KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
The Paradigm Portfolio
Consolidated Portfolio of Investments - September 30, 2022 (Unaudited)
COMMON STOCKS - 87.99%	Shares		Value
Accommodation - 0.76%
Civeo Corp. - ADR*		273,200		6,865,516
Administrative and Support Services - 0.08%
Expedia Group, Inc.*		8,000		749,520
Aerospace and Defense - 1.34%
CACI International, Inc. - Class A*		46,150		12,047,919
Beverage and Tobacco Product Manufacturing - 0.04%
Crimson Wine Group Limited*		52,762		335,039
Broadcasting (except Internet) - 0.23%
Warner Bros. Discovery, Inc.*		178,800		2,056,200
Casinos & Gaming - 0.08%
Las Vegas Sands Corp.*		18,800		705,376
Data Processing, Hosting, and Related Services - 0.00%
Rumble Inc.*^		800		9,800
Diversified Real Estate Activities - 0.09%
PrairieSky Royalty Limited*		60,000		773,591
E-Commerce - 0.04%
eBay, Inc.		10,000		368,100
Food Services and Drinking Places - 0.87%
The Wendy’s Company		419,500		7,840,455
Funds, Trusts, and Other Financial Vehicles - 0.06%
Mesabi Trust^		23,620		508,066
Insurance Carriers and Related Activities - 0.01%
Markel Corporation*		100		108,422
Management of Companies and Enterprises - 2.35%
Associated Capital Group, Inc. - Class A		260,290		9,568,260
Bollore SE		8,400		38,873
Brookfield Business Partners LP		3,600		70,056
Galaxy Digital Holdings Ltd.*		1,400		5,939
Icahn Enterprises LP		230,950		11,471,287
				21,154,415
Mining (except Oil and Gas) - 2.49%
Franco-Nevada Corporation - ADR		170,550		20,377,314
Sandstorm Gold Ltd. - ADR^		90,000		465,300
Wheaton Precious Metals Corporation - ADR		48,000		1,553,280
				22,395,894
Oil and Gas Extraction - 64.84%
Texas Pacific Land Corp.c		328,140		583,180,252
Tourmaline Oil Corp.*f		6,400		332,614
				583,512,866
Other Financial Investment Activities - 4.17%
Brookfield Asset Management, Inc. - Class A		820,750		33,560,467
GAMCO Investors, Inc. - Class A		5,100		86,955
Morgan Group Holding Co.*f		5,841		6,776
Onex Corp. - ADR		83,400		3,839,736
				37,493,934
Other Investment Pools and Funds - 0.00%
Partners Value Investments LP*g		800		39,382
Urbana Corporation*		1,700		5,046
				44,428
Other Professional, Scientific, and Technical Services - 0.04%
GMO Internet Group, Inc.		18,000		316,894
Other Telecommunications - 2.26%
Liberty Broadband Corporation - Series A*		3,100		231,260
Liberty Broadband Corporation - Series C*		110,810		8,177,778
Liberty Media Corp.-Liberty SiriusXM - Class A*		135,100		5,143,257
Liberty Media Corp.-Liberty SiriusXM - Class C*		180,750		6,816,082
				20,368,377
Performing Arts, Spectator Sports, and Related Industries - 2.41%
Live Nation Entertainment, Inc.*		284,650		21,644,786
Real Estate - 2.92%
DREAM Unlimited Corp.*f		153,800		2,738,973
Equity Lifestyle Properties, Inc. - REIT		99,100		6,227,444
The Howard Hughes Corporation*		312,150		17,289,988
Tejon Ranch Co.*		1,600		23,040
				26,279,445
Satellite Telecommunications - 0.22%
DISH Network Corp. - Class A*		25,500		352,665
EchoStar Corporation - Class A*		97,700		1,609,119
				1,961,784
Securities and Commodities Exchanges - 1.02%
Cboe Global Markets, Inc.		63,200		7,417,784
CME Group, Inc.		9,600		1,700,448
IntercontinentalExchange Group, Inc.		500		45,175
				9,163,407
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.01%
S&P Global, Inc.		340		103,819
Spectator Sports - 1.03%
Liberty Media Corp.-Liberty Formula One - Class A*		88,400		4,642,768
Liberty Media Corp.-Liberty Formula One - Class C*		79,400		4,644,900
				9,287,668
Support Activities for Mining - 0.00%
