisor Class A (See Note 3) |
|
|
3,644 |
|
|
2,139
|
|
Shareholder
servicing fees - Advisor Class C (See Note 3) |
|
|
3,234 |
|
|
6,655
|
|
Shareholder
servicing fees - No Load Class (See Note 3) |
|
|
283,885 |
|
|
18,788
|
|
Transfer
agent fees and expenses |
|
|
38,116 |
|
|
7,856
|
|
Reports
to shareholders |
|
|
10,385 |
|
|
1,408
|
|
Administration
fees |
|
|
25,487 |
|
|
3,616
|
|
Professional
fees |
|
|
19,237 |
|
|
5,636
|
|
Directors’
fees |
|
|
12,973 |
|
|
1,126
|
|
Chief
Compliance Officer fees |
|
|
2,097 |
|
|
162
|
|
Registration
fees |
|
|
29,734 |
|
|
29,099
|
|
Fund
accounting fees |
|
|
4,112 |
|
|
279
|
|
Other
expenses |
|
|
3,456 |
|
|
427
|
|
Total
expenses |
|
|
449,707 |
|
|
99,295
|
|
Less,
expense reimbursement |
|
|
— |
|
|
(86,170)
|
|
Net
expenses |
|
|
449,707 |
|
|
13,125
|
|
Net
investment income (loss) from Master Portfolio |
|
|
(230,382) |
|
|
20,153
|
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: |
|
|
|
|
||
|
Net
realized gain on: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
2,579,777 |
|
|
354,631
|
|
Net
change in unrealized appreciation (depreciation) of: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
53,496,123 |
|
|
4,709,580
|
|
Net
gain on investments |
|
|
56,075,900 |
|
|
5,064,211
|
|
Net
increase in net assets resulting from operations |
|
|
$55,845,518 |
|
|
$5,084,364
|
|
†Net
of foreign taxes withheld of: |
|
|
$7,337 |
|
|
$5,915 |
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Paradigm
Fund |
|
|
The Small
Cap
Opportunities
Fund |
|
INVESTMENT
GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIOS: |
|
|
||||
|
Dividends† |
|
|
$2,867,499 |
|
|
$1,361,757
|
|
Interest |
|
|
967,759 |
|
|
982,063
|
|
Income
from securities lending |
|
|
88,524 |
|
|
27,033
|
|
Expenses
allocated from Master Portfolio |
|
|
(5,264,977) |
|
|
(1,848,596)
|
|
Net
investment income (loss) from Master Portfolio |
|
|
(1,341,195) |
|
|
522,257
|
|
EXPENSES: |
|
|
|
|
||
|
Distribution
fees - Advisor Class A (See Note 3) |
|
|
195,307 |
|
|
20,285
|
|
Distribution
fees - Advisor Class C (See Note 3) |
|
|
214,978 |
|
|
31,190
|
|
Shareholder
servicing fees - Advisor Class A (See Note 3) |
|
|
195,307 |
|
|
20,285
|
|
Shareholder
servicing fees - Advisor Class C (See Note 3) |
|
|
71,659 |
|
|
10,397
|
|
Shareholder
servicing fees - No Load Class (See Note 3) |
|
|
443,549 |
|
|
249,565
|
|
Shareholder
servicing fees - Institutional Class (See Note 3) |
|
|
224,568 |
|
|
52,034
|
|
Transfer
agent fees and expenses |
|
|
78,206 |
|
|
31,245
|
|
Reports
to shareholders |
|
|
22,429 |
|
|
12,917
|
|
Administration
fees |
|
|
84,535 |
|
|
30,147
|
|
Professional
fees |
|
|
53,061 |
|
|
21,076
|
|
Directors’
fees |
|
|
44,042 |
|
|
15,330
|
|
Chief
Compliance Officer fees |
|
|
6,797 |
|
|
2,299
|
|
Registration
fees |
|
|
41,792 |
|
|
43,173
|
|
Fund
accounting fees |
|
|
11,053 |
|
|
3,906
|
|
Other
expenses |
|
|
14,885 |
|
|
6,094
|
|
Total
expenses |
|
|
1,702,168 |
|
|
549,943
|
|
Less,
expense waiver for Institutional Class shareholder servicing fees |
|
|
(168,426) |
|
|
(39,025)
|
|
Less,
expense reimbursement |
|
|
(110,568) |
|
|
(94,979)
|
|
Net
expenses |
|
|
1,423,174 |
|
|
415,939
|
|
Net
investment income (loss) from Master Portfolio |
|
|
(2,764,369) |
|
|
106,318
|
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: |
|
|
|
|
||
|
Net
realized gain on: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
34,571,147 |
|
|
12,173,735
|
|
Net
change in unrealized appreciation (depreciation) of: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
175,037,950 |
|
|
45,770,493
|
|
Net
gain on investments |
|
|
209,609,097 |
|
|
57,944,228
|
|
Net
increase in net assets resulting from operations |
|
|
$206,844,728 |
|
|
$58,050,546
|
|
†Net
of foreign taxes withheld of: |
|
|
$88,232 |
|
|
$94,177 |
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Market
Opportunities
Fund |
|
|
The
Multi- Disciplinary
Income Fund
|
|
INVESTMENT
GAIN ALLOCATED FROM MASTER PORTFOLIOS: |
|
|
|
|
||
|
Dividends† |
|
|
$510,756 |
|
|
$—
|
|
Interest |
|
|
441,203 |
|
|
456,254
|
|
Income
from securities lending |
|
|
39,875 |
|
|
—
|
|
Expenses
allocated from Master Portfolio |
|
|
(924,785) |
|
|
(30,992)
|
|
Net
investment income from Master Portfolio |
|
|
67,049 |
|
|
425,262
|
|
EXPENSES: |
|
|
|
|
||
|
Distribution
fees - Advisor Class A (See Note 3) |
|
|
13,088 |
|
|
—
|
|
Distribution
fees - Advisor Class C (See Note 3) |
|
|
39,026 |
|
|
—
|
|
Shareholder
servicing fees - Advisor Class A (See Note 3) |
|
|
13,088 |
|
|
—
|
|
Shareholder
servicing fees - Advisor Class C (See Note 3) |
|
|
13,009 |
|
|
—
|
|
Shareholder
servicing fees - No Load Class (See Note 3) |
|
|
118,030 |
|
|
15,138
|
|
Shareholder
servicing fees - Institutional Class (See Note 3) |
|
|
22,006 |
|
|
—
|
|
Transfer
agent fees and expenses |
|
|
19,579 |
|
|
3,132
|
|
Reports
to shareholders |
|
|
4,614 |
|
|
683
|
|
Administration
fees |
|
|
16,162 |
|
|
2,184
|
|
Professional
fees |
|
|
12,983 |
|
|
5,155
|
|
Directors’
fees |
|
|
7,702 |
|
|
666
|
|
Chief
Compliance Officer fees |
|
|
1,206 |
|
|
106
|
|
Registration
fees |
|
|
36,330 |
|
|
14,355
|
|
Fund
accounting fees |
|
|
2,220 |
|
|
177
|
|
Other
expenses |
|
|
2,368 |
|
|
262
|
|
Total
expenses |
|
|
321,411 |
|
|
41,858
|
|
Less,
expense waiver for Institutional Class shareholder servicing fees |
|
|
(16,505) |
|
|
—
|
|
Less,
expense reimbursement |
|
|
(238,425) |
|
|
(27,986)
|
|
Net
expenses |
|
|
66,481 |
|
|
13,872
|
|
Net
investment income |
|
|
568 |
|
|
411,390
|
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: |
|
|
|
|
||
|
Net
realized gain (loss) on: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
879,918 |
|
|
—
|
|
Net
change in unrealized appreciation (depreciation) of: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
34,008,486 |
|
|
33,459
|
|
Net
gain on investments |
|
|
34,888,404 |
|
|
33,459
|
|
Net
increase in net assets resulting from operations |
|
|
$34,888,972 |
|
|
$444,849
|
|
†Net
of foreign taxes withheld of: |
|
|
$19,192 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
The Kinetics
Spin-off
and Corporate
Restructuring
Fund |
|
INVESTMENT
INCOME: |
|
|
|
|
Dividends† |
|
|
$96,345
|
|
Interest |
|
|
63,067
|
|
Total
investment income |
|
|
159,412
|
|
EXPENSES: |
|
|
|
|
Distribution
fees - Advisor Class A (See Note 3) |
|
|
7,330
|
|
Distribution
fees - Advisor Class C (See Note 3) |
|
|
935
|
|
Shareholder
servicing fees - Advisor Class A (See Note 3) |
|
|
7,330
|
|
Shareholder
servicing fees - Advisor Class C (See Note 3) |
|
|
312
|
|
Shareholder
servicing fees - No Load Class (See Note 3) |
|
|
38
|
|
Shareholder
servicing fees - Institutional Class (See Note 3) |
|
|
16,280
|
|
Transfer
agent fees and expenses |
|
|
10,154
|
|
Reports
to shareholders |
|
|
729
|
|
Administration
fees |
|
|
8,936
|
|
Professional
fees |
|
|
10,626
|
|
Directors’
fees |
|
|
1,356
|
|
Chief
Compliance Officer fees |
|
|
191
|
|
Registration
fees |
|
|
33,545
|
|
Fund
accounting fees |
|
|
1,667
|
|
Investment
advisory fees |
|
|
112,119
|
|
Custodian
fees and expenses |
|
|
2,913
|
|
Other
expenses |
|
|
444
|
|
Total
expenses |
|
|
214,905
|
|
Less,
expense waiver for Institutional Class shareholder servicing fees |
|
|
(12,210)
|
|
Less,
expense reimbursement |
|
|
(53,939)
|
|
Net
expenses |
|
|
148,756
|
|
Net
investment income |
|
|
10,656
|
|
REALIZED
AND UNREALIZED GAN ON INVESTMENTS AND FOREIGN CURRENCY: |
|
|
|
|
Net
realized gain on: |
|
|
|
|
Investments
and foreign currency |
|
|
825,362
|
|
Net
change in unrealized appreciation (depreciation) of: |
|
|
|
|
Investments
and foreign currency |
|
|
5,197,763
|
|
Net
gain on investments |
|
|
6,023,125
|
|
Net
increase in net assets resulting from operations |
|
|
$6,033,781
|
|
†Net
of foreign taxes withheld of: |
|
|
$2,564 |
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Internet
Fund |
|
|
The Global
Fund | ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$ (230,382) |
|
|
$ 1,328,402 |
|
|
$ 20,153 |
|
|
$396,197
|
|
Net
realized gain (loss) on sale of investments and foreign currency |
|
|
2,579,777 |
|
|
2,270,772 |
|
|
354,631 |
|
|
(225,114)
|
|
Net
change in unrealized appreciation (depreciation) of investments and foreign currency |
|
|
53,496,123 |
|
|
40,793,916 |
|
|
4,709,580 |
|
|
1,884,327
|
|
Net
increase in net assets resulting from operations |
|
|
55,845,518 |
|
|
44,393,090 |
|
|
5,084,364 |
|
|
2,055,410
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
No
Load Class (See Note 5) |
|
|
— |
|
|
(1,389,302) |
|
|
— |
|
|
(288,013)
|
|
Advisor
Class A (See Note 5) |
|
|
— |
|
|
(19,295) |
|
|
— |
|
|
(32,510)
|
|
Advisor
Class C (See Note 5) |
|
|
— |
|
|
(19,149) |
|
|
— |
|
|
(93,545)
|
|
Total
distributions to shareholders |
|
|
— |
|
|
(1,427,746) |
|
|
— |
|
|
(414,068)
|
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
19,916,977 |
|
|
22,530,500 |
|
|
6,157,078 |
|
|
5,166,095
|
|
Redemption
fees |
|
|
44,639 |
|
|
18,241 |
|
|
6,495 |
|
|
1,604
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
1,355,174 |
|
|
— |
|
|
264,030
|
|
Cost
of shares redeemed |
|
|
(19,461,696) |
|
|
(24,605,463) |
|
|
(2,001,286) |
|
|
(15,798,617)
|
|
Net
increase (decrease) in net assets resulting from capital share
transactions |
|
|
499,920 |
|
|
(701,548) |
|
|
4,162,287 |
|
|
(10,366,888)
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
381,221 |
|
|
155,760 |
|
|
239,454 |
|
|
641,746
|
|
Redemption
fees |
|
|
571 |
|
|
275 |
|
|
753 |
|
|
165
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
18,197 |
|
|
— |
|
|
29,860
|
|
Cost
of shares redeemed |
|
|
(171,247) |
|
|
(656,118) |
|
|
(37,570) |
|
|
(283,684)
|
|
Net
increase (decrease) in net assets resulting from capital share
transactions |
|
|
210,545 |
|
|
(481,886) |
|
|
202,637 |
|
|
388,087
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
867,762 |
|
|
489,700 |
|
|
130,258 |
|
|
63,890
|
|
Redemption
fees |
|
|
520 |
|
|
155 |
|
|
2,315 |
|
|
620
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
15,552 |
|
|
— |
|
|
80,873
|
|
Cost
of shares redeemed |
|
|
(451,518) |
|
|
(208,805) |
|
|
(601,443) |
|
|
(2,349,373)
|
|
Net
increase (decrease) in net assets resulting from capital share
transactions |
|
|
416,764 |
|
|
296,602 |
|
|
(468,870) |
|
|
(2,203,990)
|
|
Total
increase (decrease) in net assets: |
|
|
56,972,747 |
|
|
42,078,512 |
|
|
8,980,418 |
|
|
(10,541,449)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Internet
Fund |
|
|
The Global
Fund | ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of period |
|
|
$190,023,511 |
|
|
$147,944,999 |
|
|
$17,923,990 |
|
|
$28,465,439
|
|
End
of period |
|
|
246,996,258 |
|
|
190,023,511 |
|
|
26,904,408 |
|
|
17,923,990
|
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
270,701 |
|
|
469,358 |
|
|
521,895 |
|
|
613,349 |
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
22,973 |
|
|
— |
|
|
27,939
|
|
Shares
redeemed |
|
|
(270,238) |
|
|
(495,814) |
|
|
(185,875) |
|
|
(1,827,851)
|
|
Net
increase (decrease) in shares outstanding |
|
|
463 |
|
|
(3,483) |
|
|
336,020 |
|
|
(1,186,563)
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
5,628 |
|
|
3,354 |
|
|
21,731 |
|
|
76,187 |
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
341 |
|
|
— |
|
|
3,183
|
|
Shares
redeemed |
|
|
(2,598) |
|
|
(15,340) |
|
|
(3,221) |
|
|
(34,476)
|
|
Net
increase (decrease) in shares outstanding |
|
|
3,030 |
|
|
(11,645) |
|
|
18,510 |
|
|
44,894
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
15,809 |
|
|
12,578 |
|
|
12,432 |
|
|
7,613
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
356 |
|
|
— |
|
|
9,350
|
|
Shares
redeemed |
|
|
(8,102) |
|
|
(5,881) |
|
|
(58,749) |
|
|
(299,977)
|
|
Net
increase (decrease) in shares outstanding |
|
|
7,707 |
|
|
7,053 |
|
|
(46,317) |
|
|
(283,014) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Paradigm
Fund |
|
|
The Small
Cap Opportunities Fund | ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$ (2,764,369) |
|
|
$ (4,563,069) |
|
|
$ 106,318 |
|
|
$810,391
|
|
Net
realized gain on sale of investments and foreign currency |
|
|
34,571,147 |
|
|
44,517,267 |
|
|
12,173,735 |
|
|
25,853,591
|
|
Net
change in unrealized appreciation (depreciation) of investments and foreign currency |
|
|
175,037,950 |
|
|
(222,967,205) |
|
|
45,770,493 |
|
|
(96,790,127)
|
|
Net
increase (decrease) in net assets resulting from operations |
|
|
206,844,728 |
|
|
(183,013,007) |
|
|
58,050,546 |
|
|
(70,126,145)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
No
Load Class (See Note 5) |
|
|
— |
|
|
(18,426,906) |
|
|
— |
|
|
(13,093,946)
|
|
Advisor
Class A (See Note 5) |
|
|
— |
|
|
(8,220,489) |
|
|
— |
|
|
(996,007)
|
|
Advisor
Class C (See Note 5) |
|
|
— |
|
|
(3,589,123) |
|
|
— |
|
|
(517,585)
|
|
Institutional
Class (See Note 5) |
|
|
— |
|
|
(11,939,043) |
|
|
— |
|
|
(4,154,384)
|
|
Total
distributions to shareholders |
|
|
— |
|
|
(42,175,561) |
|
|
— |
|
|
(18,761,922)
|
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
6,807,002 |
|
|
34,835,326 |
|
|
5,783,895 |
|
|
50,835,416
|
|
Redemption
fees |
|
|
2,593 |
|
|
22,525 |
|
|
7,581 |
|
|
42,028
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
16,215,633 |
|
|
— |
|
|
12,713,540
|
|
Cost
of shares redeemed |
|
|
(33,389,796) |
|
|
(124,544,750) |
|
|
(33,198,156) |
|
|
(122,340,004)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(26,580,201) |
|
|
(73,471,266) |
|
|
(27,406,680) |
|
|
(58,749,020)
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
7,354,967 |
|
|
10,075,104 |
|
|
397,069 |
|
|
1,947,225
|
|
Redemption
fees |
|
|
1,145 |
|
|
8,755 |
|
|
615 |
|
|
3,090
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
7,086,025 |
|
|
— |
|
|
924,495
|
|
Cost
of shares redeemed |
|
|
(9,601,196) |
|
|
(20,919,604) |
|
|
(1,142,225) |
|
|
(6,353,628)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(2,245,084) |
|
|
(3,749,720) |
|
|
(744,541) |
|
|
(3,478,818)
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
48,512 |
|
|
820,174 |
|
|
1,450 |
|
|
461,432
|
|
Redemption
fees |
|
|
418 |
|
|
3,733 |
|
|
315 |
|
|
1,628
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
3,308,818 |
|
|
— |
|
|
494,780
|
|
Cost
of shares redeemed |
|
|
(7,795,519) |
|
|
(12,483,355) |
|
|
(884,316) |
|
|
(2,343,328)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(7,746,589) |
|
|
(8,350,630) |
|
|
(882,551) |
|
|
(1,385,488)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Paradigm
Fund |
|
|
The Small
Cap Opportunities Fund | ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
CAPITAL
SHARE TRANSACTIONS - INSTITUTIONAL CLASS: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
$4,510,481 |
|
|
$17,506,065 |
|
|
$4,914,913 |
|
|
$25,651,547
|
|
Redemption
fees |
|
|
1,622 |
|
|
13,553 |
|
|
1,990 |
|
|
13,010
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
11,504,845 |
|
|
— |
|
|
4,081,341
|
|
Cost
of shares redeemed |
|
|
(36,476,033) |
|
|
(34,482,229) |
|
|
(12,621,379) |
|
|
(51,989,074)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(31,963,930) |
|
|
(5,457,766) |
|
|
(7,704,476) |
|
|
(22,243,176)
|
|
Total
increase (decrease) in net assets: |
|
|
138,308,924 |
|
|
(316,217,950) |
|
|
21,312,298 |
|
|
(174,744,569)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of period |
|
|
761,604,507 |
|
|
1,077,822,457 |
|
|
284,464,719 |
|
|
459,209,288
|
|
End
of period |
|
|
$899,913,431 |
|
|
$761,604,507 |
|
|
$305,777,017 |
|
|
$284,464,719
|
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
84,672 |
|
|
434,064 |
|
|
52,206 |
|
|
437,326
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
219,278 |
|
|
— |
|
|
120,736
|
|
Shares
redeemed |
|
|
(411,231) |
|
|
(1,595,065) |
|
|
(304,620) |
|
|
(1,102,436)
|
|
Net
decrease in shares outstanding |
|
|
(326,559) |
|
|
(941,723) |
|
|
(252,414) |
|
|
(544,374)
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
100,887 |
|
|
135,767 |
|
|
3,770 |
|
|
18,033
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
100,668 |
|
|
— |
|
|
9,152
|
|
Shares
redeemed |
|
|
(125,574) |
|
|
(287,548) |
|
|
(10,722) |
|
|
(61,176)
|
|
Net
decrease in shares outstanding |
|
|
(24,687) |
|
|
(51,113) |
|
|
(6,952) |
|
|
(33,991)
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
708 |
|
|
11,467 |
|
|
14 |
|
|
4,345
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
52,471 |
|
|
— |
|
|
5,216
|
|
Shares
redeemed |
|
|
(120,804) |
|
|
(188,372) |
|
|
(9,108) |
|
|
(23,721)
|
|
Net
decrease in shares outstanding |
|
|
(120,096) |
|
|
(124,434) |
|
|
(9,094) |
|
|
(14,160)
|
|
CHANGES
IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
56,496 |
|
|
222,256 |
|
|
44,132 |
|
|
226,213
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
153,562 |
|
|
— |
|
|
37,850
|
|
Shares
redeemed |
|
|
(451,152) |
|
|
(447,341) |
|
|
(117,210) |
|
|
(464,148)
|
|
Net
decrease in shares outstanding |
|
|
(394,656) |
|
|
(71,523) |
|
|
(73,078) |
|
|
(200,085) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Market
Opportunities Fund |
|
|
The Multi-Disciplinary
Income Fund | ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income |
|
|
$ 568 |
|
|
$ 1,082,839 |
|
|
$ 411,390 |
|
|
$ 664,441
|
|
Net
realized gain (loss) on sale of investments and foreign currency |
|
|
879,918 |
|
|
(726,318) |
|
|
— |
|
|
(1,798,834)
|
|
Net
change in unrealized appreciation (depreciation) of investments and
foreign
currency |
|
|
34,008,486 |
|
|
(10,472,164) |
|
|
33,459 |
|
|
1,781,637
|
|
Net
increase (decrease) in net assets resulting from operations |
|
|
34,888,972 |
|
|
(10,115,643) |
|
|
444,849 |
|
|
647,244
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
No
Load Class (See Note 5) |
|
|
— |
|
|
(797,934) |
|
|
(434,474) |
|
|
(670,836)
|
|
Advisor
Class A (See Note 5) |
|
|
— |
|
|
(63,485) |
|
|
N/A |
|
|
N/A
|
|
Advisor
Class C (See Note 5) |
|
|
— |
|
|
(11,691) |
|
|
N/A |
|
|
N/A
|
|
Institutional
Class (See Note 5) |
|
|
— |
|
|
(205,505) |
|
|
N/A |
|
|
N/A
|
|
Total
distributions to shareholders |
|
|
— |
|
|
(1,078,615) |
|
|
(434,474) |
|
|
(670,836)
|
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
