KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
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The Global Portfolio
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Consolidated Portfolio of Investments - September 30, 2022 (Unaudited)
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COMMON STOCKS - 38.89%
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Shares
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Value
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|||||||
Accommodation - 1.81%
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|||||||||
Civeo Corp. - ADR*
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18,633
|
468,247
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Aerospace and Defense - 0.01%
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Elbit Systems Ltd. - ADR
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10
|
1,902
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|||||||
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Agricultural Operations - 0.04%
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Wilmar International Ltd.
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4,200
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11,229
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|||||||
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|||||||||
Data Processing, Hosting, and Related Services - 0.05%
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Core Scientific, Inc.*^
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4,000
|
5,200
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|||||||
Rumble Inc.*^
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600
|
7,350
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|||||||
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12,550
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||||||||
Diversified Real Estate Activities - 1.14%
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PrairieSky Royalty Limited*
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22,800
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293,964
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|||||||
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Funds, Trusts, and Other Financial Vehicles - 1.74%
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Mesabi Trust^
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20,900
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449,559
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|||||||||
Global Exchanges - 1.09%
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ASX Ltd.
|
800
|
36,721
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B3 SA - Brasil Bolsa Balcao
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30,000
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73,132
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|||||||
Deutsche Boerse AG
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600
|
98,936
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|||||||
Euronext NV
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1,120
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71,457
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|||||||
Japan Exchange Group Inc. - ADR*
|
400
|
2,688
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|||||||
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282,934
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||||||||
Industrial Machinery Manufacturing - 0.55%
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|||||||||
TerraVest Industries, Inc.*
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8,000
|
141,601
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|||||||
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|||||||||
Live Sports (Spectator Sports) - 0.39%
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Big League Advance, LLC*ag
|
1,818
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99,990
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|||||||
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Management of Companies and Enterprises - 2.25%
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|||||||||
Associated Capital Group, Inc. - Class A
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10,800
|
397,008
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Galaxy Digital Holdings Ltd.*
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43,400
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184,113
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|||||||
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581,121
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||||||||
Mining (except Oil and Gas) - 2.25%
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|||||||||
Altius Minerals Corp.*
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200
|
2,803
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|||||||
NovaGold Resources, Inc. - ADR*
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4,000
|
18,760
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|||||||
Sandstorm Gold Ltd. - ADR
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108,600
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561,462
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|||||||
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583,025
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Oil and Gas Extraction - 22.39%
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|||||||||
Permian Basin Royalty Trust
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41,600
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679,328
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Texas Pacific Land Corp. c
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2,878
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5,114,868
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|||||||
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5,794,196
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||||||||
Other Financial Investment Activities - 1.88%
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Brookfield Asset Management, Inc. - Class A
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4,000
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163,560
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|||||||
Burford Capital Ltd.f
|
300
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2,231
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|||||||
GAMCO Investors, Inc. - Class A
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16,600
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283,030
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Morgan Group Holding Co.*f
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53
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62
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|||||||
Omni Bridgeway Ltd.*
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15,000
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36,268
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|||||||
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485,151
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Other Investment Pools and Funds - 0.51%
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Partners Value Investments LP*g
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2,193
|
107,955
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Urbana Corporation*
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8,300
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24,635
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|||||||
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132,590
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Other Pipeline Transportation - 0.02%
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Rubis SCA
|
200
|
4,193
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|||||||
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Other Telecommunications - 0.00%
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|||||||||
Liberty Latin America Limited - Class A - ADR*
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9
|
56
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|||||||
Liberty Latin America Limited - Class C - ADR*
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22
|
135
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|||||||
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191
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||||||||
Personal and Laundry Services - 0.02%
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IAC/InterActiveCorp*
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100
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5,538
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Real Estate - 0.65%
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DREAM Unlimited Corp.*f
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1,000
|
17,809
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|||||||
Tejon Ranch Co.*
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10,400
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149,760
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|||||||
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167,569
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||||||||
Securities and Commodities Exchanges - 0.31%
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|||||||||
CME Group, Inc.
|
200
|
35,426
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|||||||
IntercontinentalExchange Group, Inc.
