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KINETICS MUTUAL FUNDS, INC.
Table of Contents
June 30, 2020 (Unaudited)
	Page
Shareholders’ Letter	2
Year 2020 Semi-Annual Investment Commentary	7
KINETICS MUTUAL FUNDS, INC. — FEEDER FUNDS AND
THE KINETICS SPIN-OFF AND CORPORATE RESTRUCTURING FUND
Expense Example	13
Allocation of Assets — The Kinetics Spin-off and Corporate
Restructuring Fund	20
Schedule of Investments — The Kinetics Spin-off and Corporate
Restructuring Fund	21
Statements of Assets & Liabilities	24
Statements of Operations	29
Statements of Changes in Net Assets	34
Notes to Financial Statements	47
Financial Highlights	74
KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS
Allocation of Consolidated Portfolio Assets	107
Consolidated Portfolio of Investments —The Internet Portfolio	115
Consolidated Portfolio of Investments — The Global Portfolio	118
Consolidated Portfolio of Investments — The Paradigm Portfolio	122
Portfolio of Investments — The Medical Portfolio	126
Consolidated Portfolio of Investments — The Small Cap
Opportunities Portfolio	128
Consolidated Portfolio of Investments — The Market
Opportunities Portfolio	131
Portfolio of Investments — The Alternative Income Portfolio	135
Portfolio of Investments — The Multi-Disciplinary Income Portfolio	136
Consolidated Statements of Assets & Liabilities	139
Consolidated Statements of Operations	143
Consolidated Statements of Changes in Net Assets	147
Consolidated Notes to Financial Statements	151

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1	See https://www.newyorkfed.org/aboutthefed/fedpoint/fed49.html for an explanation of M2 Money Supply.

KINETICS MUTUAL FUNDS, INC. — THE FUNDS
Expense Example — (Continued)

June 30, 2020 (Unaudited)

				Expenses Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period*
	Value	Value	Expense	(1/1/20 to
	(1/1/20)	(6/30/20)	Ratio	6/30/20)
The Internet Fund
No Load Class Actual	$1,000.00	$1,011.50	1.83%	$ 9.15
No Load Class Hypothetical (5% return
before expenses)	$1,000.00	$1,015.76	1.83%	$ 9.17
Advisor Class A Actual	$1,000.00	$1,010.30	2.08%	$10.40
Advisor Class A Hypothetical (5% return
before expenses)	$1,000.00	$1,014.51	2.08%	$10.42
Advisor Class C Actual	$1,000.00	$1,007.70	2.58%	$12.88
Advisor Class C Hypothetical (5% return
before expenses)	$1,000.00	$1,012.03	2.58%	$12.91
The Global Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$ 960.80	1.39%	$ 6.78
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.95	1.39%	$ 6.97
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$ 960.60	1.64%	$ 7.99
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,016.71	1.64%	$ 8.22
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$ 957.90	2.14%	$10.42
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,014.22	2.14%	$10.72

KINETICS MUTUAL FUNDS, INC. — THE FUNDS
Expense Example — (Continued)
June 30, 2020 (Unaudited)

				Expenses Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period*
	Value	Value	Expense	(1/1/20 to
	(1/1/20)	(6/30/20)	Ratio	6/30/20)
The Paradigm Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$ 823.50	1.64%	$ 7.44
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,016.71	1.64%	$ 8.22
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$ 822.40	1.89%	$ 8.56
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,015.47	1.89%	$ 9.47
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$ 820.60	2.39%	$10.82
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,012.98	2.39%	$11.96
Institutional Class Actual – after expense
reimbursement	$1,000.00	$ 824.60	1.44%	$ 6.53
Institutional Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.70	1.44%	$ 7.22
The Medical Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$ 997.40	1.39%	$ 6.90
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.95	1.39%	$ 6.97
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$ 996.50	1.64%	$ 8.14
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,016.71	1.64%	$ 8.22
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$ 993.90	2.14%	$10.61
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,014.22	2.14%	$10.72

KINETICS MUTUAL FUNDS, INC. — THE FUNDS
Expense Example — (Continued)
June 30, 2020 (Unaudited)
				Expenses Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period*
	Value	Value	Expense	(1/1/20 to
	(1/1/20)	(6/30/20)	Ratio	6/30/20)
The Small Cap Opportunities Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$ 800.50	1.64%	$ 7.34
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,016.71	1.64%	$ 8.22
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$ 799.60	1.89%	$ 8.46
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,015.47	1.89%	$ 9.47
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$ 797.60	2.39%	$10.68
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,012.98	2.39%	$11.96
Institutional Class Actual – after expense
reimbursement	$1,000.00	$ 801.30	1.44%	$ 6.45
Institutional Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.70	1.44%	$ 7.22
The Market Opportunities Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$ 919.50	1.40%	$ 6.68
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.90	1.40%	$ 7.02
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$ 918.20	1.65%	$ 7.87
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,016.66	1.65%	$ 8.27
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$ 915.90	2.15%	$10.24
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,014.17	2.15%	$10.77
Institutional Class Actual – after expense
reimbursement	$1,000.00	$ 920.30	1.20%	$ 5.73
Institutional Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,018.90	1.20%	$ 6.02

KINETICS MUTUAL FUNDS, INC. — THE FUNDS
Expense Example — (Continued)
June 30, 2020 (Unaudited)
				Expenses Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period*
	Value	Value	Expense	(1/1/20 to
	(1/1/20)	(6/30/20)	Ratio	6/30/20)
The Alternative Income Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$1,018.50	0.95%	$ 4.77
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,020.14	0.95%	$ 4.77
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$1,017.40	1.20%	$ 6.02
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,018.90	1.20%	$ 6.02
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$1,014.70	1.70%	$ 8.52
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,016.41	1.70%	$ 8.52
Institutional Class Actual – after expense
reimbursement	$1,000.00	$1,019.50	0.75%	$ 3.77
Institutional Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,021.13	0.75%	$ 3.77
The Multi-Disciplinary Income Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$ 954.10	1.49%	$ 7.24
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.45	1.49%	$ 7.47
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$ 952.90	1.74%	$ 8.45
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,016.21	1.74%	$ 8.72
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$ 949.90	2.24%	$10.86
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,013.73	2.24%	$11.22
Institutional Class Actual – after expense
reimbursement	$1,000.00	$ 954.50	1.29%	$ 6.27
Institutional Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,018.45	1.29%	$ 6.47

KINETICS MUTUAL FUNDS, INC. — THE FUNDS
Expense Example — (Continued)
June 30, 2020 (Unaudited)
				Expenses Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period*
	Value	Value	Expense	(1/1/20 to
	(1/1/20)	(6/30/20)	Ratio	6/30/20)
The Kinetics Spin-off and Corporate Restructuring Fund
No Load Class Actual – after expense
reimbursement	$1,000.00	$ 813.70	1.45%	$ 6.54
No Load Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.69	1.45%	$ 7.27
Advisor Class A Actual – after expense
reimbursement	$1,000.00	$ 812.20	1.50%	$ 6.76
Advisor Class A Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,017.44	1.50%	$ 7.52
Advisor Class C Actual – after expense
reimbursement	$1,000.00	$ 809.90	2.25%	$ 10.13
Advisor Class C Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,013.71	2.25%	$11.27
Institutional Class Actual – after expense
reimbursement	$1,000.00	$ 813.30	1.25%	$ 5.64
Institutional Class Hypothetical (5% return
before expenses) – after expense
reimbursement	$1,000.00	$1,018.68	1.25%	$ 6.27

 

*	Expenses are equal to the Fund’s annualized expense ratio after expense reimbursement multiplied by the average account value over the period, multiplied by 182/366.

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Mining, Quarrying, and Oil and Gas Extraction		$	6,303,119				42.9	%
Administrative and Support and Waste Management and
Remediation Services			1,933,953				13.2	%
Real Estate and Rental and Leasing			1,712,790				11.7	%
Manufacturing			1,655,950				11.3	%
Management of Companies and Enterprises			1,230,515				8.4	%
Information			564,824				3.8	%
Educational Services			342,670				2.3	%
Finance and Insurance			342,329				2.3	%
Arts, Entertainment, and Recreation			171,451				1.2	%
Accommodation and Food Services			134,397				0.9	%
Transportation and Warehousing			81,200				0.6	%
Retail Trade			46,240				0.3	%
Professional, Scientific, and Technical Services			14,370				0.1	%

KINETICS MUTUAL FUNDS, INC. — THE FUND
The Kinetics Spin-off and Corporate
Restructuring Fund
Schedule of Investments — June 30, 2020 (Unaudited)

COMMON STOCKS — 99.02%		Shares				Value
Accommodation – 0.92%
Civeo Corporation*			218,000			$	134,397
Beverage and Tobacco Product Manufacturing – 0.37%
Crimson Wine Group Limited*			10,000				54,000
Broadcasting (except Internet) – 1.23%
The E.W. Scripps Company – Class A			13,000				113,750
TEGNA, Inc.			6,000				66,840
							180,590
Chemical Manufacturing – 0.31%
Prestige Consumer Healthcare, Inc.*			797				29,935
Rayonier Advanced Materials, Inc.*			5,800				16,298
							46,233
Data Processing, Hosting, and Related Services – 13.18%
PayPal Holdings, Inc.*c			11,100				1,933,953
Educational Services – 2.33%
Graham Holdings Company – Class B			1,000				342,670
Fabricated Metal Product Manufacturing – 1.30%
Masco Corporation			3,800				190,798
Funds, Trusts, and Other Financial Vehicles – 1.58%
Capital Southwest Corporation			17,200				231,856
Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) – 0.03%
PrairieSky Royalty Limited			700				4,424
Machinery Manufacturing – 1.57%
The Manitowoc Company, Inc.*			7,200				78,336
Welbilt, Inc.*			25,000				152,250
							230,586

		Shares				Value
Management of Companies and Enterprises – 8.38%
Associated Capital Group, Inc. – Class Ac			32,400			$	1,188,756
Dundee Corporation – Class A*			36,400				36,087
Galaxy Digital Holdings Ltd.*			5,000				5,672
							1,230,515
Medical Equipment and Supplies Manufacturing – 0.80%
Avanos Medical, Inc.*			4,000				117,560
Miscellaneous Manufacturing – 6.78%
CSW Industrials, Inc.c			14,400				995,184
Oil and Gas Extraction – 42.94%
Texas Pacific Land Trustc			10,599				6,303,119
Other Financial Investment Activities – 0.75%
GAMCO Investors, Inc. – Class A			8,300				110,473
Other Telecommunications – 2.50%
Liberty Broadband Corporation – Series A*			3,000				366,570
Publishing Industries (except Internet) – 0.12%
Gannett Co, Inc.*			12,800				17,664
Real Estate – 11.64%
Dream Unlimited Corp. – Class Acf			200,600				1,323,936
The Howard Hughes Corporation*			7,400				384,430
							1,708,366
Scientific Research and Development Services – 0.10%
Rafael Holdings, Inc. – Class B*			1,000				14,370
Spectator Sports – 1.17%
Liberty Media Corp.-Liberty Braves – Class C*			1,590				31,387
Liberty Media Corp.-Liberty Formula One – Class A*			4,800				140,064
							171,451

		Shares				Value
Sporting Goods, Hobby, Musical Instrument, and Book Stores – 0.32%
Vista Outdoor, Inc.*			3,200			$	46,240
Transportation Equipment Manufacturing – 0.15%
Westinghouse Air Brake Technologies Corp.			375				21,589
Water Transportation – 0.55%
A.P. Moeller-Maersk A/S – Class B – ADR			14,000				81,200
TOTAL COMMON STOCKS
(cost $9,431,811)							14,533,808
TOTAL INVESTMENTS – 99.02%
(cost $9,431,811)						$	14,533,808

Percentages are stated as a percent of net assets.

		The Internet				The Global
		Fund				Fund
ASSETS:
Investments in the Master Portfolio, at value*		$	111,947,323			$	14,557,210
Receivable from Adviser			—				19,826
Receivable for Master Portfolio interest sold			54,567				—
Receivable for Fund shares sold			7,555				15,096
Prepaid expenses and other assets			30,317				29,016
Total Assets			112,039,762				14,621,148
LIABILITIES:
Payable for Master Portfolio interest purchased			—				15,096
Payable to Directors			3,267				412
Payable to Chief Compliance Officer			184				23
Payable for Fund shares repurchased			62,122				—
Payable for shareholder servicing fees			23,760				2,977
Payable for distribution fees			1,885				4,202
Accrued expenses and other liabilities			58,063				21,714
Total Liabilities			149,281				44,424
Net Assets		$	111,890,481			$	14,576,724
NET ASSETS CONSIST OF:
Paid in capital		$	87,213,557			$	12,473,476
Accumulated earnings			24,676,924				2,103,248
Net Assets		$	111,890,481			$	14,576,724
CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:
Net Assets		$	108,928,320			$	9,437,524
Shares outstanding			3,178,004				1,478,996
Net asset value per share (offering price and redemption price)		$	34.28			$	6.38
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS A:
Net Assets		$	2,012,126			$	564,080
Shares outstanding			64,192				89,029
Net asset value per share (redemption price)		$	31.35			$	6.34
Offering price per share ($31.35 divided by .9425 and $6.34
divided by .9425)		$	33.26			$	6.73
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS C:
Net Assets		$	950,035			$	4,575,120
Shares outstanding			36,149				773,306
Net asset value per share (offering price and redemption price)		$	26.28			$	5.92

*

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.

		The Paradigm				The Medical
		Fund				Fund
ASSETS:
Investments in the Master Portfolio, at value*		$	575,366,899			$	19,228,907
Receivable from Adviser			92,195				14,952
Receivable for Master Portfolio interest sold			844,376				16
Receivable for Fund shares sold			726,133				51
Prepaid expenses and other assets			57,309				23,554
Total Assets			577,086,912				19,267,480
LIABILITIES:
Payable for Master Portfolio interest purchased			—				—
Payable to Adviser			—				—
Payable to Directors			17,928				522
Payable to Chief Compliance Officer			1,248				22
Payable for Fund shares repurchased			1,570,509				67
Payable for shareholder servicing fees			96,231				3,920
Payable for distribution fees			107,533				733
Accrued expenses and other liabilities			194,479				21,982
Total Liabilities			1,987,928				27,246
Net Assets		$	575,098,984			$	19,240,234
NET ASSETS CONSIST OF:
Paid in capital		$	356,096,657			$	12,765,253
Accumulated earnings			219,002,327				6,474,981
Net Assets		$	575,098,984			$	19,240,234
CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:
Net Assets		$	261,828,893			$	17,015,497
Shares outstanding			5,956,010				642,968
Net asset value per share (offering price and redemption price)		$	43.96			$	26.46
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS A:
Net Assets		$	80,403,955			$	2,107,299
Shares outstanding			1,899,296				83,220
Net asset value per share (redemption price)		$	42.33			$	25.32
Offering price per share ($42.33 divided by .9425 and $25.32
divided by .9425)		$	44.91			$	26.86
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS C:
Net Assets		$	77,026,338			$	117,438
Shares outstanding			1,974,686				4,816
Net asset value per share (offering price and redemption price)		$	39.01			$	24.38
CALCULATION OF NET ASSET VALUE PER SHARE – INSTITUTIONAL CLASS:
Net Assets		$	155,839,798				N/A
Shares outstanding			3,508,355				N/A
Net asset value per share (offering price and redemption price)		$	44.42				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.

		The Small Cap				The Market
		Opportunities				Opportunities
		Fund				Fund
ASSETS:
Investments in the Master Portfolio, at value*		$	172,874,229			$	72,277,073
Receivable from Adviser			32,793				42,497
Receivable for Master Portfolio interest sold			165,946				15,237
Receivable for Fund shares sold			2,564				1,653
Prepaid expenses and other assets			40,680				35,871
Total Assets			173,116,212				72,372,331
LIABILITIES:
Payable to Directors			5,626				2,192
Payable to Chief Compliance Officer			428				135
Payable for Fund shares repurchased			168,510				16,890
Payable for shareholder servicing fees			30,648				13,949
Payable for distribution fees			17,226				9,125
Accrued expenses and other liabilities			75,836				38,927
Total Liabilities			298,274				81,218
Net Assets		$	172,817,938			$	72,291,113
NET ASSETS CONSIST OF:
Paid in capital		$	151,090,325			$	53,648,961
Accumulated earnings			21,727,613				18,642,152
Net Assets		$	172,817,938			$	72,291,113
CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:
Net Assets		$	119,552,047			$	50,301,409
Shares outstanding			2,286,635				2,048,486
Net asset value per share (offering price and redemption price)		$	52.28			$	24.56
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS A:
Net Assets		$	7,396,669			$	5,213,929
Shares outstanding			146,560				215,943
Net asset value per share (redemption price)		$	50.47			$	24.14
Offering price per share ($50.47 divided by .9425 and $24.14
divided by .9425)		$	53.55			$	25.61
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS C:
Net Assets		$	7,680,678			$	8,031,764
Shares outstanding			160,687				349,360
Net asset value per share (offering price and redemption price)		$	47.80			$	22.99
CALCULATION OF NET ASSET VALUE PER SHARE – INSTITUTIONAL CLASS:
Net Assets		$	38,188,544			$	8,744,011
Shares outstanding			715,747				350,522
Net asset value per share (offering price and redemption price)		$	53.35			$	24.95

*

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.

						The Multi-
		The Alternative				Disciplinary
		Income				Income
		Fund				Fund
ASSETS:
Investments in the Master Portfolio, at value*		$	14,254,438			$	29,103,753
Receivable from Adviser			16,218				21,878
Receivable for Fund shares sold			383				787
Prepaid expenses and other assets			51,792				33,448
Total Assets			14,322,831				29,159,866
LIABILITIES:
Payable for Master Portfolio interest purchased			–				7,303
Payable to Directors			453				929
Payable to Chief Compliance Officer			34				64
Payable for Fund shares repurchased			10,983				8,090
Payable for shareholder servicing fees			1,267				3,260
Payable for distribution fees			2,228				7,656
Accrued expenses and other liabilities			23,142				27,285
Total Liabilities			38,107				54,587
Net Assets		$	14,284,724			$	29,105,279
NET ASSETS CONSIST OF:
Paid in capital		$	14,115,340			$	34,063,500
Accumulated earnings (deficit)			169,384				(4,958,221	)
Net Assets		$	14,284,724			$	29,105,279
CALCULATION OF NET ASSET VALUE PER SHARE – NO LOAD CLASS:
Net Assets		$	2,752,616			$	4,252,662
Shares outstanding			27,556				415,393
Net asset value per share (offering price and redemption price)		$	99.89			$	10.24
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS A:
Net Assets		$	729,847			$	1,732,883
Shares outstanding			7,392				170,098
Net asset value per share (redemption price)		$	98.73			$	10.19
Offering price per share ($98.73 divided by .9425 and $10.19
divided by .9425)		$	104.75			$	10.81
CALCULATION OF NET ASSET VALUE PER SHARE – ADVISOR CLASS C:
Net Assets		$	729,556			$	6,382,883
Shares outstanding			7,699				633,861
Net asset value per share (offering price and redemption price)		$	94.76			$	10.07
CALCULATION OF NET ASSET VALUE PER SHARE – INSTITUTIONAL CLASS:
Net Assets		$	10,072,705			$	16,736,851
Shares outstanding			99,513				1,631,675
Net asset value per share (offering price and redemption price)		$	101.22			$	10.26

*

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.

