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

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
The Market Opportunities Portfolio
Consolidated Portfolio of Investments - March 31, 2023 (Unaudited)
COMMON STOCKS - 67.84%	Shares		Value
Accommodation - 0.19%
Civeo Corp. - ADR*		11,466		236,773
Administrative and Support Services - 0.04%
Ritchie Bros Auctioneers, Inc. - ADR		1,000		56,290
Aerospace and Defense - 0.07%
CACI International, Inc. - Class A*		300		88,884
Asset Management - 0.12%
Sprott, Inc.  *^f		4,115		150,381
Beverage and Tobacco Product Manufacturing - 0.01%
Crimson Wine Group Limited*		2,800		17,220
Data Processing, Hosting and Related Services - 0.00%
Rumble, Inc.*^		400		4,000
Data Processing, Hosting, and Related Services - 0.99%
MasterCard, Inc. - Class A		1,000		363,410
Visa, Inc. - Class A		4,000		901,840
				1,265,250
Diversified Real Estate Activities - 0.00%
PrairieSky Royalty Limited*		200		3,167
Funds, Trusts, and Other Financial Vehicles - 0.70%
Mesabi Trust^		35,492		893,689
Global Exchanges - 0.89%
ASX Ltd.		4,400		191,235
Deutsche Boerse AG		1,800		350,306
Euronext NV		2,520		192,892
Hellenic Exchanges - Athens Stock Exchange SA		800		3,405
Japan Exchange Group Inc. - ADR*^		7,200		54,684
London Stock Exchange Group Plc		600		58,236
NZX Limited		364,202		275,560
				1,126,318
Insurance Carriers and Related Activities - 0.06%
Arthur J. Gallagher & Co.		400		76,524
Live Sports (Spectator Sports) - 0.11%
Big League Advance, LLC*ag		2,455		135,025
Management of Companies and Enterprises - 2.55%
Associated Capital Group, Inc. - Class A		75,941		2,806,020
Galaxy Digital Holdings Ltd.*		114,000		435,250
				3,241,270
Merchant Wholesalers, Durable Goods - 0.09%
A-Mark Precious Metals, Inc.		3,200		110,880
Mining (except Oil and Gas) - 2.43%
Franco-Nevada Corporation - ADR		12,000		1,749,600
Sandstorm Gold Ltd. - ADR		65,000		377,650
Wheaton Precious Metals Corporation - ADR		20,000		963,200
				3,090,450
Oil and Gas Extraction - 50.75%
Permian Basin Royalty Trust^		110,950		2,707,180
Texas Pacific Land Corp.c		36,328		61,794,654
				64,501,834
Other Financial Investment Activities - 0.92%
GAMCO Investors, Inc. - Class A		61,600		1,167,320
Morgan Group Holding Co.*f		872		881
				1,168,201
Other Investment Pools and Funds - 2.50%
Partners Value Investments LP*ag		43,516		2,125,088
Urbana Corporation*		18,800		52,164
Urbana Corporation - Class A*		369,542		995,289
				3,172,541
Professional, Scientific, and Technical Services - 0.02%
Science Applications International Corp.		200		21,492
Real Estate - 0.40%
DREAM Unlimited Corp.*f		8,000		140,111
The Howard Hughes Corporation*		2,200		176,000
Tejon Ranch Co.*		10,400		190,008
				506,119
Securities and Commodities Exchanges - 3.88%
Cboe Global Markets, Inc.		7,806		1,047,877
CME Group, Inc.		5,800		1,110,816
IntercontinentalExchange Group, Inc.		12,900		1,345,341
Miami International Holdings, Inc.*ag		95,000		671,650
NASDAQ, Inc.		7,200		393,624
TMX Group Ltd.*		3,600		363,596
				4,932,904
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.19%
Bakkt Holdings, Inc.*^		1,200		2,064
Brookfield Asset Management Ltd. - ADR		906		29,644
Brookfield Corp.		3,600		117,324
MarketAxess Holdings,  Inc.		48		18,782
OTC Markets Group Inc. - Class A		600		33,900
S&P Global, Inc.		113		38,959
				240,673
Support Activities for Water Transportation - 0.93%
Clarkson plc		31,100		1,185,471
TOTAL COMMON STOCKS
(cost $29,308,849)				86,225,356
PREFERRED STOCKS - 0.18%
Other Investment Pools and Funds - 0.18%
Partners Value Investments LP - Class A*ag		11,832		224,808
TOTAL PREFERRED STOCKS
(cost $219,010)				224,808
UNIT INVESTMENT TRUST - 7.71%
Funds, Trusts, and Other Financial Vehicles - 0.00%
Grayscale Ethereum Classic Trust*		12		83
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 7.71%
Grayscale Bitcoin Trust*c		598,874		9,797,578
TOTAL UNIT INVESTMENT TRUST
(cost $1,503,555)				9,797,661
	Principal
CONVERTIBLE BONDS - –%	Amount		Value
Department Stores - –%
Sears Holdings Corporation, 8.000%, 12/15/2019 ag		5,720		–
TOTAL CONVERTIBLE BONDS
(cost $5,720)				0
EXCHANGE TRADED FUNDS - 0.01%	Shares
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.01%
ProShares Short VIX Short-Term Futures ETF*		200		12,750
TOTAL EXCHANGE TRADED FUNDS
(cost $6,796)				12,750
WARRANTS - 0.18%	Shares
Other Investment Pools and Funds - 0.16%
Partners Value Investments LP Expiration: 06/30/2026, Exercise Price: 32.45 CAD*ag		43,516		209,289
Securities and Commodities Exchanges - 0.02%
Miami International Holdings, Inc. Expiration: 04/08/2026, Exercise Price: 7.50 USD *ag		14,469		19,967
TOTAL WARRANTS
(cost $130,104)				229,256
TOTAL INVESTMENTS - 75.92%
(cost $31,174,034)			$	96,489,831

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 $2,880,172 at March 31, 2023.    The total collateral for the loaned securities was cash in the amount of $2,934,339.
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.
CAD	- Canadian Dollars.
ETF	- Exchange Traded Fund.

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 Market Opportunities Portfolio
The following is a summary of the inputs used to value The Market Opportunities Portfolio's net assets as of March 31, 2023:
Assets^	Level 1			Level 2		Level 3			Total
Common Stocks	$	83,002,220		$	291,373	$	2,931,763		$	86,225,356
Unit Investment Trust		9,797,661			–		–			9,797,661
Preferred Stocks		–			–		224,808			224,808
Convertible Bonds		–			–		–	*		–
Exchange Traded Funds		12,750			–		–			12,750
Warrants		–			–		229,256			229,256
Total Investments in Securities	$	92,812,631		$	291,373	$	3,385,827		$	96,489,831
During the period ended March 31, 2023, 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, 2022	$	3,425,430
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		(39,603	)
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	$	3,385,827
Description	Fair Value at 3/31/2023			Valuation Techniques		Unobservable Input			Range**
Common Stocks	$	2,125,088		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	$	671,650		Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Precedent Transaction			$	7.07 - $7.87
Common Stocks	$	135,025		Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Precedent Transaction			$	55.00 - $55.00
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	$	224,808		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	$	209,289		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
Warrants	$	19,967		Black Scholes Method		Volatility				25	%

^	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.