4,507,741 |
|
|
18,354,213 |
|
|
2,139,058 |
|
|
748,769
|
|
Redemption
fees |
|
|
187 |
|
|
3,406 |
|
|
— |
|
|
136
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
794,718 |
|
|
204,071 |
|
|
363,091
|
|
Cost
of shares redeemed |
|
|
(14,319,485) |
|
|
(15,662,286) |
|
|
(1,054,226) |
|
|
(5,292,588)
|
|
Net
increase (decrease) in net assets resulting from capital share transactions |
|
|
(9,811,557) |
|
|
3,490,051 |
|
|
1,288,903 |
|
|
(4,180,592)
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
925,795 |
|
|
1,602,408 |
|
|
N/A |
|
|
N/A
|
|
Redemption
fees |
|
|
20 |
|
|
311 |
|
|
N/A |
|
|
N/A
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
56,701 |
|
|
N/A |
|
|
N/A
|
|
Cost
of shares redeemed |
|
|
(862,822) |
|
|
(1,354,213) |
|
|
N/A |
|
|
N/A
|
|
Net
increase in net assets resulting from capital share transactions |
|
|
62,993 |
|
|
305,207 |
|
|
N/A |
|
|
N/A
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
44,475 |
|
|
235,261 |
|
|
N/A |
|
|
N/A
|
|
Redemption
fees |
|
|
22 |
|
|
416 |
|
|
N/A |
|
|
N/A
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
8,965 |
|
|
N/A |
|
|
N/A
|
|
Cost
of shares redeemed |
|
|
(1,390,974) |
|
|
(1,900,355) |
|
|
N/A |
|
|
N/A
|
|
Net
increase (decrease) in net assets resulting from capital share transactions |
|
|
(1,346,477) |
|
|
(1,655,713) |
|
|
N/A |
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Market
Opportunities Fund |
|
|
The Multi-Disciplinary
Income Fund | ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
CAPITAL
SHARE TRANSACTIONS - INSTITUTIONAL CLASS: |
|
|
|
|
|
|
|
|
||||
|
Proceeds
from shares sold |
|
|
$3,000,954 |
|
|
$2,098,017 |
|
|
N/A |
|
|
N/A
|
|
Redemption
fees |
|
|
43 |
|
|
723 |
|
|
N/A |
|
|
N/A
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
172,816 |
|
|
N/A |
|
|
N/A
|
|
Cost
of shares redeemed |
|
|
(2,101,100) |
|
|
(2,197,198) |
|
|
N/A |
|
|
N/A
|
|
Net
increase in net assets resulting from capital share transactions |
|
|
899,897 |
|
|
74,358 |
|
|
N/A |
|
|
N/A
|
|
Total
increase (decrease) in net assets: |
|
|
24,693,828 |
|
|
(8,980,355) |
|
|
1,299,278 |
|
|
(4,204,184)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of period |
|
|
131,190,679 |
|
|
140,171,034 |
|
|
12,120,896 |
|
|
16,325,080
|
|
End
of period |
|
|
$155,884,507 |
|
|
$131,190,679 |
|
|
$13,420,174 |
|
|
$12,120,896
|
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
92,394 |
|
|
461,402 |
|
|
212,817 |
|
|
75,446
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
18,918 |
|
|
20,542 |
|
|
36,771
|
|
Shares
redeemed |
|
|
(325,813) |
|
|
(390,959) |
|
|
(105,468) |
|
|
(532,766)
|
|
Net
increase (decrease) in shares outstanding |
|
|
(233,419) |
|
|
89,361 |
|
|
127,891 |
|
|
(420,549)
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
19,779 |
|
|
38,915 |
|
|
N/A |
|
|
N/A
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
1,373 |
|
|
N/A |
|
|
N/A
|
|
Shares
redeemed |
|
|
(18,152) |
|
|
(34,303) |
|
|
N/A |
|
|
N/A
|
|
Net
increase in shares outstanding |
|
|
1,627 |
|
|
5,985 |
|
|
N/A |
|
|
N/A
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
985 |
|
|
6,010 |
|
|
N/A |
|
|
N/A
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
229 |
|
|
N/A |
|
|
N/A
|
|
Shares
redeemed |
|
|
(31,710) |
|
|
(50,121) |
|
|
N/A |
|
|
N/A
|
|
Net
increase (decrease) in shares outstanding |
|
|
(30,725) |
|
|
(43,882) |
|
|
N/A |
|
|
N/A
|
|
CHANGES
IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
59,135 |
|
|
51,749 |
|
|
N/A |
|
|
N/A
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
4,048 |
|
|
N/A |
|
|
N/A
|
|
Shares
redeemed |
|
|
(43,808) |
|
|
(52,636) |
|
|
N/A |
|
|
N/A
|
|
Net
increase in shares outstanding |
|
|
15,327 |
|
|
3,161 |
|
|
N/A |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
| |||
|
|
|
|
The Kinetics
Spin-Off and
Corporate
Restructuring Fund | |||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
OPERATIONS: |
|
|
|
|
||
|
Net
investment income |
|
|
$ 10,656 |
|
|
$66,127
|
|
Net
realized gain on sale of investments and foreign currency |
|
|
825,362 |
|
|
840,254
|
|
Net
change in unrealized appreciation (depreciation) of investments and foreign currency |
|
|
5,197,763 |
|
|
(7,529,872)
|
|
Net
increase (decrease) in net assets resulting from operations |
|
|
6,033,781 |
|
|
(6,623,491)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
|
No
Load Class (See Note 5) |
|
|
— |
|
|
(2,351)
|
|
Advisor
Class A (See Note 5) |
|
|
— |
|
|
(502,430)
|
|
Advisor
Class C (See Note 5) |
|
|
— |
|
|
(28,807)
|
|
Institutional
Class (See Note 5) |
|
|
— |
|
|
(1,496,121)
|
|
Total
distributions to shareholders |
|
|
— |
|
|
(2,029,709)
|
|
CAPITAL
SHARE TRANSACTIONS - NO LOAD CLASS: |
|
|
|
|
||
|
Proceeds
from shares sold |
|
|
2,603 |
|
|
16,543
|
|
Redemption
fees |
|
|
— |
|
|
20
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
2,350
|
|
Cost
of shares redeemed |
|
|
(10,593) |
|
|
(98,343)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(7,990) |
|
|
(79,430)
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS A: |
|
|
|
|
||
|
Proceeds
from shares sold |
|
|
122,616 |
|
|
666,170
|
|
Redemption
fees |
|
|
72 |
|
|
1,352
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
501,499
|
|
Cost
of shares redeemed |
|
|
(629,725) |
|
|
(3,661,523)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(507,037) |
|
|
(2,492,502)
|
|
CAPITAL
SHARE TRANSACTIONS - ADVISOR CLASS C: |
|
|
|
|
||
|
Proceeds
from shares sold |
|
|
— |
|
|
30
|
|
Redemption
fees |
|
|
3 |
|
|
100
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
24,509
|
|
Cost
of shares redeemed |
|
|
(130,642) |
|
|
(383,518)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(130,639) |
|
|
(358,879)
|
|
CAPITAL
SHARE TRANSACTIONS - INSTITUTIONAL CLASS: |
|
|
|
|
||
|
Proceeds
from shares sold |
|
|
379,471 |
|
|
766,829
|
|
Redemption
fees |
|
|
199 |
|
|
3,496
|
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
— |
|
|
1,189,746
|
|
Cost
of shares redeemed |
|
|
(1,961,676) |
|
|
(2,995,966)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(1,582,006) |
|
|
(1,035,895)
|
|
Total
increase (decrease) in net assets: |
|
|
3,806,109 |
|
|
(12,619,906)
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
| |||
|
|
|
|
The Kinetics
Spin-Off and
Corporate
Restructuring Fund | |||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
NET
ASSETS: |
|
|
|
|
||
|
Beginning
of period |
|
|
$22,477,431 |
|
|
$35,097,337
|
|
End
of period |
|
|
26,283,540 |
|
|
22,477,431
|
|
CHANGES
IN SHARES OUTSTANDING - NO LOAD CLASS: |
|
|
|
|
||
|
Shares
sold |
|
|
136 |
|
|
807
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
119
|
|
Shares
redeemed |
|
|
(496) |
|
|
(5,100)
|
|
Net
decrease in shares outstanding |
|
|
(360) |
|
|
(4,174)
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS A: |
|
|
|
|
||
|
Shares
sold |
|
|
6,432 |
|
|
30,875
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
26,905
|
|
Shares
redeemed |
|
|
(32,150) |
|
|
(170,293)
|
|
Net
decrease in shares outstanding |
|
|
(25,718) |
|
|
(112,513)
|
|
CHANGES
IN SHARES OUTSTANDING - ADVISOR CLASS C: |
|
|
|
|
||
|
Shares
sold |
|
|
— |
|
|
2
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
1,455
|
|
Shares
redeemed |
|
|
(7,686) |
|
|
(19,975)
|
|
Net
decrease in shares outstanding |
|
|
(7,686) |
|
|
(18,518)
|
|
CHANGES
IN SHARES OUTSTANDING - INSTITUTIONAL CLASS: |
|
|
|
|
||
|
Shares
sold |
|
|
17,567 |
|
|
34,136
|
|
Shares
issued in reinvestments of dividends and distributions |
|
|
— |
|
|
63,352
|
|
Shares
redeemed |
|
|
(103,053) |
|
|
(143,469)
|
|
Net
decrease in shares outstanding |
|
|
(85,486) |
|
|
(45,981) |
|
|
|
|
|
|
|
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$58.64
|
|
|
$45.53 |
|
|
$60.64 |
|
|
$53.01 |
|
|
$33.89 |
|
|
$27.19
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.07) |
|
|
0.40 |
|
|
(0.30) |
|
|
(0.83) |
|
|
(0.29) |
|
|
(0.25)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
17.44
|
|
|
13.14 |
|
|
(14.44) |
|
|
8.93 |
|
|
19.41 |
|
|
7.44
|
|
Total
from investment operations |
|
|
17.37
|
|
|
13.54 |
|
|
(14.74) |
|
|
8.10 |
|
|
19.12 |
|
|
7.19
|
|
Redemption
fees |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.05 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net realized gains |
|
|
—
|
|
|
(0.44) |
|
|
(0.38) |
|
|
(0.52) |
|
|
— |
|
|
(0.49)
|
|
Total
distributions |
|
|
—
|
|
|
(0.44) |
|
|
(0.38) |
|
|
(0.52) |
|
|
— |
|
|
(0.49)
|
|
Net
asset value, end of period |
|
|
$76.02
|
|
|
$58.64 |
|
|
$45.53 |
|
|
$60.64 |
|
|
$53.01 |
|
|
$33.89
|
|
Total
return |
|
|
29.64%
(6) |
|
|
29.76% |
|
|
(24.28)% |
|
|
15.35% |
|
|
56.42% |
|
|
26.45%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, end of period (000’s) |
|
|
$240,880 |
|
|
$185,790 |
|
|
$144,397 |
|
|
$226,228 |
|
|
$169,374 |
|
|
$115,351
|
|
Ratio
of operating expenses to average net assets:(4) |
|
|
1.71%
(7) |
|
|
1.75% |
|
|
1.77% |
|
|
1.71% |
|
|
1.82% |
|
|
1.84%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.19)%
(7) |
|
|
0.83% |
|
|
(0.60)% |
|
|
(1.29)% |
|
|
(0.80)% |
|
|
(0.76)%
|
|
Portfolio
turnover rate(5) |
|
|
33% |
|
|
19% |
|
|
19% |
|
|
4% |
|
|
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 Internet Portfolio. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$53.03
|
|
|
$41.31 |
|
|
$55.20 |
|
|
$48.42 |
|
|
$31.03 |
|
|
$25.00
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.14) |
|
|
0.26 |
|
|
(0.39) |
|
|
(0.91) |
|
|
(0.35) |
|
|
(0.31)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
15.76
|
|
|
11.89 |
|
|
(13.13) |
|
|
8.17 |
|
|
17.74 |
|
|
6.83
|
|
Total
from investment operations |
|
|
15.62
|
|
|
12.15 |
|
|
(13.52) |
|
|
7.26 |
|
|
17.39 |
|
|
6.52
|
|
Redemption
fees |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.04 |
|
|
0.00(6) |
|
|
—
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net realized gains |
|
|
—
|
|
|
(0.44) |
|
|
(0.38) |
|
|
(0.52) |
|
|
— |
|
|
(0.49)
|
|
Total
distributions |
|
|
—
|
|
|
(0.44) |
|
|
(0.38) |
|
|
(0.52) |
|
|
— |
|
|
(0.49)
|
|
Net
asset value, end of period |
|
|
$68.66
|
|
|
$53.03 |
|
|
$41.31 |
|
|
$55.20 |
|
|
$48.42 |
|
|
$31.03
|
|
Total
return |
|
|
29.47%(7) |
|
|
29.43% |
|
|
(24.47)% |
|
|
15.06% |
|
|
56.04% |
|
|
26.08%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, end of period (000’s) |
|
|
$3,234 |
|
|
$2,337 |
|
|
$2,302 |
|
|
$5,620 |
|
|
$2,864 |
|
|
$2,296
|
|
Ratio
of operating expenses to average net assets:(4) |
|
|
1.96%(8) |
|
|
2.00% |
|
|
2.02% |
|
|
1.96% |
|
|
2.07% |
|
|
2.09%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.44)%(8) |
|
|
0.58% |
|
|
(0.85)% |
|
|
(1.54)% |
|
|
(1.05)% |
|
|
(1.01)%
|
|
Portfolio
turnover rate(5) |
|
|
33% |
|
|
19% |
|
|
19% |
|
|
4% |
|
|
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) |
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. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
|
|
|
20 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$43.45
|
|
|
$34.07 |
|
|
$45.86 |
|
|
$40.49 |
|
|
$26.08 |
|
|
$21.18
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.25) |
|
|
0.03 |
|
|
(0.51) |
|
|
(1.00) |
|
|
(0.43) |
|
|
(0.39)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
12.91
|
|
|
9.79 |
|
|
(10.90) |
|
|
6.85 |
|
|
14.84 |
|
|
5.78
|
|
Total
from investment operations |
|
|
12.66
|
|
|
9.82 |
|
|
(11.41) |
|
|
5.85 |
|
|
14.41 |
|
|
5.39
|
|
Redemption
fees |
|
|
0.01 |
|
|
0.00(5) |
|
|
0.00(5) |
|
|
0.04 |
|
|
0.00(5) |
|
|
—
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net realized gains |
|
|
—
|
|
|
(0.44) |
|
|
(0.38) |
|
|
(0.52) |
|
|
— |
|
|
(0.49)
|
|
Total
distributions |
|
|
—
|
|
|
(0.44) |
|
|
(0.38) |
|
|
(0.52) |
|
|
— |
|
|
(0.49)
|
|
Net
asset value, end of period |
|
|
$56.11
|
|
|
$43.45 |
|
|
$34.07 |
|
|
$45.86 |
|
|
$40.49 |
|
|
$26.08
|
|
Total
return |
|
|
29.14%(6) |
|
|
28.82% |
|
|
(24.87)% |
|
|
14.52% |
|
|
55.25% |
|
|
25.45%
|
|
SUPPLEMENTAL
DATA AND RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
assets, end of period (000’s) |
|
|
$2,882 |
|
|
$1,896 |
|
|
$1,247 |
|
|
$1,893 |
|
|
$1,560 |
|
|
$943
|
|
Ratio
of operating expenses to average net assets:(3) |
|
|
2.46%(7) |
|
|
2.50% |
|
|
2.52% |
|
|
2.46% |
|
|
2.57% |
|
|
2.59%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.94)%(7) |
|
|
0.08% |
|
|
(1.35)% |
|
|
(2.04)% |
|
|
(1.55)% |
|
|
(1.51)%
|
|
Portfolio
turnover rate(4) |
|
|
33% |
|
|
19% |
|
|
19% |
|
|
4% |
|
|
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) |
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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$9.39 |
|
|
$8.60 |
|
|
$9.33 |
|
|
$8.30 |
|
|
$6.64 |
|
|
$5.46
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
0.02 |
|
|
0.15 |
|
|
0.02 |
|
|
(0.09) |
|
|
(0.03) |
|
|
(0.00)(3)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.72 |
|
|
0.87 |
|
|
(0.62) |
|
|
1.43 |
|
|
1.69 |
|
|
1.18
|
|
Total
from investment operations |
|
|
2.74 |
|
|
1.02 |
|
|
(0.60) |
|
|
1.34 |
|
|
1.66 |
|
|
1.18
|
|
Redemption
fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.01 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net investment income |
|
|
— |
|
|
(0.23) |
|
|
— |
|
|
(0.29) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
— |
|
|
(0.13) |
|
|
(0.03) |
|
|
— |
|
|
—
|
|
Total
distributions |
|
|
— |
|
|
(0.23) |
|
|
(0.13) |
|
|
(0.32) |
|
|
— |
|
|
—
|
|
Net
asset value, end of period |
|
|
$12.13 |
|
|
$9.39 |
|
|
$8.60 |
|
|
$9.33 |
|
|
$8.30 |
|
|
$6.64
|
|
Total
return |
|
|
29.18%
|
|
|
11.89% |
|
|
(6.46)% |
|
|
16.32% |
|
|
25.00% |
|
|
21.61%
|
|
SUPPLEMENTAL
DATA AND RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
assets, end of period (000’s) |
|
|
$19,386 |
|
|
$11,857 |
|
|
$21,052 |
|
|
$19,128 |
|
|
$13,904 |
|
|
$8,115
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.17%
|
|
|
2.13% |
|
|
2.07% |
|
|
2.08% |
|
|
2.45% |
|
|
2.53%
|
|
After
expense reimbursement(4) |
|
|
1.39%(7) |
|
|
1.39% |
|
|
1.39% |
|
|
1.39% |
|
|
1.39% |
|
|
1.39%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.38%(7) |
|
|
1.81% |
|
|
0.25% |
|
|
(0.90)% |
|
|
(0.46)% |
|
|
0.01%
|
|
Portfolio
turnover rate(5) |
|
|
43% |
|
|
16% |
|
|
57% |
|
|
7% |
|
|
8% |
|
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
The ratio of expenses
includes a tax expense. The expense ratio excluding the tax expense was 2.69% before expense reimbursement and 1.39% after expense reimbursement.
|
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$9.33 |
|
|
$8.55 |
|
|
$9.31 |
|
|
$8.23 |
|
|
$6.60 |
|
|
$5.45
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
0.01 |
|
|
0.13 |
|
|
0.00 |
|
|
(0.11) |
|
|
(0.05) |
|
|
(0.02)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.69 |
|
|
0.88 |
|
|
(0.63) |
|
|
1.44 |
|
|
1.68 |
|
|
1.17
|
|
Total
from investment operations |
|
|
2.70 |
|
|
1.01 |
|
|
(0.63) |
|
|
1.33 |
|
|
1.63 |
|
|
1.15
|
|
Redemption
fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net investment income |
|
|
— |
|
|
(0.23) |
|
|
— |
|
|
(0.22) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
— |
|
|
(0.13) |
|
|
(0.03) |
|
|
— |
|
|
—
|
|
Total
distributions |
|
|
— |
|
|
(0.23) |
|
|
(0.13) |
|
|
(0.25) |
|
|
— |
|
|
—
|
|
Net
asset value, end of period |
|
|
$12.03 |
|
|
$9.33 |
|
|
$8.55 |
|
|
$9.31 |
|
|
$8.23 |
|
|
$6.60
|
|
Total
return |
|
|
28.94%(7) |
|
|
11.82% |
|
|
(6.79)% |
|
|
16.16% |
|
|
24.70% |
|
|
21.10%
|
|
SUPPLEMENTAL
DATA AND RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
assets, End of Period (000’s) |
|
|
$1,944 |
|
|
$1,335 |
|
|
$840 |
|
|
$595 |
|
|
$574 |
|
|
$1,331
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.42%(8) |
|
|
2.38% |
|
|
2.32% |
|
|
2.33% |
|
|
2.70% |
|
|
2.78%
|
|
After
expense reimbursement(5) |
|
|
1.64%(8) |
|
|
1.64% |
|
|
1.64% |
|
|
1.64% |
|
|
1.64% |
|
|
1.64%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.13%(8) |
|
|
1.56% |
|
|
0% |
|
|
(1.15)% |
|
|
(0.71)% |
|
|
(0.24)%
|
|
Portfolio
turnover rate(6) |
|
|
43% |
|
|
16% |
|
|
57% |
|
|
7% |
|
|
8% |
|
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(7) |
The ratio of expenses
includes a tax expense. The expense ratio excluding the tax expense was 2.94% before expense reimbursement and 1.64% after expense reimbursement.
|
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$8.60 |
|
|
$7.89 |
|
|
$8.64 |
|
|
$7.67 |
|
|
$6.18 |
|
|
$5.12
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.02) |
|
|
0.08 |
|
|
(0.04) |
|
|
(0.15) |
|
|
(0.07) |
|
|
(0.04)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.49 |
|
|
0.80 |
|
|
(0.58) |
|
|
1.33 |
|
|
1.56 |
|
|
1.10
|
|
Total
from investment operations |
|
|
2.47 |
|
|
0.88 |
|
|
(0.62) |
|
|
1.18 |
|
|
1.49 |
|
|
1.06
|
|
Redemption
fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
—
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net investment income |
|
|
— |
|
|
(0.17) |
|
|
— |
|
|
(0.18) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
— |
|
|
(0.13) |
|
|
(0.03) |
|
|
— |
|
|
—
|
|
Total
distributions |
|
|
— |
|
|
(0.17) |
|
|
(0.13) |
|
|
(0.21) |
|
|
— |
|
|
—
|
|
Net
asset value, end of period |
|
|
$11.07 |
|
|
$8.60 |
|
|
$7.89 |
|
|
$8.64 |
|
|
$7.67 |
|
|
$6.18
|
|
Total
return |
|
|
28.72%(6) |
|
|
11.18% |
|
|
(7.21)% |
|
|
15.44% |
|
|
24.11% |
|
|
20.70%
|
|
SUPPLEMENTAL
DATA AND RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
assets, End of Period (000’s) |
|
|
$5,574 |
|
|
$4,732 |
|
|
$6,574 |
|
|
$7,439 |
|
|
$5,982 |
|
|
$4,969
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.92%(7) |
|
|
2.88% |
|
|
2.82% |
|
|
2.83% |
|
|
3.20% |
|
|
3.28%
|
|
After
expense reimbursement(4) |
|
|
2.14%(7) |
|
|
2.14% |
|
|
2.14% |
|
|
2.14% |
|
|
2.14% |
|
|
2.14%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.37)%(7) |
|
|
1.06% |
|
|
(0.50)% |
|
|
(1.65)% |
|
|
(1.21)% |
|
|
(0.74)%
|
|
Portfolio
turnover rate(5) |
|
|
43% |
|
|
16% |
|
|
57% |
|
|
7% |
|
|
8% |
|
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
The ratio of expenses
includes a tax expense. The expense ratio excluding the tax expense was 3.44% before expense reimbursement and 2.14% after expense reimbursement.