		The Kinetics
		Spin-off and
		Corporate
		Restructuring
		Fund
ASSETS:
Investments, at value(1)		$	14,533,808
Cash			171,736
Dividends and interest receivable			4,587
Prepaid expenses and other assets			31,335
Total Assets			14,741,466
LIABILITIES:
Payable to Adviser			646
Payable to Directors			452
Payable to Chief Compliance Officer			37
Payable to custodian			1,917
Payable for Fund shares repurchased			11,216
Payable for shareholder servicing fees			1,376
Payable for distribution fees			3,257
Accrued expenses and other liabilities			44,565
Total Liabilities			63,466
Net Assets		$	14,678,000
(1) Cost of investments		$	9,431,811
NET ASSETS CONSIST OF:
Paid in capital		$	10,461,894
Accumulated earnings			4,216,106
Net Assets		$	14,678,000
CALCULATION OF NET ASSET VALUE PER SHARE - NO LOAD CLASS:
Net Assets		$	14,097
Shares outstanding			1,350
Net asset value per share (offering price and redemption price)		$	10.44
CALCULATION OF NET ASSET VALUE PER SHARE - ADVISOR CLASS A:
Net Assets		$	2,075,970
Shares outstanding			208,670
Net asset value per share (redemption price)		$	9.95
Offering price per share ($9.95 divided by .9425)		$	10.56
CALCULATION OF NET ASSET VALUE PER SHARE - ADVISOR CLASS C:
Net Assets		$	2,396,416
Shares outstanding			258,065
Net asset value per share (offering price and redemption price)		$	9.29
CALCULATION OF NET ASSET VALUE PER SHARE - INSTITUTIONAL CLASS:
Net Assets		$	10,191,517
Shares outstanding			1,017,203
Net asset value per share (offering price and redemption price)		$	10.02

		The Internet				The Global
		Fund				Fund
INVESTMENT LOSS ALLOCATED FROM MASTER PORTFOLIOS:
Dividends†		$	426,128			$	48,649
Interest			132,513				28,079
Income from securities lending			139,445				3,724
Expenses allocated from Master Portfolio			(776,047	)			(115,863	)
Net investment loss from Master Portfolio			(77,961	)			(35,411	)
EXPENSES:
Distribution fees – Advisor Class A			2,629				1,191
Distribution fees – Advisor Class C			3,451				17,645
Shareholder servicing fees – Advisor Class A			2,629				1,191
Shareholder servicing fees – Advisor Class C			1,150				5,882
Shareholder servicing fees – No Load Class			136,773				10,545
Transfer agent fees and expenses			35,788				8,645
Reports to shareholders			10,172				1,595
Administration fees			18,901				4,578
Professional fees			12,359				5,337
Directors’ fees			5,985				768
Chief Compliance Officer fees			1,269				166
Registration fees			23,995				24,282
Fund accounting fees			2,027				258
Other expenses			2,348				269
Total expenses			259,476				82,352
Less, expense reimbursement			—				(81,424	)
Net expenses			259,476				928
Net investment loss			(337,437	)			(36,339	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
ALLOCATED FROM MASTER PORTFOLIOS:
Net realized gain on:
Investments and foreign currency			75,807				12,911
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency			1,299,499				(623,277	)
Net gain (loss) on investments			1,375,306				(610,366	)
Net increase (decrease) in net assets resulting from operations		$	1,037,869			$	(646,705	)
† Net of foreign taxes withheld of:		$	468			$	13,110

		The Paradigm				The Medical
		Fund				Fund
INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIOS:
Dividends†		$	6,575,406			$	247,626
Interest			530,540				1,405
Income from securities lending			587,751				597
Expenses allocated from Master Portfolio			(4,300,205	)			(125,392	)
Net investment income from Master Portfolio			3,393,492				124,236
EXPENSES:
Distribution fees – Advisor Class A			112,742				1,779
Distribution fees – Advisor Class C			346,000				603
Shareholder servicing fees – Advisor Class A			112,742				1,779
Shareholder servicing fees – Advisor Class C			115,333				201
Shareholder servicing fees – No Load Class			357,162				19,408
Shareholder servicing fees – Institutional Class			167,596				—
Transfer agent fees and expenses			77,074				8,918
Reports to shareholders			45,402				1,583
Administration fees			106,143				3,893
Professional fees			49,284				5,531
Directors’ fees			34,381				894
Chief Compliance Officer fees			7,424				187
Registration fees			33,601				23,652
Fund accounting fees			12,184				298
Other expenses			15,074				326
Total expenses			1,592,142				69,052
Less, expense waiver for Institutional Class shareholder
servicing fees			(125,697	)			—
Less, expense reimbursement			(262,056	)			(73,147	)
Net expenses			1,204,389				(4,095	)
Net investment income			2,189,103				128,331
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
ALLOCATED FROM MASTER PORTFOLIOS:
Net realized gain on:
Investments and foreign currency			10,252,101				130,029
Net change in unrealized depreciation of:
Investments and foreign currency			(153,168,020	)			(90,538	)
Net gain (loss) on investments			(142,915,919	)			39,491
Net increase (decrease) in net assets resulting from operations		$	(140,726,816	)		$	167,822
† Net of foreign taxes withheld of:		$	57,484			$	11,191

		The Small Cap				The Market
		Opportunities				Opportunities
		Fund				Fund
INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIOS:
Dividends†		$	2,339,521			$	670,141
Interest			115,851				134,919
Income from securities lending			90,949				30,467
Expenses allocated from Master Portfolio			(1,382,400	)			(537,631	)
Net investment income from Master Portfolio			1,163,921				297,896
EXPENSES:
Distribution fees – Advisor Class A			11,091				7,316
Distribution fees – Advisor Class C			32,017				32,784
Shareholder servicing fees – Advisor Class A			11,091				7,316
Shareholder servicing fees – Advisor Class C			10,672				10,928
Shareholder servicing fees – No Load Class			173,031				65,061
Shareholder servicing fees – Institutional Class			46,665				9,833
Transfer agent fees and expenses			27,369				16,405
Reports to shareholders			15,084				5,353
Administration fees			35,213				14,608
Professional fees			16,875				9,920
Directors’ fees			10,758				4,124
Chief Compliance Officer fees			2,307				890
Registration fees			36,286				28,817
Fund accounting fees			3,901				1,430
Other expenses			5,412				1,648
Total expenses			437,772				216,433
Less, expense waiver for Institutional Class shareholder servicing fees			(34,999	)			(7,374	)
Less, expense reimbursement			(128,327	)			(181,054	)
Net expenses			274,446				28,005
Net investment income			889,475				269,891
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
ALLOCATED FROM MASTER PORTFOLIOS:
Net realized loss on:
Investments and foreign currency			(777,037	)			(206,071	)
Net change in unrealized depreciation of:
Investments and foreign currency			(52,344,679	)			(8,019,721	)
Net loss on investments			(53,121,716	)			(8,225,792	)
Net decrease in net assets resulting from operations		$	(52,232,241	)		$	(7,955,901	)
† Net of foreign taxes withheld of:		$	52,890			$	9,766

KINETICS MUTUAL FUNDS, INC. — THE FEEDER FUNDS

						The Multi-
		The Alternative				Disciplinary
		Income				Income
		Fund				Fund
INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIOS:
Dividends		$	62,793			$	118,643
Interest			40,919				651,038
Income from securities lending			—				35,371
Expenses allocated from Master Portfolio			(87,505	)			(232,883	)
Net investment income from Master Portfolio			16,207				572,169
EXPENSES:
Distribution fees – Advisor Class A			1,548				1,919
Distribution fees – Advisor Class C			2,462				25,013
Shareholder servicing fees – Advisor Class A			1,548				1,919
Shareholder servicing fees – Advisor Class C			821				8,338
Shareholder servicing fees – No Load Class			3,715				7,092
Shareholder servicing fees – Institutional Class			10,709				17,997
Transfer agent fees and expenses			11,302				12,681
Reports to shareholders			1,659				2,751
Administration fees			3,871				6,480
Professional fees			5,358				6,572
Directors’ fees			823				1,717
Chief Compliance Officer fees			183				380
Registration fees			28,867				30,310
Fund accounting fees			288				600
Other expenses			343				710
Total expenses			73,497				124,479
Less, expense waiver for Institutional Class shareholder servicing fees			(8,032	)			(13,498	)
Less, expense reimbursement			(85,683	)			(97,453	)
Net expenses			(20,218	)			13,528
Net investment income			36,425				558,641
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
ALLOCATED FROM MASTER PORTFOLIOS:
Net realized gain (loss) on:
Investments and foreign currency			—				(911,173	)
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency			103,996				(1,479,580	)
Net gain (loss) on investments			103,996				(2,390,753	)
Net increase (decrease) in net assets resulting from operations		$	140,421			$	(1,832,112	)

KINETICS MUTUAL FUNDS, INC. — THE FUND

		The Kinetics
		Spin-off and
		Corporate
		Restructuring
		Fund
INVESTMENT INCOME:
Dividends†		$	219,780
Interest			842
Total investment income			220,622
EXPENSES:
Distribution fees – Advisor Class A			3,141
Distribution fees – Advisor Class C			11,160
Shareholder servicing fees – Advisor Class A			3,141
Shareholder servicing fees – Advisor Class C			3,720
Shareholder servicing fees – No Load Class			50
Shareholder servicing fees – Institutional Class			10,880
Transfer agent fees and expenses			11,455
Reports to shareholders			1,716
Administration fees			10,557
Professional fees			10,318
Directors’ fees			1,016
Chief Compliance Officer fees			189
Registration fees			29,232
Fund accounting fees			2,032
Investment advisory fees			82,044
Custodian fees and expenses			5,399
Other expenses			420
Total expenses			186,470
Less, expense waiver for Institutional Class shareholder servicing fees			(8,160	)
Less, expense reimbursement			(57,693	)
Net expenses			120,617
Net investment income			100,005
REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized loss on:
Investments and foreign currency			(291,208	)
Net change in unrealized depreciation of:
Investments and foreign currency			(4,214,363	)
Net loss on investments			(4,505,571	)
Net decrease in net assets resulting from operations		$	(4,405,566	)
† Net of foreign taxes withheld of:		$	2,497

		The Internet Fund								The Global Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment loss		$	(337,437	)		$	(943,762	)		$	(36,339	)		$	(39,115	)
Net realized gain (loss) on sale of
investments and foreign currency			75,807				(1,224,136	)			12,911				(70,328	)
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency			1,299,499				29,302,593				(623,277	)			2,331,121
Net increase (decrease) in net assets
resulting from operations			1,037,869				27,134,695				(646,705	)			2,221,678
DISTRIBUTIONS TO SHAREHOLDERS:
No Load Class (See Note 5)			—				(1,660,688	)			—				—
Advisor Class A (See Note 5)			—				(37,323	)			—				—
Advisor Class C (See Note 5)			—				(17,498	)			—				—
Total distributions to shareholders			—				(1,715,509	)			—				—
CAPITAL SHARE TRANSACTIONS –
NO LOAD CLASS:
Proceeds from shares sold			2,446,528				5,270,641				2,086,690				2,256,422
Redemption fees			3,594				8,714				353				745
Proceeds from shares issued to holders
in reinvestment of dividends			—				1,624,992				—				—
Cost of shares redeemed			(9,887,392	)			(18,393,908	)			(417,136	)			(957,402	)
Net increase (decrease) in net assets
resulting from capital
share transactions			(7,437,270	)			(11,489,561	)			1,669,907				1,299,765
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS A:
Proceeds from shares sold			20,931				224,346				—				230,935
Redemption fees			79				—				24				194
Proceeds from shares issued to holders
in reinvestment of dividends			—				35,088				—				—
Cost of shares redeemed			(320,834	)			(1,042,186	)			(676,417	)			(131,383	)
Net increase (decrease) in net assets
resulting from capital
share transactions			(299,824	)			(782,752	)			(676,393	)			99,746
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS C:
Proceeds from shares sold			40,400				60,875				15,600				346,590
Redemption fees			12				—				187				—
Proceeds from shares issued to holders
in reinvestment of dividends			—				17,339				—				—
Cost of shares redeemed			(41,307	)			(448,172	)			(200,876	)			(514,127	)
Net decrease in net assets resulting
from capital share transactions			(895	)			(369,958	)			(185,089	)			(167,537	)

		The Internet Fund								The Global Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
TOTAL INCREASE (DECREASE) IN
NET ASSETS:		$	(6,700,120	)		$	12,776,915			$	161,720			$	3,453,652
NET ASSETS:
Beginning of period			118,590,601				105,813,686				14,415,004				10,961,352
End of period		$	111,890,481			$	118,590,601			$	14,576,724			$	14,415,004
CHANGES IN SHARES OUTSTANDING –
NO LOAD CLASS:
Shares sold			73,037				149,438				324,056				335,378
Shares issued in reinvestments of
dividends and distributions			—				47,738				—				—
Shares redeemed			(298,810	)			(554,177	)			(67,079	)			(150,116	)
Net increase (decrease) in
shares outstanding			(225,773	)			(357,001	)			256,977				185,262
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS A:
Shares sold			699				7,075				—				36,555
Shares issued in reinvestments of
dividends and distributions			—				1,126				—				—
Shares redeemed			(10,508	)			(33,444	)			(112,450	)			(20,901	)
Net increase (decrease) in
shares outstanding			(9,809	)			(25,243	)			(112,450	)			15,654
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS C:
Shares sold			1,610				2,262				2,640				54,991
Shares issued in reinvestments of
dividends and distributions			—				662				—				—
Shares redeemed			(1,623	)			(17,043	)			(33,401	)			(87,017	)
Net decrease in
shares outstanding			(13	)			(14,119	)			(30,761	)			(32,026	)

		The Paradigm Fund								The Medical Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment income (loss)		$	2,189,103			$	(6,213,012	)		$	128,331			$	214,263
Net realized gain on sale of
investments and foreign currency			10,252,101				9,743,514				130,029				72,699
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency			(153,168,020	)			188,910,352				(90,538	)			2,139,892
Net increase (decrease) in net assets
resulting from operations			(140,726,816	)			192,440,854				167,822				2,426,854
DISTRIBUTIONS TO SHAREHOLDERS:
No Load Class (See Note 5)			—				(3,462,184	)			—				(403,200	)
Advisor Class A (See Note 5)			—				(1,174,407	)			—				(27,988	)
Advisor Class C (See Note 5)			—				(1,246,265	)			—				(2,996	)
Institutional Class (See Note 5)			—				(2,393,279	)			N/A				N/A
Total distributions to shareholders			—				(8,276,135	)			—				(434,184	)
CAPITAL SHARE TRANSACTIONS –
NO LOAD CLASS:
Proceeds from shares sold			8,186,384				20,519,088				2,321,887				182,053
Redemption fees			3,451				6,123				—				4
Proceeds from shares issued to holders
in reinvestment of dividends			—				3,353,506				—				396,772
Cost of shares redeemed			(33,573,999	)			(57,909,348	)			(900,067	)			(1,774,845	)
Net increase (decrease) in net assets
resulting from capital
share transactions			(25,384,164	)			(34,030,631	)			1,421,820				(1,196,016	)
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS A:
Proceeds from shares sold			7,264,328				21,543,168				1,061,763				4,266
Redemption fees			446				446				—				—
Proceeds from shares issued to holders
in reinvestment of dividends			—				1,049,968				—				25,639
Cost of shares redeemed			(20,355,727	)			(29,606,020	)			(108,195	)			(353,673	)
Net increase (decrease) in net assets
resulting from capital
share transactions			(13,090,953	)			(7,012,438	)			953,568				(323,768	)
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS C:
Proceeds from shares sold			774,536				3,856,068				—				222
Redemption fees			1,118				419				—				—
Proceeds from shares issued to holders
in reinvestment of dividends			—				1,161,370				—				2,751
Cost of shares redeemed			(16,801,470	)			(20,255,099	)			(50,976	)			(181,358	)
Net decrease in net assets resulting
from capital share transactions			(16,025,816	)			(15,237,242	)			(50,976	)			(178,385	)

		The Paradigm Fund								The Medical Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
CAPITAL SHARE TRANSACTIONS –
INSTITUTIONAL CLASS:
Proceeds from shares sold		$	31,965,237			$	43,225,437			$	N/A			$	N/A
Redemption fees			743				17,598				N/A				N/A
Proceeds from shares issued to holders
in reinvestment of dividends			—				1,981,530				N/A				N/A
Cost of shares redeemed			(41,298,920	)			(36,627,967	)			N/A				N/A
Net increase (decrease) in net assets
resulting from capital
share transactions			(9,332,940	)			8,596,598				N/A				N/A
TOTAL INCREASE (DECREASE)
IN NET ASSETS:			(204,560,689	)			136,481,006				2,492,234				294,501
NET ASSETS:
Beginning of period			779,659,673				643,178,667				16,748,000				16,453,499
End of period		$	575,098,984			$	779,659,673			$	19,240,234			$	16,748,000
CHANGES IN SHARES OUTSTANDING –
NO LOAD CLASS:
Shares sold			181,879				410,154				96,091				7,386
Shares issued in reinvestments of
dividends and distributions			—				62,635				—				14,984
Shares redeemed			(752,159	)			(1,158,087	)			(35,213	)			(71,613	)
Net increase (decrease) in
shares outstanding			(570,280	)			(685,298	)			60,878				(49,243	)
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS A:
Shares sold			167,703				437,515				42,840				180
Shares issued in reinvestments of
dividends and distributions			—				20,345				—				1,011
Shares redeemed			(514,042	)			(602,916	)			(4,347	)			(15,103	)
Net increase (decrease) in
shares outstanding			(346,339	)			(145,056	)			38,493				(13,912	)

		The Paradigm Fund								The Medical Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS C:
Shares sold			17,517				83,907				—				9
Shares issued in reinvestments of
dividends and distributions			—				24,363				—				112
Shares redeemed			(425,966	)			(438,684	)			(2,080	)			(7,986	)
Net decrease in shares outstanding			(408,449	)			(330,414	)			(2,080	)			(7,865	)
CHANGES IN SHARES OUTSTANDING –
INSTITUTIONAL CLASS:
Shares sold			747,937				862,820				N/A				N/A
Shares issued in reinvestments of
dividends and distributions			—				36,681				N/A				N/A
Shares redeemed			(996,041	)			(716,053	)			N/A				N/A
Net increase (decrease) in
shares outstanding			(248,104	)			183,448				N/A				N/A

		The Small Cap								The Market
		Opportunities Fund								Opportunities Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment income (loss)		$	889,475			$	(1,403,543	)		$	269,891			$	(81,951	)
Net realized loss on sale of
investments and foreign currency			(777,037	)			(1,522,409	)			(206,071	)			(64,759	)
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency			(52,344,679	)			62,286,980				(8,019,721	)			16,276,528
Net increase (decrease) in net assets
resulting from operations			(52,232,241	)			59,361,028				(7,955,901	)			16,129,818
DISTRIBUTIONS TO SHAREHOLDERS:
No Load Class (See Note 5)			—				—				—				(189,407	)
Advisor Class A (See Note 5)			—				—				—				(4,687	)
Advisor Class C (See Note 5)			—				—				—				—
Institutional Class (See Note 5)			—				—				—				(65,460	)
Total distributions to shareholders			—				—				—				(259,554	)
CAPITAL SHARE TRANSACTIONS –
NO LOAD CLASS:
Proceeds from shares sold			4,201,091				85,965,444				2,256,073				3,345,164
Redemption fees			2,787				12,776				168				6,039
Proceeds from shares issued to holders
in reinvestment of dividends			—				—				—				188,418
Cost of shares redeemed			(30,059,192	)			(112,344,511	)			(4,299,854	)			(5,586,777	)
Net decrease in net assets resulting
from capital share transactions			(25,855,314	)			(26,366,291	)			(2,043,613	)			(2,047,156	)
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS A:
Proceeds from shares sold			659,139				22,994,981				75,608				844,247
Redemption fees			31				437				1				—
Proceeds from shares issued to holders
in reinvestment of dividends			—				—				—				4,056
Cost of shares redeemed			(2,889,852	)			(24,146,901	)			(1,125,202	)			(1,786,138	)
Net decrease in net assets resulting
from capital share transactions			(2,230,682	)			(1,151,483	)			(1,049,593	)			(937,835	)

		The Small Cap								The Market
		Opportunities Fund								Opportunities Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS C:
Proceeds from shares sold		$	294,288			$	2,459,311			$	8,500			$	770,063
Redemption fees			29				—				2				—
Proceeds from shares issued to holders
in reinvestment of dividends			—				—				—				—
Cost of shares redeemed			(1,056,458	)			(2,527,500	)			(1,179,713	)			(1,093,490	)
Net decrease in net assets resulting
from capital share transactions			(762,141	)			(68,189	)			(1,171,211	)			(323,427	)
CAPITAL SHARE TRANSACTIONS –
INSTITUTIONAL CLASS:
Proceeds from shares sold			3,520,465				28,923,360				1,923,519				2,934,130
Redemption fees			452				550				2				50
Proceeds from shares issued to holders
in reinvestment of dividends			—				—				—				61,881
Cost of shares redeemed			(19,186,620	)			(14,417,845	)			(3,850,868	)			(2,020,391	)
Net increase (decrease) in net assets
resulting from capital
share transactions			(15,665,703	)			14,506,065				(1,927,347	)			975,670
TOTAL INCREASE (DECREASE) IN
NET ASSETS:			(96,746,081	)			46,281,130				(14,147,665	)			13,537,516
NET ASSETS:
Beginning of period			269,564,019				223,282,889				86,438,778				72,901,262
End of period		$	172,817,938			$	269,564,019			$	72,291,113			$	86,438,778
CHANGES IN SHARES OUTSTANDING –
NO LOAD CLASS:
Shares sold			80,292				1,418,304				88,456				128,868
Shares issued in reinvestments of
dividends and distributions			—				—				—				7,028
Shares redeemed			(558,602	)			(1,850,216	)			(173,705	)			(223,066	)
Net decrease in shares outstanding			(478,310	)			(431,912	)			(85,249	)			(87,170	)

		The Small Cap								The Market
		Opportunities Fund								Opportunities Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS A:
Shares sold			12,337				391,959				3,175				33,361
Shares issued in reinvestments of
dividends and distributions			—				—				—				154
Shares redeemed			(55,658	)			(412,993	)			(48,432	)			(71,286	)
Net decrease in shares outstanding			(43,321	)			(21,034	)			(45,257	)			(37,771	)
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS C:
Shares sold			5,314				44,115				382				32,048
Shares issued in reinvestments of
dividends and distributions			—				—				—				—
Shares redeemed			(20,559	)			(44,344	)			(51,459	)			(44,969	)
Net decrease in shares outstanding			(15,245	)			(229	)			(51,077	)			(12,921	)
CHANGES IN SHARES OUTSTANDING –
INSTITUTIONAL CLASS:
Shares sold			63,890				467,046				78,853				111,877
Shares issued in reinvestments of
dividends and distributions			—				—				—				2,273
Shares redeemed			(346,296	)			(235,088	)			(190,608	)			(79,224	)
Net increase (decrease) in
shares outstanding			(282,406	)			231,958				(111,755	)			34,926

		The Alternative								The Multi-
		Income Fund								Disciplinary Income Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment income		$	36,425			$	274,262			$	558,641			$	1,478,817
Net realized gain (loss) on sale of
investments, foreign currency and
written options			—				31,336				(911,173	)			(15,235	)
Net change in unrealized appreciation
(depreciation) of investments, foreign
currency and written options			103,996				165,965				(1,479,580	)			1,760,724
Net increase (decrease) in net assets
resulting from operations			140,421				471,563				(1,832,112	)			3,224,306
DISTRIBUTIONS TO SHAREHOLDERS:
No Load Class (See Note 5)			(5,835	)			(62,862	)			(102,309	)			(244,012	)
Advisor Class A (See Note 5)			—				(13,082	)			(29,026	)			(94,067	)
Advisor Class C (See Note 5)			(90	)			(8,243	)			(106,691	)			(258,173	)
Institutional Class (See Note 5)			(31,753	)			(218,994	)			(346,877	)			(880,291	)
Total distributions to shareholders			(37,678	)			(303,181	)			(584,903	)			(1,476,543	)
CAPITAL SHARE TRANSACTIONS –
NO LOAD CLASS:
Proceeds from shares sold			79,986				356,721				861,666				920,806
Redemption fees			—				—				1				1
Proceeds from shares issued to holders
in reinvestment of dividends			5,214				55,029				93,819				237,006
Cost of shares redeemed			(857,504	)			(1,232,243	)			(2,293,103	)			(1,540,353	)
Net decrease in net assets resulting
from capital share transactions			(772,304	)			(820,493	)			(1,337,617	)			(382,540	)
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS A:
Proceeds from shares sold			6,807,904				319,008				405,578				105,243
Proceeds from shares issued to holders
in reinvestment of dividends			—				12,567				24,000				81,281
Cost of shares redeemed			(6,824,856	)			(416,587	)			(420,568	)			(1,280,504	)
Net increase (decrease) in net assets
resulting from capital
share transactions			(16,952	)			(85,012	)			9,010				(1,093,980	)

