Kinetics Market Opportunities Fund (KMKYX) NPORT-P Kinetics Global Fund Feeder 1 (Sep 2024 report)

KINETICS PORTFOLIO TRUST – MASTER INVESTMENTS PORTFOLIO

THE KINETICS GLOBAL PORTFOLIO

CONSOLIDATED PORTFOLIO OF INVESTMENTS

September 30, 2024 (Unaudited)

COMMON STOCKS - 50.6%	Shares		Value
Accommodation - 0.4%
Civeo Corp.		5,400	$	147,960
Administrative and Support Services - 0.1%
RB Global, Inc.		200		16,098
Aerospace and Defense - 0.2%
CACI International, Inc. - Class A (a)		100		50,456
Elbit Systems Ltd.		10		2,001
				52,457
Agencies, Brokerages, and Other Insurance Related Activities - 0.0%(b)
Brookfield Wealth Solutions Ltd.		232		12,333
Asset Management - 0.7%
Investor AB (a)		8,200		252,358
Chemical Manufacturing - 0.0%(b)
Resonac Holdings Corp.		600		15,363
Diversified Real Estate Activities - 1.3%
PrairieSky Royalty Ltd.		22,800		463,434
Entertainment - 1.6%
IG Port, Inc.		41,000		590,788
Financial Services - 0.1%
Hellenic Exchanges - Athens Stock Exchange SA		7,200		36,467
Funds, Trusts, and Other Financial Vehicles - 1.3%
Mesabi Trust (c)		20,900		473,385
Global Exchanges - 1.1%
ASX Ltd.		800		35,358
B3 SA - Brasil Bolsa Balcao		30,000		59,144
Deutsche Boerse AG		600		140,725
Euronext NV (d)		1,120		121,494
Japan Exchange Group, Inc. - ADR		3,900		50,154
				406,875
Hospitality and Tourism - 0.4%
Carnival Corp. (a)		4,200		77,616
Norwegian Cruise Line Holdings Ltd. (a)		2,000		41,020
Royal Caribbean Cruises Ltd.		200		35,472
				154,108
Legal Services - 0.1%
CRA International, Inc.		220		38,570
Live Sports (Spectator Sports) - 0.3%
BIGLEAGUE (a)(e)		1,818		99,990
Management of Companies and Enterprises - 6.0%
Associated Capital Group, Inc. - Class A		13,300		471,086
Galaxy Digital Holdings Ltd. (a)		42,000		539,111
White Mountains Insurance Group Ltd.		686		1,163,593
				2,173,790
Media - 0.4%
Toei Animation Co. Ltd.		7,100		149,435
Mining (except Oil and Gas) - 3.6%
Franco-Nevada Corp.		800		99,400
Sandstorm Gold Ltd.		90,000		540,000
Wheaton Precious Metals Corp.		10,600		647,448
				1,286,848
Motor Vehicle and Parts Dealers - 0.0%(b)
AutoNation, Inc. (a)		40		7,157
Penske Automotive Group, Inc.		30		4,872
				12,029
Nonmetallic Mineral Product Manufacturing - 0.3%
Eagle Materials, Inc.		392		112,759
Office Administrative Services - 0.0%(b)
DigitalBridge Group, Inc.		400		5,652
Offices of Real Estate Agents and Brokers - 3.3%
Landbridge Co. LLC - Class A (a)		30,200		1,181,424
Oil and Gas Extraction - 22.5%
Permian Basin Royalty Trust (c)		40,000		475,600
Texas Pacific Land Corp.		8,634		7,638,845
				8,114,445
Other Financial Investment Activities - 1.9%
Bakkt Holdings, Inc. (a)(c)		6,800		65,076
GAMCO Investors, Inc. - Class A		26,010		636,985
				702,061
Other Investment Pools and Funds - 1.6%
Partners Value Investments LP (a)		2,193		155,648
Urbana Corp.		60,100		240,409
Urbana Corp. - Class A		44,100		173,472
				569,529
Real Estate - 0.5%
Tejon Ranch Co. (a)		9,200		161,460
Securities and Commodities Exchanges - 0.5%
Cboe Global Markets, Inc.		200		40,974
CME Group, Inc.		200		44,130
Intercontinental Exchange, Inc.		500		80,320
				165,424
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6%
Brookfield Asset Management Ltd.		400		18,916
Brookfield Corp.		4,000		212,600
				231,516
Support Activities for Mining - 0.0%(b)
Core Laboratories, Inc.		200		3,706
Liberty Energy, Inc.		200		3,818
				7,524
Support Activities for Water Transportation - 1.8%
Clarkson PLC		9,000		442,798
Siem Industries, Inc. (a)		5,500		193,160
				635,958
TOTAL COMMON STOCKS (Cost $10,235,027)				18,270,040
UNIT INVESTMENT TRUSTS - 23.9%	Shares		Value
Grayscale Bitcoin Mini Trust BTC (a)		153,520		864,318
Grayscale Bitcoin Trust BTC (a)		153,520		7,752,760
Grayscale Ethereum Classic Trust (a)		24		192
TOTAL UNIT INVESTMENT TRUSTS (Cost $300,324)				8,617,270
WARRANTS - 0.1%	Contracts		Value
Other Investment Pools and Funds - 0.1%
Partners Value Investments LP, Expires 06/30/2026, Exercise Price $11.50 (a)		3,493		36,416
TOTAL WARRANTS (Cost $19,638)				36,416
PREFERRED STOCKS - 0.0%(b)	Shares		Value
Financial Services - 0.0%(b)
Partners Value Investments LP Series 1*, 4.50%, Perpetual		515		10,043
Other Investment Pools and Funds - 0.0%(b)
Partners Value Investments LP Series 1*, 0.16%, 11/27/2030  (e)		2,193		1,645
TOTAL PREFERRED STOCKS (Cost $12,301)				11,688
CONVERTIBLE BONDS - 0.0%(b)	Par		Value
Department Stores - 0.0%(b)
Sears Holdings Corp., 8.00%, 12/15/2019 (e)(f)		41,080		0
TOTAL CONVERTIBLE BONDS (Cost $41,080)				0
TOTAL INVESTMENTS - 74.6% (Cost $10,608,370)				26,935,414
Money Market Deposit Account - 27.1% (g)(h)				9,797,193
Liabilities in Excess of Other Assets - (1.7)%				(620,617	)
TOTAL NET ASSETS - 100.0%			$	36,111,990
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