|
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
24 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$73.13 |
|
|
$92.91 |
|
|
$73.37 |
|
|
$53.99 |
|
|
$53.38 |
|
|
$41.32
|
|
Income
from investment operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.26) |
|
|
(0.39) |
|
|
(0.13) |
|
|
(0.67) |
|
|
0.19 |
|
|
(0.36)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
21.27 |
|
|
(15.26) |
|
|
21.52 |
|
|
21.26 |
|
|
1.59 |
|
|
12.96
|
|
Total
from investment operations |
|
|
21.01 |
|
|
(15.65) |
|
|
21.39 |
|
|
20.59 |
|
|
1.78 |
|
|
12.60
|
|
Redemption
fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.01 |
|
|
0.01 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net investment income |
|
|
— |
|
|
— |
|
|
(0.01) |
|
|
— |
|
|
(0.18) |
|
|
(0.01)
|
|
From
net realized gains |
|
|
— |
|
|
(4.13) |
|
|
(1.85) |
|
|
(1.22) |
|
|
(0.99) |
|
|
(0.53)
|
|
Total
distributions |
|
|
— |
|
|
(4.13) |
|
|
(1.86) |
|
|
(1.22) |
|
|
(1.17) |
|
|
(0.54)
|
|
Net
asset value, end of period |
|
|
$94.14 |
|
|
$73.13 |
|
|
$92.91 |
|
|
$73.37 |
|
|
$53.99 |
|
|
$53.38
|
|
Total
return |
|
|
28.73%(6) |
|
|
(16.89)% |
|
|
29.17% |
|
|
38.15% |
|
|
3.32% |
|
|
30.48%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, end of period (000’s) |
|
|
$404,685 |
|
|
$338,263 |
|
|
$517,268 |
|
|
$368,383 |
|
|
$274,876 |
|
|
$348,402
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.67%(7) |
|
|
1.68% |
|
|
1.67% |
|
|
1.68% |
|
|
1.72% |
|
|
1.72%
|
|
After
expense reimbursement(4) |
|
|
1.64%(7) |
|
|
1.64% |
|
|
1.64% |
|
|
1.64% |
|
|
1.64% |
|
|
1.64%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.65)%(7) |
|
|
(0.51)% |
|
|
(0.16)% |
|
|
(0.88)% |
|
|
0.42% |
|
|
(0.72)%
|
|
Portfolio
turnover rate(5) |
|
|
2% |
|
|
0% |
|
|
0% |
|
|
1% |
|
|
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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$69.61 |
|
|
$88.90 |
|
|
$70.44 |
|
|
$51.99 |
|
|
$51.47 |
|
|
$39.95
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.34) |
|
|
(0.56) |
|
|
(0.31) |
|
|
(0.83) |
|
|
0.07 |
|
|
(0.47)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
20.22 |
|
|
(14.60) |
|
|
20.62 |
|
|
20.49 |
|
|
1.51 |
|
|
12.52
|
|
Total
from investment operations |
|
|
19.88 |
|
|
(15.16) |
|
|
20.31 |
|
|
19.66 |
|
|
1.58 |
|
|
12.05
|
|
Redemption
fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.01 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
From
net investment income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.07) |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(4.13) |
|
|
(1.85) |
|
|
(1.22) |
|
|
(0.99) |
|
|
(0.53)
|
|
Total
Distributions |
|
|
— |
|
|
(4.13) |
|
|
(1.85) |
|
|
(1.22) |
|
|
(1.06) |
|
|
(0.53)
|
|
Net
asset value, end of period |
|
|
$89.49 |
|
|
$69.61 |
|
|
$88.90 |
|
|
$70.44 |
|
|
$51.99 |
|
|
$51.47
|
|
Total
return |
|
|
28.56%(7) |
|
|
(17.10)% |
|
|
28.86% |
|
|
37.81% |
|
|
3.05% |
|
|
30.15%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, end of period (000’s) |
|
|
$182,506 |
|
|
$143,676 |
|
|
$188,033 |
|
|
$155,850 |
|
|
$94,179 |
|
|
$115,580
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.92%(8) |
|
|
1.93% |
|
|
1.92% |
|
|
1.93% |
|
|
1.97% |
|
|
1.97%
|
|
After
expense reimbursement(5) |
|
|
1.89%(8) |
|
|
1.89% |
|
|
1.89% |
|
|
1.89% |
|
|
1.89% |
|
|
1.89%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.90)%(8) |
|
|
(0.76)% |
|
|
(0.41)% |
|
|
(1.13)% |
|
|
0.17% |
|
|
(0.97)%
|
|
Portfolio
turnover rate(6) |
|
|
2% |
|
|
0% |
|
|
0% |
|
|
1% |
|
|
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. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$62.36 |
|
|
$80.56 |
|
|
$64.28 |
|
|
$47.77 |
|
|
$47.54 |
|
|
$37.12
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment loss(2) |
|
|
(0.47) |
|
|
(0.83) |
|
|
(0.63) |
|
|
(1.08) |
|
|
(0.14) |
|
|
(0.66)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
18.09 |
|
|
(13.24) |
|
|
18.76 |
|
|
18.80 |
|
|
1.36 |
|
|
11.61
|
|
Total
from Investment Operations |
|
|
17.62 |
|
|
(14.07) |
|
|
18.13 |
|
|
17.72 |
|
|
1.22 |
|
|
10.95
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.01 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(4.13) |
|
|
(1.85) |
|
|
(1.22) |
|
|
(0.99) |
|
|
(0.53)
|
|
Total
Distributions |
|
|
— |
|
|
(4.13) |
|
|
(1.85) |
|
|
(1.22) |
|
|
(0.99) |
|
|
(0.53)
|
|
Net
Asset Value, End of Period |
|
|
$79.98 |
|
|
$62.36 |
|
|
$80.56 |
|
|
$64.28 |
|
|
$47.77 |
|
|
$47.54
|
|
Total
return |
|
|
28.26%(6) |
|
|
(17.52)% |
|
|
28.22% |
|
|
37.11% |
|
|
2.56% |
|
|
29.49%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$63,970 |
|
|
$57,370 |
|
|
$84,135 |
|
|
$71,947 |
|
|
$84,597 |
|
|
$113,300
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.42%(7) |
|
|
2.43% |
|
|
2.42% |
|
|
2.43% |
|
|
2.47% |
|
|
2.47%
|
|
After
expense reimbursement(4) |
|
|
2.39%(7) |
|
|
2.39% |
|
|
2.39% |
|
|
2.39% |
|
|
2.39% |
|
|
2.39%
|
|
Ratio
of net investment loss to average net assets: |
|
|
(1.40)%(7) |
|
|
(1.26)% |
|
|
(0.91)% |
|
|
(1.63)% |
|
|
(0.33)% |
|
|
(1.47)%
|
|
Portfolio
turnover rate(5) |
|
|
2% |
|
|
0% |
|
|
0% |
|
|
1% |
|
|
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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
27 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$74.10 |
|
|
$93.89 |
|
|
$74.09 |
|
|
$54.51 |
|
|
$53.87 |
|
|
$41.69
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.18) |
|
|
(0.24) |
|
|
0.03 |
|
|
(0.52) |
|
|
0.28 |
|
|
(0.26)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
21.55 |
|
|
(15.42) |
|
|
21.77 |
|
|
21.47 |
|
|
1.64 |
|
|
13.08
|
|
Total
from Investment Operations |
|
|
21.37 |
|
|
(15.66) |
|
|
21.80 |
|
|
20.95 |
|
|
1.92 |
|
|
12.82
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.01 |
|
|
0.00 |
|
|
0.00
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
— |
|
|
(0.15) |
|
|
(0.16) |
|
|
(0.29) |
|
|
(0.11)
|
|
From
net realized gains |
|
|
— |
|
|
(4.13) |
|
|
(1.85) |
|
|
(1.22) |
|
|
(0.99) |
|
|
(0.53)
|
|
Total
Distributions |
|
|
— |
|
|
(4.13) |
|
|
(2.00) |
|
|
(1.38) |
|
|
(1.28) |
|
|
(0.64)
|
|
Net
Asset Value, End of Period |
|
|
$95.47 |
|
|
$74.10 |
|
|
$93.89 |
|
|
$74.09 |
|
|
$54.51 |
|
|
$53.87
|
|
Total
return |
|
|
28.84%(6) |
|
|
(16.73)% |
|
|
29.43% |
|
|
38.44% |
|
|
3.55% |
|
|
30.75%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$248,752 |
|
|
$222,295 |
|
|
$288,387 |
|
|
$229,996 |
|
|
$184,693 |
|
|
$202,378
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.62%(7) |
|
|
1.63% |
|
|
1.62% |
|
|
1.63% |
|
|
1.67% |
|
|
1.67%
|
|
After
expense reimbursement(4) |
|
|
1.44%(7) |
|
|
1.44% |
|
|
1.44% |
|
|
1.44% |
|
|
1.44% |
|
|
1.44%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.45)%(7) |
|
|
(0.31)% |
|
|
0.04% |
|
|
(0.68)% |
|
|
0.62% |
|
|
(0.51)%
|
|
Portfolio
turnover rate(5) |
|
|
2% |
|
|
0% |
|
|
0% |
|
|
1% |
|
|
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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$104.27 |
|
|
$130.35 |
|
|
$98.78 |
|
|
$66.81 |
|
|
$65.31 |
|
|
$51.40
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
0.04 |
|
|
0.25 |
|
|
0.07 |
|
|
(0.91) |
|
|
0.43 |
|
|
(0.29)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
23.84 |
|
|
(19.35) |
|
|
31.47 |
|
|
34.48 |
|
|
1.07 |
|
|
14.20
|
|
Total
from Investment Operations |
|
|
23.88 |
|
|
(19.10) |
|
|
31.54 |
|
|
33.57 |
|
|
1.50 |
|
|
13.91
|
|
Redemption
Fees |
|
|
— |
|
|
0.02 |
|
|
0.03 |
|
|
0.05 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(1.30) |
|
|
— |
|
|
(1.65) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(5.70)
|
|
|
|
|
|
|
|
|
||||
|
Total
Distributions |
|
|
— |
|
|
(7.00) |
|
|
— |
|
|
(1.65) |
|
|
— |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$128.15 |
|
|
$104.27 |
|
|
$130.35 |
|
|
$98.78 |
|
|
$66.81 |
|
|
$65.31
|
|
Total
return |
|
|
22.90%(6) |
|
|
(14.69)% |
|
|
31.96% |
|
|
50.33% |
|
|
2.30% |
|
|
27.06%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$219,470 |
|
|
$204,889 |
|
|
$327,093 |
|
|
$195,631 |
|
|
$126,350 |
|
|
$180,575
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.71%(7) |
|
|
1.72% |
|
|
1.69% |
|
|
1.70% |
|
|
1.78% |
|
|
1.75%
|
|
After
expense reimbursement(4) |
|
|
1.64%(7) |
|
|
1.64% |
|
|
1.64% |
|
|
1.64% |
|
|
1.64% |
|
|
1.64%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.08%(7) |
|
|
0.22% |
|
|
0.07% |
|
|
(0.93)% |
|
|
0.78% |
|
|
(0.48)%
|
|
Portfolio
turnover rate(5) |
|
|
3% |
|
|
2% |
|
|
6% |
|
|
3% |
|
|
0% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$100.03 |
|
|
$125.37 |
|
|
$95.24 |
|
|
$64.41 |
|
|
$63.12 |
|
|
$49.81
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.09) |
|
|
(0.03) |
|
|
(0.20) |
|
|
(1.12) |
|
|
0.28 |
|
|
(0.43)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
22.85 |
|
|
(18.61) |
|
|
30.30 |
|
|
33.24 |
|
|
1.01 |
|
|
13.74
|
|
Total
from Investment Operations |
|
|
22.76 |
|
|
(18.64) |
|
|
30.10 |
|
|
32.12 |
|
|
1.29 |
|
|
13.31
|
|
Redemption
Fees |
|
|
— |
|
|
0.02 |
|
|
0.03 |
|
|
0.05 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(1.02) |
|
|
— |
|
|
(1.34) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(5.70)
|
|
|
|
|
|
|
|
|
||||
|
Total
Distributions |
|
|
— |
|
|
(6.72) |
|
|
— |
|
|
(1.34) |
|
|
— |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$122.79 |
|
|
$100.03 |
|
|
$125.37 |
|
|
$95.24 |
|
|
$64.41 |
|
|
$63.12
|
|
Total
return |
|
|
22.75%(7) |
|
|
(14.91)% |
|
|
31.64% |
|
|
49.94% |
|
|
2.04% |
|
|
26.72%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$18,400 |
|
|
$15,685 |
|
|
$23,920 |
|
|
$14,755 |
|
|
$8,172 |
|
|
$11,986
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.96%(8) |
|
|
1.97% |
|
|
1.94% |
|
|
1.95% |
|
|
2.03% |
|
|
2.00%
|
|
After
expense reimbursement(5) |
|
|
1.89%(8) |
|
|
1.89% |
|
|
1.89% |
|
|
1.89% |
|
|
1.89% |
|
|
1.89%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.17)%(8) |
|
|
(0.03)% |
|
|
(0.18)% |
|
|
(1.18)% |
|
|
0.53% |
|
|
(0.73)%
|
|
Portfolio
turnover rate(6) |
|
|
3% |
|
|
2% |
|
|
6% |
|
|
3% |
|
|
0% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$93.93 |
|
|
$118.14 |
|
|
$90.20 |
|
|
$60.85 |
|
|
$59.93 |
|
|
$47.53
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.33) |
|
|
(0.53) |
|
|
(0.69) |
|
|
(1.49) |
|
|
0.02 |
|
|
(0.69)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
21.41 |
|
|
(17.53) |
|
|
28.60 |
|
|
31.38 |
|
|
0.90 |
|
|
13.09
|
|
Total
from Investment Operations |
|
|
21.08 |
|
|
(18.06) |
|
|
27.91 |
|
|
29.89 |
|
|
0.92 |
|
|
12.40
|
|
Redemption
Fees |
|
|
— |
|
|
0.02 |
|
|
0.03 |
|
|
0.05 |
|
|
0.00(3) |
|
|
—
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.47) |
|
|
— |
|
|
(0.59) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(5.70)
|
|
|
|
|
|
|
|
|
||||
|
Total
Distributions |
|
|
— |
|
|
(6.17) |
|
|
— |
|
|
(0.59) |
|
|
— |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$115.01 |
|
|
$93.93 |
|
|
$118.14 |
|
|
$90.20 |
|
|
$60.85 |
|
|
$59.93
|
|
Total
return |
|
|
22.44%(6) |
|
|
(15.32)% |
|
|
30.98% |
|
|
49.20% |
|
|
1.53% |
|
|
26.09%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$9,235 |
|
|
$8,396 |
|
|
$12,234 |
|
|
$9,219 |
|
|
$8,684 |
|
|
$10,544
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.46%(7) |
|
|
2.46% |
|
|
2.44% |
|
|
2.45% |
|
|
2.53% |
|
|
2.50%
|
|
After
expense reimbursement(4) |
|
|
2.39%(7) |
|
|
2.39% |
|
|
2.39% |
|
|
2.39% |
|
|
2.39% |
|
|
2.39%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.67)%(7) |
|
|
(0.53)% |
|
|
(0.68)% |
|
|
(1.68)% |
|
|
0.03% |
|
|
(1.23)%
|
|
Portfolio
turnover rate(5) |
|
|
3% |
|
|
2% |
|
|
6% |
|
|
3% |
|
|
0% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$106.78 |
|
|
$133.32 |
|
|
$100.83 |
|
|
$68.25 |
|
|
$66.58 |
|
|
$52.30
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
0.16 |
|
|
0.48 |
|
|
0.31 |
|
|
(0.73) |
|
|
0.55 |
|
|
(0.17)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
24.43 |
|
|
(19.78) |
|
|
32.14 |
|
|
35.22 |
|
|
1.12 |
|
|
14.45
|
|
Total
from Investment Operations |
|
|
24.59 |
|
|
(19.30) |
|
|
32.45 |
|
|
34.49 |
|
|
1.67 |
|
|
14.28
|
|
Redemption
Fees |
|
|
— |
|
|
0.02 |
|
|
0.04 |
|
|
0.06 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(1.56) |
|
|
— |
|
|
(1.97) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(5.70)
|
|
|
|
|
|
|
|
|
||||
|
Total
Distributions |
|
|
— |
|
|
(7.26) |
|
|
— |
|
|
(1.97) |
|
|
— |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$131.37 |
|
|
$106.78 |
|
|
$133.32 |
|
|
$100.83 |
|
|
$68.25 |
|
|
$66.58
|
|
Total
return |
|
|
23.03%(6) |
|
|
(14.52)% |
|
|
32.22% |
|
|
50.62% |
|
|
2.51% |
|
|
27.30%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$58,672 |
|
|
$55,494 |
|
|
$95,963 |
|
|
$49,484 |
|
|
$35,118 |
|
|
$66,459
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.66%(7) |
|
|
1.67% |
|
|
1.64% |
|
|
1.65% |
|
|
1.73% |
|
|
1.70%
|
|
After
expense reimbursement(4) |
|
|
1.44%(7) |
|
|
1.44% |
|
|
1.44% |
|
|
1.44% |
|
|
1.44% |
|
|
1.44%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.28%(7) |
|
|
0.42% |
|
|
0.27% |
|
|
(0.73)% |
|
|
0.98% |
|
|
(0.28)%
|
|
Portfolio
turnover rate(5) |
|
|
3% |
|
|
2% |
|
|
6% |
|
|
3% |
|
|
0% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$41.85 |
|
|
$45.55 |
|
|
$40.16 |
|
|
$31.85 |
|
|
$26.71 |
|
|
$21.83
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
0.01 |
|
|
0.36 |
|
|
0.07 |
|
|
(0.33) |
|
|
0.10 |
|
|
(0.00)(3)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
12.10 |
|
|
(3.70) |
|
|
5.94 |
|
|
9.25 |
|
|
5.12 |
|
|
4.97
|
|
Total
from Investment Operations |
|
|
12.11 |
|
|
(3.34) |
|
|
6.01 |
|
|
8.92 |
|
|
5.22 |
|
|
4.97
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.02 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.36) |
|
|
(0.02) |
|
|
(0.59) |
|
|
(0.08) |
|
|
(0.09)
|
|
From
net realized gains |
|
|
— |
|
|
— |
|
|
(0.60) |
|
|
(0.04) |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(0.36) |
|
|
(0.62) |
|
|
(0.63) |
|
|
(0.08) |
|
|
(0.09)
|
|
Net
Asset Value, End of Period |
|
|
$53.96 |
|
|
$41.85 |
|
|
$45.55 |
|
|
$40.16 |
|
|
$31.85 |
|
|
$26.71
|
|
Total
return |
|
|
28.94%(6) |
|
|
(7.33)% |
|
|
14.98% |
|
|
28.04% |
|
|
19.55% |
|
|
22.76%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$106,162 |
|
|
$92,117 |
|
|
$96,190 |
|
|
$86,943 |
|
|
$66,570 |
|
|
$56,987
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.75%(7) |
|
|
1.76% |
|
|
1.76% |
|
|
1.75% |
|
|
1.85% |
|
|
1.84%
|
|
After
expense reimbursement(4) |
|
|
1.40%(7) |
|
|
1.40% |
|
|
1.40% |
|
|
1.40% |
|
|
1.40% |
|
|
1.40%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.04%(7) |
|
|
0.90% |
|
|
0.18% |
|
|
(0.79)% |
|
|
0.40% |
|
|
(0.01)%
|
|
Portfolio
turnover rate(5) |
|
|
9% |
|
|
5% |
|
|
13% |
|
|
2% |
|
|
2% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$41.14 |
|
|
$44.81 |
|
|
$39.54 |
|
|
$31.36 |
|
|
$26.29 |
|
|
$21.49
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.05) |
|
|
0.26 |
|
|
(0.03) |
|
|
(0.43) |
|
|
0.04 |
|
|
(0.07)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
11.89 |
|
|
(3.65) |
|
|
5.83 |
|
|
9.10 |
|
|
5.04 |
|
|
4.89
|
|
Total
from Investment Operations |
|
|
11.84 |
|
|
(3.39) |
|
|
5.80 |
|
|
8.67 |
|
|
5.08 |
|
|
4.82
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.02 |
|
|
0.00(3) |
|
|
—
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.28) |
|
|
— |
|
|
(0.47) |
|
|
(0.01) |
|
|
(0.02)
|
|
From
net realized gains |
|
|
— |
|
|
— |
|
|
(0.53) |
|
|
(0.04) |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(0.28) |
|
|
(0.53) |
|
|
(0.51) |
|
|
(0.01) |
|
|
(0.02)
|
|
Net
Asset Value, End of Period |
|
|
$52.98 |
|
|
$41.14 |
|
|
$44.81 |
|
|
$39.54 |
|
|
$31.36 |
|
|
$26.29
|
|
Total
return |
|
|
28.78%(7) |
|
|
(7.56)% |
|
|
14.69% |
|
|
27.70% |
|
|
19.31% |
|
|
22.42%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$11,981 |
|
|
$9,238 |
|
|
$9,794 |
|
|
$8,786 |
|
|
$6,442 |
|
|
$6,868
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.00%(8) |
|
|
2.01% |
|
|
2.01% |
|
|
2.00% |
|
|
2.10% |
|
|
2.09%
|
|
After
expense reimbursement(5) |
|
|
1.65%(8) |
|
|
1.65% |
|
|
1.65% |
|
|
1.65% |
|
|
1.65% |
|
|
1.65%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.21)%(8) |
|
|
0.65% |
|
|
(0.07)% |
|
|
(1.04)% |
|
|
0.15% |
|
|
(0.26)%
|
|
Portfolio
turnover rate(6) |
|
|
9% |
|
|
5% |
|
|
13% |
|
|
2% |
|
|
2% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(7) |
Not Annualized. |
|
(8) |
Annualized. |
|
|
|
34 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$39.06 |
|
|
$42.51 |
|
|
$37.72 |
|
|
$29.79 |
|
|
$25.10 |
|
|
$20.61
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.15) |
|
|
0.06 |
|
|
(0.22) |
|
|
(0.60) |
|
|
(0.08) |
|
|
(0.18)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
11.25 |
|
|
(3.46) |
|
|
5.54 |
|
|
8.65 |
|
|
4.77 |
|
|
4.67
|
|
Total
from Investment Operations |
|
|
11.10 |
|
|
(3.40) |
|
|
5.32 |
|
|
8.05 |
|
|
4.69 |
|
|
4.49
|
|
Redemption
Fees |
|
|
0.00(5) |
|
|
0.00(5) |
|
|
0.00(5) |
|
|
0.02 |
|
|
0.00(5) |
|
|
—
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.05) |
|
|
— |
|
|
(0.10) |
|
|
— |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
— |
|
|
(0.53) |
|
|
(0.04) |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(0.05) |
|
|
(0.53) |
|
|
(0.14) |
|
|
— |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$50.16 |
|
|
$39.06 |
|
|
$42.51 |
|
|
$37.72 |
|
|
$29.79 |
|
|
$25.10
|
|
Total
return |
|
|
28.42%(6) |
|
|
(8.01)% |
|
|
14.12% |
|
|
27.06% |
|
|
18.69% |
|
|
21.79%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$11,137 |
|
|
$9,871 |
|
|
$12,610 |
|
|
$11,087 |
|
|
$9,392 |
|
|
$10,051
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.50%(7) |
|
|
2.51% |
|
|
2.51% |
|
|
2.50% |
|
|
2.60% |
|
|
2.59%
|
|
After
expense reimbursement(3) |
|
|
2.15%(7) |
|
|
2.15% |
|
|
2.15% |
|
|
2.15% |
|
|
2.15% |
|
|
2.15%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.71)%(7) |
|
|
0.15% |
|
|
(0.57)% |
|
|
(1.54)% |
|
|
(0.35)% |
|
|
(0.76)%
|
|
Portfolio
turnover rate(4) |
|
|
9% |
|
|
5% |
|
|
13% |
|
|
2% |
|
|
2% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
35 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$42.54 |
|
|
$46.29 |
|
|
$40.79 |
|
|
$32.34 |
|
|
$27.11 |
|
|
$22.16
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
0.06 |
|
|
0.45 |
|
|
0.16 |
|
|
(0.25) |
|
|
0.15 |
|
|
0.05
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
12.29 |
|
|
(3.76) |
|
|
6.04 |
|
|
9.39 |
|
|
5.22 |
|
|
5.04
|
|
Total
from Investment Operations |
|
|
12.35 |
|
|
(3.31) |
|
|
6.20 |
|
|
9.14 |
|
|
5.37 |
|
|
5.09
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.02 |
|
|
— |
|
|
0.00(3)
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.44) |
|
|
(0.03) |
|
|
(0.67) |
|
|
(0.14) |
|
|
(0.14)
|
|
From
net realized gains |
|
|
— |
|
|
— |
|
|
(0.67) |
|
|
(0.04) |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(0.44) |
|
|
(0.70) |
|
|
(0.71) |
|
|
(0.14) |
|
|
(0.14)
|
|
Net
Asset Value, End of Period |
|
|
$54.89 |
|
|
$42.54 |
|
|
$46.29 |
|
|
$40.79 |
|
|
$32.34 |
|
|
$27.11
|
|
Total
return |
|
|
29.03%(6) |
|
|
(7.14)% |
|
|
15.21% |
|
|
28.31% |
|
|
19.79% |
|
|
22.98%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$26,604 |
|
|
$19,964 |
|
|
$21,577 |
|
|
$22,655 |
|
|
$14,260 |
|
|
$12,534
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.70%(7) |
|
|
1.71% |
|
|
1.71% |
|
|
1.70% |
|
|
1.80% |
|
|
1.79%
|
|
After
expense reimbursement(3) |
|
|
1.20%(7) |
|
|
1.20% |
|
|
1.20% |
|
|
1.20% |
|
|
1.20% |
|
|
1.20%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.24%(7) |
|
|
1.10% |
|
|
0.38% |
|
|
(0.59)% |
|
|
0.60% |
|
|
0.19%
|
|
Portfolio