		The Alternative								The Multi-
		Income Fund								Disciplinary Income Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
CAPITAL SHARE TRANSACTIONS –
ADVISOR CLASS C:
Proceeds from shares sold		$	138,583			$	—			$	637,361			$	295,850
Redemption fees			—								29
Proceeds from shares issued to holders
in reinvestment of dividends			80				7,626				64,954				221,021
Cost of shares redeemed			(130,062	)			(412,199	)			(716,517	)			(1,778,627	)
Net increase (decrease) in net assets
resulting from capital
share transactions			8,601				(404,573	)			(14,173	)			(1,261,756	)
CAPITAL SHARE TRANSACTIONS –
INSTITUTIONAL CLASS:
Proceeds from shares sold			614,230				2,070,884				991,970				1,913,614
Redemption fees			—				59				3				—
Proceeds from shares issued to holders
in reinvestment of dividends			31,709				218,911				327,346				874,052
Cost of shares redeemed			(2,099,742	)			(3,754,308	)			(3,476,292	)			(4,014,227	)
Net decrease in net assets resulting
from capital share transactions			(1,453,803	)			(1,464,454	)			(2,156,973	)			(1,226,561	)
TOTAL DECREASE IN NET ASSETS:			(2,131,715	)			(2,606,150	)			(5,916,768	)			(2,217,074	)
NET ASSETS:
Beginning of period			16,416,439				19,022,589				35,022,047				37,239,121
End of period		$	14,284,724			$	16,416,439			$	29,105,279			$	35,022,047
CHANGES IN SHARES OUTSTANDING –
NO LOAD CLASS:
Shares sold			811				3,638				79,999				84,261
Shares issued in reinvestments of
dividends and distributions			53				560				9,562				21,719
Shares redeemed			(8,732	)			(12,537	)			(224,191	)			(142,619	)
Net decrease in shares outstanding			(7,868	)			(8,339	)			(134,630	)			(36,639	)
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS A:
Shares sold			69,732				3,292				39,183				9,643
Shares issued in reinvestments of
dividends and distributions			—				130				2,435				7,489
Shares redeemed			(71,161	)			(4,290	)			(41,367	)			(117,437	)
Net increase (decrease) in
shares outstanding			(1,429	)			(868	)			251				(100,305	)

		The Alternative								The Multi-
		Income Fund								Disciplinary Income Fund
		For the								For the
		Period Ended				For the				Period Ended				For the
		June 30,				Year Ended				June 30,				Year Ended
		2020				December 31,				2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
CHANGES IN SHARES OUTSTANDING –
ADVISOR CLASS C:
Shares sold			1,471				—				63,194				27,584
Shares issued in reinvestments of
dividends and distributions			1				82				6,707				20,594
Shares redeemed			(1,386	)			(4,417	)			(69,815	)			(165,068	)
Net increase (decrease) in
shares outstanding			86				(4,335	)			86				(116,890	)
CHANGES IN SHARES OUTSTANDING –
INSTITUTIONAL CLASS:
Shares sold			6,147				20,813				92,980				174,341
Shares issued in reinvestments of
dividends and distributions			318				2,200				33,112				79,936
Shares redeemed			(21,095	)			(37,681	)			(345,080	)			(366,699	)
Net decrease in shares outstanding			(14,630	)			(14,668	)			(218,988	)			(112,422	)

		The Kinetics Spin-off and
		Corporate Restructuring Fund
		For the
		Period Ended				For the
		June 30,				Year Ended
		2020				December 31,
		(Unaudited)				2019
OPERATIONS:
Net investment income (loss)		$	100,005			$	(17,541	)
Net realized loss on sale of investments and foreign currency			(291,208	)			(11,715	)
Net change in unrealized appreciation (depreciation) of investments			(4,214,363	)			5,580,320
Net increase (decrease) in net assets resulting from operations			(4,405,566	)			5,551,064
DISTRIBUTIONS TO SHAREHOLDERS:
No Load Class (See Note 5)			—				—
Advisor Class A (See Note 5)			—				—
Advisor Class C (See Note 5)			—				—
Institutional Class (See Note 5)			—				(12,075	)
Total distributions to shareholders			—				(12,075	)
CAPITAL SHARE TRANSACTIONS – NO LOAD CLASS:
Proceeds from shares sold			3,001				47,677
Cost of shares redeemed			(34,225	)			(2,356	)
Net increase (decrease) in net assets resulting from capital
share transactions			(31,224	)			45,321
CAPITAL SHARE TRANSACTIONS – ADVISOR CLASS A:
Proceeds from shares sold			127,097				458,418
Cost of shares redeemed			(879,911	)			(1,143,509	)
Net decrease in net assets resulting from capital share transactions			(752,814	)			(685,091	)
CAPITAL SHARE TRANSACTIONS – ADVISOR CLASS C:
Proceeds from shares sold			17,034				21,995
Cost of shares redeemed			(753,318	)			(1,213,923	)
Net decrease in net assets resulting from capital share transactions			(736,284	)			(1,191,928	)

		The Kinetics Spin-off and
		Corporate Restructuring Fund
		For the
		Period Ended				For the
		June 30,				Year Ended
		2020				December 31,
		(Unaudited)				2019
CAPITAL SHARE TRANSACTIONS – INSTITUTIONAL CLASS:
Proceeds from shares sold			262,567				294,903
Proceeds from shares issued to holders in reinvestment of dividends			—				10,093
Cost of shares redeemed			(1,107,663	)			(1,281,766	)
Net decrease in net assets resulting from capital share transactions			(845,096	)			(976,770	)
TOTAL INCREASE (DECREASE) IN NET ASSETS:			(6,770,984	)			2,730,521
NET ASSETS:
Beginning of period			21,448,984				18,718,463
End of period		$	14,678,000			$	21,448,984
CHANGES IN SHARES OUTSTANDING – NO LOAD CLASS:
Shares sold			382				3,716
Shares issued in reinvestments of dividends and distributions			—				—
Shares redeemed			(3,716	)			(204	)
Net increase (decrease) in shares outstanding			(3,334	)			3,512
CHANGES IN SHARES OUTSTANDING – ADVISOR CLASS A:
Shares sold			14,610				40,907
Shares issued in reinvestments of dividends and distributions			—				—
Shares redeemed			(97,828	)			(103,228	)
Net decrease in shares outstanding			(83,218	)			(62,321	)
CHANGES IN SHARES OUTSTANDING – ADVISOR CLASS C:
Shares sold			2,000				2,038
Shares issued in reinvestments of dividends and distributions			—				—
Shares redeemed			(98,119	)			(115,131	)
Net decrease in shares outstanding			(96,119	)			(113,093	)
CHANGES IN SHARES OUTSTANDING – INSTITUTIONAL CLASS:
Shares sold			26,680				25,013
Shares issued in reinvestments of dividends and distributions			—				818
Shares redeemed			(125,913	)			(115,107	)
Net decrease in shares outstanding			(99,233	)			(89,276	)

	Interest in
	Master Portfolio
The Internet Fund	99.975%
The Global Fund	99.936%
The Paradigm Fund	97.299%
The Medical Fund	99.785%
The Small Cap Opportunities Fund	99.967%
The Market Opportunities Fund	99.964%
The Alternative Income Fund	99.084%
The Multi-Disciplinary Income Fund	99.373%

		Percentage of
	Market Value	Net Assets
The Multi-Disciplinary Income Portfolio	$5,245,624	17.92%

		Percentage of
	Market Value	Net Assets
The Global Portfolio	84,350	0.58%
The Market Opportunities Portfolio	1,725,531	2.39%
The Paradigm Portfolio	31,714	0.01%
The Small Cap Opportunities Portfolio	7,573,684	4.38%
The Multi-Disciplinary Income Portfolio	166,229	0.57%

		The Internet				The Global
		Fund				Fund
No Load Class			1.89	%			1.39	%
Class A			2.14	%			1.64	%
Class C			2.64	%			2.14	%

		The Paradigm				The Medical
		Fund				Fund
No Load Class			1.64	%			1.39	%
Class A			1.89	%			1.64	%
Class C			2.39	%			2.14	%
Institutional Class			1.44	%			N/A

		The Small Cap				The Market
		Opportunities				Opportunities
		Fund				Fund
No Load Class			1.64	%			1.40	%
Class A			1.89	%			1.65	%
Class C			2.39	%			2.15	%
Institutional Class			1.44	%			1.20	%

		The Alternative				The Multi-
		Income				Disciplinary Income
		Fund				Fund
No Load Class			0.95	%			1.49	%
Class A			1.20	%			1.74	%
Class C			1.70	%			2.24	%
Institutional Class			0.75	%			1.29	%

		The
		Spin-off
		Fund
No Load Class			1.45	%
Class A			1.50	%
Class C			2.25	%
Institutional Class			1.25	%

		The Internet				The Global
		Fund				Fund
Annual Advisory Rate			1.25	%			1.25	%
Expenses Reimbursed by Adviser through
voluntary waiver		$	—			$	81,424

		The Paradigm				The Medical
		Fund				Fund
Annual Advisory Rate			1.25	%			1.25	%
Expenses Reimbursed by Adviser through
voluntary waiver		$	262,056			$	73,147
Expenses Reimbursed by Adviser through
institutional class shareholder servicing
fee waiver		$	125,697				N/A

		The Small Cap				The Market
		Opportunities				Opportunities
		Fund				Fund
Annual Advisory Rate			1.25	%			1.25	%
Expenses Reimbursed by Adviser through
voluntary waiver		$	128,327			$	181,054
Expenses Reimbursed by Adviser through
institutional class shareholder servicing
fee waiver		$	34,999			$	7,374

		The
		Alternative				The Multi-
		Income				Disciplinary Income
		Fund				Fund
Annual Advisory Rate			0.90	%			1.25	%
Expenses Reimbursed by Adviser through
voluntary waiver		$	85,683			$	97,453
Expenses Reimbursed by Adviser through
institutional class shareholder
servicing fee waiver		$	8,032			$	13,498

		The
		Spin-off
		Fund
Annual Advisory Rate			1.00	%
Expenses Reimbursed by Adviser through
voluntary waiver		$	57,693
Expenses Reimbursed by Adviser through
institutional class shareholder servicing
fee waiver		$	8,160

		Shareholder Servicing
		Expenses for the
		period ended
		June 30, 2020
The Internet Fund		$	140,552
The Global Fund			17,618
The Paradigm Fund			752,833
The Medical Fund			21,388
The Small Cap Opportunities Fund			241,459
The Market Opportunities Fund			93,138
The Alternative Income Fund			16,793
The Multi-Disciplinary Income Fund			35,346
The Spin-off Fund			17,791

		12b-1 Expenses for
		the period ended
		June 30, 2020
		Advisor Class A				Advisor Class C
The Internet Fund		$	2,629			$	3,451
The Global Fund			1,191				17,645
The Paradigm Fund			112,742				346,000
The Medical Fund			1,779				603
The Small Cap Opportunities Fund			11,091				32,017
The Market Opportunities Fund			7,316				32,784
The Alternative Income Fund			1,548				2,462
The Multi-Disciplinary Income Fund			1,919				25,013
The Spin-off Fund			3,141				11,160

		Distributor Sales
		Load Fees for the
		period ended
		June 30, 2020
The Internet Fund		$	61
The Global Fund			—
The Paradigm Fund			4,475
The Medical Fund			4,875
The Small Cap Opportunities Fund			121
The Market Opportunities Fund			12
The Alternative Income Fund			—
The Multi-Disciplinary Income Fund			—
The Spin-off Fund			3

		INCREASE/(DECREASE)
		Accumulated
		Earnings
		(Deficit)				Paid In Capital
The Internet Fund		$	919,241			$	(919,241	)
The Global Fund			34,717				(34,717	)
The Paradigm Fund			6,059,054				(6,059,054	)
The Medical Fund			(75,717	)			75,717
The Small Cap Opportunities Fund			176,286				(176,286	)
The Market Opportunities Fund			3,793				(3,793	)
The Alternative Income Fund			3,495				(3,495	)
The Multi-Disciplinary Income Fund			—				—
The Spin-off Fund			710,751				(710,751	)

		Internet				Global				Paradigm				Medical
Net Unrealized Appreciation		$	24,855,352			$	3,124,555			$	360,603,946			$	6,351,522
Undistributed Ordinary Income			—				—				—				47,129
Undistributed Long-Term
Capital Gains			—				—				872,279				—
Total Distributable Earnings		$	—			$	—			$	872,279			$	47,129
Other Accumulated Loss			(1,216,297	)			(374,602	)			(1,747,082	)			(91,492	)
Total Accumulated Gain		$	23,639,055			$	2,749,953			$	359,729,143			$	6,307,159
														Multi-
		Small Cap				Market				Alternative				Disciplinary
		Opportunities					Opportunities			Income				Income
Net Unrealized Appreciation
(Depreciation)		$	78,616,178			$	26,934,382			$	66,641			$	(963,134	)
Undistributed Ordinary Income			—				—				—				48,298
Undistributed Long-Term
Capital Gains			—				—				—				—
Total Distributable Earnings		$	—			$	—			$	—			$	48,298
Other Accumulated Loss			(4,656,324	)			(336,329	)			—				(1,626,370	)
Total Accumulated Gain (Loss)		$	73,959,854			$	26,598,053			$	66,641			$	(2,541,206	)

		Spin-off
		Fund
Net Unrealized Appreciation		$	9,341,994
Undistributed Ordinary Income			—
Undistributed Long-Term
Capital Gains			—
Total Distributable Earnings		$	—
Other Accumulated Loss			(720,322	)
Total Accumulated Gain		$	8,621,672

		Capital Loss Carryforward
		Short-Term				Long-Term				Total
The Internet Fund		$	(72,863	)		$	(1,143,434	)		$	(1,216,297	)
The Global Fund			(138,131	)			(236,471	)			(374,602	)
The Paradigm Fund			—				—				—
The Medical Fund			—				—				—
The Small Cap Opportunities Fund			—				(1,664,104	)			(1,664,104	)
The Market Opportunities Fund			(305,260	)			—				(305,260	)
The Alternative Income Fund			—				—				—
The Multi-Disciplinary Income Fund			(6,142	)			(1,620,228	)			(1,626,370	)
The Spin-off Fund			(283,493	)			(436,829	)			(720,322	)

		Post-October
		Capital Loss
		Deferral
The Internet Fund		$	—
The Global Fund			—
The Paradigm Fund			(1,747,335	)
The Medical Fund			—
The Small Cap Opportunities Fund			(2,413,689	)
The Market Opportunities Fund			(14,655	)
The Alternative Income Fund			—
The Multi-Disciplinary Income Fund			—
The Spin-off Fund			—

 

		The Internet Fund								The Global Fund
		Ordinary				Long-Term				Ordinary				Long-Term
		Income				Capital Gains				Income				Capital Gains
		Distribution				Distribution				Distribution				Distribution
2020		$	—			$	—			$	—			$	—
2019		$	66,233			$	1,649,276			$	—			$	—
		The Paradigm Fund								The Medical Fund
		Ordinary				Long-Term				Ordinary				Long-Term
		Income				Capital Gains				Income				Capital Gains
		Distribution				Distribution				Distribution				Distribution
2020		$	—			$	—			$	—			$	—
2019		$	—			$	8,276,134			$	225,196			$	208,988
		The Small Cap								The Market
		Opportunities Fund								Opportunities Fund
		Ordinary				Long-Term				Ordinary				Long-Term
		Income				Capital Gains				Income				Capital Gains
		Distribution				Distribution				Distribution				Distribution
2020		$	—			$	—			$	—			$	—
2019		$	—			$	—			$	$259,554			$	—
		The Alternative								The Multi-Disciplinary
		Income Fund								Income Fund
		Ordinary				Long-Term				Ordinary				Long-Term
		Income				Capital Gains				Income				Capital Gains
		Distribution				Distribution				Distribution				Distribution
2020		$	37,678			$	—			$	584,902			$	—
2019		$	303,181			$	—			$	1,476,543			$	—

		The Spin-off
		Fund
		Ordinary				Long-Term
		Income				Capital Gains
		Distribution				Distribution
2020		$	—			$	—
2019		$	12,075			$	—

		Purchases								Sales
		U.S. Government				Other				U.S. Government				Other
The Spin-off Fund		$	—			$	1,074			$	—			$	2,091,903

		The Spin-off
		Fund
Tax Cost of Investments		$	11,788,080
Unrealized Appreciation			12,078,043
Unrealized Depreciation			(2,736,049	)
Net Unrealized Appreciation		$	9,341,994

Assets^		Level 1				Level 2				Level 3				Total
Common Stocks		$	13,209,872			$	1,323,936			$	—			$	14,533,808
Total Investments in Securities		$	13,209,872			$	1,323,936			$	—			$	14,533,808

		The Internet Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	33.89			$	27.19			$	52.18			$	39.33			$	41.68			$	56.08
Income from Investment Operations:
Net investment income (loss)(2)			(0.10	)			(0.25	)			(0.48	)			0.36				(0.68	)			(0.84	)
Net realized and unrealized gain
(loss) on investments			0.49				7.44				(13.77	)			22.13				1.76				(2.21	)
Total from Investment
Operations			0.39				7.19				(14.25	)			22.49				1.08				(3.05	)
Redemption Fees			0.00	(3)			0.00	(3)			0.02				0.00	(3)			0.00	(3)			0.00	(3)
Less Distributions:
From net realized gains			—				(0.49	)			(10.76	)			(9.64	)			(3.43	)			(11.35	)
Total Distributions			—				(0.49	)			(10.76	)			(9.64	)			(3.43	)			(11.35	)
Net Asset Value, End of Period		$	34.28			$	33.89			$	27.19			$	52.18			$	39.33			$	41.68
Total return			1.15	%			26.45	%			(27.32	)%			57.43	%			2.59	%			(5.42	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	108,928			$	115,351			$	102,268			$	162,120			$	109,930			$	122,332
Ratio of operating expenses to
average net assets:(4)			1.83	%			1.84	%			1.84	%			1.84	%			1.87	%			1.82	%
Ratio of net investment income
(loss) to average net assets:			(0.59	)%			(0.76	)%			(1.05	)%			0.79	%			(1.68	)%			(1.51	)%
Portfolio turnover rate(5)			0	%			1	%			15	%			44	%			2	%			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.

		The Internet Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	31.03			$	25.00			$	49.27			$	37.57			$	40.07			$	54.51
Income from Investment Operations:
Net investment income (loss)(2)			(0.13	)			(0.31	)			(0.57	)			0.24				(0.75	)			(0.95	)
Net realized and unrealized gain
(loss) on investments			0.45				6.83				(12.97	)			21.09				1.68				(2.14	)
Total from Investment
Operations			0.32				6.52				(13.54	)			21.33				0.93				(3.09
Redemption Fees			0.00	(3)			—				0.03				0.01				—				—
Less Distributions:
From net realized gains			—				(0.49	)			(10.76	)			(9.64	)			(3.43	)			(11.35	)
Total Distributions			—				(0.49	)			(10.76	)			(9.64	)			(3.43	)			(11.35	)
Net Asset Value, End of Period		$	31.35			$	31.03			$	25.00			$	49.27			$	37.57			$	40.07
Total return(3)			1.03	%			26.08	%			(27.47	)%			57.06	%			2.32	%			(5.65	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	2,012			$	2,296			$	2,481			$	4,185			$	1,923			$	2,978
Ratio of operating expenses to
average net assets:(4)			2.08	%			2.09	%			2.09	%			2.09	%			2.12	%			2.07	%
Ratio of net investment income
(loss) to average net assets:			(0.84	)%			(1.01	)%			(1.30	)%			0.54	%			(1.93	)%			(1.76	)%
Portfolio turnover rate(5)			0	%			1	%			15	%			44	%			2	%			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 Internet Portfolio.

		The Internet Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	26.08			$	21.18			$	44.24			$	34.52			$	37.27			$	51.81
Income from Investment Operations:
Net investment income (loss)(2)			(0.17	)			(0.39	)			(0.70	)			0.02				(0.88	)			(1.15	)
Net realized and unrealized gain
(loss) on investments			0.37				5.78				(11.61	)			19.30				1.56				(2.04	)
Total from Investment
Operations			0.20				5.39				(12.31	)			19.32				0.68				(3.19	)
Redemption Fees			0.00	(3)			—				0.01				0.04				—				—
Less Distributions:
From net realized gains			—				(0.49	)			(10.76	)			(9.64	)			(3.43	)			(11.35	)
Total Distributions			—				(0.49	)			(10.76	)			(9.64	)			(3.43	)			(11.35	)
Net Asset Value, End of Period		$	26.28			$	26.08			$	21.18			$	44.24			$	34.52			$	37.27
Total return			0.77	%			25.45	%			(27.86	)%			56.36	%			1.83	%			(6.14	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	950			$	943			$	1,065			$	1,847			$	704			$	848
Ratio of operating expenses to
average net assets:(3)			2.58	%			2.59	%			2.59	%			2.59	%			2.62	%			2.57	%
Ratio of net investment income
(loss) to average net assets:			(1.34	)%			(1.51	)%			(1.80	)%			0.04	%			(2.43	)%			(2.26	)%
Portfolio turnover rate(4)			0	%			1	%			15	%			44	%			2	%			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.