Core Laboratories NV - ADR		200		2,696
Support Activities for Water Transportation - 0.39%
Clarkson plc		101,500		2,980,561
Siem Industries, Inc. - ADR*ag		26,300		552,300
				3,532,861
Utilities - 0.24%
Brookfield Infrastructure Corporation - Class A - ADR		7,350		299,145
Brookfield Infrastructure Partners LP		51,750		1,857,825
				2,156,970
Water Transportation - 0.00%
Royal Caribbean Cruises Ltd. - ADR*		200		7,580
TOTAL COMMON STOCKS
(cost $177,774,046)				791,795,828
PREFERRED STOCKS - 0.00%
Other Investment Pools and Funds - 0.00%
Partners Value Investments LP - Class A*g		217		4,449
TOTAL PREFERRED STOCKS
(cost $1,764)				4,449
UNIT INVESTMENT TRUST - 2.47%
Funds, Trusts, and Other Financial Vehicles - 0.00%
Grayscale Ethereum Classic Trust*		12		92
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.47%
Grayscale Bitcoin Trust*		1,946,400		22,208,424
TOTAL UNIT INVESTMENT TRUST
(cost $25,987,742)				22,208,516
WARRANTS - 0.00%	Shares
Other Investment Pools and Funds - 0.00%
Partners Value Investments LP Expiration: 06/30/2026,
Exercise Price: 32.45 CAD*g		800		4,054
TOTAL WARRANTS
(cost $2,367)				4,054
TOTAL INVESTMENTS - 90.46%
(cost $203,765,919)			$	814,012,847
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 September 30, 2022. Total loaned securities had a market value of $964,799 at September 30, 2022. The total collateral for the loaned securities was cash in the amount of $977,840.
- Value determined using significant unobservable inputs.
- Significant Investment - Greater than 5% of net assets.
- Level 2 Investment.
- Illiquid.
- American Depository Receipt.
- Canadian Dollars.
- Real Estate Investment Trust.

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, 2022, 0.83%, 1.41%, 0.68%, 0.00%, and 0.06% of the net assets of The Global Portfolio, The Internet Portfolio, The Market Opportunities Portfolio, The Medical Portfolio, and The Paradigm Portfolio, respectively, were fair valued securities. The other Master Portfolios did not hold any fair valued securities at September 30, 2022.

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 Paradigm Portfolio
The following is a summary of the inputs used to value The Paradigm Portfolio's net assets as of September 30, 2022:
Assets^		Level 1		Level 2		Level 3		Total
Common Stocks		$	788,125,783	$	3,078,363	$	591,682	$	791,795,828
Unit Investment Trust			22,208,516		–		–		22,208,516
Preferred Stocks			–		–		4,449		4,449
Convertible Preferred Stocks			–		–		–		–
Warrants			–		–		4,054		4,054
Corporate Bonds			–		–		–		–
Total Investments in Securities		$	810,334,299	$	3,078,363	$	600,185	$	814,012,847
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, 2021		$	578,173
Accrued discounts/premiums			-
Realized gain (loss)			-
Change in unrealized appreciation (depreciation)			22,012
Net purchases and/or acquisitions			-
Net sales and/or write-offs			-
Transfer in and/or out of Level 3			-
Balance as of September 30, 2022		$	600,185
	Description	Fair Value at 9/30/2022		Valuation Techniques		Unobservable Input		Range
	Common Stocks	$	39,382	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity		$	60.00 - $80.00
	Common Stocks	$	552,300	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity		$	10.50 - $21.00
	Preferred Stocks	$	4,449	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity		$	18.00 - $23.00
	Warrants	$	4,054	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables		Intermittent market activity		$	6.10 - $10.50
^	See Consolidated Portfolio of Investments for breakout of investments by industry classification.