KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
The Paradigm Portfolio
Consolidated Portfolio of Investments - March 31, 2023 (Unaudited)
COMMON STOCKS - 88.16%	Shares		Value
Accommodation - 0.80%
Civeo Corp. - ADR*		336,600		6,950,790
Aerospace and Defense - 1.57%
CACI International, Inc. - Class A*		46,150		13,673,322
Beverage and Tobacco Product Manufacturing - 0.04%
Crimson Wine Group Limited*		49,400		303,810
Broadcasting (except Internet) - 0.30%
Warner Bros. Discovery, Inc.*		172,000		2,597,200
Casinos & Gaming - 0.10%
Las Vegas Sands Corp.*		15,500		890,475
Data Processing, Hosting and Related Services - 0.00%
Rumble, Inc.*^		800		8,000
Diversified Real Estate Activities - 0.11%
PrairieSky Royalty Limited*		60,000		950,055
Food Services and Drinking Places - 1.04%
The Wendy's Company		413,600		9,008,208
Funds, Trusts, and Other Financial Vehicles - 0.09%
Mesabi Trust^		29,940		753,889
Hospitality and Tourism - 0.33%
Carnival Corp. - ADR*^		218,400		2,216,760
Royal Caribbean Cruises Ltd. - ADR*		10,200		666,060
				2,882,820
Insurance Carriers and Related Activities - 0.01%
Markel Corporation*		100		127,741
Management of Companies and Enterprises - 2.44%
Associated Capital Group, Inc. - Class A		260,290		9,617,715
Icahn Enterprises LP		223,550		11,559,771
				21,177,486
Mining (except Oil and Gas) - 3.13%
Franco-Nevada Corporation - ADR		170,550		24,866,190
Wheaton Precious Metals Corporation - ADR		48,200		2,321,312
				27,187,502
Oil and Gas Extraction - 62.44%
Texas Pacific Land Corp.c		319,026		542,669,607
Other Financial Investment Activities - 0.44%
GAMCO Investors, Inc. - Class A		7,500		142,125
Morgan Group Holding Co.*^f		5,841		5,899
Onex Corp. - ADR		79,600		3,702,196
				3,850,220
Other Investment Pools and Funds - 0.01%
Partners Value Investments LP*ag		800		39,068
Urbana Corporation*		7,500		20,810
Urbana Corporation - Class A*		2,200		5,925
				65,803
Other Telecommunications - 1.94%
Liberty Broadband Corporation - Series C*		103,300		8,439,610
Liberty Media Corp.-Liberty SiriusXM - Class A*		127,900		3,592,711
Liberty Media Corp.-Liberty SiriusXM - Class C*		173,900		4,867,461
				16,899,782
Performing Arts, Spectator Sports, and Related Industries - 2.24%
Live Nation Entertainment, Inc.*		278,250		19,477,500
Real Estate - 3.85%
DREAM Unlimited Corp.*f		147,600		2,585,048
Equity Lifestyle Properties, Inc. - REIT		93,800		6,296,794
The Howard Hughes Corporation*		307,250		24,580,000
Tejon Ranch Co.*		1,600		29,232
				33,491,074
Satellite Telecommunications - 0.20%
EchoStar Corporation - Class A*		94,000		1,719,260
Securities and Commodities Exchanges - 1.19%
Cboe Global Markets, Inc.		63,200		8,483,968
CME Group, Inc.		9,400		1,800,288
IntercontinentalExchange Group, Inc.		500		52,145
				10,336,401
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.83%
Brookfield Asset Management Ltd. - ADR		201,887		6,605,743
Brookfield Corp.		816,350		26,604,846
S&P Global, Inc.		340		117,222
				33,327,811
Spectator Sports - 1.37%
Liberty Media Corp.-Liberty Formula One - Class A*		88,000		5,940,000
Liberty Media Corp.-Liberty Formula One - Class C*		79,200		5,926,536
				11,866,536
Support Activities for Mining - 0.00%
Core Laboratories NV - ADR		400		8,820
Support Activities for Water Transportation - 0.52%
Clarkson plc		100,400		3,827,050
Siem Industries, Inc. - ADR*ag		26,300		710,100
				4,537,150
Utilities - 0.17%
Brookfield Infrastructure Partners LP		43,000		1,452,110
TOTAL COMMON STOCKS
(cost $175,229,497)				766,213,372
PREFERRED STOCKS - 0.00%
Other Investment Pools and Funds - 0.00%
Partners Value Investments LP - Class A*ag		217		4,123
TOTAL PREFERRED STOCKS
(cost $1,764)				4,123
UNIT INVESTMENT TRUST - 3.66%
Funds, Trusts, and Other Financial Vehicles - 0.00%
Grayscale Ethereum Classic Trust*		12		83
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.66%
Grayscale Bitcoin Trust*		1,946,400		31,843,104
TOTAL UNIT INVESTMENT TRUST
(cost $25,987,742)				31,843,187
WARRANTS - 0.00%	Shares
Other Investment Pools and Funds - 0.00%
Partners Value Investments LP Expiration: 06/30/2026,		800		3,848
Exercise Price: 32.45 CAD*ag
TOTAL WARRANTS
(cost $2,367)				3,848
TOTAL INVESTMENTS - 91.82%
(cost $201,221,370)			$	798,064,530
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 December 31, 2022. Total loaned securities had a market value of $1,822,292 at December 31, 2022.    The total collateral for the loaned securities was cash in the amount of $1,921,467.
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.
REIT	- 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 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 Paradigm Portfolio
The following is a summary of the inputs used to value The Paradigm Portfolio's net assets as of March 31, 2023:
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	762,873,257	$	2,590,947	$	749,168	$	766,213,372
Unit Investment Trust		31,843,187		–		–		31,843,187
Preferred Stocks		–		–		4,123		4,123
Warrants		–		–		3,848		3,848
Total Investments in Securities	$	794,716,444	$	2,590,947	$	757,139	$	798,064,530
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	$	651,091
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		106,048
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	$	757,139
Description	Fair Value at 3/31/2023		Valuation Techniques		Unobservable Input		Range**
Common Stocks	$	39,068	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	$	710,100	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
Preferred Stocks	$	4,123	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	$	3,848	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.
**	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.