 

		The Global Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	6.64			$	5.46			$	7.15			$	5.23			$	4.59			$	5.33
Income from Investment Operations:
Net investment income (loss)(2)			(0.01	)			(0.00	)(3)			(0.02	)			0.10				(0.01	)			(0.02	)
Net realized and unrealized
gain (loss) on investments			(0.25	)			1.18				(1.67	)			2.47				0.67				(0.72	)
Total from Investment
Operations			(0.26	)			1.18				(1.69	)			2.57				0.66				(0.74	)
Redemption Fees(3)			0.00				0.00				0.00				0.00				0.00				0.00
Less Distributions:
From net investment income			—				—				—				(0.10	)			—				—
From net realized gains			—				—				0.00	(3)			(0.55	)			(0.02	)			0.00	(3)
Total Distributions			—				—				0.00	(3)			(0.65	)			(0.02	)			0.00	(3)
Net Asset Value, End of Period		$	6.38			$	6.64			$	5.46			$	7.15			$	5.23			$	4.59
Total return			(3.92	)%			21.61	%			(23.58	)%			49.20	%			14.40	%			(13.83	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	9,438			$	8,115			$	5,665			$	8,577			$	5,316			$	4,745
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.55	%			2.53	%			2.53	%			3.07	%(6)			3.04	%			2.87	%
After expense reimbursement(4)			1.39	%			1.39	%			1.39	%			1.76	%(6)			1.39	%			1.39	%
Ratio of net investment income (loss)
to average net assets:			(0.25	)%			0.01	%			(0.30	)%			1.69	%			(0.17	)%			(0.29	)%
Portfolio turnover rate(5)			0	%			5	%			28	%			169	%			11	%			16	%

(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.

		The Global Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	6.60			$	5.45			$	7.15			$	5.19			$	4.57			$	5.31
Income from Investment Operations:
Net investment income (loss)(2)			(0.02	)			(0.02	)			(0.04	)			0.09				(0.02	)			(0.03	)
Net realized and unrealized
gain (loss) on investments			(0.24	)			1.17				(1.66	)			2.45				0.66				(0.71	)
Total from Investment
Operations			(0.26	)			1.15				(1.70	)			2.54				0.64				(0.74	)
Redemption Fees			0.00	(3)			0.00	(3)			0.00	(3)			0.06				0.00	(3)			—
Less Distributions:
From net investment income			—				—				—				(0.09	)			—				—
From net realized gains			—				—				0.00	(3)			(0.55	)			(0.02	)			0.00	(3)
Total Distributions			—				—				0.00	(3)			(0.64	)			(0.02	)			0.00	(3)
Net Asset Value, End of Period		$	6.34			$	6.60			$	5.45			$	7.15			$	5.19			$	4.57
Total return(4)			(3.94	)%			21.10	%			(23.72	)%			50.29	%			14.03	%			(13.89	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	564			$	1,331			$	1,012			$	1,523			$	309			$	376
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.80	%			2.78	%			2.78	%			3.32	%(7)			3.29	%			3.12	%
After expense reimbursement(5)			1.64	%			1.64	%			1.64	%			2.01	%(7)			1.64	%			1.64	%
Ratio of net investment income (loss)
to average net assets:			(0.50	)%			(0.24	)%			(0.55	)%			1.44	%			(0.42	)%			(0.54	)%
Portfolio turnover rate(6)			0	%			5	%			28	%			169	%			11	%			16	%

(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.

		The Global Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	6.18			$	5.12			$	6.76			$	4.99			$	4.41			$	5.16
Income from Investment Operations:
Net investment income (loss)(2)			(0.03	)			(0.04	)			(0.07	)			0.05				(0.04	)			(0.05	)
Net realized and unrealized gain
(loss) on investments			(0.23	)			1.10				(1.57	)			2.34				0.64				(0.70	)
Total from Investment
Operations			(0.26	)			1.06				(1.64	)			2.39				0.60				(0.75	)
Redemption Fees			—				—				—				—				—				—
Less Distributions:
From net investment income			—				—				—				(0.07	)			—				—
From net realized gains			—				—				0.00	(3)			(0.55	)			(0.02	)			0.00	(3)
Total Distributions			—				—				0.00	(3)			(0.62	)			(0.02	)			0.00	(3)
Net Asset Value, End of Period		$	5.92			$	6.18			$	5.12			$	6.76			$	4.99			$	4.41
Total return			(4.21	)%			20.70	%			(24.20	)%			48.02	%			13.63	%			(14.48	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	4,575			$	4,969			$	4,284			$	5,542			$	1,920			$	1,614
Ratio of operating expenses to
average net assets:
Before expense reimbursement			3.30	%			3.28	%			3.28	%			3.82	%(6)			3.79	%			3.62	%
After expense reimbursement(4)			2.14	%			2.14	%			2.14	%			2.51	%(6)			2.14	%			2.14	%
Ratio of net investment income (loss)
to average net assets:			(1.00	)%			(0.74	)%			(1.05	)%			0.94	%			(0.92	)%			(1.04	)%
Portfolio turnover rate(5)			0	%			5	%			28	%			169	%			11	%			16	%

(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.

		The Paradigm Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	53.38			$	41.32			$	48.32			$	37.63			$	31.24			$	34.08
Income from Investment Operations:
Net investment income (loss)(2)			0.18				(0.36	)			(0.50	)			(0.34	)			(0.36	)			(0.32	)
Net realized and unrealized gain
(loss) on investments			(9.60	)			12.96				(2.20	)			11.03				6.75				(2.52	)
Total from Investment
Operations			(9.42	)			12.60				(2.70	)			10.69				6.39				(2.84	)
Redemption Fees			0.00	(3)			0.00	(3)			0.01				0.00	(3)			0.00	(3)			0.00	(3)
Less Distributions:
From net investment income			—				(0.01	)			—				—				—				—
From net realized gains			—				(0.53	)			(4.31	)			—				—				—
Total Distributions			—				(0.54	)			(4.31	)			—				—				—
Net Asset Value, End of Period		$	43.96			$	53.38			$	41.32			$	48.32			$	37.63			$	31.24
Total return			(17.65	)%			30.48	%			(5.55	)%			28.41	%			20.45	%			(8.33	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	261,829			$	348,402			$	297,990			$	339,189			$	336,837			$	292,014
Ratio of operating expenses to
average net assets:
Before expense reimbursement			1.72	%			1.72	%			1.73	%			1.74	%			1.75	%			1.71	%
After expense reimbursement(4)			1.64	%			1.64	%			1.64	%			1.64	%			1.64	%			1.64	%
Ratio of net investment income (loss)
to average net assets:			0.78	%			(0.72	)%			(0.93	)%			(0.82	)%			(1.11	)%			(0.92	)%
Portfolio turnover rate(5)			0	%			1	%			3	%			14	%			2	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Paradigm Portfolio.

		The Paradigm Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	51.47			$	39.95			$	46.99			$	36.69			$	30.53			$	33.39
Income from Investment Operations:
Net investment income (loss)2)			0.12				(0.47	)			(0.61	)			(0.43	)			(0.43	)			(0.39	)
Net realized and unrealized gain
(loss) on investments			(9.26	)			12.52				(2.12	)			10.73				6.59				(2.47	)
Total from Investment
Operations			(9.14	)			12.05				(2.73	)			10.30				6.16				(2.86	)
Redemption Fees(3)			0.00				0.00				0.00				0.00				0.00				0.00
Less Distributions:
From net investment income			—				—				—				—				—				—
From net realized gains			—				(0.53	)			(4.31	)			—				—				—
Total Distributions			—				(0.53	)			(4.31	)			—				—				—
Net Asset Value, End of Period		$	42.33			$	51.47			$	39.95			$	46.99			$	36.69			$	30.53
Total return(4)			(17.76	)%			30.15	%			(5.79	)%			28.07	%			20.18	%			(8.57	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	80,404			$	115,580			$	95,503			$	108,029			$	103,921			$	129,707
Ratio of operating expenses to
average net assets:
Before expense reimbursement			1.97	%			1.97	%			1.98	%			1.99	%			2.00	%			1.96	%
After expense reimbursement(5)			1.89	%			1.89	%			1.89	%			1.89	%			1.89	%			1.89	%
Ratio of net investment income (loss)
to average net assets:			0.53	%			(0.97	)%			(1.18	)%			(1.07	)%			(1.36	)%			(1.17	)%
Portfolio turnover rate(6)			0	%			1	%			3	%			14	%			2	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares.
(5)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(6)	Portfolio turnover of The Paradigm Portfolio.

 

		The Paradigm Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	47.54			$	37.12			$	44.21			$	34.68			$	29.01			$	31.88
Income from Investment Operations:
Net investment income (loss)(2)			0.02				(0.66	)			(0.81	)			(0.60	)			(0.56	)			(0.53	)
Net realized and unrealized gain
(loss) on investments			(8.55	)			11.61				(1.97	)			10.13				6.23				(2.34	)
Total from Investment
Operations			(8.53	)			10.95				(2.78	)			9.53				5.67				(2.87	)
Redemption Fees(3)			0.00				0.00				0.00				0.00				0.00				0.00
Less Distributions:
From net investment income			—				—				—				—				—				—
From net realized gains			—				(0.53	)			(4.31	)			—				—				—
Total Distributions			—				(0.53	)			(4.31	)			—				—				—
Net Asset Value, End of Period		$	39.01			$	47.54			$	37.12			$	44.21			$	34.68			$	29.01
Total return			(17.94	)%			29.49	%			(6.27	)%			27.48	%			19.55	%			(9.00	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	77,026			$	113,300			$	100,718			$	118,924			$	111,973			$	114,008
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.47	%			2.47	%			2.48	%			2.49	%			2.50	%			2.46	%
After expense reimbursement(4)			2.39	%			2.39	%			2.39	%			2.39	%			2.39	%			2.39	%
Ratio of net investment income (loss)
to average net assets:			0.03	%			(1.47	)%			(1.68	)%			(1.57	)%			(1.86	)%			(1.67	)%
Portfolio turnover rate(5)			0	%			1	%			3	%			14	%			2	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Paradigm Portfolio.

		The Paradigm Fund
		Institutional Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	53.87			$	41.69			$	48.62			$	37.79			$	31.30			$	34.08
Income from Investment Operations:
Net investment income (loss)2)			0.23				(0.26	)			(0.39	)			(0.26	)			(0.30	)			(0.25	)
Net realized and unrealized gain
(loss) on investments			(9.68	)			13.08				(2.23	)			11.09				6.79				(2.53	)
Total from Investment
Operations			(9.45	)			12.82				(2.62	)			10.83				6.49				(2.78	)
Redemption Fees(3)			0.00				0.00				0.00				0.00				0.00				0.00
Less Distributions:
From net investment income			—				(0.11	)			—				—				—				—
From net realized gains			—				(0.53	)			(4.31	)			—				—				—
Total Distributions			—				(0.64	)			(4.31	)			—				—				—
Net Asset Value, End of Period		$	44.42			$	53.87			$	41.69			$	48.62			$	37.79			$	31.30
Total return			(17.54	)%			30.75	%			(5.37	)%			28.66	%			20.73	%			(8.16	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	155,840			$	202,378			$	148,968			$	208,692			$	270,880			$	302,130
Ratio of operating expenses to
average net assets:
Before expense reimbursement			1.67	%			1.67	%			1.68	%			1.69	%			1.70	%			1.66	%
After expense reimbursement(4)			1.44	%			1.44	%			1.44	%			1.44	%			1.44	%			1.44	%
Ratio of net investment income (loss)
to average net assets:			0.98	%			(0.51	)%			(0.73	)%			(0.62	)%			(0.91	)%			(0.72	)%
Portfolio turnover rate(5)			0	%			1	%			3	%			14	%			2	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Paradigm Portfolio.

		The Medical Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	26.53			$	23.47			$	25.33			$	26.62			$	30.62			$	30.67
Income from Investment Operations:
Net investment income(2)			0.20				0.33				0.27				0.24				0.19				0.08
Net realized and unrealized gain
(loss) on investments			(0.27	)			3.43				0.12				2.63				(2.64	)			1.96
Total from Investment
Operations			(0.07	)			3.76				0.39				2.87				(2.45	)			2.04
Redemption Fees			—				0.00	(3)			0.00	(3)			0.00	(3)			0.00	(3)			0.00	(3)
Less Distributions:
From net investment income			—				(0.35	)			(0.29	)			(0.26	)			(0.22	)			(0.12	)
From net realized gains			—				(0.35	)			(1.96	)			(3.90	)			(1.33	)			(1.97	)
Total Distributions			—				(0.70	)			(2.25	)			(4.16	)			(1.55	)			(2.09	)
Net Asset Value, End of Period		$	26.46			$	26.53			$	23.47			$	25.33			$	26.62			$	30.62
Total return			(0.26	)%			16.04	%			1.67	%			10.71	%			(8.01	)%			6.59	%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	17,016			$	15,442			$	14,814			$	16,060			$	17,560			$	22,257
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.25	%			2.34	%			2.23	%			2.15	%			2.08	%			1.99	%
After expense reimbursement(4)			1.39	%			1.39	%			1.39	%			1.39	%			1.39	%			1.39	%
Ratio of net investment income to
average net assets:			1.53	%			1.34	%			1.03	%			0.86	%			0.69	%			0.25	%
Portfolio turnover rate(5)			5	%			6	%			0	%			0	%			0	%			12	%

(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 Medical Portfolio.

 

		The Medical Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	25.41			$	22.50			$	24.33			$	25.71			$	29.57			$	29.71
Income from Investment Operations:
Net investment income(2)			0.16				0.26				0.19				0.17				0.12				0.00	(3)
Net realized and unrealized gain
(loss) on investments			(0.25	)			3.28				0.11				2.53				(2.55	)			1.90
Total from Investment
Operations			(0.09	)			3.54				0.30				2.70				(2.43	)			1.90
Redemption Fees			—				—				—				0.00	(3)			0.00	(3)			0.00	(3)
Less Distributions:
From net investment income			—				(0.28	)			(0.17	)			(0.18	)			(0.10	)			(0.07	)
From net realized gains			—				(0.35	)			(1.96	)			(3.90	)			(1.33	)			(1.97	)
Total Distributions			—				(0.63	)			(2.13	)			(4.08	)			(1.43	)			(2.04	)
Net Asset Value, End of Period		$	25.32			$	25.41			$	22.50			$	24.33			$	25.71			$	29.57
Total return(4)			(0.35	)%			15.74	%			1.36	%			10.43	%			(8.24	)%			6.34	%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	2,107			$	1,137			$	1,319			$	2,986			$	3,687			$	6,241
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.50	%			2.59	%			2.48	%			2.40	%			2.33	%			2.24	%
After expense reimbursement(5)			1.64	%			1.64	%			1.64	%			1.64	%			1.64	%			1.64	%
Ratio of net investment income to
average net assets:			1.28	%			1.09	%			0.78	%			0.61	%			0.44	%			0.00	%
Portfolio turnover rate(6)			5	%			6	%			0	%			0	%			0	%			12	%

(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 Medical Portfolio.

		The Medical Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	24.54			$	21.69			$	23.57			$	24.99			$	28.82			$	29.15
Income from Investment Operations:
Net investment income (loss)(2)			0.09				0.13				0.07				0.03				(0.02	)			(0.16	)
Net realized and unrealized gain
(loss) on investments			(0.25	)			3.16				0.11				2.45				(2.48	)			1.87
Total from Investment
Operations			(0.16	)			3.29				0.18				2.48				(2.50	)			1.71
Redemption Fees			—				—				—				—				—				—
Less Distributions:
From net investment income			—				(0.09	)			(0.10	)			—				—				(0.07	)
From net realized gains			—				(0.35	)			(1.96	)			(3.90	)			(1.33	)			(1.97	)
Total Distributions			—				(0.44	)			(2.06	)			(3.90	)			(1.33	)			(2.04	)
Net Asset Value, End of Period		$	24.38			$	24.54			$	21.69			$	23.57			$	24.99			$	28.82
Total return			(0.61	)%			15.18	%			0.90	%			9.86	%			(8.69	)%			5.81	%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	117			$	169			$	320			$	383			$	422			$	608
Ratio of operating expenses to
average net assets:
Before expense reimbursement			3.00	%			3.09	%			2.98	%			2.90	%			2.83	%			2.74	%
After expense reimbursement(3)			2.14	%			2.14	%			2.14	%			2.14	%			2.14	%			2.14	%
Ratio of net investment income
(loss) to average net assets:			0.78	%			0.59	%			0.28	%			0.11	%			(0.06	)%			(0.50	)%
Portfolio turnover rate(4)			5	%			6	%			0	%			0	%			0	%			12	%

(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 Medical Portfolio.

		The Small Cap Opportunities Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	65.31			$	51.40			$	51.25			$	40.60			$	32.64			$	37.21
Income from Investment Operations:
Net investment income (loss)(2)			0.24				(0.29	)			(0.35	)			(0.33	)			(0.36	)			(0.35	)
Net realized and unrealized gain
(loss) on investments			(13.27	)			14.20				0.47				10.98				8.32				(4.22	)
Total from Investment
Operations			(13.03	)			13.91				0.12				10.65				7.96				(4.57	)
Redemption Fees			0.00	(3)			0.00	(3)			0.03				0.00	(3)			0.00	(3)			0.00	(3)
Less Distributions:
From net investment income			—				—				—				—				—				—
Total Distributions			—				—				—				—				—				—
Net Asset Value, End of Period		$	52.28			$	65.31			$	51.40			$	51.25			$	40.60			$	32.64
Total return			(19.95	)%			27.06	%			0.29	%			26.23	%			24.39	%			(12.26	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	119,552			$	180,575			$	164,330			$	133,960			$	132,443			$	145,032
Ratio of operating expenses to
average net assets:
Before expense reimbursement			1.77	%			1.75	%			1.74	%			1.78	%			1.76	%			1.73	%
After expense reimbursement(4)			1.64	%			1.64	%			1.64	%			1.64	%			1.64	%			1.64	%
Ratio of net investment income (loss)
to average net assets:			0.87	%			(0.48	)%			(0.60	)%			(0.74	)%			(1.03	)%			(0.94	)%
Portfolio turnover rate(5)			0	%			4	%			3	%			9	%			4	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Small Cap Opportunities Portfolio.

		The Small Cap Opportunities Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	63.12			$	49.81			$	49.81			$	39.55			$	31.88			$	36.43
Income from Investment Operations:
Net investment income (loss)(2)			0.17				(0.43	)			(0.48	)			(0.42	)			(0.43	)			(0.43	)
Net realized and unrealized gain
(loss) on investments			(12.82	)			13.74				0.48				10.68				8.10				(4.12	)
Total from Investment
Operations			(12.65	)			13.31				—				10.26				7.67				(4.55	)
Redemption Fees(3)			0.00				0.00				0.00				0.00				0.00				0.00
Less Distributions:
From net investment income			—				—				—				—				—				—
Total Distributions			—				—				—				—				—				—
Net Asset Value, End of Period		$	50.47			$	63.12			$	49.81			$	49.81			$	39.55			$	31.88
Total return(4)			(20.04	)%			26.72	%			0.00	%			25.94	%			24.06	%			(12.47	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	7,397			$	11,986			$	10,505			$	11,735			$	13,694			$	14,857
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.02	%			2.00	%			1.99	%			2.03	%			2.01	%			1.98	%
After expense reimbursement(5)			1.89	%			1.89	%			1.89	%			1.89	%			1.89	%			1.89	%
Ratio of net investment income (loss)
to average net assets:(5)			0.62	%			(0.73	)%			(0.85	)%			(0.99	)%			(1.28	)%			(1.19	)%
Portfolio turnover rate(6)			0	%			4	%			3	%			9	%			4	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares.
(5)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(6)	Portfolio turnover of The Small Cap Opportunities Portfolio.

 

		The Small Cap Opportunities Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	59.93			$	47.53			$	47.77			$	38.12			$	30.88			$	35.47
Income from Investment Operations:
Net investment income (loss)(2)			0.03				(0.69	)			(0.73	)			(0.61	)			(0.58	)			(0.59	)
Net realized and unrealized gain
(loss) on investments			(12.16	)			13.09				0.49				10.26				7.82				(4.00	)
Total from Investment
Operations			(12.13	)			12.40				(0.24	)			9.65				7.24				(4.59	)
Redemption Fees			—				—				0.00	(3)			—				0.00	(3)			—
Less Distributions:
From net investment income			—				—				—				—				—				—
Total Distributions			—				—				—				—				—				—
Net Asset Value, End of Period		$	47.80			$	59.93			$	47.53			$	47.77			$	38.12			$	30.88
Total return			(20.24	)%			26.09	%			(0.50	)%			25.31	%			23.45	%			(12.92	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	7,681			$	10,544			$	8,373			$	8,135			$	8,426			$	8,840
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.52	%			2.50	%			2.49	%			2.53	%			2.51	%			2.48	%
After expense reimbursement(4)			2.39	%			2.39	%			2.39	%			2.39	%			2.39	%			2.39	%
Ratio of net investment income (loss)
to average net assets:			0.12	%			(1.23	)%			(1.35	)%			(1.49	)%			(1.78	)%			(1.69	)%
Portfolio turnover rate(5)			0	%			4	%			3	%			9	%			4	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Small Cap Opportunities Portfolio.

 

		The Small Cap Opportunities Fund
		Institutional Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	66.58			$	52.30			$	52.07			$	41.16			$	33.03			$	37.57
Income from Investment Operations:
Net investment income (loss)(2)			0.30				(0.17	)			(0.24	)			(0.24	)			(0.29	)			(0.28	)
Net realized and unrealized gain
(loss) on investments			(13.53	)			14.45				0.47				11.15				8.42				(4.26	)
Total from Investment
Operations			(13.23	)			14.28				0.23				10.91				8.13				(4.54	)
Redemption Fees(3)			0.00				0.00				0.00				0.00				0.00				0.00
Less Distributions:
From net investment income			—				—				—				—				—				—
Total Distributions			—				—				—				—				—				—
Net Asset Value, End of Period		$	53.35			$	66.58			$	52.30			$	52.07			$	41.16			$	33.03
Total return			(19.87	)%			27.30	%			0.44	%			26.51	%			24.61	%			(12.06	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	38,188			$	66,459			$	40,075			$	27,514			$	50,517			$	51,258
Ratio of operating expenses to
average net assets:
Before expense reimbursement			1.72	%			1.70	%			1.69	%			1.73	%			1.71	%			1.68	%
After expense reimbursement(4)			1.44	%			1.44	%			1.44	%			1.44	%			1.44	%			1.44	%
Ratio of net investment income (loss)
to average net assets:			1.07	%			(0.28	)%			(0.40	)%			(0.54	)%			(0.83	)%			(0.74	)%
Portfolio turnover rate(5)			0	%			4	%			3	%			9	%			4	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Small Cap Opportunities Portfolio.