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500
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45,175
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|||||||
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80,601
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Support Activities for Mining - 0.06%
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Core Laboratories NV - ADR
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200
|
2,696
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Maverix Metals, Inc. - ADR
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4,000
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13,400
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|||||||
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16,096
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Support Activities for Water Transportation - 1.73%
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Braemar Shipping Services plc
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2,200
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7,037
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Clarkson plc
|
11,100
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325,953
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|||||||
Siem Industries, Inc. - ADR*ag
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5,500
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115,500
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|||||||
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448,490
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TOTAL COMMON STOCKS
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|||||||||
(cost $6,578,455)
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10,060,737
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PREFERRED STOCKS - 0.04%
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Other Investment Pools and Funds - 0.04%
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|||||||||
Partners Value Investments LP - Class A*g
|
515
|
10,557
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|||||||
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TOTAL PREFERRED STOCKS
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|||||||||
(cost $9,785)
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10,557
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UNIT INVESTMENT TRUST - 6.77%
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Funds, Trusts, and Other Financial Vehicles - 0.00%
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Grayscale Ethereum Classic Trust*
|
24
|
184
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Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 6.77%
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Grayscale Bitcoin Trust*c
|
153,520
|
1,751,663
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TOTAL UNIT INVESTMENT TRUST
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(cost $225,046)
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1,751,847
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Principal
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CONVERTIBLE BONDS - 0.00%
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Amount
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Value
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Department Stores - 0.00%
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Sears Holdings Corporation, 8.000%, 12/15/2019f
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41,080
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296
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|||||||
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TOTAL CONVERTIBLE BONDS
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|||||||||
(cost $41,080)
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296
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WARRANTS - 0.07%
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Shares
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Other Investment Pools and Funds - 0.07%
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Partners Value Investments LP Expiration: 06/30/2026,
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Exercise Price: 32.45 CAD*g
|
3,493
|
17,701
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TOTAL WARRANTS
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|||||||||
(cost $19,639)
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17,701
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TOTAL INVESTMENTS - 45.77%
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(cost $6,874,005)
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$
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11,841,138
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Percentages are stated as a percent of net assets.
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*
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- Non-income producing security.
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^
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- This security or a portion of this security was out on loan at September 30, 2022. Total loaned securities had a market value of $265,001 at September 30, 2022. The total collateral for
the loaned securities was cash in the amount of $268,883.
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a
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- Value determined using significant unobservable inputs.
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c
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- Significant Investment - Greater than 5% of net assets.
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e
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- Default or other conditions exist and the security is not presently accruing income.
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f
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- Level 2 Investment.
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g
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- Illiquid.
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ADR
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- American Depository Receipt.
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CAD
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- Canadian Dollars.
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Security Valuation
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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.
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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”).
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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.
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Summary of Fair Value Exposure
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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:
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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.
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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.
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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.
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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.
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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.
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The Global Portfolio
|
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The following is a summary of the inputs used to value the The Global Portfolio’s net assets as of September 30, 2022:
|
The Global Portfolio
|
||||||||||||||||||
The following is a summary of the inputs used to value the The Global Portfolio’s net assets as of September 30, 2022:
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Assets^
|
Level 1
|
Level 2
|
Level 3
|
Total
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||||||||||||||
Common Stocks
|
$
|
9,717,190
|
$
|
20,102
|
$
|
323,445
|
$
|
10,060,737
|
||||||||||
Unit Investment Trust
|
1,751,847
|
–
|
–
|
1,751,847
|
||||||||||||||
Preferred Stocks
|
–
|
–
|
10,557
|
10,557
|
||||||||||||||
Convertible Bonds
|
–
|
296
|
–
|
296
|
||||||||||||||
Warrants
|
–
|
–
|
17,701
|
17,701
|
||||||||||||||
Total Investments in Securities
|
$
|
11,469,037
|
$
|
20,398
|
$
|
351,703
|
$
|
11,841,138
|
||||||||||
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
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Description
|
Investments in
Securities
|
|||||||||||||||||
Balance as of December 31, 2021
|
$
|
265,697
|
||||||||||||||||
Accrued discounts/premiums
|
-
|
|||||||||||||||||
Realized gain (loss)
|
-
|
|||||||||||||||||
Change in unrealized appreciation (depreciation)
|
(22,092
|
)
|
||||||||||||||||
Net purchases and/or acquisitions
|
108,098
|
|||||||||||||||||
Net sales and/or write-offs
|
-
|
|||||||||||||||||
Transfer in and/or out of Level 3
|
-
|
|||||||||||||||||
Balance as of September 30, 2022
|
$
|
351,703
|
||||||||||||||||
Description
|
Fair Value at
9/30/2022
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
||||||||||||||
Common Stocks
|
$
|
107,955
|
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
|
$
|
99,990
|
Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables
|
Intermittent market activity
|
$
|
55.00 - $55.00
|
||||||||||||
Common Stocks
|
$
|
115,500
|
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
|
$
|
10,557
|
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
|
$
|
17,701
|
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
|
||||||||||||
|
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^ |
See Consolidated Portfolio of Investments for breakout of investments by industry classification.
|