NPORT-EX 2 global.htm

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
        
The Global Portfolio
        
Consolidated Portfolio of Investments - September 30, 2022 (Unaudited)
        
         
               
COMMON STOCKS - 38.89%
  
Shares
    
Value
  
Accommodation - 1.81%
            
Civeo Corp. - ADR*
    
18,633
      
468,247
  
 
                  
Aerospace and Defense - 0.01%
                
Elbit Systems Ltd. - ADR
    
10
      
1,902
  
 
                  
Agricultural Operations - 0.04%
                
Wilmar International Ltd.
    
4,200
      
11,229
  
 
                  
Data Processing, Hosting, and Related Services - 0.05%
                
Core Scientific, Inc.*^
    
4,000
      
5,200
  
Rumble Inc.*^
    
600
      
7,350
  
 
              
12,550
  
Diversified Real Estate Activities - 1.14%
                
PrairieSky Royalty Limited*
    
22,800
      
293,964
  
 
                  
Funds, Trusts, and Other Financial Vehicles - 1.74%
                
Mesabi Trust^
    
20,900
      
449,559
  
 
                  
Global Exchanges - 1.09%
                
ASX Ltd.
    
800
      
36,721
  
B3 SA - Brasil Bolsa Balcao
    
30,000
      
73,132
  
Deutsche Boerse AG
    
600
      
98,936
  
Euronext NV
    
1,120
      
71,457
  
Japan Exchange Group Inc. - ADR*
    
400
      
2,688
  
 
              
282,934
  
Industrial Machinery Manufacturing - 0.55%
                
TerraVest Industries, Inc.*
    
8,000
      
141,601
  
 
                  
Live Sports (Spectator Sports) - 0.39%
                
Big League Advance, LLC*ag
    
1,818
      
99,990
  
 
                  
Management of Companies and Enterprises - 2.25%
                
Associated Capital Group, Inc. - Class A
    
10,800
      
397,008
  
Galaxy Digital Holdings Ltd.*
    
43,400
      
184,113
  
 
              
581,121
  
Mining (except Oil and Gas) - 2.25%
                
Altius Minerals Corp.*
    
200
      
2,803
  
NovaGold Resources, Inc. - ADR*
    
4,000
      
18,760
  
Sandstorm Gold Ltd. - ADR
    
108,600
      
561,462
  
 
              
583,025
  
Oil and Gas Extraction - 22.39%
                
Permian Basin Royalty Trust
    
41,600
      
679,328
  
Texas Pacific Land Corp. c
    
2,878
      
5,114,868
  
 
              
5,794,196
  
Other Financial Investment Activities - 1.88%
                
Brookfield Asset Management, Inc. - Class A
    
4,000
      
163,560
  
Burford Capital Ltd.f
    
300
      
2,231
  
GAMCO Investors, Inc. - Class A
    
16,600
      
283,030
  
Morgan Group Holding Co.*f
    
53
      
62
  
Omni Bridgeway Ltd.*
    
15,000
      
36,268
  
 
              
485,151
  
Other Investment Pools and Funds - 0.51%
                
Partners Value Investments LP*g
    
2,193
      
107,955
  
Urbana Corporation*
    
8,300
      
24,635
  
 
              
132,590
  
Other Pipeline Transportation - 0.02%
                
Rubis SCA
    
200
      
4,193
  
 
                  
Other Telecommunications - 0.00%
                
Liberty Latin America Limited - Class A - ADR*
    
9
      
56
  
Liberty Latin America Limited - Class C - ADR*
    
22
      
135
  
 
              
191
  
Personal and Laundry Services - 0.02%
                
IAC/InterActiveCorp*
    
100
      
5,538
  
 
                  
Real Estate - 0.65%
                
DREAM Unlimited Corp.*f
    
1,000
      
17,809
  
Tejon Ranch Co.*
    
10,400
      
149,760
  
 
              
167,569
  
Securities and Commodities Exchanges - 0.31%
                
CME Group, Inc.
    
200
      
35,426
  
IntercontinentalExchange Group, Inc.
    
500
      
45,175
  
 
              
80,601
  
Support Activities for Mining - 0.06%
                
Core Laboratories NV - ADR
    
200
      
2,696
  
Maverix Metals, Inc. - ADR
    
4,000
      
13,400
  
 
              
16,096
  
Support Activities for Water Transportation - 1.73%
                
Braemar Shipping Services plc
    
2,200
      
7,037
  
Clarkson plc
    
11,100
      
325,953
  
Siem Industries, Inc. - ADR*ag
    
5,500
      
115,500
  
 
              
448,490
  
TOTAL COMMON STOCKS
                
(cost $6,578,455)
            
10,060,737
  
 
                  
PREFERRED STOCKS - 0.04%
                
Other Investment Pools and Funds - 0.04%
                
Partners Value Investments LP - Class A*g
    
515
      
10,557
  
 
                  
TOTAL PREFERRED STOCKS
                
(cost $9,785)
            
10,557
  
 
                  
UNIT INVESTMENT TRUST - 6.77%
                
Funds, Trusts, and Other Financial Vehicles - 0.00%
                
Grayscale Ethereum Classic Trust*
    
24
      
184
  
 
                  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 6.77%
                
Grayscale Bitcoin Trust*c
    
153,520
      
1,751,663
  
 
                  
TOTAL UNIT INVESTMENT TRUST
                
(cost $225,046)
            
1,751,847
  
 
                  
 
     
Principal
          
CONVERTIBLE BONDS - 0.00%
  
Amount
    
Value
  
Department Stores - 0.00%
                
Sears Holdings Corporation, 8.000%, 12/15/2019f
    
41,080
      
296
  
 
                  
TOTAL CONVERTIBLE BONDS
                
(cost $41,080)
            
296
  
 
                  
WARRANTS - 0.07%
  
Shares
          
Other Investment Pools and Funds - 0.07%
                
Partners Value Investments LP Expiration: 06/30/2026,
                
 Exercise Price: 32.45 CAD*g
    
3,493
      
17,701
  
 
                  
TOTAL WARRANTS
                
(cost $19,639)
            
17,701
  
 
                  
TOTAL INVESTMENTS - 45.77%
                
(cost $6,874,005)
          
$
11,841,138
  
                   
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, 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.
  
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 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.
                   
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 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:
  
                             
Assets^
  
Level 1
    
Level 2
    
Level 3
    
Total
  
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:
  
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
  
   
 
                                

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