Kinetics Mutual Funds, Inc., The Paradigm Fund (WWNPX) NPORT-P Kinetics Internet Fund Feeder 1 (Sep 2021 report)

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
The Internet Portfolio
Consolidated Portfolio of Investments - September 30, 2021 (Unaudited)
COMMON STOCKS - 46.08%	Shares		Value
Administrative and Support Services - 0.05%
CreditRiskMonitor.com, Inc.*f		780	$	1,701
Expedia Group, Inc.*		648		106,207
				107,908
Aerospace and Defense - 6.12%
CACI International, Inc. - Class A*c		43,200		11,322,720
ManTech International Corporation - Class A		25,000		1,898,000
				13,220,720
Broadcasting (except Internet) - 0.33%
The E.W. Scripps Company - Class A		40,000		722,400
Cable and Other Subscription Programming - 0.00%
AMC Networks, Inc.*		200		9,318
Credit Intermediation and Related Activities - 0.53%
LendingTree, Inc.*		8,233		1,151,220
Data Processing, Hosting, and Related Services - 11.17%
IHS Markit Limited - ADR		400		46,648
MasterCard, Inc. - Class A		7,000		2,433,760
PayPal Holdings, Inc.*c		59,800		15,560,558
Verisk Analytics, Inc.		7,000		1,401,890
Visa, Inc. - Class A		21,000		4,677,750
				24,120,606
E-Commerce - 2.46%
eBay, Inc.		76,200		5,308,854
Funds, Trusts, and Other Financial Vehicles - 0.05%
Mesabi Trust		3,300		98,043
Management of Companies and Enterprises - 0.97%
Galaxy Digital Holdings Ltd.*		128,000		2,085,836
Office of Other Holding Companies - 0.90%
Miami International Holdings, Inc.* ag		268,000		1,943,000
Oil and Gas Extraction - 11.78%
Texas Pacific Land Corp. c		21,026		25,428,003
Other Information Services - 3.96%
Alphabet, Inc. - Class A*		1,600		4,277,632
Alphabet, Inc. - Class C*		1,600		4,264,496
				8,542,128
Other Motor Vehicle Dealers - 0.01%
Copart, Inc.*		100		13,872
Other Professional, Scientific, and Technical Services - 0.34%
GMO Internet, Inc.		28,400		731,339
Other Telecommunications - 1.33%
Liberty Broadband Corporation - Series A*		8,000		1,346,800
Liberty Broadband Corporation - Series C*		7,600		1,312,520
Liberty Latin America Limited - Class C - ADR*		16,496		216,428
				2,875,748
Performing Arts, Spectator Sports, and Related Industries - 0.18%
Madison Square Garden Entertainment Corp.*		5,376		390,674
Personal and Laundry Services - 0.42%
IAC/InterActiveCorp*		7,000		912,030
Professional, Scientific, and Technical Services - 0.31%
Cookpad, Inc.*		160,000		355,092
Vimeo, Inc.*		10,715		314,700
				669,792
Promoters of Performing Arts, Sports, and Similar Events - 0.34%
Madison Square Garden Sports Corp. - Class A*		4,000		743,800
Satellite Telecommunications - 0.05%
DISH Network Corp. - Class A*		2,300		99,958
Securities and Commodities Exchanges - 0.44%
CME Group, Inc.		4,180		808,328
NASDAQ, Inc.		700		135,114
				943,442
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.72%
MarketAxess Holdings,  Inc.		5,000		2,103,450
OTC Markets Group, Inc. - Class A		120,900		5,924,100
VPC Impact Acquisition Holdings - ADR*^		1,000		10,110
				8,037,660
Spectator Sports - 0.63%
Liberty Media Corp.-Liberty Braves - Class A*		8,000		215,280
Liberty Media Corp.-Liberty Braves - Class C*		8,000		211,360
Liberty Media Corp.-Liberty Formula One - Class A*		19,800		931,590
				1,358,230
TOTAL COMMON STOCKS
(cost $63,198,735)				99,514,581
UNIT INVESTMENT TRUST - 33.64%
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 33.64%
Grayscale Bitcoin Trust*c		2,146,599		72,662,376
TOTAL UNIT INVESTMENT TRUST
(cost $6,561,450)				72,662,376
WARRANTS - 0.03%
Office of Other Holding Companies - 0.03%
Miami International Holdings, Inc. Expiration: 04/08/2026, Exercise Price: 7.50 USD *ag		40,819		63,270
TOTAL WARRANTS
(cost $-)				63,270
TOTAL INVESTMENTS - 79.75%
(cost $69,760,185)			$	172,240,227
Percentages are stated as a percent of net assets.

^	- This security or a portion of this security was out on loan at September 30, 2021.  Total loaned securities had a market value of $10,009 at September 30, 2021. The total collateral for the loaned securities was cash in the amount of $10,395.
*	- Non-income producing security.
a	- Value determined using significant unobservable inputs.
c	- Significant Investment - Greater than 5% of net assets.
f	- Level 2 Investment.
g	- Illiquid.
ADR	- American Depository Receipt.

Security Valuation

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

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

Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value using methods determined by the Board of Trustees of the Master Portfolios and the Board of Directors of the Spin- off Fund. In determining the fair value of a security, the Board of Trustees/Directors shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Portfolios with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets. At September 30, 2021, 0.55%, 0.93%, 2.94%, 0.01%, 0.40% and 0.71% of the net assets of The Global Portfolio, The Internet Portfolio, The Market Opportunities Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Multi-Disciplinary Income Portfolio, respectively, were fair valued securities. The other Master Portfolios and Spin-off Fund did not hold any fair valued securities at September 30, 2021.

Summary of Fair Value Exposure

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

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that Master Portfolio’s and Spin-off Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Master Portfolio’s and Spin-off Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

The Internet Portfolio

The following is a summary of the inputs used to value The Internet Portfolio's net assets as of September 30, 2021:

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	97,569,880	$	1,701	$	1,943,000	$	99,514,581
Unit Investment Trust		72,662,376		–		–		72,662,376
Warrants		–		–		63,270		63,270
Total Investments in Securities	$	170,232,256	$	1,701	$	2,006,270	$	172,240,227
During the nine-month period ended September 30, 2021, there were no transfers into or out of Level 3.
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Description	Investments in Securities
Balance as of December 31, 2020	$	-
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		-
Net purchases and/or acquisitions		2,006,270
Net sales and/or write-offs		-
Transfer in and/or out of Level 3		-
Balance as of September 30, 2021	$	2,006,270
Description	Fair Value at 9/30/2021		Valuation Techniques		Unobservable Input		Range
Common Stocks	$	1,943,000	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity		$	7.25 - $7.25
Warrants	$	63,270	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity		$	1.53 - $1.63
^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.