KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS The Paradigm Portfolio Consolidated Portfolio of Investments - September 30, 2020 (Unaudited) COMMON STOCKS - 75.98% Shares Value Accommodation - 0.33% Civeo Corporation* 2,474,800 $ 1,670,738 Aerospace and Defense - 1.94% CACI International, Inc. - Class A* 46,800 9,975,888 Administrative and Support Services - 0.14% Expedia Group, Inc. 8,000 733,520 Beverage and Tobacco Product Manufacturing - 0.05% Crimson Wine Group Limited* 54,262 268,597 Cable and Other Subscription Programming - 0.81% Discovery Communications, Inc. - Class A*^ 129,100 2,810,507 Discovery Communications, Inc. - Class C* 69,900 1,370,040 4,180,547 Casino and Gaming - 0.23% Las Vegas Sands Corp. 24,900 1,161,834 Data Processing, Hosting, and Related Services - 0.02% IHS Markit Limited 1,200 94,212 Food Services and Drinking Places - 2.08% The Wendy's Company 479,600 10,692,682 Funds, Trusts, and Other Financial Vehicles - 0.01% Mesabi Trust 2,300 48,806 Insurance Carriers and Related Activities - 1.00% Markel Corporation*^ 5,300 5,160,610 Management of Companies and Enterprises - 4.85% Associated Capital Group, Inc. - Class A 261,290 9,440,408 Bollore SA 80,000 299,023 Icahn Enterprises LP 307,800 15,180,696 24,920,127 Merchant Wholesalers, Durable Goods - 0.01% Morgan Group Holding Co.* 5,841 36,097 Mining (except Oil and Gas) - 5.20% Franco-Nevada Corporation 180,000 25,124,400 Wheaton Precious Metals Corporation 32,400 1,589,868 26,714,268 Oil and Gas Extraction - 31.09% Texas Pacific Land Trustc 353,702 159,717,675 Tourmaline Oil Corp.*f 6,400 78,201 159,795,876 Other Financial Investment Activities - 6.69% Brookfield Asset Management, Inc. - Class Ac 894,300 29,565,558 Brookfield Business Partners LP 5,000 150,650 GAMCO Investors, Inc. - Class A 1,800 20,826 Onex Corp. 104,200 4,648,373 34,385,407 Other Investment Pools and Funds - 0.01% Partners Value Investments LP*f 800 26,435 Other Professional, Scientific, and Technical Services - 0.16% GMO Internet, Inc. 32,000 831,669 Other Telecommunications - 6.54% GCI Liberty, Inc. - Class A* 72,000 5,901,120 Liberty Broadband Corporation - Series A* 20,600 2,921,286 Liberty Broadband Corporation - Series C* 89,200 12,744,004 Liberty Media Corp.-Liberty SiriusXM - Class A* 154,600 5,128,082 Liberty Media Corp.-Liberty SiriusXM - Class C* 209,100 6,917,028 33,611,520 Performing Arts, Spectator Sports, and Related Industries - 3.34% Live Nation Entertainment, Inc.*^ 318,800 17,176,944 Professional, Scientific, and Technical Services - 0.09% Cookpad, Inc.* 128,000 451,486 Real Estate - 6.21% DREAM Unlimited Corp.*f 182,500 2,665,784 Equity Lifestyle Properties, Inc. - REIT 116,300 7,129,190 The Howard Hughes Corporation* 381,800 21,991,680 PrairieSky Royalty Limited* 18,000 112,335 31,898,989 Satellite Telecommunications - 0.95% DISH Network Corp. - Class A* 45,400 1,317,962 EchoStar Corporation - Class A* 144,100 3,586,649 4,904,611 Securities and Commodity Exchanges - 1.32% Cboe Global Markets, Inc. 77,300 6,782,302 Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.65% Brookfield Infrastructure Corporation - Class A 4,900 271,411 CME Group, Inc. 18,000 3,011,580 IntercontinentalExchange Group, Inc. 500 50,025 3,333,016 Spectator Sports - 1.25% Liberty Media Corp.-Liberty Formula One - Class A* 89,000 2,982,390 Liberty Media Corp.-Liberty Formula One - Class C* 94,500 3,427,515 6,409,905 Support Activities for Water Transportation - 0.67% Clarkson plc 101,800 2,968,696 Siem Industries, Inc.*f 26,300 499,700 3,468,396 Utilities - 0.34% Brookfield Infrastructure Partners LP 36,200 1,723,844 TOTAL COMMON STOCKS (cost $209,411,160) 390,458,326 PREFERRED STOCKS - 0.00% Other Investment Pools and Funds - 0.00% Partners Value Investments LP - Class A* 217 4,492 TOTAL PREFERRED STOCKS (cost $1,764) 4,492 UNIT INVESTMENT TRUST - 4.20% Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.20% Grayscale Bitcoin Trust*^ 1,965,600 21,562,632 TOTAL UNIT INVESTMENT TRUST (cost $26,406,964) 21,562,632 WARRANTS - 0.00% Shares Other Investment Pools and Funds - 0.00% Partners Value Investments LP*f 800 2,704 TOTAL WARRANTS (cost $2,368) 2,704 TOTAL INVESTMENTS - 80.18% (cost $363,005,599) $ 412,028,154 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, 2020. Total loaned securities had a market value of $24,395,976 at September 30, 2020. The remaining contractual maturities of all of the securities lending transactions were overnight and continuous. The total collateral for the loaned securities was cash in the amount of $25,375,377. c - Significant Investment - Greater than 5% of net assets. f - Level 2 Investment. ADR - American Depositary 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 September 30, 2020, 0.60%, 2.67%, 0.01%, 1.83% and 0.06% of the net assets of The Global Portfolio, The Market Opportunities Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio and The Multi-Disciplinary Income Portfolio, respectively, were fair valued securities. The other Master Portfolios and Spin-off Fund did not hold any fair valued securities at September 30, 2020. 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.