		The Market Opportunities Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	26.71			$	21.83			$	26.72			$	18.26			$	15.16			$	16.68
Income from Investment Operations:
Net investment income (loss)(2)			0.10				(0.00	)(3)			(0.14	)			0.17				(0.15	)			(0.15	)
Net realized and unrealized gain
(loss) on investments			(2.25	)			4.97				(2.77	)			8.46				3.25				(1.37	)
Total from Investment
Operations			(2.15	)			4.97				(2.91	)			8.63				3.10				(1.52	)
Redemption Fees			0.00	(3)			0.00	(3)			0.01				0.00	(3)			0.00	(3)			—
Less Distributions:
From net investment income			—				(0.09	)			—				(0.17	)			—				—
From net realized gains			—				—				(1.99	)			—				—				—
Total Distributions			—				(0.09	)			(1.99	)			(0.17	)			—				—
Net Asset Value, End of Period		$	24.56			$	26.71			$	21.83			$	26.72			$	18.26			$	15.16
Total return			(8.05	)%			22.76	%			(10.86	)%			47.28	%			20.45	%			(9.11	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	50,301			$	56,987			$	48,487			$	51,298			$	32,178			$	31,230
Ratio of operating expenses to
average net assets:
Before expense reimbursement			1.87	%			1.84	%			1.86	%			1.92	%			1.97	%			1.90	%
After expense reimbursement(4)			1.40	%			1.40	%			1.64	%			1.64	%			1.64	%			1.64	%
Ratio of net investment income (loss)
to average net assets:			0.79	%			(0.01	)%			(0.53	)%			0.81	%			(0.96	)%			(0.91	)%
Portfolio turnover rate(5)			2	%			4	%			8	%			35	%			5	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Market Opportunities Portfolio.

		The Market Opportunities Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	26.29			$	21.49			$	26.41			$	18.07			$	15.04			$	16.59
Income from Investment Operations:
Net investment income (loss)(2)			0.06				(0.07	)			(0.21	)			0.11				(0.19	)			(0.19	)
Net realized and unrealized gain
(loss) on investments			(2.21	)			4.89				(2.72	)			8.37				3.22				(1.36	)
Total from Investment
Operations			(2.15	)			4.82				(2.93	)			8.48				3.03				(1.55	)
Redemption Fees			0.00	(3)			—				0.00	(3)			0.00	(3)			—				0.00	(3)
Less Distributions:
From net investment income			—				(0.02	)			—				(0.14	)			—				—
From net realized gains			—				—				(1.99	)			—				—				—
Total Distributions			—				(0.02	)			(1.99	)			(0.14	)			—				—
Net Asset Value, End of Period		$	24.14			$	26.29			$	21.49			$	26.41			$	18.07			$	15.04
Total return(4)			(8.18	)%			22.42	%			(11.10	)%			46.91	%			20.15	%			(9.34	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	5,214			$	6,868			$	6,426			$	7,557			$	4,537			$	4,502
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.12	%			2.09	%			2.11	%			2.17	%			2.22	%			2.15	%
After expense reimbursement(5)			1.65	%			1.65	%			1.89	%			1.89	%			1.89	%			1.89	%
Ratio of net investment income
(loss) to average net assets:			0.54	%			(0.26	)%			(0.78	)%			0.56	%			(1.21	)%			(1.16	)%
Portfolio turnover rate(6)			2	%			4	%			8	%			35	%			5	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares.
(5)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(6)	Portfolio turnover of The Market Opportunities Portfolio.

		The Market Opportunities Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	25.10			$	20.61			$	25.53			$	17.51			$	14.65			$	16.24
Income from Investment Operations:
Net investment income (loss)(2)			—				(0.18	)			(0.33	)			0.01				(0.26	)			(0.27	)
Net realized and unrealized gain
(loss) on investments			(2.11	)			4.67				(2.60	)			8.07				3.12				(1.32	)
Total from Investment
Operations			(2.11	)			4.49				(2.93	)			8.08				2.86				(1.59	)
Redemption Fees			0.00	(3)			—				—				—				—				—
Less Distributions:
From net investment income			—				—				—				(0.06	)			—				—
From net realized gains			—				—				(1.99	)			—				—				—
Total Distributions			—				—				(1.99	)			(0.06	)			—				—
Net Asset Value, End of Period		$	22.99			$	25.10			$	20.61			$	25.53			$	17.51			$	14.65
Total return			(8.41	)%			21.79	%			(11.48	)%			46.12	%			19.52	%			(9.79	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	8,032			$	10,051			$	8,517			$	8,139			$	4,428			$	4,079
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.62	%			2.59	%			2.61	%			2.67	%			2.72	%			2.65	%
After expense reimbursement(3)			2.15	%			2.15	%			2.39	%			2.39	%			2.39	%			2.39	%
Ratio of net investment income (loss)
to average net assets:			0.04	%			(0.76	)%			(1.28	)%			0.06	%			(1.71	)%			(1.66	)%
Portfolio turnover rate(4)			2	%			4	%			8	%			35	%			5	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Market Opportunities Portfolio.

		The Market Opportunities Fund
		Institutional Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	27.11			$	22.16			$	27.04			$	18.46			$	15.29			$	16.80
Income from Investment Operations:
Net investment income (loss)(2)			0.12				0.05				(0.09	)			0.22				(0.12	)			(0.12	)
Net realized and unrealized gain
(loss) on investments			(2.28	)			5.04				(2.81	)			8.55				3.29				(1.39	)
Total from Investment
Operations			(2.16	)			5.09				(2.90	)			8.77				3.17				(1.51	)
Redemption Fees			0.00	(3)			0.00	(3)			0.01				0.02				—				—
Less Distributions:
From net investment income			—				(0.14	)			—				(0.21	)			—				—
From net realized gains			—				—				(1.99	)			—				—				—
Total Distributions			—				(0.14	)			(1.99	)			(0.21	)			—				—
Net Asset Value, End of Period		$	24.95			$	27.11			$	22.16			$	27.04			$	18.46			$	15.29
Total return			(7.97	)%			22.98	%			(10.70	)%			47.65	%			20.73	%			(8.93	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	8,744			$	12,534			$	9,471			$	10,228			$	2,426			$	2,355
Ratio of operating expenses to
average net assets:
Before expense reimbursement			1.82	%			1.79	%			1.81	%			1.87	%			1.92	%			1.85	%
After expense reimbursement(3)			1.20	%			1.20	%			1.44	%			1.44	%			1.44	%			1.44	%
Ratio of net investment income (loss)
to average net assets:			0.99	%			0.19	%			(0.33	)%			1.01	%			(0.76	)%			(0.71	)%
Portfolio turnover rate(4)			2	%			4	%			8	%			35	%			5	%			2	%

(1)	Information presented relates to a share of capital stock outstanding for each year.
(2)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.
(3)	Amount calculated is less than $0.005.
(4)	See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion.
(5)	Portfolio turnover of The Market Opportunities Portfolio.

		The Alternative Income Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	98.28			$	97.46			$	97.57			$	95.36			$	91.68			$	89.06
Income from Investment Operations:
Net investment income (loss)(2)			0.19				1.39				0.92				0.08				(0.01	)			0.01
Net realized and unrealized gain
(loss) on investments			1.62				1.01				(0.03	)			2.12				3.69				2.56
Total from Investment
Operations			1.81				2.40				0.89				2.20				3.68				2.57
Redemption Fees			—				—				0.01				0.01				0.00	(3)			0.05
Less Distributions:
From net investment income			(0.20	)			(1.58	)			(1.01	)			—				—				—
Total Distributions			(0.20	)			(1.58	)			(1.01	)			—				—				—
Net Asset Value, End of Period		$	99.89			$	98.28			$	97.46			$	97.57			$	95.36			$	91.68
Total return			1.85	%			2.47	%			0.92	%			2.32	%			4.00	%			2.94	%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	2,753			$	3,482			$	4,265			$	4,968			$	5,664			$	4,570
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.05	%			2.01	%			1.88	%			1.75	%			1.78	%			1.74	%
After expense reimbursement(4)			0.95	%			0.95	%			0.95	%			0.95	%			0.95	%			0.95	%
Ratio of net investment income
(loss) to average net assets:			0.38	%			1.41	%			0.94	%			0.08	%			(0.01	)%			0.01	%
Portfolio turnover rate(5)			0	%			0	%			0	%			0	%			1	%			6	%

(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 Alternative Income Portfolio.

		The Alternative Income Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	97.04			$	96.24			$	96.38			$	94.44			$	91.02			$	88.69
Income from Investment Operations:
Net investment income (loss)(2)			0.06				1.13				0.66				(0.16	)			(0.24	)			(0.22	)
Net realized and unrealized gain
(loss) on investments			1.63				1.00				(0.03	)			2.10				3.65				2.55
Total from Investment
Operations			1.69				2.13				0.63				1.94				3.41				2.33
Redemption Fees			—				—				—				0.00	(3)			0.01				—
Less Distributions:
From net investment income			—				(1.33	)			(0.77	)			—				—				—
Total Distributions			—				(1.33	)			(0.77	)			—				—				—
Net Asset Value, End of Period		$	98.73			$	97.04			$	96.24			$	96.38			$	94.44			$	91.02
Total return(4)			1.74	%			2.22	%			0.65	%			2.05	%			3.76	%			2.63	%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	730			$	856			$	932			$	1,501			$	2,458			$	1,565
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.30	%			2.26	%			2.13	%			2.00	%			2.03	%			1.99	%
After expense reimbursement(5)			1.20	%			1.20	%			1.20	%			1.20	%			1.20	%			1.20	%
Ratio of net investment income
(loss) to average net assets:			0.13	%			1.16	%			0.69	%			(0.17	)%			(0.26	)%			(0.24	)%
Portfolio turnover rate(6)			0	%			0	%			0	%			0	%			1	%			6	%

(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 Alternative Income Portfolio.

		The Alternative Income Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	93.41			$	92.65			$	92.73			$	91.33			$	88.46			$	86.60
Income from Investment Operations:
Net investment income (loss)(2)			(0.17	)			0.62				0.17				(0.62	)			(0.68	)			(0.65	)
Net realized and unrealized gain
(loss) on investments			1.53				0.98				(0.04	)			2.02				3.55				2.48
Total from Investment
Operations			1.36				1.60				0.13				1.40				2.87				1.83
Redemption Fees			—				—				—				—				—				0.03
Less Distributions:
From net investment income			(0.01	)			(0.84	)			(0.21	)			—				—				—
Total Distributions			(0.01	)			(0.84	)			(0.21	)			—				—				—
Net Asset Value, End of Period		$	94.76			$	93.41			$	92.65			$	92.73			$	91.33			$	88.46
Total return			1.47	%			1.71	%			0.15	%			1.53	%			3.23	%			2.15	%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	729			$	711			$	1,107			$	1,513			$	1,640			$	1,356
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.80	%			2.76	%			2.63	%			2.50	%			2.53	%			2.49	%
After expense reimbursement(3)			1.70	%			1.70	%			1.70	%			1.70	%			1.70	%			1.70	%
Ratio of net investment income
(loss) to average net assets:			(0.37	)%			0.66	%			0.19	%			(0.67	)%			(0.76	)%			(0.74	)%
Portfolio turnover rate(4)			0	%			0	%			0	%			0	%			1	%			6	%

(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 Alternative Income Portfolio.

		The Alternative Income Fund
		Institutional Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	99.59			$	98.73			$	98.88			$	96.66			$	92.84			$	90.14
Income from Investment Operations:
Net investment income(2)			0.29				1.61				1.13				0.27				0.18				0.19
Net realized and unrealized gain
(loss) on investments			1.65				1.03				(0.05	)			2.16				3.75				2.60
Total from Investment
Operations			1.94				2.64				1.08				2.43				3.93				2.79
Redemption Fees(3)			0.00				0.00				0.00				0.00				0.00				0.00
Less Distributions:
From net investment income			(0.31	)			(1.78	)			(1.23	)			(0.21	)			(0.11	)			(0.09	)
Total Distributions			(0.31	)			(1.78	)			(1.23	)			(0.21	)			(0.11	)			(0.09	)
Net Asset Value, End of Period		$	101.22			$	99.59			$	98.73			$	98.88			$	96.66			$	92.84
Total return			1.95	%			2.69	%			1.10	%			2.51	%			4.22	%			3.09	%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	10,073			$	11,368			$	12,718			$	15,008			$	18,165			$	20,255
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.00	%			1.96	%			1.83	%			1.70	%			1.73	%			1.69	%
After expense reimbursement(4)			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%
Ratio of net investment income
to average net assets:			0.58	%			1.61	%			1.14	%			0.28	%			0.19	%			0.21	%
Portfolio turnover rate(5)			0	%			0	%			0	%			0	%			1	%			6	%

(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 Alternative Income Portfolio.

		The Multi-Disciplinary Income Fund
		No Load Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	10.95			$	10.46			$	11.02			$	10.95			$	10.32			$	10.79
Income from Investment Operations:
Net investment income(2)			0.18				0.45				0.44				0.37				0.43				0.37
Net realized and unrealized gain
(loss) on investments			(0.69	)			0.49				(0.55	)			0.14				0.63				(0.60	)
Total from Investment
Operations			(0.51	)			0.94				(0.11	)			0.51				1.06				(0.23	)
Redemption Fees			0.00	(3)			0.00	(3)			—				0.00	(3)			—				0.00	(3)
Less Distributions:
From net investment income			(0.20	)			(0.45	)			(0.45	)			(0.44	)			(0.43	)			(0.23	)
From net realized gains			—				—				—				—				—				(0.01	)
Total Distributions			(0.20	)			(0.45	)			(0.45	)			(0.44	)			(0.43	)			(0.24	)
Net Asset Value, End of Period		$	10.24			$	10.95			$	10.46			$	11.02			$	10.95			$	10.32
Total return			(4.59	)%			9.08	%			(1.00	)%			4.75	%			10.41	%			(2.17	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	4,252			$	6,025			$	6,134			$	6,974			$	6,809			$	6,108
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.10	%			2.04	%			1.97	%			1.91	%			1.85	%			1.79	%
After expense reimbursement(4)			1.49	%			1.49	%			1.49	%			1.49	%			1.49	%			1.49	%
Ratio of net investment income
to average net assets:			3.56	%			4.10	%			4.06	%			3.37	%			4.02	%			3.38	%
Portfolio turnover rate(5)			0	%			0	%			2	%			16	%			9	%			10	%

(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.

		The Multi-Disciplinary Income Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	10.90			$	10.41			$	10.96			$	10.90			$	10.27			$	10.75
Income from Investment Operations:
Net investment income(2)			0.17				0.42				0.41				0.34				0.40				0.34
Net realized and unrealized gain
(loss) on investments			(0.69	)			0.49				(0.54	)			0.13				0.63				(0.60	)
Total from Investment
Operations			(0.52	)			0.91				(0.13	)			0.47				1.03				(0.26	)
Redemption Fees			—				—				—				0.00	(3)			—				0.00	(3)
Less Distributions:
From net investment income			(0.19	)			(0.42	)			(0.42	)			(0.41	)			(0.40	)			(0.21	)
From net realized gains			—				—				—				—				—				(0.01	)
Total Distributions			(0.19	)			(0.42	)			(0.42	)			(0.41	)			(0.40	)			(0.22	)
Net Asset Value, End of Period		$	10.19			$	10.90			$	10.41			$	10.96			$	10.90			$	10.27
Total return(4)			(4.71	)%			8.81	%			(1.18	)%			4.40	%			10.17	%			(2.46	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	1,733			$	1,852			$	2,811			$	4,640			$	6,935			$	8,754
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.35	%			2.29	%			2.22	%			2.16	%			2.10	%			2.04	%
After expense reimbursement(5)			1.74	%			1.74	%			1.74	%			1.74	%			1.74	%			1.74	%
Ratio of net investment income to
average net assets:			3.31	%			3.85	%			3.81	%			3.12	%			3.77	%			3.13	%
Portfolio turnover rate(6)			0	%			0	%			2	%			16	%			9	%			10	%

(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 Multi-Disciplinary Income Portfolio.

		The Multi-Disciplinary Income Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	10.78			$	10.29			$	10.86			$	10.79			$	10.18			$	10.65
Income from Investment Operations:
Net investment income(2)			0.14				0.36				0.35				0.29				0.34				0.28
Net realized and unrealized gain
(loss) on investments			(0.69	)			0.50				(0.54	)			0.14				0.62				(0.58	)
Total from Investment
Operations			(0.55	)			0.86				(0.19	)			0.43				0.96				(0.30	)
Redemption Fees			0.00	(3)			—				—				—				—				—
Less Distributions:
From net investment income			(0.16	)			(0.37	)			(0.38	)			(0.36	)			(0.35	)			(0.16	)
From net realized gains			—				—				—				—				—				(0.01	)
Total Distributions			(0.16	)			(0.37	)			(0.38	)			(0.36	)			(0.35	)			(0.17	)
Net Asset Value, End of Period		$	10.07			$	10.78			$	10.29			$	10.86			$	10.79			$	10.18
Total return			(5.01	)%			8.40	%			(1.83	)%			4.00	%			9.51	%			(2.84	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	6,383			$	6,831			$	7,727			$	6,987			$	7,790			$	9,266
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.85	%			2.79	%			2.72	%			2.66	%			2.60	%			2.54	%
After expense reimbursement(4)			2.24	%			2.24	%			2.24	%			2.24	%			2.24	%			2.24	%
Ratio of net investment income to
average net assets:			2.81	%			3.35	%			3.31	%			2.62	%			3.27	%			2.63	%
Portfolio turnover rate(5)			0	%			0	%			2	%			16	%			9	%			10	%

(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.

		The Multi-Disciplinary Income Fund
		Institutional Class
		For the
		Period				For the				For the				For the				For the				For the
		Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		June 30, 2020				December 31,				December 31,				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	10.98			$	10.48			$	11.04			$	10.97			$	10.34			$	10.82
Income from Investment Operations:
Net investment income(2)			0.20				0.47				0.46				0.40				0.45				0.39
Net realized and unrealized gain
(loss) on investments			(0.71	)			0.50				(0.54	)			0.13				0.63				(0.59	)
Total from Investment
Operations			(0.51	)			0.97				(0.08	)			0.53				1.08				(0.20	)
Redemption Fees			0.00	(3)			—				—				—				0.00	(3)			0.00	(3)
Less Distributions:
From net investment income			(0.21	)			(0.47	)			(0.48	)			(0.46	)			(0.45	)			(0.27	)
From net realized gains			—				—				—				—				—				(0.01	)
Total Distributions			(0.21	)			(0.47	)			(0.48	)			(0.46	)			(0.45	)			(0.28	)
Net Asset Value, End of Period		$	10.26			$	10.98			$	10.48			$	11.04			$	10.97			$	10.34
Total return			(4.55	)%			9.38	%			(0.80	)%			4.93	%			10.61	%			(1.96	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	16,737			$	20,314			$	20,567			$	30,399			$	78,084			$	66,199
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.05	%			1.99	%			1.92	%			1.86	%			1.80	%			1.74	%
After expense reimbursement(4)			1.29	%			1.29	%			1.29	%			1.29	%			1.29	%			1.29	%
Ratio of net investment income to
average net assets:			3.76	%			4.30	%			4.26	%			3.57	%			4.22	%			3.58	%
Portfolio turnover rate(5)			0	%			0	%			2	%			16	%			9	%			10	%

(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.