AB - Aktiebolag

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $613,592 which represented 1.7% of net assets.
(d)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2024, the value of these securities total $121,494 or 0.3% of the Fund’s net assets.
(e)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $101,635 or 0.3% of net assets as of September 30, 2024.
(f)	Issuer is currently in default.
(g)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2024 was 4.74%.
(h)	All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of September 30, 2024 is $637,684 which represented 1.8% of net assets.

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, 2024, 1.03%, 0.28%, 0.62%, and 0.12% of the net assets of The Internet Portfolio, The Global Portfolio, The Market Opportunities Portfolio, and The Spin-Off Fund, respectively, were fair valued securities. The other Master Portfolio did not hold any fair-valued securities at September 30, 2024.

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 September 30, 2024:
Assets^	Level 1			Level 2		Level 3			Total
Common Stocks	$	18,170,050		$	–	$	99,990		$	18,270,040
Unit Investment Trust		8,617,270			–		–			8,617,270
Warrants		–			36,416		–			36,416
Preferred Stocks		10,043			1,645		–			11,688
Convertible Bonds		–			–		–	*		–
Total Investments in Securities	$	26,797,363		$	38,061	$	99,990		$	26,935,414
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, 2023	$	259,490
Accrued discounts/premiums		–
Realized gain (loss)		–
Change in unrealized appreciation (depreciation)		(159,500)	***
Net purchases and/or acquisitions		–
Net sales and/or write-offs		–
Transfer in and/or out of Level 3		–
Balance as of September 30, 2024	$	99,990
Description	Fair Value at 9/30/2024			Valuation Techniques		Unobservable Input			Range**
Common Stocks	$	99,990		Cost Approach		Precedent Transaction			$	55.00 - $55.00
Convertible Bonds	$	–	*	Asset Liquidation Analysis		Liquidation Proceeds			$	0.00 - $0.00

^	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.
***	Total change in unrealized appreciation/(depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at September 30, 2024 is $0.