turnover rate(4) |
|
|
9% |
|
|
5% |
|
|
13% |
|
|
2% |
|
|
2% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
(6) |
Not Annualized. |
|
(7) |
Annualized. |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$9.92 |
|
|
$9.94 |
|
|
$10.40 |
|
|
$10.45 |
|
|
$10.95 |
|
|
$10.46
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income(2) |
|
|
0.33 |
|
|
0.49 |
|
|
0.21 |
|
|
0.18 |
|
|
0.33 |
|
|
0.45
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
0.03 |
|
|
0.01 |
|
|
(0.45) |
|
|
(0.07) |
|
|
(0.50) |
|
|
0.49
|
|
Total
from Investment Operations |
|
|
0.36 |
|
|
0.50 |
|
|
(0.24) |
|
|
0.11 |
|
|
(0.17) |
|
|
0.94
|
|
Redemption
Fees |
|
|
0.00 |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.01 |
|
|
0.00(3) |
|
|
0.00(3)
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
(0.34) |
|
|
(0.52) |
|
|
(0.22) |
|
|
(0.17) |
|
|
(0.33) |
|
|
(0.45)
|
|
Total
Distributions |
|
|
(0.34) |
|
|
(0.52) |
|
|
(0.22) |
|
|
(0.17) |
|
|
(0.33) |
|
|
(0.45)
|
|
Net
Asset Value, End of Period |
|
|
$9.94 |
|
|
$9.92 |
|
|
$9.94 |
|
|
$10.40 |
|
|
$10.45 |
|
|
$10.95
|
|
Total
return |
|
|
3.69%(6) |
|
|
5.15% |
|
|
(2.30)% |
|
|
1.18% |
|
|
(1.38)% |
|
|
9.08%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$13,420 |
|
|
$12,121 |
|
|
$16,325 |
|
|
$3,202 |
|
|
$3,698 |
|
|
$6,025
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.20%(7) |
|
|
1.64% |
|
|
2.30% |
|
|
2.10% |
|
|
2.13% |
|
|
2.04%
|
|
After
expense reimbursement(4) |
|
|
0.74%(7) |
|
|
1.03%(8) |
|
|
1.49% |
|
|
1.49% |
|
|
1.49% |
|
|
1.49%
|
|
Ratio
of net investment income to average net assets: |
|
|
6.72%(7) |
|
|
4.94% |
|
|
2.06% |
|
|
1.72% |
|
|
3.14% |
|
|
4.10%
|
|
Portfolio
turnover rate(5) |
|
|
4% |
|
|
37% |
|
|
0% |
|
|
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) |
Not Annualized. |
|
(7) |
Annualized. |
|
(8) |
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
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$19.46 |
|
|
$26.33 |
|
|
$19.20 |
|
|
$13.45 |
|
|
$12.83 |
|
|
$9.77
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.00)(3) |
|
|
0.03 |
|
|
0.08 |
|
|
(0.11) |
|
|
0.10 |
|
|
(0.00)(3)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
5.74 |
|
|
(5.17) |
|
|
7.49 |
|
|
5.88 |
|
|
0.60 |
|
|
3.06
|
|
Total
from Investment Operations |
|
|
5.74 |
|
|
(5.14) |
|
|
7.57 |
|
|
5.77 |
|
|
0.70 |
|
|
3.06
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.01 |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
— |
|
|
—
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.03) |
|
|
— |
|
|
(0.02) |
|
|
(0.08) |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(1.71) |
|
|
(0.44) |
|
|
— |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(1.74) |
|
|
(0.44) |
|
|
(0.02) |
|
|
(0.08) |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$25.20 |
|
|
$19.46 |
|
|
$26.33 |
|
|
$19.20 |
|
|
$13.45 |
|
|
$12.83
|
|
Total
return |
|
|
29.50%(4) |
|
|
(19.59)% |
|
|
39.43% |
|
|
42.90% |
|
|
5.44% |
|
|
31.32%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$28 |
|
|
$29 |
|
|
$149 |
|
|
$125 |
|
|
$18 |
|
|
$60
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.88%(5) |
|
|
1.83% |
|
|
1.79% |
|
|
1.84% |
|
|
2.17% |
|
|
1.96%
|
|
After
expense reimbursement(6) |
|
|
1.45%(5) |
|
|
1.45% |
|
|
1.45% |
|
|
1.45% |
|
|
1.45% |
|
|
1.45%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.02)%(5) |
|
|
0.15% |
|
|
0.36% |
|
|
(0.57)% |
|
|
0.92% |
|
|
(0.04)%
|
|
Portfolio
turnover rate |
|
|
5% |
|
|
1% |
|
|
4% |
|
|
1% |
|
|
0% |
|
|
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) |
Not annualized. |
|
(5) |
Annualized. |
|
(6) |
See Note #3,
Investment Adviser, for the waiver and expense reimbursement discussion. |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$18.42 |
|
|
$25.05 |
|
|
$18.28 |
|
|
$12.82 |
|
|
$12.25 |
|
|
$9.33
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.01) |
|
|
0.02 |
|
|
0.06 |
|
|
(0.12) |
|
|
0.09 |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
5.44 |
|
|
(4.91) |
|
|
7.15 |
|
|
5.60 |
|
|
0.55 |
|
|
2.93
|
|
Total
from Investment Operations |
|
|
5.43 |
|
|
(4.89) |
|
|
7.21 |
|
|
5.48 |
|
|
0.64 |
|
|
2.92
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
— |
|
|
—
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.03) |
|
|
— |
|
|
(0.02) |
|
|
(0.07) |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(1.71) |
|
|
(0.44) |
|
|
— |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(1.74) |
|
|
(0.44) |
|
|
(0.02) |
|
|
(0.07) |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$23.85 |
|
|
$18.42 |
|
|
$25.05 |
|
|
$18.28 |
|
|
$12.82 |
|
|
$12.25
|
|
Total
return |
|
|
29.48%(5) |
|
|
(19.63)% |
|
|
39.45% |
|
|
42.75% |
|
|
5.21% |
|
|
31.30%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$6,843 |
|
|
$5,758 |
|
|
$10,649 |
|
|
$5,869 |
|
|
$2,521 |
|
|
$3,574
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.13%(6) |
|
|
2.08% |
|
|
2.04% |
|
|
2.09% |
|
|
2.41% |
|
|
2.21%
|
|
After
expense reimbursement(7) |
|
|
1.50%(6) |
|
|
1.50% |
|
|
1.50% |
|
|
1.50% |
|
|
1.50% |
|
|
1.50%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.08)%(6) |
|
|
0.09% |
|
|
0.30% |
|
|
(0.62)% |
|
|
0.87% |
|
|
(0.09)%
|
|
Portfolio
turnover rate |
|
|
5% |
|
|
1% |
|
|
4% |
|
|
1% |
|
|
0% |
|
|
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) |
Not annualized. |
|
(6) |
Annualized. |
|
(7) |
See Note #3,
Investment Adviser, for the waiver and expense reimbursement discussion. |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$16.64 |
|
|
$23.01 |
|
|
$16.95 |
|
|
$11.98 |
|
|
$11.47 |
|
|
$8.80
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
(0.07) |
|
|
(0.13) |
|
|
(0.08) |
|
|
(0.23) |
|
|
0.01 |
|
|
(0.09)
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
4.90 |
|
|
(4.50) |
|
|
6.58 |
|
|
5.23 |
|
|
0.50 |
|
|
2.76
|
|
Total
from Investment Operations |
|
|
4.83 |
|
|
(4.63) |
|
|
6.50 |
|
|
5.00 |
|
|
0.51 |
|
|
2.67
|
|
Redemption
Fees |
|
|
0.00(6) |
|
|
0.00(6) |
|
|
0.00(6) |
|
|
0.00(6) |
|
|
— |
|
|
—
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.03) |
|
|
— |
|
|
(0.03) |
|
|
(0.00)(6) |
|
|
—
|
|
From
net realized gains |
|
|
— |
|
|
(1.71) |
|
|
(0.44) |
|
|
— |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(1.74) |
|
|
(0.44) |
|
|
(0.03) |
|
|
(0.00)(6) |
|
|
—
|
|
Net
Asset Value, End of Period |
|
|
$21.47 |
|
|
$16.64 |
|
|
$23.01 |
|
|
$16.95 |
|
|
$11.98 |
|
|
$11.47
|
|
Total
return |
|
|
29.03%(3) |
|
|
(20.24)% |
|
|
38.36% |
|
|
41.73% |
|
|
4.47% |
|
|
30.34%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$223 |
|
|
$301 |
|
|
$842 |
|
|
$940 |
|
|
$2,611 |
|
|
$4,064
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
2.63%(4) |
|
|
2.58% |
|
|
2.54% |
|
|
2.59% |
|
|
2.91% |
|
|
2.71%
|
|
After
expense reimbursement(5) |
|
|
2.25%(4) |
|
|
2.25% |
|
|
2.25% |
|
|
2.25% |
|
|
2.25% |
|
|
2.25%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.82)%(4) |
|
|
(0.66)% |
|
|
(0.43)% |
|
|
(1.37)% |
|
|
0.12% |
|
|
(0.84)%
|
|
Portfolio
turnover rate |
|
|
5% |
|
|
1% |
|
|
4% |
|
|
1% |
|
|
0% |
|
|
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) |
Not annualized. |
|
(4) |
Annualized. |
|
(5) |
See Note #3,
Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(6) |
Amount calculated
is less than $0.005. |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||||
|
PER
SHARE DATA:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
Asset Value, Beginning of Period |
|
|
$18.56 |
|
|
$25.25 |
|
|
$18.40 |
|
|
$12.87 |
|
|
$12.32 |
|
|
$9.36
|
|
Income
from Investment Operations: | ||||||||||||||||||
|
Net
investment income (loss)(2) |
|
|
0.02 |
|
|
0.07 |
|
|
0.12 |
|
|
(0.07) |
|
|
0.12 |
|
|
0.02
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
5.48 |
|
|
(4.95) |
|
|
7.21 |
|
|
5.62 |
|
|
0.55 |
|
|
2.95
|
|
Total
from Investment Operations |
|
|
5.50 |
|
|
(4.88) |
|
|
7.33 |
|
|
5.55 |
|
|
0.67 |
|
|
2.97
|
|
Redemption
Fees |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
0.00(3) |
|
|
—
|
|
Less
Distributions: | ||||||||||||||||||
|
From
net investment income |
|
|
— |
|
|
(0.10) |
|
|
(0.04) |
|
|
(0.02) |
|
|
(0.12) |
|
|
(0.01)
|
|
From
net realized gains |
|
|
— |
|
|
(1.71) |
|
|
(0.44) |
|
|
— |
|
|
— |
|
|
—
|
|
Total
Distributions |
|
|
— |
|
|
(1.81) |
|
|
(0.48) |
|
|
(0.02) |
|
|
(0.12) |
|
|
(0.01)
|
|
Net
Asset Value, End of Period |
|
|
$24.06 |
|
|
$18.56 |
|
|
$25.25 |
|
|
$18.40 |
|
|
$12.87 |
|
|
$12.32
|
|
Total
return |
|
|
29.63%(4) |
|
|
(19.43)% |
|
|
39.82% |
|
|
43.12% |
|
|
5.46% |
|
|
31.74%
|
|
SUPPLEMENTAL
DATA AND RATIOS | ||||||||||||||||||
|
Net
assets, End of Period (000’s) |
|
|
$19,190 |
|
|
$16,389 |
|
|
$23,458 |
|
|
$17,377 |
|
|
$12,387 |
|
|
$13,751
|
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement |
|
|
1.83%(5) |
|
|
1.78% |
|
|
1.74% |
|
|
1.79% |
|
|
2.11% |
|
|
1.91%
|
|
After
expense reimbursement(6) |
|
|
1.25%(5) |
|
|
1.25% |
|
|
1.25% |
|
|
1.25% |
|
|
1.25% |
|
|
1.25%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.15%(5) |
|
|
0.35% |
|
|
0.56% |
|
|
(0.37)% |
|
|
1.12% |
|
|
0.16%
|
|
Portfolio
turnover rate |
|
|
5% |
|
|
1% |
|
|
4% |
|
|
1% |
|
|
0% |
|
|
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) |
Not annualized. |
|
(5) |
Annualized. |
|
(6) |
See Note #3,
Investment Adviser, for the waiver and expense reimbursement discussion. |
|
(7) |
Amount calculated
is less than $0.005. |
|
|
|
41 |
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Internet
Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
30.02% |
|
|
30.16% |
|
|
(23.86)% |
|
|
15.72% |
|
|
56.87% |
|
|
26.92%
|
|
Ratio
of expenses to average net assets: |
|
|
1.32% |
|
|
1.35% |
|
|
1.35% |
|
|
1.34% |
|
|
1.37% |
|
|
1.37%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.19% |
|
|
1.23% |
|
|
(0.18)% |
|
|
(0.92)% |
|
|
(0.36)% |
|
|
(0.29)%
|
|
Portfolio
turnover rate |
|
|
33% |
|
|
19% |
|
|
19% |
|
|
4% |
|
|
1% |
|
|
1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Global
Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
29.10% |
|
|
11.79% |
|
|
(6.53)% |
|
|
16.23% |
|
|
24.80% |
|
|
21.41%
|
|
Ratio
of expenses to average net assets: |
|
|
1.42% |
|
|
1.49% |
|
|
1.46% |
|
|
1.48% |
|
|
1.59% |
|
|
1.59%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.29% |
|
|
1.71% |
|
|
0.18% |
|
|
(1.00)% |
|
|
(0.66)% |
|
|
(0.18)%
|
|
Portfolio
turnover rate |
|
|
43% |
|
|
16% |
|
|
57% |
|
|
7% |
|
|
8% |
|
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Paradigm
Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
29.05% |
|
|
(16.59)% |
|
|
29.48% |
|
|
38.46% |
|
|
3.61% |
|
|
30.77%
|
|
Ratio
of expenses to average net assets: |
|
|
1.29% |
|
|
1.34% |
|
|
1.33% |
|
|
1.33% |
|
|
1.35% |
|
|
1.35%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.33)% |
|
|
(0.20)% |
|
|
0.15% |
|
|
(0.58)% |
|
|
0.70% |
|
|
(0.43)%
|
|
Portfolio
turnover rate |
|
|
2% |
|
|
0% |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Small
Cap Opportunities Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
23.21% |
|
|
(14.40)% |
|
|
32.26% |
|
|
50.63% |
|
|
2.57% |
|
|
27.34%
|
|
Ratio
of expenses to average net assets: |
|
|
1.31% |
|
|
1.35% |
|
|
1.34% |
|
|
1.34% |
|
|
1.37% |
|
|
1.36%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.37% |
|
|
0.52% |
|
|
0.37% |
|
|
(0.62)% |
|
|
1.05% |
|
|
(0.20)%
|
|
Portfolio
turnover rate |
|
|
3% |
|
|
2% |
|
|
6% |
|
|
3% |
|
|
0% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 |
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Market
Opportunities Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
29.00% |
|
|
(7.29)% |
|
|
15.02% |
|
|
28.08% |
|
|
19.57% |
|
|
22.77%
|
|
Ratio
of expenses to average net assets: |
|
|
1.31% |
|
|
1.36% |
|
|
1.36% |
|
|
1.36% |
|
|
1.38% |
|
|
1.39%
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.09% |
|
|
0.94% |
|
|
0.22% |
|
|
(0.74)% |
|
|
0.42% |
|
|
(0.00)%
|
|
Portfolio
turnover rate |
|
|
9% |
|
|
5% |
|
|
13% |
|
|
2% |
|
|
2% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Multi-Disciplinary
Income Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
3.92% |
|
|
5.24% |
|
|
(2.29)% |
|
|
1.23% |
|
|
(1.35)% |
|
|
9.13%
|
|
Ratio
of expenses to average net assets: |
|
|
0.50% |
|
|
0.94% |
|
|
1.48% |
|
|
1.44% |
|
|
1.46% |
|
|
1.44%
|
|
Ratio
of net investment income to average net assets: |
|
|
6.92% |
|
|
5.16% |
|
|
2.14% |
|
|
1.74% |
|
|
3.17% |
|
|
4.15%
|
|
Portfolio
turnover rate |
|
|
4% |
|
|
37% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
|
Interest
in
Master Portfolio
|
|
The
Internet Fund |
|
|
99.974%
|
|
The
Global Fund |
|
|
99.929%
|
|
The
Paradigm Fund |
|
|
95.861%
|
|
The
Small Cap Opportunities Fund |
|
|
99.949%
|
|
The
Market Opportunities Fund |
|
|
99.962%
|
|
The
Multi-Disciplinary Income Fund |
|
|
98.496% |
|
|
|
|
|
|
|
|
44 |
|
|
|
|
|
45 |
|
|
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value |
|
|
Percentage
of
Net Assets
|
|
The
Multi-Disciplinary Income Portfolio |
|
|
$11,510,977 |
|
|
84.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value |
|
|
Percentage
of
Net Assets
|
|
The
Internet Portfolio |
|
|
$
2,657,489 |
|
|
1.08%
|
|
The
Global Portfolio |
|
|
284,983 |
|
|
1.06%
|
|
The
Paradigm Portfolio |
|
|
877,434 |
|
|
0.09%
|
|
The
Small Cap Opportunities Portfolio |
|
|
— |
|
|
0.00%
|
|
The
Market Opportunities Portfolio |
|
|
1,109,246 |
|
|
0.71%
|
|
The
Multi-Disciplinary Income Portfolio |
|
|
450,000 |
|
|
3.30%
|
|
The
Spin-Off Fund |
|
|
37,045 |
|
|
0.14% |
|
|
|
|
|
|
|
|
|
|
|
47 |
|
|
|
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Internet
Fund |
|
|
The Global
Fund |
|
No
Load Class |
|
|
1.71% |
|
|
1.39%
|
|
Class
A |
|
|
1.96% |
|
|
1.64%
|
|
Class
C |
|
|
2.46% |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$— |
|
|
$
86,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Paradigm
Fund |
|
|
The Small
Cap
Opportunities
Fund |
|
Annual
Advisory Rate |
|
|
1.25% |
|
|
1.25%
|
|
Expenses
Reimbursed by Adviser through voluntary waiver |
|
|
$110,568 |
|
|
$
94,979 |
|
Expenses
Reimbursed by Adviser through institutional class
shareholder
servicing fee waiver |
|
|
$
168,426 |
|
|
$
39,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Market
Opportunities
Fund |
|
|
The Multi-Disciplinary
Income Fund
|
|
Annual
Advisory Rate |
|
|
1.25% |
|
|
1.25%(1)
|
|
Expenses
Reimbursed by Adviser through voluntary waiver |
|
|
$
238,425 |
|
|
N/A
|
|
Expenses
Reimbursed by Adviser through institutional class shareholder servicing fee waiver |
|
|
$16,505 |
|
|
$
27,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Spin-Off
Fund |
|
|
|
|
Annual
Advisory Rate |
|
|
1.00% |
|
|
|
|
Expenses
Reimbursed by Adviser through voluntary waiver |
|
|
$
53,940 |
|
|
|
|
Expenses
Reimbursed by Adviser through institutional class shareholder servicing fee waiver |
|
|
$
12,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder
Servicing
Expenses
for the period
ended June
30, 2024 |
|
The
Internet Fund |
|
|
$
290,764 |
|
The
Global Fund |
|
|
27,582
|
|
The
Paradigm Fund |
|
|
935,083
|
|
The
Small Cap Opportunities Fund |
|
|
332,280
|
|
The
Market Opportunities Fund |
|
|
166,133
|
|
The
Multi-Disciplinary Income Fund |
|
|
15,138
|
|
The
Spin-Off Fund |
|
|
23,960 |
|
|
|
|
|
|
|
|
50 |
|
|
|
|
|
|
| |||
|
|
|
|
12b-1 Expenses
for the period ended
June 30,
2024 | |||
|
|
|
|
Advisor Class
A |
|
|
Advisor Class
C |
|
The
Internet Fund |
|
|
$3,644 |
|
|
$9,703
|
|
The
Global Fund |
|
|
2,139 |
|
|
19,965
|
|
The
Paradigm Fund |
|
|
195,307 |
|
|
214,978
|
|
The
Small Cap Opportunities Fund |
|
|
20,285 |
|
|
31,190
|
|
The
Market Opportunities Fund |
|
|
13,088 |
|
|
39,026
|
|
The
Spin-Off Fund |
|
|
7,330 |
|
|
935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributor
Sales Load
Fees for
the period
ended June
30, 2024 |
|
The
Internet Fund |
|
|
$45
|
|
The
Global Fund |
|
|
—
|
|
The
Paradigm Fund |
|
|
2,495
|
|
The
Small Cap Opportunities Fund |
|
|
337
|
|
The
Market Opportunities Fund |
|
|
209
|
|
The
Multi-Disciplinary Income Fund |
|
|
—
|
|
The
Spin-Off Fund |
|
|
1 |
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
Increase/(Decrease)
| |||
|
|
|
|
Accumulated
Earnings
(Deficit) |
|
|
Paid In Capital
|
|
The
Internet Fund |
|
|
$(585,647) |
|
|
$585,647
|
|
The
Global Fund |
|
|
(19,013) |
|
|
19,013
|
|
The
Paradigm Fund |
|
|
(82,096) |
|
|
82,096
|
|
The
Small Cap Opportunities Fund |
|
|
(1,776,673) |
|
|
1,776,673
|
|
The
Market Opportunities Fund |
|
|
(53,656) |
|
|
53,656
|
|
The
Multi-Disciplinary Income Fund |
|
|
— |
|
|
—
|
|
The
Spin-Off Fund |
|
|
(492,943) |
|
|
492,943 |
|
|
|
|
|
|
|
|
|
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet |
|
|
Global |
|
|
Paradigm |
|
|
Small Cap
Opportunities
|
|
Net
Unrealized Appreciation |
|
|
$
91,364,782 |
|
|
$8,755,115 |
|
|
$
548,655,187 |
|
|
$
142,774,604 |
|
Undistributed
Ordinary Income |
|
|
672,765 |
|
|
29,494 |
|
|
— |
|
|
—
|
|
Undistributed
Long-Term Capital Gains |
|
|
2,413,514 |
|
|
— |
|
|
5,082,749 |
|
|
477,070
|
|
Total
Distributable Earnings |
|
|
$3,086,279 |
|
|
$29,494 |
|
|
$5,082,749 |
|
|
$477,070
|
|
Other
Accumulated Loss |
|
|
— |
|
|
(235,583) |
|
|
(1,059,699) |
|
|
(1,737,431)
|
|
Total
Accumulated Gain |
|
|
$
94,451,061 |
|
|
$
8,549,026 |
|
|
$
552,678,237 |
|
|
$
141,514,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
Opportunities |
|
|
Multi-
DisciplinaryIncome |
|
|
Spin-Off
Fund |
|
Net
Unrealized Appreciation (Depreciation) |
|
|
$
72,069,603 |
|
|
$37,038 |
|
|
$
15,244,261 |
|
Undistributed
Ordinary Income |
|
|
62,311 |
|
|
32,699 |
|
|
45,043
|
|
Undistributed
Long-Term Capital Gains |
|
|
— |
|
|
— |
|
|
82,364
|
|
Total
Distributable Earnings |
|
|
$62,311 |
|
|
$32,699 |
|
|
$127,407
|
|
Other
Accumulated Loss |
|
|
(505,741) |
|
|
(5,463,504) |
|
|
(4)
|
|
Total
Accumulated Gain (Loss) |
|
|
$
71,626,173 |
|
|
$
(5,393,767) |
|
|
$
15,371,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Capital Loss
Carryforward | ||||||
|
|
|
|
Short-Term |
|
|
Long-Term |
|
|
Total |
|
The
Internet Fund |
|
|
$— |
|
|
$— |
|
|
$—
|
|
The
Global Fund |
|
|
226,899 |
|
|
— |
|
|
226,899
|
|
The
Paradigm Fund |
|
|
— |
|
|
— |
|
|
—
|
|
The
Small Cap Opportunities Fund |
|
|
— |
|
|
— |
|
|
—
|
|
The
Market Opportunities Fund |
|
|
494,017 |
|
|
— |
|
|
494,017
|
|
The
Multi-Disciplinary Income Fund |
|
|
13,004 |
|
|
5,450,500 |
|
|
5,463,504
|
|
The
Spin-Off Fund |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Losses
Utilized
|
|
The
Internet Fund |
|
|
$—
|
|
The
Global Fund |
|
|
—
|
|
The
Paradigm Fund |
|
|
—
|
|
The
Small Cap Opportunities Fund |
|
|
6,462,535
|
|
The
Market Opportunities Fund |
|
|
—
|
|
The
Multi-Disciplinary Income Fund |
|
|
—
|
|
The
Spin-Off Fund |
|
|
— |
|
|
|
|
|
|
|
|
52 |
|
|
|
|
|
|
|
|
|
|
|
Post-October
Capital Loss
Deferral
|
|
The
Internet Fund |
|
|
$—
|
|
The
Global Fund |
|
|
—
|
|
The
Paradigm Fund |
|
|
1,059,699
|
|
The
Small Cap Opportunities Fund |
|
|
1,737,431
|
|
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 |
|
|
$
— |
|
|
$— |
|
|
$— |
|
|
$ —
|
|
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 |
|
|
$
— |
|
|
$— |
|
|
$— |
|
|
$—
|
|
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 |
|
|
$ — |
|
|
$ — |
|
|
$434,474 |
|
|
$ — |
|
2023 |
|
|
$
1,078,615 |
|
|
$
— |
|
|
$
670,836 |
|
|
$
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
The Spin-Off
Fund | |||
|
|
|
|
Ordinary
Income
Distribution |
|
|
Long-Term
Capital
Gains Distribution
|
|
2024 |
|
|
$— |
|
|
$— |
|
2023 |
|
|
$
89,721 |
|
|
$
1,939,988 |
|
|
|
|
|
|
|
|
|
|
|
53 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Purchases |
|
|
Sales | ||||||
|
|
|
|
U.S.