KINETICS MUTUAL FUNDS, INC. — THE FUND

Financial Highlights — (Continued)

		The Spin-off Fund
		No Load Class
		For the												December 11,
		Period Ended				For the				For the				2017^
		June 30,				Year Ended				Year Ended				through
		2020				December 31,				December 31,				December 31,
		(Unaudited)				2019				2018				2017
PER SHARE DATA:(1)
Net Asset Value, Beginning of Period		$	12.83			$	9.77			$	11.14			$	10.81
Income from Investment Operations:
Net investment income (loss)(2)			0.07				(0.00	)(3)			(0.08	)			0.00	(3)
Net realized and unrealized gain (loss) on investments			(2.46	)			3.06				(0.84	)			0.33
Total from Investment Operations			(2.39	)			3.06				(0.92	)			0.33
Redemption Fees			—				—				—				—
Less Distributions:
From net realized gains			—				—				(0.45	)			—
Total Distributions			—				—				(0.45	)			—
Net Asset Value, End of Period		$	10.44			$	12.83			$	9.77			$	11.14
Total return			(18.63	)%			31.32	%			(8.22	)%			3.05	%(4)
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	14			$	60			$	11			$	10
Ratio of operating expenses to average net assets:
Before expense reimbursement			2.13	%			1.96	%			1.81	%			1.70	%(5)
After expense reimbursement(6)			1.45	%			1.45	%			1.45	%			1.45	%(5)
Ratio of net investment income (loss) to average net assets:			1.24	%			(0.04	)%			(0.63	)%			(0.61	)%(5)
Portfolio turnover rate			0	%			2	%			9	%			0	%(4)

		The Spin-off Fund
		Advisor Class A
		For the
		Period				For the				For the				For the				For the				For the				For the
		Ended				Year				Year				Period				Year				Year				Year
		June 30,				Ended				Ended				Ended				Ended				Ended				Ended
		2020				December 31,				December 31,				December 31,				April 30,				April 30,				April 30,
		(Unaudited)				2019				2018				2017^				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	12.25			$	9.33			$	10.67			$	9.82			$	8.52			$	10.22			$	10.32
Income from Investment Operations:
Net investment income (loss)(2)			0.06				(0.01	)			(0.08	)			(0.02	)			0.03				0.00	(3)			(0.03	)
Net realized and unrealized gain
(loss) on investments			(2.36	)			2.93				(0.81	)			1.29				1.45				(1.70	)			(0.07	)
Total from Investment
Operations			(2.30	)			2.92				(0.89	)			1.27				1.48				(1.70	)			(0.10	)
Redemption Fees			—				—				—				—				—				—				—
Less Distributions:
From net investment income			—				—				—				0.00	(3)			—				—				—
From net realized gains			—				—				(0.45	)			(0.42	)			(0.18	)			—				—
Total Distributions			—				—				(0.45	)			(0.42	)			(0.18	)			—				—
Net Asset Value, End of Period		$	9.95			$	12.25			$	9.33			$	10.67			$	9.82			$	8.52			$	10.22
Total return(4)			(18.78	)%			31.30	%			(8.30	)%			12.95	%(5)			17.36	%			(16.63	)%			(0.97	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	2,076			$	3,574			$	3,303			$	4,322			$	4,583			$	6,067			$	14,604
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.38	%			2.21	%			2.06	%			2.07	%(6)			2.45	%			1.74	%			1.77	%
After expense reimbursement(7)			1.50	%			1.50	%			1.50	%			1.50	%(6)			1.50	%			1.50	%			1.50	%
Ratio of net investment income (loss)
to average net assets:			1.19	%			(0.09	)%			(0.68	)%			(0.27	)%(6)			0.31	%			0.05	%			(0.30	)%
Portfolio turnover rate			0	%			2	%			9	%			0	%(5)			11	%			2	%			40	%

		The Spin-off Fund
		Advisor Class C
		For the
		Period				For the				For the				For the				For the				For the				For the
		Ended				Year				Year				Period				Year				Year				Year
		June 30,				Ended				Ended				Ended				Ended				Ended				Ended
		2020				December 31,				December 31,				December 31,				April 30,				April 30,				April 30,
		(Unaudited)				2019				2018				2017^				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	11.47			$	8.80			$	10.17			$	9.43			$	8.25			$	9.97			$	10.14
Income from Investment Operations:
Net investment income (loss)(2)			0.02				(0.09	)			(0.16	)			(0.07	)			(0.04	)			(0.06	)			(0.11	)
Net realized and unrealized gain
(loss) on investments			(2.20	)			2.76				(0.76	)			1.23				1.40				(1.66	)			(0.06	)
Total from Investment
Operations			(2.18	)			2.67				(0.92	)			1.16				1.36				(1.72	)			(0.17	)
Redemption Fees			—				—				—				—				—				—				—
Less Distributions:
From net realized gains			—				—				(0.45	)			(0.42	)			(0.18	)			—				—
Total Distributions			—				—				(0.45	)			(0.42	)			(0.18	)			—				—
Net Asset Value, End of Period		$	9.29			$	11.47			$	8.80			$	10.17			$	9.43			$	8.25			$	9.97
Total return			(19.01	)%			30.34	%			(9.00	)%			12.31	%(3)			16.46	%			(17.25	)%			(1.68	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	2,396			$	4,064			$	4,114			$	5,526			$	5,678			$	6,290			$	12,057
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.88	%			2.71	%			2.56	%			2.82	%(4)			3.20	%			2.49	%			2.52	%
After expense reimbursement(5)			2.25	%			2.25	%			2.25	%			2.25	%(4)			2.25	%			2.25	%			2.25	%
Ratio of net investment income (loss) to
average net assets:			0.44	%			(0.84	)%			(1.43	)%			(1.02	)%(4)			(0.44	)%			(0.70	)%			(1.05	)%
Portfolio turnover rate			0	%			2	%			9	%			0	%(3)			11	%			2	%			40	%

		The Spin-off Fund
		Institutional Class
		For the
		Period				For the				For the				For the				For the				For the				For the
		Ended				Year				Year				Period				Year				Year				Year
		June 30,				Ended				Ended				Ended				Ended				Ended				Ended
		2020				December 31,				December 31,				December 31,				April 30,				April 30,				April 30,
		(Unaudited)				2019				2018				2017^				2017				2016				2015
PER SHARE DATA:(1)
Net Asset Value,
Beginning of Period		$	12.32			$	9.36			$	10.68			$	9.85			$	8.53			$	10.20			$	10.27
Income from Investment Operations:
Net investment income (loss)(2)			0.07				0.02				(0.05	)			0.00	(3)			0.05				0.03				(0.01	)
Net realized and unrealized gain
(loss) on investments			(2.37	)			2.95				(0.82	)			1.29				1.45				(1.70	)			(0.06	)
Total from Investment
Operations			(2.30	)			2.97				(0.87	)			1.29				1.50				(1.67	)			(0.07	)
Redemption Fees			—				—				—				0.00	(3)			—				—				—
Less Distributions:
From net investment income			—				(0.01	)			—				(0.04	)			—				—				—
From net realized gains			—				—				(0.45	)			(0.42	)			(0.18	)			—				—
Total Distributions			—				(0.01	)			(0.45	)			(0.46	)			(0.18	)			—				—
Net Asset Value, End of Period		$	10.02			$	12.32			$	9.36			$	10.68			$	9.85			$	8.53			$	10.20
Total return			(18.67	)%			31.74	%			(8.11	)%			13.07	%			17.57	%			(16.37	)%			(0.68	)%
SUPPLEMENTAL DATA AND RATIOS
Net assets, end of period (000’s)		$	10,192			$	13,751			$	11,290			$	14,050			$	12,022			$	24,185			$	52,312
Ratio of operating expenses to
average net assets:
Before expense reimbursement			2.08	%			1.91	%			1.76	%			1.83	%(5)			2.20	%			1.49	%			1.52	%
After expense reimbursement(6)			1.25	%			1.25	%			1.25	%			1.25	%(5)			1.25	%			1.25	%			1.25	%
Ratio of net investment income (loss)
to average net assets:			1.44	%			0.16	%			(0.43	)%			(0.02	)%(5)			0.56	%			0.30	%			(0.05	)%
Portfolio turnover rate			0	%			2	%			9	%			0	%(4)			11	%			2	%			40	%

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Finance and Insurance#		$	29,695,350				26.4	%
Information			18,993,364				17.0	%
Mining, Quarrying, and Oil and Gas Extraction			12,503,952				11.2	%
Administrative and Support and Waste Management and
Remediation Services			10,977,582				9.8	%
Professional, Scientific, and Technical Services			9,633,354				8.6	%
Arts, Entertainment, and Recreation			1,489,720				1.3	%
Communication Services			300,000				0.3	%
Management of Companies and Enterprises			86,211				0.1	%
Retail Trade			61,593				0.1	%

						Percentage
		Market				of Total
Country Allocation		Value				Net Assets
United States#		$	4,687,060				32.2	%
Canada			1,937,773				13.3	%
United Kingdom			308,993				2.1	%
Germany			108,563				0.7	%
Brazil			102,407				0.7	%
Cayman Islands			99,000				0.7	%
Australia			96,513				0.7	%
Netherlands			80,218				0.6	%
France			9,613				0.1	%
Japan			4,616				0.0	%
Guernsey			1,729				0.0	%
Israel			1,371				0.0	%
Bermuda			295				0.0	%

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Mining, Quarrying, and Oil and Gas Extraction		$	241,881,568				41.0	%
Finance and Insurance#			72,085,240				12.2	%
Information			43,863,931				7.4	%
Real Estate and Rental and Leasing			31,214,691				5.3	%
Management of Companies and Enterprises			26,167,946				4.4	%
Arts, Entertainment, and Recreation			22,000,923				3.7	%
Accommodation and Food Services			12,460,210				2.1	%
Professional, Scientific, and Technical Services			11,405,682				1.9	%
Transportation and Warehousing			3,305,242				0.6	%
Utilities			1,785,326				0.3	%
Retail Trade			657,600				0.1	%
Manufacturing			293,015				0.0	%

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Manufacturing		$	16,490,902				85.6	%
Professional, Scientific, and Technical Services			451,201				2.3	%

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Mining, Quarrying, and Oil and Gas Extraction		$	71,561,503				41.3	%
Management of Companies and Enterprises			22,754,905				13.2	%
Real Estate and Rental and Leasing			18,895,147				10.9	%
Professional, Scientific, and Technical Services			14,439,962				8.4	%
Finance and Insurance#			13,783,097				8.0	%
Accommodation and Food Services			9,394,029				5.4	%
Arts, Entertainment, and Recreation			5,554,549				3.2	%
Transportation and Warehousing			5,000,849				2.9	%
Manufacturing			4,603,198				2.7	%
Wholesale Trade			590,216				0.3	%
Information			270,400				0.2	%
Retail Trade			15,258				0.0	%

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Mining, Quarrying, and Oil and Gas Extraction		$	23,353,485				32.4	%
Finance and Insurance#			12,884,832				17.8	%
Information			2,758,360				3.8	%
Real Estate and Rental and Leasing			2,132,928				2.9	%
Management of Companies and Enterprises			1,561,585				2.2	%
Transportation and Warehousing			845,658				1.2	%
Accommodation and Food Services			78,912				0.1	%
Wholesale Trade			30,480				0.0	%
Professional, Scientific, and Technical Services			16,245				0.0	%
Manufacturing			15,120				0.0	%
Machinery Manufacturing			3,705				0.0	%
Retail Trade			102				0.0	%

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Finance and Insurance		$	8,379,962				58.3	%

						Percentage
		Market				of Total
Sector Allocation		Value				Net Assets
Manufacturing		$	6,076,887				20.7	%
Retail Trade			3,561,058				12.2	%
Information			3,047,078				10.4	%
Transportation and Warehousing			2,764,132				9.4	%
Construction			2,679,824				9.2	%
Finance and Insurance			2,566,411				8.8	%
Mining, Quarrying, and Oil and Gas Extraction			1,560,303				5.3	%
Real Estate and Rental and Leasing			1,540,630				5.3	%
Professional, Scientific, and Technical Services			504,058				1.7	%

COMMON STOCKS — 56.37%		Shares				Value
Administrative and Support Services — 0.00%
CreditRiskMonitor.com, Inc.f			780			$	1,092
Broadcasting (except Internet) — 0.38%
The E.W. Scripps Company — Class A			40,000				350,000
MSG Networks, Inc. — Class A*			8,000				79,600
							429,600
Credit Intermediation and Related Activities — 2.13%
LendingTree, Inc.*^			8,233				2,383,701
Data Processing, Hosting, and Related Services — 16.35%
IHS Markit Limited			200				15,100
MasterCard, Inc. — Class A			7,000				2,069,900
PayPal Holdings, Inc.*c			63,000				10,976,490
Verisk Analytics, Inc.			7,000				1,191,400
Visa, Inc. — Class A^			21,000				4,056,570
							18,309,460
Management of Companies and Enterprises — 0.08%
Galaxy Digital Holdings Ltd.*			76,000				86,211
Media & Entertainment — 0.27%
Madison Square Garden Entertainment Corp.*			4,000				300,000
Nonstore Retailers — 0.05%
Expedia Group, Inc.			648				53,266
Oil and Gas Extraction — 11.17%
Texas Pacific Land Trustc			21,026				12,503,952
Other Information Services — 8.09%
Alphabet, Inc. — Class A*			3,200				4,537,760
Alphabet, Inc. — Class C*			3,200				4,523,552
							9,061,312
Other Motor Vehicle Dealers — 0.01%
Copart, Inc.*			100				8,327
Other Professional, Scientific, and Technical Services — 0.70%
GMO Internet, Inc.			28,400				783,022
Other Telecommunications — 1.85%
Liberty Broadband Corporation — Series A*			8,000				977,520
Liberty Broadband Corporation — Series C*			7,600				942,096
Liberty Latin America Limited — Class C*			16,496				155,722
							2,075,338

		Shares				Value
Professional, Scientific, and Technical Services — 7.90%
CACI International, Inc. — Class A*c			29,200			$	6,332,896
Cookpad, Inc.*			276,000				805,186
ManTech International Corporation — Class A			25,000				1,712,250
							8,850,332
Promoters of Performing Arts, Sports, and Similar Events — 0.52%
The Madison Square Garden Company — Class A*			4,000				587,560
Satellite Telecommunications — 0.08%
DISH Network Corp. — Class A*			2,728				94,143
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 5.98%
CME Group, Inc.			4,180				679,417
MarketAxess Holdings, Inc.			5,000				2,504,600
OTC Markets Group, Inc. — Class A			116,985				3,509,550
							6,693,567
Spectator Sports — 0.81%
Liberty Media Corp.-Liberty Braves — Class A*			8,000				160,640
Liberty Media Corp.-Liberty Braves — Class C*			8,000				157,920
Liberty Media Corp.-Liberty Formula One — Class A*			20,000				583,600
							902,160
TOTAL COMMON STOCKS
(cost $51,226,696)							63,123,043

UNIT INVESTMENT TRUST — 18.41%		Shares				Value
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 18.41%
Grayscale Bitcoin Trust*^c			2,146,599			$	20,618,083
TOTAL UNIT INVESTMENT TRUST
(cost $6,422,330)							20,618,083
TOTAL INVESTMENTS — 74.78%
(cost $57,649,026)						$	83,741,126

COMMON STOCKS — 40.62%		Shares				Value
Accommodation — 0.89%
Civeo Corporation*			211,000			$	130,082
Diversified Financials — 0.55%
Euronext NV			800				80,218
European Exchanges — 0.75%
Deutsche Boerse AG			600				108,563
Industrial Machinery Manufacturing — 0.61%
TerraVest Industries, Inc.*			8,000				89,275
Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) — 0.02%
PrairieSky Royalty Limited*			400				2,528
Management of Companies and Enterprises — 1.60%
Associated Capital Group, Inc. — Class A			2,400				88,056
Clarke, Inc.*			24,800				95,905
Galaxy Digital Holdings Ltd.*			42,600				48,323
							232,284
Mining (except Oil and Gas) — 8.85%
Franco-Nevada Corporation			4,800				670,272
Maverix Metals, Inc.			4,000				17,760
NovaGold Resources, Inc.*			4,000				36,720
Wheaton Precious Metals Corporation			12,800				563,840
							1,288,592
Oil and Gas Extraction — 11.80%
Texas Pacific Land Trustc			2,890				1,718,654
Other Exchanges — 0.32%
ASX Ltd.			800				47,136
Other Financial Investment Activities — 1.72%
Brookfield Asset Management, Inc. — Class A			6,000				197,400
Burford Capital Limited			300				1,729
GAMCO Investors, Inc. — Class A			200				2,662
Omni Bridgeway Ltd.			15,000				49,377
							251,168

		Shares				Value
Other Investment Pools and Funds — 0.47%
Partners Value Investments LP*g			2,193			$	67,845
Other Pipeline Transportation — 0.07%
Rubis SCA			200				9,613
Other Telecommunications — 0.00%
Liberty Latin America Limited — Class A*			9				87
Liberty Latin America Limited — Class C*			22				208
							295
Professional, Scientific, and Technical Services — 5.51%
CACI International, Inc. — Class A*c			3,700				802,456
Real Estate — 0.01%
Dream Unlimited Corp. — Class A*			200				1,320
Securities and Commodity Exchanges — 1.42%
B3 SA — Brasil Bolsa Balcao			10,000				102,407
Cboe Global Markets, Inc.			1,118				104,287
							206,694
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 1.22%
CME Group, Inc.			786				127,756
IntercontinentalExchange Group, Inc.			500				45,800
Japan Exchange Group, Inc. — ADR			400				4,616
							178,172
Support Activities for Water Transportation — 2.80%
Braemar Shipping Services plc			2,000				2,998
Clarkson plc			11,000				305,995
Siem Industries, Inc.*			5,500				99,000
							407,993
Transportation Equipment Manufacturing — 2.02%
The Boeing Company			1,600				293,280
Elbit Systems Ltd.^			10				1,370
							294,650
TOTAL COMMON STOCKS
(cost $4,624,219)							5,917,538

UNIT INVESTMENT TRUST — 10.32%		Shares				Value
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 10.32%
Grayscale Bitcoin Trust*^c			156,520			$	1,503,375
TOTAL UNIT INVESTMENT TRUST
(cost $230,832)							1,503,375
PREFERRED STOCKS — 0.07%
Other Investment Pools and Funds — 0.07%
Partners Value Investments LP — Class Ag			515				9,532
TOTAL PREFERRED STOCKS
(cost $9,785)							9,532
		Principal
CONVERTIBLE BONDS — 0.00%		Amount
Department Stores — 0.00%
Sears Holdings Corporation, 8.000%, 12/15/2019ef		$	41,080				734
TOTAL CONVERTIBLE BONDS
(cost $41,080)							734
WARRANTS — 0.05%		Shares
Other Investment Pools and Funds — 0.05%
Partners Value Investments LP*g
Expiration: 06/30/2026, Exercise Price: 32.45 CAD			1,893				6,972
TOTAL WARRANTS
(cost $7,160)							6,972
TOTAL INVESTMENTS — 51.06%
(cost $4,913,076)						$	7,438,151

COMMON STOCKS — 75.80%		Shares				Value
Accommodation — 0.25%
Civeo Corporation*			2,366,800			$	1,459,132
Amusement, Gambling, and Recreation Industries — 0.21%
Las Vegas Sands Corp.*			27,300				1,243,242
Beverage and Tobacco Product Manufacturing — 0.05%
Crimson Wine Group Limited*			54,262				293,015
Cable and Other Subscription Programming — 0.71%
Discovery Communications, Inc. — Class A*^			135,300				2,854,830
Discovery Communications, Inc. — Class C*			69,900				1,346,274
							4,201,104
Data Processing, Hosting, and Related Services — 0.02%
IHS Markit Limited			1,200				90,600
Food Services and Drinking Places — 1.86%
The Wendy’s Company			505,100				11,001,078
Insurance Carriers and Related Activities — 1.08%
Markel Corporation*			6,900				6,369,873
Management of Companies and Enterprises — 4.43%
Associated Capital Group, Inc. — Class A^			261,290				9,586,730
Bollore SA			132,000				414,650
Icahn Enterprises LP			333,400				16,166,566
							26,167,946
Mining (except Oil and Gas) — 4.87%
Franco-Nevada Corporation			196,100				27,383,404
Wheaton Precious Metals Corporation			32,400				1,427,220
							28,810,624
Nonstore Retailers — 0.11%
Expedia Group, Inc.*			8,000				657,600
Oil and Gas Extraction — 36.03%
Texas Pacific Land Trustc			358,195				213,014,984
Tourmaline Oil Corp.			6,400				55,958
							213,070,942

		Shares				Value
Other Financial Investment Activities — 6.05%
Brookfield Asset Management, Inc. — Class Ac			932,700			$	30,685,830
Brookfield Business Partners LP			5,000				154,250
GAMCO Investors, Inc. — Class A			1,800				23,958
Onex Corp.			110,500				4,906,554
							35,770,592
Other Investment Pools and Funds — 0.00%
Partners Value Investments LP*g			800				24,750
Other Professional, Scientific, and Technical Services — 0.15%
GMO Internet, Inc.			32,000				882,278
Other Telecommunications — 5.65%
GCI Liberty, Inc. — Class A*			72,000				5,120,640
Liberty Broadband Corporation — Series A*			26,800				3,274,692
Liberty Broadband Corporation — Series C*			95,400				11,825,784
Liberty Media Corp.-Liberty SiriusXM — Class A*			161,100				5,561,172
Liberty Media Corp.-Liberty SiriusXM — Class C*			221,300				7,623,785
							33,406,073
Performing Arts, Spectator Sports, and Related Industries — 2.53%
Live Nation Entertainment, Inc.*			337,500				14,961,375
Professional, Scientific, and Technical Services — 1.78%
CACI International, Inc. — Class A*			46,800				10,149,984
Cookpad, Inc.*			128,000				373,420
							10,523,404
Real Estate — 5.28%
Dream Unlimited Corp. — Class A			365,000				2,408,957
Equity Lifestyle Properties, Inc. — REIT			122,300				7,641,304
The Howard Hughes Corporation*			407,400				21,164,430
							31,214,691
Satellite Telecommunications — 1.04%
DISH Network Corp. — Class A			51,800				1,787,618
EchoStar Corporation — Class A*			156,600				4,378,536
							6,166,154
Securities and Commodity Exchanges — 1.28%
Cboe Global Markets, Inc.			81,200				7,574,336

		Shares				Value
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 0.58%
CME Group, Inc.			21,000			$	3,413,340
IntercontinentalExchange Group, Inc.			500				45,800
							3,459,140
Spectator Sports — 0.98%
Liberty Media Corp.-Liberty Formula One — Class A*			89,100				2,599,938
Liberty Media Corp.-Liberty Formula One — Class C*			100,800				3,196,368
							5,796,306
Support Activities for Water Transportation — 0.56%
Clarkson plc*			101,800				2,831,842
Siem Industries, Inc.*f			26,300				473,400
							3,305,242
Utilities — 0.30%
Brookfield Infrastructure Corporation — Class A^			4,900				223,146
Brookfield Infrastructure Partners LP			38,000				1,562,180
							1,785,326
TOTAL COMMON STOCKS
(cost $222,617,404)							448,234,823
UNIT INVESTMENT TRUST — 3.19%
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 3.19%
Grayscale Bitcoin Trust*^			1,965,600				18,879,588
TOTAL UNIT INVESTMENT TRUST
(cost $26,406,964)							18,879,588
PREFERRED STOCKS — 0.00%
Other Investment Pools and Funds — 0.00%
Partners Value Investments LP — Class Ag			217				4,017
TOTAL PREFERRED STOCKS
(cost $1,764)							4,017

WARRANTS — 0.00%		Shares				Value
Other Investment Pools and Funds — 0.00%
Partners Value Investments LP*fg
Expiration: 06/30/2026, Exercise Price: 32.45 CAD			800			$	2,946
TOTAL WARRANTS
(cost $2,367)							2,946
TOTAL INVESTMENTS — 78.99%
(cost $249,028,499)						$	467,121,374

