NPORT-EX 2 medical.htm

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
            
The Medical Portfolio
            
Portfolio of Investments - March 31, 2022 (Unaudited)
            
               
               
COMMON STOCKS - 98.28%
  
Shares
    
Value
  
Ambulatory Health Care Services - 0.22%
            
Viatris, Inc.
    
3,722
      
40,496
  
                   
Chemical Manufacturing - 9.34%
                
2seventy bio, Inc.*
    
1,000
      
17,060
  
Alnylam Pharmaceuticals, Inc.*
    
3,000
      
489,870
  
Bluebird Bio, Inc.*
    
3,000
      
14,550
  
Editas Medicine, Inc.*
    
8,000
      
152,160
  
Galectin Therapeutics, Inc.*^
    
26,000
      
41,860
  
Intellia Therapeutics, Inc.*
    
10,000
      
726,700
  
Organon & Co.
    
7,400
      
258,482
  
               
1,700,682
  
Pharmaceutical and Medicine Manufacturing - 85.64%
                
AbbVie, Inc. c
    
10,000
      
1,621,100
  
Agenus, Inc.*
    
148
      
364
  
Alkermes plc - ADR*
    
22,000
      
578,820
  
AMGEN, Inc.c
    
4,000
      
967,280
  
AstraZeneca plc - ADR c
    
14,000
      
928,760
  
Biogen, Inc.*
    
3,750
      
789,750
  
Bristol-Myers Squibb Company c
    
23,500
      
1,716,205
  
Eli Lilly & Co. c
    
5,500
      
1,575,035
  
Gilead Sciences, Inc.
    
9,000
      
535,050
  
GlaxoSmithKline plc - ADR
    
14,673
      
639,156
  
Immune Pharmaceuticals, Inc.*ag
    
1
      
0
  
Ionis Pharmaceuticals, Inc.*
    
8,000
      
296,320
  
Johnson & Johnson c
    
7,000
      
1,240,610
  
Merck & Co., Inc. c
    
14,000
      
1,148,700
  
Novartis AG - ADR c
    
14,000
      
1,228,500
  
Pacific Biosciences of California, Inc.*
    
12,000
      
109,200
  
Pfizer, Inc. c
    
30,000
      
1,553,100
  
Sanofi - ADR
    
13,000
      
667,420
  
               
15,595,370
  
Professional, Scientific, and Technical Services - 2.07%
                
CRISPR Therapeutics AG - ADR*
    
6,000
      
376,620
  
                   
Scientific Research and Development Services - 1.01%
                
General Electric Co.
    
2,000
      
183,000
  
                   
TOTAL COMMON STOCKS
                
(cost $9,097,787)
            
17,896,168
  
                   
RIGHTS - 0.03%
  
Shares
          
Scientific Research and Development Services - 0.03%
                
Ligand Pharmaceuticals, Inc.*f
    
44,000
      
4,840
  
Ligand Pharmaceuticals, Inc.*f
    
44,000
      
269
  
Ligand Pharmaceuticals, Inc.*f
    
44,000
      
224
  
Ligand Pharmaceuticals, Inc.*#f
    
44,000
      
268
  
               
5,601
  
TOTAL RIGHTS
                
(cost $0)
            
5,601
  
                   
TOTAL INVESTMENTS - 98.31%
                
(cost $9,097,787)
          
$
17,901,769
  
                   
Percentages are stated as a percent of net assets.
                

^ 
- This security or a portion of this security was out on loan at March 31, 2022.  Total loaned securities had a market value of $41,377 at March 31, 2022. 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 $44,975.
  
* 
- Non-income producing security.
                
# 
- Contingent value right (contingent upon profitbility of company).
                
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.
                


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

Assets^
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
17,896,168
    
$
-
    
$
-
    
$
17,896,168
  
Rights
    
-
      
5,601
      
-
      
5,601
  
Total Investments in Securities
  
$
17,896,168
    
$
5,601
    
$
-
    
$
17,901,769
  
 
                                
During the quarter ended March 31, 2022, there was a transfer of $0 out of Level 1 into 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
  
$
-
                          
Accrued discounts/premiums
    
-
                          
Realized gain (loss)
    
-
                          
Change in unrealized appreciation (depreciation)
    
-
                          
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
  
$
-
                          

 
Description
  
Fair Value at
3/31/2022
    
Valuation
Techniques
    
Unobservable
Input
    
Range
  
 
Common Stocks
  
$
-
    
Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables
    
Intermittent market activity
    

$0.0013 - $0.0040
  
                                   
                                   
 
^  See Portfolio of Investments for breakout of investments by industry classification.