Government
|
|
|
Other |
|
|
U.S.
Government
|
|
|
Other |
|
The
Spin-Off Fund |
|
|
$
— |
|
|
$
1,006,829 |
|
|
$
— |
|
|
$
1,473,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Spin-Off
Fund |
|
Tax
Cost of Investments |
|
|
$4,151,636
|
|
Unrealized
Appreciation |
|
|
15,611,217
|
|
Unrealized
Depreciation |
|
|
(366,956)
|
|
Net
Unrealized Appreciation |
|
|
$
15,244,261 |
|
|
|
|
|
|
|
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$
24,219,968 |
|
|
$ 103,417 |
|
|
$ — |
|
|
$
24,323,385 |
|
Closed-End
Funds |
|
|
83,488 |
|
|
— |
|
|
— |
|
|
83,488
|
|
Unit
Investment Trust |
|
|
3,195 |
|
|
— |
|
|
37,045 |
|
|
40,240
|
|
Exchange
Traded Funds |
|
|
4,779
|
|
|
—
|
|
|
—
|
|
|
4,779
|
|
Total
Investments in Securities |
|
|
$24,311,430
|
|
|
$103,417
|
|
|
$37,045
|
|
|
$
24,451,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Investments
in Securities
|
|
Balance
as of December 31, 2023 |
|
|
$ —
|
|
Accrued
discounts/premiums |
|
|
—
|
|
Realized
gain (loss) |
|
|
—
|
|
Change
in unrealized appreciation (depreciation) |
|
|
—
|
|
Net
purchases and/or acquisitions |
|
|
—
|
|
Net
sales and/or write-offs |
|
|
—
|
|
Transfer
in and/or out of Level 3 |
|
|
37,045
|
|
Balance
as of June 30, 2024 |
|
|
$37,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Fair Value
at
6/30/2024 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Range** |
|
Common
Stocks |
|
|
$
37,045 |
|
|
Market
Approach |
|
|
Precedent
Transaction |
|
|
$4.04 - $6.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
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. |
|
|
|
55 |
|
|
|
|
|
|
|
|
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 |
|
|
53.14%
|
|
The
Multi-Disciplinary Income Fund |
|
|
20.54%
|
|
The
Spin-Off Fund |
|
|
100.00% |
|
|
|
|
|
|
|
|
|
|
|
The
Internet Fund |
|
|
0.00% |
|
The
Global Fund |
|
|
10.73% |
|
The
Paradigm Fund |
|
|
0.00% |
|
The
Small Cap Opportunities Fund |
|
|
0.00% |
|
The
Market Opportunities Fund |
|
|
48.91%
|
|
The
Multi-Disciplinary Income Fund |
|
|
0.00%
|
|
The
Spin-Off Fund |
|
|
100.00% |
|
|
|
|
|
|
|
|
|
|
|
The
Internet Fund |
|
|
0.00% |
|
The
Global Fund |
|
|
78.21% |
|
The
Paradigm Fund |
|
|
0.00% |
|
The
Small Cap Opportunities Fund |
|
|
0.00% |
|
The
Market Opportunities Fund |
|
|
46.86%
|
|
The
Multi-Disciplinary Income Fund |
|
|
58.98%
|
|
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% |
|
|
|
|
|
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary |
|
|
Long-
Term |
|
The
Internet Fund |
|
|
0.00% |
|
|
100.00% |
|
The
Global Fund |
|
|
100.00% |
|
|
0.00% |
|
The
Paradigm Fund |
|
|
0.00% |
|
|
100.00% |
|
The
Small Cap Opportunities Fund |
|
|
0.00% |
|
|
100.00% |
|
The
Market Opportunities Fund |
|
|
100.00% |
|
|
0.00%
|
|
The
Multi-Disciplinary Income Fund |
|
|
100.00% |
|
|
0.00%
|
|
The
Spin-Off Fund |
|
|
4.42% |
|
|
95.58% |
|
|
|
|
|
|
|
|
|
|
|
57 |
|
|
|
|
|
58 |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
Shares |
|
|
Value |
| |||
|
UNIT
INVESTMENT TRUST - 46.2% |
| |||||||||
|
Grayscale
Bitcoin Trust BTC(a)(b) |
|
|
2,142,099 |
|
|
$ 114,045,351
|
| |||
|
TOTAL
UNIT INVESTMENT TRUST |
| |||||||||
|
(Cost
$6,566,231) |
|
|
|
|
114,045,351
|
| ||||
|
COMMON
STOCKS - 33.5% |
| |||||||||
|
Administrative
and Support Services - 0.0%(c) |
| |||||||||
|
CreditRiskMonitor.com,
Inc.(a) |
|
|
780 |
|
|
1,638
|
| |||
|
Aerospace
and Defense - 7.0% |
| |||||||||
|
CACI
International, Inc. - Class A (a) |
|
|
40,000 |
|
|
17,205,200
|
| |||
|
Broadcasting
(except Internet) - 0.3% |
| |||||||||
|
Atlanta
Braves Holdings, Inc. -
Class
A(a) |
|
|
8,000 |
|
|
330,640
|
| |||
|
Atlanta
Braves Holdings, Inc. -
Class
C(a) |
|
|
8,000 |
|
|
315,520
|
| |||
|
EW
Scripps Co. - Class A(a) |
|
|
20,000 |
|
|
62,800
|
| |||
|
|
|
|
|
708,960
|
| |||||
|
Data
Processing, Hosting, and Related Services - 1.8% |
| |||||||||
|
Mastercard,
Inc. - Class A |
|
|
5,900 |
|
|
2,602,844
|
| |||
|
Verisk
Analytics, Inc. |
|
|
7,000 |
|
|
1,886,850
|
| |||
|
|
|
|
|
4,489,694
|
| |||||
|
Entertainment
- 0.0%(c) |
| |||||||||
|
IG
Port, Inc. |
|
|
13,600 |
|
|
97,717
|
| |||
|
Funds,
Trusts, and Other Financial Vehicles - 0.3% |
| |||||||||
|
Mesabi
Trust(d) |
|
|
37,900 |
|
|
653,017
|
| |||
|
Global
Exchanges - 0.1% |
|
|
|
|
| |||||
|
Hellenic
Exchanges - Athens Stock Exchange SA |
|
|
16,000 |
|
|
82,934
|
| |||
|
Japan
Exchange Group, Inc. - ADR |
|
|
6,200 |
|
|
72,416
|
| |||
|
|
|
|
|
155,350
|
| |||||
|
Management
of Companies and Enterprises - 0.7% |
| |||||||||
|
Galaxy
Digital Holdings Ltd.(a) |
|
|
140,000 |
|
|
1,635,320
|
| |||
|
Management,
Scientific, and Technical Consulting
Services
- 0.0%(c) |
| |||||||||
|
Booz
Allen Hamilton Holding Corp. |
|
|
300 |
|
|
46,170
|
| |||
|
Oil
and Gas Extraction - 18.8% |
|
|
|
|
| |||||
|
Permian
Basin Royalty Trust |
|
|
12,550 |
|
|
141,313
|
| |||
|
Texas
Pacific Land Corp. |
|
|
63,078 |
|
|
46,316,283
|
| |||
|
|
|
|
|
46,457,596
|
| |||||
|
Other
Financial Investment Activities - 0.6% |
|
|
||||||||
|
Bakkt
Holdings, Inc.(a)(d) |
|
|
80,000 |
|
|
1,513,600
|
| |||
|
Other
Motor Vehicle Dealers - 0.0%(c) |
| |||||||||
|
Copart,
Inc.(a) |
|
|
400 |
|
|
21,664
|
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Performing
Arts, Spectator Sports, and Related Industries - 0.1% | ||||||
|
Madison
Square Garden Entertainment Corp.(a) |
|
|
4,000 |
|
|
$136,920
|
|
Sphere
Entertainment Co.(a) |
|
|
4,000 |
|
|
140,240
|
|
|
|
|
|
277,160
| ||
|
Professional,
Scientific, and Technical Services - 0.0%(c) | ||||||
|
Cookpad,
Inc.(a) |
|
|
48,000 |
|
|
55,790
|
|
Securities
and Commodities Exchanges - 1.4% | ||||||
|
CME
Group, Inc. |
|
|
4,180 |
|
|
821,788
|
|
Miami
International Holdings Inc.(a)(e) |
|
|
268,000 |
|
|
2,551,360
|
|
Nasdaq,
Inc. |
|
|
2,100 |
|
|
126,546
|
|
|
|
|
|
3,499,694
| ||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 2.4% | ||||||
|
OTC
Markets Group, Inc. - Class A -
Class
A |
|
|
121,000 |
|
|
5,916,900
|
|
S&P
Global, Inc. |
|
|
113 |
|
|
50,398
|
|
|
|
|
|
5,967,298
| ||
|
TOTAL
COMMON STOCKS
(Cost
$45,266,587) |
|
|
|
|
82,785,868
| |
|
EXCHANGE
TRADED FUNDS - 0.5% | ||||||
|
Direxion
Daily Small Cap Bear
3X
Shares |
|
|
5,258 |
|
|
97,588
|
|
Direxion
Daily Small Cap Bull
3X
Shares |
|
|
2,752 |
|
|
100,916
|
|
ProShares
UltraPro QQQ |
|
|
6,623 |
|
|
488,910
|
|
ProShares
UltraPro Short QQQ |
|
|
61,881 |
|
|
512,375
|
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost
$1,200,916) |
|
|
|
|
1,199,789
| |
|
|
|
Contracts |
|
|
||
|
WARRANTS
- 0.0%(c) |
| |||||
|
Securities
and Commodities Exchanges - 0.0%(c) | ||||||
|
Miami
International Holdings Warrant, Expires 04/01/2026, Exercise
Price
$7.50(a)(e) |
|
|
40,819 |
|
|
106,129
|
|
TOTAL
WARRANTS
(Cost
$0) |
|
|
|
|
106,129
| |
|
TOTAL
INVESTMENTS - 80.2%
(Cost
$53,033,734) |
|
|
|
|
$198,137,137
| |
|
Money
Market Deposit
Account
- 20.8%(f)(g) |
|
|
|
|
51,410,944
| |
|
Liabilities
in Excess of Other
Assets
- (1.0)% |
|
|
|
|
(2,431,785)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$247,116,296 | |
|
|
|
|
|
|
|
|
|
|
|
59 |
|
|
|
(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 June 30, 2024. The total market value of these securities was $2,144,951which represented 0.9% of net
assets. |
|
(e) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting
as Valuation Designee. These securities represented $2,657,489 or 1.0% of net assets as of |
|
(f) |
The U.S. Bank Money
Market Deposit Account (the “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 June 30, 2024 was 5.28%. |
|
(g) |
All or a portion
of security has been pledged as collateral. The total value of assets committed as collateral as of June30, 2024 is $2,358,378. |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 51.9% | ||||||
|
Accommodation
- 0.5% |
|
|
|
|
||
|
Civeo
Corp. |
|
|
5,400 |
|
|
$ 134,568
|
|
Administrative
and Support Services - 0.1% | ||||||
|
RB
Global, Inc. |
|
|
200 |
|
|
15,272
|
|
Aerospace
and Defense - 0.2% | ||||||
|
CACI
International, Inc. - Class A(a) |
|
|
100 |
|
|
43,013
|
|
Elbit
Systems Ltd. |
|
|
10 |
|
|
1,766
|
|
|
|
|
|
44,779
| ||
|
Asset
Management - 0.3% | ||||||
|
Investor
AB(a) |
|
|
3,200 |
|
|
87,616
|
|
Chemical
Manufacturing - 0.1% | ||||||
|
Resonac
Holdings Corp. |
|
|
600 |
|
|
13,135
|
|
Diversified
Real Estate Activities - 1.6% | ||||||
|
PrairieSky
Royalty Ltd. |
|
|
22,800 |
|
|
433,318
|
|
Entertainment
- 0.3% | ||||||
|
IG
Port, Inc. |
|
|
10,400 |
|
|
74,724
|
|
Funds,
Trusts, and Other Financial Vehicles - 1.3% | ||||||
|
Mesabi
Trust |
|
|
20,900 |
|
|
360,107
|
|
Global
Exchanges - 1.4% |
| |||||
|
ASX
Ltd. |
|
|
800 |
|
|
32,021
|
|
B3
SA - Brasil Bolsa Balcao |
|
|
30,000 |
|
|
54,900
|
|
Deutsche
Boerse AG |
|
|
600 |
|
|
122,795
|
|
Euronext
NV(b) |
|
|
1,120 |
|
|
103,754
|
|
Hellenic
Exchanges - Athens Stock Exchange SA |
|
|
3,800 |
|
|
19,697
|
|
Japan
Exchange Group, Inc. - ADR |
|
|
3,900 |
|
|
45,552
|
|
|
|
|
|
378,719
| ||
|
Hospitality
and Tourism - 0.6% | ||||||
|
Carnival
Corp.(a) |
|
|
4,200 |
|
|
78,624
|
|
Norwegian
Cruise Line Holdings Ltd.(a) |
|
|
2,000 |
|
|
37,580
|
|
Royal
Caribbean Cruises Ltd.(a) |
|
|
200 |
|
|
31,886
|
|
|
|
|
|
148,090
| ||
|
Legal
Services - 0.2% | ||||||
|
CRA
International, Inc. |
|
|
220 |
|
|
37,889
|
|
Live
Sports (Spectator Sports) - 0.4% | ||||||
|
BIGLEAGUE(a)(c) |
|
|
1,818 |
|
|
99,990
|
|
Management
of Companies and Enterprises - 3.9% | ||||||
|
Associated
Capital Group, Inc. - Class A |
|
|
13,300 |
|
|
452,466
|
|
Galaxy
Digital Holdings Ltd.(a) |
|
|
42,000 |
|
|
490,596
|
|
White
Mountains Insurance Group Ltd. |
|
|
56 |
|
|
101,777
|
|
|
|
|
|
1,044,839
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Mining
(except Oil and Gas) - 4.1% | ||||||
|
Franco-Nevada
Corp. |
|
|
800 |
|
|
$94,816
|
|
Sandstorm
Gold Ltd. |
|
|
90,000 |
|
|
489,600
|
|
Wheaton
Precious Metals Corp. |
|
|
10,000 |
|
|
524,200
|
|
|
|
|
|
1,108,616
| ||
|
Motor
Vehicle and Parts Dealers - 0.0%(d) | ||||||
|
AutoNation,
Inc.(a) |
|
|
40 |
|
|
6,375
|
|
Penske
Automotive Group, Inc. |
|
|
30 |
|
|
4,471
|
|
|
|
|
|
10,846
| ||
|
Nonmetallic
Mineral Product Manufacturing - 0.3% | ||||||
|
Eagle
Materials, Inc. |
|
|
392 |
|
|
85,244
|
|
Offices
of Real Estate Agents and Brokers - 2.5% | ||||||
|
Landbridge
Co. LLC - Class A(a) |
|
|
29,412 |
|
|
680,887
|
|
Oil
and Gas Extraction - 25.2%(e) | ||||||
|
Permian
Basin Royalty Trust |
|
|
40,000 |
|
|
450,400
|
|
Texas
Pacific Land Corp. |
|
|
8,634 |
|
|
6,339,687
|
|
|
|
|
|
6,790,087
| ||
|
Other
Financial Investment Activities - 2.8% | ||||||
|
Bakkt
Holdings, Inc.(a)(f) |
|
|
6,800 |
|
|
128,656
|
|
GAMCO
Investors, Inc. - Class A |
|
|
26,010 |
|
|
632,043
|
|
|
|
|
|
760,699
| ||
|
Other
Investment Pools and Funds - 1.9% | ||||||
|
Partners
Value Investments LP(a) |
|
|
2,193 |
|
|
136,256
|
|
Urbana
Corp. |
|
|
57,900 |
|
|
238,702
|
|
Urbana
Corp. - Class A |
|
|
41,100 |
|
|
142,102
|
|
|
|
|
|
517,060
| ||
|
Real
Estate - 0.6% | ||||||
|
Tejon
Ranch Co.(a) |
|
|
9,200 |
|
|
156,952
|
|
Securities
and Commodities Exchanges - 0.5% | ||||||
|
Cboe
Global Markets, Inc. |
|
|
200 |
|
|
34,012
|
|
CME
Group, Inc. |
|
|
200 |
|
|
39,320
|
|
Intercontinental
Exchange, Inc. |
|
|
500 |
|
|
68,445
|
|
|
|
|
|
141,777
| ||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 0.7% | ||||||
|
Brookfield
Asset Management Ltd. |
|
|
400 |
|
|
15,220
|
|
Brookfield
Corp. |
|
|
4,000 |
|
|
166,160
|
|
Brookfield
Reinsurance Ltd. |
|
|
210 |
|
|
8,714
|
|
Brookfield
Reinsurance Ltd. |
|
|
22 |
|
|
916
|
|
|
|
|
|
191,010
| ||
|
Support
Activities for Mining - 0.0%(d) | ||||||
|
Core
Laboratories, Inc. |
|
|
200 |
|
|
4,058
|
|
Liberty
Energy, Inc. |
|
|
200 |
|
|
4,178
|
|
|
|
|
|
8,236
| ||
|
|
|
|
|
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Support
Activities for Water Transportation - 2.4% | ||||||
|
Clarkson
PLC |
|
|
9,000 |
|
|
$471,002
|
|
Siem
Industries, Inc.(a)(c) |
|
|
5,500 |
|
|
183,370
|
|
|
|
|
|
654,372
| ||
|
TOTAL
COMMON STOCKS
(Cost
$8,366,858) |
|
|
|
|
13,978,832
| |
|
UNIT
INVESTMENT TRUST - 30.4% | ||||||
|
Grayscale
Ethereum Classic Trust(a) |
|
|
24 |
|
|
298
|
|
Grayscale
Bitcoin Trust BTC(a)(g) |
|
|
153,520 |
|
|
8,173,405
|
|
TOTAL
UNIT INVESTMENT TRUST
(Cost
$277,099) |
|
|
|
|
8,173,703 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
|
|
|
|
|
WARRANTS
- 0.1% | ||||||
|
Other
Investment Pools and Funds - 0.1% | ||||||
|
Partners
Value Investments LP, Expires 06/30/2026, Exercise Price $11.50(a) |
|
|
3,493 |
|
|
28,214
|
|
TOTAL
WARRANTS
(Cost
$19,638) |
|
|
|
|
28,214
| |
|
|
|
Shares |
|
|
||
|
PREFERRED
STOCKS - 0.0%(d) | ||||||
|
Financial
Services - 0.0%(d) | ||||||
|
Partners
Value Investments LP Series 1*, 4.50%, Perpetual |
|
|
515 |
|
|
9,527
|
|
Other
Investment Pools and Funds - 0.0%(d) | ||||||
|
Partners
Value Investments LP Series 1*, 0.16%, 11/27/2030(c) |
|
|
2,193 |
|
|
1,623
|
|
TOTAL
PREFERRED STOCKS
(Cost
$12,301) |
|
|
|
|
11,150
| |
|
|
|
Par |
|
|
||
|
CONVERTIBLE
BONDS - 0.0%(d) | ||||||
|
Department
Stores - 0.0%(d) |
| |||||
|
Sears
Holdings Corp.,
8.00%,
12/15/2019(c)(h) |
|
|
$41,080 |
|
|
0
|
|
TOTAL
CONVERTIBLE BONDS
(Cost
$41,080) |
|
|
|
|
0
| |
|
TOTAL
INVESTMENTS - 82.4%
(Cost
$8,716,976) |
|
|
|
|
$22,191,899
| |
|
Money
Market Deposit
Account
- 19.8%(i)(j) |
|
|
|
|
5,322,465
| |
|
Liabilities
in Excess of Other
Assets
- (2.2)% |
|
|
|
|
(606,462)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$26,907,902 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $103,754
or 0.4% of the Fund’s net assets. |
|
(c) |
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 $284,983 or 1.1% of net assets as of June 30, 2024. |
|
(d) |
Represents less than
0.05% of net assets. |
|
(e) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(f) |
All or a portion
of this security is on loan as of June 30, 2024. The total market value of these securities was $126,669which represented 0.5% of net
assets. |
|
(g) |
Fair value of this
security exceeds 25% of the 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 June 30, 2024 was 5.28%. |
|
(j) |
All or a portion
of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $142,269. |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
Shares |
|
|
Value |
| |||
|
COMMON
STOCKS - 86.5% |
| |||||||||
|
Accommodation
- 0.6% |
|
|
|
|
| |||||
|
Civeo
Corp. |
|
|
242,801 |
|
|
$ 6,050,601
|
| |||
|
Aerospace
and Defense - 2.1% |
| |||||||||
|
CACI
International, Inc. - Class A(a) |
|
|
46,000 |
|
|
19,785,980
|
| |||
|
Beverage
and Tobacco Product Manufacturing - 0.0%(b) |
| |||||||||
|
Crimson
Wine Group Ltd.(a) |
|
|
37,800 |
|
|
225,666
|
| |||
|
Broadcasting
(except Internet) - 0.4% |
| |||||||||
|
Atlanta
Braves Holdings, Inc. -
Class
C(a) |
|
|
4,842 |
|
|
190,968
|
| |||
|
Liberty
Media Corp.-Liberty Formula
One
- Class A(a) |
|
|
50,000 |
|
|
3,211,500
|
| |||
|
Liberty
Media Corp.-Liberty Live -
Class
A(a) |
|
|
3,766 |
|
|
141,263
|
| |||
|
|
|
|
|
3,543,731
|
| |||||
|
Casinos
& Gaming - 0.0%(b) |
| |||||||||
|
Las
Vegas Sands Corp. |
|
|
8,600 |
|
|
380,550
|
| |||
|
Diversified
Real Estate Activities - 0.1% |
| |||||||||
|
PrairieSky
Royalty Ltd. |
|
|
60,000 |
|
|
1,140,309
|
| |||
|
Food
Services and Drinking Places - 0.7% |
| |||||||||
|
Wendy's
Co. |
|
|
378,900 |
|
|
6,426,144
|
| |||
|
Funds,
Trusts, and Other Financial Vehicles - 0.1% |
|
|
||||||||
|
Mesabi
Trust(c) |
|
|
32,200 |
|
|
554,806
|
| |||
|
Global
Exchanges - 0.0%(b) |
| |||||||||
|
Hellenic
Exchanges - Athens Stock Exchange SA |
|
|
200 |
|
|
1,037
|
| |||
|
Hospitality
and Tourism - 0.6% |
| |||||||||
|
Carnival
Corp.(a) |
|
|
215,600 |
|
|
4,036,032
|
| |||
|
Royal
Caribbean Cruises Ltd.(a) |
|
|
10,200 |
|
|
1,626,186
|
| |||
|
|
|
|
|
5,662,218
|
| |||||
|
Insurance
Carriers and Related Activities - 0.0%(b) |
| |||||||||
|
Markel
Group, Inc.(a) |
|
|
100 |
|
|
157,566
|
| |||
|
Legal
Services - 0.0%(b) |
| |||||||||
|
CRA
International, Inc. |
|
|
120 |
|
|
20,666
|
| |||
|
Management
of Companies and Enterprises - 1.0% |
| |||||||||
|
Associated
Capital Group, Inc. -
Class
A |
|
|
260,290 |
|
|
8,855,066
|
| |||
|
White
Mountains Insurance Group Ltd. |
|
|
28 |
|
|
50,888
|
| |||
|
|
|
|
|
8,905,954
|
| |||||
|
Management,
Scientific, and Technical Consulting
Services
- 0.0%(b) |
| |||||||||
|
Booz
Allen Hamilton Holding Corp. |
|
|
200 |
|
|
30,780
|
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Mining
(except Oil and Gas) - 2.4% |
|
|
|
|
||
|
Franco-Nevada
Corp. |
|
|
164,750 |
|
|
$19,526,170
|
|
Wheaton
Precious Metals Corp. |
|
|
48,200 |
|
|
2,526,644
|
|
|
|
|
|