COMMON STOCKS — 87.74%		Shares				Value
Pharmaceutical and Medicine Manufacturing — 80.19%
AbbVie, Inc.c			10,000			$	981,800
Agenus, Inc.*			148				582
Alkermes plc*			22,000				426,910
AMGEN, Inc.			4,000				943,440
Arena Pharmaceuticals, Inc.*			4,500				283,275
AstraZeneca plc - ADRc			20,000				1,057,800
Biogen, Inc.*c			3,750				1,003,312
Bristol-Myers Squibb Companyc			23,500				1,381,800
Celldex Therapeutics, Inc.*			1,752				22,776
Eli Lilly & Companyc			8,500				1,395,530
Gilead Sciences, Inc.			11,000				846,340
GlaxoSmithKline plc - ADR			21,673				884,042
Immune Pharmaceuticals, Inc.*			1				0
Ionis Pharmaceuticals, Inc.*			13,000				766,480
Johnson & Johnsonc			8,000				1,125,040
Merck & Co., Inc.c			14,000				1,082,620
Merrimack Pharmaceuticals, Inc.			7,500				24,975
Novartis AG - ADRc			14,000				1,222,760
Pacific Biosciences of California, Inc.*			12,000				41,400
Pfizer, Inc.c			30,000				981,000
Sanofi - ADR			17,000				867,850
Xenon Pharmaceuticals, Inc.*			9,000				112,860
							15,452,592
Research and Development in Biotechnology
(except Nanobiotechnology) — 7.55%
Alnylam Pharmaceuticals, Inc.*			3,000				444,330
Bluebird Bio, Inc.*			2,000				122,080
CRISPR Therapeutics AG*			6,000				440,940
Editas Medicine, Inc.*^			8,000				236,640
Intellia Therapeutics, Inc.*^			10,000				210,200
							1,454,190
TOTAL COMMON STOCKS
(cost $10,591,113)							16,906,782

RIGHTS — 0.18%		Shares				Value
Pharmaceutical and Medicine Manufacturing — 0.13%
Bristol-Myers Squibb Company*			7,000			$	25,060
Scientific Research and Development Services — 0.05%
Ligand Pharmaceuticals, Inc.*f			44,000				8,800
Ligand Pharmaceuticals, Inc.*f			44,000				572
Ligand Pharmaceuticals, Inc.*			44,000				357
Ligand Pharmaceuticals, Inc.*#			44,000				532
							10,261
TOTAL RIGHTS
(cost $14,910)							35,321
TOTAL INVESTMENTS — 87.92%
(cost $10,606,023)						$	16,942,103

COMMON STOCKS — 93.82%		Shares				Value
Accommodation — 1.15%
Civeo Corporation*			3,226,000			$	1,988,829
Beverage and Tobacco Product Manufacturing — 0.31%
Crimson Wine Group Limited*			99,400				536,760
Chemical Manufacturing — 1.95%
Element Solutions, Inc.*			6,000				65,100
Inter Parfums, Inc.*			68,600				3,303,090
							3,368,190
Food Services and Drinking Places — 4.28%
The Wendy’s Company			340,000				7,405,200
Machinery Manufacturing — 0.40%
Colfax Corporation*			24,000				669,600
Oshkosh Truck Corporation			400				28,648
							698,248
Management of Companies and Enterprises — 13.16%
Associated Capital Group, Inc. — Class A^			177,450				6,510,641
Dundee Corporation — Class A*			1,994,400				1,977,248
Galaxy Digital Holdings Ltd.*			376,000				426,517
Icahn Enterprises LPc			269,000				13,043,810
RIT Capital Partners plc			36,000				796,689
							22,754,905
Merchant Wholesalers, Durable Goods — 0.34%
Dorman Products, Inc.*			8,800				590,216
Mining (except Oil and Gas) — 0.15%
Altius Minerals Corporation			1,000				7,190
Maverix Metals, Inc.			2,000				8,880
Sandstorm Gold Ltd.*			1,800				17,316
Wheaton Precious Metals Corporation			5,000				220,250
							253,636
Motor Vehicle and Parts Dealers — 0.01%
AutoNation, Inc.*			200				7,516
Penske Automotive Group, Inc.			200				7,742
							15,258

		Shares				Value
Oil and Gas Extraction — 41.23%
Permian Basin Royalty Trust			126,800			$	418,440
Texas Pacific Land Trustc			119,204				70,889,427
							71,307,867
Other Financial Investment Activities — 1.22%
GAMCO Investors, Inc. — Class A			23,800				316,778
Onex Corporation			39,600				1,788,942
							2,105,720
Other Investment Pools and Funds — 4.08%
Partners Value Investments LP*g			191,000				5,908,957
Urbana Corporation — Class A			693,071				1,153,757
							7,062,714
Other Pipeline Transportation — 2.50%
Rubis SCA*			90,000				4,325,679
Performing Arts, Spectator Sports, and Related Industries — 3.21%
Live Nation Entertainment, Inc.*			125,300				5,554,549
Professional, Scientific, and Technical Services — 8.35%
CACI International, Inc. — Class A*c			55,900				12,123,592
Cookpad, Inc.*			794,000				2,316,370
							14,439,962
Real Estate — 10.93%
Dream Unlimited Corp. — Class Ac			2,188,000				14,440,542
Equity Commonwealth REIT			400				12,880
The Howard Hughes Corporation*			85,500				4,441,725
							18,895,147
Support Activities for Water Transportation — 0.39%
Braemar Shipping Services plc			450,322				675,170
Telecommunications — 0.16%
LICT Corporation*			16				270,400
TOTAL COMMON STOCKS
(cost $129,023,169)							162,248,450

UNIT INVESTMENT TRUST — 1.70%		Shares				Value
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 1.70%
Grayscale Bitcoin Trust*^			307,125			$	2,949,936
TOTAL UNIT INVESTMENT TRUST
(cost $3,240,000)							2,949,936
PREFERRED STOCKS — 0.56%
Other Investment Pools and Funds — 0.56%
Partners Value Investments LP — Class Ag			51,933				961,280
TOTAL PREFERRED STOCKS
(cost $420,822)							961,280
WARRANTS — 0.41%
Other Investment Pools and Funds — 0.41%
Partners Value Investments LP*g
Expiration: 06/30/2026, Exercise Price: 32.45 CAD			191,000				703,447
TOTAL WARRANTS
(cost $564,856)							703,447
TOTAL INVESTMENTS — 96.49%
(cost $133,248,847)						$	166,863,113

COMMON STOCKS — 51.88%		Shares				Value
Accommodation — 0.11%
Civeo Corporation*			128,000			$	78,912
Beverage and Tobacco Product Manufacturing — 0.02%
Crimson Wine Group Limited*			2,800				15,120
Data Processing, Hosting, and Related Services — 3.82%
IHS Markit Limited			400				30,200
MasterCard, Inc. — Class A			4,000				1,182,800
Visa, Inc. — Class A^			8,000				1,545,360
							2,758,360
Diversified Financials — 0.67%
Euronext NV			1,800				180,489
Sprott, Inc.			4,115				147,887
TMX Group Ltd.			1,600				158,197
							486,573
European Exchanges — 0.45%
Deutsche Boerse AG			1,800				325,690
Global Exchanges — 0.09%
Hellenic Exchanges SA Holding Clearing Settlement and Registry			800				2,849
London Stock Exchange Group plc			600				62,138
							64,987
Industrial Machinery Manufacturing — 0.01%
TerraVest Industries, Inc.			332				3,705
Insurance Carriers and Related Activities — 0.05%
Arthur J. Gallagher & Co.			400				38,996
Management of Companies and Enterprises — 2.16%
Associated Capital Group, Inc. — Class A			39,026				1,431,864
Clarke, Inc.*			1,000				3,867
Dundee Corporation — Class A*			2,000				1,983
Galaxy Digital Holdings Ltd.*			109,200				123,871
							1,561,585
Merchant Wholesalers, Durable Goods — 0.04%
A-Mark Precious Metals, Inc.*			1,600				30,480

		Shares				Value
Mining (except Oil and Gas) — 2.44%
Franco-Nevada Corporation			5,400			$	754,056
Mesabi Trust			920				16,109
Wheaton Precious Metals Corporation			22,600				995,530
							1,765,695
Oil and Gas Extraction — 29.88%
Texas Pacific Land Trustc			36,328				21,603,898
Other Exchanges — 0.36%
ASX Ltd.			4,400				259,251
Other Financial Investment Activities — 0.24%
Brookfield Asset Management, Inc. — Class A			3,703				121,829
GAMCO Investors, Inc. — Class A			4,000				53,240
							175,069
Other Investment Pools and Funds — 2.69%
Partners Value Investments LP*g			43,516				1,346,252
Urbana Corporation			3,200				5,563
Urbana Corporation — Class A			356,004				592,641
							1,944,456
Professional, Scientific, and Technical Services — 0.02%
CACI International, Inc. — Class A*			48				10,410
Cookpad, Inc.*			2,000				5,835
							16,245
Real Estate — 2.95%
Dream Unlimited Corp. — Class A			272,800				1,800,448
The Howard Hughes Corporation*			6,400				332,480
							2,132,928
Securities and Commodity Exchanges — 1.76%
Cboe Global Markets, Inc.			7,806				728,143
NASDAQ, Inc.			1,800				215,046
NZX Limited			364,202				329,027
							1,272,216

		Shares				Value
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 2.95%
CME Group, Inc.			5,891			$	957,523
IntercontinentalExchange Group, Inc.			12,400				1,135,840
Japan Exchange Group, Inc. — ADR			3,600				41,544
							2,134,907
Support Activities for Water Transportation — 1.17%
Clarkson plc			30,400				845,658
TOTAL COMMON STOCKS
(cost $22,375,116)							37,514,731
UNIT INVESTMENT TRUST — 8.00%
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 8.00%
Grayscale Bitcoin Trust*^c			601,874				5,781,000
TOTAL UNIT INVESTMENT TRUST
(cost $1,433,157)							5,781,000
EXCHANGE TRADED FUNDS — 0.01%
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities — 0.01%
ProShares Short VIX Short-Term Futures ETF*			200				6,300
TOTAL EXCHANGE TRADED FUNDS
(cost $6,796)							6,300
PREFERRED STOCKS — 0.30%
Other Investment Pools and Funds — 0.30%
Partners Value Investments LP — Class A*g			11,832				219,011
TOTAL PREFERRED STOCKS
(cost $219,010)							219,011
		Principal
CONVERTIBLE BONDS — 0.00%		Amount
Department Stores — 0.00%
Sears Holdings Corporation, 8.000%, 12/15/2019*ef		$	5,720				102
TOTAL CONVERTIBLE BONDS
(cost $5,720)							102

WARRANTS - 0.22%		Shares				Value
Other Investment Pools and Funds — 0.22%
Partners Value Investments LP*g
Expiration: 06/30/2026, Exercise Price: 32.45 CAD			43,516			$	160,268
TOTAL WARRANTS
(cost $130,104)							160,268
TOTAL INVESTMENTS — 60.41%
(cost $24,169,903)						$	43,681,412

EXCHANGE TRADED FUNDS — 41.58%		Shares				Value
Funds, Trusts, and Other Financial Vehicles — 41.58%
iShares 1-3 Year Credit Bond ETF			54,000			$	2,954,340
PIMCO Enhanced Short Maturity Active ETF			4,700				477,943
SPDR Barclays Short Term Corporate Bond ETF#			24,000				752,160
Vanguard Short-Term Corporate Bond ETF			21,700				1,793,722
TOTAL EXCHANGE TRADED FUNDS
(cost $5,804,792)							5,978,165
SHORT-TERM INVESTMENTS — 16.71%
Money Market Funds — 16.71%
Fidelity Institutional Government Portfolio - Class I, 0.06%#b			2,401,797				2,401,797
TOTAL SHORT-TERM INVESTMENTS
(cost $2,401,797)							2,401,797
TOTAL INVESTMENTS — 58.29%
(cost $8,206,589)						$	8,379,962

		Principal
CONVERTIBLE BONDS — 1.77%		Amount				Value
Pipeline Transportation of Natural Gas — 1.77%
Cheniere Energy, Inc., 4.250%, 03/15/2045f		$	800,000			$	517,869
TOTAL CONVERTIBLE BONDS
(cost $666,500)							517,869
CORPORATE BONDS — 71.91%
Advertising, Public Relations, and Related Services — 1.72%
Lamar Media Corp., 5.000%, 05/01/2023f			500,000				504,057
Broadcasting (except Internet) — 4.33%
Cablevision Systems Corporation, 5.875%, 09/15/2022f			200,000				209,445
Sirius XM Radio, Inc., 4.625%, 05/15/2023◾f			1,050,000				1,058,510
							1,267,955
Chemical Manufacturing — 13.09%
Ashland, Inc., 4.750%, 08/15/2022cf			3,000,000				3,170,625
The Chemours Companyf
6.625%, 05/15/2023			474,000				456,275
7.000%, 05/15/2025^			214,000				204,783
							3,831,683
Construction of Buildings — 9.15%
Brookfield Residential Properties, 6.375%, 05/15/2025◾f			651,000				646,863
Lennar Corporation, 4.750%, 11/15/2022cf			1,960,000				2,032,961
							2,679,824
Deep Sea, Coastal, and Great Lakes Water Transportation — 7.11%
Stolt-Nielsen Limited, 6.375%, 09/21/2022cf			2,000,000				2,080,034
Fabricated Metal Product Manufacturing — 0.84%
Ball Corporation, 5.250%, 07/01/2025f			224,000				245,584
Food Manufacturing — 6.83%
Lamb Weston Holdings, Inc.f
4.625%, 11/01/2024◾			1,000,000				1,040,105
4.875%, 11/01/2026◾			925,000				959,516
							1,999,621
Motor Vehicle and Parts Dealers — 12.17%
Penske Automotive Group, Inc., 5.750%, 10/01/2022cf			3,550,000				3,561,058

		Principal
		Amount				Value
Oil and Gas Extraction — 5.10%
Continental Resources, Inc., 5.000%, 09/15/2022f		$	328,000			$	322,711
Murphy Oil Corp., 4.450%, 12/01/2022f			1,208,000				1,169,483
							1,492,194
Real Estate — 5.26%
The Howard Hughes Corporation, 5.375%, 03/15/2025◾cf			1,650,000				1,540,630
Support Activities for Mining — 0.23%
Valaris Plc, 4.875%, 06/01/2022f			600,000				68,109
Telecommunications — 6.08%
CenturyLink, Inc., 5.800%, 03/15/2022f			500,000				514,862
Crown Castle International Corp., 4.875%, 04/15/2022f			700,000				748,123
Hughes Satellite Systems Corp., 7.625%, 06/15/2021f			500,000				516,138
							1,779,123
TOTAL CORPORATE BONDS
(cost $21,176,801)							21,049,872
MUNICIPAL BONDS — 0.57%
Support Activities for Air Transportation — 0.57%
Branson Missouri Regional Airport Transportation Development District,
5.000%, 04/01/2043+ef			1,098,886				166,229
TOTAL MUNICIPAL BONDS
(cost $2,261,479)							166,229
CLOSED-END FUNDS — 8.76%		Shares
Funds, Trusts, and Other Financial Vehicles — 8.76%
DoubleLine Opportunistic Credit Fund			50,900				964,555
PIMCO Dynamic Income Fundc			64,800				1,601,856
TOTAL CLOSED-END FUNDS
(cost $3,331,810)							2,566,411
TOTAL INVESTMENTS — 83.01%
(cost $27,436,590)						$	24,300,381

			The Internet				The Global
			Portfolio				Portfolio
			(Consolidated)				(Consolidated)
ASSETS:
Investments, at value(1)(2)			$	83,741,126			$	7,438,151
Cash				28,419,515				7,136,348
Cash proceeds from securities lending				10,132,600				121,145
Receivable for contributed capital				7,555				15,096
Dividends and interest receivable				3,245				14,378
Prepaid expenses and other assets				33,042				1,320
Total Assets				122,337,083				14,726,438
LIABILITIES:
Payable to Adviser				118,858				14,861
Payable to Trustees				3,387				433
Payable to Chief Compliance Officer				183				21
Payable for collateral received for securities loaned				10,132,600				121,145
Payable for withdrawn capital				62,122				—
Accrued expenses and other liabilities				44,530				23,381
Total Liabilities				10,361,680				159,841
Net Assets			$	111,975,403			$	14,566,597
(1)	Cost of investments		$	57,649,026			$	4,913,076
(2)	Includes loaned securities with a market value of		$	10,115,973			$	119,375

			The Paradigm
			Portfolio				The Medical
			(Consolidated)				Portfolio
ASSETS:
Investments, at value(1)(2)			$	467,121,374			$	16,942,103
Cash				125,377,598				2,312,054
Cash proceeds from securities lending				22,265,453				445,500
Receivable for contributed capital				726,133				51
Receivable for investments sold				297,680				—
Dividends and interest receivable				75,314				55,876
Prepaid expenses and other assets				146,313				572
Total Assets				616,009,865				19,756,156
LIABILITIES:
Payable to Adviser				630,222				19,628
Payable to Trustees				18,766				551
Payable to Chief Compliance Officer				1,287				19
Payable for securities purchased				22,554				—
Payable for collateral received for securities loaned				22,265,453				445,500
Payable for withdrawn capital				1,570,509				67
Accrued expenses and other liabilities				160,891				20,064
Total Liabilities				24,669,682				485,829
Net Assets			$	591,340,183			$	19,270,327
(1)	Cost of investments		$	249,028,499			$	10,606,023
(2)	Includes loaned securities with a market value of		$	21,897,633			$	442,372

			The Small Cap				The Market
			Opportunities				Opportunities
			Portfolio				Portfolio
			(Consolidated)				(Consolidated)
ASSETS:
Investments, at value(1)(2)			$	166,863,113			$	43,681,412
Cash				6,209,872				28,734,717
Cash proceeds from securities lending				3,197,607				2,557,621
Receivable for contributed capital				2,564				1,653
Receivable for investments sold				19,072				5,092
Dividends and interest receivable				236,719				4,260
Prepaid expenses and other assets				26,688				9,848
Total Assets				176,555,635				74,994,603
LIABILITIES:
Payable to Adviser				186,343				76,884
Payable to Trustees				5,683				2,259
Payable to Chief Compliance Officer				432				143
Payable for collateral received for securities loaned				3,197,607				2,557,621
Payable for withdrawn capital				168,510				16,890
Accrued expenses and other liabilities				65,174				38,024
Total Liabilities				3,623,749				2,691,821
Net Assets			$	172,931,886			$	72,302,782
(1)	Cost of investments		$	133,248,847			$	24,169,903
(2)	Includes loaned securities with a market value of		$	3,153,410			$	2,526,108

							The Multi-
			The Alternative				Disciplinary
			Income				Income
			Portfolio				Portfolio
ASSETS:
Investments, at value(1)(2)			$	8,379,962			$	24,300,381
Cash				6,035,778				4,742,317
Cash proceeds from securities lending				—				209,720
Receivable for contributed capital				383				787
Dividends and interest receivable				653				292,946
Prepaid expenses and other assets				499				1,144
Total Assets				14,417,275				29,547,295
LIABILITIES:
Payable to Adviser				10,712				30,350
Payable to Trustees				472				968
Payable to Chief Compliance Officer				34				64
Payable for collateral received for securities loaned				—				209,720
Payable for withdrawn capital				10,983				8,090
Accrued expenses and other liabilities				19,627				25,339
Total Liabilities				41,828				274,531
Net Assets			$	14,375,447			$	29,272,764
(1)	Cost of investments		$	8,206,589			$	27,436,590
(2)	Includes loaned securities with a market value of		$	—			$	206,498

		The Internet				The Global
		Portfolio				Portfolio
		(Consolidated)				(Consolidated)
INVESTMENT INCOME:
Dividends†		$	426,231			$	48,696
Interest			132,540				28,096
Income from securities lending			139,591				3,685
Total investment income			698,362				80,477
EXPENSES:
Investment advisory fees			703,133				88,009
Administration fees			27,815				9,944
Professional fees			18,345				9,891
Fund accounting fees			10,469				1,834
Trustees’ fees			6,767				856
Chief Compliance Officer fees			1,277				163
Custodian fees and expenses			5,708				4,655
Registration fees			367				317
Other expenses			2,355				270
Total expenses			776,236				115,399
Net investment loss			(77,874	)			(35,462	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on:
Investments and foreign currency			75,823				12,938
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency			1,299,775				(623,646	)
Net realized and unrealized gain (loss) on investments			1,375,598				(610,708	)
Net increase (decrease) in net assets resulting from operations		$	1,297,724			$	(646,170	)
† Net of foreign taxes withheld of:		$	468			$	13,119

		The Paradigm
		Portfolio				The Medical
		(Consolidated)				Portfolio
INVESTMENT INCOME:
Dividends†		$	6,739,733			$	248,219
Interest			546,993				1,407
Income from securities lending			588,630				598
Total investment income			7,875,356				250,224
EXPENSES:
Investment advisory fees			4,078,918				106,791
Administration fees			132,927				9,867
Professional fees			55,591				5,511
Fund accounting fees			61,491				1,935
Trustees’ fees			40,278				1,034
Chief Compliance Officer fees			7,628				184
Custodian fees and expenses			19,927				—
Registration fees			538				35
Other expenses			15,495				327
Total expenses			4,412,793				125,684
Net investment income			3,462,563				124,540
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on:
Investments and foreign currency			10,534,889				130,234
Net change in unrealized depreciation of:
Investments and foreign currency			(156,923,522	)			(91,146	)
Net realized and unrealized gain (loss) on investments			(146,388,633	)			39,088
Net increase (decrease) in net assets resulting from operations		$	(142,926,070	)		$	163,628
† Net of foreign taxes withheld of:		$	59,001			$	11,217

