(null)

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
The Global Portfolio
Consolidated Portfolio of Investments - March 31, 2022 (Unaudited)


COMMON STOCKS - 40.30%	Shares		Value
Accommodation - 1.59%
Civeo Corp. - ADR*		20,033		472,879

Aerospace and Defense - 5.39%
CACI International, Inc. - Class A*^c		5,324		1,603,908
Elbit Systems Ltd. - ADR		10		2,205
				1,606,113
Agricultural Operations - 0.05%
Wilmar International Ltd.		4,200		14,595

Data Processing, Hosting and Related Services - 0.11%
Core Scientific, Inc.*		4,000		32,920

Diversified Real Estate Activities - 1.06%
PrairieSky Royalty Limited*		22,800		315,332

Funds, Trusts, and Other Financial Vehicles - 1.70%
Mesabi Trust ^		19,020		506,693

Global Exchanges - 1.22%
ASX Ltd.		800		48,969
B3 SA - Brasil Bolsa Balcao		30,000		98,864
Deutsche Boerse AG		600		108,192
Euronext NV		1,120		102,466
Japan Exchange Group Inc. - ADR*^		400		3,704
				362,195
Industrial Machinery Manufacturing - 0.54%
TerraVest Industries, Inc.*		8,000		160,941

Management of Companies and Enterprises - 3.67%
Associated Capital Group, Inc. - Class A		8,400		352,044
Galaxy Digital Holdings Ltd.*		43,400		739,447
				1,091,491
Mining (except Oil and Gas) - 4.69%
Altius Minerals Corp.*		200		3,856
Franco-Nevada Corporation - ADR		3,600		574,272
NovaGold Resources, Inc. - ADR*		4,000		30,920
Sandstorm Gold Ltd. - ADR		36,400		294,112
Wheaton Precious Metals Corporation - ADR		10,400		494,832
				1,397,992
Oil and Gas Extraction - 13.42%
Permian Basin Royalty Trust		7,100		88,821
Texas Pacific Land Corp.^c		2,890		3,907,598
				3,996,419
Other Financial Investment Activities - 1.98%
Brookfield Asset Management, Inc. - Class A		4,000		226,280
Burford Capital Ltd.		300		2,735
GAMCO Investors, Inc. - Class A		14,400		318,384
Morgan Group Holding Co.*^f		53		82
Omni Bridgeway Ltd.*		15,000		42,653
				590,134
Other Investment Pools and Funds - 0.45%
Partners Value Investments LP*^g		2,193		133,494
Urbana Corporation*		400		1,248
				134,742
Other Pipeline Transportation - 0.02%
Rubis SCA		200		5,901

Other Telecommunications - 0.00%
Liberty Latin America Limited - Class A - ADR*		9		87
Liberty Latin America Limited - Class C - ADR*		22		211
				298
Personal and Laundry Services - 0.03%
IAC/InterActiveCorp*		100		10,028

Real Estate - 0.77%
DREAM Unlimited Corp.*		1,000		39,835
Tejon Ranch Co.*		10,400		189,904
				229,739
Securities and Commodities Exchanges - 0.38%
CME Group, Inc.		200		47,572
IntercontinentalExchange Group, Inc.		500		66,060
				113,632
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.02%
CF Acquisition Corp VI*^		600		7,122

Support Activities for Mining - 0.07%
Maverix Metals, Inc. - ADR		4,000		19,200

Support Activities for Water Transportation - 2.11%
Braemar Shipping Services plc		2,200		6,604
Clarkson plc		11,100		539,514
Siem Industries, Inc. - ADR*^ag		5,500		82,500
				628,618
Transportation Equipment Manufacturing - 1.03%
The Boeing Company*		1,600		306,400

TOTAL COMMON STOCKS
(cost $6,843,175)				12,003,384

PREFERRED STOCKS - 0.03%
Other Investment Pools and Funds - 0.03%
Partners Value Investments LP - Class A*^g		515		10,300

TOTAL PREFERRED STOCKS
(cost $9,785)				10,300

UNIT INVESTMENT TRUST - 16.05%
Funds, Trusts, and Other Financial Vehicles - 0.00%
Grayscale Ethereum Classic Trust*		24		372

Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 16.05%
Grayscale Bitcoin Trust*^c		156,520		4,780,121

TOTAL UNIT INVESTMENT TRUST
(cost $238,296)				4,780,493

	Principal
CONVERTIBLE BONDS - 0.00%	Amount		Value
Department Stores - 0.00%
Sears Holdings Corporation, 8.000%, 12/15/2019 ^ef		41,080		431

TOTAL CONVERTIBLE BONDS
(cost $41,080)				431

WARRANTS - 0.09%	Shares
Other Investment Pools and Funds - 0.09%
		3,493		26,572

TOTAL WARRANTS
(cost $19,638)				26,572

TOTAL INVESTMENTS - 56.47%
(cost $7,151,974)			$	16,821,180

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, 2022. Total loaned securities had a market value of $9,633 at March 31, 2021. The total collateral for the loaned securities was cash in the amount of $9,902.
^a	- Value determined using significant unobservable inputs.
^c	- Significant Investment - Greater than 5% of net assets.
^e	- Default or other conditions exist and the security is not presently accruing income.
^f	- Level 2 Investment.
^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, 2022, 0.28%, 1.10%, 0.58%, 0.00%, and 0.05% 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 March 31, 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 Global Portfolio

The following is a summary of the inputs used to value the The Global Portfolio's net assets as of March 31, 2022:

Assets^	Level 1			Level 2		Level 3		Total
Common Stocks	$	11,787,308		$	82	$	215,994	$	12,003,384
Unit Investment Trust		4,780,493			–		–		4,780,493
Preferred Stocks		–			–		10,300		10,300
Convertible Bonds		–			431		–		431
Warrants		–			–		26,572		26,572
Corporate Bonds		–			–		–		–
Total Investments in Securities	$	16,567,801		$	513	$	252,866	$	16,821,180


During the quarter ended March 31, 2022, 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, 2021	$	265,697
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		(12,831	)
Net purchases and/or acquisitions		-
Net sales and/or write-offs		-
Transfer in and/or out of Level 3		-
Balance as of March 31, 2022	$	252,866

Description	Fair Value at 3/31/2022		Valuation Techniques	Unobservable Input	Range
Common Stocks	$	133,494	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables	Intermittent market activity	$	66.00 - $80.00
Common Stocks	$	82,500	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables	Intermittent market activity	$	10.20 - $19.75
Preferred Stocks	$	10,300	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables	Intermittent market activity	$	20.00 - $23.00
Warrants	$	26,572	Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables	Intermittent market activity	$	8.61 - $10.50

^ See Consolidated Portfolio of Investments for breakout of investments by industry classification.