22,052,814 | ||
|
Motor
Vehicle and Parts Dealers - 0.0%(b) | ||||||
|
AutoNation,
Inc.(a) |
|
|
30 |
|
|
4,781
|
|
Nonmetallic
Mineral Product Manufacturing - 0.0%(b) | ||||||
|
Eagle
Materials, Inc. |
|
|
514 |
|
|
111,775
|
|
Offices
of Real Estate Agents and Brokers - 2.2% | ||||||
|
Landbridge
Co. LLC - Class A(a) |
|
|
882,353 |
|
|
20,426,472
|
|
Oil
and Gas Extraction - 65.3%(d) | ||||||
|
Texas
Pacific Land Corp.(e) |
|
|
834,486 |
|
|
612,738,035
|
|
Other
Financial Investment Activities - 0.5% | ||||||
|
Bakkt
Holdings, Inc.(a)(c) |
|
|
30,600 |
|
|
578,952
|
|
GAMCO
Investors, Inc. - Class A |
|
|
7,400 |
|
|
179,820
|
|
Onex
Corp. |
|
|
62,500 |
|
|
4,238,125
|
|
|
|
|
|
4,996,897
| ||
|
Other
Investment Pools and Funds - 0.0%(b) | ||||||
|
Partners
Value Investments LP(a) |
|
|
800 |
|
|
49,706
|
|
Urbana
Corp. |
|
|
8,800 |
|
|
36,279
|
|
Urbana
Corp. - Class A |
|
|
2,200 |
|
|
7,607
|
|
|
|
|
|
93,592
| ||
|
Other
Telecommunications - 0.5% | ||||||
|
Liberty
Broadband Corp. - Class C(a) |
|
|
84,800 |
|
|
4,648,736
|
|
Performing
Arts, Spectator Sports,
and
Related Industries - 2.5% | ||||||
|
Live
Nation Entertainment, Inc.(a) |
|
|
246,750 |
|
|
23,130,345
|
|
Real
Estate - 1.9% |
|
|
|
|
||
|
DREAM
Unlimited Corp.(a)(c) |
|
|
21,600 |
|
|
310,252
|
|
Howard
Hughes Holdings, Inc.(a) |
|
|
271,300 |
|
|
17,585,666
|
|
|
|
|
|
17,895,918
| ||
|
Securities
and Commodities Exchanges - 1.1% | ||||||
|
Cboe
Global Markets, Inc. |
|
|
61,600 |
|
|
10,475,696
|
|
Intercontinental
Exchange, Inc. |
|
|
500 |
|
|
68,445
|
|
|
|
|
|
10,544,141
| ||
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 3.8% | ||||||
|
Brookfield
Asset Management Ltd. |
|
|
179,787 |
|
|
6,840,896
|
|
Brookfield
Corp. |
|
|
700,750 |
|
|
29,109,155
|
|
Brookfield
Reinsurance Ltd. |
|
|
77 |
|
|
3,195
|
|
Brookfield
Reinsurance Ltd. |
|
|
8 |
|
|
333
|
|
S&P
Global, Inc. |
|
|
340 |
|
|
151,640
|
|
|
|
|
|
36,105,219
| ||
|
Support
Activities for Mining - 0.0%(b) | ||||||
|
Core
Laboratories, Inc. |
|
|
400 |
|
|
8,116
|
|
|
|
|
|
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Support
Activities for Water Transportation - 0.6% | ||||||
|
Clarkson
PLC |
|
|
88,600 |
|
|
$4,636,750
|
|
Siem
Industries, Inc.(a)(f) |
|
|
26,300 |
|
|
876,842
|
|
|
|
|
|
5,513,592
| ||
|
Telecommunications
- 0.0%(b) |
|
|
|
|
||
|
GCI
LIBERTY INC SR
ESCROW(a)(f) |
|
|
72,000 |
|
|
0
|
|
Utilities
- 0.1% |
|
|
|
|
||
|
Brookfield
Infrastructure Partners LP |
|
|
30,900 |
|
|
847,896
|
|
TOTAL
COMMON STOCKS
(Cost
$138,152,196) |
|
|
|
|
812,004,337
| |
|
UNIT
INVESTMENT TRUST - 11.1% | ||||||
|
Grayscale
Ethereum Classic Trust(a) |
|
|
12 |
|
|
149
|
|
Grayscale
Bitcoin Trust BTC(a) |
|
|
1,946,400 |
|
|
103,626,336
|
|
TOTAL
UNIT INVESTMENT TRUST
(Cost
$25,987,742) |
|
|
|
|
103,626,485
| |
|
REAL
ESTATE INVESTMENT TRUSTS - 0.5% | ||||||
|
Equity
LifeStyle Properties, Inc. |
|
|
73,400 |
|
|
4,780,542
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$3,355,929) |
|
|
|
|
4,780,542 | |
|
|
|
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 |
|
|
6,462 |
|
TOTAL
WARRANTS
(Cost
$2,368) |
|
|
|
|
6,462
| |
|
|
|
Shares |
| |||
|
PREFERRED
STOCKS - 0.0%(b) |
| |||||
|
Financial
Services - 0.0%(b) | ||||||
|
Partners
Value Investments LP Series 1*, 4.50%, Perpetual |
|
|
217 |
|
|
4,014
|
|
Other
Investment Pools and Funds - 0.0%(b) | ||||||
|
Partners
Value Investments LP Series 1*, 0.16%, 11/27/2030(f) |
|
|
800 |
|
|
592
|
|
TOTAL
PREFERRED STOCKS
(Cost
$2,003) |
|
|
|
|
4,606
| |
|
TOTAL
INVESTMENTS - 98.1%
(Cost
$167,500,238) |
|
|
|
|
$920,422,432
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Money
Market Deposit
Account
- 3.2%(g)(h) |
|
|
|
|
$30,427,106
| |
|
Liabilities
in Excess of Other
Assets
- (1.3)% |
|
|
|
|
(11,945,070)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$938,904,468 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
(c) |
All or a portion
of this security is on loan as of June 30, 2024. The total market value of these securities was $1,372,211 which represented 0.1% of net
assets. |
|
(d) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that 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) |
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 $877,434 or 0.1% of net assets as of June 30, 2024. |
|
(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 June 30, 2024 was 5.28%.
|
|
(h) |
All or a portion
of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $1,468,016. |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 84.1% | ||||||
|
Accommodation
- 4.6% |
| |||||
|
Civeo
Corp. |
|
|
558,632 |
|
|
$ 13,921,109
|
|
Administrative
and Support Services - 0.0%(a) | ||||||
|
RB
Global, Inc. |
|
|
400 |
|
|
30,544
|
|
Aerospace
and Defense - 7.0% |
| |||||
|
CACI
International, Inc. - Class A(b) |
|
|
50,000 |
|
|
21,506,500
|
|
Beverage
and Tobacco Product Manufacturing - 0.1% | ||||||
|
Crimson
Wine Group Ltd.(b) |
|
|
49,700 |
|
|
296,709
|
|
Chemical
Manufacturing - 2.0% | ||||||
|
Inter
Parfums, Inc. |
|
|
53,200 |
|
|
6,172,796
|
|
Oil-Dri
Corp. of America |
|
|
200 |
|
|
12,818
|
|
|
|
|
|
6,185,614
| ||
|
Diversified
Real Estate Activities - 0.5% | ||||||
|
PrairieSky
Royalty Ltd. |
|
|
72,000 |
|
|
1,368,371
|
|
Entertainment
- 0.0%(a) | ||||||
|
IG
Port, Inc. |
|
|
1,600 |
|
|
11,496
|
|
Food
Services and Drinking Places - 0.9% | ||||||
|
Wendy's
Co. |
|
|
170,500 |
|
|
2,891,680
|
|
Funds,
Trusts, and Other Financial Vehicles - 0.1% | ||||||
|
Mesabi
Trust |
|
|
12,200 |
|
|
210,206
|
|
Hospitality
and Tourism - 1.8% | ||||||
|
Carnival
Corp.(b) |
|
|
297,400 |
|
|
5,567,328
|
|
Royal
Caribbean Cruises Ltd.(b) |
|
|
200 |
|
|
31,886
|
|
|
|
|
|
5,599,214
| ||
|
Industrial
Services - 0.2% | ||||||
|
BRAEMAR
PLC |
|
|
191,400 |
|
|
712,536
|
|
Legal
Services - 0.0%(a) | ||||||
|
CRA
International, Inc. |
|
|
182 |
|
|
31,344
|
|
Machinery
Manufacturing - 0.0%(a) | ||||||
|
Oshkosh
Corp. |
|
|
400 |
|
|
43,280
|
|
Management
of Companies and Enterprises - 2.6% | ||||||
|
Associated
Capital Group, Inc. -
Class
A |
|
|
190,500 |
|
|
6,480,810
|
|
Dundee
Corp. - Class A(b) |
|
|
113,800 |
|
|
100,827
|
|
Galaxy
Digital Holdings Ltd.(b) |
|
|
119,200 |
|
|
1,392,358
|
|
White
Mountains Insurance
Group
Ltd. |
|
|
68 |
|
|
123,587
|
|
|
|
|
|
8,097,582
| ||
|
Management,
Scientific, and Technical Consulting
Services
- 0.0%(a) | ||||||
|
Booz
Allen Hamilton Holding Corp. |
|
|
510
|
|
|
78,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Mining
(except Oil and Gas) - 0.1% | ||||||
|
Triple
Flag Precious Metals Corp. |
|
|
720 |
|
|
$11,160
|
|
Wheaton
Precious Metals Corp. |
|
|
5,000
|
|
|
262,100
|
|
|
|
|
|
273,260 | ||
|
Motor
Vehicle and Parts Dealers - 0.1% | ||||||
|
AutoNation,
Inc.(b) |
|
|
520 |
|
|
82,878
|
|
Penske
Automotive Group, Inc. |
|
|
500
|
|
|
74,510
|
|
|
|
|
|
157,388
| ||
|
Nonmetallic
Mineral Product Manufacturing - 0.0%(a) | ||||||
|
Eagle
Materials, Inc. |
|
|
12
|
|
|
2,610
|
|
Offices
of Real Estate Agents and Brokers - 2.7% | ||||||
|
Landbridge
Co. LLC - Class A(b) |
|
|
352,942
|
|
|
8,170,607
|
|
Oil
and Gas Extraction - 54.3%(c) |
|
|
|
|
||
|
Permian
Basin Royalty Trust |
|
|
99,600 |
|
|
1,121,496
|
|
Texas
Pacific Land Corp.(d) |
|
|
224,604
|
|
|
164,919,979
|
|
|
|
|
|
166,041,475
| ||
|
Other
Financial Investment Activities - 0.2% | ||||||
|
Bakkt
Holdings, Inc.(b)(e) |
|
|
14,400 |
|
|
272,448
|
|
GAMCO
Investors, Inc. - Class A |
|
|
13,800
|
|
|
335,340
|
|
|
|
|
|
607,788
| ||
|
Other
Investment Pools and Funds - 1.3% | ||||||
|
Urbana
Corp. |
|
|
28,800 |
|
|
118,733
|
|
Urbana
Corp. - Class A |
|
|
1,104,500
|
|
|
3,818,782
|
|
|
|
|
|
3,937,515
| ||
|
Other
Pipeline Transportation - 0.1% |
|
|
|
|
||
|
Rubis
SCA |
|
|
14,400
|
|
|
404,973
|
|
Performing
Arts, Spectator Sports, and Related Industries - 0.7% | ||||||
|
Live
Nation Entertainment, Inc.(b) |
|
|
23,500 |
|
|
2,202,890
|
|
Madison
Square Garden Entertainment Corp.(b) |
|
|
772 |
|
|
26,426
|
|
Sphere
Entertainment Co.(b) |
|
|
772
|
|
|
27,066
|
|
|
|
|
|
2,256,382
| ||
|
Professional,
Scientific, and Technical Services - 0.8% | ||||||
|
Science
Applications International
Corp. |
|
|
19,600
|
|
|
2,303,980
|
|
Promoters
of Performing Arts, Sports, and Similar
Events
- 0.0%(a) | ||||||
|
Madison
Square Garden Sports
Corp.(b) |
|
|
240
|
|
|
45,151
|
|
Real
Estate - 3.9% |
|
|
|
|
||
|
DREAM
Unlimited Corp.(b) |
|
|
683,200 |
|
|
9,813,150
|
|
Howard
Hughes Holdings, Inc.(b) |
|
|
19,700 |
|
|
1,276,954
|
|
Tejon
Ranch Co.(b) |
|
|
41,217
|
|
|
703,162
|
|
|
|
|
|
11,793,266
| ||
|
|
|
|
|
|
|
|
|
|
|
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Support
Activities for Mining - 0.0%(a) | ||||||
|
Liberty
Energy, Inc. |
|
|
300 |
|
|
$6,267
|
|
Pason
Systems, Inc. |
|
|
8,000 |
|
|
107,774
|
|
|
|
|
|
114,041
| ||
|
Support
Activities for Water Transportation - 0.0%(a) | ||||||
|
Clarkson
PLC |
|
|
2,400 |
|
|
125,600
|
|
Telecommunications
- 0.1%
LICT
Corp.(b) |
|
|
16 |
|
|
222,400
|
|
TOTAL
COMMON STOCKS
(Cost
$80,911,838) |
|
|
|
|
257,441,110
| |
|
UNIT
INVESTMENT TRUST - 5.2% |
| |||||
|
Grayscale
Ethereum Classic Trust(b) |
|
|
60 |
|
|
746
|
|
Grayscale
Bitcoin Trust BTC(b) |
|
|
300,000 |
|
|
15,972,000
|
|
TOTAL
UNIT INVESTMENT TRUST
(Cost
$3,168,943) |
|
|
|
|
15,972,746 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
|
|
|
|
|
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 |
|
|
1,292,351
|
|
TOTAL
WARRANTS
(Cost
$433,365) |
|
|
|
|
1,292,351
| |
|
TOTAL
INVESTMENTS - 89.8%
(Cost
$84,514,146) |
|
|
|
|
$274,706,207 | |
|
Money
Market Deposit
Account
- 11.2%(f)(g) |
|
|
|
|
34,263,970 | |
|
Liabilities
in Excess of Other
Assets
- (1.0)% |
|
|
|
|
(2,956,385)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$306,013,792 | |
|
|
|
|
|
|
|
|
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
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. |
|
(e) |
All or a portion
of this security is on loan as of June 30, 2024. The total market value of these securities was $269,724 which represented 0.1% of net
assets. |
|
(f) |
The U.S. Bank Money
Market Deposit Account (the “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 June 30, 2024 was 5.28%. |
|
(g) |
All or a portion
of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $302,940. |
|
|
|
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 69.6% | ||||||
|
Administrative
and Support Services - 0.1% | ||||||
|
RB
Global, Inc. |
|
|
1,400 |
|
|
$106,904
|
|
Aerospace
and Defense - 0.1% | ||||||
|
CACI
International, Inc. - Class A(a) |
|
|
300 |
|
|
129,039
|
|
Asset
Management - 0.0%(b) |
|
|
|
|
||
|
Investor
AB(a) |
|
|
200 |
|
|
5,476
|
|
Beverage
and Tobacco Product Manufacturing - 0.0%(b) | ||||||
|
Crimson
Wine Group Ltd.(a) |
|
|
600 |
|
|
3,582
|
|
Data
Processing, Hosting, and Related Services - 1.0% | ||||||
|
Mastercard,
Inc. - Class A |
|
|
1,000 |
|
|
441,160
|
|
Visa,
Inc. - Class A |
|
|
4,000 |
|
|
1,049,880
|
|
|
|
|
|
1,491,040
| ||
|
Diversified
Real Estate Activities - 0.0%(b) | ||||||
|
PrairieSky
Royalty Ltd. |
|
|
200 |
|
|
3,801
|
|
Funds,
Trusts, and Other Financial Vehicles - 0.4% | ||||||
|
Mesabi
Trust(c) |
|
|
37,142 |
|
|
639,957
|
|
Global
Exchanges - 0.8% |
|
|
|
|
||
|
ASX
Ltd. |
|
|
4,400 |
|
|
176,114
|
|
Deutsche
Boerse AG |
|
|
1,800 |
|
|
368,386
|
|
Euronext
NV(d) |
|
|
2,520 |
|
|
233,446
|
|
Hellenic
Exchanges - Athens Stock Exchange SA |
|
|
10,000 |
|
|
51,834
|
|
Japan
Exchange Group, Inc. - ADR(c) |
|
|
8,200 |
|
|
95,776
|
|
London
Stock Exchange Group PLC |
|
|
600 |
|
|
71,295
|
|
NZX
Ltd. |
|
|
364,202 |
|
|
237,363
|
|
|
|
|
|
1,234,214
| ||
|
Insurance
Carriers and Related Activities - 0.1% | ||||||
|
Arthur
J. Gallagher & Co. |
|
|
400 |
|
|
103,724
|
|
Legal
Services - 0.0%(b) |
|
|
|
|
||
|
CRA
International, Inc. |
|
|
36 |
|
|
6,200
|
|
Live
Sports (Spectator Sports) - 0.1% |
|
|
|
|
||
|
BIGLEAGUE(a)(e) |
|
|
2,455 |
|
|
135,025
|
|
Management
of Companies and Enterprises - 2.5% | ||||||
|
Associated
Capital Group, Inc. - Class A |
|
|
77,000 |
|
|
2,619,540
|
|
Galaxy
Digital Holdings Ltd.(a) |
|
|
102,000 |
|
|
1,191,447
|
|
White
Mountains Insurance Group Ltd. |
|
|
44 |
|
|
79,968
|
|
|
|
|
|
3,890,955
| ||
|
Mining
(except Oil and Gas) - 2.1% |
| |||||
|
Franco-Nevada
Corp. |
|
|
14,600 |
|
|
1,730,392
|
|
Wheaton
Precious Metals Corp. |
|
|
30,800
|
|
|
1,614,536
|
|
|
|
|
|
3,344,928
| ||
|
Miscellaneous
Durable Goods Merchant Wholesalers - 0.1% | ||||||
|
A-Mark
Precious Metals, Inc. |
|
|
3,200
|
|
|
103,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Motor
Vehicle and Parts Dealers - 0.0%(b) | ||||||
|
AutoNation,
Inc.(a) |
|
|
10
|
|
|
$1,594
|
|
Offices
of Real Estate Agents and Brokers - 0.9% | ||||||
|
Landbridge
Co. LLC - Class A(a) |
|
|
58,824
|
|
|
1,361,776
|
|
Oil
and Gas Extraction - 52.2%(f) |
|
|
|
|
||
|
Permian
Basin Royalty Trust(c) |
|
|
127,450 |
|
|
1,435,087
|
|
Texas
Pacific Land Corp.(g) |
|
|
108,984
|
|
|
80,023,682
|
|
|
|
|
|
81,458,769
| ||
|
Other
Financial Investment Activities - 1.3% | ||||||
|
Bakkt
Holdings, Inc.(a)(c) |
|
|
32,000 |
|
|
605,440
|
|
GAMCO
Investors, Inc. - Class A |
|
|
59,000
|
|
|
1,433,700
|
|
|
|
|
|
2,039,140
| ||
|
Other
Investment Pools and Funds - 2.8% | ||||||
|
Partners
Value Investments LP(a) |
|
|
43,516 |
|
|
2,703,746
|
|
Urbana
Corp. |
|
|
41,500 |
|
|
171,091
|
|
Urbana
Corp. - Class A |
|
|
417,100
|
|
|
1,442,113
|
|
|
|
|
|
4,316,950
| ||
|
Professional,
Scientific, and Technical Services - 0.0%(b) | ||||||
|
Science
Applications International Corp. |
|
|
200
|
|
|
23,510
|
|
Real
Estate - 0.0%(b) | ||||||
|
Tejon
Ranch Co.(a) |
|
|
3,000
|
|
|
51,180
|
|
Securities
and Commodities Exchanges - 3.9% | ||||||
|
Cboe
Global Markets, Inc. |
|
|
8,000 |
|
|
1,360,480
|
|
CME
Group, Inc. |
|
|
5,800 |
|
|
1,140,280
|
|
Intercontinental
Exchange, Inc. |
|
|
12,900 |
|
|
1,765,881
|
|
Miami
International Holdings Inc.(a)(e) |
|
|
95,000 |
|
|
904,400
|
|
Nasdaq,
Inc. |
|
|
7,200 |
|
|
433,872
|
|
TMX
Group Ltd. |
|
|
18,000
|
|
|
501,034
|
|
|
|
|
|
6,105,947
| ||
|
Securities
and Commodity Contracts Intermediation and Brokerage - 0.0%(b) | ||||||
|
MarketAxess
Holdings, Inc. |
|
|
48
|
|
|
9,625
|
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 0.2% | ||||||
|
Brookfield
Asset Management Ltd. |
|
|
806 |
|
|
30,668
|
|
Brookfield
Reinsurance Ltd. |
|
|
4,182 |
|
|
173,541
|
|
Brookfield
Reinsurance Ltd. |
|
|
435 |
|
|
18,108
|
|
OTC
Markets Group, Inc. - Class A(c) |
|
|
800 |
|
|
39,120
|
|
S&P
Global, Inc. |
|
|
113 |
|
|
50,398
|
|
|
|
|
|
311,835
| ||
|
Support
Activities for Water Transportation - 1.0% | ||||||
|
Clarkson
PLC |
|
|
29,000 |
|
|
1,517,672
|
|
TOTAL
COMMON STOCKS
(Cost
$32,064,295) |
|
|
|
|
108,396,427
| |
|
|
|
|
|
|
|
|
|
|
|
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
UNIT
INVESTMENT TRUST - 20.4% | ||||||
|
Grayscale
Ethereum Classic Trust(a) |
|
|
12 |
|
|
$149
|
|
Grayscale
Bitcoin Trust BTC(a) |
|
|
598,874 |
|
|
31,884,052
|
|
TOTAL
UNIT INVESTMENT TRUST (Cost $1,585,583) |
|
|
|
|
31,884,201 | |
|
|
|
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 |
|
|
351,487
|
|
Securities
and Commodities Exchanges - 0.0%(b) | ||||||
|
Miami
International Holdings Warrant, Expires 04/01/2026, Exercise
Price
$7.50(a)(e) |
|
|
14,469 |
|
|
37,619
|
|
TOTAL
WARRANTS
(Cost
$130,104) |
|
|
|
|
389,106
| |
|
|
|
Shares |
| |||
|
PREFERRED
STOCKS - 0.2% | ||||||
|
Financial
Services - 0.2% | ||||||
|
Partners
Value Investments LP Series 1*, 4.50%, Perpetual |
|
|
11,832 |
|
|
218,892
|
|
Other
Investment Pools and Funds - 0.0%(b) | ||||||
|
Partners
Value Investments LP Series 1*, 0.16%, 11/27/2030(e) |
|
|
43,516 |
|
|
32,202
|
|
TOTAL
PREFERRED STOCKS
(Cost
$259,342) |
|
|
|
|
251,094 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - 90.5%
(Cost
$34,045,044) |
|
|
|
|
$140,920,828
| |
|
Money
Market Deposit
Account
- 11.3% (i)(j) |
|
|
|
|
17,660,663
| |
|
Liabilities
in Excess of Other
Assets
- (1.8)% |
|
|
|
|
(2,640,433)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$155,941,058 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
(c) |
All or a portion
of this security is on loan as of June 30, 2024. The total market value of these securities was $1,484,918 which represented 1.0% of net
assets. |
|
(d) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $233,446
or 0.1% 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 $1,109,246 or 0.7% of net assets as of June 30, 2024. |
|
(f) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that 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 June 30, 2024 was 5.28%.