		The Small Cap				The Market
		Opportunities				Opportunities
		Portfolio				Portfolio
		(Consolidated)				(Consolidated)
INVESTMENT INCOME:
Dividends†		$	2,340,206			$	670,360
Interest			115,879				134,956
Income from securities lending			91,146				30,534
Total investment income			2,547,231				835,850
EXPENSES:
Investment advisory fees			1,266,248				477,984
Administration fees			46,970				21,716
Professional fees			22,304				15,969
Fund accounting fees			19,512				7,662
Trustees’ fees			12,365				4,689
Chief Compliance Officer fees			2,312				897
Custodian fees and expenses			7,520				6,897
Registration fees			168				345
Other expenses			5,412				1,653
Total expenses			1,382,811				537,812
Net investment income			1,164,420				298,038
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on:
Investments and foreign currency			(779,682	)			(206,127	)
Net change in unrealized depreciation of:
Investments and foreign currency			(52,359,215	)			(8,022,061	)
Net realized and unrealized loss on investments			(53,138,897	)			(8,228,188	)
Net decrease in net assets resulting from operations		$	(51,974,477	)		$	(7,930,150	)
† Net of foreign taxes withheld of:		$	52,907			$	9,769

						The Multi-
		The Alternative				Disciplinary
		Income				Income
		Portfolio				Portfolio
INVESTMENT INCOME:
Dividends		$	63,336			$	119,324
Interest			41,238				654,776
Income from securities lending			—				35,573
Total investment income			104,574				809,673
EXPENSES:
Investment advisory fees			70,415				200,204
Administration fees			9,435				13,147
Professional fees			5,351				6,551
Fund accounting fees			1,494				5,298
Trustees’ fees			965				1,982
Chief Compliance Officer fees			184				382
Custodian fees and expenses			—				5,905
Registration fees			36				40
Other expenses			356				715
Total expenses			88,236				234,224
Net investment income			16,338				575,449
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency			—				(914,850	)
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency			106,161				(1,488,094	)
Net realized and unrealized gain (loss) on investments			106,161				(2,402,944	)
Net increase (decrease) in net assets resulting from operations		$	122,499			$	(1,827,495	)

		The Internet Portfolio								The Global Portfolio
		(Consolidated)								(Consolidated)
		For the				For the				For the				For the
		Period Ended				Year Ended				Period Ended				Year Ended
		June 30, 2020				December 31,				June 30, 2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment loss		$	(77,874	)		$	(360,950	)		$	(35,462	)		$	(23,766	)
Net realized gain (loss) on sale of
investments and foreign currency			75,823				(1,224,519	)			12,938				(70,372	)
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency			1,299,775				29,309,130				(623,646	)			2,330,656
Net increase (decrease) in net assets
resulting from operations			1,297,724				27,723,661				(646,170	)			2,236,518
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
BENEFICIAL INTEREST
TRANSACTIONS:
Contributions			258,703				2,215,210				1,605,505				2,427,025
Withdrawals			(8,267,050	)			(17,147,438	)			(811,094	)			(1,217,183	)
Net increase (decrease) in net assets
resulting from capital
share transactions			(8,008,347	)			(14,932,228	)			794,411				1,209,842
Total increase (decrease) in
net assets			(6,710,623	)			12,791,433				148,241				3,446,360
NET ASSETS:
Beginning of period			118,686,026				105,894,593				14,418,356				10,971,996
End of period		$	111,975,403			$	118,686,026			$	14,566,597			$	14,418,356

		The Paradigm Portfolio
		(Consolidated)								The Medical Portfolio
		For the				For the				For the				For the
		Period Ended				Year Ended				Period Ended				Year Ended
		June 30, 2020				December 31,				June 30, 2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment income (loss)		$	3,462,563			$	(3,349,558	)		$	124,540			$	200,178
Net realized gain on sale of
investments and foreign currency			10,534,889				10,032,976				130,234				72,224
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency			(156,923,522	)			193,278,590				(91,146	)			2,145,624
Net increase (decrease) in net assets
resulting from operations			(142,926,070	)			199,962,008				163,628				2,418,026
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
BENEFICIAL INTEREST TRANSACTIONS:
Contributions			1,944,758				14,773,055				3,161,677				171,014
Withdrawals			(67,178,608	)			(73,514,626	)			(838,624	)			(2,275,086	)
Net increase (decrease) in net assets
resulting from beneficial interest
transactions			(65,233,850	)			(58,741,571	)			2,323,053				(2,104,072	)
Total increase (decrease) in net assets			(208,159,920	)			141,220,437				2,486,681				313,954
NET ASSETS:
Beginning of period			799,500,103				658,279,666				16,783,646				16,469,692
End of period		$	591,340,183			$	799,500,103			$	19,270,327			$	16,783,646

		The Small Cap								The Market
		Opportunities Portfolio								Opportunities Portfolio
		(Consolidated)								(Consolidated)
		For the				For the				For the				For the
		Period Ended				Year Ended				Period Ended				Year Ended
		June 30, 2020				December 31,				June 30, 2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment gain (loss)		$	1,164,420			$	(572,655	)		$	298,038			$	(3,022	)
Net realized loss on sale of
investments and foreign currency			(779,682	)			(1,522,717	)			(206,127	)			(64,771	)
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency			(52,359,215	)			62,303,135				(8,022,061	)			16,281,763
Net increase (decrease) in net assets
resulting from operations			(51,974,477	)			60,207,763				(7,930,150	)			16,213,970
NET DECREASE IN NET ASSETS
RESULTING FROM BENEFICIAL
INTEREST TRANSACTIONS:
Contributions			—				83,789,647				1,958,233				5,055,082
Withdrawals			(44,864,395	)			(97,620,267	)			(8,204,692	)			(7,728,189	)
Net decrease in net assets resulting
from beneficial interest
transactions			(44,864,395	)			(13,830,620	)			(6,246,459	)			(2,673,107	)
Total increase (decrease) in net assets			(96,838,872	)			46,377,143				(14,176,609	)			13,540,863
NET ASSETS:
Beginning of period			269,770,758				223,393,615				86,479,391				72,938,528
End of period		$	172,931,886			$	269,770,758			$	72,302,782			$	86,479,391

		The Alternative								The Multi-Disciplinary
		Income Portfolio								Income Portfolio
		For the				For the				For the				For the
		Period Ended				Year Ended				Period Ended				Year Ended
		June 30, 2020				December 31,				June 30, 2020				December 31,
		(Unaudited)				2019				(Unaudited)				2019
OPERATIONS:
Net investment income		$	16,338			$	225,479			$	575,449			$	1,529,197
Net realized gain (loss) on sale of
investments, foreign currency,
written options and distributions
received from other investment
companies			—				31,547				(914,850	)			(15,242	)
Net change in unrealized appreciation
(depreciation) of investments, foreign
currency and written options			106,161				167,086				(1,488,094	)			1,769,197
Net increase (decrease) in net assets
resulting from operations			122,499				424,112				(1,827,495	)			3,283,152
NET DECREASE IN NET ASSETS
RESULTING FROM BENEFICIAL
INTEREST TRANSACTIONS:
Contributions			7,181,849				1,542,929				1,757,460				1,410,845
Withdrawals			(9,470,108	)			(4,557,926	)			(5,861,511	)			(6,906,144	)
Net decrease in net assets resulting
from beneficial interest
transactions			(2,288,259	)			(3,014,997	)			(4,104,051	)			(5,495,299	)
Total decrease in net assets			(2,165,760	)			(2,590,885	)			(5,931,546	)			(2,212,147	)
NET ASSETS:
Beginning of period			16,541,207				19,132,092				35,204,310				37,416,457
End of period		$	14,375,447			$	16,541,207			$	29,272,764			$	35,204,310

Internet Portfolio		$	9,915,425				8.86	%
Global Portfolio		$	613,734				4.21	%
Paradigm Portfolio		$	26,353,088				4.46	%
Small Cap Opportunities Portfolio		$	6,815,358				3.94	%
Market Opportunities Portfolio		$	2,348,394				3.25	%

Internet Portfolio		$	3,637				0.00	%
Global Portfolio		$	3,624				0.02	%
Market Opportunities Portfolio		$	3,674				0.01	%

						Percentage of
		Market Value				Net Assets
The Multi-Disciplinary Income Portfolio		$	5,245,624				17.92	%

						Percentage of
		Market Value				Net Assets
The Global Portfolio			84,350				0.58	%
The Market Opportunities Portfolio			1,725,531				2.39	%
The Paradigm Portfolio			31,714				0.01	%
The Small Cap Opportunities Portfolio			7,573,684				4.38	%
The Multi-Disciplinary Income Portfolio			166,229				0.57	%

 

		Investment Advisory Fees
The Internet Portfolio		$	703,133
The Global Portfolio			88,009
The Paradigm Portfolio			4,078,918
The Medical Portfolio			106,791
The Small Cap Opportunities Portfolio			1,266,248
The Market Opportunities Portfolio			477,984
The Alternative Income Portfolio			70,415
The Multi-Disciplinary Income Portfolio			200,204

		Purchases								Sales
		U.S.								U.S.
		Government				Other				Government				Other
The Internet Portfolio		$	—			$	—			$	—			$	131,789
The Global Portfolio			—				693,665				—				22,005
The Paradigm Portfolio			—				2,002,686				—				40,700,254
The Medical Portfolio			—				1,162,746				—				742,754
The Small Cap Opportunities
Portfolio			—				636,147				—				4,408,375
The Market Opportunities
Portfolio			—				1,607,300				—				853,220
The Alternative Income Portfolio			—				—				—				—
The Multi-Disciplinary
Income Portfolio			—				4,034				—				3,761,368

		Internet				Global				Paradigm				Medical
Tax Cost of Investments		$	57,636,497			$	4,272,772			$	283,026,517			$	10,129,471
Unrealized Appreciation			26,772,318				3,732,313				392,855,096				7,444,778
Unrealized Depreciation			(1,911,461	)			(606,965	)			(22,211,170	)			(1,081,924	)
Net Unrealized Appreciation		$	24,860,857			$	3,125,348			$	370,643,926			$	6,362,854

														Multi-
		Small Cap				Market				Alternative				Disciplinary
		Opportunities				Opportunities				Income				Income
Tax Cost of Investments		$	146,244,517			$	24,219,461			$	8,188,253			$	31,424,054
Unrealized Appreciation			117,857,723				29,695,243				67,260				1,525,192
Unrealized Depreciation			(39,214,352	)			(2,750,816	)			(48	)			(2,490,173	)
Net Unrealized Appreciation
(Depreciation)		$	78,643,371			$	26,944,427			$	67,212			$	(964,981	)

										% Total
		Securities				Collateral				Asset
The Internet Portfolio		$	10,115,973			$	10,132,600				8	%
The Global Portfolio			119,375				121,145				1	%
The Paradigm Portfolio			21,897,633				22,265,453				4	%
The Medical Portfolio			442,372				445,500				2	%
The Small Cap Opportunities Portfolio			3,153,410				3,197,607				2	%
The Market Opportunities Portfolio			2,526,108				2,557,621				3	%
The Alternative Income Portfolio			—				—				—	%
The Multi-Disciplinary Income Portfolio			206,498				209,720				1	%

	The Internet Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	1.60%(2)	26.92%	(26.86)%	57.90%	3.09%	(4.95)%
Ratio of expenses
to average
net assets:	1.38%(1)	1.37%	1.38%	1.37%	1.37%	1.35%
Ratio of net investment
income (loss)
to average
net assets:	(0.14)%(1)	(0.29)%	(0.60)%	1.27%	(1.18)%	(1.05)%
Portfolio turnover
rate	0%	1%	15%	44%	2%	1%

	The Global Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	(4.18)%(2)	21.41%	(23.85)%	49.37%	14.13%	(14.13)%
Ratio of expenses
to average
net assets:	1.65%(1)	1.59%	1.66%	1.59%	1.66%	1.69%
Ratio of net investment
income (loss)
to average
net assets:	(0.50)%(1)	(0.18)%	(0.57)%	1.88%	(0.44)%	(0.59)%
Portfolio turnover
rate	0%	5%	28%	169%	11%	16%

	The Paradigm Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	(17.36)%(2)	30.77%	(5.27)%	28.69%	20.72%	(8.04)%
Ratio of expenses
to average
net assets:	1.35%(1)	1.35%	1.36%	1.36%	1.37%	1.35%
Ratio of net investment
income (loss)
to average
net assets:	1.06%(1)	(0.43)%	(0.65)%	(0.53)%	(0.84)%	(0.63)%
Portfolio turnover rate	0%	1%	3%	14%	2%	2%

	The Medical Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	(0.34)%(2)	15.92%	1.59%	10.67%	(8.04)%	6.58%
Ratio of expenses
to average
net assets:	1.47%(1)	1.51%	1.47%	1.43%	1.42%	1.40%
Ratio of net investment
income (loss)
to average
net assets:	1.46%(1)	1.22%	0.96%	0.82%	0.66%	0.24%
Portfolio turnover rate	5%	6%	0%	0%	0%	12%

	The Small Cap Opportunities Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	(19.68)%(2)	27.34%	0.56%	26.50%	24.67%	(11.97)%
Ratio of expenses
to average
net assets:	1.37%(1)	1.36%	1.37%	1.37%	1.36%	1.35%
Ratio of net investment
income (loss)
to average
net assets:	1.15%(1)	(0.20)%	(0.33)%	(0.47)%	(0.75)%	(0.65)%
Portfolio turnover rate	0%	4%	3%	9%	4%	2%

	The Market Opportunities Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	(8.06)%(2)	22.77%	(10.62)%	47.53%	20.68%	(8.87)%
Ratio of expenses
to average
net assets:	1.41%(1)	1.39%	1.40%	1.39%	1.41%	1.40%
Ratio of net investment
income (loss)
to average
net assets:	0.78%(1)	(0.00)%	(0.30)%	1.05%	(0.73)%	(0.66)%
Portfolio turnover rate	2%	4%	8%	35%	5%	2%

	The Alternative Income Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	1.67%(2)	2.28%	0.77%	2.20%	3.85%	2.73%
Ratio of expenses
to average
net assets:	1.13%(1)	1.14%	1.10%	1.07%	1.10%	1.16%
Ratio of net investment
income (loss)
to average
net assets:	0.21%(1)	1.22%	0.79%	(0.04)%	(0.16)%	(0.20)%
Portfolio turnover rate	0%	0%	0%	0%	1%	6%

	The Multi-Disciplinary Income Portfolio
	For the	For the	For the	For the	For the	For the
	Period Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	June 30, 2020	December 31,	December 31,	December 31,	December 31,	December 31,
	(Unaudited)	2019	2018	2017	2016	2015
Total Return	(4.56)%(2)	9.13%	(0.93)%	4.84%	10.52%	(2.05)%
Ratio of expenses
to average
net assets:	1.46%(1)	1.44%	1.42%	1.40%	1.38%	1.37%
Ratio of net investment
income (loss)
to average
net assets:	3.59(1)	4.15%	4.13%	3.47%	4.13%	3.50%
Portfolio turnover rate	0%	0%	2%	16%	9%	10%

(1)	Annualized.
(2)	Not annualized.

 

Assets^		Level 1				Level 2				Level 3				Total
Common Stocks		$	63,121,951			$	1,092			$	—			$	63,123,043
Unit Investment Trust			20,618,083				—				—				20,618,083
Total Investments in Securities		$	83,740,034			$	1,092			$	—			$	83,741,126

Description		Investments in Securities
Balance as of December 31, 2019		$	—	*
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			—
Balance as of June 30, 2020		$	—

Assets^		Level 1				Level 2				Level 3				Total
Common Stocks		$	5,750,693			$	99,000			$	67,845			$	5,917,538
Unit Investment Trust			1,503,375				—				—				1,503,375
Preferred Stocks			—				—				9,532				9,532
Convertible Bonds			—				734				—				734
Warrants			—				—				6,972				6,972
Total Investments in Securities		$	7,254,068			$	99,734			$	84,349			$	7,438,151

Description		Investments in Securities
Balance as of December 31, 2019		$	—
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			84,350
Balance as of June 30, 2020		$	84,350

	Fair Value at	Valuation	Unobservable
Description	6/30/2020	Techniques	Input	Range
Common Stocks	$67,845	Followed valuation	Intermittent	$34.00-$69.78
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Preferred Stocks	$9,533	Followed valuation	Intermittent	$15.00-$21.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Warrants	$6,972	Followed valuation	Intermittent	$2.90-$9.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables

Assets^		Level 1				Level 2				Level 3				Total
Common Stocks		$	447,736,673			$	473,400			$	24,750			$	448,234,823
Unit Investment Trust			18,879,588				—				—				18,879,588
Preferred Stocks			—				—				4,017				4,017
Warrants			—				—				2,946				2,946
Total Investments in Securities		$	466,616,261			$	473,400			$	31,713			$	467,121,374

Description		Investments in Securities
Balance as of December 31, 2019		$	—	*
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			31,714
Balance as of June 30, 2020		$	31,714

	Fair Value at	Valuation	Unobservable
Description	6/30/2020	Techniques	Input	Range
Common Stocks	$24,750	Followed valuation	Intermittent	$34.00-$69.78
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Preferred Stocks	$4,017	Followed valuation	Intermittent	$15.00-$21.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Warrants	$2,946	Followed valuation	Intermittent	$2.90-$9.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables

Assets^		Level 1				Level 2				Level 3				Total
Common Stocks		$	16,906,782			$	—			$	—			$	16,906,782
Rights			25,949				9,372				—				35,321
Total Investments in Securities		$	16,932,731			$	9,372			$	—			$	16,942,103

Assets^		Level 1				Level 2				Level 3				Total
Common Stocks		$	156,339,493			$	—			$	5,908,957			$	162,248,450
Unit Investment Trust			2,949,936				—				—				2,949,936
Preferred Stocks			—				—				961,280				961,280
Warrants			—				—				703,447				703,447
Total Investments in Securities		$	159,289,429			$	—			$	7,573,684			$	166,863,113

Description		Investments in Securities
Balance as of December 31, 2019		$	—
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			7,573,684
Balance as of June 30, 2020		$	7,573,684

	Fair Value at	Valuation	Unobservable
Description	6/30/2020	Techniques	Input	Range
Common Stocks	$5,908,957	Followed valuation	Intermittent	$34.00-$69.78
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Preferred Stocks	$961,280	Followed valuation	Intermittent	$15.00-$21.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Warrants	$703,447	Followed valuation	Intermittent	$2.90-$9.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables

Assets^		Level 1				Level 2				Level 3				Total
Common Stocks		$	36,168,479			$	—			$	1,346,252			$	37,514,731
Unit Investment Trust			5,781,000				—				—				5,781,000
Preferred Stocks			—				—				219,011				219,011
Convertible Bonds			—				102				—				102
Exchange Traded Funds			6,300				—				—				6,300
Warrants			—				—				160,268				160,268
Total Investments in Securities		$	41,955,779			$	102			$	1,725,531			$	43,681,412

Description		Investments in Securities
Balance as of December 31, 2019		$	—
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			1,725,531
Balance as of June 30, 2020		$	1,725,531

	Fair Value at	Valuation	Unobservable
Description	6/30/2020	Techniques	Input	Range
Common Stocks	$1,346,252	Followed valuation	Intermittent	$34.00-$69.79
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Preferred Stocks	$219,011	Followed valuation	Intermittent	$15.00-$21.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables
Warrants	$160,268	Followed valuation	Intermittent	$2.90-$9.00
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables

Assets^		Level 1				Level 2				Level 3				Total
Exchange Traded Funds		$	5,978,165			$	—			$	—			$	5,978,165
Short-Term Investments			2,401,797				—				—				2,401,797
Total Investments in Securities		$	8,379,962			$	—			$	—			$	8,379,962

Assets^		Level 1				Level 2				Level 3				Total
Convertible Bonds		$	—			$	517,869			$	—			$	517,869
Corporate Bonds			—				21,049,872				—				21,049,872
Municipal Bonds			—				—				166,229				166,229
Closed-End Funds			2,566,411				—				—				2,566,411
Total Investments in Securities		$	2,566,411			$	21,567,741			$	166,229			$	24,300,381

Description		Investments in Securities
Balance as of December 31, 2019		$	—
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			166,229
Balance as of June 30, 2020		$	166,229

	Fair Value at	Valuation	Unobservable
Description	6/30/2020	Techniques	Input	Range
Municipal Bonds	$166,229	Followed valuation	Intermittent	$14.93-$16.01
		procedures and used	market
		the last traded	activity
		price-fair valuation
		is reviewed by the
		board using
		market comparables

										Net
						Gross				Amounts				Gross Amounts not Offset
						Amounts				Presented				in the Statement of
		Gross				Offset in the				in the				Assets & Liabilities
		Amounts of				Statement				Statement								Collateral
		Recognized				of Assets &				of Assets &				Financial				Pledged				Net
		Liabilities				Liabilities				Liabilities				Instruments				(Received)				Amount
The Internet Portfolio
Securities Lending		$	10,132,600			$	—			$	10,132,600			$	10,132,600			$	—			$	—
		$	10,132,600			$	—			$	10,132,600			$	10,132,600			$	—			$	—
The Global Portfolio
Securities Lending		$	121,145			$	—			$	121,145			$	121,145			$	—			$	—
		$	121,145			$	—			$	121,145			$	121,145			$	—			$	—
The Paradigm Portfolio
Securities Lending		$	22,265,453			$	—			$	22,265,453			$	22,265,453			$	—			$	—
		$	22,265,453			$	—			$	22,265,453			$	22,265,453			$	—			$	—
The Medical Portfolio
Securities Lending		$	445,500			$	—			$	445,500			$	445,500			$	—			$	—
		$	445,500			$	—			$	445,500			$	445,500			$	—			$	—
The Small Cap
Opportunities Portfolio
Securities Lending		$	3,197,607			$	—			$	3,197,607			$	3,197,607			$	—			$	—
		$	3,197,607			$	—			$	3,197,607			$	3,197,607			$	—			$	—
The Market
Opportunities Portfolio
Securities Lending		$	2,557,621			$	—			$	2,557,621			$	2,557,621			$	—			$	—
		$	2,557,621			$	—			$	2,557,621			$	2,557,621			$	—			$	—
The Multi-Disciplinary
Income Portfolio
Securities Lending		$	209,720			$	—			$	209,720			$	209,720			$	—			$	—
		$	209,720			$	—			$	209,720			$	209,720			$	—			$	—