Kinetics Mutual Funds, Inc., The Paradigm Fund (WWNPX) NPORT-P Kinetics Global Fund Feeder 1 (Mar 2023 report)

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
The Global Portfolio
Consolidated Portfolio of Investments - March 31, 2023 (Unaudited)
COMMON STOCKS - 39.63%	Shares		Value
Accommodation - 1.37%
Civeo Corp. - ADR*		18,500		382,025
Administrative and Support Services - 0.04%
Ritchie Bros Auctioneers, Inc. - ADR		200		11,258
Aerospace and Defense - 0.11%
CACI International, Inc. - Class A*		100		29,628
Elbit Systems Ltd. - ADR		10		1,702
				31,330
Data Processing, Hosting and Related Services - 0.02%
Rumble, Inc.*^		600		6,000
Diversified Real Estate Activities - 1.29%
PrairieSky Royalty Limited*		22,800		361,021
Funds, Trusts, and Other Financial Vehicles - 1.89%
Mesabi Trust^		20,900		526,262
Global Exchanges - 1.08%
ASX Ltd.		800		34,770
B3 SA - Brasil Bolsa Balcao		30,000		61,143
Deutsche Boerse AG		600		116,768
Euronext NV		1,120		85,730
Japan Exchange Group Inc. - ADR*^		400		3,038
				301,449
Hospitality and Tourism - 0.28%
Carnival Corp. - ADR*		3,800		38,570
Norwegian Cruise Line Holdings Ltd. - ADR*		2,000		26,900
Royal Caribbean Cruises Ltd. - ADR*		200		13,060
				78,530
Industrial Machinery Manufacturing - 0.58%
TerraVest Industries, Inc.*		8,000		162,782
Live Sports (Spectator Sports) - 0.36%
Big League Advance, LLC*ag		1,818		99,990
Management of Companies and Enterprises - 2.30%
Associated Capital Group, Inc. - Class A		12,900		476,655
Galaxy Digital Holdings Ltd.*^		43,400		165,701
				642,356
Mining (except Oil and Gas) - 3.02%
Altius Minerals Corp.*		200		3,402
Franco-Nevada Corporation - ADR		300		43,740
NovaGold Resources, Inc. - ADR*		4,000		24,880
Sandstorm Gold Ltd. - ADR		108,800		632,128
Triple Flag Precious Metals Corp. - ADR^		1,440		21,528
Wheaton Precious Metals Corporation - ADR		2,400		115,584
				841,262
Oil and Gas Extraction - 21.19%
Permian Basin Royalty Trust^		41,600		1,015,040
Texas Pacific Land Corp.c		2,878		4,895,536
				5,910,576
Other Financial Investment Activities - 1.94%
GAMCO Investors, Inc. - Class A		27,200		515,440
Omni Bridgeway Ltd.*		15,000		26,671
				542,111
Other Investment Pools and Funds - 0.50%
Partners Value Investments LP*g		2,193		107,094
Urbana Corporation*		11,200		31,077
Urbana Corporation - Class A*		600		1,616
				139,787
Real Estate - 0.68%
Tejon Ranch Co.*		10,400		190,008
Securities and Commodities Exchanges - 0.32%
CME Group, Inc.		200		38,304
IntercontinentalExchange Group, Inc.		500		52,145
				90,449
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.59%
Brookfield Asset Management Ltd. - ADR		1,000		32,720
Brookfield Corp.		4,000		130,360
				163,080
Support Activities for Mining - 0.02%
Core Laboratories NV - ADR		200		4,410
				4,410
Support Activities for Water Transportation - 2.05%
Clarkson plc		11,100		423,110
Siem Industries, Inc. - ADR*ag		5,500		148,500
				571,610
TOTAL COMMON STOCKS
(cost $6,929,884)				11,056,296
PREFERRED STOCKS - 0.04%
Other Investment Pools and Funds - 0.04%
Partners Value Investments LP - Class A*ag		515		9,785
TOTAL PREFERRED STOCKS
(cost $9,785)				9,785
UNIT INVESTMENT TRUST - 9.00%
Funds, Trusts, and Other Financial Vehicles - 0.00%
Grayscale Ethereum Classic Trust*		24		166
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 9.00%
Grayscale Bitcoin Trust*c		153,520		2,511,587
TOTAL UNIT INVESTMENT TRUST
(cost $247,918)				2,511,753
	Principal
CONVERTIBLE BONDS - –%	Amount		Value
Department Stores - –%
Sears Holdings Corporation, 8.000%, 12/15/2019 *a		41,080		–
TOTAL CONVERTIBLE BONDS
(cost $41,080)				0
WARRANTS - 0.06%	Shares
Other Investment Pools and Funds - 0.06%
Partners Value Investments LP Expiration: 06/30/2026,		3,493		16,799
Exercise Price: 32.45 CAD*g
TOTAL WARRANTS
(cost $19,638)				16,799
TOTAL INVESTMENTS - 48.73%
(cost $7,248,305)			$	13,594,633

Percentages are stated as a percent of net assets.
*	- Non-income producing security.
^	- This security or a portion of this security was out on loan at March 31, 2023. Total loaned securities had a market value of $1,204,162 at March 31, 2023.    The total collateral for the loaned securities was cash in the amount of $1,221,307.
a	- Value determined using significant unobservable inputs.
c	- Significant Investment - Greater than 5% of net assets.
g	- Illiquid.
ADR	- American Depository Receipt.
CAD	- Canadian Dollars.

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 March 31, 2023, 1.22%, 1.37%, 2.66%, 0.08%, and 0.20% of the net assets of The Internet Portfolio, The Global Portfolio, The Market Opportunities Portfolio, The Paradigm Portfolio, and The Small Cap Portfolio, respectively, were fair valued securities. The other Master Portfolios did not hold any fair valued securities at March 31, 2023.

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 Global Portfolio

The following is a summary of the inputs used to value the The Global Portfolio's net assets as of March 31, 2023:
Assets^	Level 1			Level 2		Level 3			Total
Common Stocks	$	10,700,712		$	–	$	355,584		$	11,056,296
Unit Investment Trust		2,511,753			–		–			2,511,753
Preferred Stocks		–			–		9,785			9,785
Convertible Bonds		–			–		–	*		–
Warrants		–			–		16,799			16,799
Total Investments in Securities	$	13,212,465		$	–	$	382,168		$	13,594,633
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, 2022	$	357,547
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		24,621
Net purchases and/or acquisitions		-
Net sales and/or write-offs		-
Transfer in and/or out of Level 3		-
Balance as of March 31, 2023	$	382,168
Description	Fair Value at 3/31/2023			Valuation Techniques		Unobservable Input			Range**
Common Stocks	$	107,094		Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity			$	42.00 - $73.00
Common Stocks	$	99,990		Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity			$	55.00 - $55.00
Common Stocks	$	148,500		Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity			$	23.00 - $27.00
Convertible Bonds	$	-	*	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity			$	0.00 - $0.00
Preferred Stocks	$	9,785		Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity			$	19.00 - $19.75
Warrants	$	16,799		Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity			$	6.05 - $8.00

^	See Consolidated Portfolio of Investments for breakout of investments by industry classification.
*	Amount is less than $0.50.
**	Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.