|
|
(j) |
All or a portion
of security has been pledged as collateral. The total value of assets committed as collateral as of June30, 2024 is $1,588,868. |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
COLLATERALIZED
LOAN OBLIGATIONS - 84.5% | ||||||
|
37
Capital CLO, Series 2023-1A, Class A1, 7.38% (3 mo. Term SOFR + 2.05%), 04/15/2036(a) |
|
|
$500,000 |
|
|
$ 501,895
|
|
Apidos
CLO |
|
|
|
|
||
|
Series
2022-40A, Class A1, 7.13%
(3
mo. Term SOFR + 1.80%), 07/15/2035(a) |
|
|
350,000 |
|
|
350,050
|
|
Series
2023-43A, Class A2, 7.37%
(3
mo. Term SOFR + 2.05%), 04/25/2035(a) |
|
|
500,000 |
|
|
500,885
|
|
Atlas
Senior Loan Fund Ltd.,
Series
2019-14A, Class BR, 7.54%
(3
mo. Term SOFR + 2.21%), 07/20/2032(a) |
|
|
500,000 |
|
|
499,986
|
|
Babson
CLO Ltd./Cayman Islands,
Series
2023-1A, Class A, 7.07%
(3
mo. Term SOFR + 1.75%), 04/20/2036(a) |
|
|
550,000 |
|
|
552,318
|
|
Battery
Park CLO, Series 2022-1A,
Class
A1, 7.53% (3 mo. Term SOFR + 2.21%), 10/20/2035(a) |
|
|
500,000 |
|
|
502,271
|
|
Benefit
Street Partners CLO Ltd. |
|
|
|
|
||
|
Series
2022-27A, Class A1, 7.12%
(3
mo. Term SOFR + 1.80%), 07/20/2035(a) |
|
|
480,000 |
|
|
482,353
|
|
Series
2022-28A, Class A, 7.22%
(3
mo. Term SOFR + 1.90%),
10/20/2035(a) |
|
|
500,000 |
|
|
500,633
|
|
Bryant
Park Funding Ltd.,
Series
2023-21A, Class B, 8.08%
(3
mo. Term SOFR + 2.75%), 10/18/2036(a) |
|
|
250,000 |
|
|
252,115
|
|
Carlyle
Global Market Strategies,
Series
2023-3A, Class B, 7.93%
(3
mo. Term SOFR + 2.60%), 10/15/2036(a) |
|
|
450,000 |
|
|
454,620
|
|
Fortress
Credit BSL Ltd., Series 2023-1A, Class AT, 7.58% (3 mo. Term SOFR + 2.25%), 04/23/2036(a) |
|
|
500,000 |
|
|
504,948
|
|
Golub
Capital Partners CLO Ltd.,
Series
2023-70A, Class B, 7.82%
(3
mo. TermSOFR + 2.50%), 10/25/2036(a) |
|
|
250,000 |
|
|
251,635
|
|
ICG
US CLO Ltd., Series 2023-1A,
Class
B, 8.33% (3 mo. Term SOFR + 3.00%), 07/18/2036(a) |
|
|
500,000 |
|
|
502,749
|
|
Katayma
CLO Ltd., Series 2023-1A,
Class
B, 7.97% (3 mo. Term SOFR + 2.65%), 10/20/2036(a) |
|
|
250,000 |
|
|
251,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Magnetite
CLO Ltd., Series 2023-37A,
Class
B, 7.62% (3 mo. Term SOFR +2.30%), 10/20/2036(a) |
|
|
$500,000 |
|
|
$502,855
|
|
Man
GLG US CLO, Series 2023-1A,
Class
A, 7.62% (3 mo. Term SOFR + 2.30%), 07/20/2035(a) |
|
|
500,000 |
|
|
502,477
|
|
Mountain
View CLO Ltd., Series 2019-2A, Class B1R, 7.48% (3 mo. Term SOFR +2.15%), 07/15/2037(a)(b) |
|
|
450,000 |
|
|
450,000
|
|
Octagon
67 Ltd., Series 2023-1A,
Class
A1, 7.12% (3 mo. Term SOFR + 1.80%), 04/25/2036(a) |
|
|
500,000 |
|
|
500,968
|
|
Orion
CLO Ltd., Series 2023-2A,
Class
B, 8.07% (3 mo. Term SOFR + 2.75%), 01/25/2037(a) |
|
|
250,000 |
|
|
252,380
|
|
Palmer
Square CLO Ltd., Series 2022-3A, Class A1, 7.12% (3 mo. Term SOFR +1.80%), 07/20/2035(a) |
|
|
500,000 |
|
|
500,339
|
|
Palmer
Square Loan Funding Ltd.,
Series
2022-4A, Class A2,
7.62%
(3 mo. TermSOFR + 2.30%),
07/24/2031(a) |
|
|
430,000 |
|
|
430,067
|
|
Post
CLO, Series 2023-1A,
Class
A, 7.27% (3 mo. Term
SOFR
+ 1.95%), 04/20/2036(a) |
|
|
500,000 |
|
|
501,154
|
|
Rad
CLO, Series 2023-20A,
Class
B, 7.97% (3 mo. Term
SOFR
+ 2.65%), 07/20/2036(a) |
|
|
500,000 |
|
|
504,008
|
|
Regatta
Funding Ltd., Series 2019-2A,
Class
B, 7.64% (3 mo. Term
SOFR
+2.31%), 01/15/2033(a) |
|
|
500,000 |
|
|
504,648
|
|
Venture
CDO Ltd. |
|
|
|
|
||
|
Series
2013-15A, Class BR3,
7.46%
(3 mo. Term SOFR + 2.13%), 07/15/2032(a) |
|
|
250,000 |
|
|
250,354
|
|
Series
2023-48A, Class B1,
8.07%
(3 mo. Term SOFR + 2.75%), 10/20/2036(a) |
|
|
500,000 |
|
|
503,407
|
|
TOTAL
COLLATERALIZED LOAN OBLIGATIONS
(Cost
$11,439,308) |
|
|
|
|
11,510,977
| |
|
TOTAL
INVESTMENTS - 84.5%
(Cost
$11,439,308) |
|
|
|
|
$11,510,977
| |
|
Money
Market Deposit
Account
- 14.8%(c) |
|
|
|
|
2,022,308
| |
|
Other
Assets in Excess of
Liabilities
- 0.7% |
|
|
|
|
98,623
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$13,631,908 | |
|
|
|
|
|
|
|
|
|
|
|
69 |
|
|
|
(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 June 30, 2024, the value of these securities total $11,510,977
or 84.4% of the Fund’s net assets. |
|
(b) |
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 $450,000 or 3.3% of net assets as of June 30, 2024. |
|
(c) |
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 June 30, 2024 was 5.28%.
|
|
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Internet
Portfolio
(Consolidated) |
|
|
The Global
Portfolio
(Consolidated)
|
|
ASSETS: |
|
|
|
|
||
|
Investments,
at value(1)(2) |
|
|
$198,137,137 |
|
|
$22,191,899
|
|
Cash |
|
|
49,052,566 |
|
|
5,180,215
|
|
Cash
proceeds from securities lending |
|
|
2,358,378 |
|
|
142,269
|
|
Receivable
for contributed capital |
|
|
36,638 |
|
|
51,400
|
|
Receivable
for investments sold |
|
|
988,881 |
|
|
—
|
|
Dividends
and interest receivable |
|
|
232,786 |
|
|
30,617
|
|
Prepaid
expenses and other assets |
|
|
58,565 |
|
|
4,842
|
|
Total
assets |
|
|
250,864,951 |
|
|
27,601,242
|
|
LIABILITIES: |
|
|
|
|
||
|
Payable
to Adviser |
|
|
262,835 |
|
|
27,526
|
|
Payable
to Trustees |
|
|
6,440 |
|
|
623
|
|
Payable
to Chief Compliance Officer |
|
|
322 |
|
|
25
|
|
Payable
for securities purchased |
|
|
1,032,025 |
|
|
503,639
|
|
Payable
for collateral received for securities loaned |
|
|
2,358,378 |
|
|
142,269
|
|
Payable
for withdrawn capital |
|
|
64,704 |
|
|
4,820
|
|
Accrued
expenses and other liabilities |
|
|
23,951 |
|
|
14,438
|
|
Total
liabilities |
|
|
3,748,655 |
|
|
693,340
|
|
Net
Assets |
|
|
$247,116,296 |
|
|
$26,907,902
|
|
(1)
Cost of investments |
|
|
$53,033,734 |
|
|
$8,716,976
|
|
(2)
Includes loaned securities with a market value of |
|
|
$2,144,951 |
|
|
$126,669 |
|
|
|
|
|
|
|
|
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Paradigm
Portfolio
(Consolidated) |
|
|
The Small
Cap
Opportunities
Portfolio
(Consolidated)
|
|
ASSETS: |
|
|
|
|
||
|
Investments,
at value(1)(2) |
|
|
$920,422,432 |
|
|
$274,706,207
|
|
Foreign
currencies, at value(3) |
|
|
2,094 |
|
|
63,841
|
|
Cash |
|
|
28,969,842 |
|
|
33,897,215
|
|
Cash
proceeds from securities lending |
|
|
1,468,016 |
|
|
302,940
|
|
Receivable
for contributed capital |
|
|
53,961 |
|
|
63,150
|
|
Receivable
for investments sold |
|
|
5,435,452 |
|
|
3,668,081
|
|
Dividends
and interest receivable |
|
|
157,268 |
|
|
194,044
|
|
Prepaid
expenses and other assets |
|
|
51,787 |
|
|
18,911
|
|
Total
assets |
|
|
956,560,852 |
|
|
312,914,389
|
|
LIABILITIES: |
|
|
|
|
||
|
Payable
to Adviser |
|
|
944,814 |
|
|
304,959
|
|
Payable
to Trustees |
|
|
22,206 |
|
|
7,320
|
|
Payable
to Chief Compliance Officer |
|
|
1,184 |
|
|
417
|
|
Payable
for securities purchased |
|
|
15,000,001 |
|
|
6,000,014
|
|
Payable
for collateral received for securities loaned |
|
|
1,468,016 |
|
|
302,940
|
|
Payable
for withdrawn capital |
|
|
164,185 |
|
|
256,532
|
|
Accrued
expenses and other liabilities |
|
|
55,978 |
|
|
28,415
|
|
Total
liabilities |
|
|
17,656,384 |
|
|
6,900,597
|
|
Net
Assets |
|
|
$938,904,468 |
|
|
$306,013,792
|
|
(1)
Cost of investments |
|
|
$167,500,238 |
|
|
$84,514,146
|
|
(2)
Includes loaned securities with a market value of |
|
|
$1,372,211 |
|
|
$269,724
|
|
(3)
Cost of foreign currencies |
|
|
$2,092 |
|
|
$63,783 |
|
|
|
|
|
|
|
|
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Market
Opportunities
Portfolio
(Consolidated) |
|
|
The Multi-
Disciplinary
Income Portfolio
|
|
ASSETS: |
|
|
|
|
||
|
Investments,
at value(1)(2) |
|
|
$140,920,828 |
|
|
$11,510,977
|
|
Cash |
|
|
16,072,165 |
|
|
2,022,308
|
|
Cash
proceeds from securities lending |
|
|
1,588,868 |
|
|
—
|
|
Receivable
for contributed capital |
|
|
80,326 |
|
|
—
|
|
Dividends
and interest receivable |
|
|
86,284 |
|
|
179,970
|
|
Prepaid
expenses and other assets |
|
|
29,561 |
|
|
660
|
|
Total
assets |
|
|
158,778,032 |
|
|
13,713,915
|
|
LIABILITIES: |
|
|
|
|
||
|
Payable
to Adviser |
|
|
158,457 |
|
|
2,639
|
|
Payable
to Trustees |
|
|
3,690 |
|
|
322
|
|
Payable
to Chief Compliance Officer |
|
|
196 |
|
|
17
|
|
Payable
for securities purchased |
|
|
1,006,746 |
|
|
—
|
|
Payable
for collateral received for securities loaned |
|
|
1,588,868 |
|
|
—
|
|
Payable
for withdrawn capital |
|
|
58,721 |
|
|
69,948
|
|
Accrued
expenses and other liabilities |
|
|
20,296 |
|
|
9,081
|
|
Total
liabilities |
|
|
2,836,974 |
|
|
82,007
|
|
Net
Assets |
|
|
$155,941,058 |
|
|
$13,631,908
|
|
(1)
Cost of investments |
|
|
$34,045,044 |
|
|
$11,439,308
|
|
(2)
Includes loaned securities with a market value of |
|
|
$1,484,918 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Internet
Portfolio
(Consolidated) |
|
|
The Global
Portfolio
(Consolidated)
|
|
INVESTMENT
INCOME: |
|
|
|
|
||
|
Dividends† |
|
|
$376,917 |
|
|
$116,650
|
|
Interest |
|
|
1,304,469 |
|
|
73,150
|
|
Income
from securities lending |
|
|
92,037 |
|
|
5,947
|
|
Total
investment income |
|
|
1,773,423 |
|
|
195,747
|
|
EXPENSES: |
|
|
|
|
||
|
Investment
advisory fees |
|
|
1,453,612 |
|
|
137,687
|
|
Administration
fees |
|
|
36,986 |
|
|
8,599
|
|
Professional
fees |
|
|
19,364 |
|
|
5,917
|
|
Fund
accounting fees |
|
|
14,865 |
|
|
2,006
|
|
Trustees’
fees |
|
|
14,163 |
|
|
1,270
|
|
Chief
Compliance Officer fees |
|
|
2,096 |
|
|
160
|
|
Custodian
fees and expenses |
|
|
9,334 |
|
|
6,003
|
|
Registration
fees |
|
|
418 |
|
|
397
|
|
Other
expenses |
|
|
3,440 |
|
|
425
|
|
Total
expenses |
|
|
1,554,278 |
|
|
162,464
|
|
Net
investment income |
|
|
219,145 |
|
|
33,283
|
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS: |
|
|
|
|
||
|
Net
realized gain on: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
2,586,220 |
|
|
354,903
|
|
Net
change in unrealized appreciation (depreciation) of: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
54,069,695 |
|
|
4,740,206
|
|
Net
realized and unrealized gain on investments |
|
|
56,655,915 |
|
|
5,095,109
|
|
Net
increase in net assets resulting from operations |
|
|
$56,875,060 |
|
|
$5,128,392
|
|
†
Net of foreign taxes withheld of: |
|
|
$7,337 |
|
|
$5,918 |
|
|
|
|
|
|
|
|
|
|
|
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Paradigm
Portfolio
(Consolidated) |
|
|
The Small
Cap
Opportunities
Portfolio
(Consolidated)
|
|
INVESTMENT
INCOME: |
|
|
|
|
||
|
Dividends† |
|
|
$2,986,458 |
|
|
$1,362,414
|
|
Interest |
|
|
1,011,007 |
|
|
982,456
|
|
Income
from securities lending |
|
|
89,592 |
|
|
27,087
|
|
Total
investment income |
|
|
4,087,057 |
|
|
2,371,957
|
|
EXPENSES: |
|
|
|
|
||
|
Investment
advisory fees |
|
|
5,163,559 |
|
|
1,727,284
|
|
Administration
fees |
|
|
115,221 |
|
|
43,075
|
|
Professional
fees |
|
|
55,374 |
|
|
21,685
|
|
Fund
accounting fees |
|
|
50,485 |
|
|
17,632
|
|
Trustees’
fees |
|
|
49,842 |
|
|
16,787
|
|
Chief
Compliance Officer fees |
|
|
7,112 |
|
|
2,326
|
|
Custodian
fees and expenses |
|
|
23,367 |
|
|
14,471
|
|
Registration
fees |
|
|
551 |
|
|
166
|
|
Other
expenses |
|
|
15,391 |
|
|
6,061
|
|
Total
expenses |
|
|
5,480,902 |
|
|
1,849,487
|
|
Net
investment income (loss) |
|
|
(1,393,845) |
|
|
522,470
|
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS: |
|
|
|
|
||
|
Net
realized gain on: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
35,590,650 |
|
|
12,179,319
|
|
Net
change in unrealized appreciation (depreciation) of: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
182,607,886 |
|
|
47,556,629
|
|
Net
realized and unrealized gain on investments |
|
|
218,198,536 |
|
|
59,735,948
|
|
Net
increase in net assets resulting from operations |
|
|
$216,804,691 |
|
|
$60,258,418
|
|
†
Net of foreign taxes withheld of: |
|
|
$91,674 |
|
|
$94,222 |
|
|
|
|
|
|
|
|
|
|
|
75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Market
Opportunities
Portfolio
(Consolidated) |
|
|
The Multi-
Disciplinary
Income Portfolio
|
|
INVESTMENT
INCOME: |
|
|
|
|
||
|
Dividends† |
|
|
$510,927 |
|
|
$—
|
|
Interest |
|
|
441,615 |
|
|
463,792
|
|
Income
from securities lending |
|
|
39,653 |
|
|
—
|
|
Total
investment income |
|
|
992,195 |
|
|
463,792
|
|
EXPENSES: |
|
|
|
|
||
|
Investment
advisory fees |
|
|
858,208 |
|
|
15,393
|
|
Administration
fees |
|
|
24,607 |
|
|
7,550
|
|
Professional
fees |
|
|
13,176 |
|
|
5,169
|
|
Fund
accounting fees |
|
|
9,268 |
|
|
1,081
|
|
Trustees’
fees |
|
|
8,345 |
|
|
751
|
|
Chief
Compliance Officer fees |
|
|
1,206 |
|
|
104
|
|
Custodian
fees and expenses |
|
|
7,398 |
|
|
771
|
|
Registration
fees |
|
|
564 |
|
|
370
|
|
Other
expenses |
|
|
2,360 |
|
|
264
|
|
Total
expenses |
|
|
925,132 |
|
|
31,453
|
|
Less,
voluntary expense waiver for investment advisory fees |
|
|
— |
|
|
—
|
|
Net
expenses |
|
|
925,132 |
|
|
31,453
|
|
Net
investment income |
|
|
67,063 |
|
|
432,339
|
|
REALIZED
AND UNREALIZED GAIN ON INVESTMENTS: |
|
|
|
|
||
|
Net
realized gain (loss) on: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
880,240 |
|
|
—
|
|
Net
change in unrealized appreciation (depreciation) of: |
|
|
|
|
||
|
Investments
and foreign currency |
|
|
34,068,374 |
|
|
34,006
|
|
Net
realized and unrealized gain on investments |
|
|
34,948,614 |
|
|
34,006
|
|
Net
increase in net assets resulting from operations |
|
|
$35,015,677 |
|
|
$466,345
|
|
†
Net of foreign taxes withheld of: |
|
|
$19,198 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
76 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Internet
Portfolio
(Consolidated) |
|
|
The Global
Portfolio
(Consolidated)
| ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income |
|
|
$219,145 |
|
|
$1,991,233 |
|
|
$33,283 |
|
|
$419,909
|
|
Net
realized gain (loss) on sale of investments and foreign currency |
|
|
2,586,220 |
|
|
2,271,422 |
|
|
354,903 |
|
|
(222,953)
|
|
Net
change in unrealized appreciation (depreciation) of investments and foreign currency |
|
|
54,069,695 |
|
|
40,804,932 |
|
|
4,740,206 |
|
|
1,877,441
|
|
Net
increase in net assets resulting from
operations |
|
|
56,875,060 |
|
|
45,067,587 |
|
|
5,128,392 |
|
|
2,074,397
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Contributions |
|
|
10,835,831 |
|
|
17,091,150 |
|
|
5,152,201 |
|
|
3,644,721
|
|
Withdrawals |
|
|
(10,735,757) |
|
|
(20,061,591) |
|
|
(1,309,735) |
|
|
(16,259,972)
|
|
Net
increase (decrease) in net assets resulting from capital share transactions |
|
|
100,074 |
|
|
(2,970,441) |
|
|
3,842,466 |
|
|
(12,615,251)
|
|
Total
increase (decrease) in net assets |
|
|
56,975,134 |
|
|
42,097,146 |
|
|
8,970,858 |
|
|
(10,540,854)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of period |
|
|
190,141,162 |
|
|
148,044,016 |
|
|
17,937,044 |
|
|
28,477,898
|
|
End
of period |
|
|
$247,116,296 |
|
|
$190,141,162 |
|
|
$26,907,902 |
|
|
$17,937,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Paradigm
Portfolio
(Consolidated) |
|
|
The Small
Cap Opportunities
Portfolio
(Consolidated) | ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$(1,393,845) |
|
|
$(1,747,915) |
|
|
$522,470 |
|
|
$1,793,096
|
|
Net
realized gain on sale of investments and foreign currency |
|
|
35,590,650 |
|
|
45,826,388 |
|
|
12,179,319 |
|
|
25,865,311
|
|
Net
change in unrealized appreciation (depreciation) of investments and foreign currency |
|
|
182,607,886 |
|
|
(230,225,379) |
|
|
47,556,629 |
|
|
(96,823,072)
|
|
Net
increase (decrease) in net assets resulting from operations |
|
|
216,804,691 |
|
|
(186,146,906) |
|
|
60,258,418 |
|
|
(69,164,665)
|
|
NET
DECREASE IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Contributions |
|
|
954,307 |
|
|
11,582,819 |
|
|
64,848 |
|
|
21,051,746
|
|
Withdrawals |
|
|
(70,927,881) |
|
|
(147,816,245) |
|
|
(38,991,278) |
|
|
(126,689,296)
|
|
Net
decrease in net assets resulting from capital share transactions |
|
|
(69,973,574) |
|
|
(136,233,426) |
|
|
(38,926,430) |
|
|
(105,637,550)
|
|
Total
increase (decrease) in net assets |
|
|
146,831,117 |
|
|
(322,380,332) |
|
|
21,331,988 |
|
|
(174,802,215)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of period |
|
|
792,073,351 |
|
|
1,114,453,683 |
|
|
284,681,804 |
|
|
459,484,019
|
|
End
of period |
|
|
$938,904,468 |
|
|
$792,073,351 |
|
|
$306,013,792 |
|
|
$284,681,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
The Market
Opportunities
Portfolio
(Consolidated) |
|
|
The Multi-Disciplinary
Income Portfolio
| ||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the
Year Ended
December
31,
2023 |
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income |
|
|
$67,063 |
|
|
$1,195,140 |
|
|
$432,339 |
|
|
$686,502
|
|
Net
realized gain (loss) on sale of investments and foreign currency |
|
|
880,240 |
|
|
(726,565) |
|
|
— |
|
|
(1,808,280)
|
|
Net
change in unrealized appreciation (depreciation) of investments and foreign currency |
|
|
34,068,374 |
|
|
(10,475,455) |
|
|
34,006 |
|
|
1,791,042
|
|
Net
increase (decrease) in net assets resulting from operations |
|
|
35,015,677 |
|
|
(10,006,880) |
|
|
466,345 |
|
|
669,264
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Contributions |
|
|
5,023,704 |
|
|
12,998,060 |
|
|
2,128,200 |
|
|
669,442
|
|
Withdrawals |
|
|
(15,333,035) |
|
|
(11,988,686) |
|
|
(1,288,273) |
|
|
(5,520,347)
|
|
Net
increase (decrease) in net assets resulting from capital share transactions |
|
|
(10,309,331) |
|
|
1,009,374 |
|
|
839,927 |
|
|
(4,850,905)
|
|
Total
increase (decrease) in net assets |
|
|
24,706,346 |
|
|
(8,997,506) |
|
|
1,306,272 |
|
|
(4,181,641)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of period |
|
|
131,234,712 |
|
|
140,232,218 |
|
|
12,325,636 |
|
|
16,507,277
|
|
End
of period |
|
|
$155,941,058 |
|
|
$131,234,712 |
|
|
$13,631,908 |
|
|
$12,325,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79 |
|
|
|
|
|
80 |
|
|
|
|
|
81 |
|
|
|
|
|
|
|
|
|
|
|
|
Internet
Portfolio |
|
|
$31,280,413 |
|
|
12.66%
|
|
|
Global
Portfolio |
|
|
1,516,320 |
|
|
5.64%
|
|
|
Paradigm
Portfolio |
|
|
105,667,520 |
|
|
11.25%
|
|
|
Small
Cap Opportunities Portfolio .. |
|
|
18,334,098 |
|
|
5.99%
|
|
|
Market
Opportunities Portfolio |
|
|
8,207,658 |
|
|
5.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
Internet
Portfolio |
|
|
$1,738 |
|
|
0.00%
|
|
|
Global
Portfolio |
|
|
1,725 |
|
|
0.01%
|
|
|
Market
Opportunities Portfolio |
|
|
1,780 |
|
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value |
|
|
Percentage
of
Net Assets
|
|
The
Multi-Disciplinary Income Portfolio |
|
|
$11,510,977 |
|
|
84.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value |
|
|
Percentage
of
Net Assets
|
|
The
Internet Portfolio |
|
|
$2,657,489 |
|
|
1.08%
|
|
The
Global Portfolio |
|
|
284,983 |
|
|
1.06%
|
|
The
Paradigm Portfolio |
|
|
877,434 |
|
|
0.09%
|
|
The
Small Cap Opportunities Portfolio |
|
|
— |
|
|
0.00%
|
|
The
Market Opportunities Portfolio |
|
|
1,109,246 |
|
|
0.71%
|
|
The
Multi-Disciplinary Income Portfolio |
|
|
450,000 |
|
|
3.30%
|
|
The
Spin-Off Fund |
|
|
37,045 |
|
|
0.14% |
|
|
|
|
|
|
|
|
|
|
|
83 |
|
|
|
|
|
84 |
|
|
|
|
|
|
|
|
|
|
|
Investment
Advisory
Fees |
|
The
Internet Portfolio |
|
|
$1,453,612 |
|
The
Global Portfolio |
|
|
137,687 |
|
The
Paradigm Portfolio |
|
|
5,163,559 |
|
The
Small Cap Opportunities Portfolio |
|
|
1,727,284 |
|
The
Market Opportunities Portfolio |
|
|
858,208 |
|
The
Multi-Disciplinary Income Portfolio |
|
|
15,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
Purchases |
|
|
Sales |
| ||||||
|
|
|
|
|
U.S.
