Kinetics Mutual Funds, Inc., The Paradigm Fund (WWNPX) NPORT-P Kinetics Spin-Off and Corporate Restructuring Fund (Sep 2021 report)

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
The Kinetics Spin-off and Corporate Restructuring Fund
Portfolio of Investments - September 30, 2021 (Unaudited)
COMMON STOCKS - 98.80%	Shares		Value
Accommodation - 1.69%
Civeo Corp. - ADR*		18,000	$	404,820
Beverage and Tobacco Product Manufacturing - 0.36%
Crimson Wine Group Limited*		10,000		85,900
Broadcasting (except Internet) - 0.60%
The E.W. Scripps Company - Class A		8,000		144,480
Chemical Manufacturing - 0.37%
Prestige Consumer Healthcare, Inc.*		797		44,719
Rayonier Advanced Materials, Inc.*		5,800		43,500
				88,219
Data Processing, Hosting, and Related Services - 9.57%
PayPal Holdings, Inc.*c		8,800		2,289,848
Diversified Real Estate Activities - 0.54%
PrairieSky Royalty Limited*		12,100		129,063
E-Commerce - 0.03%
eBay, Inc.		100		6,967
Educational Services - 2.47%
Graham Holdings Company - Class B		1,000		589,160
Fabricated Metal Product Manufacturing - 0.70%
Masco Corporation		3,000		166,650
Funds, Trusts, and Other Financial Vehicles - 1.85%
Capital Southwest Corporation		17,000		428,060
Mesabi Trust		500		14,855
				442,915
Machinery Manufacturing - 1.90%
The Manitowoc Company, Inc.*		2,800		59,976
Welbilt, Inc.*		17,000		395,080
				455,056
Management of Companies and Enterprises - 5.55%
Associated Capital Group, Inc. - Class A c		32,400		1,212,084
Dundee Corporation - Class A*		28,000		33,600
Galaxy Digital Holdings Ltd.*		5,000		81,478
				1,327,162
Miscellaneous Manufacturing - 5.87%
CSW Industrials, Inc. c		11,000		1,404,700
Oil and Gas Extraction - 53.57%
Texas Pacific Land Corp. c		10,599		12,818,006
Other Financial Investment Activities - 1.03%
GAMCO Investors, Inc. - Class A		9,200		242,696
Morgan Group Holding Co.*f		724		3,765
				246,461
Other Telecommunications - 1.97%
Liberty Broadband Corporation - Series A*		2,800		471,380
Publishing Industries (except Internet) - 0.28%
Gannett Co., Inc.*		10,000		66,800
Real Estate - 8.45%
DREAM Unlimited Corp.*cf		68,000		1,504,311
The Howard Hughes Corporation*		5,800		509,298
Tejon Ranch Co.*		400		7,104
				2,020,713
Scientific Research and Development Services - 0.13%
Rafael Holdings, Inc. - Class B*		1,000		30,730
Spectator Sports - 0.88%
Liberty Media Corp.-Liberty Braves - Class C*		1,590		42,008
Liberty Media Corp.-Liberty Formula One - Class A*		3,600		169,380
				211,388
Sporting Goods, Hobby, Musical Instrument, and Book Stores - 0.54%
Vista Outdoor, Inc.*		3,200		128,992
Water Transportation - 0.45%
A.P. Moeller-Maersk A/S - Class B - ADR		8,000		108,320
TOTAL COMMON STOCKS
(cost $7,433,830)				23,637,730
	Principal
CORPORATE BONDS - 0.07%	Amount		Value
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.07%
GAMCO Investors, Inc., 4.000%, 06/15/2023 f		16,600		16,519
TOTAL CORPORATE BONDS
(cost $16,600)				16,519
TOTAL INVESTMENTS - 98.87%
(cost $7,450,430)			$	23,654,249
Percentages are stated as a percent of net assets.

*	- Non-income producing security.
c	- Significant Investment - Greater than 5% of net assets.
f	- Level 2 Investment.
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 Kinetics Spin-off and Corporate Restructuring Fund

The following is a summary of the inputs used to value The Kinetics Spin-off and Corporate Restructuring Fund's net assets as of September 30, 2021:

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	22,129,654	$	1,508,076	$	-	$	23,637,730
Corporate Bonds		-		16,519		-		16,519
Total Investments in Securities	$	22,129,654	$	1,524,595	$	-	$	23,654,249
As of September 30, 2021, there were no investments in Level 3 securities.
During the nine-month period ended September 30, 2021, there were no transfers into or out of Level 3.
^ See Schedule of Investments for breakout of investments by industry classification.