Government |
|
|
Other |
|
|
U.S.
Government |
|
|
Other |
|
|
|
The
Internet Portfolio |
|
|
$ — |
|
|
$62,093,795 |
|
|
$ — |
|
|
$59,287,174
|
|
|
|
The
Global Portfolio |
|
|
— |
|
|
9,464,328 |
|
|
— |
|
|
8,319,631
|
|
|
|
The
Paradigm Portfolio |
|
|
— |
|
|
15,846,572 |
|
|
— |
|
|
50,688,500
|
|
|
|
The
Small Cap Opportunities Portfolio |
|
|
— |
|
|
6,484,380 |
|
|
— |
|
|
26,840,037
|
|
|
|
The
Market Opportunities Portfolio |
|
|
— |
|
|
11,670,635 |
|
|
— |
|
|
10,850,292
|
|
|
|
The
Multi-Disciplinary Income Portfolio |
|
|
— |
|
|
450,000 |
|
|
— |
|
|
450,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet |
|
|
Global |
|
|
Paradigm
|
|
Tax
Cost of Investments |
|
|
$47,885,352 |
|
|
$7,342,438 |
|
|
$170,819,101
|
|
Unrealized
Appreciation |
|
|
93,111,758 |
|
|
9,700,281 |
|
|
579,276,020
|
|
Unrealized
Depreciation |
|
|
(1,743,966) |
|
|
(1,071,742) |
|
|
(12,893,203)
|
|
Net
Unrealized Appreciation |
|
|
$91,367,792 |
|
|
$8,628,539 |
|
|
$566,382,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap
Opportunities |
|
|
Market
Opportunities |
|
|
Multi-
Disciplinary
Income |
|
Tax
Cost of Investments |
|
|
$94,427,969 |
|
|
$33,142,375 |
|
|
$11,434,096
|
|
Unrealized
Appreciation |
|
|
157,317,924 |
|
|
74,767,528 |
|
|
37,662
|
|
Unrealized
Depreciation |
|
|
(14,646,031) |
|
|
(2,704,001) |
|
|
—
|
|
Net
Unrealized Appreciation |
|
|
$
142,671,893 |
|
|
$
72,063,527 |
|
|
$37,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities |
|
|
Collateral
|
|
The
Internet Portfolio |
|
|
$2,144,951 |
|
|
$2,358,378
|
|
The
Global Portfolio |
|
|
126,669 |
|
|
142,269
|
|
The
Paradigm Portfolio |
|
|
1,372,211 |
|
|
1,468,016
|
|
The
Small Cap Opportunities Portfolio |
|
|
269,724 |
|
|
302,940
|
|
The
Market Opportunities Portfolio |
|
|
1,484,918 |
|
|
1,588,868
|
|
The
Multi-Disciplinary Income Portfolio |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Internet
Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
30.02% |
|
|
30.16% |
|
|
(23.86)% |
|
|
15.72% |
|
|
56.87% |
|
|
26.92% |
|
Ratio
of expenses to average net assets: |
|
|
1.32% |
|
|
1.35% |
|
|
1.35% |
|
|
1.34% |
|
|
1.37% |
|
|
1.37% |
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.19% |
|
|
1.23% |
|
|
(0.18)% |
|
|
(0.92)% |
|
|
(0.36)% |
|
|
(0.29)% |
|
Portfolio
turnover rate |
|
|
33% |
|
|
19% |
|
|
19% |
|
|
4% |
|
|
1% |
|
|
1% |
|
| ||||||||||||||||||
|
|
| |||||||||||||||||
|
|
|
|
| |||||||||||||||
|
|
|
|
The Global
Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
29.10% |
|
|
11.79% |
|
|
(6.53)% |
|
|
16.23% |
|
|
24.80% |
|
|
21.41% |
|
Ratio
of expenses to average net assets: |
|
|
1.42% |
|
|
1.49% |
|
|
1.46% |
|
|
1.48% |
|
|
1.59% |
|
|
1.59% |
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.29% |
|
|
1.71% |
|
|
0.18% |
|
|
(1.00)% |
|
|
(0.66)% |
|
|
(0.18)% |
|
Portfolio
turnover rate |
|
|
43% |
|
|
16% |
|
|
57% |
|
|
7% |
|
|
8% |
|
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86 |
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
The Paradigm
Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
29.05% |
|
|
(16.59)% |
|
|
29.48% |
|
|
38.46% |
|
|
3.61% |
|
|
30.77% |
|
Ratio
of expenses to average net assets: |
|
|
1.29% |
|
|
1.34% |
|
|
1.33% |
|
|
1.33% |
|
|
1.35% |
|
|
1.35% |
|
Ratio
of net investment income (loss) to average net assets: |
|
|
(0.33)% |
|
|
(0.20)% |
|
|
0.15% |
|
|
(0.58)% |
|
|
0.70% |
|
|
(0.43)% |
|
Portfolio
turnover rate |
|
|
2% |
|
|
0% |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
1% |
|
| ||||||||||||||||||
|
|
| |||||||||||||||||
|
|
|
|
| |||||||||||||||
|
|
|
|
The Small
Cap Opportunities Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
23.21% |
|
|
(14.40)% |
|
|
32.26% |
|
|
50.63% |
|
|
2.57% |
|
|
27.34% |
|
Ratio
of expenses to average net assets: |
|
|
1.31% |
|
|
1.35% |
|
|
1.34% |
|
|
1.34% |
|
|
1.37% |
|
|
1.36% |
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.37% |
|
|
0.52% |
|
|
0.37% |
|
|
(0.62)% |
|
|
1.05% |
|
|
(0.20)% |
|
Portfolio
turnover rate |
|
|
3% |
|
|
2% |
|
|
6% |
|
|
3% |
|
|
0% |
|
|
4% |
|
| ||||||||||||||||||
|
|
| |||||||||||||||||
|
|
|
|
| |||||||||||||||
|
|
|
|
The Market
Opportunities Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
29.00% |
|
|
(7.29)% |
|
|
15.02% |
|
|
28.08% |
|
|
19.57% |
|
|
22.77% |
|
Ratio
of expenses to average net assets: |
|
|
1.31% |
|
|
1.36% |
|
|
1.36% |
|
|
1.36% |
|
|
1.38% |
|
|
1.39% |
|
Ratio
of net investment income (loss) to average net assets: |
|
|
0.09% |
|
|
0.94% |
|
|
0.22% |
|
|
(0.74)% |
|
|
0.42% |
|
|
(0.00)% |
|
Portfolio
turnover rate |
|
|
9% |
|
|
5% |
|
|
13% |
|
|
2% |
|
|
2% |
|
|
4% |
|
| ||||||||||||||||||
|
|
| |||||||||||||||||
|
|
|
|
| |||||||||||||||
|
|
|
|
The Multi-Disciplinary
Income Portfolio | |||||||||||||||
|
|
|
|
For the
Period Ended
June 30,
2024
(Unaudited) |
|
|
For the Year
Ended December 31, | ||||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 | |||
|
Total
Return |
|
|
3.92% |
|
|
5.24% |
|
|
(2.29)% |
|
|
1.23% |
|
|
(1.35)% |
|
|
9.13% |
|
Ratio
of expenses to average net assets: |
|
|
0.50% |
|
|
0.94% |
|
|
1.48% |
|
|
1.44% |
|
|
1.46% |
|
|
1.44% |
|
Ratio
of net investment income to average net assets: |
|
|
6.92% |
|
|
5.16% |
|
|
2.14% |
|
|
1.74% |
|
|
3.17% |
|
|
4.15% |
|
Portfolio
turnover rate |
|
|
4% |
|
|
37% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$80,234,508 |
|
|
$ — |
|
|
$2,551,360 |
|
|
$82,785,868
|
|
Unit
Investment Trust |
|
|
114,045,351 |
|
|
— |
|
|
— |
|
|
114,045,351
|
|
Exchange
Traded Funds |
|
|
1,199,789 |
|
|
— |
|
|
— |
|
|
1,199,789
|
|
Warrants |
|
|
— |
|
|
— |
|
|
106,129 |
|
|
106,129
|
|
Total
Investments in Securities |
|
|
$195,479,648 |
|
|
$— |
|
|
$2,657,489 |
|
|
$198,137,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Investments
in
Securities
|
|
Balance
as of December 31, 2023 |
|
|
$
2,896,327 |
|
Accrued
discounts/premiums |
|
|
—
|
|
Realized
gain (loss) |
|
|
—
|
|
Change
in unrealized appreciation (depreciation) |
|
|
(238,838)
|
|
Net
purchases and/or acquisitions |
|
|
|
|
Net
sales and/or write-offs |
|
|
—
|
|
Transfer
in and/or out of Level 3 |
|
|
—
|
|
Balance
as of June 30, 2024 |
|
|
$2,657,489 |
|
|
|
|
|
|
|
|
88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Fair Value
at
6/30/2024 |
|
|
Valuation
Techniques
|
|
|
Unobservable
Input |
|
|
Range** |
|
Common
Stocks |
|
|
$
2,551,360 |
|
|
Discounted
Cash Flow |
|
|
Volatility |
|
|
18.8%
|
|
|
|
|
|
Option
Pricing Model |
|
|
Discount
for Lack of
Marketability |
|
|
5.0%
| ||
|
|
|
|
|
|
|
Weighted
Average
Cost of Capital |
|
|
14.3%
| |||
|
|
|
|
|
|
|
Years
to Maturity |
|
|
6.5%
| |||
|
|
|
|
|
|
|
Risk-Free
Rate |
|
|
4.8% | |||
|
Warrants |
|
|
$106,129 |
|
|
Discounted
Cash Flow |
|
|
Volatility |
|
|
18.8%
|
|
|
|
|
|
Option
Pricing Model |
|
|
Discount
for Lack of Marketability |
|
|
5.0%
| ||
|
|
|
|
|
|
|
Weighted
Average
Cost of
Capital |
|
|
14.3%
| |||
|
|
|
|
|
|
|
Years
to Maturity |
|
|
6.5%
| |||
|
|
|
|
|
|
|
Risk-Free
Rate |
|
|
4.8% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$13,685,842 |
|
|
$9,630 |
|
|
$283,360 |
|
|
$13,978,832
|
|
Unit
Investment Trust |
|
|
8,173,703 |
|
|
— |
|
|
— |
|
|
8,173,703
|
|
Preferred
Stocks |
|
|
— |
|
|
9,527 |
|
|
1,623 |
|
|
11,150
|
|
Convertible
Bonds |
|
|
— |
|
|
— |
|
|
—* |
|
|
—
|
|
Warrants |
|
|
28,214 |
|
|
— |
|
|
— |
|
|
28,214
|
|
Total
Investments in Securities |
|
|
$21,887,759 |
|
|
$19,157 |
|
|
$284,983 |
|
|
$22,191,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Investments
in Securities |
|
Balance
as of December 31, 2023 |
|
|
$259,490 |
|
Accrued
discounts/premiums |
|
|
— |
|
Realized
gain (loss) |
|
|
— |
|
Change
in unrealized appreciation (depreciation) |
|
|
23,870*** |
|
Net
purchases and/or acquisitions |
|
|
— |
|
Net
sales and/or write-offs |
|
|
— |
|
Transfer
in and/or out of Level 3 |
|
|
1,623
|
|
Balance
as of June 30, 2024 |
|
|
$284,983 |
|
|
|
|
|
|
|
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Fair Value
at
6/30/2024 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Range** |
|
Common
Stocks |
|
|
$99,990 |
|
|
Cost
Approach |
|
|
Precedent
Transaction |
|
|
$55.00
- $55.00 |
|
Common
Stocks |
|
|
$183,370 |
|
|
Market
Approach |
|
|
Precedent
Transaction |
|
|
$27.50
- $33.34 |
|
Preferred
Stock |
|
|
$1,623 |
|
|
Market
Approach |
|
|
Precedent
Transaction |
|
|
$0.50
- $0.76 |
|
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 June 30, 2024 is $24,396. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$810,813,715 |
|
|
$313,780 |
|
|
$876,842 |
|
|
$812,004,337
|
|
Unit
Investment Trust |
|
|
103,626,485 |
|
|
— |
|
|
— |
|
|
103,626,485
|
|
Real
Estate Investment Trusts |
|
|
4,780,542 |
|
|
— |
|
|
— |
|
|
4,780,542
|
|
Preferred
Stocks |
|
|
— |
|
|
4,014 |
|
|
592 |
|
|
4,606
|
|
Warrants |
|
|
6,462 |
|
|
— |
|
|
— |
|
|
6,462
|
|
Total
Investments in Securities |
|
|
$919,227,204 |
|
|
$317,794 |
|
|
$877,434 |
|
|
$920,422,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Investments
inSecurities |
|
Balance
as of December 31, 2023 |
|
|
$762,700 |
|
Accrued
discounts/premiums |
|
|
— |
|
Realized
gain (loss) |
|
|
— |
|
Change
in unrealized appreciation (depreciation) |
|
|
114,142*** |
|
Net
purchases and/or acquisitions |
|
|
— |
|
Net
sales and/or write-offs |
|
|
— |
|
Transfer
in and/or out of Level 3 |
|
|
592 |
|
Balance
as of June 30, 2024 |
|
|
$877,434 |
|
|
|
|
|
|
|
|
90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
|
Fair Value
at
6/30/2024 |
|
|
Valuation
Techniques
|
|
|
Unobservable |
|
|
Input Range**
|
|
Common
Stocks |
|
|
$876,842
|
|
|
Market
Approach |
|
|
Precedent
Transaction |
|
|
$27.50
- $33.34 |
|
Common
Stocks |
|
|
$—
* |
|
|
Asset
Liquidation
Analysis |
|
|
Precedent
Transaction |
|
|
$0.00
- $0.00 |
|
Preferred
Stock |
|
|
$592
|
|
|
Cost
Approach |
|
|
Precedent
Transaction
|
|
|
$0.50
- $0.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
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 June 30, 2024 is $114,334. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$247,527,133 |
|
|
$9,913,977 |
|
|
$ — |
|
|
$257,441,110
|
|
Unit
Investment Trust |
|
|
15,972,746 |
|
|
— |
|
|
— |
|
|
15,972,746
|
|
Warrants |
|
|
1,292,351 |
|
|
— |
|
|
— |
|
|
1,292,351
|
|
Total
Investments in Securities |
|
|
$264,792,230 |
|
|
$9,913,977 |
|
|
$— |
|
|
$274,706,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$107,165,353 |
|
|
$191,649 |
|
|
$1,039,425 |
|
|
$108,396,427
|
|
Unit
Investment Trust |
|
|
31,884,201 |
|
|
— |
|
|
— |
|
|
31,884,201
|
|
Preferred
Stocks |
|
|
— |
|
|
218,892 |
|
|
32,202 |
|
|
251,094
|
|
Convertible
Bonds |
|
|
— |
|
|
— |
|
|
—* |
|
|
—
|
|
Warrants |
|
|
351,487 |
|
|
— |
|
|
37,619 |
|
|
389,106
|
|
Total
Investments in Securities |
|
|
$139,401,041 |
|
|
$410,541 |
|
|
$1,109,246 |
|
|
$140,920,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91 |
|
|
|
|
|
|
|
|
Description |
|
|
Investments
in Securities
|
|
Balance
as of December 31, 2023 |
|
|
$1,161,707
|
|
Accrued
discounts/premiums |
|
|
—
|
|
Realized
gain (loss) |
|
|
—
|
|
Change
in unrealized appreciation (depreciation) |
|
|
(84,663)
*** |
|
Net
purchases and/or acquisitions |
|
|
—
|
|
Net
sales and/or write-offs |
|
|
—
|
|
Transfer
in and/or out of Level 3 |
|
|
32,202
|
|
Balance
as of June 30, 2024 |
|
|
$1,109,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Fair Value
at
6/30/2024 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Range**
|
|
Common
Stocks |
|
|
$904,400 |
|
|
Discounted
Cash Flow |
|
|
Volatility |
|
|
18.8%
|
|
|
|
|
|
Option
Pricing Model |
|
|
Discount
for Lack of Marketability |
|
|
5.0%
| ||
|
|
|
|
|
|
|
Weighted
Average Cost of Capital |
|
|
14.3%
| |||
|
|
|
|
|
|
|
Years
to Maturity |
|
|
6.5%
| |||
|
|
|
|
|
|
|
Risk-Free
Rate |
|
|
4.8%
| |||
|
Common
Stocks |
|
|
$135,025 |
|
|
Cost
Approach |
|
|
Precedent
Transaction |
|
|
$55.00-$55.00
|
|
Preferred
Stock |
|
|
$32,202 |
|
|
Cost
Approach |
|
|
Precedent
Transaction |
|
|
$0.50-$0.76
|
|
Convertible
Bonds |
|
|
$—
* |
|
|
Asset
Liquidation
Analysis |
|
|
Liquidation
Proceeds |
|
|
$0.00-$0.00
|
|
Warrants |
|
|
$37,619 |
|
|
Discounted
Cash Flow |
|
|
Volatility |
|
|
18.8%
|
|
|
|
|
|
Option
Pricing Model |
|
|
Discount
for Lack of Marketability |
|
|
12.5%
| ||
|
|
|
|
|
|
|
Weighted
Average Cost of Capital |
|
|
14.3%
| |||
|
|
|
|
|
|
|
Years
to Maturity |
|
|
6.5%
| |||
|
|
|
|
|
|
|
Risk-Free
Rate |
|
|
4.8% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Consolidated Portfolio of Investments for breakout
of investments by industry classification. |
|
* |
Amount is less than $0.50. |
|
** |
Represents the expected directional change in
the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable
input would have the opposite effect. Significant changes in these |
|
*** |
Total change in unrealized appreciation/(depreciation)
relating to Level 3 investment assets and investment liabilities still |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Collateralized
Loan Obligation |
|
|
$ – |
|
|
$11,060,977 |
|
|
$450,000 |
|
|
$11,510,977
|
|
Total
Investments in Securities |
|
|
$– |
|
|
$11,060,977 |
|
|
$450,000 |
|
|
$11,510,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Investments
in Securities
|
|
Balance
as of December 31, 2023 |
|
|
$—
|
|
Accrued
discounts/premiums |
|
|
— |
|
Realized
gain (loss) Change in unrealized appreciation (depreciation) |
|
|
— |
|
Net
purchases and/or acquisitions |
|
|
— |
|
Net
sales and/or write-offs |
|
|
— |
|
Transfer
in and/or out of Level 3 |
|
|
450,000
|
|
Balance
as of June 30, 2024 |
|
|
$450,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Fair Value
at
6/30/2024 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Range**
|
|
Common
Stocks |
|
|
$450,000
|
|
|
Market
Approach
|
|
|
Precedent
Transaction |
|
|
$99.65
-$100.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
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.
|
|
|
|
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
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 |
|
|
$
2,358,378 |
|
|
$ — |
|
|
$
2,358,378 |
|
|
$
2,358,378 |
|
|
$ — |
|
|
$ —
|
|
|
|
|
|
$
2,358,378 |
|
|
$— |
|
|
$
2,358,378 |
|
|
$
2,358,378 |
|
|
$— |
|
|
$—
| ||
|
The
Global Portfolio |
|
|
Securities
Lending |
|
|
$142,269 |
|
|
$— |
|
|
$142,269 |
|
|
$142,269 |
|
|
$— |
|
|
$—
|
|
|
|
|
|
$142,269 |
|
|
$— |
|
|
$142,269 |
|
|
$142,269 |
|
|
$— |
|
|
$—
| ||
|
The
Paradigm Portfolio |
|
|
Securities
Lending |
|
|
$
1,468,016 |
|
|
$— |
|
|
$
1,468,016 |
|
|
$
1,468,016 |
|
|
$— |
|
|
$—
|
|
|
|
|
|
$
1,468,016 |
|
|
$— |
|
|
$
1,468,016 |
|
|
$
1,468,016 |
|
|
$— |
|
|
$—
| ||
|
The
Small Cap Opportunities
Portfolio |
|
|
Securities
Lending |
|
|
$302,940 |
|
|
$— |
|
|
$302,940 |
|
|
$302,940 |
|
|
$— |
|
|
$—
|
|
|
|
|
|
$302,940 |
|
|
$— |
|
|
$302,940 |
|
|
$302,940 |
|
|
$— |
|
|
$—
| ||
|
The
Market Opportunities
Portfolio |
|
|
Securities
Lending |
|
|
$
1,588,868 |
|
|
$— |
|
|
$
1,588,868 |
|
|
$
1,588,868 |
|
|
$— |
|
|
$—
|
|
|
|
|
|
$
1,588,868 |
|
|
$—
|
|
|
$
1,588,868 |
|
|
$
1,588,868 |
|
|
$— |
|
|
$— | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94 |
|
|
|
|
|
95 |
|
|
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of [directors/trustees].
Item 16. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/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.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or national securities association upon which the 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.
(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.
| (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: | August 27, 2024 |
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: | August 27, 2024 |